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Chairman of the Fair Trading Commission (FTC) Jeff Cumberbatch Responds to Minister Chris Sinckler

In response to Minister of Finance Chris Sinckler’s criticism about the length of time the Far Trading Commission (FTC) has taken to deliver its final decision on the application for SOl to acquire BNTCL, Chairman of the FTC Jeff Cumberbatch shared the following press statement [16 November 2017]. The final decision on the matter is…

, , , ,
Chris Sinckler, Minister of Finance

In response to Minister of Finance Chris Sinckler’s criticism about the length of time the Far Trading Commission (FTC) has taken to deliver its final decision on the application for SOl to acquire BNTCL, Chairman of the FTC Jeff Cumberbatch shared the following press statement [16 November 2017]. The final decision on the matter is to be made on November 23, 2017. It is interesting to note that the FTC held in-camera sessions as recent as 23 October 2017 pursuant to 26 (2) of the Fair Trading Act, AND, Minister Sinckler launched his criticism on the 10 November 2017.

The Barbados government is desperate to bolster its foreign exchange reserves which based on recent reports has fallen to an uncomfortable low of 9 weeks cover. It is a pity the country finds itself in a place where profitable state assets have to be dumped to support consumption spending by the country.

85 responses to “Chairman of the Fair Trading Commission (FTC) Jeff Cumberbatch Responds to Minister Chris Sinckler”

  1. William Skinner Avatar
    William Skinner

    The bigger question here is after Sinckler and Stuart et al what are we really looking forward to. In one breath we talk about the precarious nature of our economy and in another, we seem to just want the country to remain paralysed in the clutches of the decadent BLPDLP. So who we really trying to fool?
    We talk about transparency ;so why can’t a minister express his concern about a matter taking long to resolve ? The chairman did the right thing by responding appropriately and that is exactly how a democracy should function! We daily show our political immaturity by refusing to accept the realities we face.
    We talk about ditching the queen; throwing away national honours and Nelson and ridding ourselves from the clutches of external forces but we want the IMF to determine how we run things. What do we really want?
    We don’t know about any country that recovered by highly educated or is it certificated or “de-greed” people writing bare faced lies and spilling nothing but BLPDLP crap.
    We have been watching for decades as business people and multi millionaires exploit the workers. Do we take pictures of their houses? Do we take pictures of their yachts? Do we take pictures of their expensive rally motor cars? Do we take pictures of their expensive polo and race horses ? Do we take pictures of their luxury cars?
    Do we really think that a change of government will change anything other than have new drinkers at the trough ?
    First order of business in the movement forward: Dump the BLPDLP and let all those who now writing for their supper go and find somewhere else to peddle their nauseating opportunistic garbage that is not about Barbados’ well -being but their desire to join the BLPDLP gravy train.

  2. Gabriel Avatar
    Gabriel

    For those of you who seem to think that there is no hope in the event of the coming change of government which will bring with it the confidence of investors that would result in growth of the GDP and concomitantly a growth in everybody’s standard of living you can do what Eric Williams told the Trinidadians in the 60’s….”If you don’t like it,get the hell out of here”.

  3. Bush Tea Avatar
    Bush Tea

    @ Gabriel

    This in NOT the 1960’s
    Life was simple back then.
    Even Simple Simon made sense of life back then….

    Now….!!!!???

    Now, even Pacha, Jeff and Ping Pong are stumped…
    Your BLP leaders are so lost, that they DARE not disclose any ‘plans’ ….. for fear that these be exposed as the jobby that we (You and Bushie) know these plans to be…..

  4. David Avatar
    David

    @Pacha

    Of course the minister appoints the Commissioners but does it mean that their decisions are influenced by the minister? There is nothing wrong with an independent minded Board i.e. following the mandate and information available from the technocrats. Then it is up to the minister to fire the Board/Commissioners if he or she is not happy.

