I'm the original GANGSTA!

Ram creams off fees while frustrating investors

Dear Editor, This matter is now over a decade old and reveals that Ram frustrated the sale of the hotel to frustrate legitimate investors, while creaming off huge fees as receiver/ manager. Recent reports in the media indicated that Chief Executive Officer Paul Stephenson, of the Cara Hotels, told Chief Justice Ian Chang SC, that while his company was attempting to purchase the Tower Hotel which was up for sale, Christopher Ram prevented him from doing so by refusing to open the tenders at the eventual closing date. Stephenson, who has a string of hotels in the Caribbean, was still giving evidence in support of the writ brought against Ram personally and in his capacity as receiver- manager, Hotel Tower, Limited. Stephenson is also seeking damages in excess of $ 1 million for the aforesaid and breach of contract. It is reported that Christopher Ram was responsible for managing the hotel and its sale to liquidate a debt owed to Bank of Nova Scotia. Ram in November, 1999 publicly published a Request for Proposals for Hotel Tower and invited bids for the said hotel. Cara Hotels complied with the tender requirements. It is reported that Ram, on more than one occasion, changed the closing date for tenders to the prejudice of the plaintiffs and acted in an unfair and uncommercial manner in respect of the tender process. Perhaps he should publish the details of all the fees earned on this job and the reasons for the long and protracted period of management. Come on Ram. Try and be open and transparent on this one. Yours faithfully, Robert Maxwell.