The management of the Observer Media Group announced today that its controversial sale of shares in the company has been put on hold.
It did not give specific reasons for the decision but said in a notice that the Eastern Caribbean Securities Regulatory Commission identified “deficiencies with the offer and asked that it be put on hold until all requirements have been met.”
The suspension of the sale of 45 percent shares in The Daily Observer and Observer Radio came 24 hours after it was announced.
In an email to staff, Chief Operating Officer Darren Derrick lamented the road block.
“Well, things are never as easy as you hope, no matter how well you plan.”
He said the regulators made contact with the company yesterday and were put in touch with Observer’s lawyers.
“A person who identified herself as Alousia Gail Faisal made contact late yesterday…an online search lists her as the CEO of the Eastern Caribbean Securities Regulatory Commission,” Derrick wrote.
The sale has been controversial with the family of the late founder Winston Derrick advising the public not to participate in it.
It has also been ridiculed by Prime Minister Gaston Browne is a series of posts on his Facebook page.
The company has faced financial problems for years, accruing massive debts and having challenges to service its loans.
