NIS Owed 13 million by ‘Paradise’ NOT 60 Million

The derelict Paradise property

The following exchanges took place between Chairman of the NIS Dr. Justin Robinson and BU Blogmaster on Facebook Group FB Senate, a group administered by Senator John Watson. What was debunked by Chairman Robinson is that the NIS approved a USD60 million dollar facility that was utilized for the Paradise (Four Seasons project). The Chairman further confirmed that the NIS is exposed to the Paradise (Four Seasons project) the amount of 13 million dollars owed by government. The expectation is that the NIS will be paid from the proceeds of the sale of Paradise to JADA for USD60 million dollars

BU blogmaster

 

David King is with Justin Robinson.

2 hrs

Chairman Justin Robinson for the sake of transparency where does the NIS sit in this latest revelation? “Barbadians need answers on this Four Season sale.

How was the sale brokered? Was it done through the former executive chairmen of Paradise Limited Professor Avinash Persaud who was head hunted specifically for the task by the late Prime Minister David Thompson? Was the sale brokered after Professor Persaud left the Paradise organisation? Was the sale brokered before or after the IADB withdrew their funding for the restart of the Four Seasons project? Was the sale of the property advertised publicly, far and wide, locally and internationally as is the case with the Harlequin property at Merricks? Were bids for the property invited by open tender or was it put only to a select group of potential investors/buyers? Are there any finders’ fees involved for the party/parties who brokered the deal with Jada?

These are questions that Barbadians need to have answered. Clearwater Bay is a government owned and taxpayer funded company which is party to the sale. Recall that a US$60 million guarantee was provided by Clearwater Bay through resolution of Parliament which was eventually called by Ansa Merchant Bank.

What is the final cost to taxpayers for this? The net proceeds of the sale will be less than the US$60 million due to attorneys’ fees, duties etc.

Is the Barbadian taxpayer burdened with a loss as a result of government having getting involved in a private sector project????”

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2Peter Lawrence Thompson and 1 other

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David King

David King I should caution that any clarification statement offered may or may not be reported to BU.

Manage

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· Reply · 2h

Justin Robinson

Justin Robinson NIS is in no way involved. the NIS is owed approxiMately 13ml by the project and expects to be paid from.any cash flows to the government.

1

Manage

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· Reply · 2h

Philip F. Corbin

Philip F. Corbin Didn’t Govt use NIS funds in the amount of US$60M to pay the Ansa Loan which was guaranteed by the govt and on which Clearwater defaulted ?

Manage

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· Reply · 2h

Justin Robinson

Justin Robinson the NIS has made a 60 million facility available on certain conditions. The conditions were never met so the funds were withdrawn.

Manage

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· Reply · 2h

Justin Robinson

Justin Robinson the NIS is on the hook for 13ml. One of the more controversial decisions in my time. I am still.of the view that if all that could be done had been done to get that project restarted at the time we could have avoided years of economic decline.

Manage

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· Reply · 2h

Philip F. Corbin

Philip F. Corbin ‘NIS on the hook for $13M’ …..is that the balance of a loan given to Govt or Is it a shortfall in NIS contributions ? US$60M flowed into Govt in 2016 so why has NIS not been paid up to the year 2018 ?

Manage

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· Reply · 2h

Justin Robinson

Justin Robinson I don’t know if 60ml was paid or has been paid and property handed over. an agreement was concluded. the 13ml is an investment in the project.

Manage

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· Reply · 2h

Philip F. Corbin

Philip F. Corbin Thank you

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· Reply · 1h

Justin Robinson

Justin Robinson thats not really clear from the story in the paper today

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· Reply · 1h

David King

Reply to this…

David King

David King Dr. Robinson to be clear, you are saying that NIS is only exposed for 13 million that was invested in the project. And that the 60 million facility was never drawn down. Are you also saying that with the sale no arrangement to formally address the NIS was made a condition of the sale?

Manage

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· Reply · 1h · Edited

Justin Robinson

Justin Robinson 13ml. the 60ml facility was never drawn down. NIS was not a party to the sale or negotiations. the 13ml is due from the government.

Manage

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· Reply · 1h

David King

David King The 13 million was advanced to government in what form?

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· Reply · 12m · Edited

David King

177 comments

  • Peter you very astute indeed. Gone are the days of ‘white shadows’ what you here with the DLP is that they are the ‘black shadows’ of the de facto government.

    Like

  • Whether Bajans like it or not Bjerkhamn, Tempro and Maloney run this government. I don’t think people understand what actually goes on. In the days and weeks leading up to the 2013 election one MAM indicated to the then apparent victor, the BLP and OSA that they would only finance the campaign for that party if a promise was main to allow that provate person to help set the weekly Cabinet agenda and have a 1 hour debriefing session with the PM after each and every Cabinet meeting. If you don’t believe that then sorry for you but Barbados got is some nasty cruel businessmen who ain’t got know blasted shame.

