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Banks, EXACTLY!

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Richard Cozier, CEO BHL

The Barbados Stock Exchange (BSE) was established in 1987. It is fair to opine that after 23 years in existence the general public has not ‘cotton’ to the idea of investing in public companies. Whether as a means of diversifying investment portfolios or a mechanism to build a voice in the board rooms of leading companies in Barbados, public distrust in public companies remains high. Perhaps local analysts may suggest it has to do with ignorance i.e. lack of education on the part of Barbadians about the benefit of investing in public companies..

The BU household considers itself fortunate to own shares in a few of the companies listed on the BSE. Yield on the investments has been modest at best but the small quantum of BU’s shares does not contribute to any alarm at this stage. The prevailing economic conditions has considerably eroded our capital investment but we are in for the long haul and hope to recoup on the backside of the next economic boom. The BU household defines what is an eternal optimist!

In the wake of the CLICO disaster a reasonable assumption to make is – an already cautious Barbadian investor is likely to become ultra-conservative. It is for this reason companies currently listed on the BSE should be transparent in managing their affairs.

Against the foregoing BU raises a concern directed at the management of Banks Holdings Limited (BHL).

  1. Is is true two condominiums which were owned by Banks Holding Limited, the ownership was ‘quietly’ transferred to Alistair Field? Alistair is the son of Sir Allan Fields. More to the point is it true the condos were sold below market value?  It is accepted that any asset which is owned by a public company and is  sold, it should fetch the greatest return for shareholders. If members of the BU family wish to view the two condos they are located in Club Morgan, the same complex which Dr. Jerry Emtage currently resides.
  2. Could we get more details about the arrangement which sees Banks Brewery buying bottles to supply the plant from a company owned by Sir Allan Field’s wife?
  3. All of Barbados already know about the vending machine company which is  owned by Sir Allan’s son Alistair. The vending machines are everywhere! Sweet drink anyone?

Now we understand the adage the rich gets richer.

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30 responses to “Banks, EXACTLY!”

  1. BAFBFP Avatar
    BAFBFP

    Verily I say unto you:

    What is the profile of the individuals that manage the advertising for the BS&T and Banks group?

    Why was Sir Allan Knighted again? Is it really possible to make a contribution to business when such activity is exploitative solely of locals?

  2. Capone Avatar
    Capone

    Good Questions, let’s see if answers are forthcoming. As a Public Company they are duty bound to act at all times in the interest of the Shareholders.

    The problem we have however is as with every case that is brought forward, there is never closure. Clico was a big eye opener on how fast one can fall from grace not only in person but also in Corporate standing.

    These companies, especially in these times must remain focused on the commitment required to see the Company through, unfortunately, too many white collar employees (Public Company CEO’s fit within this category) are only focused on themselves. If this was the USA it would be lock up time.

    We cannot wait for another Clico case to occur, not only can the shareholders not afford it, neither can the Barbadian economy.

    Do you think one of us, given bail, could leave through the back of a court house as was shown recently? Where does it end?

  3. Cabir Nam Avatar
    Cabir Nam

    The Registry in Barbados would have the prices that the alleged properties were transfers for. Maybe BU could start by getting its hands on a copy of the transfers, which as far as I know, ought to be publically available documents. If BU does take the iniative and then posts those tansfers here, then I am sure the public can form there own opinions on the values declared thereon.

  4. Hants Avatar
    Hants

    @David, Prehaps there was so much focus on Clico that Banks was given a free pass until now.

    You know that anything involving rite people in Barbados will not get the same level of scrutiny as things involving “others”.

  5. Avatar
    Anonymous

    Who BCB Communications Ltd ? that one is owned by Allan Fields all the BS and T Advertising is directed to this company which Fields owns and not to forget his ownership of another one closely tied into all of the BS and T work a company called
    NewTech in Searles Plantation yard.

    Now you may better understand why Arthur saw him fit to bring into his clan of vagabonds.

  6. Avatar
    Anonymous

    The old folks had a saying that BIRDS OF A FEATHER FLOCK TOGETHER this looks to be the case with Allan Fields and Arthur, Mottley and the dysfunctional family of the BLP.

