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”
Northern
With the greatest of respect what you wrote is nonsense. Did you read page 4 under the heading Going Concern, where the Auditors for Apes Hill have repeatedly emphasised their concern about the viability and solvency of the company/project without the financial forbearance of its shareholders, creditors and the NIS, as we now know?
Why would the NIS lend money to company in the seriously and financially compromised position?
The Nationnewspaper is always flying by the seat of its pants more often than not trying to generate sales off the unfortunate plight of people
This kind of salicious journalism speaks to the absence of unethical practices in journalism which is usually found in tabloid magazines
Just spotted BMW X5 number plate MP 68 for 500,000 BBD.
Charles, what the hell is going on? Since when do you allow your servants to drive off the plantation with your car???
It would have been ethical if the nation had done detail investigating reporting on the old womans plight taking into concern how much Nis funds contributed to the old lady monthly allowance and if she was able to use any of it to pay her rent
Most likely behind this woman unfortunate circumstance there is a lack of mistrust of those who took care of her
As’ s…shut up, ya idiot.
The next thing you know these morons at NIS are going to come up with the bright idea to volunteer to take a massive haircut on the government debt/paper they are holding.
None of these politicians deserve a majority government for the coming election, they need punishing by the electorate, with a minority government.
angela Skeete March 29, 2017 at 1:21 PM #
“It would have been ethical if the nation had done detail investigating reporting on the old womans plight taking into concern how much Nis funds contributed to the old lady monthly allowance and if she was able to use any of it to pay her rent.”
+++++++++++++++++++++++
Utter nonsense!!!! By your comments, you have once again demonstrated your stupidity. But these types of comments are expected from ignorant political yard-fowls.
It would be UNETHICAL for the Nation newspaper to investigate and publicize the lady’s personal information relative to “how much NIS funds contributed to (her) monthly allowance.” And more so unethical if the NIS Department actually shared information, with the media, they acquired through a process governed by confidentiality protocols.
When an individual applies for NIS pension or assistance from a state agency, he/she divulges their personal information with the EXPECTATION that such information is USED SPECIFICALLY for the INTENDED PURPOSES and REMAINS PRIVATE and CONFIDENTIAL within the confines of those departments.
Take a break from BU if you are not sure you have anything worthwhile to contribute.
NOTE WHO CONTRIBUTES TO THE NIS.
http://www.nis.gov.bb/contributionrates/
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
@ Hants
And I hope you noticed that 2% of each category’s contribution (with the exception of individuals over and under pensionable age) goes towards the payment of “non-contributory pension” to individuals who previously refused to contribute to the scheme.
Just after 8 a.m. yesterday, a female marshal drove on to the plot of land where the elderly woman lived with her son and demanded that the items be removed from inside the house in which she had lived from the age of five.
Huh. Nothing of interest to me personnally but the old lady circumstance should merit concern as to what led to her financial downfall and if monetary abuse had a part to play
A credible newspaper would have brought all crucial and relevant information to the story instead of piece meal salacious information devoid of relevancy
Btw whoever you are you thsy mention my name u can simply scroll by my comments blockhead
I usually do that because your contributions are filled with the usually rhetorical DLP political propaganda diatribe. Highly demonstrative of a yard-fowl blockhead.
Nothing of interest to me or BU.
Steupse
$21 Million is 210,000 x $100 bills which weights about 500lbs in weight.
$21 Million would fit in approximately 21 large briefcases.
Angela
What you see in that video is raw fear. Not fear of the Opposition but fear of knowing that he is about become illelevant and will need actually have to work earn his keep. CLOWN.
Long, long, long stupse!!!!!!
Anything to shift the discussion. It will not work. You will have your time cut out.
This Refocus Barbados man is from Nicholls Bakery?
DAVID
Notice he glossed over the failings of the DLP and not once was critical of FJS. A PARTISAN POLITICAL POGGIE..
The AGE OF SLAVERY in Barbados never ever stopped.
In former times, the master consumed the black workforce and the bossboys used the whip for him, the modern master consumes the taxpayer´s money and their modern bossboys whip the taxpayer for him.
FACE REALITY!
@Mrs Skeete
Why the heck is cabinet minister or other high bureaucrat aka MP68 driving a car for HALF A MILLION BBD AT THE TAXPAYER´S EXPENSE ???
Can you OR Alwin OR AC OR Carson explain this fact ???
@London morris
Unless I am mistaken the .pdf is a government *NIS?) produced document to consider the application of a loan of $2mil to the Apes Hill project. The comments are from the viewpoint of the NIS, not Apes Hill auditors.
Hence while from a cash flow perspective, the development may be “losing money”, there are assets (land and potentially chattels upon those lands) of value. It clearly has risks.
My concern is the NIS have adequately covered their ass, such that they have access to sufficient security in case of default.
@WW&C
In the case of a loan default, it does not mean the loan disappears. Rather it has to be restructured. From what I read we are not talking about the NIS writing off any loan?
And this is further why we need properly audited financials from the NIS. The NIS biggest customer is the GoB, and we have no clue if those loans are being serviced properly. Or are they merely replacing paper with paper?
Nothing this government does surprises me. Nothing!
No wonder pensions are deposited late nearly every month.
Someone I know did not receive her payment this month….when she went to NIS and enquired, the response was……….. your name accidentally was omitted, the person asked for a cheque then, NIS said no……… you will have to wait until the next time we cut cheques………in the meanwhile, I have to help the person out until whenever.
@ Own Area
The first 3 minutes of that video gives the viewer a clear indication of the host’s intensions.
Let us be rational and fair in making requests for the Opposition to “bring solutions.”
Recall on Saturday, December 21st, 2013 during a press conference, Opposition Leader Mia Mottley suggested the establishment of a non-partisan multi sectoral “eminent persons group,” lead by former PM Arthur and comprising of individuals selected by government, opposition and the trade unions, to advise on the way forward for the economy.
However, on March 4, 2017, approximately 3 years and 2 months AFTER REJECTING Mottley’s “eminent group” suggestion and in the wake of two consecutive credit rating downgrades, while chairing a meeting of the full Social Partnership at the Lloyd Erskine Sandiford Centre, PM Stuart announced the establishment of two advisory groups, comprising representatives of Government, the Central Bank, labour and the private sector. Noticeably absent from both groups were representatives from the Opposition and Owen Arthur.
Why is it that this inept DLP administration’s members and supporters are always requesting the Opposition to “bring solutions,” yet NOT ONE OPPOSITION MEMBER was INVITED to sit on at least one of the advisory groups?
Tron March 29, 2017 at 7:13 PM #
“Why the heck is cabinet minister or other high bureaucrat aka MP68 driving a car for HALF A MILLION BBD AT THE TAXPAYER´S EXPENSE ???”
@ Tron
To be fair, similar to CD vehicles, government vehicles are purchased free of duties and taxes. In other words, government would not pay the same price you would pay for any vehicle.
Additionally, when I worked in the public sector, statutory corporations had to apply to the ministry of finance for duty free concessions to purchase vehicles.
However, while MP registered and unmarked vehicles, (such as those used by police, immigration and customs), are exempt from paying road tax, ML registered vehicles and TB buses are not exempted.
Artax,
Of course, I am aware that they even get those boy-toys with a 20% rebate for governments on the NET price. However, it is simply unfair that an ordinary citizen – who works very hard – has to pay half a million and some non-performer blasting nonsense all day long is getting a free ride worth half a million. The gap between the taxpayer´s burden and the politician´s privileges is simply too big in Barbados. The gap is definitly bigger than in any developed country I know. And I know a lot.
In Canada MP’S drive North American sedans out of Oshawa. No imports or luxury vehicles.
The Ministers pay American prices in BIm for cars, they dont pay Vat nor taxes ? might cost them 60,000 USD$ and not 500,000BDS$ like most others?
Tron
I have a friend who got one of the top jobs when the government changed in 2009.
The man was literally wearing thread bear clothes for years as he was really scrunting……….however when the government changed, he got his big pick and within months the man was driving a big big ride.
It took me a while before I realised it was him flashing me on the road. Eventually when we met up, I asked him how comes he got the particular vehicle…….he said……man I did always want one of these and would never be able to afford one, so I got what I wanted.
One comes into land by whatever means, be it willed, bought, or by fraudulent means and “rented”.. whatever,
proposes a project, finds approval and acquire FUNDING for the development by “whatever process”,
subdivides into lots of multilevel upscale properties or grandeur homes and SOLD to the “highest bidders”. These owners now “own” these lots/properties (if single story, not if multi-story) and do due diligence of all legal taxes etc..
In the case of default of development loan, bankruptcy, or solvency … WHAT RECOURSE DOES THE LENDING AGENCY HAVE IN RECOUPING ITS MONEY when the property is sold to the investors/new owners?
Prodigal,
That is just the sickening mentality I experienced in Southern and Eastern Europe and many developing countries around the globe. These figures want to make money in public office, they do not want to serve the common good. They blame the High North for every failure in their life and their country instead of looking into the mirror.
The establishment in Barbados tells us that big vehicles for officials prevent bribery. In fact, that IS just the bribe. These people stop critical thinking, critical investigation and critical judgements as soon as they place their a.. on the seats of their new vehicles.
Bush Tea March 29, 2017 at 7:19 AM #
…but about twenty million dollars are involved in the move..
……………………………………………………………………………….
And the 80 something year old lady in Silver Hill, had her, had her home ,on a spot of which she was living for 80 year, unceremoniously dismantled and carted away, primarily for rent arrears of $1560 .
Come election time, would any politician have the gall to show up at her home? And this also goes for the old man who was living in Kellman’s constituency, in conditions, worst than any pig pen.
Mandella’s great- grand daughter , must be feeling right at home here in Barbados.
bajans March 29, 2017 at 8:43 PM #
In Canada MP’S drive North American sedans out of Oshawa. No imports or luxury vehicles.
……………………………………………………………………………………………………………..
Some years ago one of these North American sedans came in on board a CariCargo plane . It was lifted off, and driven away? All in one fell swoop.
https://www.barbadostoday.bb/2017/03/29/pm-put-country-first/
Fruendel the Fraud talking big about putting country first, Mandela gave up a portion of his salary because it was too much, he did not arrogantly take it back, he put country first……Obama did the same thing during budget cuts, but first opportunity Fruendel and his Incompetents got, he restored his 10% pay cut during 19 downgrades and actually believes he is fooling everyone on the island, believes he is fooling Mandela’s granddaughter, like she cant read..
Northern…therein lies the problem, are the jokes at NIS adequately making sure when Cow defaults on loans that they can immediately seize the collateral he used and he dont immediately reapply for another loan to which he should not be entitled, that Robinson dude looks weak to me and we already know he is a political appointment just there to do the corrupt, bribe taking ministers bidding.
Eddie Abed needs to can his arrogance, after over 40 years of his family using selling old cloth as a blind and front, he should not be talking dpwn to bajans, he should be damn humble.
Why is that idiot David Durant giving a newspaper details about an 88 year old womans personal state, has he no respect for senior citizens, that was inappropriate, I cant stand these ill mannered, religious frauds and hypocrites, he can be assured that his days for wearing pampers are just around the corner……despicable, no class politician.
https://www.barbadostoday.bb/2017/03/29/drug-money-gone/
These brazen thieves…and of course only the police could have stolen the money inside the police station but no one knows, how, when or where.
“Drug money gone
Cops probed over missing narco cash
Added by Emmanuel Joseph on March 29, 2017.
Saved under Crime, Local News
1
A major investigation of the Drug Squad is under way as the Royal Barbados Police Force tries to solve a potentially embarrassing case of missing drug money.
Few details were immediately available as to how far the net spreads, but Acting Assistant Commissioner responsible for Crime Management Lybron Sobers confirmed to Barbados TODAY this afternoon that a number of police officers were under investigation in connection with the absent cash.
Lybron Sobers
An official source said about $2.5 million in narco cash disappeared sometime between March 5 and March 10 this year, although it was not clear where the money was held, when it was discovered missing and who reported its disappearance.”
Well well,
Selling ‘old cloth’ is but part of what the almost silent Syrian/Lebanese community in Barbados get up to. Who remembers the near riot outside Abed’s in Swan in the mid-1960s when it was alleged that a manager racially abused aa black woman?
