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
292 responses to “NIS Dumps 21 Million Dollars in Apes Hill Development”
Carson
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.
OWN AREA
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.
if SINCKLER WAS A white MAN ALL OF YOU WOULD HAVE YOUR NOSES UP HIS BACKSIDE.
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????
Only you know what you are talking about.
……………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.
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.
We all know that MIA AMOR MOTTLEY does not let the truth get in her way.
Imagine that, VOTE FOR ME because I am a woman. hahahaha
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.
Carson
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.
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”.
Carson
Begging won’t work either. The people know they we TRICKED in 2013 and they will have their vengeance.
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.
We shall see now. What do they say about chickens again?
@Own Area
Exactly. The people around the new plantation do NOT profit.
Owen Area
Are you talking about counting your CHICKENS before they are hatched as the Barbados Labour Party is famous for doing?
HOW MANY SEATS ARE YOU ALL GETTING THIS ELECTIONS TIME?
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.
Anyway have a good night fellas.
Sleep tight, don’t let the bedbugs bite.
Carson..ya just a really dumb negro, ripe for the stock exchange.
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.
READ AND WEEP.
Barbados Labour Party members and supporters!!!!!
BU family Barbados awaits your compliments.
Don’t be ashamed to congratulate the Govt.
Carson…
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…
LOL
ha ha ha
Murda!!
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.
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.
@Owen Area
What is the latest with the Barbados blocks do you know?
If they can manage the economy you expect they will make any meaningful contribution to developing the offshore oil and gas sector?
“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.”
https://www.nytimes.com/2017/01/13/business/energy-environment/major-oil-find-guyana-exxon-mobile-hess.html?_r=0
https://www.nytimes.com/2017/01/13/business/energy-environment/major-oil-find-guyana-exxon-mobile-hess.html?_r=0
HANTS
Check the Sunday Stabroek news.
You seem to be a little behind. Which is not unexpected.
@ 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.
“He started to cry. Real tears”
“This is three months that I cannot pay him a red cent and I have nowhere to go”
http://www.nationnews.com/nationnews/news/95281/wild-coot-missed-opportunity#sthash.YhbYdSzD.dpuf
Soon, the young and bright Barbadians will start to emigrate to Guyana, leaving behind the slavedrivers and bureaucrats. You will see.
Despicable..
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..
@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.
Thanks
Where is Piece these days…
Hal Austin March 31, 2017 at 11:53 AM #
David,
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 #
@Walter
Know this is a busy time for you but an opinion on this matter given your expertise would be valued.
David,
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.
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.
[…] 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 […]
@WB
“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?
Continue posting here:
https://barbadosunderground.wordpress.com/2017/04/04/when-political-and-investment-considerations-intersect-to-affect-the-nis-fund/