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From page A5 of the T&T Guardian (07/06/2016)
From page A5 of the T&T Guardian (07/06/2016)

Sagicor formerly the Mutual Society will vote to redomicile to Bermuda from Barbados tomorrow (8/06/2016). To carry the resolution will require 66.66% of the shareholder vote. For some Barbadians the decision to redomicile Sagicor is another key performance indicator that confirms a tanking economy.  In a nutshell, the 175 year old Bajan company will soon suffer the national disgrace of seeing this company consummate a legal divorce from Barbados. We are grateful that the company will be treated as a tax resident.

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106 responses to “The Business Blog – Sagicor Votes to Redomicile”

  1. Prodigal Son Avatar
    Prodigal Son

    Dennis Kellman must be so proud……….

  2. Angela Avatar
    Angela

    And the P.M. Continues to say that downgrades mean nothing. no words to describe him!

  3. Gabriel Avatar
    Gabriel

    It will forever be Freundel Stuart’s legacy to have presided over the departure of one of Barbados’s proudest sons of the soil…a 175 year institution of renown,which withstood two World Wars,down the chute owing to the piss poor financial management of a former investment grade country now in the hands of misfits and donkeywholes.Its so sad.

  4. chad99999 Avatar
    chad99999

    The PM should summon the top management team and personally threaten the bastards with sanctions that would make it impossible for them to generate any further revenues in this country or use any of the banks operating here. Then he should order a detailed review of their personal tax returns and put them on trial for tax evasion if he can find any skeletons in their closets.

  5. Violet C Beckles Avatar
    Violet C Beckles

    THEN GO NOTHING BUT LAND CROOKS

  6. millertheanunnaki Avatar
    millertheanunnaki

    @ chad99999 June 7, 2016 at 11:25 PM
    “Then he should order a detailed review of their personal tax returns and put them on trial for tax evasion if he can find any skeletons in their closets.”

    So what kind of dictatorial acts of blatant discrimination are you recommending here?
    Wouldn’t such an investigation into tax evasion be justified if the same PM were to start with an already known tax cheat called Greenverbs Parris another crooked leper and former high-flying Insurance executive?

    Of course you would leave it up to the next BLP PM to carry out a similar exercise into the Maloney and Co financial affairs to identify the sources of the funding of the DLP 2013 election campaign.

  7. Hal Austin Avatar
    Hal Austin

    The Mutual is a classic example of the transfer of wealth from the poor to the rich. A mutual society is owned by its members. It is not too late to look at the legacy wealth of the Mutual – even if the statute of limitation prevents any charges, if any, from being brought.
    At the very least it will teach us an important lesson about financial regulation.

  8. David Avatar
    David

    They say this is only a change in the legal profile of the company. How the company operates in Barbados will not change.

  9. Pieceuhderockyeahright Avatar
    Pieceuhderockyeahright

    @ Chad 45.

    Divorce is a strange thing insofar as by the time you get to that terminal point no court of Law can legislate either of the parties that they have to stay in that union.

    In fact, many such court matters/divorces lead to Court Orders demanding that one, or both parties, stay away from the other as in the recent Johnny Depp and Hearns 18 month? marriage.

    This is a 175 year marriage that for one of the parties, is a thing that HAS TO BE ENDED.

    And that will obtain for all companies, e.g. Barclays, and other financial institutions leave, brand name hotels leave AND, some like SANDY LANE, while they try to put up high enough fences, install Night Vision HD long range cameras, hire JE Security to monitor its properties, ave rapid links to Holetown Police Station, you and I can be assured, if their investment becomes so severely threatened by the economic welfare of the island, THEY WILL LEAVE TOO.

    So what if the DLP threatens investigations of the books that only speeds up the “divorce” for its irreconcilable differences.

    It never ceases to amaze how, in the middle of obvious conditions which make it sound sense for a financial entity to divest itself of a potential milestone around the neck that we seek to enforce untenable situations on entities which are not in this construct out of love for Barbados but because of their bottom line and financial stability.