    BU restates our position, the MoF is an idiot. From where he sits he is privy to what is happening at the FTC. By the way the government has promised all kinds of legislation etc without delivering.

  5. Pachamama Avatar
    Pachamama

    Yes Bushie

    You are quite right

    In the absence of ‘answers’ or ‘manifestoes’ (that could mek sense) we are left merely trying to understand the ‘newly’ created problems.

    Essentially, the problems presented by a perverse, post 1980, Washington Consensus, neoliberalism – including the financialization of economy, a new impoverishment of most of the world, the consolidation of public wealth into a few hands and a more vicious militarism.

    The hurdles are many. First, the entrenched interests, operating with models, and the thinking, proposed for a bygone era must be dislodged.

    As the PM would say, that has proven to be more Herculean than some man, called Sisyphus, trying to role the proverbial rounded stone up a hill. LOL

    While this work proceeds, on all fronts, we must avoid the attraction to magical thinking, well-worn superstitions and the criminal ideology of the Christian-fascists now in power in the seat of empire.

  6. David Avatar
    David

    @NorthernObsrver

    These guys love the ”smoke and mirror’ stuff. Clearly if the government is having a conversation with the NIS and Central Bank about manipulating the interest rate to government to reduce debt cost will it not have an impact on the investment yield curve for the NIS as well? Will the NIS actuary be concern? A few months out from a general election should government be committed to traveling such a route unless it is desperate? The trivilaizing of the credit rating at a time when Barbados debt to gdp is 140% is also of concern.

  7. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Sinckler is just positioning himself to blame FTC for his cockup…either way, sale or no sale..his actions are very clear.

    The ministers never act like adults, they blame everyone else, except themselves, for all their numerous screw ups.

  8. Caswell Franklyn Avatar
    Caswell Franklyn

    There is a saying: If at first you don’t succeed try and try again.

    This Government seems to have adapted that saying for its purposes and now its guiding principles seem to be:

    If at first you don’t succeed blame the failure on someone else.

    Sinckler and his colleagues have failed miserably in managing the Barbados economy and now they want to place the burden of that failure on poor Jeff’s shoulders.

    Sent from my iPad

  9. Bush Tea Avatar
    Bush Tea

    @ Caswell
    Not even an idiot of Stinkliar’s miserable calibre would be so foolish as to sink to the level of blaming the delay (or failure) to sell off national assets such as the Hilton and BNTCL for the failure of the Barbados economy.

    Even angela Skeete would know intuitively (instinctively in her case) that it is the FAILURE of the Barbados economy – OVER MANY YEARS – that leads us to have to sell out last physical assets.

    Even angela would also KNOW that when a family has sold off its last piece of jewellery, the next items on the list will be their prettiest daughters; their most feminine-looking sons; and then even their old parents donkeys….

    Vincent’s old donkey looking shaky yuh…

  10. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Lol…Vincent wants a good selling, open his eyes to reality cause him and his link cannot see where this is going.

  11. Vincent Haynes Avatar
    Vincent Haynes

    Bushie

    Yes bozie….wuh yuh whan….wuh yuh callin mi nim fuh……yuh whan frens.

    So far your batting is ok…..keep on hitting the ball and you will be allright…..enjoy.

    ah gine back tuh sleep……wek muh up enna 6 months time.

  12. Bernard Codrington. Avatar
    Bernard Codrington.

    @ Talking Loud Saying a Lot at 8: 10 Pm

    I love your submission. At least you are seeing through the smoke screens and mirrors diversionary game.
    I agree with you . No man/ woman who was in a position of influence in his/her country and did not solve the economic and financial problems in his/her country has legitimacy to recommend cures for mine.
    In a sense we are all out to sea. We either do not recognize the sea change in the economies or we are using the wrong model.
    It may very well be a case of the blind leading the blind.

