est. 2007

Barbados Underground

Bringing News and Opinions to the People

,

CL Financial Bailout – Charting the Ruins

Posted by Afra Raymond The voices of our leading Artists urge us to search for meaning, if we are serious about building a civilisation out of the lies and ruin we inhabit. That kind of serious building requires a solid foundation which must contain sober reflection and acceptance of responsibility by both the people and…

, ,
Posted by Afra Raymond

The voices of our leading Artists urge us to search for meaning, if we are serious about building a civilisation out of the lies and ruin we inhabit. That kind of serious building requires a solid foundation which must contain sober reflection and acceptance of responsibility by both the people and the leaders. This is the Season of Reflection, so this week I am looking backward to go forward. A Sankofa pause to delve into these sobering CL Financial events to try to derive some meaning. We have now passed Emancipation, so the series is moving onward to Independence.

Read full article

11 responses to “CL Financial Bailout – Charting the Ruins”

  1. David Avatar
    David

    An interesting unpacking of the CL Financial mess by its most strident ‘critic’.

  2. Dentistry Whisperer (M. Pharm. D) LinkedIN Avatar
    Dentistry Whisperer (M. Pharm. D) LinkedIN

    Please show us pics of roof lost after hurricane Dawson.

  3. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    At least Afra has FOIA on his side and he can beat down the doors of the courts, until the info is released.

    Outright crookery, under Manning, deceased.

    “Apart from the composition of the Cabinet, we have to reflect on the fundamental terms of the CLF Shareholders’ Agreement. That Agreement is deeply flawed as it allows the CLF chiefs to retain their shares, does not charge any interest and contains no term for repayment.

    According to Mariano Browne, in his critique of the ongoing bailout in an email sent on 8 August 2017 to a large chat group –

    “…There is no security document agreed repayment programme or guarantee document…”
    So just how did we agree these astonishing concessions in the CLF bailout?
    Did CLF propose to pay no interest and waive any repayment period or was it the State’s advisers who suggested this approach?
    Were any objections raised by the Minister of Finance?
    Did the Governor of the Central Bank endorse this stunning giveaway?
    How did we, the taxpayer, agree to pay out these huge sums of interest-free Public Money to investors and depositors who went into CLF to get the high interest rates?
    Who was safeguarding the Public Interest?
    Was that a living concept in those crisis meetings?

    I appreciate Michael Harris’ support and would repeat his call that either the DPP give us an urgent, detailed update on the matters arising from the Colman Report or the government must publish the Report. After all, the public has paid a reported $120M for that exercise.”

  4. Hants Avatar
    Hants

    @ David,

    Trini power affecting the sugar industry.

    Is this worthy of serious discussion on BU ?

    “Nearly one-and-a-half years after the High Court upheld an injunction by Andrews Great House owner Emile Peter Elias to shut down the US$250 million venture, Government is returning to court to argue that the wrong officials were sued.”

    https://www.barbadostoday.bb/2017/08/16/sugar-twist/

  5. David Avatar
    David

    @Hants

    Where is the Trini power?

  6. Hants Avatar
    Hants

    Emile Peter Elias.

  7. Hants Avatar
    Hants

    But there is more than one dog named bob. lol

    As you know my best friend is google.

  8. Vincent Haynes Avatar
    Vincent Haynes

    This speaks to the ineptness of this govt…..

    Sugar twist

    Govt seeks to bring Andrews sugar project back to life.

    Excerpt……

    Lakhi said although the court is on holiday, his team had been trying to expedite the latest hearing because the case had dragged on for much too long.

    He noted that the court could either move forward and make a decision based on the submissions filed, or set a new date for the State to file its written submissions, failing which the court could make a final ruling.

    The multi-million dollar scheme, part of the much-touted Cane Industry Restructuring Project (CIRP), and a pet project of Minister of Agriculture Dr David Estwick, had been the subject of much feuding between Estwick and Minister of Finance Chris Sinckler.

    Estwick had complained that his Cabinet colleague had been tampering with funding for the project.

    In fact, back in February 2015, he wrote to Stuart complaining that officials of the Ministry of Finance, on Sinckler’s instructions, had bypassed his office and issued instructions to the general manager of the Barbados Agricultural Management Company (BAMC) that were not in keeping with Cabinet decisions.

    The matter surrounded a long-awaited loan from ANSA Merchant Bank of Trinidad, which he said was secured specifically to restructure the local sugar industry, but which the Ministry of Finance was asking BAMC to use to pay wages, salaries, vacation pay and Simpson Oil Limited.

    another excerpt…..

    Parris said while cane production stood at 83,360 tonnes last year, this year’s production had jumped to 132,845 tonnes.

    “So we are well under way to achieving that target. The trending is favourable,” Parris said.

    “Those cane yields translated to 7,026 tonnes of sugar in the 2015-2016 year and 10,102 tonnes of sugar in the 2016-2017 year,” he added.

    When contacted, Estwick would not comment, promising instead to speak on the issues surrounding the project in due course.
    ………………………………………………………………

    So we are going to get an increase in tonnage with no where to process them……..typical.

  9. David Avatar
    David

    VIDEO: 107.7 FM interview on No Man’s Land, CLF bailout on 6 August 2017

    by AfraRaymond

    This is my interview with Rennie Bishop on 107.7 FM on Sunday 6 August 2017 to discuss the No Man’s Land transaction and other CL Financial bailout matters stemming therefrom. Video courtesy TTRN -Trinidad and Tobago Radio Network Limited. Programme Date: Sunday, 6 August 2017 Programme length: 00:27:53

    Read more of this post

  10. David Avatar
    David

    BU has always found it intriguing that former junior minister of finance was allegedly sent out of the country when th CL Financial transaction went down.

  11. Tron Avatar
    Tron

    If you would like to know what is wrong in this country, just compare the CV of AJ Clarence Thomas at https://www.supremecourt.gov/about/biographies.aspx and of CJ Marston Gibson at http://gisbarbados.gov.bb/blog/chief-justice-of-barbados-the-hon-mr-justice-marston-c-d-gibson/.

    If I have never seen an official judicial CV outside Barbados where the hobbies are listed.

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading