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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. old onion bags Avatar
    old onion bags

    Artax….common sense ent so common ya…these are days ya neva assume….granted lil knowledge about corporate matters required. But when ya got a fella like Kelly who duz come on the radio and dispensate his Kellmanonics to ka-fuffle the minds of peoples, under D pretence of ‘know’ and should be given the calibre of ‘minister’.. dat is another thing.

  2. T J Avatar
    T J

    I think this is much more to do with the downgrades of Barbados. For some years after the global economic meltdown, we heard in the news of the hefty losses the Sagicor group had in the foreign markets especially with the property portfolios. I believe this talk of the shift to another domicile is a façade to hide the fact of the performance of the directors/management with regards to these losses and its share price. How much loss provisions have does Sagicor made throughout the years? This is reminding me so much of Clico. Clico (BARBADOS) WAS a sound profitable company. However due to the missteps of the PARENT company in TnT and the ‘runs’ that was made agaisnt Clico (BARBADOS); those were the causes that ran the Barbados subsidiary into the ground.

  3. FearPlay Avatar
    FearPlay

    Who’s next? GEL, Automotive Arts, Harris Paints…. and the list goes on. When ignorant people disrespect international agencies and their advice, this is what happens. Remember some of us thumping our chests when the Governor put the head of the IMF in her place at an international conference? This is surely a case of the pigeons coming home to roost.
    Realistically, how long do you estimate it will take after these undertakers leave office for this country to recover our hard earned place is the world (if ever)?

  4. Artaxerxes Avatar
    Artaxerxes

    @ old onion bags January 9, 2015 at 10:36 AM #

    “But when ya got a fella like Kelly who duz come on the radio and dispensate his Kellmanonics to ka-fuffle the minds of peoples, under D pretence of ‘know’ and should be given the calibre of ‘minister’.. dat is another thing.”

    Onions, ah like dah wun……. “under the pretence of ‘know’…….”. But we must give “Jack his jacket”, Kelly may not be a good minister, but he is a smart politician.

    Barbadians must come to the realization that the international business community refer to information or reports on Barbados from sources such as the international financial institutions and rating agencies.

    For example, they may read the World Bank’s study on doing business in this island, where information relative to how Barbados rates in areas such as starting a business, dealing with construction permits, difficulties in obtaining credit, enforcing contracts, paying taxes or resolving solvency.

    Then there are the global development reports which give an insight into the islands market size, the macro-economic environment [since factors such as an uncertain exchange reserve availability, high debts and problems of fiscal deficits have a negative impact on business operations].

    Investors also look at reports coming from the IMF, Moody’s, Standard and Poors, as well as policies government develop and implement to enforce macro-economic stability.

    We must also move away from the mindset that individuals such as Dr. Mascoll, Jeremy Stephen, Charlie Skeete or Ryan Straughn are “preachers of doom and gloom”. The reality is the above economists are expressing their view of the performance of the Barbadian economy based on the policy initiatives implemented by the government and the resulting effects they have on the economy.

    Coincidently, the economists of the international financial and rating agencies, after reading this island’s economic reports, came to a similar conclusion as our own local economists [mentioned above]. Hence, the downgrades and negative reports.

    So, contrary to popular belief by BU’s resident DLP yard-fowls, the handful ah we posting shiite pun BU does not influence investor confidence.

  5. Due Diligence Avatar
    Due Diligence

    January 2010 Notice of Private Placement – Sagicor

    Sagicor Financial Corporation

    Announcement of Private Placement

    Sagicor Financial Corporation has issued an
    additional 11,766,705 common shares to the
    National Insurance Board of Barbados (NIB) in
    a private placement at a price of Bds $3.325 per
    share. This price represents a 5% discount off the
    trading price of Bds $3.50 of Sagicor’s shares on the
    Barbados Stock Exchange on December 29, 2009,
    the date of the issue of the shares.
    The number of new shares amounts to 4.2% of
    the total number of shares in issue prior to the
    placement (279,136,456) and brings the total
    number of shares currently in issue to 290,903,161
    after the placement.
    Prior to the placement, NIB owned 7,183,295 shares
    or 2.6% of Sagicor Financial Corporation and the
    additional 11,766,705 shares have increased its
    shareholding to 18,950,000 shares or 6.8%.

