NIS Dumps 21 Million Dollars in Apes Hill Development

The National Insurance Board keeps pumping money into the Apes Hill development project. So far the NIS has invested BDS$25.4 MILLION DOLLARS in what can fairly be described as a highly speculative development project. The NIS Directors led by Chairman of the Board Dr. Justin Robinson (who coincidentally sits on the controversial Central Bank Board) must be aware that by continuing to pump public funds into a struggling and speculative private real estate project could compromise our important social security fund. It is well documented the NIS and the Central Bank have been soaking up government domestic debt as a means to fund a struggling economy.

How easy it is to be a ‘Developer’ like the Sir Cows and Maloneys in Barbados especially when you can keep withdrawing from the the NIS ATM.

Read full Document – Request for funding from Apes Hill Development for additional funding

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292 Comments on “NIS Dumps 21 Million Dollars in Apes Hill Development”

  1. NorthernObserver April 1, 2017 at 10:45 PM #

    propping up what?
    which director?


  2. Own Area April 2, 2017 at 8:59 AM #

    Check the non-executive directors.


  3. Own Area April 2, 2017 at 9:04 AM #


    Ralph S. DeC. Williams was appointed to the Board of Directors in 2005.

    You didn’t know or you just trying to ignore the potential conflict consider the money Republic Bank throw away in Apes Hill?


  4. Own Area April 2, 2017 at 9:16 AM #


    Don’t mind NortherBloomfield, he trying hard camouflage the conflict. You know that him and his brother believe the people in Barbados don’t know what roles they played in the sale of BNB to Republic and what shareholding and benefits they got in exchange. PARASITES.


  5. Bush Tea April 2, 2017 at 9:24 AM #

    It is a closed shop cartel.

    To these people, it does not matter if they sell off Bajan assets, thereby disenfranchising locals from ownership status (and returning us to serfdom), since they ALWAYS bribe themselves into positions of privilege in the now-foreign-owned entities during the process.
    They also get to insulate themselves from blame – since they can always hide behind the foreign owners -even though they remain the local agents of extortion.

    It is always the same….
    …look at the Boards ….and recall who were the caretakers of the local assets prior to the give-aways….
    Then look back at their ‘positions taken’ when the scams were being executed….

    Instead of our government dealing with these traitors, we had idiots joining the bandwagon in looking to dispose of public assets too…


    ‘Ownership’ is a REFLECTION of a life of purposeful living. Social development is therefore a process that should be characterised by INCREASING ownership – not because of greed, but as a result of a positive, constructive, and productive approach to life.

    If you find yourself having to SELL OFF assets therefore, it is a sign that you are on the WRONG PATH …and need to change the idiots in the lead.


  6. Own Area April 2, 2017 at 9:27 AM #

    Why you think business people who know better are not speaking out about the woeful economic policies of the DLP government? You know why, cause these PARASITES are will to see the economy collapse if it means they pick up some of the cash generating assets of the GOB. SIMPLE.


  7. Carson C Cadogan April 2, 2017 at 10:28 AM #

    Morning families

    How are you guys today? Hope everyone is doing fine under the DLP Govt. as many of you are doing including MIA AMOR MOTTLEY!!!!!!!

    The corrupt Barbados Labour Party is fighting tooth and nail to form the next Govt. of Barbados.

    According to them the country is poor , pitiful, and an inch away from disaster. Yet this is not stopping them from wanting to get their grubby hands on something that is no good namely BARBADOS. They ought to be ashamed.

    Ever so often one comes across some one who reminds one of the vindictive, spitefulness of the Barbados Labour Party. On page 9 of the Sun Classifieds is the Funeral notice of CECIL EVERTON AURELIUS SMITH former Headmaster of the Lodge School. The brother of Sleepy Smith. This is the man who the Barbados Labour Party tried to remove from his post of Headmaster of the Lodge simply because he was the brother of Sleepy Smith of the Democratic Labour Party. There was a very protracted legal case which he finally won in spite of the Barbados Labour Party operatives throwing everything at him including the kitchen sink.

    And this is the same party who wants to form the Govt. in Barbados so that they can give reign to this kind of viciousness anew.


  8. Carson C Cadogan April 2, 2017 at 10:49 AM #

    By the way

    Did any of you guys watch the former governor of the Central Bank of Ireland Patrick Honohan on TV the other night?

    I bet you wished that he would go away, he made too much sense.

    The former governor of the Central Bank of Ireland Patrick Honohan has stated that a home grown solution to our economic challenges is the best way to go? such as what is being pursued by the present Govt.

    And devaluation? Out of the question unless we want to wind up like Jamaica. So those calling for devaluation and going to the IMF are not our friends, whether inside Barbados or outside Barbados.

    It is almost 40 years that the Jamaicans have a standby relationship with the IMF and cant get out of it.


  9. Well Well & Consequences Observing Blogger April 2, 2017 at 10:55 AM #

    Carson…and you needed a white man to say that to convince the voters, how much taxpayer’s money yall had to pay him, it does not mstter anyway, yall will still be kicked out, any government can do the same thing yall ain’t unique.


  10. Carson C Cadogan April 2, 2017 at 10:59 AM #

    The WHITE MAN was needed to convince the Barbados Labour Party members and supporters.

    Not us.

    We are doing what needs to be done and getting cuss for it. A-La-Erskine Sandiford.


  11. London Morris April 2, 2017 at 11:31 AM #


    Central Bank governor Patrick Honohan is to step down at the end of the year after six years in office, The Irish Times has confirmed.
    Prof Honohan (65) is expected to outline his retirement plans at the launch of the Central Bank’s annual report on Friday morning.
    The former Trinity College professor, who has held the post since 2009, was brought in to manage the State’s financial sector at the height of the crash.
    His tenure as the head of the bank was not due to end until September 2016.
    The Central Bank declined to comment.
    However, sources said there is no particular reason for Prof Honohan’s decision, noting that he will have served most of his seven-year term by the end of 2015.
    Prof Honohan was an outspoken critic of the government when he was appointed by the then minister for finance Brian Lenihan in September 2009.
    He previously held the post of Professor of International Financial Economics and Development in Trinity, having spent almost a decade before that at the World Bank as senior advisor on financial sector policy.
    Seen as a safe pair of hands and a straight talker, he was tasked with restoring confidence in the State’s banks and economy, and rescuing the Central Bank’s own reputation which had been tarnished by the collapse of the banking sector.
    He took command only months after the government had been forced to nationalise Anglo, an admission that the infamous bank guarantee had spectacularly backfired. In July 2010, the Minister for Finance created the Review Group on State Assets and Liabilities, led by Patrick Honohan and UCD economist Colm McCarthy, to advise it on the future of commercial semi-States. Mr. Honohan was an outspoken supporter of the full privatisation of the Dublin Airport Authority, Dublin Ports, Bord Gais, Irish Rail, Dublin Bus and Irish Aviation Authority.
    Under his watch, the Government effectively nationalised four of the State’s main lenders as it struggled to deal with the hole left on balance sheets from the property crash – a recapitalisation that cost the taxpayer €64 billion.
    Perhaps his most famous intervention came in November 2010, when he went on RTÉ radio to declare a State bailout worth “tens of billions of euro” was imminent, in the face of repeated denials by the government of the day


  12. London Morris April 2, 2017 at 11:34 AM #


    Sounds like the Stuart & Sinckler getting advice on privatisation from one of the World leaders.


  13. Own Area April 2, 2017 at 12:13 PM #

    Carson Cadogan

    Here is a theme for the next DLP manifesto:

    Cartroads to Austerity & Privatization


  14. Carson C Cadogan April 2, 2017 at 12:44 PM #

    Austerity is desirable and not always a bad thing..

    Belt tightening is never a bad thing. It teaches people to learn to live within their means. How to not hang their hats higher than they can reach it. To pay for what they want and not to expect that every thing is free or ought to be free. It forces now generations to foot their fair share of the bill for what they want and not to pass along to future generations the cost of their over indulgences as we like to do here in Barbados. Hence every ten to fifteen years or so economic challenges in Barbados.


  15. Own Area April 2, 2017 at 12:48 PM #

    The DLP belt tightening is a self inflicted wound. The most deadly weapon in all of the world is incompetence.


  16. Carson C Cadogan April 2, 2017 at 1:34 PM #

    Well I guess that is your way of looking at it. Not that you are correct.

    I think you need a new leader. MIA AMOR MOTTLEY IS JUST NOT CUTTING IT.

    Every year the Govt. has to pay $30million for a prison in St. Phillip. This is the prison which MIA AMOR MOTTLEY when she was Attorney General told Bajans it would cost $100million Bajan but somehow ending up making Bajans pay $700million Bajan. But don’t worry we are finding the payments every year. Some how we are to believe that she is the economic guru at nearly $1billion Bajan for a project.

    When she was Min. of Education she started something called EDUTECH. Ended up costing Bajans in excess of $30million Bajan. Up to this day we have nothing to show for it.

    As Min. of Economic affairs said that she was frustrated with the Private sector who were not pulling their weight. She proposed that Barbados become a manufacturing heavy weight in Garments and furniture. She was laughed at by the Private sector of Barbados. Even Prof. Howard said at the time that all she had were old fashion ideas. Where is the garment manufacturers and the furniture manufacturers?

    Now we are to vote for her because she is a WOMAN!!!!!!

    I think NOT.


  17. Own Area April 2, 2017 at 1:59 PM #


    Why are so consumed with the Leader of the Opposition, is cause she and the BLP was a major discussion was discussed at Cabinet? BLP is not going to beat the DLP, the people are going to vote wunna OUT and rightfully so.


  18. Tron April 2, 2017 at 2:13 PM #

    Carson C Cadogan April 2, 2017 at 10:28 AM: “According to them the country is poor, pitiful, and an inch away from disaster.”

    When I visited Apes Hill Plantation this weekend, I came across many slums in the bushes. I suppose, your voters who believe they live in a developed country.


  19. Own Area April 2, 2017 at 2:21 PM #


    Despite the poverty in the environs of Apes Hill that has not stop COW and Apes Hill from buying a brand spanking new shiny airplane. Was the NIS money for this expense:–

    Compared to the average cost for all Private aircraft, which is US$541,600, the Hawker Beechcraft Beechcraft Baron G58 costs:
    $453,400 more expensive (a 84% premium) or US$995,000 for the entry level plane.


  20. Carson C Cadogan April 2, 2017 at 3:00 PM #

    You know what amuses me about you people?

    The WHITE BAJANS are taking their money and investing it in their homeland Barbados.

    Far too many BLCK BAJANS are simply parking their money at the banks. Not investing it in their homeland. But what they are doing is criticising the WHITE BAJANS who are willing to take risks with their money and see Barbados move forward.

    The Govt. is investing money in viable projects to help the country and for you that is a problem. Meanwhile your money is catching rust in bank vaults.

    You have no moral right to criticise people like CO Williams and Maloney. They should be given a medals.

    When you take some of your money off the bank and do something useful with it then you can have a say.


  21. Well Well & Consequences Observing Blogger April 2, 2017 at 3:05 PM #

    Yeah…given medals for using you idiots…


  22. Own Area April 2, 2017 at 3:06 PM #


    You clearly do not know how white business people in Barbados operate, if you did you could not make that comment.

    Can you shed any light on the two thousand, nine hundred (2,900) house lots given to Maloney on the eve (a matter of days) of the 2013 election? Not a blasted cent the man didn’t pay for them 2,900 house lots at Bushy Park.


  23. Carson C Cadogan April 2, 2017 at 3:07 PM #


    You should be shame visiting Apes Hill Plantation, because left to you it would be nothing but a back woods. You just waiting for others to invest their money on projects and you just waltz in.

    A real freeloader!!!!!


  24. Own Area April 2, 2017 at 3:08 PM #

    Not 29
    Not 290
    But 2,900


  25. Own Area April 2, 2017 at 3:10 PM #


    Apes Hill is likely in debt to the tune of $100 MILLION, with the NIS being the biggest lender at about $26 MILLION. Some people make no distinction between robbing the government, robbing the commercial banks and robbing the NIS.


  26. Carson C Cadogan April 2, 2017 at 3:11 PM #


    I know how WHITE PEOPLE operate far better than you.

    I also j\know that all BLACK PEOPLE like to do is to pull down other BLACK PEOPLE. If we had a WHITE Govt. all of you would be in favour of what ever they do.

    So don’t come to me with that.

    Too many BLACK PEOPLE are like crabs in a basket.


  27. Carson C Cadogan April 2, 2017 at 3:12 PM #



  28. Own Area April 2, 2017 at 3:15 PM #

    I am not going to argue with you on white people ans Sinckler, it’s hard to tell the difference between them two anyway.

    What about the 2,900 house spots at Bushy Park given to Maloney by NHC before the 2013 election, that slip you????


  29. Carson C Cadogan April 2, 2017 at 3:18 PM #

    Only you know what you are talking about.


  30. Own Area April 2, 2017 at 3:21 PM #

    ……………but the Leader of the Opposition spoke about it in the Estimate and no one, to man (that includes Mara), denied or contested it. You play you ain’t know but you can’t hide from sunlight all the time.


  31. Carson C Cadogan April 2, 2017 at 3:24 PM #

    Everything MIA AMOR MOTTLEY has ever done has fallen flat on its face.

    Before the fire at Glendairy she was warned about unrest at that institution and she did nothing about. Now Bajans are saddled with huge payments every Jan. to pay for her $700million Bajan facility in St. Phillip.

    And a couple of weeks ago she put a 13 year old Muslim boy on her political platform to beg for votes for her.

    As the old Bajans used to say she is not worth what Paddy shot at.


  32. Carson C Cadogan April 2, 2017 at 3:25 PM #

    We all know that MIA AMOR MOTTLEY does not let the truth get in her way.


  33. Carson C Cadogan April 2, 2017 at 3:27 PM #

    Imagine that, VOTE FOR ME because I am a woman. hahahaha


  34. Carson C Cadogan April 2, 2017 at 3:28 PM #

    She is always talking about she is from a political family. I didn’t know we had such. She feels entitled. Just like HILLARY CLINTON. And we all know what happen to her.


  35. Own Area April 2, 2017 at 3:40 PM #

    Don’t worry but Mia Mottley, wunna should be able to beat her silly, after all the is a woman. I don’t see them vote for a woman over a CLOWN.


  36. Carson C Cadogan April 2, 2017 at 3:52 PM #

    UN report: “Barbados region’s best place to live” “Top of the grade” Despite alllll the credit rating downgrades,despite alllll the doom and gloom,despite allll the propaganda,despite alllll the “step up If yuh fed up” Mia’s march,despite alllll the naysayers,despite alllll the cussing,the unnecessary rants, alllll of those who claim Barbados was doing the worst in the region, alllll the political forecasters worst predictions Barbados ranks #1 in this region as the best place to live. Now I am sure this doesn’t bring any measure of pleasure or relief to the BLP, it’s supporters,sympathisers,economic forecasters et al. I am sure they were all over fb,IG,twitter and all other social medias and or other medias predicting doom and gloom,every downgrade Barbados got they were hotttt on these medias spreading they propaganda and they doom and gloom messages. Let’s see if they will be on the same social medias etc singing the country’s praises for this ranking. But knowing them they will try to twist and give thumbs down to this report to show why Barbados was voted as such or better yet they may say somebody was paid. Don’t get me wrong not every BLP supporter is preaching doom and gloom messages. And I won’t make bold to say that everything in this country is perfect,all is well with everyone or there is nothing for anyone to complain about but at the same time we have lots to be thankful for let’s not forget that. Count your blessings name them one by one. I also read a young man’s account of his experience living and working in Barbados as compared to his country of Birth. He is differently able but he said Barbados does more and is more advanced in terms of looking after the disable or differently able community. I was also very proud of that too cause we had a young lady wheelchair bound who participated in the Mia’s step up If yuh fed up march and the blp want to give or they actually said it that the Government ain’t do nothing for the disable or differently able community. We living in a society today that is an instant society we have instant coffee,instant foods and we want everything done in an instant. Potholes,roads,housing,etc etc is supposed to be done instantly,I like these people want these things done too but realistically I know there take time and can’t be done over night or taken out of a box,bottle,plastic or can and instantly there are there. So yes there are few things to complain about but we have much more to be thankful for. If people who don’t live in Barbados can vote and vouch that Barbados is the best country to live in why would we in Barbados be seeking to destroy it. I am sure the same way we as Bajans or citizens of Barbados have access to information and know what going on in other parts of the world those living outside of Bim(Barbados) have access to these same information via the same medium but they still say “Barbados region’s best place to live”. So Barbadians and Bajans let’s step up and big up our own(country Barbados,businesses etc).”Bim(Barbados) I love you Bim I am proud of you”.