    A coconut vendor on the highway finds that he is no longer able to source coconuts at a price that allows him to keep the $1.00 per coconut selling price (even if he continues to raid peoples trees at 3 a.m. when the rightful owners are sleeping)

    He also has expenses, he still has to pay for transportation to and from the illegal vending spot at the side of the ABC, has cell phone bills to pay (utilities, corporate taxes) has to pay for his 3 women, 5 outside picni and 250 Kawasaki motorbike (salaries of staff, director perks and live large)

    If a renown vendor, after much deliberation about his business, says that with his clientele decreasing, and the increasing number of cars running off the road into the side of the highway (equivalent of Moodys downgrades) that he is closing shop whay are we now seeking to force him to remain on the highway on threat that we plan to do DNA samples on the husks and forensically prove that the coconuts came from a property that was not his?

    Mutual is not the culprit Chad 45. Find the culprit and prosecute them

  10. David Avatar
    David

    Take note the President of Sagicor International made it clear the company is working towards a YES vote, there is not going back.

  11. Atrue Freeman Avatar
    Atrue Freeman

    The Barbados Advocate is reporting that Sagicor is going after new opportunities, not a repeat of Europe we hope – http://www.barbadosadvocate.com/business/sagicor-going-after-new-opportunities. Sagicor should focus on optimising its profitable core business, restoring the annual dividend to the earlier level to provide shareholders with an adequate return on their investment and steady growth. Seeking new, high risk opportunities at the expense of providing an adequate return to shareholders is not the business for Sagicor’s shareholders. The shareholders’ money is not monopoly money to be played with – Sagicor may need the influence of a major shareholder.

  12. Well Well & Consequences Avatar
    Well Well & Consequences

    “How the company operates in Barbados will not change”

    Ya mean how Sagicor collect people’s money will not stop….what we should be asking is how will they process claims and will people be getting their investments back….will there be a satellite office left on the island for such.

    And if they go tits up in Bermuda or wherever they are going…will bajan investors have any recourse to recover their money, with all the pretty talk….that is the bottomline.

    Insurance companies do not have good track records on the island, are known as collection of money only agencies and thieves.

  13. Pachamama Avatar
    Pachamama

    This was on the table, more than 30 years ago.

    It is part of the wider strategy of transferring public (mutual) wealth into private hands. We have warned the credit unions, for decades, about a similar fate.

    Even when The Mutual was mutual Bajans NEVER enjoys any rights, privileges, etc. It was mutual in name ONLY. No more! And has continued to be the bastion of White capital formation. More recently, a wider or regional oligarchic clique has been fostered.

    When it was mutual it operated like a closely-held private corporation.

    When it purportedly went public it continued to operate like a closely-held private corporation essentially by controlling the numbers of shares owned or controlled by an inner clique. This is anathema to being public.

    These are matters stock exchanges seem not to have an interest in. Successive Directors and senior management should be in jail, on this count alone.

    That stinking Hillary Beckles could be on this Board all this time and be party to these immoral, at least illegal acts or omissions demonstrates the nature of the modern day house nigga and the nature of the slave economy model in ascendancy.

  14. Pachamama Avatar
    Pachamama

    During the ‘Mutual Affair’ the then 100% White or honorary White directorate/management sought to have this precise ability. An ability to hold Board of Directors meetings outside of Barbados, to disenfranchise policyholders. The vast majority of whom were Black Bajans.

    Now Dodridge Miller, another honorary White man, will achieve what his masters failed to do 30 years ago, finally.

    They will be arguing that the Trinidadians, because of their majorities, want it relocated there. And that this will represent a compromise. We say bullshit!

    Well done Dodridge. You have finally succeeded in misguiding 200 hundred years of efforts.

  15. Gabriel Avatar
    Gabriel

    Perception is the defining factor when placed alongside the truth.All that is posted of the Mutual of old might be so true,but when you oversee a Barbados Government that is riddled with inefficiency in managing its fiscal and monetary affairs,and a 175 year old company of record says its leaving Barbados because it cannot manage its shareholders equity owing to the cost of downgrades to its ability to raise loans at a price that compares favorably with other successful financial institutions,then you know the shoite has hit its mark and it’s time to send a message to Denis Kellman and tell him where to kiss.This is nothing to do with Stuart or Sinckler or Worrell,it’s all Denis Kellman’s fault.The fool.At least that is what the Sunday school branch meetings crowd will be told by Stuart,Sinckler,Jepter and Quisling,and you know what,like true catholics they will believe every word that proceeds out of their mouths with the left hand and the jucking finger added for emphasis.Thats governance 2016 style.