    So, after the 2010 private placement NIS owned 6.8% of Sagicor.

    At BDS $3.25 (paid for the additional shares) NIS’ 18,950,000 shares had a value of BDS $61,587,500

    Sagicor share price on BSE on Jan 7, 2015 = BDS $1.80

    On Jan 7, 2015, if NIS still owns them, the 18,950,000 shares had a value of BDS $34,110,000

    If NIS still owns 6.8%, it has taken a loss of BDS $27,477,500.

    And, it may now have to sell its Sagicor shares to pay benefits to the Sagicor Head Office employees who will become unemployed when Head Office is moved to T&T, or London, or the USA.

    But do not worry.

    Senator Esther B-S is quoted in the press today as saying, among other things

    “Cabinet has approved a lifeline to ensure the continued viability of the National Insurance Scheme (NIS)-administered Unemployment Fund which has been under financial pressure.”

    “Cabinet has also agreed to provide the Fund with a further cash injection of $12.5 million.”

    “These measures will shore up the Fund and ensure that all Barbadians who have contributed and qualify for unemployment benefits will have protection during periods of unemployment,”

    “Additionally, the investment portfolio is also sound, as investments internationally, regionally and locally are performing satisfactorily,”

    As the PM would say “Stay calm”

  6. We Willy Winkle Avatar
    We Willy Winkle

    So tell me now as a layman reading how we PM believing like the Emperor’s clothes story,.. that we heading one direction…..but in trute and in fact ,we going another, how \what is the best remedy to turn around this ship SS Barbados?

  7. lawson Avatar
    lawson

    lol a remedy for three card monte

  8. ac Avatar
    ac

    With the currant drop in oil prices barbados is in a much better position to shore up is foreign reserves along with managing its defecit .the toursim industry which has already been through much needed and necessary changes many of which will be beneficial to economy for growth and reduced unemployment has already shown progress.
    Despite the currant and present economic climate and sluggish investor confidence the currant modelof restructing the economy should not be abandon
    For what it is worth our economy has been down this road before mostly in part to golbal economic challenges and having govt who did not have the fortitude and wherwithall in favourable economic conditions to rebuild a model for economic stability
    We are where we are ..however the end result should be one boosted with a guarantee that this country should never have to travelled this road again.

  9. Colonel Buggy Avatar
    Colonel Buggy

    The mistake is that we have brought in the wrong people from Africa.

  10. old onion bags Avatar
    old onion bags

  11. Gabriel Avatar
    Gabriel

    Due Diligence @12.04p Jan 14
    As always thanks for your valuable input.

  12. Wily Coyote Avatar
    Wily Coyote

    As the saying goes “SHIT FLOWS DOWNHILL”, unfortunately it’s piling up at the bottom of the hill and the GARBAGE AUTHORITIES(politicians, ministers etc.) are at a LOSS as to what to do about the PILE OF S_ _ T. As the smell builds business’s flee, tourists go elsewhere, infrastructure deteriorates and ultimately the country goes into total collapse.

    It’s not a question of if this will happen, but it’s a question of when.

