Duty waivers extended for wealthy developer
(CNS): The wealthy developer behind the Watermark Cayman Residences, one of a series of luxury Seven Mile Beach condos, has been given an extension on the generous duty concession package for the project. Finance ministry officials told CNS that not all of the 100% waiver on over $8.2 million worth of materials had been used up, so the developer now has until March 2024 to continue benefiting from duty-free imports.
The concessions package is worth around $2.9 million on all construction materials and equipment that will directly benefit the developer, Fraser Wellon, who is now on the third tower in the series of luxury projects on Grand Cayman’s famous beach aimed at the world’s billionaires.
A protracted freedom of information request by CNS in 2020 about concessions such as duty and fee waivers given to developers during the last administration revealed that the Watermark was one of the projects that received a particularly generous waiver, even though the condos sell for many millions of dollars.
The project started late and was impacted by the COVID pandemic. But the concessions were due to end in February of this year after a previous extension to accommodate the late start. But the ten-storey luxury condo is still under construction and the ministry told CNS this week that the developer has almost CI$3 million worth of imports from the original concessions package that have not yet been imported or claimed.
As a result, Cabinet approved an extension to allow the developers to gain the full tax break for an additional year.
“The recent concession approval of CI$2.9 million was approved by Cabinet on 7 June,” the finance ministry stated in its response to our follow-up FOI request. “Cabinet granted a 100% waiver of import duties to Watermark Limited for up to CI$8.2 million on the importation of all construction materials and equipment for the development of The Watermark Limited project,” the officials added referring to the original deal.
The ministry said that the Department of Customs and Border Control had confirmed that as of 30 March this year, “of the CI$8.2 million concession, approximately CI$5.2 million in import duty was waived, with a balance of CI$2.9 million not utilized”. Cabinet then granted the approval for the balance of that concession to be extended.
The condos are currently selling for as much as US$25 million and it’s unclear how the local community will directly benefit from the project. It’s likely that most of the condos will be retained for the use of the wealthy non-residents who purchase them or be part of property portfolios for the rich and famous rather than become tourism accommodation.
It is also not clear what percentage of the workforce employed on the site during its development was Caymanian or if WORC checked to see if the developers were making an effort to source local staff or were using imported labour.
CNS also asked about the justification for the extension, given that the government’s current need for taxes and fees is greater than the need for jobs, but that part of our request was not addressed. However, the ministry did confirm that developers have the ability to request an extension on any existing concession deal.
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Category: development, Local News
Awesome. Now can you s rap stamp duty for 12 months please on home buyers?
My two cents – the developer had a duty concession with a clear timeline by which it was applicable. They didn’t utilize the totality of that concession within the timeframe. Government would have been absolutely in the right to choose to NOT extend the timeframe. If the developer had already engaged in presales and has to eat the sunk cost, they should have priced in the risk that they wouldn’t complete their construction plan on time.
This is an absolutely unnecessary government bailout, period. Government was under zero continued obligation to cede the remainder of the concession but instead used the equivalency of OUR money to eat the developer’s project risks.
@1:12pm..Have you seen this contract? It was between the PPM and the Developer during their last term. I somehow don’t think that PPM would have drawn up such a loose agreement. Maybe it would help if this document was made public..An FOI request should be done but I doubt we can speculate that this Government could easily have terminated a contract made with a previous Government.
Time for yearly property tax on on SMB properties valued over 3.5 million.
Just imagine all of the hazardous to health dust that the teardown of Lavovia will cause. Same with the ghost hotel.
Just think of the debris that will end up in the sea and added to Mount Trashmore!
Troll. Does that mean it should just stay there until a storm blows it away?
Lone Star should prepare for dust and hazardous materials daily.
O stop Wingeing….
You are assuming the new Lacovia will be built. The last we heard 3 months ago from Remax was that demolition would start in July. Well, so far that is not happening.
I suspect we have another Mandarin, Barefoot Beach, Astor health facility, Arnold Palmer golf community here! Meaning, glossy plans turn into nothing.
The developer would have happily moved forward without the duty waivers and government just gave these funds away unnecessarily. The economic benefit arguments apply to many projects. This is s case where someone knew somebody. It stinks.
Now, CIG, make a Law that will allow young Caymanians to have at least up to three investments, in their life time, whether it be raw land, building a home/Apt, or buying one that is already constructed, Stamp Duty waived.