  16. Frustrated Businessman aka Republic my ass. Avatar
    Frustrated Businessman aka Republic my ass.

    chad99999 June 7, 2016 at 11:25 PM #
    The PM should summon the top management team and personally threaten the bastards with sanctions that would make it impossible for them to generate any further revenues in this country or use any of the banks operating here. Then he should order a detailed review of their personal tax returns and put them on trial for tax evasion if he can find any skeletons in their closets.

    Yes, because it’s Sagicor’s fault that Igrunt Bajans elected the worst gov’t in the history of this country for a second term, despite the economic facts before them and the realities they were living.

    In Barbados it is always someone else’s fault.

  17. David Avatar
    David

    What happens if Bermuda’s economy tanks? It is not like if Bermuda is an economic giant. What are we missing here. Is is about the health of the economy of the host country or its legal infrastructure.

  18. millertheanunnaki Avatar
    millertheanunnaki

    @ Pachamama June 8, 2016 at 7:51 AM
    “That stinking Hillary Beckles could be on this Board all this time and be party to these immoral, at least illegal acts or omissions demonstrates the nature of the modern day house nigga and the nature of the slave economy model in ascendancy.”

    Pacha, why don’t you give the nigga his full handle of hypocrisy? He his “Sir” the colonial house nigga.
    How could a real black man who piss-paraded so much about colonialism and Bajan apartheid place himself so obsequiously low as to accept the glistening hallmark of colonial exploitation and subjugation of the blacks?

    Hillary’s acceptance of that title is like a member of the ISIL sleeping cell in France accepting the legion d’ honor from the President. Although he is of the Muhammad Ali era as a professor of History he has learnt nothing from the great man.

    Is Hillary really the top dog to bet on in the Reparations race? He is going to sell your black asses once more down the river.

  19. Gabriel Avatar
    Gabriel

    David
    The bottom line is that Bermuda is a British Overseas Territory and subject to Whitehall oversight of its financial and defence portfolios,similar to what obtained here in Barbados up to 29th November 1966.I am of the view that Barbados was the gem of the Caribbean then,warts and all,not anymore.
    Heard on the news we are to get another school.What for?80 primary and 22 Secondary not enough.And we are wasting taxpayers money on sending children to Secondary school at taxpayers expense,to learn to pump gas?

  20. millertheanunnaki Avatar
    millertheanunnaki

    @ Gabriel June 8, 2016 at 8:10 AM
    “This is nothing to do with Stuart or Sinckler or Worrell,it’s all Denis Kellman’s fault.The fool.At least that is what the Sunday school branch meetings crowd will be told by Stuart,Sinckler,Jepter and Quisling,and you know what,like true catholics they will believe every word that proceeds out of their mouths with the left hand and the jucking finger added for emphasis.Thats governance 2016 style.”

    That issue will not be touched even with a barge pole by the people you have identified. Not even by the garrulous motor mouth know-it-all Dumbville Inniss. Any further crap coming from the clowns in Cabinet might just be the straw that breaks the financial camel’s back of confidence. It would be good to see these jokers grovel should Sagicor threaten to cash in the millions of dollars in government paper.

    Sagicor is facing ballooning massive liabilities for life insurance contracts and pension commitments for the Bajan black baby boomers of the 50’s whose premiums made the Mutual was it is today. You ought to keep an eye on this titan with feet made of financial clay. Paying millions in executive remuneration and perks was part of the undoing of CLICO. Should you not be concerned about a similar trend at Sagicor?

  21. David Avatar
    David

    The problem we have in the region is that corporates prefer to do business with Sagicor because of its size and Best rating. Miller, what about the segregated funds? What is the external auditor telling us?

  22. millertheanunnaki Avatar
    millertheanunnaki

    @ Gabriel June 8, 2016 at 8:49 AM
    “Heard on the news we are to get another school.What for?80 primary and 22 Secondary not enough.And we are wasting taxpayers money on sending children to Secondary school at taxpayers expense,to learn to pump gas?”

    Don’t swallow that crap of propaganda.
    That school has not yet been designed on paper far less the source of funding considered.

    Where is the money going to come from? Are they planning to close down the BCC or the Cave Hill campus to find the money? Or are they planning to use the proceeds from the sale (privatization) of commercial entities or issuing of more worthless government paper? Certainly not from any overseas development Bank.