    Like

  • Note Ansa did another deal recently with Consolidated arranging the financing.

    Like

  • Well Well & Cut N' Paste At Your Service

    The DLP party has to be disbanded and ignored completely by the electorate, every citizen on the island must be told what they have done..these wicked evil minded, covetous black men and women in parliament, who by the way are just as destructive and nasty as the gang of 5 criminal thieves Bjerkham et al haunting and terrorizing the treasury and pension fund….and who must all be dealt with by the people this election.

    Like

  • Well Well & Cut N' Paste At Your Service

    My one concern is that Mia finally realizes and is cognizant of the way she and Owen, DPP deceased, Commissioner of Police et al were all used by these 5 or 6 parasitic minorities who own the bodies and souls of the demons in parliament…..to take down the blogs, any success would have ensured the enslavement of Bajans for decades going forward by these evil racists in the minority community.

    She has some very weak Black men within her party who are easily bribed and swayed by the first white face they see…that is an existing problem and the weakest link to be used by the same disgusting minority parasites to achieve their goals, should Mia be elected.

    Like

  • Dr. Simple Simon

    @Peter Holder March 6, 2018 at 7:19 AM “indicated to the then apparent victor, the BLP and OSA that they would only finance the campaign for that party if a promise was main to allow that provate person to help set the weekly Cabinet agenda and have a 1 hour debriefing session with the PM after each and every Cabinet meeting.”

    106,241 working aged people in Barbados. 23,149 work for the government. 63,526 work in the private sector. The private sector CAN’T operate their businesses without these workers. These workers together have more money than the “monied” private sector.

    I can’t understand why any two-bit pastor can get the congregation to give money, nuff money too, and yet our “leaders” can’t get manage to broaden and diversify their donor base? They are still depending on 3 or 4 “big” businesses?

    Why?

    I give my church every month, and have done so for more than 60 years.

    And yet NO political party has ever asked me for a cent.

    Not a cent. Not once. (And yet I have given tens of thousands to my church (a little bit at a time, but consistently)

    Why not?

    Tell the political men, and yes they are mostly men, if you don’t ask for what you want, you will NEVER get it.

    If you want money.

    Ask.

    The old people were wise. They know that a sheep head a day is worth more than a hog head once a year.

    Like

  • millertheanunnaki

    @ Well Well & Cut N’ Paste At Your Service March 6, 2018 at 5:14 AM

    After what you now know about the role played behind the All Seasons scam by these so-called scammers do you really feel that Maloney & Co would be putting up any of their own money to build Hyatt?

    Now you ought to be sensitized to the ‘expectation’ that Hyatt will not be built with foreign money. Does Barbados have enough foreign reserves to import food, medicine and oil and still pay for the foreign inputs to build Hyatt, Four Seasons etc?

    Hyatt is just another sham to bilk taxpayers and NIS contributors just like the Four Seasons scam.

    Like

  • Are-we-there-yet

    I never believed that Stuart’s ineptness and penchant for avoiding decisions or delaying them to the very last minute would have resulted in a situation where Barbados might actually benefit from the chaotic situation arising from his current and most consequential non-decision ie. the institution of this lame duck parliament.

    This foul phariciple situation, that has exposed the absolute shallowness of character and total lack of principle and understanding as well as immorality and selfishness of the whole DLP cabinet, would not have been evident if Stuart had called the election earlier and one is left to wonder if somehow, subliminally, Stuart did it in a perverse extended fit, similar to Sandiford’s earlier call, to bring the DLP down and have every man jack fight for himself.

    As it is, a lot of dirty linen is being exposed and should ordinarily result in a rout of the DLP in the eventual polls but what seems to be missing in the commentary so far is what might be the role of MAM in this situation. This needs to be examined so that inter alia voters would have an insight into how a better Government could be constituted from the available talent in these perilous times. I think the Phariciple affair should absolutely invalidate a number of DLP ministers from being voted for but perhaps it might also suggest that the replacements should be scrutinized more closely and perhaps include some of the new party members like UPP, Solutions, etc.

    I think this situation also shows how the machinations and selfish venality of an influential cabinet member allied with a weak and vapid PM and a Cabinet of misfits could wreak havoc on the country.

    Like

  • NorthernObserver

    “David March 6, 2018 at 7:24 AM #
    Note Ansa did another deal recently with Consolidated arranging the financing”

    As BT noted the GoB maybe a subsidiary of JADA, yet ANSA Bank, has been the one continually propping up this administration.

