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Leadership Transition at RTPark as CEO Peter Chapman Announces Departure

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RTPark CEO Peter Chapman, Courtesy of RTPark

The Research and Technology Park (RTPark) is set for a new chapter in leadership as CEO Peter H. Chapman has announced he will be stepping down after a dynamic and impactful six years at the helm. Chapman, credited with steering RTPark through a period marked by strategic innovations and robust growth, will see his contract conclude without renewal. His future endeavors will concentrate on his venture, Urban Policy Innovations (UPI), an economic development and real estate advisory firm, as revealed in a recent RTPark press release.

Chapman’s era at RTPark is distinguished by remarkable financial achievements and the enhancement of the community’s socio-economic landscape in the Virgin Islands. Under his guidance, RTPark was distinguished with the 2020 Economic Development Organization of the Year award by the International Economic Development Council. The park’s business portfolio witnessed a substantial 275% growth, while its revenues soared by over 300%, obliterating a $4 million debt accumulated before Chapman’s leadership in 2018. Notably, RTPark’s support for the University of the Virgin Islands (UVI) saw a dramatic increase, contributing $3 million in 2023—a more than 300% rise since 2018, cumulating to approximately $14 million in support since RTPark’s inception.

Reflecting on his tenure, Chapman expressed his dedication to the economic diversification efforts of the RTPark and the broader Virgin Islands community. “Leading the RTPark has been a privilege, and I am thankful for the trust and opportunity granted by the RTPark Board of Directors and the organization’s visionary founders,” he remarked.

Chapman attributed the success of RTPark to a vigorous economic development strategy that propelled tech sector growth and diversified revenue streams. This approach included enticing new enterprises, nurturing startups, developing the workforce, facilitating access to capital, and enhancing infrastructure. He also acknowledged the crucial role of RTPark-affiliated companies in fueling the organization’s expansion and its significant investments in UVI.

As Chapman prepares for his departure, he remains devoted to a smooth transition and the continued prosperity of RTPark’s projects. He hinted at his potential involvement in special economic development projects within the Virgin Islands post-RTPark, expressing gratitude for the opportunity to serve and his anticipation for RTPark’s future trajectory.

“The collective achievements during my tenure are a reflection of the collaborative effort and commitment of our team, partners, and the community. I am proud of our accomplishments and eager to witness RTPark’s ongoing success,” Chapman concluded.

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St. Croix Business & Professional Gala Honors Local Achievers

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The St. Croix Chamber of Commerce held its esteemed 2024 Business & Professional Gala on Saturday evening at the Grapetree Bay Hotel, situated on the picturesque east end of St. Croix. This prominent event in the business community’s calendar drew a diverse group of distinguished attendees, including their families and colleagues.

The evening began with lively live music and networking, enhanced by a cash bar and a specialty drink area sponsored to offer complimentary signature beverages. Guests were treated to a variety of gourmet hors d’oeuvres.

Akeel St. Jean, the chairman of the St. Croix Chamber of Commerce board of directors, highlighted the essential role of the private sector in driving the economy and supporting the U.S. Virgin Islands’ low unemployment rate in his address.

The award ceremony proceeded efficiently, honoring excellence in six categories. The honorees included Kisha Christian of Neighborhood Pharmacy as Businesswoman of the Year; Quality Food, represented by Stephanie Karalius, as Business of the Year; Marcy Heistan from Fly the Whale as New Business of the Year; and Mafi Hamed of the Market as Businessman of the Year. The Women’s Coalition of St. Croix was named Nonprofit of the Year, and IB Designs was awarded Small Business of the Year.

The gala concluded with an enthralling performance by Kaiso Caribbean Entertainment, featuring fire dancing and other captivating acts, ensuring a memorable end to the evening. This event not only celebrated the successes of local businesses but also bolstered community spirit and entrepreneurial vigor on St. Croix.

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Financial Shock Hits Republic Bank Customers in BVI and Wider Caribbean Due to Processing Errors

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Recent weeks have seen significant turmoil for customers of Trinidad & Tobago-based Republic Bank’s Eastern Caribbean unit, who have faced unexpected withdrawals from their accounts. These withdrawals, the bank claims, result from unprocessed transactions dating back weeks, months, or even years. This issue has disrupted lives and businesses across multiple territories, including the British Virgin Islands.

At the start of the month, Republic Bank (EC) issued a statement attributing the problem to “technical issues stemming from our conversion exercise.” This conversion followed Republic Bank’s acquisition of Scotiabank operations and affected over 12,000 customers. The bank conducted a “thorough verification exercise” to identify the transactions, and customers received personalized communications detailing the relevant transactions for transparency.

Despite this, many customers remain dissatisfied. A letter signed by 216 customers in Anguilla, addressed to the Eastern Caribbean Central Bank (ECCB) Governor, Anguilla’s Finance Minister, and Republic Bank’s local country manager, reported receiving emails around April 27-28, 2024. These emails notified customers of banking errors dating back to 2021. By April 29, Republic Bank processed debits that caused substantial overdrafts, leading to significant financial hardship for some customers.

Similar complaints emerged from Saint Lucia, Dominica, Saint Vincent & the Grenadines, and St. Kitts and Nevis. While some debits were minor, others amounted to thousands of dollars, causing considerable distress. One customer faced a significant financial challenge as his available funds were depleted on the same day his mortgage payment was due.

