From John Henwood.
AS the sole Jersey-based director of Bailiwick Investments Limited, I should like to correct some misunderstandings evident in the story that appeared under the headline ‘Businessmen offer States millions’ (JEP, 6 January) and in the editorial published the following day.

Bailiwick Investments is not a consortium of super-rich businessmen, it is a company, registered in Guernsey, shares in which are publicly traded on the Channel Islands Stock Exchange. The company raised almost £27 million from investors, many of whom are Channel Islands residents; doubtless some are very wealthy individuals, but many more, like me, are ordinary people who have invested some of their savings in the company in the knowledge that it intends to put funds into Channel Islands businesses and locally-based assets.

Your editorial suggested part of the motive behind Bailiwick Investments might be philanthropic. I am aware that some of those involved have, in their private capacities, been generous benefactors of local causes, but that is entirely a separate matter. I can state without equivocation that Bailiwick Investments’ objective is to achieve long-term growth for its investors. If there is an element of altruism evident in the company’s policy it may be found in a shared belief in a successful future for both Bailiwicks and a desire to contribute to it.

It is not part of Bailiwick Investments’ plans to offer to lend money to the States of Jersey or any other institution. As many of your readers know, the States of Guernsey and the States of Jersey have different approaches to fiscal policy. In Guernsey, where the statement on behalf of the company was made, there seems to be a greater appetite for a public/private partnership approach to major capital projects and Bailiwick Investments was signalling its willingness to engage in a dialogue with government on such ventures.

Naturally, any arrangement would have to have demonstrable advantages for both parties. When asked whether a similar approach might be available for Jersey projects, the answer was affirmative.
Incidentally, Tom Scott is not a director of Bailiwick Investments. His role and that of some of the other individuals identified in your story is that of investment adviser to the board, which is very pleased to have the services of such an experienced and successful team.
Les Carrières,
Route du Mont Mado,
St John.