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Sagicor to Move Head Office from Barbados in Response to Credit Rating Downgrades

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“Sagicor Financial Corporation (SFC) the parent company of the regional financial services provider, has decided to relocate its head office out of Barbados where it has been domicile do for close to 175 years. In an exclusive interview in today’s Business Guardian, SFC president Dodridge Miller said the board decision was unanimous and the Barbados government has been informed. Trinidad, London and the U.S. are options for the new SFC head office, said Miller, who is based in Miami.” – TT Business Guardian

The news that Sagicor, one of the more respected regional companies, will shift its head office must strike at the core of economic fatigue Barbadians. It must have given Barbadian Group President Dowridge Miller no pleasure to be part of the decision that will see a 175 year relationship broken.

Barbadians were assured by the minister of finance Chris Sinckler, governor of the central bank Delisle Worrell and ardent DLP supports that the downgrades by the credit rating agencies are without ‘justification’. If the planned shift of Sagicor from Barbados does not cause a seismic reaction to a government which lacks the competence to manage the country, nothing will.

In August 2014 minister of labour Esther Byer-Suckoo assured Barbadians the unemployment fund was still ‘solid’. This week minister of finance Chris Sinckler had to respond to reports the Unemployment Fund is seriously compromised. It is time for sensible Barbadians whether B, D or Independent to raise their voices in response to the demise of our great island. This is one example of many which exposes a lack of leadership, a crisis of governance or plain ignorance.

Enough is enough!

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193 responses to “Sagicor to Move Head Office from Barbados in Response to Credit Rating Downgrades”

  1. Bajan in NY Avatar
    Bajan in NY

    @ ac January 11, 2015 at 12:29 AM #

    Can you give us the skinny on the article in today Nation regarding Speaker Michael Carrington withholding funds from a client? Is the George Payne mention in the article the MP for St. Andrew?

  2. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ BAJAN in New York

    I did jes tell de Blogmaster de same ting pun de blog bout de Nigerians where he had dat article dey too.

    @ All

    When wunna get to be 60 going 80 nuff certain decisions does get mek pun simple things not all dis macroeconomic bs that some uh wunna putting heah.

    You tink it easy tug tek a always late, sometimes cancelled, LIAT to Bulbados every week to check if wunna Bajans tiefing me money like Greenverbs Leroy Parris?

    If de office down by Sabina Park it easy fuh me bossman to drive down and see wha a go on, you understand?

    Surveys of seasoned marriage counselors will show that men, when told by their wives that the marriage is over, fixate on the single incident that brought the marriage to an end and the counsellors have a hard time telling us, “man you did doing pup fuh a long time skippa” de women only need that incident to tell we de light switch turn off 2 years ago.

    Sagicor was outta here years ago but, like we ex wives dem, dis is only de occasion to notify BULBADOS dat de marriage ovah

  3. Due Diligence Avatar
    Due Diligence

    @ Shareholder January 11, 2015 at 12:30 AM #

    Interesting old (June 2012) story, but what is the connection?

  4. Shareholder Avatar
    Shareholder

    Due Diligence January 11, 2015 at 8:34 AM #; “@ Shareholder January 11, 2015 at 12:30 AM # Interesting old (June 2012) story, but what is the connection?”

    A lesson in business expansion to guide the directors of SFC in relation to the abundance of new opportunities that will become available after the relocation. The initial shareholders (Barbados Mutual policyholders and IPO participants) have not yet realised SFC’s value, given the performance of the share price, so any expansion (new risks or financing) should preserve the company’s value. This is not venture capital.

  5. Walter Blackman Avatar
    Walter Blackman

    millertheanunnaki January 10, 2015 at 7:56 PM # @ Walter Blackman January 10, 2015 at 7:16 PM

    Could you please elaborate (shed more light) on the ramifications that must follow from the revised relationship between the operational arm of Sagicor Barbados and the new “offshore” holding company.