This could be / will be the way forward to secure some type of home ownership for this generation and those to come.
I don’t have a problem with duty waivers, but the process for deciding how they are allocated should be publicly available and transparent.
Cabinet doesn’t do transparency. It’s like UK that way.
Good. With all of these guaranteed returns on investment from developers, we can waive all duties fees for consumers now.
It never fails to amaze me that wealthy people who desire the privacy all end up buying condos stacked in towers like these but money does make strange decisions
As to benefiting Cayman, the seven mile beach prices do nothing but hurt everyone else as they falsely increase sales prices per foot for the rest of us
Btw, anyone tried walking by this new monstrosity in the road side? Even on call days, it’s a wind tunnel. It farts at you
Most don’t desire privacy. Ever been to Ritz pool / bar, residents are down carrying on wanting to be seen.
They want you see their privilege and how they can live everyday.
Really it is sad.
How does the community benefit? Every time a unit sells (and resells), the government collects approximately $700K in stamp duty.
and that goes where exactly?! The community would be far better off if government bought all the properties soon to go for redevelopment – Islands Club, Colonial, etc – and turned them into permanent beach sites for the community..the only people who object to this idea are the very few condo owners in those few developments, and CIREBA
It all goes to the great Caymanian welfare system of course. Free jobs, free paychecks, free gas, free edumacation, payed for votes, free airfare, etc, etc. so if your an intitled Caymanian with a job in the civil service stop complaining.That is where your living expenses come from.
“entitled”, “education”, “paid”, just FYI!
I think ir went over your head, Teach
Yeah spend billions of dollars to buyout these SMB properties to make it all a community beach for YOU. These SMB property owners are a driving force in the Cayman economy. Beware of killing the goose that lays the golden eggs.
And Bob and his golden egg layers will abandon everything when the hurricanes come just like they did after Ivan.
@7:35pm Where did you come up with your numbers…$700K in stamp duty ever time a unit sells? So are you telling me that these condos sell for $10M each…According to the CIREBA website these were listed for sale between CI$6.5M and CI$8M.. Only two were listed higher with the highest being at $11,500,000..Trust me none of these sold at full price, so tha stamp duty would be more along the line of about $450,000 each. so in essence Government had to forgo stamp duty on 18-20 of these units for the $8.2M..
How about collecting the duty and using the monies to help the folk who are currently having to resort to robbery and theft to put food on the table. Outrageous.
If we’re subsidizing the wealthy at least eliminate residence by investment
It is time the requirement for Residency by Investment be raised to at least US$20 million. Too many getting through at the current level.
concession of CI$8m but we get $100’s of million of revenue/income elsewhere and employment for people in building and running the place.
seems like a good deal to me.
The money from building goes to Kingston
Not true!!! Some of it goes to Montego Bay!!!!
?..we give a 100% tax concession to every business/shell company that operates here…..where is the ‘outrage’ over that?
The finance industry provides high paying jobs for Caymanians, comparable to tourism the wages are lower and less attractive to Caymanians.
Try again.
As opposed to poor developers…
CNS: As opposed to developers who build on a wing and a prayer, reliant on the pre-sale of units in order to build. As opposed to developers who rely on outside investors because they don’t have the money themselves. As opposed to developers who build a duplex or two because that is all they can afford, rather than luxury units.
That describes every developer in Cayman, except one.
Whoever sanctioned and approved this should never receive a single Caymanian vote again! Time to stop this madness at the ballet box, you clowns need to hold your elected leaders fully responsible. Send them back to the working world to suffer and struggle with the rest us! We who can barely afford the cost of living have to pay 22% while the richest of them pay 0%!
Whoever… So you don’t know who… then how you vote
CNS doesnt allow you to name specific people in the comments goofy! I can tell you are a bit slow.
Incredible. The biggest, ugliest newest development on the block that is completely out of character for the area and the government grants money towards it whilst allowing these people to close a public road.
This place has long gone.
Is this the same developer that shut down west bay road for several months?
That nuisance isn’t allowed for anyone else and the developer needs to be charged for his disruption.
Who is allowed to fall in scope of investigation by the ACC? Where is the pay-grade cutoff?
who cares…cayman cig benefits greatly in the long run.
what is the cost of it not getting built?
Absolutely nothing
Too right. Too many small minded people around.
Too wrong. Too many greedy tax evaders here.
There’s even more going on regarding development of the best of 7 mile beach that aren’t transparent. Look at the recent sales of units at Islands Club, Aqua Bay,Colonial Club and other older properties on the north end of SMB…pro development buyers are snapping up units at incredible prices in order to reach the Complex’s required % to vote for redevelopment…wanting to make deals like the La Covia disaster. They all want the old unique 3 storey complexes torn down so they can get a “free” 7 mil condo in the new 10 (or more) storey building. The current complexes either rent out to tourists or are actually used by the owners who spend money while they are here. They aren’t empty 10 storey buildings owned by billionaires who never come to their units.
$2.9M in duty waivers results in $60M in stamp duty on the sales of the units. Pretty easy math on the benefits derived from the construction.
Not to mention all of the construction work that comes with it. Young Caymanians should learn trades and ride the growth the of the island.
Let the wealthy developer tax the hit not the tax payers.
62.9 mil instead of 60mil.
The wealthy don’t need corporate welfare.
When can I buy one your units?
Pretty easy math really if you add the import duties to the stamp duty, even more for the government. Your analogy makes no sense. They would build anyway and add the costs of import duties to maintain profit.
They would of course still build it without the duty waiver
they can afford to pay the waiver then clearly
why not get 63 million dollars.
I hope you are not in investment funds because I wouldn’t want people with your mentality managing wealth.
@10:39pm..you seem to be in the know..How can we verify your figures or are you like Trump saying foolishness thinking that we are stupid and will follow you.
The fact of the matter is that giving up $2.9M was not necessary. The country was not in any dire need of finances and the Developer would have built this in any case.
Take it from my perspective then, in the Grand scheme of things, if the Developer stood to make millions of dollars why did he need a measly $2.9M from us Caymanians..The PPM Government of the day was in his pocket just like many others throughout the years. I would venture to say the PPM Government was XXXXX than the UDP. Giving away stamp duty and Cabinet Status status to Developers who don’t need it whilst doing nothing for the people that could actually vote for them was a total disservice of the PPM Government..I will never ever forget that..
People are paying stamp duty? I thought it was just trading contract assignments among greater fools.
This makes my blood boil.
We as Caymanians (voters!) need to each contract our MP and express our disgust with this duty waiver. And our wish (as voters and taxpayers) that NO further duty waivers be granted to ANYONE!!
If you make over $4000 per month for the household you don’t qualify for “CHEER” program, I’m guessing because the logic states that at that point you can afford it. Yet, I hear time and time again that million dollar companies get waivers that I can’t get. As a Caymanian, I didn’t even get a stamp duty waiver when I bought my piece of land because the land price was outside of the threshold..
At this point, after all my years of defending this country I’m ready to sit back and let it fall apart. No matter who controls government, they will always find a reason to take from my wallet but will give multi millionaire “hIgH nEt WoRtH” people a break. For some reason, my government likes them more than me, so why care anymore.
Run the island to the ground. When your high net worth friends abandon you, I cannot wait to laugh in your face when you beg for my support.
That’s when the tax come in.
They do not plant seedlings for us, they bend for their wealthy Bros.
I mean look at the new PRIVATe JET Terminal. Absolutely disgraceful.
How much did they pay for the demolition debris dumped at the Dump?
They didn’t demolish anything it was the last empty lot on SMB.
Watch how much Lacovia developers pay. Wanna bet its waived?
this building doesn’t belong to Grand Cayman
What is the needs case for these waivers? Where is that report?
Speaking of waivers and construction is anyone investigating why Minister Jay Ebanks’ father is being allowed to operate on the NHDT construction site in North Side????
Why are they allowed to build homes without all of the infrastructure in place when other developments can’t move forward?
CNS this is a story for you to explore.
AGREEEEEEEEEEED
I think it’s important that those who can vote in Cayman care.
‘Those who can vote’
Which represents a minority percentage of those in Cayman.
Do something about it.
The rest of us are tired of listening to you drone on in an attempt to articulate slang in text on here.
You are generally quite weak and lack backbone except on the weekends after the sun goes down…..which is mostly violence
Thats the main reason its 36K of you here, we are weak and we let Foreigners do as they please on this island.
You did it not us…..
You have become non-relevant in your own country
Your government has kept you quiet by keeping us non-relevant
0+0=0
The high net worth don’t care either way as they live behind walls and are here for tax purposes only…..staying in Cayman just as long as they have to away from their home countries
Remove this government (who individually benefit while in office)
Bring us all together
We have a solution for the people that live here
Efficiency and power in numbers for sustained and healthy economical growth using all of our combined knowledge (yours and ours)
For the developers, Cabinet also restricted and detoured all of the public’s West Bay bound traffic access east through Lime Tree Bay Ave for two years. A road that isn’t even Gazetted as a public road.
Omg yes
The rich, foreign investors need Cayman FAR more than Cayman benefits from them; they should be paying US for the privilege of building here and exploiting our resources and infrastructure.
REAL leaders would have said no to any new construction of this type long ago. We have done it to ourselves by not standing up.
Money goes to money and the government supports it. Screw the locals struggling to even pay for basic needs like food and electricity. Something very wrong here but government is blind.
Absolutely ridiculous. A duty waiver on hotel construction makes some sense – a hotel project yields longer term benefits for our economy – but this is completely nonsensical. Why are we giving breaks to developers selling overpriced condos to foreign owners? If we have to have these monstrous developments, why aren’t we tying their construction to an obligation on the developer to also build or fund public spaces and reasonably priced housing? This is a slap in the face to our residents who pay huge duties on almost everything, and a massive opportunity missed by successive Governments who are equally tone deaf.
8 mil in duty waivers to get 100mil in stamp duty sales! The math makes sense but we truly have lost 7mb as a local people. Sad
No it doesn’t make sense, because you have assumed that without the duty waivers they would not have been constructed. It could be $8M + $100M.
Fair enough I suppose, but I doubt the duty waiver was a deal breaker. It would have been built anyway and I see no reason not to collect both. Might go a small distance towards compensating for that eyesore of a monument to ridiculous wealth.
As the article states, how exactly do the Caymanian people benefit from subsidizing the rich?
In many countries these government subsidies for development never beneift the people in any way. Promises of job creation amd economic development are lies.
Crony capitalism is a cancer on the world.
cro·ny cap·i·tal·ism
noun
an economic system characterized by close, mutually advantageous relationships between business leaders and government officials.
…with the perceived obstruction of due process and the environment removed entirely or taking an expedited backseat to the enrichment priorities.
So true. But why is this practice repeated over and over again? Greed, greed and more greed.
Nearly everything beautiful, quaint and serene about Cayman is gone. Soon all that will be left is but one crisp burnt silver thatch palm frond on a concrete barren tip of land in a 95 degree Fahrenheit ocean with hurricane damaged empty shells of condo buildings disappearing beneath eroded beachfront sea walls (another poor engineering & scientifically proven erosion method allowed).
@6:48am don’t forget that the PPM Government gave this Developer Cabinet Status as an added bonus…Follow the money..it is always about the money..
Just so everyone is aware:
When this project is completed, around $20 to $30 million in stamp duty will be need to be paid by new owners to close the units (this project started after the rules changed for duty on undeveloped land).
Every new owner will need to finish and buy furniture for their units, resulting in more duty and some local purchases.
This is a $500 million project. A waiver is a waiver: no one paid the developer $3 million, it is just the foregoing of money.
I don’t care if it was 0.001% of a waiver. It being a seemingly negligible amount drives your point further into the ground too.
I’m paycheck to paycheck yet I don’t get a cent waived for my groceries or rent.
This ONE developer got a waiver equivalent to what all of us got for our fuel fee from CUC, as if he needed it or as if it was needed to convince someone to build on 7MB. It’s a literal *guaranteed ROI* FFS, why you need a couple million off??
You are correct but from the perspective of someone who lived in Cayman from 5 years old, I put money into this system day in and day out. I buy groceries, I buy local, I import and pay my customs. I earn and spend money within the islands and daily basis.
The prime focus here is getting stamp duty in the long run. They forego the money now and collect later however, when it comes to regular individuals like myself, they take the money now AND later. Its just becoming too absurd and obvious. Its building up and leaving a sour taste in our mouths.
500mil project they can afford to pay some dam duty
And they would whether or not they got the duty concession. Incentives are needed to incentivize development which would not have taken place otherwise. Incentives are not needed for SMB condos, we have plenty.