    Why a new Secondary anyway? To produce more potential criminals for the blocks of the ever expanding unemployed? Why not spend the money at the Primary school level? Why not upgrade and expand some of the existing plants at both the Primary and secondary schools?

    The MoE is a blasted lying joker too; just forking up the playing field for the pending electoral campaign in 2017. What next would be promised? A brand new hospital next to the school?

    BTW, do you know if the Sam Lord Castle project has yet started?

  23. Alvin Cummins Avatar
    Alvin Cummins

    @David,
    I say, “Be gone foul varlet. Get thee hence.”
    Sagicor, the largest land owner in the country, made a conscious decision to wreck this country and economy. They made a conscious decision not to engage in any agriculture development of their lands; neither sugar cane, vegetables, ground provisions,or anything edible. They would not even grow Pangolin grass which would be of benefit to cattle owners. They only wanted to do like the other large land holders, like those of Kingsland, Eastern LAND DEVELOPERS, WHO TOOK GOOD AGRICULTURAL LAND AT LOWER
    GREYS, TO PUT BOXES ON, AND NOW RUNNING FROM THE COUNTRY. I SAY GOOD RIDDANCE. THIS HAS NOTHING TO DO WITH GOVERNMENT OR ITS GOVERNANCE. WHAT GOVERNMENT SHOULD DO IS EXPROPRIATE THE Lands and grow food on it there is enough land to supply the country with export crops; onions, sweet potatoes, cassava, fruit, and vegetables.
    I say, good riddance. But I am an idiot, so what more would you expect.

  24. Pachamama Avatar
    Pachamama

    We have not, in recent times, examined the latest company information. But as analysts we are left to wonder how a company that has had a mergers and acquisitions strategy for 15 years and from memory acquired over 50 entities during that period, how could it now be that the centre, the headquarters, has to be disrupted?

    This suggests to us that Miller’s corporate strategy was deeply flawed from jump street. We will argue that by its very nature, an M&A strategy, should included certain protections from risks of devaluation, revaluation, etc.

    Indeed, one of the acquisitions was an American life insurance company, operating in 49 states of the USA. A relatively large company. Most times when one acquires financial companies net assets are transferred to the acquiring entity. Meaning that most times the company being bought gives financial assets to the buyer. And other calculations that can make a relatively smaller suitor greatly enhanced.

    That Miller himself had relocation, from Barbados to Miami, to pay attention to this particular acquisition might have been an indication of importance. More importantly, Sagicor, as a legacy organization should have received some ongoing protections viz a viz US dollars currency risks, at least for the home office especially when the cumulative effects of foreign transactions are considered.

    More frightening, it maybe that Sagicor’s current calculations include more ominous economic prospects for the regions where it has traditionally done business – The Caribbean. If we are right, it will be worse than they think, and we will we witnessing not the end of the beginning, but the beginning of the end.

    We have always lacked confidence in its senior management. We were never convinced that anybody there had any particular ‘vision’ and therefore ‘mission’ and ‘corporate strategy’ lacked guidance.

    Miller, in particular, though well-credentialed, like all of his team/s, has demonstrated an inability to be ‘entrepreneur’ and remains no more than a sophisticated book-keeper. This monumental failing will see the beginning of the end for Sagicor. That which it sought most to protect from Black people will end up in the hands of the Great White Sharks.

    Goodbye Mutual. Bye Sagicor!

  25. David Avatar
    David

    @Alvin

    Who owns the biggest land bank in Barbados?

    Who owns Farms Limited an unprofitable company?

  26. millertheanunnaki Avatar
    millertheanunnaki

    @ David June 8, 2016 at 9:00 AM.
    “What is the external auditor telling us?”

    Maybe the same thing the esteemed external auditors PwC said about CLICO before its fall. Or even what the rating agencies were saying about the junk paper issued by Lehman Bros and friends before the 2007/08 collapse of the paper house of financial cards.

    Who pays the piper (audit fees and other hugely profitable service charges) calls the cover-up tune.

  27. Well Well & Consequences Avatar
    Well Well & Consequences

    Alvin…tell ya dumbass givernment ministers to stop the developers, Bizxy, Cow, Bjerkham etc from buildibg those little boxes, just to get contracts from government amd their hands in the treadury and central bank for decades on end….stop the building developments…they are useless and only suck the taxpayer’s money, just like Sagicor…there are no benefits to the island and people, they are all thieves.