  13. Minister's Personal Assistant Avatar
    Minister’s Personal Assistant

    Dear Minister, I have attached a revised draft of the article you want posted on Barbados Underground. I have tried to retain as much of your original as possible, while correcting a few spelling and grammatical errors. I have also taken the liberty of making a few more major changes to make the post more readable.
    “With the current drop in oil prices, Barbados is in a much better position to shore up its foreign reserves and to manage its deficit. While this is a positive effect of worldwide trends the Government is committed to pursuing its plans for economic recovery.
    As an example of one successful thrust, the tourism industry has been through much needed and necessary changes, many of which will be beneficial to the economy, bringing growth and reduced unemployment.
    Despite the current economic climate and sluggish investor confidence the Government’s model for restructuring the economy should not be abandoned.
    For what it is worth, our economy is in its current difficulties not only because of global economic challenges but as a result of previous Governments not having had the fortitude to restructure the economy when economic conditions were more favorable.
    Although times are difficult, the result of the Government’s actions now should guarantee that this country will never have to travel this road again.”
    I strongly recommend that we use this revised version of the article and refer you to our recent conversation about the quality of the posts made on behalf of the DLP. As I said to you then, we may be stupid but we do not want to flaunt it in the faces of the electorate every time we post something on BU.

  14. old onion bags Avatar
    old onion bags

    @ Minister’s Ass-is-tant

    …………stupesss here comes Poncho the Donkey again…..(Go up 3 spaces and click)

  15. old onion bags Avatar
    old onion bags

    VOB playing Gypsy’s Captain the Ship Sinkin……I say time for contingency plans bfoe we all drown….cahblimah.

  16. Hants Avatar
    Hants

  17. David Avatar
    David

    Will Sagicor the Caribbean behemoth be locating to the US mainland?

  18. Anthony Avatar
    Anthony

    @ Due Diligence

    Sagicor share price on BSE on Jan 7, 2015 = BDS $1.80

    On Jan 7, 2015, if NIS still owns them, the 18,950,000 shares had a value of BDS $34,110,000

    If NIS still owns 6.8%, it has taken a loss of BDS $27,477,500.

    +++++++++++++++++++++++++++++++++++++++++++++++++++++

    THAT IS ALMOST A 50% LOSS OF MILLIONS OF TAXPAYERS MONEY.

    WE ARE LOOKING AT ANOTHER CLICO FIASCO ON PAPER.

  19. David Avatar
    David

    It can’t be regarded as a loss of we plan to hold the shares.

  20. Pachamama Avatar
    Pachamama

    David

    What are you saying. The assumption is that you sell the share today. There can be no other consideration.

  21. Pachamama Avatar
    Pachamama

    If the numbers are right, Due Diligence is also right.

  22. Pachamama Avatar
    Pachamama

    Based on the history of share price, there is little expectation that the downward drop in price could be reversed.

    In any event the accounting standards call for a valuation based on market price at a certain date, unless there is a buy back arrangement, which is unlikely. Maybe the end of a recent month, let’s say

  23. David Avatar
    David

    @PAcha

    The price as at today represent the value as at today but holding Sagicor shares is a long term investment by the NIS with the expectation in the long run appreciation will be realized.

  24. HAMILTON A HILL Avatar
    HAMILTON A HILL

    @ Minister’s Personal Assistant……..Perhaps you could prove your true worth this way. Forget the three space challenge . Go ten articles back and rework/rewrite the literature on lunacy that presented itself there. Fair play dictates that help is given on both sides of the aisle.

  25. FearPlay Avatar
    FearPlay

    If tourism is to be our savior then after following this link you’ll realize that there needs to be greater regulation of some people in this country.
    http://www.tripadvisor.com/Hotel_Review-g616286-d1155695-Reviews-Casa_Grande_Airport_Hotel-Saint_Philip_Parish_Barbados.html

  26. Pachamama Avatar
    Pachamama

    When we last looked at the history of this share price it was at its highest at the time of demutualization. Since then it has steadily reduced, to present levels.

    One of the reasons this is happening has to do with the velocity and number of shares trading daily. The company is pretending to be public but the market for the shares has always been constrain by company action. They sell blocks of share to selected buyers! Thus bypassing the ‘free market’ mechanism.

    In the USA, Miller and the Directors would be in jail, long time!

    In essence, they are pretending to run a public company but are operating like a private organization. Just like before when it was supposed to be mutual. Same game.