    Would Sagicor Barbados now have to find foreign exchange to pay for management fees, Head Office costs and profit remitted to the offshore parent company?

    millertheanunnaki,
    Sagicor’s financial operations give it access to US$, EC$, BDS$, JAM$ and the company has grown quite accustomed to handling shared services and operating expenses across various territories with different currencies. Rest assured that a change of domicile in itself will not create any major financial or foreign exchange problems for the company.
    When the Erskine Sandiford administration recklessly damaged the Barbadian economy in the early 1990’s, rumour has it that the PM ordered major “Barbadian” companies to be prepared to liqidate some of their foreign investments to serve Barbados’ foreign exchange needs. A re-domiciled Sagicor will now provide some measure of protection to the company against incompetent, visionless, poorly prepared Barbadian Prime Ministers, Ministers of Finance, and governments.

  6. Shareholder Avatar
    Shareholder

    Walter Blackman January 11, 2015 at 10:41 AM #: “…Rest assured that a change of domicile in itself will not create any major financial or foreign exchange problems for the company.”

    Mr. Blackman, what about for Barbados and the level of domestic earnings to be remitted from the operating companies, in US$, to the then foreign holding company? Are you also able to address the income tax impact on Barbados-resident shareholders regarding dividends paid by the then foreign holding company.

  7. Walter Blackman Avatar
    Walter Blackman

    millertheanunnaki January 10, 2015 at 10:41 PM # @ Walter Blackman January 10, 2015 at 10:13 PM
    “But how come Sagicor is not playing a greater part in the ‘revitalization’ of the Barbados economy? An economy from which it amassed massive profits over the years to build the solid foundation it has used to catapult its regional and limited international presence.

    How come the directors are not prepared to invest in the revitalization and restructuring of the local sugar cane industry with its projected massive spin-off benefits?

    Why can’t Sagicor start with the takeover of the former CLICO plantation lands now idle and lying in bush?”

    millertheanunnaki,
    If a foundation for national development is to be well and truly laid, any PM and/or Minister of Finance must be enlightened enough to sit down with Barbadian companies, outline national objectives and an associated plan of action, and offer incentives to secure the companies’ buy-in.
    So far, Barbadians have been mentally conditioned to believe that successive governments have been operating like a whore. These governments shamelessly abdicated their national role and responsibility and decided to prostitute themselves by repeatedly taking money from “diseased” local and foreign “pleasure seekers”. Now that there is little or no more pleasure to be had or to be given, Barbadians have witnessed a very interesting development. The local “pleasure seekers” have now been rebranded (by government!) as pimps and parasites whose sucking activities have left the government’s nipples sore. If the nipples are sore, one can only imagine the state of other ‘private’ parts of the government!
    I seem to recall Sagicor’s name being mentioned with attempts to revitalize and restructure the local sugar cane industry. Suddenly, we heard that Sagicor had withdrawn its proposal. We have no information on which to make an informed judgement so conspiracy theories, speculation, and uncertainty will dominate proceedings going forward.
    As a country, we certainly have a lot of mess to clean up.

  8. David Avatar
    David

    On Sunday, 11 January 2015, Barbados Underground wrote:

    >

  9. Crusoe Avatar
    Crusoe

    ”Why can’t Sagicor start with the takeover of the former CLICO plantation lands now idle and lying in bush?”

    Well, it is unlikely that Sagicor is in the business of farming.

    However, if you can deliver to Sagicor permissions in writing to develop said lands, you might get them to strike a deal, for sure.

    I wonder why Clico bought those fertile and useful for agriculture lands in the first place??

    😉

  10. Shareholder Avatar
    Shareholder

    Sagicor controls Barbados Farms Limited.

  11. Crusoe Avatar
    Crusoe

    Shareholder January 11, 2015 at 11:59 AM # Sagicor controls Barbados Farms Limited.

    Ah now, THAT is interesting, thank you Shareholder……

    It gets more and more interesting……may I thus suggest, that the share price is vastly undervalued, depending of course, on what permissions exist on such lands.

    Of course, whether such permissions shall change in future is merely speculative.

    😉

  12. Brief Avatar
    Brief

    … And MoF take lightly and or disregards the report of Standard and Poors!!!!!

    … and he is still Minister of Finance as at January 11, 2015.

  13. Walter Blackman Avatar
    Walter Blackman

    Shareholder January 11, 2015 at 10:51 AM # Walter Blackman January 11, 2015 at 10:41 AM #:
    “Mr. Blackman, what about for Barbados and the level of domestic earnings to be remitted from the operating companies, in US$, to the then foreign holding company? Are you also able to address the income tax impact on Barbados-resident shareholders regarding dividends paid by the then foreign holding company.”

    Shareholder,
    Assuming Sagicor is re-domiciled in T&T, we can simplify the situation by looking at things this way:
    At the company and intra-company level, all financial and business operations of Sagicor will continue as before. At the end of the year, however, the financial accounting and reporting of Sagicor’s performance results will be done according to the laws of T&T. Corporate taxes will be paid to the T&T government.

    At the individual level, if there is a difference between the taxes charged on dividends received by Barbadians from a Barbadian company vs dividends received from a “foreign” company, then such individuals would be affected. They should consult with their tax advisor on such matters.

  14. Colonel Buggy Avatar
    Colonel Buggy

    Crusoe January 11, 2015 at 11:54 AM #

    I wonder why Clico bought those fertile and useful for agriculture lands in the first place??
    ……………………………………………………………………………………………………………..
    These lands are all out of production now? And who are supplying us with the various produce, even if they are in tins, that these abandoned fields would have produced?

  15. Crusoe Avatar
    Crusoe

    Brief wrote, January 11, 2015 at 2:45 PM # … And MoF take lightly and or disregards the report of Standard and Poors!!!!! … and he is still Minister of Finance as at January 11, 2015.

    Worse, because he is untrained in finance, cannot understand is something is 0.3, 3 0.7, or 7 percent. But, is my impression wrong that the CBGuv’nor uttered the same view?

    Yet, he is allegedly trained in finance and economics and should know better.

    Like having someone without a license driving on the road, disaster awaits.

  16. Taxpayer Is Boss Avatar
    Taxpayer Is Boss

    What was it that Dennis Kellman said on Brass Tacks today regarding Sagicor’s move? I tuned into the programme late and I doubt they have made the recording available online as yet.

  17. Hants Avatar
    Hants

    Crusoe January 11, 2015 at 11:54 AM #

    I wonder why Clico bought those fertile and useful for agriculture lands in the first place??

    Ever heard of “rab land” and “change of use? Those are the magic words that creates building lots.

    It is called strategising for future profitability.

  18. Crusoe Avatar
    Crusoe

    From the news today ”Shares in companies owned by Hong Kong tycoon Li Ka-Shing soared Monday after he announced plans to restructure his massive empire and move it to the Cayman Islands. ”

    So, not just Sagicor looking to ensure future viability.

  19. Crusoe Avatar
    Crusoe

    Nation news reports that Kellman called on Sagicor to ‘stand up’ to S&P.

    Great Kellman, why doesn’t the Government lead on this and call on the World Bank to lend Barbados USD3 Billion with no interest over a 50 year term.

    C’mon Kellie, you can do it, STAND UP to these folk and DEMAND that we get such a loan.

    LEAD by example!

  20. David Avatar
    David

    Kellman is reported elsewhere in the news that the NUPW march is a power play by Roslyn Smith to cement her position as general secretary. This man needs to hush sometimes and understand that waving a red flag if a bull is in the area is idiocy.

