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Cahill and Jacobs Security Inc. – Birds of a Feather…

Compiled by Due Diligence and BU BU readers will recall that the Confidential Offering Memorandum for the Cahill “Investment Opportunity” was prepared by Jacobs Securities Inc. who were flogging the project to potential investors. It has been a while since BU posted anything about the Cahill Waste –to – Energy plant, however, today’s Globe and…

,
Compiled by Due Diligence and BU
Clare Cowan, CEO of Cahill Energy
Clare Cowan, CEO of Cahill Energy

BU readers will recall that the Confidential Offering Memorandum for the Cahill “Investment Opportunity” was prepared by Jacobs Securities Inc. who were flogging the project to potential investors.

It has been a while since BU posted anything about the Cahill Waste –to – Energy plant, however, today’s Globe and Mail article titled Turmoil marred Jacob Securities’ final months makes for interesting reading. Another article titled UPDATED: IIROC suspends Jacob Securities Inc. informs that the:-

IIROC has released its reasons for the decision (dated January 14, 2016; posted on IIROC’s website January 26, 2016). They include:

  • serious lack of accounting and reporting controls and risk management resulting in misstatements of risk-adjusted capital;
  • failure to contain confidential information;
  • failure to establish an effective supervisory structure with respect to client accounts and employee activities;
  • failure to establish adequate written policies and procedures;
  • an undisclosed conflict of interest; and
  • failure to meet anti-laundering requirements.

In all, IIROC’s report detailing its examination of Jacob Securities Inc. “listed 40 deficiencies, seven of which were classified as Repeat Significant Items and 21 of which were classified as Significant Items.

It looks like the Cahill/Jacobs Securities Inc. relationship is a case of “Birds of a feather flock together”. Surely the failure of Jacobs will be the final nail in the coffin of the Cahill Waste-to-Energy project, and two will fail together.

And to think that a bit of due diligence by government into MECC and Cahill back in 2012/2013 could have prevented this sorry story from becoming a black eye on Barbados’ reputation as a place to invest.

We do not expect the traditional media to vigorously report on this issue.

46 responses to “Cahill and Jacobs Security Inc. – Birds of a Feather…”

  1. Caswell Franklyn Avatar
    Caswell Franklyn

    By now you should all realise why the Government wants to change Barbados’ status from monarchy to republic. I have never heard of a banana monarchy.

  2. Well Well & Consequences Avatar
    Well Well & Consequences

    Lol…..they may have to disband Jacob Securities. Still DBLP say nothing to the taxpayers.

  3. Hants Avatar
    Hants

    Next big energy project could be geothermal by undersea pipes from St. Vincent to Barbados.

    Sooooo many potential projects. So much potential energy.

  4. Kammie Holder Avatar
    Kammie Holder

    @Caswell, we cannot allow a Banana Monarchy either we must be ever vigilant.

  5. Kammie Holder Avatar
    Kammie Holder

    #saynotocahill Old clothes been repurposed thus diversion from landfill. Oh, I give my lawn grass to a farmer to feed his animals thus no silly grass in bags for landfill via SSA trucks.. diversion from landfill. http://www.myrebag.com/about/

  6. Caswell Franklyn Avatar
    Caswell Franklyn

    Kammie

    Being ever vigilant is not enough. You should have already concluded that nothing shames these ruling politicians. You expose their misdeeds and they just continue as though nothing happened. A good case in point is that of the Speaker of the House of Assembly. Anywhere else in the civilised world, a speaker who went to court for his client’s money would have resigned, even if the allegations were untrue. But ours continued with full support of his colleagues.

    The solution might be to raise funds to challenge their decisions in court. Unfortunately, I might have some difficulty in the courts, so far I have complained to the Chief Justice about the tardiness of two judges who were presiding over cases in which I have interests. Last week a judge recused herself after I complained and then to make matters worse, she recused herself from another case in which I had filed an affidavit in support of one of the parties. Apparently, she wants nothing to do with me.