    There is no guarantee that share price, in the future, would represent a profit for the NIS. We will argue not and suggest that they cut their losses now. For 10 years or more the price has been heading downward. Why would anybody hold these shares.

    In the USA Miller and his Executive managers would not last 2 quarter. But this failure has lasted for 12 years or more. Based on share price alone he should have been fired and sued for his monstrous incompetence.

    David, I hope you understand, deeply, the import of these statements.

  27. The Watcher Avatar
    The Watcher

    I am appalled at the level of disrespect and disdain that Mr Dodridge Miller has for Barbadians. Firstly, let me be frank and un-polished. When I heard the statement which Mr. Miller released to the press or public as it be, in the Sagicor Early Business radio segment, I was aghast at his lack of command of the English language and his inability to clearly and concisely deliver a public statement.
    I would almost figure that Mr. Miller, who resides in the United States, would at least attend a Dale Carnegie course on Public Speaking as the C.E.O of a major financial institution in Barbados who is charged with guiding the International entity known as Sagicor! However, it gets worse.
    Sagicor is not as large as Citigroup who has operations here. Neither is it as large as an FCIB, Royal Bank, probably not even as large as First Citizens Bank. All of whom are financial services companies. When examined even more stringently, there are at least 4 other insurance companies offering other Financial Services to customers besides Sagicor who aren’t uprooting their operations. Aren’t those companies being affected by the non-stop downgrades being plastered on Barbados’ globally facing wall also?
    Dodridge Miller, you are evidently an idiot of immense proportions who believes yourself to be wise. Please refrain from speaking further and hire a PR company to be your mouth-piece in the immediate and fore-seeable future.
    To Barbadians: “Pull your money out of this garbage tank before it becomes as toxic as the dump at Lonesome Hill St.Peter.

    Thomas Jefferson was once credited with making this quote : “Dissent is the highest form of patriotism” .
    For those who can handle it in its purest from. “Anarchy is the highest form of patriotism”
    Its time for Patriotism to reign in Barbados!
    Enough said and in utter disgust too.

  28. David Avatar
    David

    @The Watcher

    Those companies you mentioned are not domiciled in Barbados. Do you understand?

  29. Anthony Avatar
    Anthony

    Who is not to say that these shares will fall to less that a $1 in the future?

    From January 2010 – January 2015 have dropped from $3.50 (market value} to $1.80.

    I believe looking at its downward trend over the last 5 years this will become a reality.

  30. David Avatar
    David

    And who is to say the price will not go up? Investing in stock takes on risk and some speculating, no guarantees.

  31. Crusoe Avatar
    Crusoe

    Ha, I would not put my money nor insurance in any other insurance company here than Sagicor.

    Why? I have my reasons.

  32. ac Avatar
    ac

    don’t weep yet blp yardfowls hold the horses just maybe ,, just maybe the horse is galloping a bit too fast

    ‘Falling oil prices, a timely opportunity for developing countries’

    A NEW REPORT by the World Bank Group says lower oil prices have provided a timely opportunity for developing countries to rebuild fiscal space to weather future growth slowdowns.
    The new edition of Global Economic Prospects released yesterday says developing countries are faced withweaker export prospects an impending rise in global interest rates, and fragile financial market sentiment
    It says these countries therefore need to rebuild fiscal buffers to support economic activity in case of a growth slowdown.
    The report notes that in countries with elevated domestic debt or inflation, monetary policy options to deal with a potential slowdown are constrained.
    And it says in the foreseeable future, these countries may need to employ fiscal stimulus measures to support growth. However, the report notes that many developing countries have less fiscal space now than they did prior to 2008having used fiscal stimulus during the global financial crisis.
    This is why it says for a number of oil-importing countries, like in the Caribbean, lower oil prices offer a chance to improve fiscal positions more quickly than might have been possible before mid-2014.
    According to the report, soft oil prices are expected to persist in 2015 and will be accompanied by significant real income shifts from oil-exporting to oil-importing countries.
    It says for many oil-importing countries,lower prices contribute to growth and reduce inflationary, external, and fiscal pressures.