  21. Norst the Invader Avatar
    Norst the Invader

    Can someone tell the Hon Denis Kellman to shut his fcuking trap? Sometime I feel sorry for him but then I remember only an idiot would accept to by the Minister of Housing after the DLP and Lashley left it financial ruin, unable to carry out its mandate. Now Kellman says he is going to sell NHC apartments at Grotto for BDS$450,000.00 + as that what they cost to build including the land.

    Sit for a minute and study that, the NHC has constructed apartments for social housing for BDS$450,000.00 per apartment. That is nearly BDS$700 per square foot and that does not include a mark up if he want to sell them commercially and make a profit.

    TOTAL FCUKING MADNESS.

  22. ac Avatar
    ac

    transparency works both ways.

  23. David Avatar
    David

    The problem many of us have is the way these DLP ministers et al are wont to engage on issues, always so aggressive.

  24. Norst the Invader Avatar
    Norst the Invader

    how can they engage on substance or intellect when most of them do have either? With Kellman is not just the aggression its the fact that he talks complete nonsense and foolishness.
    HE HAS NO RIGHT BE ANYONE’S REPRESENTATIVE AND HE CERTAINLY DOES NO DESERVE TO ME A MEMBER OF ANY CABINET.

  25. Ping Pong Avatar
    Ping Pong

    Imagine if the Government instead of trying to protect “assumed lepers” would acquire the presently CLICO owned lands in St.John and then lease the land to trained young farmers under a project to increase local food production, generate foreign exchange, increase employment and protect the environment and the rural landscape. Further Barbados could access the Canadian Hunger Foundation money to help finance such a venture. Ironically the the regional office of the CHF is in BARBADOS! When will the Government start to see the many opportunities staring us in face?

    What happened to the promise of GRANT aid from Japan and Korea to increase photovoltaic use in Barbados? Imagine if Barbados facilitated the residency of retirees from the USA, Canada etc. Suppose 5000 foreign retirees lived in Barbados and spent on average $3000 US/person annually i.e their pensions. The result….$US15 000 000/ year.

    http://pridenews.ca/2014/06/10/caribbean-countries-to-benefit-from-canadian-multi-million-dollar-project/

  26. ac Avatar
    ac

    i heard a conversation that told the other side of sagicor , the Facts were hard and most concerning however they were told, and the person telling the story would be privy to such information more so than the general public, cries for this type of dialogue has been ongoing for quiet a long time ,the interest of Barbados was given another beating by sagicor, it is also in the best interest of barbados to set the record straight,

  27. David Avatar
    David

    @Ping Png

    You can imagine all you want but if you are unable to energize people it means you are probably doing a lousy job internally. All this government wants to do is build edifices like schools, hospitals, WTE plants and other large capital projects. We know why don’t we?

    On Tuesday, 13 January 2015, Barbados Underground wrote:

    >

  28. Ping Pong Avatar
    Ping Pong

    David

    In my old age I’m trying not to be so cynical! The problem in Barbados is the Government. Many things can be done by the private sector, NGOs and cooperatives but it is the Government and its policies that are in the way.

  29. ac Avatar
    ac

    The countries interest has always been given the “left overs” govt over the years have held the hands of private sectors and as the story of the other side of Sagicor unfolds one would understand what triggers decisions that leave most asking why.
    Defining moments can only happen when the keepers of the gate let truthfulness take centre stage and not appear to be guardians and protectors of selfinterest and those they serve

  30. Artaxerxes Avatar
    Artaxerxes

    The other side of the Sagicaor story probably came from Dennis Kellman when he addressed the constituency branch meeting and when he tried to engage David Ellis on the issue during yesterday’s edition of “Brass Tacks”.

    If there was indeed another side of the story, the government would have told such, in an effort to defend their poor record thus far. Additionally, those who were privy to such information should have presented it to BU, so contributors won’t have to speculate.