    Sent from my iPad

    >

  7. Well Well & Consequences Avatar
    Well Well & Consequences

    Not only does nothing shame them, but they care very little about the taxpayers as everyday events are making quite apparent.

  8. Vincent Haynes Avatar
    Vincent Haynes

    Caswell Franklyn January 27, 2016 at 9:40 PM #

    What is the answer to rid this country of its pestilence?

  9. Bush Tea Avatar
    Bush Tea

    The court situation bout here is so pathetic and disgraceful that it is not even funny anymore…
    When the story is finally told of these female ‘judges’ in Barbados it will be the final straw in our sorry tails….

  10. Vincent Haynes Avatar
    Vincent Haynes

    Bush Tea January 27, 2016 at 10:00 PM #

    I could have sworn that I read that after the back log created by the males it was a female that came forward and started to clear the backlog,which from all accounts is showing movement,not total,but movement.

  11. Well Well & Consequences Avatar
    Well Well & Consequences

    Yep…gotta big up Justice Cornelius for trying to rid the court of the backlog that too many seem determined to keep in the supreme court.

  12. Clobby-A-Clown Avatar
    Clobby-A-Clown

    Jacobs Security is some piece of work. I just can’t believe Minister Lowe would allow Barbados to get entangled with a bunch of bandits, is he Alibaba?

  13. are-we-there-yet Avatar
    are-we-there-yet

    Vincent Haynes;

    You asked above What is the answer to rid this country of its pestilence?

    I think we first of all have to recognize that this pestilence is not an ordinary one. It is one that is here to stay and get worse because the current Government has recognized that the people are primarily BB’s and have acted to suit. Any group that follows this one will operate in the same manner as the Stuart administration unless the people teach them some serious lessons.

    Those lessons start with ensuring;
    Not one seat fuh dem when the elections are called. This is not impossible, given the serious impositions that will be made on the population to divert increased taxes to matters that will be primarily related to electioneering while those taxes are catspraddling most of us out here.

    But it will have to involve significant strategic thinking and education of the public and constant reinforcement of the public’s understanding of exactly what this government has done or neglected to do that has got Barbados in the state it is now in and what strategies will turn us around and in what time frame.

  14. Bush Tea Avatar
    Bush Tea

    @ Vincent
    You ever been in the High court…?

    After being on Allard’s payroll and based on the details and emails exposed on the blogs, …nothing can be beneath Minister Low….

  15. Donna Avatar
    Donna

    Bushie, Bushie, Bushie,

    You need to do some research on your male judges. This did not start with the females. This has been around for a long time. By the way, what is the sex of our Chief Justice? How about our Prime Minister, Minister of Finance? Health? Environment? What is the sex of our Central Bank Governor? Are these people putting females to shame with their brilliance and initiative and speedy problem solving? Be honest with yourself and flush that crap once and for all nuh!

  16. Caswell Franklyn Avatar
    Caswell Franklyn

    Donna

    Please don’t extend your list of persons that you ask if they are females. You might include some men on the receiving end who try to be, not that any of those you listed qualify as such to my knowledge.
    Sent from my iPad

    >

  17. Bush Tea Avatar
    Bush Tea

    No Donna
    We ALREADY know the quality of the male judges … the CCJ confirms it…
    But they are the ones selecting and appointing the current females…

    95% of all females reflect the men in their lives.
    ..If he is a churchman, they live in church…
    ..if he sells drugs, they help to package them…
    ..if he is a do-nothing / say nothing/ achieve nothing……

  18. Violet C Beckles Avatar
    Violet C Beckles

    Still for the 50th Jubilee of CROOKS, LIARS, SCUMBAGS AND MONEY LAUNDERING WE HAVE THE KILL-HILL DBLP BITCHES,

    I bet them crook Ministers got there money up front on signing, Kill- HILL deal need to be full dead, Suckers need not apply.