    ………………………………………………………………………………………………………………………………..

    an in depth and solid report by world renowned economists that lays (out) and outlines challenges and difficulties for carribbean nations .. being thrown a much needed life line with the reduction of oil ..
    no bull shite chicken little outcry by pseudo economist and party yardfowls having their head stuck up in the arsees of their favored political party

  33. Crusoe Avatar
    Crusoe

    Oh my, so the party line is to put the eggs into the falling prices of oil?

    Fool’s Gold. Be very wary. You actually think that the low price of a finite resource is sustainable??

    Lol….. pie in the sky rubbish.

    Invest in solar energy, remove the dependence on oil.

    Maybe THAT is why the oil-bait is being flown. Too many pushing to solar.

    Anyone relying on ‘expected’ sustainable low oil prices is a fool.

  34. Bush Tea Avatar
    Bush Tea

    The only real difference between Sagicor and Clico has always been that the principals of the former were mostly white and the latter principal (LP) was always a particularly uncouth lout.
    Basically we had a set of lazy, unimaginative morons siting in privileged positions on these Boards, playing golf and having a ball….

    As the MUTUAL, this organization had the opportunity to become THE saving factor for Barbados by encouraging public investment, by promoting high quality service, and by investing in local, regional and international assets on shareholders’ behalf.
    They could have been bigger than anything in this region….but that would have called for some hard work and creativity.

    But in order to keep white control, they demutualized, and, with the acquiescence of Sir Cave and Vivianne, were thus able to continue on their sheltered, mediocre way to irrelevance.

    When Sir Cave jumped into the fray, Bushie expected, based on his then rhetoric, that he would champion the national cause and lobby for this organization to take on a nationalistic developmental role….
    Lo and behold Sir Cave was on his own mission….

    Having failed to make the kinds of contributions to the country commensurate with their remit, SAGICOR now, like the parasites they are, are about to jump host in search of easier pickings….

    Bushie supposes that we have to admire Sir Cave for his creative skills in riding the black enfranchisement colt; the Sagicor gelding; and now the UWI thoroughbred, to the great credit of his personal career….

    What a place!!!

  35. Shareholder Avatar
    Shareholder

    If I recall correctly, the decline in Sagicor’s share price was partly due to the pressure on its earnings, created by the crisis is the US investment markets and Sagicor’s European investment, both now in the past. The directors need to concentrate on products and markets that they understand, avoid products and markets that are unfamiliar, show consistent growth in core earnings and increase the dividend rate (or look for a buyer). Once achieved, allocate a small percentage of capital to explore and gain an understanding of new markets and products, without unduly exposing the whole company to new, unfamiliar risks.

  36. ac Avatar
    ac

    Saigcor reap the benefits enjoy some of the fatted calf,, sagicor was never a Barbados interest like any investor ,they followed the money and barbados had the money 175years worth, now barbados is going throw rough times Sagicor shows it/s true face,

  37. Anthony Avatar
    Anthony

    A 163 Year-Old British Bank Is Giving Up On Stocks

    Standard Chartered chief executive Peter Sands moved aggressively on Thursday to reverse the Asia-focused lender’s fortunes by closing the bulk of its global equities business and announcing 4,000 job losses in retail banking.

    The bank said in a statement that it is dismantling its stock broking, equity research, and equity listing desks worldwide, leading to 200 job cuts as it exits an unprofitable business in which it had failed to build scale.

    In its retail banking division, Standard Chartered said it has cut or announced the cutting of 2,000 jobs in the last 3 months, and plans to ax a further 2,000 over the course of this year.

    The move forms part of a cost-cutting plan the bank announced last October that is targeting $400 million in savings this year, as it tries to bounce back after seeing its share price slump more than 40 percent over the past two years.

    http://www.businessinsider.com/r-exclusive-standard-chartered-to-close-equities-business-globally—sources-2015-1#ixzz3ONCrbvXO

  38. Due Diligence Avatar
    Due Diligence

    Here’s hoping Sagicor can make a profit running the former RBC bank in Jamaica, where RBC apparently saw no future.