  28. Alvin Cummins Avatar
    Alvin Cummins

    What other large insurance company had its head office; outside of Barbados? What happened to it? C L Financial? CLICO?
    I not calling any names

  29. Pachamama Avatar
    Pachamama

    By the way

    In all our years we have seen few companies which have had the relative level of M&A activity over 15 years, grown assets to over 7 billion, and yet share price over that 15 years period hardly moved upward, since de-mutualization. In fact, in real terms, we’ve seen reductions in share price.

    So what was this de-mutualization about in the first place? Certainly not a value proposition for the owners of capital, policyholders.

    If this is not a monumental failure, of epic proportions, we known not what is. For share price is the single measure of corporate performance.

    Anywhere else in the world Dodridge Miller and senior management would have been fired every quarter, four times a year, for 15 years. But not in Barbados, not at Sagicor, not when insiders rule what is supposed to be a public company.

    Mr. Prime Minister, there is a cancer at the centre of your country and you are part thereof.

  30. Gabriel Avatar
    Gabriel

    David @9.20 am
    Good question to Alvin.At least he admits he is an idiot.

  31. Frustrated Businessman aka Republic my ass. Avatar
    Frustrated Businessman aka Republic my ass.

    Alvin Cummins June 8, 2016 at 9:16 AM #
    @David,
    I say, “Be gone foul varlet. Get thee hence.”
    Sagicor, the largest land owner in the country, made a conscious decision to wreck this country and economy. They made a conscious decision not to engage in any agriculture development of their lands; neither sugar cane, vegetables, ground provisions,or anything edible. They would not even grow Pangolin grass which would be of benefit to cattle owners. They only wanted to do like the other large land holders, like those of Kingsland, Eastern LAND DEVELOPERS, WHO TOOK GOOD AGRICULTURAL LAND AT LOWER
    GREYS, TO PUT BOXES ON, AND NOW RUNNING FROM THE COUNTRY. I SAY GOOD RIDDANCE. THIS HAS NOTHING TO DO WITH GOVERNMENT OR ITS GOVERNANCE. WHAT GOVERNMENT SHOULD DO IS EXPROPRIATE THE Lands and grow food on it there is enough land to supply the country with export crops; onions, sweet potatoes, cassava, fruit, and vegetables.

    The other idiot AC, the land at Lower Greys was identified for housing development by the current gov’t of Barbados in the first days of their first term. You would remember that ‘houses for the poor’ was a campaign promise, hence the overpriced houses lying idle at Lancaster, The Grotto, Montcreiffe, etc. with the TCP-required sewage systems.

  32. David Avatar
    David

    @Alvin

    Your yardfowl status is well deserved.

  33. Alvin Cummins Avatar
    Alvin Cummins

    Well Well,
    Those “boxes” are private development. They are owned by Eastern Land Development, a company that owns Vaucluse, Emerald City developments and developments at Shop Hill ;large and small, expensive and upper middle class and prices. Years ago the same thing was being said of the “starter homes” in the vicinity of Oxnard’s. I invite you to visit that area and see if you can recognize any of them now. The purpose is to start and let the homeowner develop at his own pace. Contact Cozier. Don’t blame government and/or Ministers, who you seem to think are the devil incarnate and the root of all evil. Come down to earth and leave your evil thoughts elsewhere.

    @David. Sagicor to both questions.
    It owns more land in its land bank than government does.If the land is unprofitable it is because it has been allowed to revert to the same state it was when it was virgin forest. THAT is a waste. Only night before last there was an item on then local news, about a St. Lucian who was allowed to plant up some land that had been lying in bush. He grows everything on that plot and makes a profit. Multiply that a hundred times and see. Has Sagicor (Barbados Farms Ltd. branch) tried leasing its lands or portions thereof? Have they had any thoughts of national interests or just the corporate bottom line. How is it that Warren Buffet can have made Berkshire Hathaway so profitable? By making wise investments Sagicor has the money rot also make wise investment decisions, but they think differently.

  34. millertheanunnaki Avatar
    millertheanunnaki

    @ Gabriel June 8, 2016 at 10:09 AM
    “Good question to Alvin.At least he admits he is an idiot.”

    It’s a pity Alvin C is not receiving support on this topic from the other idiot with similar initials.

    Alvin C, where are your friends in time of need? Where are Bajanfuhlife, West Indian waiting, Lt. Horotio Caine and his bandit of liars and ‘cuss-mongers’?

  35. Well Well & Consequences Avatar
    Well Well & Consequences

    Alvin… I am talking about the Coverley and Grotto boxes and wasting of taxpayer’s money….wastage is wastage…thiefing is thiefing….corruption is corruption. I do not kiss up to government., that is best left to emptyheaded yardfowls.

    What does private people using their money to build and NOT THE TAXPAYERS’ gotta do with you…as long as it’s their own land and not taxpayer owned through government acquisition….or dipping their hands into taxpayer’s funds.

    And government can acquire Sagicor’s land that is not being used….any time through legislation…did they not get the Clico land being left to waste.

    Don’t worry, you will be silenced soon enough…less than 2 years to go….to get rid of you useless yardfowls.

  36. Alvin Cummins Avatar
    Alvin Cummins

    @David,
    My yard fowl status or Idiocy has nothing to do with the factsSince last year or earlier this year when Sagicor announced they were getting out of sugar cane, they also announced at the same time that they were not interested in pursuing growth of agricultural products. What else are you going to do with the Lnd.? We have no minerals that we can mine. It is callous and can abuse to do what they propose to do. .

    @frustrated businessman. You say:…”the land at Lower Greys was identified for housing development by the current gov’t of Barbados in the first days of their first term.
    .”Assuming your assertion is correct then it is obvious that the application for approval would have been submitted prior to the election; during the period of the other party, so don’t blame the present bank for the use of good agricultural land for housing development. A check will reveal how much agricultural land was approved for housing development before the election in 2008 and how much was approved or applied for during the present administration.
    I don’t care how much yard fowl I am referred to as. Facts are facts and w2hat i know I will reveal. People don’t like to hear the truth, that’s all.

  37. Alvin Cummins Avatar
    Alvin Cummins

    Correction…present government…not present bank.

  38. Bush Tea Avatar
    Bush Tea

    Fruendel is the worse thing that has ever happened to Barbados …in multiple ways.
    However, this does not take away from the years of mediocrity and ineptness displayed by Sagicor with its inbred management, total lack of vision, and piss poor performance. The management of this organisation that has milked Barbados dry for over 100 years, are now seeking to run off to a new host …like the true parasites that they are.

    Sagicor’s death knell came when they bribed Sir Cave and Ann Gittens into compliance after disenfranchising the black policy holders of the Mutual, and it was concretised when they lost their last hope of sound management to Goddards.

  39. Alvin Cummins Avatar
    Alvin Cummins

    Well Well,
    I will keep on making contributions regardless. Time longer than twine. Unless you are clairvoyant you cannot predict the result of the next election. You can only wish and hope that your statements will have some effect. Coverley is PRIVATE; not government. If the people who have bought houses at Coverley (I had friends who bought houses there) it is their money. You accuse and surmise. You have not had anything proven in court.
    This is NOT a dictatorship. Government has to operate according to the law and not what people would like immediately.

    Miller,
    I don’t need anyone to help me. I think on my own and for myself so let not your heart be troubled about others who might think along the same lines.

  40. David Avatar
    David

    The President of Sagicor in his press briefing indicated that the company was in discussion with government about the future of Farms Ltd. Interesting was the point made that there is no drop dead date to have the matter finalized.

  41. Frustrated Businessman aka 'Refer teefin' to the public prosecutor' my ass. Avatar
    Frustrated Businessman aka ‘Refer teefin’ to the public prosecutor’ my ass.

    David June 8, 2016 at 12:12 PM #
    The President of Sagicor in his press briefing indicated that the company was in discussion with government about the future of Farms Ltd. Interesting was the point made that there is no drop dead date to have the matter finalized.

    The only thing that will save agriculture in general and Bds. Farms specifically is payment of the gov’t subsidies on sugar cane as promised. The last two crops were planted based on those promised subsidies. But, to everyone’s great surprise, Fumble’s Fools have managed to renege on that promise as well and left farmers holding cultivation, fertilizing and harvesting costs. Meanwhile Innotech were paid by Fumble’s Fools to destroy Andrews while a St. Lucia registered consulting firm was paid millions for a ridiculous new-factory project that will never happen. Refer teefin’ to the public prosecutor my ass.