    Like

  • @NO

    If we were to hazard a guess what could it be forcing their appetite for BB risk?

    Like

  • NorthernObserver

    we?
    does BB refer to Barbados or Brass Bowl?
    Hmmm, could it be related to the fact the MoF has been pictured in each of their 3 last annual reports?

    Like

  • Well Well & Cut N' Paste At Your Service

    This is the long and short of it..David Thompson had no right securing any loan for the Paradise project, which was unable to attract more investors in 2008 and they sure has hell had no right giving away the property to the same crooks in 2018…because the same crooks still cannot attract investors today and are still looking for free concessions and to continue stealing from the treasury and pension fund.

    “The Four Seasons project began experiencing difficulties in late 2008 as more than half of the villas, priced at $11 million to $18 million apiece, remained unsold and buyers who had made deposits of between ten per cent and 40 per cent stopped making additional payments. Among the prominent buyers which the villas attracted were composer Andrew Lloyd Webber, Formula One team owner Eddie Jordan and Simon Cowell, whose villa spanned two plots and cost $32 million.

    After two previous attempts by the developers to secure new financing had failed, the then David Thompson-led Government announced in January 2010 it would guarantee a $60 million loan from ANSA Merchant Bank to help restart construction. Some of the money was to go toward paying off a previous $31.5 million loan from the Bank of Scotland used to buy the resort’s 32-acre site. “I am pleased to support an initiative where Barbadians pull together to put an iconic project back on track–one that will help shape the future of tourism in Barbados,” Thompson, who died later that year, had said at the time.

    The project became even more uncertain in 2015 when the Inter-American Development Bank (IDB) withdrew its support, cancelling $160 million in loans it had committed to the venture more than two years earlier. The IDB, which had agreed to fund construction of the hotel component, made the decision due to concerns about the lack of progress.”

    Like

  • Well Well & Cut N' Paste At Your Service

    “Some of the money was to go toward paying off a previous $31.5 million loan from the Bank of Scotland used to buy the resort’s 32-acre site. ”

    Now we know where some of the NIS 60 million US dollars went…pensioners money.

    Like

  • Well Well & Cut N' Paste At Your Service

    Yeah Miller…apparently since 2014 when Bjerkham and sell out ministers signed the Paradise Conveyance, they been working on Sinckler and Fruendel…all the idiots….to free get concessions for the property that is not even built yet….and to get more money from NIS to start 4 seasons….and Hyatt.

    Not one of them cared that Bizzy and Cow had just raided the NIS funds for hundreds of millions for Apes Hill, for that luxury property he built on the West coast that not many know about and for all the fancy trucks he purchased for his construction company and for Preconco..

    Ah want the niggaa dem in parliament to tell me…how many of the 7,500 minorty whites on the island allow any of the 260,000 majority black population to rob their own white people?

    …answer that and then maybe I will understand better why these backward illiterate ministers do what they do and have for 50 years….

    Like

  • Well Well & Cut N' Paste At Your Service

    Now we know why Bjerkham is sitting his bloated ass in the central bank, come hell or high waters he intends to rob the treasury and the pension fund to get what he wants..they all are…

    Like

  • NorthernObserver

    For JC sake READ,,,,not C&P press clips

    https://www.barbadosparliament.com/htmlarea/uploaded/File/Bills/2011/Bill%20Clearwater%20Bay%20Limited%20(Guarantee%20of%20Loan)%202011.pdf

    Under TRANCHES you will read where the money was to go. The PARENT they refer to is Paradise LLP…(near the end)

    You will see under Obligors one Eastern Resorts Limited [ERL], READ the link below, and you will find all the filings of ERL, and you will see all the other companies listed under Borrowers/Obligors that ERL actually own

    https://beta.companieshouse.gov.uk/company/00907806/filing-history

    Like

  • Well Well & Cut N' Paste At Your Service

    I am not reading all that cut and paste rubbish out of UK…you read.

    https://www.barbadostoday.bb/2018/03/05/mottley-wants-answers-on-four-seasons-sale/

    Like

  • Well Well & Cut N' Paste At Your Service

    Which grown up minister of government speak like a frigging 10 year old boy who is supposed to be handling THE PEOPLE’S BUSINESS like an adult….goddamn idiot obviously has no corporate training period.

    “However, little has been said about the sale since, with the exception of Minister of Tourism Richard Sealy, who had indicated in February last year that a group that was interested in the property was at “a very advanced stage” of negotiations with Government for concessions, although he could not say when Government was expected to divest its interest in the 32-acre property.

    In September last year Sealy had also reported that “a very naughty issue” had hindered progress, but it was likely to be untangled by the end of last year.