$500M???..Please explain..There is no where in hell that monstrosity cost $500M..Dart built the Kimpton for far less.
There is no justification for this..Let’s face it, Fraser would have built this with or without duty waivers and Alden throwing in Cabinet status for his bonus in the deal is nothing more than a big slap in the face to us generational Caymanians..
Did Cayman need to give this waiver? No, PPM were bragging about how good the government was doing yet still handing out freebies so that there rich supporters could keep them elected and on the dole. Thank God they are sitting on the back bench now and not with their hands still in the cookie jar.
I like how you added…”and some local purchases” Other than Fosters for groceries and a few restaurants no other “local” business will get anything from this…These people don’t shop local.
I’m not at all surprised by this as Alden and his PPM clowns gave out millions in concessions to already filty rich developers like Fraser Wellon, Michael Ryan, Dart and Imporato. The agreements should be that they reinvest that money back into low and mid income homes for Caymanians, purchase land for parks and green areas. Yet, no they get to collect millions in sales taxes while driving up real estate prices & mortgage rates for their own personal gains. Let me be clear, they aren’t out to help anyone but themselves and its time we look at a 10 year moratorium of no more building on 7MB and no more ugly Florida style buildings over 7 storeys can be constructed in Cayman. Only Caymanian, colonial, Caribbean or Spanish (Lacovia) style.
um, what is Caymanian Style? Is that how things used to look or maybe what John Doak does? Or is it the new flat-roof concrete buildings?
I’m not sure we have a style at this point.
Only Caymanian, colonial, Caribbean or Spanish (Lacovia) style.???? YUCK!
Get with the times, you do you and let others do as they like.
It behooves me to say that a full transparent audit and disclosure should be made public in light of these tax breaks. Many hard working Caymanians are struggling and these generous duty concessions to the ultra wealthy are quite upsetting. full disclosure who made the decision should be made public. I am further behooved to say in this high interest rate economy with high mortgages that a pension fund WITHDRAWAL (concession to the average joe) should be made better to pay off your mortgage than your money held hostage get ripped off by those pathetic over charging and under performing disgraceful pensions.
There you go …Behooooving again.
These coc#@#%$*&!need to pay their fair share! sick and tired of hearing this Bull$#@! Cayman nor Caymanians ain’t benefit from absolutely nothing Here. Stop this foolishness decimating our Environment and destroying our beaches for WHO?
Can’t blame for developer’s for seeking the concessions – why would they turn down free money. The coc#@#%$*& as you put it are our elected representatives who decide to grant them. Ask yourself why.
Outrageous, and yet the average worker (local or overseas) cannot afford a house ever
These billionaires don’t need the tax breaks, it’s us slaving away in the sun to build these monstrosities that needs the help
I am so disappointed in this Government they are most definitely not looking out for the poor people best interest at all
why does the government all these waivers and they are killing the poor people with every fee you can think of this has to stop Cayman is gone no heritage or culture left I hate seeing the way they allowed these investors to destroy 7 mile Beach
All other Caribbean destinations tries to preserve their heritage Cayman Government only see Cayman as a little USA the politions only looking out for their pocket and not the best interest of Cayman we wonder why we have so much crime who can survive on minimum wages here
@11:11pm..The current Government is not responsible for this waiver. It was put in place by the PPM Government.
Read not only to read, but also to understand. Let me help you out. It was extended by this government.
Thought these guys were about sustainable development ? I don’t want to hear one more word about ppm did this or that from big mouth Sandra. This is classic emperors new clothes! That’s what unneh get bout independents going run tings! I swear you cannot make this stuff up. What a joke the PACT turned out to be!
Its awful, but who do we switch to? PACT lies about selling the island out from under us, and PPM sold the island out from under us but instead of lying just told us to get over it and shut up.
@1042PM, you do realize that it was the PPM that put this waiver of duties in place…You do know that after doing it Alden gave the Developer Cayman Status by Cabinet grant..one that cannot be taken away…
I will always blame PPM for this no matter which government is in play. I am almost certain that Alden had this agreement written up so tight so that we would be giving the developer continued waiver of duties for any project he decides to build..I’ll bet my house that Alden made sure that this government and future others had to continue to honor this agreement.