    They must know more about banking in Jamaica than RBC

  39. The Watcher Avatar
    The Watcher

    @ David.

    Not sure of your angle after reading your comments posted subsequently to those that I have made, but you may be playing ‘Devils’ Advocate” in this regard.

    Nevertheless, however your may be positioned, let me say this to you. Whether the companies that I mentioned are domiciled here or not, it really doesn’t matter much as they are all represented rather strongly here based on their financial investments.

    Henceforth, if Sagicor’s hypothetical argument is built around downgrades in this domicile, more companies besides Sagicor are fitting that same overall Risk-profile and are subject to the same treatment in the international market that Sagicor is, at least theoretically.

    Sagicor is a badly run, badly managed, and horribly regulated entity when it is measured against global industry best practices for companies of its type. If the company was reduced to a mathematical model, it would not prove sound or profitable. Luckily, Mathematics isn’t the only discipline that Sagicor is run on, and lots of questionable business practices and dealings, may be the norm with its operation. That probably explains why their European presence isn’t as strong as it could be and why a North American presence, is non-existent with the exception of the C.E.O residing there!

    So to answer your question regarding my understanding of the matter of domicility, I’d have to say that I guess I don’t.
    Its beyond my comprehension.

  40. Togetherness Avatar
    Togetherness

    Wait reliable sources gave the word that old onion bags regrettably died at his home overlooking the ABC. Is the onion bags currently on the blog risen from the dead? Just asking.

  41. Shareholder Avatar
    Shareholder

    Sagicor’s 2014 3rd Quarter Financial Results (PDF) http://www.sagicor.com/Pages/Financial/Financial-Reports.aspx

    “… Continuing operations comprising our businesses in the Caribbean and in the USA closed the period with total revenue amounting to US $751.4 million, and was US $39.2 million below the corresponding period in 2013. Net premium revenue stood at US $457.2 million, compared to US $506.1 for the same period in the prior year. The lower premium income resulted from a decision to reinsure a significant portion of new annuity business in our USA segment, together with the fact that single premium annuity business was higher in 2013, when compared to 2014. Net investment income and other income closed the period at US $294.2 million, and was an improvement over the prior year amount of US $284.5 million…

    …The discontinued operation represents our UK business which was sold on December 23, 2013. The terms of the sale required the Sagicor Group to retain an interest in the 2013 and prior underwriting years of account. Although actuarial reserves are established to cover best estimates of this liability, exposure to any fluctuations in experience continues until 2018. As part of our 2014 review of the discontinued business, we have decided to explore the purchase of reinsurance to cover this residual exposure. If successful, this would effectively transfer
    any retained risk to the reinsurer and would effectively close this discontinued line at the end of 2014. The cost of this reinsurance, together with any reserve movement for 2014, will be accounted for during the 4th quarter of 2014…”

  42. Pachamama Avatar
    Pachamama

    But Bushie

    You aint frighten these people try to kill you, for telling all the truths. All the time. LOL

  43. Too Sons Avatar
    Too Sons

    @Togetherness

    Stupesss…….what you want with ole onions? Let sleeping dogs lie U As-ho;

  44. Bush Tea Avatar
    Bush Tea

    @ Pacha
    Perhaps THAT is how the truth shall set one free….because the damn frustrations of living in a world where everything seems to be so badly skewed HAS to be much more distressing.