    “That is a very naughty issue. It is complicated and it is something that we sincerely look forward to seeing something meaningful happen later on in the year,” Sealy had told journalists.”

    Like

  • Well Well & Cut N' Paste At Your Service

    I look forward to hearing the likes of Andrew Webber and Simon Cowell et al get a lien, for the money that was stolen from them, on any new resort built on that 4 Seasons property and the current owners lose every shit….after their cases are completed.

    Like

  • NorthernObserver

    Your choice.
    But you call for Transparency….this is transparency. ERL HAD to file. The information is there.

    Like

  • Well Well & Cut N' Paste At Your Service

    Northern,…read my above post…we are well past the stage of caring what all these thieves got up to back then, it was a well kept secret but now it has all been exposed…we are at the stage of what they are planning next, try not to lose me.

    They cannot get any funding for the project…only international investors living in a cave for the past 10 years would not have heard of those small island thieves.

    They have been blacklisted internationally, check the names of those who lost deposits.

    They are desperately trying to raid the Barbados treasury and pension fund for both Hyatt and their 10 year old 4 Seasons scams.

    Which brings us to their current status with their lack of funding and what they think will happen…but wha will happen in reality….cayse they do nit plan to use any of the millions they have already stolen on any project.

    Should they get anyone dumb enough to put millions into any of those two projects, I am including the idiot governments….. upon completion of the Paradise project, those who lost deposits will swoop in with lawyers and do an Al Barrack.

    I do believe Cowell was in the island last week, easy to get information in Barbados….someone just gotta send him the BU link.

    So what do I need to read what else they got up to with their scamming for. .lol

    Like

  • NorthernObserver

    Just keep ya eyes on de Garrison, the T&CP office.
    BTW, you should brush up on lien law and what events can affect them. Potentially that ‘naughty issue’ was liens?

    Like

  • Well Well & Cut N' Paste At Your Service

    Apparently you dont know that clown Sealy very well…he attributes everything to being “naughty”.

    The government never thought Al Barack could take that building either.

    You are talking world heavy weights with contacts and real money and long reach…..

    …. as opposed to a few small island cockroaches who have no resistance when robbing a treasury and pension fund, who dont register as anything of consequence in the real world, , who are a few millions away from bankruptcy, who, without the robbery of the island’s population would be dead broke……..thinking they can take on people who have bottomless pits of cash and who already lost their deposits…good luck…, ya must think it is weak ass bajan government ministers dem a deal with…not everyone is mentally weak.

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  • What do you mean NO, who owed who?

    Like

  • @ David,

    Did the Government of Barbados receive $60 million US /$120 million BDS for Paradise ?

    If so is the money in a commercial bank ? at the Central Bank with Le Roi’s 5 million or is it under somebody’s bed.

    Nuh lotta long talk, a single sentence will suffice.

    Like

  • @Hants

    We know based on the Conveyance made public there was a buyer and a seller therefore a pecuniary interest must have existed. If there was a debt swap etc we have to keep pressing.

    Like

  • Rock hard cement Building,there to stay, BIG signs on the building

    Like

  • Caswell Franklyn

    It is clear from the evidence available to me that both Sinckler and Sealy deceived the Honourable House of Assembly when they made statements in the House about the “proposed sale” of Paradise when the sale had already been completed.

    Why was it necessary to lie to the House and the country? What were they hiding? These questions should be answered before the elections. It would appear that both of them have demonstrated their unfitness to serve in the House.

    Where is the Prime Minister in all of this? Surely, he cannot be so blind as not to see that his ministers are unfit.

    Sent from my iPad

    Like

  • Four Seasons like it got a lot of political dead stinking bodies down there buried in shallow graves.

    Like

  • Personally I think Chris opted to set up his defense in Parliament but saying he just signed off on the sale, that’s different than saying he just signed the agreements for sale. We know from the Conveyance(s) now that the MOF is not a signatory on those documents.

    His defense will be I never knew the property was conveyanced, check what I said in Parliament a year and a half after the actual sale. Up to ths time I was unaware of its sale, I didn’t know it was sold when I made those comments in Parliament, that’s what I knew and what I believed at that time.

    PLAUSABLE DENIABILITY!!

    Like

  • Sinckler learned his craft from the best liar, Thompson.

    Like

  • Dr. Simple Simon

    @Caswell Franklyn March 6, 2018 at 8:12 PM “Where is the Prime Minister in all of this? Surely, he cannot be so blind as not to see that his ministers are unfit.”

    According to today’s Nation http://www.nationnews.com/nationnews/news/135753/pm-tells-reshuffle the Prime Minister does not like to humiliate his Ministers.

    So…

    Like

  • Well Well @ Cut and Paste @ Your Service

    so who sold the property to the Bjerkham gang..

    …ya see the reason why it was kept secret, all of them knew about the sale and had reason to hide it, but cant anymore.

    Like

  • Cassius appears a little underfed these days. His “lean and hungry look” unsettles Julius Caesar, who prefers the company of fat, contented men—who wouldn’t bite the hand that feeds them. Cassius looks like he’s been up late nursing his envy, a situation that bodes ill for the dictator. Caesar’s intuition is accurate: Cassius will spearhead the plot to assassinate him

    Like

  • Well Well @ Cut and Paste @ Your Service

    Fruendel is toxic, he refers to himself in the 3rd person, that says it all.

    Like

  • David King

    David King Dr. Robinson what does this excerpt from the auditor general’s report mean in the context of the discussion? Excerpt from Auditor General’s Report 2016 laid in Parliament 2017 Four Seasons Development Project 2.49 The Government of Barbados guaranteed…See more

    Manage

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    · Reply · 20h

    Justin Robinson

    Justin Robinson it seems as if the amount paid by the government after the guarantee was called was recorded as a debt of Clearwater bay to the government. the auditor general’s report seems to suggest that the company has not yet repaid the government. more questions than answers.

    Manage

    Like

  • Smelling some jail for somebody(s)

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  • NorthernObserver

    DR JR deftly avoided the possibility the money paid as Guarantor came via the NIS?
    Nor does he speculate on if the GoB sold the asset, reported for an amount equal to CB’s exposure to ANSA, why that money wasn’t used to settle ANSA’s charge.

    Consolidated Finance (an ANSA subsidiary) acted as the Administrative Agent. While the funds made available were to be $60M in total, there were 5 separate areas [tranches] with separate conditions.

    “Tranche E”
    Authorised Limit: $5,000,000.
    Purpose: To be applied toward certain costs related to the resumption of construction of certain villa units and hotel re-design costs.

    Now I wonder which RH lawyer penned this shite. It is wide open. Since construction never resumed, what proof/promissory notes did Consolidated get to release these funds? It is hard to imagine, given the requirements of each Tranche, that Consolidated could have received the necessary documentation to release all $60M of these funds?

    It would appear Consolidated should be asked to provide some answers.

    Like

  • Well Well & Cut N' Paste At Your Service

    They are all involved, colluded to give away pensioners money and are now trying to back away from the fall out. …the massive blowback now occurring.

    ….it was said from day one by Thompson and all others in parliament who thought it was a brilliant idea to give away the people’s money, money that belongs to none of them, that 60 million US was taken from NIS to bail out 4 Seasons, despite knowing that the depositors Cowell et al who lost their money had started litigation against the culprits on the island to recover their million dollar deposits……..if that is not the case, where did the 60 million US come from to repay ANSA bank when the loan was called.

    The governments wont stop stealing from the majority to give to the minorities for their fly by night failed scams…someone should go to prison and be made an example of..it is that time.

    Like

  • Well Well & Cut N' Paste At Your Service

    In case some have missed it, the only part the 4 Seasons scam project has ever played is as a LOSS….to the PEOPLE, the majority population…who did not even know what was going to happen, no matter how much Robinson tries to minimize tge lose…..the 60 million US dollars to pay the called in loan came from NIS, the treasury and no ehere else …..

    …that 60 million US could have:

    Fixed schools
    Fixed roads
    Fixed the sewage system
    F5uxed the staduim
    Fixed any number of dilapidated buildings
    Fixed many of the neglected by government infrastructures.

    So there is no excuse or watered down explanation than can apply or be accepted….for that criminality against the people by the 4 seasons crooks and the ministers they own,

    4 Seasons Scam was also a loss to who made deposits on those Villas listening to Pemberton and the other crooks, but those depositors are quite capable of taking care of themselves and recouping their lost deposits one way or the other.

    Like

  • NorthernObserver

    Much clearer, removes certain scenarios, and makes sense.

    Yet, CBL as a ” a special purpose vehicle to facilitate the recommencement of the Four
    Seasons Development project” burned through some money? Not to mention all the operating expenses covered under the Tranches.

    We now have $9M from the NIS (JR mentioned 13 earlier), Tranche E of US$5M, and +/- US$5 in G&A expenses of the “borrower” Group.

    The ‘Sunday Sun’ identified Pharliciple as a JADA entity, so we are left with co-Vendor Paradise 88 Ltd.

    At March 2014, the ERL Report states “Paradise 88 LP, a partnership incorporated in the British Virgin Islands”, hence given the description in the Conveyance this is different from Paradise 88 Ltd.