  19. Violet C Beckles Avatar
    Violet C Beckles

    Which Bajan on the CCJ ? I seem they keeping the crooks on one Island with the Lawyers. Barbados, They have to know before we do , they are all dogs=Collie/ Colleagues =Dogs

  20. Redfactor101 Avatar
    Redfactor101

    The Jacobs securities scandal has been brewing for a long time even before the creation of the Cahill scam. they have flouted the law with back room deals for years
    No one has noticed that Cowan has lost her only other company director John Robilliard. He has been moved on by the Blenheim Group in Guernsey where the scam company was created. the Cahill bitch who thinks she is holier than “Dow Jones” is operating on her own now .the rats have all jumped ship .
    Question is has this bitch formally informed the government that the directorship of her sham company has changed per her legal obligation and has she informed them of the suspension of her legal partnership with Jacobs securities. All further proof the scam was real and this Canadian bitch was and is a fraud.

  21. Well Well & Consequences Avatar
    Well Well & Consequences

    And still DBLP say nothing about Cow-an/Cahill to their taxpayers, when will they grow some respect. Yes, it’s been a few years Jacob Securies was being investigated, if DBLP had just taken the time to investigate all involved, they would not now look so shady themselves. .lol

  22. David Avatar
    David

    In any other country in the world, including banana republics, the minister responsible would have had to give account after which he would have been fired.

  23. Redfactor101 Avatar
    Redfactor101

    Maybe they the government are relying on her no longer being a legal entity and the stupidly signed contracts are now null and void .
    Robilliard was terminated in November of last year and while only a nominee director the Blenheim group fired him for the same reason Jacobs were scantioned.
    Her condo was relisted for sale at the $C5.8***** million on the 6th of january and she is still hold up there. Who owns it is the big ???
    She has left a trail of destruction in her wake and continues to proclaim her wealth and business prowess .
    Our government are idiots.

  24. Violet C Beckles Avatar
    Violet C Beckles

    http://nakeddeparture.com/2016/01/24/national-housing-corporation-lawyer-samantha-cummins-massive-land-fraud/

  25. Sunshine Sunny Shine Avatar
    Sunshine Sunny Shine

    You people come on here and talk the same shite all the time. Look, the Prime Minister has proven himself immoral. The speaker of the chair lacks virtue and integrity. However, in all of this that joker for a Prime Minister like its so. The governor of the central bank is doing his own thing in accordance with the same type of style that the Prime Minister does his, yet we all can see that the Prime Minister likes it so. Dennis Lowe is a low life crook. What makes any of you think he has a problem wheeling and dealing with scum. He has the full backing of the Prime Minister because the Prime Minister likes it so. Barbadians are conquered and subdued. They are only good for the occasional rant and rave. The stinking low life Prime Minister loves it so. Not a boy can do one shite about it.

  26. millertheanunnaki Avatar
    millertheanunnaki

    @ David January 28, 2016 at 6:47 AM
    “In any other country in the world, including banana republics, the minister responsible would have had to give account after which he would have been fired.”

    And according to Donville Inniss, so too should the Governor of the Central Bank. We are still awaiting a plausible explanation for the magical disappearance of $300 million in reserves.

    But we are surprised that you are ‘intentionally surprised’ at the turn of events in the Cahill fiasco.
    Bush Tea and others had been warning you lot all along that this is just one scam to bilk taxpayers out of finders’ and consultancy fees with some ending up in the pockets of those ministers involved.

    What investment what! Do you really feel that genuine international investors would take up hundreds of millions of dollars (other people’s money including pension plans) and put it in a WTE plant in a poorly managed collapsing economy in dire need of restructuring with massive doses of IMF medicine and with known swindlers involved and corrupt bribe taking local officials with Darcy the Quisling and Denis the Lowedown as the chief arranger and “medici”.

    If the WTE project is so vital to the country’s waste management and the protection of the environment and industries (e.g. tourism) that depend heavily on it how come other reputable lending agencies (including China state Lending) were not approached to fund such a vital infrastructural project before a ballistic bitch of a mad woman?