  37. Own Area April 2, 2017 at 4:25 PM #


    Begging won’t work either. The people know they we TRICKED in 2013 and they will have their vengeance.


  38. Carson C Cadogan April 2, 2017 at 5:47 PM #

    I am wondering who tricked them?

    The people voices were clear in 2013, back to the opposition benches for the Barbados Labour Party. That is where the voting public knew that the Barbados Labour Party belong.

    the same will happen again in 2018.


  39. Own Area April 2, 2017 at 6:54 PM #

    We shall see now. What do they say about chickens again?


  40. Tron April 2, 2017 at 6:59 PM #

    @Own Area

    Exactly. The people around the new plantation do NOT profit.


  41. Carson C Cadogan April 2, 2017 at 7:03 PM #

    Owen Area

    Are you talking about counting your CHICKENS before they are hatched as the Barbados Labour Party is famous for doing?


  42. Carson C Cadogan April 2, 2017 at 7:10 PM #


    The last time DAVID predicted 28 seats for you all so did PETER WICKHAM. The BLP secretary predicted no less than 17 seats. Do you recall Wickham’s infamous polls just before the 2013 elections which showed that the DLP would win and the next day a new poll showing that the BLP would win.

    That must have been very embarrassing for the Barbados Labour Party. They have not gotten over it to this day.


  43. Carson C Cadogan April 2, 2017 at 7:11 PM #

    Anyway have a good night fellas.

    Sleep tight, don’t let the bedbugs bite.


  44. Well Well & Consequences Observing Blogger April 3, 2017 at 6:46 AM #

    Carson..ya just a really dumb negro, ripe for the stock exchange.


  45. Carson C Cadogan April 3, 2017 at 8:21 AM #

    Morning families

    How are you guys today? Hope everyone is doing fine under the DLP Govt. as many of you are doing including MIA AMOR MOTTLEY!!!!!!!

    Here is some news which will give MIA AMOR MOTTLEY heartburn early this morning.

    “”Barbados beats out famous destination to win international award “”

    “”In the final stretch of the Travel Bulletin Star Awards, Barbados went up against the Maldives, Mauritius, St. Lucia, Seychelles and Dubai in the ‘Destination for Luxury Holidays’ category, and emerged victorious.

    Barbados Tourism Marketing Inc’s (BTMI) Director, UK, Cheryl Carter, who collected the award on behalf of the destination, stated that the Star Awards stand as one of the most prestigious of its kind recognizing excellence in the highly competitive travel industry, making this newest accolade even sweeter for Barbados.””

    Now here is Barbados which the Barbados Labour Party wants everyone to believe is poor , pitiful, pissy and an inch away from disaster copping this prestigious award in the International arena.


    Barbados Labour Party members and supporters!!!!!


  46. Carson C Cadogan April 3, 2017 at 8:23 AM #

    BU family Barbados awaits your compliments.

    Don’t be ashamed to congratulate the Govt.


  47. Bush Tea April 3, 2017 at 8:33 AM #

    Every time you post, you confirm Dr GP’s assessment of you….

    Admittedly, given the circumstances that he described of your youth, we should not hold you responsible to be any different in your resigned acceptance of being screwed by the DLP.