    But this talk of persons being privy to information contrary to Sagicor’s claim, is just another futile attempt to defend the government

  31. Bush Tea Avatar
    Bush Tea

    @ Ping Pong

    The problem in Barbados is the Government.
    ++++++++++++++++++++++++++++++++++++++
    Skippa, you done know that you are one of Bushie’s heroes. You is a fella that does talk sense, think logically and write when you have something to say….

    BUT YOU ARE WRONG….

    The government of Barbados is an exact representation of the people of Barbados. They are just about as productive, intelligent, innovative and constructive as we are generally.
    …in short…shiite.!!

    The problem in Barbados is that we have become a CURSED, HOPELESS, LOST set of brass bowl jokers, who have become the laughing stock of the region and soon the whole world.

    To whom much is given, much is expected, ….and few countries have been ‘given’ more than Barbados per capita / per square mile…. AND WHAT HAVE WE RETURNED?

    …bunch of selfish, GODLESS, hypocritical, materialistic, jackasses….

    The damn government (or opposition) can’t POSSIBLY be any better.

    Why curse Kellman…?
    That man would have been considered a village idiot in more enlightened times…. wuh shiite, ac on occasion makes as much sense as Kellman…

    The Fellow Lashley who is now claiming to be seeking cooperation from the ZR people, and who managed to build hundreds of “low cost” housing units costing more than some high end houses actually has the GALL to show his retarded looking face on TV almost every night…

    steupsss… the PROBLEM is really the INEVITABLE result of WICKEDNESS on a NATIONAL SCALE as exemplified by;
    .. DEED’s repeated charges of massive land fraud..
    …the open secret of shiite throughout the legal system,
    …institutionalized BRIBERY as a way of life in government,
    …nepotism on a national scale – both public service AND private business
    …and on an on and on….

    THERE ARE CONSEQUENCES TO ACTIONS AND BEHAVIORS

    ….wunna think BBE is like the idiots running bout here??? …where everyone can do shiite and get away with it nuh…?

    Don’t try and CLEAN HOUSE…..!!!

    We ain’t see NOTHING yet…

  32. Gabriel Avatar
    Gabriel

    I tell all yuh that that semi retard from sen Lucy was gone be pun brasstax first ting Monday to talk foolishnessk bout somebody else’s meh-en-stree and he en fail.This is one time I had to agree wid Ellis to restrain this JA odder wise he would end up paying Sagi for loss of customers and all o we know that money is bout truss so ef a kabnit menstuh say the govt prop up Sagi and all o we know dat is abig big lie,Ellis did the right ting to get this short knee crotch donkeyhole off the radio quick quick.Wunna kin see a JA like kellman in a EWB cabinet.No way!More proof that this is the most poor rakiest govt out.

  33. Artaxerxes Avatar
    Artaxerxes

    Bush Tea January 13, 2015 at 8:31 AM #

    “Why curse Kellman…? That man would have been considered a village idiot in more enlightened times…. wuh shiite, ac on occasion makes as much sense as Kellman…”

    Hahahahahahaha……. wuh loss Bushie, now that’s a good one.

  34. David Avatar
    David

    Unfortunately Bush Tea is bordering on being correct Ping Pong, call it cynicism but then reality must set in. As a people we have become comfortable in our skin fashioned by the trappings of conspicuous consumption which define our values nowadays. The fact Kellman would deny the role any government plays in shaping policy at a macro level and nurturing the environment that allows NGOs, private sector agencies to play and have fun exposes a level of idiocy hard to comprehend.

  35. Ping Pong Avatar
    Ping Pong

    Given that people get the government they deserve, Bush Tea would be correct. The only problem is that my family and I live here and we believe that we deserve better.

  36. ac Avatar
    ac

    Kellman brought an issue to table that should have been regarded as important whether one thinks it is nonsense or not. The keepers of the gate should have dig deep instead of retreating under the premise that what kellman was saying could have been detrimental to their establishment.it was an issue worthy of transparency and would have held the minister feet to the fire through good probing question.instead what occured was anticlimatic and a moderator crying foul

  37. The SAGICOR Debate | Barbados Underground

    […] based Barbadian Actuary Walter Blackman shares his views on the decision by Sagicor to redomiciled from Barbados. Sagicor, formerly The Mutual Society, […]

  38. John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES. Avatar
    John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES.

