@ David | March 29, 2012 at 6:16 AM |

In spite of the BL&P ‘sell out’ by many of the local shareholders including the NIB, many of us would be quite prepared to invest in companies provided the framework for corporate governance is significantly strengthened and improved. Despite CLICO being a ‘private’ company the dismal lack of regulatory surveillance and total absence of due care and competence at the Board of Directors’ level has left a very bitter and awful taste in the mouths of would-be investors.
This lack of confidence and downright distrust of those entrusted with the fiduciary responsibility of looking after our savings and investments can only be repaired when steps are taken by governments to shore up the corporate governance environment.
Potential investors would be most wary in putting their money in businesses that owe money to the Treasury. So until the ruling administration (current or coming) make it a policy of publishing the names of businesses that refuse to pay VAT & NI contributions within the time periods specified by the law we would be most reluctant to do business with these law breakers and downright corporate thieves. The payment of land and corporation taxes might be somewhat dependent on bottom line profitability and cash flow timing but to collect VAT from customers and deduct PAYE & NI contributions from the workers’ earnings and NOT pay them over in a reasonable time period is nothing but downright dishonesty, misappropriation of funds, and stealing of other people’s money.