    Just saying … so that BU bloggers may be more aware of your challenges…… and to apologise for about 50% of the times that Bushie cussed GP…
    ha ha ha


  48. Carson C Cadogan April 3, 2017 at 8:38 AM #

    I am sure that you all will recall that the Barbados Labour Party is always pointing to Guyana as the country which is doing fabulously well unlike Barbados which is the worst place on Earth.

    Up to date news out of Guyana.

    “Foreign reserves fall below US$600 for the second time in two years.””

    How much weeks coverage is that?

    Somehow one does not hear DAVID of BU or anyone on BU talk about these things. MIA AMOR MOTTLEY will not have a good week. Her installed Govt. in St. Lucia not doing well at all and her favourite country having foreign exchange troubles.


  49. Own Area April 3, 2017 at 8:45 AM #

    IRVING, Texas – Exxon Mobil Corporation announced Thursday positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara.
    “The latest discovery at Snoek demonstrates the continued success we have achieved in this technically complex play, which is just part of the significant exploration province offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company.
    ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. commenced drilling of the Snoek well on Feb. 22, 2017 and encountered 82 feet (25 meters) of high-quality, oil-bearing sandstone reservoirs. The well was safely drilled to 16,978 feet (5,175 meters) in 5,128 feet (1,563 meters) of water on March 18. The Snoek well is located in the southern portion of the Stabroek Block, approximately 5 miles (9 km) to the southeast of the 2015 Liza-1 discovery.
    Following completion of the Snoek well, the Stena Carron drillship has moved back to the Liza area to drill the Liza-4 well.
    “As we continue to evaluate the full potential of the broader Stabroek Block, we are also taking the necessary steps to ensure the safe, cost-efficient and responsible development of this world-class resource, which can provide long-term, sustainable benefits to the people of Guyana,” said Greenlee.
    The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
    ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world.
    Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules and resource recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; and other factors. References to “recoverable resources” mean quantities of oil and gas that are not yet classified as “proved reserves” under SEC definitions but that we believe may ultimately be produced.


  50. David April 3, 2017 at 8:49 AM #

    @Owen Area

    What is the latest with the Barbados blocks do you know?


  51. Own Area April 3, 2017 at 8:57 AM #

    If they can manage the economy you expect they will make any meaningful contribution to developing the offshore oil and gas sector?


  52. Hants April 3, 2017 at 8:59 AM #

    “There is no shortage of foreign exchange in Guyana! The reserves at the Bank of Guyana have improved from approximately US$598M at the end of 2015 to about US$625M at present — an increase of US$28M,” Minister Jordan revealed on Tuesday.”


  53. Hants April 3, 2017 at 9:02 AM #


  54. Carson C Cadogan April 3, 2017 at 9:10 AM #


    Check the Sunday Stabroek news.


  55. Carson C Cadogan April 3, 2017 at 9:11 AM #

    You seem to be a little behind. Which is not unexpected.


  56. Hants April 3, 2017 at 9:17 AM #

    @ Carson C Cadogan,

    And you forgot the M.

    You certainly in front with your skulduggery as you continue to alienate DLP supporters.

    USA $600 million dollars.


  57. Hants April 3, 2017 at 9:30 AM #

    “He started to cry. Real tears”

    “This is three months that I cannot pay him a red cent and I have nowhere to go”


  58. Tron April 3, 2017 at 9:33 AM #

    Soon, the young and bright Barbadians will start to emigrate to Guyana, leaving behind the slavedrivers and bureaucrats. You will see.


  59. Well Well & Consequences Observing Blogger April 3, 2017 at 11:19 AM #


    Venezuela is one of the top producers of oil, right up there with Saudi Arabia, Nigeria etc, but because all the wealth was left in the hands of the greedy few, with corrupt politicians and their bribery and incompetence, being the 3rd oil producer in the word cant help the suffering Venezuelan dont matter how much oil is found.

    Guyana is famous for it’s corrupt thiefing governments, nothing will change for the people who suffer if the governments remain corrupt and all the wealth is kept in the hands of a few people..


