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”
Bushie
We know well that the academicians at Cave Hill hardly produce anything.
With Justin, as Chairman of the NIS, should not a more firm determination be made.
A public determination that would make all and sundry shiver in these boots.
Charging people like this only plays into an elitist court system. And nothing will become of it.
Are there any people like Justin in jail in Barbados?
We hope you get our drift.
Alvin Cummins
The Apes Hill project might have been conceptualised and given TCPDO permission under the BLP but it looks like it was the DLP which actually took $25 MILLION from the NIS and gave it to the project.
“So these Baccra boys that Barbados has been worshiping for decades as rich men, with the possible exception of Simpson, can only get their money, economic power, from control of the government of Barbados, as piggy bank.”
Simpson is the only wealthy one, he makes money by the second, hand over fist, but he too got his start when Barrow picked up poor people’s money, one million dollas and gave Simpson to invest, he bought a fishing trawler for shrimping, quid pro quo for Barrow using Simpson’s old beach house in Bathsheba for his sexcapades…..
…..all the other minorities are broke ass parasites unable and unwilling to stop sucking on the black majority for survival….even aftr 40 years, because generation after generation of weak house slaves in parliament, enable them.
Alvin…it really is to early for your insulting stupidity. ..really, truly.
Alvin Cummins March 29, 2017 at 7:26 AM #
“THE SIZE OF THE PROJECT TOLD ME THAT SOMEONE OTHER THAN COW HAD TO BE BROUGHT IN AS UNDERWRITERS. LITTLE DID I THINK IT WAS THE BARBADOS GOVERNMENT, THROUGH THE NIS. Which one was in power then? Forget, but I can be reminded.”
@ Alvin Cummins
Are you implying that, because the Apes Hill project received financing from the NIS through a previous BLP administration, the NIS is forcibly required to provide further financing?
Under the circumstances you alluded to in your above comments, perhaps you should exhibit your displeasure by asking why this DLP administration has continued to use NIS funds to support the project.
Art
From what I am reading the NIS only invested money in Apes Hill after Ernst & Young made a request for funding in 2014.
Maybe that could be the solution for Barbados as a state! Default, restructure, than bailout by NIS 😉
86 YEAR OLD WOMAN ABUSED AND TRAUMATIZED IN BARBADOS.
“WITH TEARS STREAMING down her cheeks, a distraught and at times inconsolable
Edmunda Gittens could only watch on in disbelief as the house she had called home for 80
years was stripped down to its foundation.
Yesterday’s development was the end result of a bitter feud between the owners of the plot of land at Kendal Hill, Christ Church, and Gittens, 86, over the non-payment of land rent.
http://www.nationnews.com/nationnews/news/95107/elderly-tenant-evicted#sthash.5WhuNMuo.dpuf
Why don’t you offer her and her relatives rent-free accommodation on one of your local properties Hants?
Alvin Cummins
Your reflexive defense of the DLP inhibits you from carrying your lack of reason to any logical conclusion.
You cite Apes Hill, suggest that this is a BLP failure. Have you no honour?
More importantly, how is it possible for you to miss the same trajectory of failure, mal-administration evenly spread across regimes, whether BLP or DLP, for the last 50 years.
Maybe your brain stops working at D in the alphabet.
Barbadians are real jokers fuh trut. Govt using NIS funds to invest in a product /project that has shown a stellar record of finnacial performance to the country has been turned into political bantering
What else would these political jokers suggest for monies sitting idly collecting nothing should Govt do with the money
It is obvious that many speaking here does not understand the long term financial benefits of investment planning in projects that have a proven track record of financial return and overall success to the country creation of growth
Tron
What are you laughing at, or stating in jest!
A strategic default has to be one of the responses being considered by people who are sensible.
Maybe the Bajan pride is getting in the way of that industry.
@ac
Clueless!
Angela
If Apes Hill was so successful answer these two simple questions:-
Why then did it default on debt payments and have to restructure?
Why didn’t/couldn’t the shareholders of Apes Hill come up with the measly $2M for the cost overruns to Clubhouse?
David
I will leave it to you to use your good judgement and advise the BU family what would/could be the legal ramifications to the directors if the NIS was located in USA or Canada or Europe and it continued to invest money in a project which has already defaulted and about whom there are serious doubts about its solvency.