Customers argue that Republic Bank violated its policies by reclaiming funds after such an extended period. The bank’s Account Services Agreement states that automated transactions should post on the transaction date or the next business day, with longer times for transactions in different jurisdictions. The agreement also limits the bank’s liability for delays or errors resulting from its services, which the affected customers claim the bank has breached.

The ECCB, which regulates banking in the sub-region, stated that while the delay is aggravating, Republic Bank’s actions are not illegal. On May 16, the ECCB announced an independent audit of the situation, which may lead to further actions within its limited powers.

Responses to the ECCB’s intervention have been mixed. Francis Severin, Principal of the UWI Global Campus, praised the audit as a step towards consumer protection but remains skeptical about its effectiveness. Similarly, Dr. Dalano DaSouza, a university economics lecturer, expressed doubt that the audit would yield substantial results and called for an urgent revision of the Banking Act to enhance consumer protection.

Customers face significant challenges in disputing old transactions due to the need for extensive record-keeping. Republic Bank has offered measures such as payment plans, reversing overdraft fees, and waiving fees for bank statements. However, these efforts have not fully reassured customers. Severin criticized the bank’s past failures to uphold promises and questioned the Eastern Caribbean unit’s operational efficiency.

This situation mirrors a similar incident four years ago affecting Republic Bank’s Guyanese customers, though the previous issue involved a shorter delay. As the current debacle unfolds, customers are considering their future with Republic Bank. Severin suggests writing off the oldest transactions as a goodwill gesture, while DaSouza plans to reduce his business with the bank and seek alternatives.

The incident has shaken customer confidence, and Republic Bank’s efforts to address the situation will determine whether customers continue their banking relationships or seek alternatives.

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Historic Preservation Signage Rules Stir Controversy Among St. Croix Business Owners

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Frustration over Historic Preservation Commission (HPC) signage regulations took center stage at a meeting of the St. Croix HPC last Thursday.

Several businesses appeared before the HPC board for signage violations, including those located in the Pan Am complex in Christiansted. Marley Natural was cited for non-compliance due to numerous decals on display windows and front doors. Despite pushback, committee members emphasized the importance of ensuring all businesses in historic districts comply with regulations concerning signage and physical premises.

“There is a level of compliance that needs to be administered throughout the district,” said Kurt Marsh, chair of the VI Historic Preservation Commission.

Mr. Marsh dismissed Marley Natural’s argument that neighboring businesses displayed worse forms of non-compliance. “We can’t function properly if we focus on neighbors rather than the overall regulation of the district,” he said. He urged business owners to comply with regulations to set a good example for others.

Mr. Marsh also sought assistance from St. Croix Administrator Sammuel Sanes, who was present at the meeting. He suggested that collaboration with the Administrator’s Office to encourage landlords to ensure tenant compliance would enhance the efficiency of the compliance process.

Nate’s Boathouse, represented by Chief Operating Officer Chris Mitchell, also faced signage non-compliance issues. Mr. Mitchell challenged the HPC’s authority to regulate signage in his location, citing the three differently-designated districts within Christiansted. Despite State Historic Preservation Officer Sean Krigger explaining the HPC’s legal empowerment, Mr. Mitchell insisted on a legal opinion from the 35th Legislature. He voiced concerns about the fairness of the regulations, highlighting non-compliance by a nearby library and other businesses.

Mr. Marsh remained firm on the HPC’s approach to slowly bring businesses into compliance, reminding Mr. Mitchell of the committee’s limited resources. “We are a volunteer board with no staff to handle discrepancies,” he said, noting the board’s monthly meetings to regulate the Virgin Islands Historic Preservation Commission’s rules.

Mr. Marsh acknowledged that some of the worst violators of historical district regulations are government entities. He stressed the need for a collaborative rather than adversarial approach, recognizing the widespread violations across various districts.

Despite resource challenges, the HPC aims to tailor regulations to current realities. Mr. Marsh cited a recent decision to allow phone numbers on signage as an example of adapting to modern communication needs. He urged business owners to cooperate, emphasizing the importance of preserving the architectural legacy and appeal of historic buildings.

St. Croix Administrator Samuel Sanes supported the HPC’s mission and expressed frustration at the Legislature’s failure to pass legislation that would strengthen the committee’s authority. Mr. Sanes, a former senator, criticized some property owners’ careless treatment of historic buildings but advocated for compassion towards struggling business owners.

Mr. Sanes echoed concerns about the tough conditions for businesses in Christiansted. He supported efforts to review and adjust the fee structure for historic district regulation violations but stressed the need for increased capacity and staff to handle compliance efficiently.

Senate President Novelle Francis, represented by Shawna Richards, shared concerns about removing advertising amid economic challenges. She acknowledged the statutory basis of HPC regulations and expressed willingness to support legislative review to update relevant sections of the VI Code. Ms. Richards emphasized the need for additional funding to increase the HPC’s enforcement capacity.

While rebutting claims that current regulations deter businesses, Mr. Marsh welcomed discussions on amending size regulations to better accommodate business needs. “We can talk about these things and make amendments together to ensure efficiency and satisfaction,” he said.

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