Hyatt and BNTCL Conundrum

The Cabinet of Barbados

Peter Wickham described Barbados Underground recently as the Eric Fly of this time. Living up to the characterization- although a more euphemistic description in the view of the BU household is that we are a fiercely patriotic Bajan family -two recent events should give Barbadians reason to pause.

The Hyatt Hotel project to be developed by a local company under the title Vision Development with principal Mark Maloney, AND, the BNTLC sale to SOL have been forced to freeze rollout because the court has issued injunctions. David Comissiong in his capacity as a concerned citizen advocate was successful in the case of the Hyatt Hotel project and RUBIS Barbados the other.

Why are the two events important?

Barbados continues to be affected by a protracted weak economic performance triggered by the global economic crisis of 2008. We are a country dependant on revenues from tourism,  international business and foreign direct investment. Economic analysts agree if Barbados is to support the standard of living we have become accustomed and addicted- one largely built on consumption behaviour -it is important for the three sectors to be performing together. Although the government promotes the ‘success’ of the tourism sector, unfortunately it does not have the earning capacity to satisfy our level of expenditure.   This is important because Barbados is a significant net importer of goods and services and saddled with the current economic model means we must EARN and BORROW foreign exchange to ballance the chequebook.

In the 2017-2018 Estimates Debate foreign inflows announced by the minister of finance Chris Sinckler to be generated from the Hyatt and BNTCL projects were expected to top up government’s dwindling foreign reserves.  Sinckler’s position echoed that of the Prime Minister’s delivered at the BCCI luncheon in January of this year:

These “delayed inflows” that were on the way included funds from China for the start of the construction of the new Sam Lord’s Castle, and the expected sale of the BNTCL to Simpson Oil Ltd. for US$100m. Mr. Stuart said that within a week of the luncheon he expected to be able to give the green light to the proposed Hyatt Hotel project in Bridgetown, and then offered a list of upcoming hotel projects which would bring more foreign investment into the country – Broad Street Journal

Now that David Comissiong and RUBIS Barbados have been granted a temporary injunction by the Courts of Barbados one has to ask how will this affect government’s plan to generate economic activity and to earn foreign exchange.  It is important for Barbados to break free from the anaemic economic performance of the past eight years if only to dissuade the analysts from S&P and Moody’s from assigning a credit rating of D. Contrary to the view of government talking heads, further credit rating downgrades will continue to chase away foreign investors. BU is acutely aware however that we are in the silly season. The timely rollout of the Hyatt project and sale of BNTCL will have a negative impact on government’s economic plan. BU speculates if the decision to seek injunctive relief by RUBIS was triggered by a green light notification from the FTC.

In a situation where two significant projects will suffer delays a normal response from a responsible government would have been to issue a statement informing the citizenry of plan B. Not surprising  however has been the silence from the Stuart administration since the development. After all this is a government that has distinguished itself by giving lie to Abraham Lincoln’s view of how a democratic government should function by being a government of the people, by the people, for the people.

We enjoy the silence.

167 comments

  • @Vincent

    Your response is partly the problem, there is enough blame to go around in the CL Financial ClICO fiasco. No system is perfect we should all agree and stakeholders with integrity operating in any system is the only guarantee.

    This is how we need to view the problem, dispassionately.

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  • David

    The political class encompasses all politicians as stated by our PM and thats where the blame lies…..the majority of them are lawyers yet we have laws that are not fit for purpose.

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  • @Vincent

    Let us resort to a for instance.

    What prevented the supervisor of insurance at the time from resigning on principle? Better, how about initiating legal action against the company? Doesn’t the law empower the regulator to act?

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  • The owner of CL is still a Billionare.

    The Bajan maguffee at Clico is still a millionaire.

    Some “policy holders” are broke or have suffered huge losses.

    I have drawn my own conclusions.

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  • David

    A good come back.

    …lets say problem #1 is political class
    #2 inept laws
    #3 chicken farmer placed to supervise insurance laws by political class…..get my drift?

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  • @Hants

    You are close to the issue with your comment.

    We have to change the way we do busiin the region.

    If we don’t corruption will continue to weaken our fragile societies.

    The sheeple have to do the impossible and hold officials acountable. We have invested huge sums to educate our people post 60s now is time for ROI.

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  • Hal
    You should know that the Supervisor of Insurance did her job by taking Clico to court in accordance with the law.The Commissioner of Police Darwin Dottin was pursuing this case.Both these senior public servants were removed from their positions of influence and sent on forced leave.The Clico issue was killed by Stuart and his minions in both the Police Service Commission and the Public Service Commission but particularly in the Police Service Commission.These Dees are rotten to the core and deserve more than simply being voted out of office.They should be given a long time staring out from within.