    So who the hell is this Paradise 88 Ltd, and why after CBL [according to the AG Report] covered 100% of the Ansa Loan guarantee did they have ANY ownership?

    Like

  • Well Well & Cut N' Paste At Your Service

    Nirthern…you are only now coming around to reality.

    Like

  • millertheanunnaki

    @ Well Well & Cut N’ Paste At Your Service March 7, 2018 at 8:46 AM

    The question to be asked of the new owners of the 4 Seasons project is where would the money becoming from to complete the project.

    Would it be foreign investors or would the NIS be the first local port of call for funding?

    There is one thing that can be said with a large measure of certainty.

    The foreign reserves are about to dry up accelerating a flight of capital and a fear of sending investment money to Barbados.

    The former (fired) guv of the Central Bank with no fetters to his professional stance or political muzzle to his mouth has made it abundantly clear the Bajan dollar will very soon be devalued (unable to defend the currency peg because of lack of foreign reserves).

    Fumble, please stay in office for as long as you like. Let the disappearance of the foreign reserves take place during your watch to complete the circle of destruction your devalued management has brought to Barbados.

    Let that darkest hour first shine on Barbados before a ‘new’ beginning (dawn) gets on its way.

    Like

  • David

    Dont you see that Justin Robinson is behaving like a rat which has been cornered ……….with the excerpt from the Auditor General’s report, his answers are shifting …….they dont make sense or add up.

    We remember what was said when the 60 million of our NIS money was injected into a private project.

    This stupid government should never have gotten involved in a failed private project under the guise that it wanted to save jobs. Look…………. the project failed and where are the jobs?

    #Foolish as RH!

    Like

  • Well Well @ Cut and Paste @ Your Service

    The question to be asked of the new owners of the 4 Seasons project is where would the money becoming from to complete the project

    yeah Miller…the idea was to keep it real secret, it has already been a secret for 3 years, reelect the same shithound government, keeping their fingers crossed that bajans are really that stupid…despite all the destroyed infrastructure and shitfilled streets.

    ..in another 3 years the bajan memory would been wiped clean of the 4 seasons scam from 2008..after all , it would be 13 years total, a lot of time passed…

    …brand new fresh white faces would turn up on the Paradise site, ….secretly fronting for Bjerkham, Cow, Bizzy Maloney, Tempro and even Pemberton, cause which white man you know would pass up such a scam…..no one would question them, not with bajans being still too subservient and dependent..

    .but not before the parasites pulling the strings of their slaves in parliament had ripped off another 2 or 300 million dollars from the treasury and pension fund, leaving the majority population broke and penniless for another 5 decades.

    all of these stinking weasels from parliament to the 5 or 6 minority parasites want drowning.

    ah told ya they are blacklisted, only fellow criminals like themselves would lend them money on the international market, but those types of dudes will kill them, not put them in court to get back their money.

    Like

  • Well Well @ Cut and Paste @ Your Service

    the scam project failed BEFORE the 60 million US was injected…and dumbass Thompson back then and the even dumber asses in parliament now, still continue to pour the peoples money into something that will never see the light of day without causing misery.

    Like

  • Investors in Fortress Funds are smiling all the way to the bank. But investment director Roger Cave has reported this year could have its challenges.
    “The last quarter of 2017 was another strong one for the Fortress Funds and capped a year of solid performance,” Cave told investors at the eighth annual Fortress Investment Forum on Thursday at the Courtney Blackman Grand Salle.
    He cautioned that while prospects were “still good”, a repeat of last year’s gains was unlikely.
    “Our equity investments performed especially well as the bull market continued in Jamaica and most global markets responded to improving economic growth and rising corporate profits.”(Quote)

    Further evidence of the gross incompetence at the NIS. Why is Fortress (which has its own flaws) doing so well when the NIS, with a bigger investment pot, a disaster?
    First, Roger Cave is a qualified CFA, the best existing training for anyone working in finance, and not some silly PhD, so he has the basic training to manage money.
    I have concerns that his father is also the chairman of Fortress, which could lead to a conflict of interest and should have been ruled out of order by the regulator a long time ago. I am also concerned that Fortress has, or had, investments in property in Canada; why is this and how does this benefit investors? Or is it for the convenience of the executives and their close friends?
    Nevertheless, it is proof, if proof were ever needed, that Mr Robinson is out of his league as chairman of the NIS, bows to political pressures, or lacks ethical backbone – or all three.
    The other problem, of course, is in this a general election season, the BLP, UPP and Solutions Barbados, for reasons best known to themselves, avoid discussing the failure of the NIS. Why is this? Will they, if elected, remove Mr Robinson as chairman? Will they review the performance of the NIS? :Or, as I have proposed, will they restructure the NIS, separating its welfare functions from its state pension functions, and create a sovereign wealth fund?