  27. Violet C Beckles Avatar
    Violet C Beckles

    Bush Tea January 27, 2016 at 10:00 PM #

    The court situation bout here is so pathetic and disgraceful that it is not even funny anymore…
    When the story is finally told of these female ‘judges’ in Barbados it will be the final straw in our sorry tails….@@

    The story is being told on http://nakeddeparture.com/ , People now have the balls to say what they know and call them out, Judges did who they had to in order to be appointed to that seat, The same were nasty lawyers still doing shit today and looking upwards.

    when you look at American police who kill blacks seem to get promoted like real unlawful gang members, So as the lawyer who reach a level of crime to reach judge in Barbados,

  28. David Avatar
    David

    @Deeds

    Get your facts straight, Naked Departure jus joined the party. Others have been at it much longer. Appreciate that the fight against wickedness in high places must be fought on several fronts.

  29. Prodigal Son Avatar
    Prodigal Son

    So we cancnclude that the morons are just waiting and hoping that this whole thing falls apart so that they can weasel thier way out of this fiasco…………but not before they got their “finders” fees.

    Oh my God.

  30. Prodigal Son Avatar
    Prodigal Son

    ****So we can conclude that the morons are just waiting and hoping that this whole thing falls apart so that they can weasel thier way out of this fiasco…………but not before they got their “finders fees”.

    Oh my God.

  31. Kammie Holder Avatar
    Kammie Holder

    Please note environmental concerns or whistleblower info related to the environment can be sent anonymously using a disposable email address to mailto:info@futurecentretrust.org

  32. Kammie Holder Avatar
    Kammie Holder

    Here is a link to a list of email addresses. https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=disposable%20email

    No ITAL or FOIA so info must fall from trucks to expose wickedness, sad but necessary.

  33. Redfactor101 Avatar
    Redfactor101

    The whole thing has fallen apart
    The waste study was supposed to commence 5 weeks post signing
    She claimed it started last feburary but the final report was never issued by Stantec ( probably because they were never paid .
    She has breached the contracts wholesale .
    She hasn’t been seen on the island since her hair brained open meeting
    Where are her investors
    Infrastar were supposedly the front runner to take the project on
    What happened to them?????

  34. Kammie Holder Avatar
    Kammie Holder

    @Redfactor101, we appreciate any info we can get on this Cahill I don`t know what to call it.

  35. Bush Tea Avatar
    Bush Tea

    From the very beginning it was obvious that this scam was NEVER about actually building any damn WTE plant. It was always about creating an excuse to dip into the Treasury for a couple million dollars, large chunks of which would be redirected conveniently into the accounts of the usual suspects.
    Now that its ‘abandonment’ seems inevitable, many bowls will jump up and down – singing victory songs at having ‘saved’ $700,000,000 ..and about ‘only’ being out by $30 M or so……

    BUT….
    Unless there is a full, public, independent inquiry… that details everything about this scam that was foisted on the bowls of Barbados; and results in charges being laid where appropriate, we truly deserve to be pissed on …and to having our eyes “jucked out.”..

  36. David Avatar
    David

    @Bush Tea

    Why has a reputable company like Stantec gotten involved?

  37. are-we-there-yet Avatar
    are-we-there-yet

    Bushtea;

    Yuh saw how they treated the Clico Judicial enquiry reports?

    Yuh realise that they might soon release LP’s washed millions that the Central Bank is kindly keeping safe for him since it appears that the CLICO creditors will be paid substantially without any inputs from the people who were heavily involved in the losses?

    Yuh see that the late Honourable David Thompson is still being pushed as a hero for them and the fowls? Yuh see that the DT memorial “mauseoleum” is up front and in-your-face in St John and nobody is protesting?

    With that record of boldfacedness, what makes you think that there will be a full public independent enquiry on the Cahill matter if matters continue as they have been going over the past eight years? The only way that there will be a full public enquiry, thorough investigation and resulting prosecution of any one found to be guilty of wrongdoing in the Cahill matter, is if the DLP loses by a record number of seats, worse than the 27/3 inflicted on the BLP years ago and a new Government is formed from a coalition of Independents, new parties and the remnants of the BLP.