  13. Bernard Codrington. Avatar
    Bernard Codrington.

    @ Pacha

    I think you ought to reread the sections of the Act which deal with the purpose and functions of the FTC. Concentrate on its responsibility to the consumers and its responsibility to fair trading.
    The minister’s roles are also outlined in the Act. Nowhere does it state that he can give directions to the Board in the execution of their duties.

    This country operates under the rule of Law. We are not a Dictatorship.

  14. Pachamama Avatar
    Pachamama

    Bernard

    You say rule of law. Whose rule, which law?

    What kind of law rules would have us discussing how we are to sell a critical national asset to a local ‘billionaire’?

    A man who has been able to compromise your government. Notwithstanding that that same government made him who he is today.

    What a law! What a rulership!

    As far as we are concerned a statutory corporation is a statutory corporation. They are all basically the same. Cut from the same cultural cloth.

    Without pretending to read the whole act, we cannot be convinced that this particular animal is any different than all the rest.

    We cannot therefore be persuaded, like you seem to be, that there is anything special about the FTC Act – some unique dispensation not subject to the will of the political masters.

    What rule of law!

    Maybe you should come to consider that EVERYTHING you have been taught was a lie. That you have lived a life of lie. That you merely exist within a tapestry of lies.

  15. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Miller….Sinckler cant tell another lie to undo this, he cant blame FTC either, he will just have to resign as he promised he would if there is devaluation….,.

    Day can only run so far.

    https://www.barbadostoday.bb/2017/11/17/imf-not-ruling-out-devaluation-of-the-barbados-currency/

    “IMF not ruling out devaluation of the Barbados currency
    Added by Marlon Madden on November 17, 2017.
    Saved under Business, Local News
    1Save
    The International Monetary Fund (IMF) has refused to rule out the possibility of a devaluation of the Barbados dollar should the country enter a fiscal programme with the lending institution.

    IMF Director for the Western Hemisphere Alejandro Werner told Barbados TODAY that devaluation would have to be a choice for Government to make. The Barbados dollar is currently pegged at BD$2 to US$1.

    The Central Bank of Barbados and several noted economists have raised concerns about the future stability of the currency due to the country’s dwindling foreign exchange reserves.”

  16. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Bernard, of course you are correct at 10:58. Of course too the perspective that a minister has more than persuasive power over appointed commissioners is well held…and that has nothing go do with a dictatorship.

    The problem is that when it was the PUB and determinations were being made about rate increases we seemingly accepted that political direction was anathema and politicians naturally encouraged that view too gain public goodwill.

    But broadly speaking in developed nations we clearly see the same type of influence manhanadling. The US pres seeks to influence the work of his FTC and the current TIme Warner deal…his problem being the CNN sale component, it seems.

    And the level of politics surrounding their CFPB is grotesque.

    At day’s end it’s the professional integrity and future plans of any commissioner that will drive his/her decision making on these regulatory bodies.

    It would be obnoxious that a law Dean would allow himself to be pursuaged to deliver a decision that would be called into question based on the very same laws and regulations of which he preaches daily. Thus I have no fear or concerns on this matter. Bim’s regulatory matters are in great hands.

    So the political prattle from this minister (or a president) is simply part of the political game…file under RH_BS_file_area_51.

  17. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    “Maybe you should come to consider that EVERYTHING you have been taught was a lie. That you have lived a life of lie. That you merely exist within a tapestry of lies.”

    Pacha….giving out too much information about those lies tend to scare bajans….it must be given in very small doses in order for it to digest, then there is the memory problem. ..I have learned most cannot process the information In medium to large volumes…it will take time.

  18. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Big difference..under US laws…private companies can be fored to sell, merge, all types of confusion involved……

    …..but a state entity being given away in a fire sale to a private business man, without proper tender, who got his business start in the 70s from taxpayer’s dollars to begin with…..is kinda too damn much.

  19. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Big difference..under US laws…private companies can be FORCED to sell, merge, all types of confusion involved……

    Not to mention that Sinckler is so desperate to sel everythinhl, just to shore up foreign reserves for a few more weeks, only to end up in the very same position….in a few more months,….lol

  20. de pedantic Dribbler Avatar
    de pedantic Dribbler

    LOLL🤣@ Madam Well,Well.