Have a look at what Syrians/Lebanese get up to in Sydney, Australia, and in Brazil. We are sitting on a ticking timebomb. But we allow these New Barbadians to control out key organisations on the basis that they have been in the island for two minutes so they are now Barbadian.
Hal…you would think bajans would have learned that by now, particularly the politicians and authorities, read police force, with the gangs of the same shady people and their families they have dealt with fpr decades and allowed them to continue their criminal acts for decades, all the drug dealing, gunrunning etc….ya would think they would see it for what it is and put an end to it….the island is small and they cannot pretend they did/do not know.
@ Hal / WW&C
It seems that despite Bushie’s flowery language, persistent banter, constant repetition and honest, brass bowl frankness….
…wunna people STILL do not understand how foolish Bajans are….
Tron recently floated a theory which Bushie is seriously evaluating…. postulating that it is not practical to think that we can move a field slave – fully acclimatised to that condition, to a self actualised, developed citizen in three generations.
There may well be merit to that position….
It certainly explains our leaders at the political, legal, business and other sectors of our community…..when no other logic does.
During the final months leading up to the dismissal of former Central Bank Governor Dr. Delisle Worrell, there was a noticeable change in his economic reports, which contained economic information, statistics and advice that clearly indicated he and Finance Minister Sinckler had opposing views on the state of Barbados’ economy.
Obviously, such a situation where a Central Bank Governor and a Finance Minister “are not reading from the same hymn sheet,” would diminish any confidence in the economy held by local and foreign investors. Additionally, perhaps Dr. Worrell’s apparent REFUSAL to “toe the line” during the final months of his tenure, MAY have been one of the factors that led to his dismissal.
Will Barbadians see a “restoration” of the status quo under the CB’s new dispensation, especially taking into consideration a general election draws nigh?
I patiently and eagerly await the acting Governor of the Central Bank Cleviston Haynes’ report on the economy.
check whoever said it was missing ….. godfather 101
Lawson…….do you really think these people are easy..lol
Pot V. Kettle
http://www.independent.co.uk/news/world/americas/us-politics/george-w-bush-donald-trump-inauguration-weird-shit-word-ceremony-us-president-a7657246.html
@ WW&C
It seems as though the BU haters are giving “thumbs down” to every contribution except those that are praising this inept DLP adminsitration.
However, and unfortunately for them, “thumbs downs” will NOT force us to change our view of the DLP idiots pretending to be government ministers and constituency representatives, nor will they count as votes in the upcoming election.
@millertheanunnaki March 29, 2017 at 9:18 AM
Hyatt might be a scam as well. Given the bad prospect of Monkey Hill Plantation, that is definitly a scam. Like Cahill. Like good governance. Like a new hospital. Like so many other things under the tropical sun.
What is really needed is a fundamental overhaul of the national insurance scheme. The scheme is outdated and not fit for purpose.
As I have said before, we have had the global reforms which followed those made in Chile in 1981, yet there has not even been a proper discussion in Barbados, one informed by transformative thinking.
But we badly need a new retirement policy and one that provides a decent retirement income. First, we should ringfence the current system, establish a new defined contribution scheme which every Barbadian should be compelled to join at the school leaving age and which would follow the member for life.
Part of that would be a compulsory saving with up to 20 per cent available to be withdrawn for important events – births, marriages, deaths, home buying, university education.
The new long-term savings scheme would also have an expert investment strategy, leaving asset allocation to the experts.
Social forces are dynamic and, as we know, history is not neutral and we have got a lot to learn from recent social and political history.
Although using the NIS as the government’s piggy bank is corrupt we must move beyond allowing well connected business people to also use it for low-interest loans.
We badly need public intellectuals and a media that are engaged in public policy issues. We must also avoid allowing pre-dementia pensioners to use legitimate public debates as vehicles for their anger.
For the blp operatives take note the Nicholls guy in the video is a Bee however an honest bee who like most barbadians belives that Mia is hiding under the cover of darkness expecting to win the next election by default.
This conception that the Bees going to win because of shortfalls in the economy is window dressing placed inside an open hole of having no solutions visibly seen by both D and B.
This guy is amazing calls it as he sees it having no fear of what anyone think of his views.
Two thumbs up for Nichollos a rare breed indeed.