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”
Here again because of a lack of responsibilty towards this old lady from her eight siblings the taxpayers have to take up the financial burden of finding housing.
In my humble opinion there should be a way of making these siblings reimburse the taxpayers money.
Barbados needs laws that would make sure that the dignity and integrity of the elderly stay intact laws that would be constructive in making it plain that family members of the elderly commit themselves to the care and welfare of the elderly
Time and time again stories of elderly physical and financial abuse has occured to where it seems to have become a norm sufficiently so that it has taken a hardened root which eats away at taxpayers money
Unless laws are drafted with strong teeth to eradicate this cancerous rot of irresponsibility towards the elderly barbados would continue to see the surge of neglect and nonchalant behaviour towards the elderly by family members
These type of negative attitudes by family members should be uprooted no matter what it takes in doing s
Art….I love when they give the thumbs down, it assures us and confirms the corruption and uncouth, unethical behaviors of government ministers dpes exist and they cant stand that it’s being exposed.
As Bushman said,post slavery, there were 3 generations of slaves in parliamentary, dont look for any positive change from them with all that backward nonsense marinating in their heads….
…..we clearly see how dumb and selfish they are, check out Fruendel’s insulting speech, he thinks no one noticed that they are responsible fpr 19 downgrades, yet he made sure and returned his 10% pay cut to himself, hpw selfish can they be, they have learned nothing and fully expect to be reelected………not this generation and possibly not for another 3 generations will the greed and other outdated nonsense in their heads dissipate. .
@ WW&C
Constantly mentioning that the Opposition, and by extension the newly formed political parties, are yet to present “alternative solutions,” is rhetorical political diatribe conceptualized by the DLP as a “scraping the bottom of the barrel” tactic in an attempt to regain the confidence of the Barbadian electorate.
To be fair, the BLP distributed a document entitled “Covenant of Hope,” in which they outlined the BLP’s “solutions” to take Barbados forward. Additionally, Grenville Phillip’s Solutions Barbados also highlighted his party’s policies on their website for all Barbadians to read.
Barbadians are also cognizant of the fact that this inept DLP administration has refused to accept solutions from the business community, special interest groups as well as local and regional economists. Surely you can recall the tongue lashing Sinckler gave to Owen Arthur and Jeremy Stephen and RBC’s Group Economist Marla Dukharan.
This inept DLP administration went as far as rejecting alternative proposals from their own Dr. David Estwick (after he had to beg for an audience with the PM & Cabinet) and the individual they appointed as Governor of the Barbados Central Bank, Dr. Delisle Worrell.
Their display of arrogance and contempt for the electorate “is window dressing placed inside an open hole of having no solutions visibly seen by both D and B.”
Against the back ground of 19 consecutive downgrades and a myriad of problems facing the Barbadian society, it seems as though the DEMS are their supporters “expect to win the next election by default.”
Artax
Correct this govt seeking alternative solutions is but a smoke screen for the gullible electorate as they continue merrily along their planned way to the next elections without a thought of putting Country first as per our PMs latest pronouncement.
…..which they stand a good chance of winning based on the reaction of the masses who are presently looking forward to Kadooment and Carifesta.
…the more wukkups the merrier.
Art….I wish Grenville and the other new parties would combine their efforts and show the electorate that they are willing to be unselfish and put country and the needs of the people first by breaking that grip the 2 old selfish parties have on the island, a majority government would be the same stupidity wrapped up in corruption and yardfowls…now is their time to show that they are genuine.
The more I look at this the more I am concerned. E&Y applied to NIS for a loan on behalf of Apes Hill for BDS$2M, of which BDS$700K was to pay themselves? Really?
I noticed that the skeptism regarding the move to relocate the PM’s office to Sherbourne seems to have touched a raw nerve with the bandit chaser.
I heard her on VOB news this morning……….with words to the effect…….. I want to make it abundantly clear that the government has no plan to change government headquarters into any other thing…………. and we are to believe her?
I well remember she lambasted Barbadians in the Senate on how they want to send their children to ballet lessons and lessons but dont want to pay taxes. She then went on to say how Bajans go away and shop, bring barrels but dont want to pay and that she believes the government should impose a $30 charge on every barrel. Next thing you know, that is the law of the land.
These dems….never had, now get, fart frightened………… think that only dem are to have in this country……….look at the disdain she has for Bajans about sending their children to lessons and ballet as if there is something wrong with that.
People are smelling hell in this country and it makes me angry to think that they are behaving as if it is all roses………………..
London Morris,
What we want is a commitment to a full audit by a future BLP government with the view of prosecuting any wrong doing. Otherwise all the talk is just hot air.
@Hal
How does the UK social security fund ringfence and protect against the political class.
David,
First, the so-called political class have no influence on the way the state pension or national insurance are distributed, over and above decisions made in an open parliament.
In terms of the state pension, there are always debates and commissions going on. In the last two weeks we have had two reports: the John Cridland report and on by the Government Actuary.
Over the last few years, apart from the state pensions, we have an auto-enrolment pension scheme which in typical British fashion avoided making it compulsory.
There is also a lot of public education:| think-tanks, insurance companies, the media, academics, all play a central role in the debate.
We have also reduced the number of years a worker must contribute to national insurance from 42 years to 30. It was a controversial decision. But the debate continues.
Finally, David, good public policy can only be made if there is transparency. In Barbados we do not have transparency. What we have is a lot of background noise.
I am always amazed at the local reputation of Justin Robinson. He is not an expert on financial economics or policy yet it seems as if he gets a lot of gigs on committees at the heart of government policy. It reflects the poor talent pool.
.so you went to take it but it wasnt there lol …. better report it gone and at least get some kind of credit. Gangs of NY when the ship was in the harbor and it already had been robbed dicaprio took the dead body to the physicians and least get something out of it . Making lemonade out of lemons.
I have said bee and say again. The mark of the DLP government is the transfer of wealth from the poor to the rich. Why is there no national debate about this?
@ Bushie,
Your prophesies could come true but I hope not……..
” THIS COULD BE the big one, Bajans have been warned.
http://www.nationnews.com/nationnews/news/95157/expert-warns-earthquake#sthash.4W2wWz2l.dpuf
@London Morris
there are 2 loans. An initial loan, I believe, to build the Clubhouse at Monkey Hill, and a second smaller loan, (which the provided document covers) to complete said structure.
The E&Y fee is based on a 4% of the FIRST loan.
Hence, the concern why this fee had not been paid out of the initial monies, and why it was to be included to appear as extras/cost overruns.
It means that $700,000+ was spent on some other un-budgeted item.
What security was put up for this money by Sir COW?
I remember Cow lamenting that he could not get approvals in a timely manner and this was causing him difficulty in finding investors. So our NIS money was the scape goat?
The whole board needs to be fired. I well remember Donville Inniss cussing Brian Francis for daring to comment on a budget a few years ago………..since then we have hardly heard from this man. Donville in other words told him to shut up on our economy or go back to where he come from.
Justin Robinson is not from about here but has so much say in our affairs both at the NIS and the Central Bank. I have never heard Donville telling Justin to shut up and go back where he came from.
………………these dems are unhinged! Desperatation!
Desperation!
“I remember Cow lamenting that he could not get approvals in a timely manner and this was causing him difficulty in finding investors. ”
No one would invest with Cow and Bizzy after the 4 Seasons and Redjet fiascos…..he is a liar…they are blacklisted.
@Prodigal
I was previously directed by the Blogmaster to page 12 on the issue of security.
What is unknown is the security for the first and larger loan. I would imagine it will include land at Apes Hill.
@NorthernObserver
BU’s guess is that the an existing Mortgage/first charge was up-stamped hinted on the schedule.
Well Well & Consequences Observing Blogger March 30, 2017 at 5:22 PM #
“No one would invest with Cow and Bizzy after the 4 Seasons and Redjet fiascos…..he is a liar…they are blacklisted.”
@ WW&C
To be fair to Bizzy, he not be held responsible for the “RedJet fiasco.”
With the exception of Guyana, the regional governments, including that of Barbados and more so Trinidad, were responsible for the demise of RedJet.
Lol…Kim Fat Un wants to blow up the US….
http://bit.ly/2ogFY8T
New York Daily News
Kim Jong Un threatens McCain for calling him ‘crazy fat kid’
BY CHRISTOPHER BRENNAN
NEW YORK DAILY NEWS Updated: Thursday, March 30, 2017, 3:37 PM
A schoolyard jab at North Korea’s Kim Jong Un has him threatening to blow up the playground.
The dictator’s isolated fiefdom responded angrily this week after Sen. John McCain (R-Ariz.) called the Dear Leader a “crazy fat kid.”
“China is the only one that can control Kim Jong-un, this crazy fat kid that’s running North Korea,” McCain told MSNBC’s Greta Van Susteren last week.
He added Beijing “could stop North Korea’s economy in a week,” and chastised China for not reining in a neighboring leader that does not act “rational.”
North Korea has responded after Sen. John McCain called Kim Jong Un a “crazy fat kid.” (KYODO/REUTERS)
The Democratic People’s Republic of Korea said through the Korean Central News Agency that the statements were an affront to the “dignity” of Kim and were “tantamount to a declaration of war.”
he should not be held responsible……”
Art….I dont want to be fair to Bizzy and no one hearing that he not only partnered with the Redjet dude, but the dude lost 40 million dollars in that cockup would be fair to him either…no one outside of Barbados….
……commonsense dictates when you have that type of investment ya spend years doing due diligence and setting airfares at a peg where you can stay in the air, the Irish dude may not have known how vicious it is in the Caribbean and how slowly they all pretend to be beauracrats, but Bizzy knew and has for decades….
…..so yes, Bizzy can hold a lot of blame for rushing headlong into both projects without enough funding, remember 60 million US of NIS funds were sunk into their 4 seasons scam, did NIS get back that money.
When the US$60M was advanced from NIS for the Four Seasons project, the boys hand one hell of a party a Pemberton’s house on the West Coast. The report from someone who was there claimed they had 100’s of cases of champagne.
“So far the NIS has invested BDS$25.4 MILLION DOLLARS in what can fairly be described as a highly speculative development project.”
How much of this ” loan ” has been paid back ?
@ Vincent Haynes
I agree with your comment re: ….” this govt seeking alternative solutions is but a smoke screen for the gullible electorate as they continue merrily along their planned way to the next elections without a thought of putting Country first as per our PMs latest pronouncement.”
Members and supporters of the DLP seem to believe the DLP has a God given right to govern Barbados, and when an election draws nigh, repeatedly/consistently mentioning “Barrow, independence, school meals and free secondary education will coerce the electorate to exercise an obligation or commitment to vote for the DLP.
Own Area March 30, 2017 at 7:04 PM #
When the US$60M was advanced from NIS for the Four Seasons project, the boys hand one hell of a party a Pemberton’s house on the West Coast. The report from someone who was there claimed they had 100’s of cases of champagne.@@
let me see here, well if i am wrong let me know , but at one point the fake CBC News said that DLP got the 160 Million for 4 seasons from IDB, then they said months later it was pulled back ?
The problem with 4 seasons is that is on Black Rock Plantation that is not listed in Barbados history on line and now where Public even at the Archives ,So no one up North is going to deal with Land fraud even by the government, Yes We have the Plantation Deed,
60 million was for the City , for housing and that also was pulled back by the IDB, why , no clear title to land and yes we have those Plantation deeds also, So the government is running from History and facts and proof,
there is also 40 Million from Canada also for a water Dam , No money will be relea
sed they DBLP can show clear title to land from any outside banking or loan institutions,
http://epaper.barbadostoday.bb//launch.aspx?eid=bc6d1f24-5796-463c-9882-da1cdc6a2deb
Here is a Work Permit application notice appearing in today’s Nation, which when scrutinised, requires some explanation from the Ministry of Labour , as well as the Ministry in charge of Immigration.
(a). PYP Teachers (2) interpreted as two , of.
(b). English Teacher .
(c). Design Technology Teacher.
The notice goes on to state, “………….our intention to submit A Work Permit application.
………persons objecting to the granting of this Work Permit………”
Similar notices in the past have been posted by this same institution.
http://i.imgur.com/fJTlZ70.jpg?1
David March 30, 2017 at 12:06 PM
Lets put it this way,Davis. While in office and the British Minister is given gifts, at home or abroad, those gifts become the property of the crown,and when demitting office, if he or she holds some sentimental attachments to these gifts, they have to make an application to some particular department of government in order to take those items out of #10 Downing Street. This is the Westminster model of Government , the same which we fool ourselves down here in Barbados , as being a disciple of.
angela Skeete March 30, 2017 at 9:08 AM #
Please delete the words “Elderly and Old lady”, from your post and insert the word Barbados, and you will be spot on.