  60. NorthernObserver April 4, 2017 at 1:10 AM #

    @Own Area
    sorry went up into the real north….no internet.
    No I didn’t know in Bim Republic is run under the name of Republic Financial Holdings.


  61. Well Well & Consequences Observing Blogger April 4, 2017 at 10:26 AM #

    Where is Piece these days…


  62. Walter Blackman April 4, 2017 at 4:35 PM #

    Hal Austin March 31, 2017 at 11:53 AM #
    I know it is fashionable to blame individuals, but should we not be blaming the minister, who is ultimately accountable; the chairman of the NIS, Justin Robinson, and members of the investment committee; and the person(s) who carried out the due diligence?
    In any case, this is not an investment, but a loan. Is the NIS authorised to make commercial loans to private businesses without the approval of parliament?

    David March 31, 2017 at 3:29 PM #
    Know this is a busy time for you but an opinion on this matter given your expertise would be valued.

    I don’t believe that the governance structure of the NIS has undergone any radical change in its 50-year existence, so I will state these pointers from memory, as a means of steering the discussion in the right direction:

    The NIS Board is a corporate entity with a corporate seal. It can transact business in its own right.
    The National Insurance FUND was established under the control and management of the NIS Board. However, when it comes to the fund, there are two instances where the practical power of the Board either intermingles with, or is superseded by ministerial power.

    One, the Board with the approval of the Minister responsible for Social Security, may write off sums of money from the fund as losses.

    Two, any monies belonging to the fund may be invested by the Board in whatever manner, and in whatever securities, that the Minister responsible for Finance may direct.

    The Minister responsible for Social Security, and the Minister responsible for Finance are two political positions which, by nature, tend to put political considerations first. For example, in the realm of extreme probability, whilst a directed NIS investment decision can end up in hundreds of millions of dollars forever being lost, it may provide invaluable political benefits. Additionally, hundreds of millions of dollars can be written off as losses to the fund, in instances where borrowers have the capacity to repay. Such decisions might prove to be injurious to the fund, but may be calculated to provide excellent political payoffs.

    The governance structure does not subject these extreme positions to any “prudent man” rule at the transactional level, so any “blaming” would have to manifest itself in political terms at election time. Of course, this depends on how vigilant or sensitive the electorate is to the management of NIS funds.

    In the 2013 general election, our current Minister responsible for Finance, the Hon. Chris Sinckler, would have been subjected to a great amount of “blame” for the millions of NIS funds which were considered to be wasted on ill-fated projects. The electorate held him to be “blameless” and returned him to parliament. It is highly likely that the electorate will return him to parliament when the next general election comes around.

    Our current Minister responsible for Social Security, the Hon. Dr. Esther Byer-Suckoo, is seeking to avenge the political defeat she suffered in 2013. With respect to the NIS fund and any associated problems, her political opponents will be expected to highlight instances, if any, where she injudiciously approved the writing off of monies, owed to the NIS fund, as losses. If they cannot do this, then she must be viewed by the electorate as totally and completely blameless when it comes to any mismanagement of NIS funds.

    I tried to keep this comment short and simple whilst simultaneously tackling Hal’s quesions. I have also deliberately left some dots to be connected by the more thoughtful and discerning BU readers and bloggers.


  63. Tron April 4, 2017 at 5:02 PM #

    Walter Blackman: “It is highly likely that the electorate will return him [Sinckler] to parliament when the next general election comes around.”

    I totally agree. The masses are so poor and clueless due to 50 years of postcolonial mismanagement, they will definitly vote for Santa Chris, who brings corned beef and jam to the slums of his constituency.


  64. NorthernObserver April 4, 2017 at 6:11 PM #

    “this depends on how vigilant or sensitive the electorate is to the management of NIS funds.”……how might we discover this management information without an annual report? Write 20 letters to persons within the NIS senior management and hope one responds?



  1. When Political and Investment Considerations Intersect to Affect the NIS Fund | Barbados Underground - April 4, 2017

    […] response to an an exchange between David of BU and Hal Austin on the NIS Dumps 21 Million Dollars in Apes Hill Development blog, respected Barbadian actuary Walter Blackman responded with a comment deserving of deep […]


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