    Yuh tink that anyone is actually strategising on how to realistically totally demolish the existing order in the elections when they are called?

    Yuh tink Solutions have the political guile and acumen to make a difference?

    Yuh tink any other grouping is setting up to be a force to be reckoned with when the elections are called?

    Yuh tink that FS will remain true to form and call the election at the very last possible time in june or so 2018

    or yuh tink dat he will see the writing on the wall and call a snap election soon after his troops have qualified for their pensions and win a third term? i.e within 5 months from now when it becomes evident that there will be no turnaround in the economy.

    Yuh rite dat wid yuh tung in yuh cheek, yes?

  38. Bush Tea Avatar
    Bush Tea

    @ AWTY
    Bushie never said that an inquiry will be held …or that anyone will be charged…… ONLY that in the absence of such actions, we Bajan brass bowls will fully DESERVE being pissed on….

    @ David
    Stantec is about MONEY…..
    By ‘reputable’ do you mean ….’can do no wrong in Bajan eyes’…?
    For example…
    Do you really think that Hutchinson cannot see the folly of building expensive Desal technology in order to maintain a wasteful water policy in Barbados?
    At ANY point in his recent “public information sessions” on VOB, did you hear him offer any such professional or personal opinion?
    He will probably benefit from the various ‘studies’, consultancies, and plans involved – and THAT is his overriding consideration.

    Is THAT reputable?

  39. David Avatar
    David

    @Bush Tea

    Reputable is defined as he, she or it who is accepted by the establishment.

  40. Redfactor101 Avatar
    Redfactor101

    The studies were contracted by the Canadian Stantec. The local office took their direction from KevMetcalfe from Stantec head office.
    What ever came of the issue of exporting the incinerated waste samples done at mount stinkaroo was a hazmat very ever raised for their export????

  41. Redfactor101 Avatar
    Redfactor101

    Hazardous material certificate
    Sorry

  42. Bush Tea Avatar
    Bush Tea

    @ Redfactor101
    The local office took their direction from KevMetcalfe from Stantec head office.
    ++++++++++++++++++++++++++++++++++++++++++++++++++
    How does that impact Hutchinson giving an honest professional or personal opinion on VOB as a Barbadian engineer? What was he….a messenger?

    Did he not start that Company as a local company and then sell out to Stantec ..rather than develop it as a local entity to groom local engineering expertise?
    …oh wait nuh ….. most local engineering graduates would have been black.
    Shiite man …. we can’t have that can we….

    Seems it is not only the businessmen like Money Brain’s father and Allan Fields who were doing it….

  43. Bush Tea Avatar
    Bush Tea

    @ David
    ‘Reputable’ is therefore a function of the intelligence of the society making the judgement.

    Remember how ‘reputable’ the Chairman of CLICO was…? He was the ‘esteemed’ friend of everyone who was anyone….
    Brass bowls are NOT in a position to judge ‘reputable’….

  44. David Avatar
    David

    @Bush Tea

    At this stage Hutchinson is about growing his retirement nest egg.

  45. Due Diligence Avatar
    Due Diligence

    This from http://www.stantec.com/about-us/people/h/hutchinson-andrew.html

    “Always practice the art of “making things happen” – those who wait for things to come their way only get the things left by those who hustle.

    Andrew Hutchinson

    SENIOR PRINCIPAL, BUILDINGS ENGINEERING

    Black Rock, St Michael”

    Hutchinson just trying to make Cahill WTE happen, and make a load of money – to meet the revenue targets set be Head Office in Canada

  46. Redfactor101 Avatar
    Redfactor101

    Mr Hutchison all ready secured his retirement when he sold his practice to Stantec. Justin Jennings wray is the lead in the local office . Justin.Jennings-Wray@stantec.com
    The Canadian crazy person hasn’t played Stantec for the waste analysis study . she hasn’t officially issued it to the GOB.
    She is dead in the water.

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