    As I can recall, Barbados in sq miles can fit into Jamaica about 26 times and into the US there would be 2 million plus lil Barbadoses…And maybe 3 mil across vast Canada.

    Gee, don’t yah think that if “…EVERYTHING you have been taught was a lie” applies so aptly here in lil Bdos then it has been exponentially multiplied similarly in those places and others TOO.

    Don’t you preach that we learned well our treachery from the big boys.

    Will you PlezZE ease off Bajans’ backsides with your constant refrain about our bad side.

    We have damn well done some awesome things too. Enough already.

  21. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Sorry lady but you speak with a forked tongue. I am Black first but also a proud Bajan. It is nonsensical to speak of what SOL has achieved historically as a function of this current sale.

    That is a racist tirade which has no place in THIS sale debate.

    And by the way under which US law is it true that “..under US laws…private companies can be FORCED to sell, merge, all types of confusion involved……”.

    Let’s just cut go the chase. Link us please to that statue. And DO NOT cite eminent domain!

    For the record, under that same US law you apparently hold so inviolable the US Fed government is planning to sell off portions of GOVERNMENT OWNED Alaskan preserves via NO BID contract … or should I say: “…a state entity being given away in a fire sale to a private business man, without proper tender…”

    Corruption or govt malfeasance is NOT good whenever and wherever it is done. Thus as Bajans we have a lot to be ashamed about, but for you a non-Bajan to come here and preach to us daily about our malfeasance when your nation (Canada or US) is more grossly indicted is getting old rather fast!

    We know we have major problems to be fixed. Thanks for the highlights. Good bye.

  22. millertheanunnaki Avatar
    millertheanunnaki

    @ Bernard Codrington. November 18, 2017 at 10:58 AM #

    “This country operates under the rule of Law. We are not a Dictatorship”

    Which rule of law? What you really mean to say is that Barbados currently operates under the consistent failure to enforce laws.

    Clearly, you judicial system does not underscore your contention.

    Just look how the various statutory corporations- and even central government according to the Auditor General reports) blatantly breach the various Acts under which they are supposed to be operating without any censure or reproach of management as required under the same rule of law.

    When the various government departments force those responsible to remove the Coverly deathtrap that has already claimed the life of an innocent child then we can discuss whether Barbados is a dictatorship or a rotting banana republic.

    You cannot even enforce the simple anti-littering laws or remove the 30,000 uninsured and untaxed vehicles off the roads in a 2 x 4 island far less sophisticated laws like IL and FOI.

    Look to Bermuda if you want to see an example of the Rule of Law in a small jurisdiction your little wild west can do well to emulate.

  23. David Avatar
    David

    A review of the Auditor General reports going back a decade highlight the lack of enforcement of the financial rules by government that should be setting the example.

  24. Vincent Haynes Avatar
    Vincent Haynes

    Miller

    On point…….what is the sense of parading myriad laws and then refuse to enforce them???

  25. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Pedant….accroche-toi à ta culotte..

    And give us a nice long list of all the wonderful things that occurred in Barbados for the last 50 years. ..that benefitted and empowered the majority Black population above everyone and everything else…remember you said they exist.

    You mannequin….it directly ties in to why Simpson et al always gets preference over the majority population as it relates to owning large businesses in Barbados…a black majority country…

    That million dollars of tax payer’s money he got for free in the 1970…some of it could have gone to your relatives and others…to start their own businesses as well….and you may not have had to flee Barbados…to endure racism in Canada…for 40 years or more..

    ……..ya lack critical thinking skills and want to call me racist….because ya lack critical thinking skills…

    So don’t get me started….

  26. Vincent Haynes Avatar
    Vincent Haynes

    pdP

    Chuckle…..serves you right for trying to hold an intelligent discussion with an imbecile,a non Bimmer and non Caribbean person that is not aware of the nuances of the Bim society.