What we really need to find out is how much Alden and the PPM got out of allowing duty waivers to this developer and Michael Ryan for the FIN development who still owes this country millions of dollars from the Ritz debacle.
PPM sold us and our birthright to the highest bidder.. I would rather dig up Slocum and vote for him than to ever vote for one of them ever again..We can only hope pray that we will never again see this country run by the likes of the PPM.
Never been a better time to buy!
Duty waivers are one of the classic mechanisms of graft: our money is forfeited to developers who then pay back some to Cabinet in political bribes, consulting fees and gifted condos. Nobody can even remember what PACT stands for anymore.
Slap an ugly tax on that thing and make it all back. Almost on a level with FIN.
These developers, Dart included, use overseas Architects, Engineers, Landscape and interior designers, many other consultants, whose work is imported FREE.
Local consultants are thrown a crust to make it all look good.
If import duty was imposed on all that stuff that comes in for free, it would at least generate some income to CIG….
But it would also show some respect to local firms who pay rent, business and work permit fees, employ and train Caymanians, pay utilities and generally give back to the economy.
Make it FAIR to all concerned PACT.
And everyone understands that carrying on business in the Cayman Islands without a license is an offense, right DCI, RCIP, CBC, WORC, DLP, …???
It is a shitshow. It merges corruption and ineptitude to levels beyond comprehension. It is literally the state sponsored destruction of a community, its economy, and its people.
I think Ryan and Crighton did a great job blending Fin into the neighborhood. The design was clearly inspired by, if not copied directly from, Mr. Colin’s mid century style house just across the road.
top keks 🙂 Take my upvote
It’s a complete monster. Entirely out of place. Like the one in Rum Point but who cares. Your Caymanian government don’t.
So we are fleeced by everything we import or purchase as normal people, and the rich get a pass?!
Its like that everywhere. Rules are for thee and not for me.
Yep. And am we get to pay for them to have a shiny new terminal to fly in on their private jets too.
Soon pay for seven mile beach use priveleges just like Jamaica.
And we will not do a thing to stop it.
Direct rule now!
New colonation of the islands not by the UK, unless they are rich and joined by the rich from every corner of the world.
Fully enabled by Caymanians.
Dart demanded , and got all these concessions and more, so other developers are simply asking for the same treatment.
What did these developers provide in return for the waivers? What Dart provided is well documented and online.
1.00pm..reasoned point…Then government should have said NO to all other applicants, but they didn’t..!
Is dart still in breach of their NRA agreement with government?
No.
“Few places in Grand Cayman offer the expansive, open views of the Caribbean Sea like those seen from the top floor of The WaterColours condominiums.
To start, most places lack this elevation. On an island with an average altitude of six feet, it’s a luxury to take in the turquoise waters and white sand beaches from a 10th-story perspective.
Until recently, only this complex, a 2014 creation of luxury developer Fraser Wellon, and Kimpton Seafire Resort by the Dart group, the islands’ largest private landowner, had achieved such heights. That’s soon to change, but for now, this particular sea view, from the top-floor penthouse of the late Jamaican tourism mogul Ernest “Ernie” Smatt, remains one of Grand Cayman’s most elite.
The complex is just one of dozens of luxury condominiums that have filled in Grand Cayman’s vulnerable coastline over the past decade. During the COVID-19 crisis, construction of such projects has accelerated, exposing the local population to serious climate change threats in exchange for properties most Caymanians cannot aspire to own in a lifetime.”
https://periodismoinvestigativo.com/2022/01/cayman-foreign-investors-identity-crisis/
Tourism Mogul Ernie Smatt….Hmmmmmm.
Need anymore proof that Cayman is gone?
The rich get richer, the poor get poorer. I’ve been hearing it all my life. It keeps getting worse as I go.
But, 8:12, we all die, even Ernie Smatt and all these other gazillionaires. So what’s it all for?
Good. We need more development on this island.
Bad. We need more affordable housing, a competitor for electricity, and reduction and or elimination of all duties for consumer goods.
This must stop. The profit margins on these properties are tremendous and they should be taxed MORE to subsidize first time Caymanian home owners rather than the other way around. It is 2023 – these old school colonial economics must stop.
Colonial economics…?
It’s Caymanian politicians business deals with developers that created this situation.
Behind closed doors and under the table deals have Nothing to do with Colonial anything..