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  • David, though on their face contradictory your posts at 1:13 PM and at 1:44 PM are actually in harmony.

    In words, that is to say, yes that “Hal is partly correct. There was a catastrophic failure in regulatory compliance…” because despite the Sup of Insurance being sent on leave in order to subvert proper process, the fact is that happened at the tail-end of a multi-year process failure.

    But, as you also say “…there is enough blame to go around in the CL Financial ClICO fiasco.” That echos the assertion : “… Hal is wrong to blame a person, the system as set up by the political class is responsible for what occured with CLICO”

    Let’s reflect on Venezuela when you highlight ” …we should all agree and stakeholders with integrity operating in any system is the only guarantee.”

    Pres Maduro’s loyal Supreme Court on HIS order defied the country’s constitutional governance and STRIPPED the congress of basically all power. But ‘graciously’ after taking a shellacking from his brethren in the OAS he DIRECTED the court to temper their draconian ruling.

    There are many folks of integrity in Venezuela and at penalty of being sent perhaps on permanent leave either to hell of prison or mortal ‘hell’ of death they have still raised their voices.

    Thankfully, we are not there (yet) in totality but realistically we are in spirit as the elective folks do quite effectively ‘control’ the various commissioner/supervisors et al and many of those with integrity.

    We can lament and scold but they do have real-life fears for their well-being and future.

    Venezuela is certainly not just a glint across the distant seas.

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  • @Gabriel

    The decision to go court by the SOI was to stopsell the EFAs or the fact CLICO was running short of reserve.

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  • Gabriel,

    Here is an introductory lesson in financial regulation: taking a firm to court takes place once every other attempt to regulate them has failed. Good regulation means that every new product, every investment, senior management appointment MUST be cleared with the regular before it takes place. Good regulation takes place before the event.
    Then insurance companies are subject to stress tests, so-called what ifs. That Clico got away with investing in plantations and other inappropriate assets is proof, if any were needed, that the regulator had failed.
    One trick that insurance companies try working on regulators is by claiming their internal models are business sensitive therefore they cannot disclose them. Nonsense. They must be forced to reveal all their models and their workings or be closed down.
    Finally, the business model of an insurance company is different to that of a bank. Insurance companies have long-term liabilities ie annuities in 30, 40, 50 years’ time; banks borrow short and lend long ie borrow on the interbank markets and lend long ie 25 year mortgages. Banks are worse managed than hucksters selling peanuts.
    Then we had the chaotic judicial review. Judges and accountants do not run insurance companies. It is like getting a motorcyclist to service a Rolls Royce.
    The people who run insurance companies are actuaries.

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  • Well Well & Consequences Observing Blogger

    I dont get why Hal insists on maliciously lying on and defaming this innocent former insurance regulator despite being warned by multiple people that it’s a lie, when warned, I cease and desist, you must try the same thing, lying on someone is defaming them.

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  • Well Well & Consequences Observing Blogger

    You cannot blame a regulator who actualy saw the problem and actually tried to hold thiefing Leroy Parris accountable through the supreme court no less and was relieved of her duties by not one, but 2 corrupt governments,,,,.how is the insurance reguator to blame…when the outcome would still have been the same…both governmets protected the thief Leroy Parris, until he was forced into court to answer for his thefts.

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  • David,
    In the case of Clico, Hal is not partly correct. Hal is absolutely correct. There was no failure in regulatory compliance, but in regulation. The blame is at the regulator’s door. In fact, there is a legal case against the regulator, in my view, for a failure in his/her duty of care.
    @de pedantic and @Vincent, I am not blaming an individual, but an office. Plse get it right. I realise Vincent is not the brightest spark in the box, but even he would get the difference between an individual and office holder right.
    What particularly frustrating about having this discussion nine years after the global financial crisis is that all this was debated in mature economies then. It has taken this long to reach Barbados.
    If you want a crash course in insurance regulation please read the EU directive. But we do things differently in Barbados.

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  • @Hal

    There is enough revealed from the Deloittes Audit to blame Parris and other Board members for a dereliction of fiduciary duty.

    The record shows that the late SOI Greaves was a chicken farmer who was asleep at the switch and the deputy Brathwaite was marginalized.

    Enough blame to go around Hal.

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  • Well Well & Consequences Observing Blogger

    “If we don’t corruption will continue to weaken our fragile societies.”

    Cirruption can only destroy when it’s government sanctioned, CLICO was government sanctioned, no employee under any of the ministers could have regulated that entity, not when the ministers are being bribed, you cannot hold regulators accountable when there is governmet sanctioned cirruption, their hands are tied by corrupt government ministers and CEOs/GMs and their collusion and crimes, yet you still expect these regulators to do their jobs. ….that is illogical..

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  • @Hal

    Why did Parris write a cheque for 3.3 million to Thompson’s law firm?

    Why did Parris lease a private jet if the balancesheet of the company was performing marginally?

    Why did the regulator stand next to Thompson and Marion Williams on that fateful day when the news broke that CL Financial had been compromised?

    So many questions.

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  • Well Well & Consequences Observing Blogger

    Dont they teach logic as a university or college course, ya supposed to apply logic to these scenarios because were I that former insurance regulator and was being blamed for CLICO, when I was already victimized by the government for exposing Leroy Parris’ illegal activities, who ignored the court order to stop selling those scam EPA policies that the same insurance regulator filed….I would not find it amusing to be victimized twice.

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  • Well Well & Consequences Observing Blogger

    Hal is talking about insurance regulation in the UK….the way insurance regulation is viewed by the 2 governments on the island, particularly when it’s their friends and bribers managing these companies, is the direct opposite to how people who actually practice ethics view them in UK or US…….if the island governments viewed regulation the same way, there would be no CLICO or CGI Insurance in existence.

    They are not one and the same Hal….or RUBIS would not be able to use a bilatral agreemet with UK which the government totally ignored when granting the sale of theoil company to SOL…….to stop that sale…..t

    …..he 2 Barbados governmets ignore regulations, laws, procedures amd protocols to allow law breaking and criminal activities, when it serves their interests…, ya would think as a journalist and bajan you would know this.

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  • David,
    If there prima facie evidence of wrong-doing by Mr Parris then bring charges against him. Again, a man is innocent until proven guilty. Courts din proof, not gossip.
    Don’t follow Well well, a bitter, twisted, executioner of a man.
    In fact, this is my last contribution on Clico. If you want a crash course in proper insurance regulation read the EU directive.
    Me, this is last contribution on Clico its failed regulation. I have spent too many months sitting in a lecture room with a hostile Irish lecturer listening to waffle on financial regulation to allow some pre-dementia idiot to slur an innocent man and pretend it is a reasoned argument.

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  • @Hall

    You are aware that there is an injunction in position to afford the Court to complete its work as far as the restructure of CLICO is required. It is strategic to complete that work before criminal suits are unleashed don’t you think?

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  • Well Well & Consequences Observing Blogger

    I REPEAT…

    They are not one and the same Hal….or RUBIS would not be able to use a bilatral agreemet with UK which the Barbados government totally ignored when granting the sale of the oil company to SOL…….to stop that sale…..nor would Commissiong be able to get an injunction to stop Hyatt.

    Were it US or UK….Leroy Parris and the whole board of directors of CLICO, including Leslie Haynes, would be in prison, not the insurance regulator, because she did her job, I bet she was warning them of Parris’ illegal activities for years and was ignored because his crimes were government sanctioned.

    Blaming the insurance regulator is petty and trifling and typical…put the blame where it rightfully belongs. ..Leroy Parris, David Thompson for stealing and both governments for sanctioning the thefts and other illegal activities..

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  • Well Well & Consequences Observing Blogger

    Ah only twisted cause ya trifling and vacous and ya cant win an intelligent, logical or legal argument with me Hal…ya are not equipped.

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  • Well Well & Consequences Observing Blogger

    And it’s not the regulator’s fault that Parris has not ben charged as the thief he is either, it’s ya friend DPP Leacock’s fault, it is his job to arrange a charge for Parris, not the regulator’s….there is already a complaint.

    Ya mean I have told you muliple times am female Hal and ya still calling me a man..lol

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  • David,
    No. You got the cart before the horse. Criminal charges then restructuring. In any case, Clico should be out of business.
    I am fully aware that in Barbados we do things our own way even if the rest civilised world do things differently..
    By the way, Bds$3m a lot of money, but it is not mega

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  • Horse before the cart

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  • WW&C

    Chuckle….who would have thunk that the day would come when your arguments are spot on with no fault found by me…..go girl.

    To understand Hal on this issue,you must recall that he had a close relationship with DT to which he has alluded to.

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  • @Hal

    That is a judgement call. One has to weigh the benefit of pursuing crimnal charges versus securing information to salvage assets. Have a read of how T&T pursed the matter against CL Financial. On reflection some have argued that the William Layne Oversight Committee created the opportunity for assets to leak from the company. Hindsight we suppose

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  • Jeff Cumberbatch

    “BU speculates if the decision to seek injunctive relief by RUBIS was triggered by a green light notification from the FTC”.

    You need not speculate further, David. The injunction was a quia timet injunction-

    Quia timet (Latin pronunciation: [kwia timɛt], Latin for “because he fears”) is an injunction to restrain wrongful acts which are threatened or imminent but have not yet commenced.

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  • Thanks for your intervention Jeff in no way was it intended to pressure you lol.

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  • Jeff Cumberbatch

    @ David -Accepted!

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  • I am convinced based on a photo and a story published in the Daily Nation that Owen Arthur was angling to have Clico fund the Pierhead Project as conceptualized by BS&T in the early ’90s but stalled owing to funding.That photo op was in ’05 or ’06.

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  • Vincent,
    Plse tell me where I have ever ‘alluded’ to having a close relationship with DT, or is this a figment of your fertile imagination?

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  • @David , I want to emphasize and take you up on your throw-away line that “…The record shows that the late SOI Greaves was a CHICKEN FARMER who was asleep at the switch …”.

    I can only presume that the reference to the man’s previous professional background as a chicken farmer is offered as a pejorative. Why!!!

    The management of ANYTHING is about the ability to apply logic, reason and a rational process.

    One assumes that the manager is literate and competent enough to HANDLE the scope of materials before him and has the requisite experience.

    With that said no one generic background remark should disqualify a person from being successful in his management tasks.

    THE key of management is knowing your ‘limitations’ and ensuring that you can delegate well and have excellent people working for you.

    In short, based on the attention to detail, planning and supervision needed to run a successful chicken farm I daresay you should not mention that as a pejorative…it should have been to his management advantage.

    Yes, @Hal. This is many years later. Relitigation of the CLICO mess is wasteful.

    Note, that I accepted that the supervision was less than stellar but blamed the overarching meddling control of the elected officials as the cause celebre here….whomever was in that office would have suffered that fate, clearly. (Not an excuse!)

    However, that you would offer that Parris is ‘an innocent’ man in the face of the mountains of information in the public domain is an extremely generous assessment.

    At minimum he and Mr Thompson were ‘guilty’ of a form of money laundering! At minimum.

    And $3 Million IS mega money. Amusing that you would paint it in your billion $$ world as anything else.

    Absolutely, 99% of us Bajans could live comfortably – for many, many years – on $3M.

    So too could lots of Brits do the same on the equivalent GBP1.2M….in their case with a bit of financial advice from one of you wags at the FT…and no trips Ascot or London’s tony spots, of course.

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  • Well Well & Consequences Observing Blogger

    SIMPLE LOGIC…

    After the Owen Arthur administration refused to stop Leroy Parris from illegally selling the EPAs and eedction came around, David Thompson, still attorney for CLICO, got Leroy Parris to invest 10 million of CLICO’s policyholders money in his election campaign, then Thompson won the election, Leroy Parris flatly refused to observe the court order that would have prevented him from selling those illegal policies……. Fruendel Stuart was then attorney general and should have directed DPP Charles Leacock to arrest Leroy Parris for his illegal activities…., it’s nit like David Thompson as PM and Fruebdel Stuart as attorney geberal dud nit know, the insurance regulator hadalready fiked her complaint and got an order……but it did not happen cause they used CLICOs money to win an election could not very well tell Parris that he could not commit a crime in Barbados.

    Now how the hell does Hal or anyone else expect an insurance regulator to fight against that level of government corruption and collusion with Leroy Parris….simple logic….it’s not as if she did not try.

    Many might have forgotten, but I remember Fruendel Stuart threatening the policyholders his friend Leroy Parris robbed, while Dumbville Inniss was in the background telling these victims of Parris and Clico that it served them right that they were robbed, that they were too greedy, these stinking scamps for government ministers.

    So Hal…when ya coming on here to victimize already victimized people…have ya facts straight.

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  • @Dee Word

    The track record of the late Greaves is there for those who want to see. To reiterate -his core competencies were not to be found in insurance if we were to evaluate his body of work. He clearly allowed CLICO to operate free of feeling pressure from the office of the SOI.

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  • Well Well & Consequences Observing Blogger

    CORRECTIONS.

    After the Owen Arthur administration refused to stop Leroy Parris from illegally selling the EPAs and election came around, David Thompson, still attorney for CLICO, got Leroy Parris to invest 10 million of CLICO’s policyholders money in his election campaign, then Thompson won the election, Leroy Parris flatly refused to observe the court order that would have prevented him from selling those illegal policies……. Fruendel Stuart was then attorney general and should have directed DPP Charles Leacock to arrest Leroy Parris for his illegal activities……as were their jobs, not the insurance regulator’s…….

    ………. it’s not like David Thompson as PM and Frueudel Stuart as attorney general did not know about Parris illegal activities pr the court order, the insurance regulator had already filed her complaint and got an order……but it did not happen cause the the Thomoson government used CLICO policyhokder’s money to win an election and could not very well tell Parris that he could not commit a crime in Barbados.

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  • @ David,

    I see that St Lucia has been featured in today’s Guardian newspaper. The story is very much a Caribbean affair. Worthy of note is the comments section.

    https://www.theguardian.com/world/2017/mar/31/st-lucia-pearl-of-the-caribbean-resort-environmental-threat

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  • @Dee Word

    Note that William Layne is on record pointing out he shut down an insurance company in the 90s. It explains why we should accept that Greaves fell asleep at the switch by not invoking his powers under the act at the time. Now the FSC is in charge.

    http://www.stabroeknews.com/2012/archives/03/26/former-bajan-supervisor-of-insurance-defends-clico-actions/

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  • @Exclaimer

    Yes The PM of St. Lucia is holding a lot of heat about this project. All of our islands are in a race to chase the tourist dollar.

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  • Well Well & Consequences Observing Blogger

    Vincent…I am trying to make Hal understand that government ministers on a small island who keep secrets from the people who trust them, have done so for 50 years and believe the population to be fools, only good for voting, they do not view laws, regulations, protocols etc the same way leaders in the metropolises do, re ethics and corruption…..they allow criminal activities at will as long as they can benefit.

    ………in the UK, both Thompson and Freundel would have had to resign for their collusion with the law breaker Parris….in the US…both of them would have been impeached.., as we see trump now shitting in his pants….but governments in Barbados view corruption and collusion with the criminals who manage businesses as being cool, necessary profitable.

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  • @ David,

    The scale of the project below makes the Hyatt development seem like a needle in a haystack. It’s call a race to the bottom.

    http://chinahorseclub.com/en/the-government-of-saint-lucia-announces-world-class-resort-and-lifestyle-development/

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  • Hal Austin April 1, 2017 at 5:02 AM #

    William,
    A company such as COW’s should be able to go to the banks and shadow banks to raise that money; even more, he has the assets to secure a loan. Something is not right, apart from the collective ignorance of the government.
    This brings us back to Arthur’s disastrous management of the national finances. He alone has done more to damage our financial system than any single individual.
    What makes matters worse – and \I have given the Mutual as an example – in Barbados we usually go off on a tangent and ignore the fundamentals. COW Williams is not the problem, but the badly managed NIS, and in particular the chairman and the minister.
    I remember before his unfortunate death having an email conversation with David Thompson and telling him that he was using the NIS as a piggy bank. He protested vehemently. We now have the clear evidence. Barbados is in a sorry state.
    ………………………………………………………………………………………………………………………

    Hal

    That last para more than supports my point…….you did not simply send him an e-mail…..you had a conversation…..one in which he protested vehemently.

    Why would he have a conversation with you if he did not know you even to the extent of trying to convince you……..I rest my case…..QED.

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  • Well Well & Consequences Observing Blogger

    I know many people who visited St. Lucia and marveled at it’s unspoilt beauty, it’s simply beautiful, just like Dominica, they would cry at it’s destruction.

    Tourism benefits no island absolutely, or none of the islands would be in financial trouble, not for the amount of tourists who visit…but the tourists usually pay for their packages before they leave their countries and they have very little spending money…as they survive on credit cards, so it’s not the islands making the money, how do these dumb governments not see this and stop this addictive unprofitable dependency on tourism, find other sources of revenue and job creation and combine them…….. as they promise with their lies every election cycle….. steuppuss.

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  • @ David
    Was it Greaves or Belgrave?

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  • Well Well & Consequences Observing Blogger

    Well then Hal…you knew David Thompson was a scamp and a liar….I rest my case, leave the former insurance regulator alone…, Thompson was the attorney for CLICO…for years.

    You know that it’s the ministers and heads of NIS enabling and condoning Cow, Bizzy, Maloney and Bjerkham to steal money from NIS and the treasury…ya blaming them as they rightfully deserve, yet ya cant blame the same ministers and Thompson and Parris for stealing CLICO policyholder’s money and for refusing to rein in Parris and CLICO which would have prevented the collapse when Thompson was telling everyone, as attorney, that CLICO was fine…… ……..that is illogical.

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  • Thanks for the correction!

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  • WW&C
    Even when Clico collapse in Trinidad Thompson went to the House and proclaim Clico in Bdos was properly and well managed and it was not affected by the Trinidad connections and as a vote of confidence he voted 10 million BD$ to put into Clico.We didn’t know at that time that Parris was going to claim that 10 mill as his according to a contract he had signed with Duprey and witnessed by Tompy the crook.

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  • The legacy of slavery has always been undervalued in the Caribbean. However, mark my words: within the next one hundred years all remaining traits of the Caribbean slave trade and its legacy within the Caribbean region will be erased; as will a large number of Afro-Caribbeans who will be replaced by a tsunami of other citizens across the globe as they establish a foothold within our region. Look at the various indigenous Carib tribes, who were replaced by the African. Who remembers them? I was taught at school that when Columbus arrived in the Caribbean that the vast majority of the islands were uninhabited.

    The Caribbean region is once again in the cross-hairs of the elite and the wealthy. The Chinese are serious players with a wallet as big as a sinkhole. These people do not operate in half-measures. They are serious players. What chance do we have against such odds?

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  • @David at 5:07 PM , That is a powerful reference. As noted earlier not to relitigate CLICO but as you delved there it causes me to reflect…

    To take Mr Layne at his word and personally seeing up-close his apparent integrity when he was in his role as PM in Min of Finance this entire CLICO debacle was simply confounding to me.

    To be simple, all that we said above re lax supervision and meddling control of ‘people of integrity’ is captured succinctly and powerfully – for those with eyes to read – in Layne’s own words.

    He said boldly in the referenced article:

    “I was Supervisor of Insurance for 18 months – between January, 1995 and June, 1996 – and during that time I stopped Narsham from writing insurance. They didn’t have adequate reserves and they ended up taking me to court.

    “I didn’t have to speak to ANY POLITICIAN (my emphasis) about that. I took action and stopped them from writing insurance. I don’t remember any time in those 18 months that I did not act.”

    Now, David, he later became a PS in Min of Finance. That is ‘senior’ to the SOI and with his regulator background he would certainly be strongly supportive of his colleague to prevent any malfeasance.

    So can one assume that the aggressive Layne of the late 90s no longer supported close scrutiny of the insurance industry or did he now have to shift his ’emphasis’ and listen/speak to people first!

    It’s all a nasty conniption of personalities, affiliations and regrets!

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  • If Hal think Parris is not a barefaced stinking crook he is the only ‘body’ that think so

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  • Dribbler
    I am thinking based on your input that Layne acted in his capacity as Supervisor of Insurance.In later life he became a PS and a powerful one too.Was Caswell consulted by Thompson to move a PS whom he viewed as a threat to him as a minister?Was it Layne?

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  • Well Well & Consequences Observing Blogger

    Gabriel….insurance scams and the crooks who manage them evolved since the days of Narsham, Trade Confirmers and Mutual that robbed bajans, the new age crooks like Parris and Harris, with Parris willingly guided by the experienced and depraved Duprey were well aware that to be able to continue their scams against the policyholders without consequences, they would first have to get lawyers like Thompson and Haynes, lawyers who lack ethics and are not above taking personal injury cases against CLICO or CGI…did just that, without disclosing to their clients that they were the attorneys for these insurance companies. …a direct conflict of interest, but beneficial to the insurance company as well as the unethical Haynes and Thompson because they can collect 2 paychecks, while the cases go nowhere….

    More importantly, compromising all these willing, greedy government ministers made sure they were untouchable,….compromising the judiciary in the form of the willing, unethical and very greedy chief justice David Simmons ensured that cases could not be lost…I dont know if Simmons also sat on the board of directors at CLICO, but he sat on the board at CGI…

    ..,,,.,.policyholders and personal injury claimants in those days, did not stand a chance with those vile animals…… had Thompson lived, as prime minister, it would have been worse……but man make’s plans and the divine makes decisions….good riddance to him.

    It took a hell of a long time to expose them all and their insurance scams against the people.

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  • @Dee Word

    Good last point, perhaps, Caswell is best placed to answer. BU’s view is that CLICO became a political beast with teeth sunk into the hides of many.

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  • @ Dribbler
    Wait Boss … You talking bout PS Layne????
    If you had known him from school days you would understand COMPLETELY how he would have done the things that he did…. (just as you would understand Hal – had you known him back then… 🙂 )
    Layne was EVER a ‘vagabond’ ….in the sense of being ‘own-way’ and independent.
    It was a fairly common trait of that era – a sign of self-confidence among men who would have been moulded by the visionary and self-confident teachers back then – and in a male environment ….where such masculine assertiveness was cherished – rather than punished, as it is now – in favour of the Peter-Wickham-style effeminate lackies of later times.

    Caswell is another such example, but how many other modern brass bowls can you name with such balls…? Most other appointees are insecure puppets looking for favours.

    @ Gabriel
    Look boss, it is time to learn to ignore Hal’s “answers”. The man was a sap at school, and then he spent 40 years hanging around the Queen’s backyard. How is he qualified to be an expert on brassbados?
    The man does ask some good questions, and is an asset to BU, but his meeting Greenverbs once in London – or writing emails to Dishonest Thompson, DOES NOT qualify him to be any more an ‘expert’ on CLICO than he is on BBE.

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  • Well Well & Consequences Observing Blogger

    I was wondering what type of investment trump could posdibly have in St. Vincent and the Grenadines, turns out it was a failed investment….lol

    “For Trump, St. Vincent And The Grenadines Became The Isle Of Disappointment

    Chloe Sorvino , FORBES STAFF
    I cover the world’s most successful entrepreneurs.

    This story appears in the March 28, 2017 issue of Forbes. Subscribe
    Swiss-Italian banker Antonio Saladino was desperate to make his lush resort on the north shore of Canoun Island a success.

    Canouan Island in St. Vincent and the Grenadines. Photo credit: Forbes

    He had spent years failing at it, so in 2003 he brought in Donald Trump to erect 15 custom-built villas around his hotel and put another 10 along the resort’s golf course. Trump also agreed to operate the golf course and a stand-alone casino. None of it helped much. In 2010 Saladino gave up on his pet project and sold out to Irish billionaire Dermot Desmond, who promptly ended the Trump deal before selling out himself in 2015.”

    Like

  • Bush Tea/Gabriel,

    You are not going to bully me. I will challenge you until David block me from the site or until I kick the bucket.
    What I am saying, and I realise that Bajans of a certain generation lack that basic civility, is that if there is evidence against Mr Parris, then charge him. If not treat him as innocent until proven guilty.
    Barbarism may scare some people, but not me. I am up for it. By the way, Mr Parris is no, nor h sever been friend of mine. Nor has Mr Thompson.
    What I do know is that we have had, and continue to have, a grossly incompetent insurance regulatory system. That is where the Clico blame should be directed – and the Mutual, while we are at it.
    Until we face up to it we are letting the real culprits off the hook.

    Like

  • @Hal

    Your comment is theoretically sound BUT sometimes to force justice people must rebel. In this case the government has taken a course of action and to a blind man on a horse trotting backwards it is obvious the government prefers to go a protracted route. You must be aware of the context regarding the affinity between Parris and the DLP? There is a lot there to grease the political mill especially now that we are in silly season.

    Like

  • Caswell Franklyn

    I am getting sick and tired of Hal Austin writing about how things work in England and then trying to suggest that this how it ought to have been done in Barbados. What Hal does not realise is that the our laws and regulations mirror those of England up to a point but depart where the regulator actions have to be approved by the minister.

    Up to quite recently most of the heads of regulatory departments had some level of competence in their areas. They would have done all the technical work necessary and then submit their recommendation to the relevant ministers for approval only to have their recommendations rejected.

    It happened and continues to happen in places like Town and Country Planning Department. Non-technical ministers taking political decisions on purely technical matters.

    Rather than leave regulation in the hands of experts in their respective fields, Government has now created a monstrosity called the Financial Services Commission, staffed it with either yardfowls and fools who now wreak havoc by making up rules as they go along. Don’t blame public officers for these matters, they do their jobs up to the point where they can go legally.

    Oh by the way, William Layne shut down Narsham illegally which we now know as a result of the appeal. Fortunately for the Government, the death of Dr. Sharma, the CEO, has halted further action or the Government would have been facing a bill for $40 million.

    Sent from my iPad

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  • @ Hal
    Not trying to bully you…. well not any more than normal… 🙂
    But you seriously do NOT fully grasp the reality on the ground in Barbados. You continue to be influences by what pertains in a rational society…… one where CLEAR AND OBVIOUS crime is prosecuted.
    …One where even Prime Ministers are charged and made to account for doing shiite.

    It probably is not possible for ANYONE not intimately familiar with Bajan brass bowlery to comprehend the kinds of things that ROUTINELY escape justice here. Do you UNDERSTAND the issue with the Speaker of our HoA?

    You should communicate with persons who actually worked with Parris. You should read the report on CLICO… You should ASK more questions…

    As Bushie said quite simply before, even if the police are asleep and toothless, you cannot blame them for the actions of a robber, rapist or murderer. You can only blame them for any incompetence in prevention and, or conviction.

    Parris AND his various Boards of Directors have been the robbers, rapists and possibly even murderers in the CLICO scam, ….and you are right …. the SOI failed miserably in his role…. and then the deputy was dismissed by Froon when she tried to take some feeble actions…

    But WRONG is WRONG….. is Parris.

    Like

  • @Bush Tea

    Check page 14A of today’s Sunday Sun.

    The Acting Assistant Commissioner of Police states emphatically the file for Verona Gibson was sent to the police on March 17, BUT, the DPP as recent as Friday last week is lamenting why it has taken so long for the police to send the file.

    #jesustakethewheelplease!

    Like

  • Well Well & Consequences Observing Blogger

    Hal…….try doing some real research before ya try feeding the blog misinformation and downright lies, reasearch the history of what happened with Clico and the real culprits,, not what you wanted to happen or think should happen, a theft of that magnitude by Parris and Thompson…..can only be dealt with in facts and reality, not disinformation, fantasy and blaming the wrong people..

    Like

  • CUP Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZ

    Hants April 1, 2017 at 1:07 PM #

    The problem with CLICO is the Trickidadian manipulator in chief and the brassbowls doing

    his bidding in Barbados.@@@

    Hants, understand then know, the assets CLICO hold in Barbados is based on stated and not fact, all the land in Barbados Plantations and other was placed there, So they have nothing to sell to recover for the people, You do not have to be harmed by CLICO to feel the pain, Parris can not show how he have$5 million or more in the CB, or another, others who have money there hiding it, His role came out in court , If you take many others to court their numbers will also come out, CB is a PVT account for the crooks of the DLP and BLP,
    Even Leroy Parris and Harris see to me crooks deep down and some hiding blod face, Cover up in Bim and lawyer with Ministers is the Problem ,, All , All must be removed from government, a CoUP is the best way,

    Like

  • jimenobaeznarvaez

    . @@@

    Hants, understand then know, the assets CLICO hold in Barbados is based on stated and not fact, all the land in Barbados Plantations and other was placed there, So they have nothing to sell to recover for the people, You do not have to be harmed by CLICO to feel the pain, Parris can not show how he have$5 million or more in the CB, or another, others who have money there hiding it, His role came out in court , If you take many others to court their numbers will also come out, CB is a PVT account for the crooks of the DLP and BLP,
    Even Leroy Parris and Harris see to me crooks deep down and some hiding blod face, Cover up in Bim and lawyer with Ministers is the Problem ,, All , All must be removed from government, a CoUP is the best way,

    <!

    Like

  • . @@@

    Hants, understand then know, the assets CLICO hold in Barbados is based on stated and not fact, all the land in Barbados Plantations and other was placed there, So they have nothing to sell to recover for the people, You do not have to be harmed by CLICO to feel the pain, Parris can not show how he have$5 million or more in the CB, or another, others who have money there hiding it, His role came out in court , If you take many others to court their numbers will also come out, CB is a PVT account for the crooks of the DLP and BLP,
    Even Leroy Parris and Harris see to me crooks deep down and some hiding blod face, Cover up in Bim and lawyer with Ministers is the Problem ,, All , All must be removed from government, a CoUP is the best way,

    <!

    Like

  • Fair and Balanced

    There are no reasons why the Hyatt shouldn’t be built it has passed the legal and regulations tests only that pinko stalls the progress with a frivolous suit in the courts. Why the courts haven’t met and thrown out the foreigner’s crap is baffling and shakes the faith of ordinary people in the judicial system. Split the shares of BNTCL half to Sol half to Rubis . The business climate and the economy are the winners.

    Like

  • . @@@

    Hants, understand then know, the assets CLICO hold in Barbados is based on stated and not fact, all the land in Barbados Plantations and other was placed there, So they have nothing to sell to recover for the people, You do not have to be harmed by CLICO to feel the pain, Parris can not show how he have$5 million or more in the CB, or another, others who have money there hiding it, His role came out in court , If you take many others to court their numbers will also come out, CB is a PVT account for the crooks of the DLP and BLP,
    Even Leroy Parris and Harris see to me crooks deep down and some hiding blod face, Cover up in Bim and lawyer with Ministers is the Problem ,, All , All must be removed from government, a CoUP is the best way,

    Like

  • . @@@

    Hants, understand then know, the assets CLICO hold in Barbados is based on stated and not fact, all the land in Barbados Plantations and other was placed there, So they have nothing to sell to recover for the people, You do not have to be harmed by CLICO to feel the pain, Parris can not show how he have$5 million or more in the CB, or another, others who have money there hiding it, His role came out in court , If you take many others to court their numbers will also come out, CB is a PVT account for the crooks of the DLP and BLP,
    Even Leroy Parris and Harris see to me crooks deep down and some hiding blod face, Cover up in Bim and lawyer with Ministers is the Problem ,, All , All must be removed from government, a CoUP is the best way,

    <!

    Like

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