    Who cares , No More Violet Beckles to move on just like CLCIO , Free fraud land is what fuel Barbados crooks to be propped up to act like Big Business men , All dam crooks , 29 years of crooking and still not get all, Bye Bye Slavery company,Hall ya asses ,

  39. John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES. Avatar
    John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES.

    Bush Tea January 13, 2015 at 8:31 AM #

    Thanks Bush tea,, We know you know, on face book after much warning on these free fraud companies we now seeing movement on the re- education of Barbados people , we had over 54000 hits in Barbados alone on FACEBOOK, Now we over 14000 on the 2nd part of school ON THE LIST OF DBLP rentals,

    Bajan 101 Fraud , next come rentals , soon Plantation readings, With Each they will see and already know the names in the story and who played what rolls. Lawyers , Ministers, Government workers.As Water company, Town and country,Inland Rev, land Tax,ect,

    A Nation is land, people Constitution and Flag, Laws and enforcement of such laws , record keeping of History, All these thing frig up after 1966 November 30th Barbados , Act 50 of 166 pages ,, As crooks liars and scumbags make it legal for them to take what not theirs ,,Many got rich and soon to be broke or in Jail,

    Mia now helping in legal fee of the House crooks, Mia will need help in her legal fees so she investing early ,,,
    They all covering for each other , Sir Sleepy Smith and the Nations News and others give them talk to ease the sting of crime and look to talk it away , All the Lawyers in the news papers talking in circles to fool people,

    Please dont go for that bull shit, Steven Lastassly , Build all them houses on Violet Land and now cant make a cent ,
    If he build so much so good so fast and now can even give those who paid in cash a DEED.He a bigger crook than the House rat,
    He will look to sneak back in to that seat ,

    Santi Brawshaw looking to put a new face for Mia , Woman i told you , that you in bad company ,
    Dont look to be in any 3rd party against the CUP , its will be a nasty fight for votes , like last time you all better send another Minister with a one way ticket to America for another 3,000,000 USD TO BUY VOTE,

    CUP dont need no money , Truth will get us the Vote to get all the Rats out the People House, Like the rest of the lawyers that jump off the net and BU ,Enjoy your one term ,

  40. John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES. Avatar
    John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES.

    Coalition of Unified Parties Hon: Alex-Mitchell:El, President PLEASE CLICK FOLLOW FOR UP COMING FACTS, FINDINGS OF WHAT WILL BE POSTED NEXT ,THE DLP/BLP HAVE TO BE REMOVED, THEY ARE CROOKS LIARS AND SCUMBAGS OF BARBADOS, THE IMF,WORLD BANK , MOODY’S, S&P can not be fooled by these people , The Speaker of the House is a small fry to what was done with CLICO and Sagicor , The Legs of Fraud have walked away with out money , The land Laundering of UDC and NHC.The lawyers and Pimp title Holder who use such title to lure in Tourist and returning Nationals out of good hard earn money as builders defraud them.

  41. John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES. Avatar
    John Hanson 1781-1782- I SERVE 1788- 1792 BARBADOES.

    The only good thing that Sir Simmons EX CJ ever said , Was that the High Court have no land to sell. But yet people still say they bought the land from the court?

  42. David Avatar
    David

    @Deeds

    How does one buy land from the Court?

  43. Alien Avatar
    Alien

    I presume that Sagicor will consider these recent developments
    http://www.nationnews.com/nationnews/news/66831/shortlist-hq
    http://www.royalgazette.com/article/20150428/BUSINESS/150429703/1003
    http://www.trinidadandtobagonews.com/blog/?p=8795

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