    Like

  • A rising tide lifts all boats
    With the stock market on a tear even a fool would do well.
    This make it hard to separate the gurus from the lucky darts throwers

    Like

  • Poor me! Way back there, wondering what is new.
    50 years of alternating scamsters.
    Thank God for our short memories. We can get disgusted, horrified and
    enraged at this set of crooks. Meanwhile, the other set of politicians and their
    Gang of 40 thieves are patiently waiting. Let’s hope they have the dececyto use Vaseline.
    I still back there.

    Some call it an election, but it is one giant erection to screw us with.

    Did this JA piss in your morning coffee.

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  • Global accounting watchdogs identified serious problems at 40 per cent of the audits they inspected last year, raising fresh concerns about the quality of work being carried out by the world’s largest accounting firms.
    According to the International Forum of Independent Audit Regulators, accounting lapses were identified at two-fifths of the 918 audits of listed public interest entities they inspected last year. (Quote)

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  • Audit quality and the consistency of audit execution in public companies has been found wanting again by the International Forum of Independent Audit Regulators (IFIAR)
    The international umbrella body for audit regulators found the highest number of audit issues in the areas of fair value measurement, internal control, and revenue.
    IFIAR members reported findings from inspections of three categories of audit firm activities – audits of listed public interest entities (PIEs); audits of systemically important financial institutions (SIFIs), including global systemically financial institutions (G-SIFIs); and internal systems for firm-wide quality control.
    We continue to see high levels of inspection deficiencies in vital areas of public company audits
    Lewis Ferguson, IFIAR chair
    The findings in the survey are primarily from big six audit firms affiliated with the six largest international audit firm networks, which are BDO International, Deloitte Touche Tohmatsu, Ernst & Young Global, Grant Thornton International, KPMG International Cooperative, and PricewaterhouseCoopers International.(Quote)

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  • Here is a story t hat tells why auditors carry out a public function:

    Theranos and its founder settle U.S. fraud charges: SEC

    Pete Schroeder
    4 Min Read

    Embattled blood-testing company Theranos Inc and its Chief Executive Elizabeth Holmes agreed to settle “massive fraud” charges in a deal that strips her of majority control among other penalties, U.S. regulators said on Wednesday.
    Theranos was once hailed as a Silicon Valley star, with a $9 billion valuation based on its promise to disrupt the staid laboratory testing business with new technology the company.
    As part of the settlement, the Securities and Exchange Commission said company founder Holmes must also return millions of shares to the privately held company, pay a $500,000 fine and cannot serve as an officer or director of a public company for 10 years.
    The SEC’s complaint alleged that the company, Holmes and Theranos’ former president, Ramesh “Sunny” Balwani, “made numerous false and misleading statements in investor presentations, product demonstrations, and media articles” about its key product.
    Balwani did not agree to a settlement, the agency said.
    Theranos raised more than $750 million from investors including well-known venture capital firm DFJ, Walgreens, media mogul Rupert Murdoch and Oracle co-founder Larry Ellison. Many investors have already sold their stakes.
    The SEC, describing the case as involving “massive fraud,” said Theranos, Holmes and Balwani were charged “with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business and financial performance.”
    The SEC’s co-director of enforcement, Steven Peikin, said on a conference call with reporters that the move to remove control of the company from Holmes was very rare for the agency.
    “It’s a pretty unique set of remedies,” he said. “And I think it’s a particularly meaningful one … particularly in Silicon Valley where the founders of startup companies like this obviously value the concept of control.”
    Peikin said the SEC intends to pursue litigation against Balwani. The regulator pursued charges against Holmes and Balwani to deter executive wrongdoing elsewhere and out of concern that imposing stiff penalties on the company itself could make it even more difficult for defrauded investors to recoup any funds.
    “Really this company was a company that was a two-person operation, where Holmes and Balwani exclusively controlled Theranos. They were responsible for all of the misconduct alleged in this complaint,” he said.
    Peikin did not comment on whether the civil charges preclude future criminal charges or whether other agencies were engaged in ongoing criminal investigations against the company.
    Jina Choi, the head of SEC’s San Francisco Regional Office, said the company’s troubles offered “an important lesson for Silicon Valley.”
    “Innovators who seek to revolutionize and disrupt an industry must tell investors the truth about what their technology can do today, not just what they hope it might do someday,” she said in a statement.