    Owen Seymore
    A man among men. A man who looked at the OECD and told them to get stuffed…
    A man who told ship riders where to get off, …and who gave ‘Massa Day done” speeches
    A man who had the balls to move a brig.
    A man who had no qualms about firing a minister …especially the damn women…
    ….and then wuh???
    a lotta CSME shiite….. and can’t resist the CCB/Clico money…

    Sir Cave Hilary
    Another giant…. Special orator…could easily be a millionaire preacher…
    A pusher of black enfranchisement
    Challenger of the MUTUAL apartheid scheme
    Assigned the role of developing local scholars and giants…
    ….and then wuh??
    Ego problems
    …cant resist the white people’s trinklets
    …seeking to gain the whole world – while losing his soul

    The MUTUAL
    established as a mutual society (co-operative); benefited from years of black exploitation; but UNLIKE the plantations, although white controlled, turned out to be owned by policyholders….now largely become black, and racially closely representative of Barbados.

    A move by enlightened blacks to make the control more reflective of the ownership ends up with Sir Cave and others on this critical board TO REPRESENT THE BLACK OWNERSHIP.
    …and then what???
    – big jobs for Viv; Sir Cave suddenly becomes an honorary white, a son of COW, adopted by SAGICOR….

    …and SAGICOR continues on its merry, lazy, indifferent, parasitic way, while new outside businesses overtake Barbados. Run by a bunch of boring, old-fashioned people who get there by being ‘Good old boys’ rather than through PERFORMANCE, it is like burying our talents in the sand.

    …no wonder they are now not doing very well in a highly competitive world….
    …no wonder they can think of nothing better than running away from Barbados now now the easy life is over
    …when the going gets tough the tough is supposed to get going….not start running..

    Parasites….!!!

  45. Colonel Buggy Avatar
    Colonel Buggy

    FearPlay January 9, 2015 at 6:29 PM #

    If tourism is to be our savior then after following this link you’ll realize that there needs to be greater regulation of some people in this country.
    …………………………………………………………………………………………..
    1.Summary of reviews
    2.Dreadful and surreal. 27.A place to avoid.
    3.Disgusting. 28. Avoid at all costs.
    4.Don’t stay here. 29.Can see why locals call it a prison.
    5.Weirdest hotel on earth. 30.Never again.
    6.Worst hotel ever. 31.Awful.
    7.Never had a worst hotel. 32.Worst hotel experience ever.
    8.Horrible end to our honeymoon. 33. Should be banned.
    9.A truly horrendous experience. 34.Hotel Hell hole.

    10.What a truly (crap hotel) You will cry if you stay here

    11.Disgusting hotel-double crap 35.Crap
    12.Doesn’t deserve even that rating pit hole. Avoid at all costs
    13.Horrible experience. 36.The worst service I’ve ever seen
    14.Terrible,really bad. 37. Don’t even be tempted.
    15.Oh my lord!do not do it.

    16.I don’t know who wrote the good reviews, but it would have to be the owners themselves.

    17.Worst hotel ever. 38.Choose elsewhere

    18.If you want the worst hotel experience in paradise then stay here.

    19.Avoid at any costs. 39.Creepy
    20.Be skeptical of any”good” reviews.
    21.Terrible the worst, even Barbados Tourism will not approve it.
    22.The worst hotel in Barbados. 40.Very strange hotel.
    23.Stranded in Barbados , had to stay here.
    24.So Gross .Under no conditions stay here.
    25.Diabolical.
    26.Disappointed in Barbados.

  46. Bush Tea Avatar
    Bush Tea

    @ Colonel Buggy
    Is this not exactly in keeping with the owner’s other business standards?

    In any other country that is serious about its supposedly key industry, such a place would have been condemned and even bulldozed years ago….

    it probably survives because low class bajans can ALWAYS be depended on to offer their support, no matter how pissy the service, as long as the owner is NOT another black bajan….