  7. David Avatar
    David

    To those who pontificate about Blacks should do this and do that is all well and good but visualize this…

    you are in a race with a stronger competitor and you have to agree to a handicap by giving that competitor a 10 yard head start.

  8. Terence M. Blackett Avatar
    Terence M. Blackett

    DAVID @ BU
    “To those who pontificate about Blacks should do this and do that is all well and good but visualize this…you are in a race with a stronger competitor and you have to agree to a handicap by giving that competitor a 10 yard head start…”

    A 10 yard head start David maybe too politically polite…

    400 years of deprivation, strangleholds and manipulation….

    If life is a 100 meters dash – try a 80 meters head start (if the “buggers” haven’t already crossed the finishing line)…

    Sorry matey, didn’t mean to an “eternal pessimist”…

    On another “TOPIC” of some relevance David….

    Does BU have access to FOI on the top “PUBLIC” service wage earners in BARBADOS* who eat at the public trough?

    If so, how many 100’s or 1000’s earn more than our beloved PM David Thompson?

    Finally, if that “INFO” is not available as a matter of “PUBLIC KNOWLEDGE” – the question is “WHY”???

  9. Terence M. Blackett Avatar
    Terence M. Blackett

    Based on FOI requests and research done by a (certain) prestigious university – the report has finally hit the news TODAY*

    IN AN AGE OF “SO-CALLED AUSTERITY MEASURES” & “cuts” – The British government’s wage bill has jumped 29% in 5 years to hit £157.7bn. The pay for the highest 3% of public sector jobs has risen by a massive 64% in the past 10 years of Tony Blair’s Administration.

    In what is one of the greatest 1st world countries in the world, wage disparities are mind-boggling even within the area of the gender-gap, in terms of pay.

    For example, among the public sector’s very highest paid – those on £200,000 or more, there are 8 men for every [1] woman, and in the Judiciary at this level men out-number women by an incredible 18 to [1].

    But even more shocking is the revelation that in schools and universities (the “SUPPOSED” last bastion of fairness & equality) there are 6 men for every [1] woman in the £100,000 + pay bracket.

    The research has shown that more than 38,000 British government workers are paid over £100,000, and some 9,187 earn more than the Prime Minister (£142,500)…

    To correct some of those research finding is that the PM’s salary of £142,000 is actually misleading because Mr Cameron is entitled to draw an MP’s salary of £65,738 with an overall remuneration package totaling some £207,738 when perks are finally included.

    BELOW ARE THE ACTUAL NUMBERS….

  10. Terence M. Blackett Avatar
    Terence M. Blackett

    THE NUMBERS:

    TOP 20: Public Sector salaries – September 20th, 2010

    1. Mark Thompson £838,000 Director General, BBC

    2. Jana Bennett £517,000 Director; Vision, BBC

    3. Mark Byford £488,000 Deputy Director General, BBC

    4. No name supplied £475,500 GP (Doctor), Hillingdon PCT

    5. No name supplied £475,000 GP (Doctor), Teaching PCT

    6. Tim Davie £452,000 Director, Audio & Music, BBC

    7. Zarin Patel £434,000 Chief Financial Officer, BBC

    8. Caroline Thomson £419,000 Chief Operating Officer, BBC

    9. Erik Huggers £407,000 Director; Future Media & Technology, BBC

    10. No name supplied £406,060 GP (Doctor), Westminster PCT

    11. David Higgins £390,000 Chief Executive, Olympic Delivery Authority

    12. Malcolm Grant £376,190 Provost & President, University College London

    13. No name supplied £375,000 (GP) Heart of Birmingham Teaching PCT

    14. No name supplied £370,000 Consultant, Northumbria Healthcare NHS Foundation Trust

    15.No name supplied £365,000 Unknown, University College London

    16. Tony Fountain £365,000 CEO, Nuclear Decommissioning Authority

    17. John Smith £348,000 CEO, BBC Worldwide, BBC

    18. Sharon Baylay £345,000 Director, MC&A, BBC

    19. Howard Shiplee £344,000 Director of Construction, Olympic Delivery Authority

    20. No name supplied £343,000 Unknown, University of Liverpool

    TOP 10: GP wage deals – September 20th, 2010

    1. Male £475,500 GP, Hillingdon PCT*

    2. Unknown £475,000 GP, Heart of Birmingham Teaching PCT*

    3. Male £406,060 GP, Westminster PCT

    4. Unknown £375,000 GP, Heart of Birmingham Teaching PCT*

    5. Male £329,735 GP, Hounslow

    6. Unknown £325,000 GP, Heart of Birmingham Teaching PCT*

    7. Unknown £325,000 GP, Heart of Birmingham Teaching PCT*

    8. Unknown £309,636 GP, Rotherham

    9. Male, £300,000 GP, Bradford & Airedale Teaching PCT*

    10. Male £300,000 GP, Bradford & Airedale Teaching PCT*
    *Figure taken from a mid-point in the pay bracket given

    TOP 10: Central Government – September 20th, 2010

    1. Sir Jock Stirrup £288,700 Chief of the Defence Staff, Ministry of Defence

    2. David Nicholson £278,800 NHS Chief Executive, Department of Health

    3. John Fingleton £277,500 Chief Executive, Office of Fair Trading

    4. Andrew Stafford £264,510 Chief Executive Office, Royal Mint

    5. Joe Harley £262,500 IT Director & Information Officer, Department of Work and Pensions

    6. Gus O’Donnell, £253,500 Cabinet Secretary & Head of Home Civil Service, Cabinet Office

    7.Linda Thorpe £252,500 (Contracted), Serious Fraud Office

    8. Patrick Crawford £232,500 Chief Executive Office, Export Credits Guarantee Department

    9. Stephen Laws £227,500 First Parliamentary Counsel, Cabinet Office

    10. Jeremy Beeton £227,500 Director General, Government Olympic Executive, Department for Culture, Media & Sport

    TOP 10: Police pay packets – September 20th, 2010

    1. Sir Paul Stephenson £280,489 Commissioner, Metropolitan Police Service

    2. T Goodwin £246,969 Deputy Commissioner, Metropolitan Police Service

    3. Sir Norman Bettison £217,956 Chief Constable, West Yorkshire Constabulary

    4. J Yates £211,624 Commissioner, Metropolitan Police Service

    5. Sean Price £208,690 Chief Constable, Cleveland Police

    6. C Allison £204,882 Commissioner, Metropolitan Police Service

    7. Mr Craik £204,701 Chief Constable, Northumbria Police

    8. Sir Hugh Orde £202,500 Chief Constable, Police Service of Northern Ireland

    9. R Fitzpatrick £196,396 Commissioner, Metropolitan Police Service

    10. A Beaton £189,896 Director of Information, Metropolitan Police Service

    TOP 10: Local councils – September 20th, 2010

    1. G Jones £299,925 Chief Executive, Wandsworth Borough Council, London

    2. Peter Gilroy £243,388 Chief Executive, Kent County Council

    3. J Duckworth £241,483 Chief Executive, Newham Borough Council, London

    4. Joanna Killian £237,772 Chief Executive, Essex county Council

    5. Derrick Anderson £235,650 Chief Executive, Lambeth Borough Council, London

    6. PA Lewis £230,000 Director of Children & Young Peoples’ Services, Haringey Borough Council, London

    7. Colin Hilton £229,555 Chief Executive, Liverpool City Council

    8. D White £224,900 Chief Executive, Norfolk County Council

    9. Mark Hammond £223,451 Chief Executive, West Sussex County Council

    10. John Foster £222,868 Chief Executive, Islington Borough Council, London

  11. Annony Avatar
    Annony

    Who cares? What is your point fool? What has that got to do with Banks Holdings?

  12. de hood Avatar
    de hood

    Annony | September 20, 2010 at 10:06 AM |

    Who cares? What is your point fool? What has that got to do with Banks Holdings?
    ………………………………………………………………………………………………………….
    Hey, don’t you realise that some ppl post just to prove that they have, and can use, a computer?

  13. Anon#5 Avatar
    Anon#5

    “Cotton on” not “cotton” as in “caught on” and what is your point, Terence Blackett?

  14. David Avatar
    David

    Are we going to start squabbling now?

    If you disagree with a commenter state why and debate the merits of the argument. It is getting tiresome whether we use our substantive monikers or not.

  15. Georgie Porgie Avatar
    Georgie Porgie

    Re If you disagree with a commenter state why and debate the merits of the argument.