    Sagicor is being cagey about the matter because gov’t has promised to pay them if they shut up about it. The alternative is an avalanche effect of abandoned sugarcane land since BADMC is also bankrupt and does not have funds to lease all the money-pit sugar-producing land that private owners would like to be rid of.

  42. ac Avatar
    ac

    WW&company only knows one word that is corruption like most everyone is waiting for her to bring the evedience nowcbegining to sound like a blasted fool .the jackass is so daft now hedgeing her bets on a sister island elections result as to concrete evedience the barbados govt would not be reelected.

  43. Bernard Codrington. Avatar
    Bernard Codrington.

    Is the GOB to be blamed for a corporate decision? Are any of the negative commentators shareholders? Are they policy holders? Do the reasons for changing domicile make good economic, financial or strategic sense? Was not Sagicor listed on the London Stock exchange before and had to delist? Answer these questions first and then I will comment. There is always more in the Mortar than the Pestle,especially when you making pepper sauce.

  44. Prodigal Son Avatar
    Prodigal Son

    @ millertheanunnaki June 8, 2016 at 12:02 AM #

    @ chad99999 June 7, 2016 at 11:25 PM
    “Then he should order a detailed review of their personal tax returns and put them on trial for tax evasion if he can find any skeletons in their closets.”

    So what kind of dictatorial acts of blatant discrimination are you recommending here?

    ……………………………………………..

    Miller, do you think he would recommend the same detailed review into the personal finances of David Estwick, Dennis Lowe, Michael Lashley, Michael Carrington, Dennis Kellman, Steve Blackett, Freundel Stuart or Richard Sealy?

  45. Prodigal Son Avatar
    Prodigal Son

    Include Stinkliar and Boyce!

  46. Pachamama Avatar
    Pachamama

    ”Your yardfowl status is well deserved.”

    @ Alvin

    You got to be real bad as a fowl for the editor, a man not known for discouraging contributors, to describe you as such, not incorrectly we must say. LOL

    Separately, the failures of government are paralleled in corporate Barbados, even the non-profit sector.

    We’ve seen ‘Bajan’ companies, White culturally, and brands, taken by others, especially over the last 25 years. As they continue to run to T&T for capital.

    When you have power and almost unlimited access to otherwise limited resources failures can be papered over. When you control an economy and the political apparatus.

    We see no differences in the nature of failure between the political and economic elites. These should tell us that something is deeply wrong with our culture.

    But we, as a country, are not even mature enough to admit that we are facing an existential crisis. Until we find the courage, as a people, outside of the partisan political harranging, to admit we have a deep problems, across all environments, they will be no cure for cultural decay. Problems beyond traditional competencies.

    We cannot even get a national unity government at a time of cultural crisis. That is no different than an 1840 indigenous company abandoning national responsibilities as it seeks a safe ‘haven’ elsewhere.

  47. Well Well & Consequences Avatar
    Well Well & Consequences

    Ha-ha..now I know that the 2016 Auditor General’s report is causing a lot of sleepless nights…may your days leading up to elections be miserable and your nights….very, very sleepless…lol

  48. Well Well & Consequences Avatar
    Well Well & Consequences

    Alvin..ya will stil be unable to as venomous with lies as you have been on here as a leading yardfow…ya would be neutered. Party is nearly over.

  49. NorthernObserver Avatar
    NorthernObserver

    I will guess that Sagicor is seeking to raise additional capital for more M&A activity and is stymied due to the junk status of the place where it is HO’d. It also has a lot of junk investments on its books, including bonds from sovereign island nations in the Caribbean. It took a huge haircut when Jamaica “re-organized”. It also lost big money on a bet in a Lloyd’s syndicate hammered by Japanese disasters.
    Remember Banks? It was trading at what…$2 & change and ended up selling at $7 and change? Sagicor is gunning for a US stock listing. That will demand they move their tax base as well. One step at a time.
    The greater issue is this opens the flood gates. Can GEL be far behind? Much of their business in outside Bim as it is. Simpson is bigger but likely already set up offshore, as his tax man is the God of offshore accounts. Most of the others of notable size are already subsidiaries.
    Froon will realize the “rubbishing” he is fond of, will soon come home to roost.
    I am also told there has been a clamping down on for-ex for personal uses unless you have a friend.

  50. David Avatar
    David

    We can anticipate Bajans who vote no will sell their charges. Can we say we are advancing as a nation if we keep divesting in from our best companies?

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