When our prime minister was gifted a paper bag full of money he decided to keep it at home
Folks, to relief you a bit after the NIS disaster: COW et al are only second in command in Barbados. The true master of this island is Credit Suisse which set up the fantastic loan agreement in 2013. I guess, they even have to agree to the colour of Sinckler´s tie and underpants in Parliament.
So Bim is now a bit like Switzerland – but without the wealth and the mountains.
Lawson.was that McMillan I think the name eas, or Harper..lol
Tron…the difference here is, Cow et al have been raping the treasury and NIS, stealing from the people for decades, without any return of wealth to the people…. Credit Suisse gave something so they can have huge returns…and only happened beause the government ministers all lack negotiating skills, they do not know how to negotiate any contract to benefit the majority on the island. They are useless at that necessary skill.
……….but I thought that SIR COW was suppose to be a construction MAGNATE. You means to tell me that one little recession and his ass get wipe out and can’t afford a $2M injection to keep APES HILL afloat?
@ London
You were misled.
COW is a construction magnet.
He has the ability to somehow attract questionable government construction contracts that provides him with easy money for building shiite roads that need to be rebuilt every election cycle.
But things tight now, since a new “precast construction magnet” (with stronger magnetic force) has been activated and have pulled all the available sweets….
“Magnate” shiite!!!
Bush Tea,
“shiite roads that need to be rebuilt every election cycle.” Right, look at the highway between Walcott and Niles roundabouts. Straight track, but such a bad surface that lots of red flashlights start to blink on your dashboard when you outpace some silver Mercedes with MP plate and a fat Wabenzi in it.
http://bit.ly/2oGOdHC
Ya got an Apes Hill with the Williams apes, now all ya need is an Alligator Alley, the US can provide the alligators, they got some bigly ones…lol
WWC, to swallow up Sinckler, you need a bigger dinosaur.
https://www.barbadostoday.bb/2017/02/20/its-unfair-2/
@ London Morris
COW is a tin pot construction magnate, a blasted financial lightweight pretending to got money. There is not a lot of future for that group of companies.
London…Cow et al will not take up the couple 2 pennies they stole from pensioners and taxpayers over the decades to invest, not in Barbados and npt when they got a gaggle of idiots in parliament each election cycle to help them raid NIS and treasury to keep bajans disenfranchised and pretend they are shit magnets, read maggots and parasites on the backs of bajans.
That has become a sport among the minority crooks who now excel at it and created a new market for themselves………..weak, greedy, bribetaking government ministers = money, millions of dollars for minorities on the island.
Tron…we can find some.
@Bright Red Cherry
The article makes me laugh somehow. The true power-ranking is revealed:
1) agents of the IMF
2) foreign banksters
3) diplomats
4) expats and tourists
5) local high whites
6) local politicians
7) local judges
8) local high bureaucrats
9) rest of local businessmen
10) the population
Amendment:
Why the hell is COW not using his private fancy BMW i3, you know, the car with battery and electric drive, for Apes Hill Plantation ?
Charly, explain!
I do want to be party pooper, but what is the decision-making procedure at the NIS? Who makes the decision invest? Is there an investment committee?
“5) local high whites”
What the hell is a “high white” and do they have low ones too…not even in Europe does one hear that crap.
not
@Hal
Yes there is.
@Well Well & Consequences Observing Blogger March 30, 2017 at 11:09 AM #
Art….I wish Grenville and the other new parties would combine their efforts and show the electorate that they are willing to be unselfish and put country…………
It sounds like you want to be the match maker in a marriage of convenience – lol. Have you heard anything other than a desire to be a players in the next general election to make you believe, Soultions, UPP, BIM, CAP are on the same page?
BIZZY and SIR COW have mastered the art of:-
(1) Pretending to have money
(2) Pretending to finance Government
(3) Pretending to Astute Businessmen
(4) Being Ethical
@WWC
Maybe India´s cast system? 😉