  47. Georgie Porgie Avatar
    Georgie Porgie

    RE Pachamama January 9, 2015 at 9:30 PM #
    But Bushie

    You aint frighten these people try to kill you, for telling all the truths. All the time. LOL
    PEOPLE WITH GUTS NOT REALLY FRAID TODIE
    IM CONVINCED ITS BETTER TO DIE THAN LIVE IN OUR CONTEMPORARY WORLD

    IT SEEMS ALL THE STUFF WE LEARNED AT HOME AT SCHOOL AND SUNDAY SCHOOL NO LONGER APPLY

    IT IS NOW RIGHT TO LIE AND STEAL ESPECIALLY WHEN YOU ARE IN CHARGE OR IN POWER OR A MANAGER ETC
    EXPLOITING OTHERS IS ACCEPTABLE TOO

  48. Walter Blackman Avatar
    Walter Blackman

    Generally speaking, changing the domicile of a corporation is not an easy task. Depending on how the articles and by-laws are written, the decision may have to be ultimately made by the stockholders. However, the opening remarks of this post show that Dodridge Miller conveyed the message that a unaninmous board decision was enough to change the domicile from Barbados.
    Mildly put, the exercise is a pain in the rear and will incur some fees and expenses. I can see the process going something like this:
    Firstly, forms will have to be filed officially in Barbados dissolving Sagicor as a “Bajan” Company. (Is this what Dodridge meant when he said that the Government of Barbados has already been “informed”?)
    Secondly, new forms will have to be filed, in concert with the laws of Barbados, to allow Sagicor to do business in Barbados as a foreign corporation.
    Similarly, if T&T is chosen as the new domicile, forms would have to be filed dissolving Sagicor in T&T as a foreign corporation, and forms must be filed establishing Sagicor as a “T&T”company. Additionally, some of the constitutional documents of Sagicor which were originally filed in Barbados might need to be amended to conform with T&T’s laws.
    At the end of it all, central management and control of Sagicor will officially pass from Barbados to T&T. The national psyche of Barbadians will be scarred and many will see this as another example of more Trinidadian meat being put into our Barbadian rice.
    Much to the chagrin of the Government of Barbados, corporate taxes to be paid by Sagicor will now be determined by the Government of T&T.

    The Board of Sagicor decided not to allow the company to be pulled down by the perceived growing inability of the Government of Barbados to pay its debt.

    Finally, if you want to have an idea about the financial soundness of an insurance company and its ability to fulfil its obligations to its policyholders and creditors, the first place to start looking is the company’s rating under A.M. Best.

  49. Crusoe Avatar
    Crusoe

    I would very much consider that somewhere like Cayman would be a more appropriate place for a domicile for a company relocating.

    T&T is not an easy place to do business (same lengthy bureaucracy as Barbados), as well as one would want to position the tax scenario as best one could.

    Not sure how this would work with registration on the stock markets, but alternately, it is more likely that the new domicile would be UK.

    However, if T&T actually does own most of the shares, then that is where the owners will likely want the location, maybe more a ‘corporate political’ decision thus, than logical.

    One then wonders if the large T&T ownership has more to do with the decision?

    Well, bajans sold off all the family silver for two pennies, Sagicor is just another such entity.

  50. Crusoe Avatar
    Crusoe

    Georgie Porgie January 9, 2015 at 11:41 PM # IT SEEMS ALL THE STUFF WE LEARNED AT HOME AT SCHOOL AND SUNDAY SCHOOL NO LONGER APPLY

    IT IS NOW RIGHT TO LIE AND STEAL ESPECIALLY WHEN YOU ARE IN CHARGE OR IN POWER OR A MANAGER ETC

    Georgie,

    You have spoken some true words, about the reality, I still do not think it is right to lie and steal per se, but you are right that some have no qualms about this.

    And those who do, should darn well know better. I got my first lesson on this about seventeen years ago here.

    Someone who should know better, would know better and their position on an assignment required them to do better, but given certain details of an assignment, brushed over them nicely, because it would have gone against those who paid the invoice…..

    Ha. I was disgusted and learnt about the charlatans who pose as principals of certain organisations.

    Then I learnt about the same thing working elsewhere, someone who had personal interest above an organization and sucked it for all it was worth, no regard for others at all either. Classic case of the old bajan term ‘every smile ent a ….’.

    I was never taught like that, neither in brought-upsy nor by my first years in work life.

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