    Carry on though…..as I have the popcorn ready.

  27. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    By the way…..I would not weep for the sale of Alaska, it was sold to US by Russia in the 1800s…

    …..it never belonged to any of them and the Inuit…Eskimos, the indigenous peoples…..never had a say…..

    …so your example is rock dumb…both of them.

  28. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Vincent…the Curacoan…ya really got a nerve calling anyone on BU non Bajan and non Caribbean….without any proof, while you wish racism, discrimination and slavery on Black bajans, see them only as fit for working on your blighted, cursed, ragged plantation yard…

    Pedant…I can understand, cause he missed a lot of info I gave about myself on BU…and he is neurotic and unbalanced anyway……

    But you, the wannabe slave master from Curacao…..got some nerve deciding where you think a blogger comes from….bad enough ya trying to relabel the population.

    Dont worry….the spirits of the deceased slaves, some am sure are buried on that plantation will take care of you…..can’t you feel it coming, I can actually see it.

  29. William Skinner Avatar
    William Skinner

    @ David

    David November 18, 2017 at 1:39 PM #
    “A review of the Auditor General reports going back a decade highlight the lack of enforcement of the financial rules by government that should be setting the example.”

    Certainly , you jest ! The Auditor General’s report has been negative toward both the BLP and DLP administrations for almost twenty five years or more. Stop the politicking, man. Good grief !!!!!!

  30. Bernard Codrington. Avatar
    Bernard Codrington.

    The overload of information and misinformation has clearly beclouded some of our commentators’ ability to think clearly. The unfortunate thing about this is that it can get worse.
    Pray, explain to me how a statement that Barbados operates under a system of” rule of law ‘can be translated to mean that all laws are enforced. Especially in a context where the law relating to a regulatory Board is clearly written setting out the limits of responsibilities of minister and Board.
    Clearly the enforcement of the law depends on BOD and Minister; on these players following the rules.
    These are the same people who are clamouring for integrity legislation as if the mere presence of the legislation in the law books will ensure automatic compliance and integrity.

    Clearly some of us have private agenda and are not really interested in the well-being of this country; but you will not prevail.

  31. Hal Austin Avatar
    Hal Austin

    How can they now turn on the auditor general, the one public servant (and officer) that operates traditionally with dignity and impa.rtiality. We can all claim that people can impr.ove, because no one is perfect.
    .

  32. David Avatar
    David

    @Bernard

    To be fair the discussion has gone pass the fact laws exist to govern the boards. The critique is more about the toxic ethos which pervades the culture in the SOEs.

  33. Hal Austin Avatar
    Hal Austin

    .Bernard Codrington. November 19, 2017 at 12:15 PM # V

    #@Your arguments are relevant and timely. In fact, they go to the core of the debate. Primary legislation and .regulations . determine the parameters of the authority of politicians and appointees. What is in dispute is when politicians, wha.tever the legislation, try to enforce their own references. Appointees should tell the politicians, in those circumstances, to take a walk.
    .

  34. Bernard Codrington. Avatar
    Bernard Codrington.

    Hal at 12:39 PM

    “Appointees should tell the politicians,in those circumstances, to take a walk”.

    This is the point at which our system of governance breaks down. Failure of individuals to take responsibility. We elect the politicians to promote our interests and overnight they are permitted to believe that they are our masters. This can only happen because we turn a blind eye to their misdemeanors. So the buck stops at us the citizens.

    @ David

    Ethos and cultures do not create themselves they are created by a collection of individuals of sound minds or wicked intent.

  35. David Avatar
    David

    @Bernard

    @ David

    Ethos and cultures do not create themselves they are created by a collection of individuals of sound minds or wicked intent.

    And this is the point, this is where we find ourselves with a culture that has to be changed. It will not happen without effort. By saying amorphously is starts and ends with the people is obvious.

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