@Owen Area
If it is such a good investment as minister Kellman is telling us on Facebook why couldn’t Sir COW get one of his rich friends to invest? You know why, this is a risky investment and they are scared shitless to sinl more of their money one and two they believe Barbados the country has a vested interest in their success.
As’ s….exactly how much money n returns has the government seen from Cow’s Apes Hill scam, how much of that 25 million has been returned to the treasury/NIS. …the people have a right to know.., it’s THEIR MONEY…not Cow’s and not any of the idiot ministers, it belongs to the people as a collective…..how much money was returned yardfowl. Of ya can tell us how much, I will actually start to take you seriously.
I can just imagine how Bjerkham manipulates this Robinson dude at central bank.
“Are you implying that, because the Apes Hill project received financing from the NIS through a previous BLP administration, the NIS is forcibly required to provide further financing?”
That is just like Bizzy’s IONICS scam, under the previous government he got millions a month for doing nothing, ya think these present fools in cabinet would have the intelligence to tell Bizzy it’s taxpayer’s money and not his welfare money that he thinks he is entitled to…..
……what do these house slaves do, Fruendel and his Fools renewed the IONICS scam contract so that Bizzy can continue getting free welfare, taxpayers money for another 15 years or more….millions per month…for doing nothing,
David you are talking bare foolishness evident in your comment to Owen Area.
Sir COW suckling from the black trough, the issue is the black matron cow is encouraging same. FREE MONEY IS FREE MONEY we’d all like some. Don’t shoot the borrower go gunning for the lender, NIS and OUR other black so called leaders.
WE GETTING WHAT WE DESERVE.
Cow could have donated the $2 million to finish the club house.
Surely the richest Bajan has a few million in pocket change.
@Owen Area
Let us walk slowly here. After the EMERA transaction the Board and Minister should have resigned. After sinking 60 million USD in Four Seasons the Board and Minister should have been fired.
@ac
You are an idiot and obviously trying to do what yardfowls do, obfuscate (check the dictionary) .
Yes David
But would have those actions, resignations, firings, stopped the transfer of public assets into private hands.
@Pacha
We all agree the system is rotting at the core, perhaps it would have served to signal a passive public to greater engagement.
All hypothetical though.
The project currently has an additional 9 golf holes under construction to complement the ongoing lot development and building construction activity. Apes Hill Development SRL In December 2005, the company’s newly formed subsidiary, LML Caribbean, Ltd., entered into an agreement with C.O. Williams Investments Inc., an affiliate of a large general contractor in Barbados, for the formation of Apes Hill Development SRL (“Apes Hill”). A copy of the Members’ Agreement for Apes Hill Development SRL is attached hereto as Exhibit 10. Since its formation, Apes Hill has purchased approximately 470 acres in Barbados for $12,000,000 on which it is planning to develop a golf course, hotel and approximately 375 residential lots and/or units. The company indirectly owns 33-1/3% of Apes Hill and, since the beginning of 2006, has invested approximately $4,000,000 in such entity. Apes Hill has negotiated a commitment from a local lender and is currently in negotiations with such lender as to the terms of the final loan documentation for acredit facility in the amount of $34,700,000 for the development of the golf course, infrastructure and initial residential phases of the project. Presidential Golf Club, LLC In December, 2005, the company’s subsidiary, DPMG Inc. entered into a limited liability company agreement with V.O.B. Limited Partnership (“V.O.B.”), the owner and developer of the approximately 1,200 acre Beechtree residential development located near Upper Marlboro, Maryland (a suburb of Washington, D.C.). Each of V.O.B. and DPMG Inc. own 50% of Presidential Golf Club, LLC (“Presidential”). V.O.B. contributed approximately 350 acres of real property to Presidential and each of V.O.B. and DPMG Inc. have agreed to contribute up to $700,000 in equity for the development of an 18-hole championship golf course. V.O.B. has agreed to lend to Presidential the remaining funds to complete the golf facility which DPMG Inc. will manage and operate. The golf course construction is currently underway and the parties anticipate a 2007 spring/summer grand opening. (b) Business of Issuer In addition to the company’s equity interest in golf and real estate activity in the South Padre, Barbados and Maryland projects described above and in
@ Bush TeaMarch 29, 2017 at 7:19 AM
“Why is government HQ moving?
++++++++++++++++++++++++++
No one knows for sure,
…but about twenty million dollars are involved in the move..
……and elections are imminent.
That should give a hint.
It was either CAHILL, HYATT, the Canadian Solar Crooks, …… or move shop ….it seems.”
Bushie boy, you know how to really corner and expose a ‘ratty’ scam from early on in its odoriferous detection.
Now ask yourself how can a government unable to meet its monthly payroll without printing money be so stupidly corrupt as to talk at this time of fiscal trauma about borrowing money from the private sector and turning one of the more architecturally appealing and conveniently located buildings (less that 100 years old and a mimicking baby to its great great-grandmother of a building at Whitehall) into another haven for rats and vagrants just like its much younger sibling called the NIS building on Fairchild Street?
Who will be awarded the contract to further ‘depopulate’ commercial Bridgetown and further denigrate its environs to further debase its designation as a world heritage site?
Will it be the same more money the baloney-talking man maloney whose plan to build a 15 storey towering business-oriented hotel to revitalize an ‘increasingly rundown sedate’ and growingly filthy ghetto Bridgetown is totally at odds with the recently announced move to make Bridgetown a mere shadow of its former self?
Are some of the proceeds to establish new Gov’t HQ to be used to fund the upcoming elections just like the ‘promised’ collateral to build the Grotto was used for the expensively successful 2013 campaign?
Bushie man, you are a smartass Cawmere boy who is quite capable of answering the following question:
How come Hyatt can find ‘phantom investors’ of good standing and reputation (hopefully from overseas) to finance its construction next to a rat invested dungeon own by a Ram in a dying stinking place called Bridgetown but neither Apes Hill nor Four Seasons with their more exotic appeal to upscale filthy rich visitors and well-heeled celebrities can find financial backers other than the poor working class of Barbados?
It took a full blow up for people to see what we and a few others were and still saying on BU, welcome to the Truth, Whatever you can think of they have done, lady on land so long and was moved, Well Well what ever happen to UDC , NHC , rights and all of that, I bet some white man want to be there next, We posted, we have the plantation deed for that Plantation, Would love to know who the owner? and to they have a Clear title?
As you can see anyone can be moved at any time for the right price,,,
crooks, liars and scumbags, Vote CUP
Why would the NIS loan money to a company that is 33 1/3% owned by an American
company?
David you are talking bare foolishness. Having no sense of financial planning and not understanding the benefits of having a financial portfolio that lends credibility and can be used for credit worthiness
There are many aspects as to the loan outside what you and others with a narrow minded political view perceive.
Maybe i am an idiot but you stupid banter is in a class of an intellectual mindless jack a.ssswho belives they word is gospel
You may have the last word.
#lossentheweave
@ David,
It is interesting what you find when you read a document in it’s entirety.
We here blaming Cow 100% but no discussion of the 33 1/3% owner of planet of the apes.
David
A good effort on your part trying to hold an intelligent conversation with a minister on fb.
The bottom line…..its is all about elections to which every action is presently geared towards.
They will not be happy that Rubis was able to get a court order to stop the oil deal,the second project put on hold in the same amount of weeks.
Wyndham will start on the 31st they say…..with whose money…..has the Chinese money arrived?
@Vincent
Have you also noticed how the Bajan Facebook intelligentsia has stayed away from the conversation?
Own Area March 29, 2017 at 8:08 AM #
“From what I am reading the NIS only invested money in Apes Hill after Ernst & Young made a request for funding in 2014.”
@ Own Area
My comments were based on Alvin Cummins’ contribution in which he stated “the Apes Hill project was first foisted; 2001 or 2002,” thereby implying the project conceptualized under a previous BLP administration, who used NIS funds to provide an initial financial investment.
“How come Hyatt can find ‘phantom investors’ of good standing and reputation (hopefully from overseas) to finance its construction next to a rat invested dungeon own by a Ram in a dying stinking place called Bridgetown but neither Apes Hill nor Four Seasons with their more exotic appeal to upscale filthy rich visitors and well-heeled celebrities can find financial backers other than the poor working class of Barbados?”
Because no investor who is not also a crook would touch those local minority thieves…none.
Word spread about Cow, Bizzy et al and their 4 season scam , no reputable investor would touch any of them, so ah guess is back to continue being parasites to the majority population.
@miller
you assume the NIS is not participating in the Hyatt financing?
@ Blogmaster
I read the proposed security but guess it got ‘lost in my mind’. I’d like more than 10% buffer on land which has been selling ‘in distress’ for 50% of its original transaction price. And if the owners cannot provide financing, why allow them to possibly guarantee the loan.
Seemingly overlooked, is 33% of this ‘new money’ (loan) is to pay E&Y an “arrangers fee” from the initial loan. 4% is a huge sum, one wonders whom E&Y is ‘sharing that with’?
Who ya think brought in the 33 1/3 % owner in the first place….who has probably been trying the last few years to recoup and run……Redjet is still very fresh in investor’s minds.
There is a massive investigation going on in the US right now, I will look out for those Maryland based business names.
This is what happens when a population is neglected, they rightly refuse to speak to useless, local officials, something like the useless house slaves in parliament….these at least have France to complain to about their neglect, the people in Barbados have no one…they will have to get rid of the savages themselves.
“From The New York Times:
Strikes Shut Down French Guiana, With Effects Resonating in Paris
Presidential candidates scrambled to address the unrest as residents of the French territory in South America protest high crime and economic hardship.”
https://www.nytimes.com/2017/03/27/world/europe/french-guiana-general-strike-france.html
French Guiana (pronounced /ɡiːˈɑːnə/ or /ɡiːˈænə/, French: Guyane française; French pronunciation: [ɡɥijan fʁɑ̃sɛz]), officially called Guiana (French: Guyane), is an overseas department and region of France, located on the north Atlantic coast of South America in the Guyanas.
Country: France
GDP (2012): Ranked 27th
Per capita: €15,400 (US$20,000)
NUTS Region: FRA
Get rid of the present government, it’s a must, get rid of the minority parasites, Cow, Bizzy Maloney, Bjerkham et al….and hold on to ya knickers, cause when ya look down, ya might not have on any..
Article 50 triggered.
http://www.independent.co.uk/news/uk/politics/article-50-latest-news-brexit-process-triggered-talks-two-years-lisbon-treaty-a7655111.html
“As the Prime Minister prepares to trigger Article 50 on Wednesday, ex-business secretaries Michael Heseltine, Peter Mandelson, and Vince Cable told The Independent leaving with no arrangement in place would be disastrous for British firms and jobs.
Tory Lord Heseltine branded the move “the nightmare which every Conservative prime minister for whom I have worked sought to avoid”, Labour’s Lord Mandelson compared it to “shooting ourselves in both feet” and Liberal Democrat Sir Vince Cable warned disruption could be “as serious as the credit crunch”.
“Then it is up to the UK and EU to battle it out over terms. The UK is facing an estimated £48bn Brexit “divorce bill” to pay for the contributions it agreed to make to EU-wide projects up to 2020, as well as the pensions of officials.
Meanwhile hardliners have called on Ms May to refuse to pay the bill, leaving her very little room to manoeuvre as she currently holds a narrow majority in the House of Commons and the majority of Tory MPs are pro-Brexit.
The negotiations could also be complicated by the domestic political situation in the individual member countries. Several major EU economies,such as France and Germany, are facing major elections where right-wing populists could make major gains.
This means EU politicians will not want to appear “soft” on the UK for fear that populists in these countries will start advocating for their own withdrawal.”
AUDITED financial statements of the NIS, especially the Balance Sheet, would make INTERESTING and INFORMATIVE reading.
Perhaps then we would be in a better position to assess if the NIS realized any significant ROI and the fund’s viability to undertake future investments, without compromising future payment of benefits.
Until such time the financials are made available for public scrutiny or there is an explanation, in lieu of those statements, from the NIS board of directors relative the scheme’s investment and loan portfolios, although our discussions on this issue are important, we will continue under assumption and speculation.