    Huh? Since when has that been the norm on BU David? Free speech remember.

    Three reasonable and relevant questions wre asked David!
    Who cares? What is your point fool? What has that got to do with Banks Holdings?

    Is that not the beginning of a debate? The poster of the irrelevant extraneous nonsense is asked to indicate the point he is making and to relate it to the issues of Banks Holdings. I submit in my 3/10 teaching ability that the wages of folk in the UK has nothing to do with Banks Holdings………. and I have had some involvement with Banks from childhood.

    Certain biases are being clearly manifested on BU

  16. Out of Office Avatar
    Out of Office

    @ Terence Blackett

    It clear that the intention of your blog is to take the debate off the topic at hand. You failed miserably. BU do you intend to get and post a copy of the transfers of property referred to above? I remember either BU ot BFP posted the NHC Covenants for Coverly and for my part, I found that very informative; it allowed me to reach my own indepenent views of the public allegations.

  17. de hood Avatar
    de hood

    @ GP
    Hi Doc, I saw your message. Will respond soon. Thanx.

  18. David Avatar
    David

    Any member of BU should feel free to research the documents and email us. It is not always practical for members of the BU household to complete such investigations.

    The issue of wealth accumulation/distribution was probably provoked by the last sentence in the blog and our earlier comment about one race having a head start.

  19. Terence M. Blackett Avatar
    Terence M. Blackett

    DAVID @ BU
    “Are we going to start squabbling now?”

    It’s always good when the thermostat gets turned up David – don’t forget, no one finds comfort in a cold room…

    Anyway, AGAIN* – to some OFF TOPIC* but relevant for the “SIMPLE” fact that if so-called “PUBLIC” companies are going to be recipients of GOVERNMENT* largesse, TAXPAYERS $$$ (some of it mine as well) – it is in the interest of FOI & ITAL to be able to see how those within the TOP* echelons of these companies are being compensated and how that largesse is being diffused across the board…

    In 1996, the government had introduced a system of Programme and Performance Based Budgeting (PPBB). PPBB aimed to improve the budgetary and financial
    management systems of the Barbados Government. PPBB placed greater emphasis on the classification of the budget, and is viewed as forward looking. It also placed greater emphasis on prior accomplishment and performance indicators.

    In Barbados, the Audit General’s Office is responsible for carrying out value-for money audits in all government departments and agencies. The legal mandate to perform this type of audit is listed in section 26(3) of the Financial Administration and
    Audit Act. This section states that “the Auditor General may carry out examinations into the economical, efficient and effective use of resources of any Ministry or Department or any other entity required to be audited by him.” It is important to recognize that the Audit Office does not have any power to enforce its
    recommendations. It is the responsibility of the management of the Ministry/Department to ensure that it is utilizing its resources in an efficient manner.

    In 2004, the Government of Barbados committed itself to the transition from cash accounting to accrual accounting. Accrual Accounting recognized activities and
    transactions when they occur, even if payment has not been received from a customer or bills have not been paid by the business. This method provided a more accurate picture of what the organization owns and owes in economic terms. The Prime Minister and Minister of Finance had directed that, in keeping with
    developments in the international public sector arena, the Government of Barbados would move from a cash based accounting system to the introduction of full accrual accounting. In making this transition Barbados would become one of the first governments in the Caribbean to do its business using accrual accounting.

    SO BASED ON THE ABOVE, SURELY IT IS NOT TOO MUCH TO ASK FOR SOME TRANSPARENCY FROM OUR PUBLICLY FUNDED INSTITUTIONS…

    If we already know what headteachers, nurses & doctors earn – what is the state secret over the exorbitant salaries of public officials who for some reason dances to the beat of a different drum…

  20. Terence M. Blackett Avatar
    Terence M. Blackett

    DAVID @ BU

    This is a SIMPLE* exercise moving from the “periphery” of “MACROECONOMICS” to the “nucleus” “MICROECONOMICS”…

    The Barbados government continues to come cap in hand to institutions here in the UK and elsewhere (but for the sake of argument, let’s say HERE* in Europe) to borrow my TAX $$$…

    Monies are allocated and land in the Central Bank in B’Town at cost interest rates (whatever is agreed on)…

    Those monies are then appropriated across a range of sectors including soft loans to other banking institutions.

    The problem in BRITAIN* today is we have “BORROWED” almost 80% of GDP and now the government is now about to throw the “AXE” (some of us are insulated from it) including the FATCATS* but what about the average guy in the street…

    Folks like myself and others who have called for accountability over bourgeoisie inflated (PUBLIC) salaries – (notwithstanding that “WE” bailed out the “bloody banksters” to the tune of almost £800 BILLION*) – what is the problem with calling for the same transparency in BIM over the use of public finances?

    How many BILLIONS* was needed (and will be needed) to BAIL* out BIM now and into 2013?

    C’mon guys – let get real!!!

  21. Terence M. Blackett Avatar
    Terence M. Blackett

    Final thought before a late “SLAP-UP” dinner – BAJANS* need to realize that the world has become a “global village” based on international inter-connectivity which now runs far, wide and deep…

    When we “sneeze” (without the allusion to mere benign bovine flatulence) the down-draft affect you guys in a big, big ways…

    So the first process in this stint of REHAB* – is re-education folks!!!

  22. David Avatar
    David

    CNN is currently carrying a story which confirms from research undertaken that Whites have done a better job than Blacks passing wealth/assets through the generations. As the comedian Chris Rock puts it Whites are wealthy while Blacks are rich.

    We all know Whites in Barbados operate as described above. In the case of this blog and the way Sir Allan and his clan operate we need to extrapolate the behaviour to understand the adage, the rich gets richer!

  23. J Avatar
    J

    David wrote “All of Barbados already know about the vending machine company which is owned by Sir Allan’s son Alistair. The vending machines are everywhere! Sweet drink anyone?”

    No David man. No sweet drinks for me. I moved to plain tap water ever since.

    Hundred of thousands more shoudl do the same.

  24. Hants Avatar
    Hants

    “Whites have done a better job than Blacks passing wealth/assets through the generations.”

    In Barbados it takes up to 10 years or more to settle estates. Blacks do not have rich uncles to lend them money to invest while they wait on our extremely competent and efficient Lawyers.

    That is one of the problems facing Black people in Barbados. Also lawyers don’t tief from the rich rite people an ef duh try duh does get run way.

  25. Hound dog Avatar
    Hound dog

    Is Richard Cozier the manufacturing guru who could answer this question?
    Why cant I get a ice cold Banks beer when I travel the islands but stale piss beer like Stag and Piton are sold all over Barbados and cheaper than Banks?

  26. Moneybrain Avatar
    Moneybrain

    There is undoubtedly corrupt coalitions between politicians and business people in BIM and throughout the globe. This horrid financial mess in which the World is presently ensconced is directly related to such inter-connections. Corruption has become status quo in BIM. The really troubling part is that those in leadership positions dont really care about the man in the street regardless of racial orientation. Race may not be as relevant as some commentators believe.
    Regarding starting a business, I would strongly suggest that less fortunate people NOT attempt to go tete a tete with any large established business, it is alomst always a bad concept. Trimart’s leader boasted that he would beatup on JBs and Big B once Haggat Hall was up and running, this was misguided strategy since having a location near the bus stand is completely different situation from a massive complex on the highway competing with more experienced competitors for driving customers. Threating to bankrupt competitors requires serious financing, time and brilliant strategy just to have a chance. When BS&T decided to get serious about the supermarket business then that was the final straw but note that Supercentre does have clever black people in senior positions.

  27. moneymakerfinancial Avatar
    moneymakerfinancial

    Nice
    Money Maker Financial Services

  28. Crusoe Avatar
    Crusoe

    Bigger question, how transparent was the recent ‘major share issue’ by Banks in the deal to arrange the building of the new plant?

    Why was the deal not advertised / plant loan not tendered?

    Smaller shareholders must be real pissed. And not from drinking beer.

  29. Crusoe Avatar
    Crusoe

    And THAT is why small people in Barbados do not want to put money into local companies.

    Same way Sagicor issued shares without offering elsewhere first, just suddenly disclosed.

    *Public* in name only. Local stock exchange what!

  30. Mayuresh Avatar
    Mayuresh

    Really Helpful, Keep it up It was really Helpfull, Thank You BazarProfit

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