Especially if we were to relay on comments from individuals such as Denis Kellman, who purposely tries to complicates issues by constantly (and erroneously) applying the terms “accrual and cash basis systems” and the “opportunity cost” to government using NIS for investment purposes or financing the deficit.
Unfortunately, as contributors to the fund, Barbadians should have a say on how the NIS is managed and funds disbursed. It is rather disappointing that successive governments have not CONTEMPLATED the NECESSITY or IMPORTANCE of APPOINTING at least two individuals to the NIS board of directors, to REPRESENT ordinary NIS contributors, rather than appointing a full complement of the minister’s friends and “party faithful.”
According to this, Landmark established LML Caribbean Limited which is a St.Lucian company
https://www.sec.gov/Archives/edgar/data/749028/000095013306001421/w18970exv10.htm
David March 29, 2017 at 9:36 AM #
Some of the Bimmer fb intelligentsia presumably are still singing the age old mantra of victimisation……..to which I will always say no gain without pain……we have become a nation of individuals,some on BU,afraid of their own shadow……we deserve whatever govt we get.
Northern…….has made an excellent point below……..election year.
Seemingly overlooked, is 33% of this ‘new money’ (loan) is to pay E&Y an “arrangers fee” from the initial loan. 4% is a huge sum, one wonders whom E&Y is ‘sharing that with’?
http://bit.ly/2nj6dI0
Scam company..
Vob Ltd Partnership
2 Leeland Road
Upper Marlboro, MD 20772
Vob Ltd Partnership is a privately held company in Upper Marlboro, MD and is a Single Location business
Categorized under Business Services (Unclassified). Our records show it was established in 2007 and incorporated in Maryland. Current estimates show this company has an annual revenue of 58000 and employs a staff of approximately 1.
http://bit.ly/2nAoPpr
A Bill Casper manages this company…bith companies are new companies…2007 and 2008..
Location
3151 Presidential Golf Club Dr, Upper Marlboro, MD 20774
(301) 627-8577
lakepresidential.com
Lake Presidential Golf Club: View from no. 12View from Lake Presidential Golf Club’s opening hole+
Write a review
More Info
Year built: 2008
Type: Public
Golf Season: Year round
Bajans have to start demanding answers about THEIR MONEY from these disrespectful, secret government ministers with a 50 year old track record for selling out the people….to mediocre, basic minorities.
@WW&C
you need to understand the relationships.
Casper is a former pro golfer who loaned his name to a company which manages golf courses (many of them)
Said company…billy casper golf, assumed the operations of the referenced golf course, (Lake Presidential) owned by Ryko, but developed by Landmark (the company you are keying on)
http://www.golfincmagazine.com/content/billy-casper-golf-manage-lake-presidential-and-walkabout
Not sure what VOB has to do with it, other than its company address puts it within the Lake Presidential housing community.
There is nothing wrong with the NIS lending money to a company, once it gets the required security to ensure its funds are safe in the event of a loan default. These were LOANS, not gifts, and they bore a market worthy interest rate.
The interesting point in this post, is why after loaning an initial amount, the developer came back to them for “extras” or “overages” to the initial contract? With the the significant one being funds for E&Y, when it was known since at least 2007 that E&Y arranged this loan and were owed said fee.
This is neither an extra nor overage, because it was there from the beginning. So what else did the developer spend that +/- $700,000 on, such that they were short of funds? In the end, the developer is on the hook for the loan, regardless of how much the loan is.
The following link is a reminder we have to hold Directors of NIB accountable.
https://barbadosunderground.wordpress.com/2011/10/16/national-insurance-board-responds-to-public-concern/
BTW who is the accounting firm contracted to assist NIS with the cleanup of the financials?
Jorthern…ah think ya missed the part where the scamsters Cpw et al have defaulted on loans before, there is everything wrong with them getting loans from NIS, first and foremost, it’s the people’s money, not the ministers and not Cow’s and the people dont even know Cow et al are stealing from them.
There is no justification…Northern, the minorities have been stealing from black bajans fpr decades, you cannot clean that up.
Besides…it is now all out in the open and the slaves in parliament must now all be held accountable for their wicked actions….against the people.
Ya cant clean that up Northern, so dont waste time trying.