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  • NorthernObserver

    More fraud convictions, and this guy is an a**hole, best remembered for smugly “taking the 5th” in testimony before Congress. Maybe he gets Max security, in which he will get the 5th, 6th, and 7th, maybe all at one time.
    https://www.cnbc.com/2018/03/14/martin-shkreli-asks-to-serve-fraud-sentence-in-minimum-security-camp.html

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  • It is amazing that when the failing of ONE insurance company, CLICO, is mentioned we are reminded about Barbados’ imcompetent, regulatory system……….

    ………….yet, with all the superior regulatory systems in place in these “big countries,” we hear about MORE fraudulent activities and breaches of these systems.

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  • An update on auditing by the body responsible for the discipline of the profession in the UK.

    FRC Auditing Standards and Ethical Standards 2016 is an official document issued by the Financial Reporting Council (FRC).
    The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.
    They set the UK Corporate Governance and Stewardship Codes as well as UK standards for ACCOUNTING, AUDITING AND ACT UARIAL WORK.

    FRC Ethical and Auditing Standards 2018
    New!
    Release Date: February 26, 2018
    £77.00

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  • An update on auditing by the body responsible for the discipline of the profession in the UK.

    They set the UK Corporate Governance and Stewardship Codes as well as UK standards for ACCOUNTING, AUDITING AND ACTUARIAL WORK.

    Would you mind telling us what does this have to do with Barbados.

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  • KPMG was banned from auditing public institutions in South Africa, compounding a crisis for the auditor in the country over its role in a high-profile bank failure and ties to the controversial Gupta family.

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  • Here is another titbit about the regulation of accountants in the UK, which should add further clarity to a much misunderstood subject. Today’s Times reports:
    “The accountancy industry believes that the audit watchdog should have its powers restricted.
    “The Institute of Chartered Accountants in England and Wales, which represents 150000 accountants, will tell a review in to the Financial Reporting Council that reducing the body’s role would improve wider regulation of the auditing industry….”

    In simple terms, the ICAEW is the sector’s trade union and the FRC 0the regulator. Hope this clarifies the matter.

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  • “……which should add further clarity to a much misunderstood subject?????”

    What does the regulation of accountants in the UK has to do with the profession in Barbados????

    A non-point and a non-issue.

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  • Today, Wednesday May 16, the joint House of Commons pensions and business select committees have published a 101-page report on the collapse of Carillion, the outsourcing company.
    Two things are of importance to Barbadians: first, the role of external auditors and their public duty responsibilities (some of you may recall one chartered accountant in this blog denying any such responsibility), by calling for the break up of the four leading auditing firms – E&Y, PwC, KPMG and De Loitte – removing them from the wider accountancy firms.
    The other point is that some time ago I called for a new and radical Companies Act, only to be reprimanded by the chairman and reminded of the history and legal structure of corporates. Be that as it may.
    The report reinforces my point: that although in our outdated system the owners of companies may be seen as shareholders the reality is that executives run companies in their own interest, as against that of shareholders, employees, the board or any other stakeholder.
    Ought we not to remedy this defect in new legislation, bringing the 100 yr old companies’ law model up to date?

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  • I recall a journalist writing that reading several financial statements qualifies him to comment on accounting issues.

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  • Artax May 16, 2018 7:38 AM

    What a terrible journalist. Some journalists also learn to read financial reports at some of the best business schools in the world who run top of the class financial courses. That is why we have financial analysts.
    Al drivers do not have to be taxi drivers; the same way all those who know about accounts do not have to be accountants.

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  • Hmmmm, thanks for the information.

    I hope you’re proud of your friend and congratulated him/her on his/her achievements.

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  • I am always here to help. It will be interesting hearing about the acknowledged pubic responsibility of external auditors and not the formal but fictional responsibility to the remuneration committee. It is a responsibility recognised throughout the western world.
    By the way, I have an old copy of UK GAAP to off load, the person will have to pay the postage. It still has historical value.

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  • If the “old copy of UK GAAP” “still has historical value,” perhaps you should keep it for sentimental reasons.

    And since you’re “always here to help,” you could probably enlighten us “about the acknowledged pubic responsibility of external auditors and not the formal but fictional responsibility to the remuneration committee.”

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  • At the heart of the decline in public confidence in auditing is a flawed business model. Auditors are, in effect, guarantors of the integrity of the numbers on which capitalism relies. Yet this low-margin public interest function has become a poor relation to the consultancy and other services that the Big Four provide. In 2016 they earned £2bn from audit and £7.9bn from non-audit work, of which £1.1bn was from audit clients. Here lies an important explanation for poor audit quality. As the report aptly notes, this is a market that works for the Big Four but fails the wider economy.(Quote from the FT)

    The great John Plender, writing in the Financial Times, stating what I have been trying to tell some people: auditors have a public duty, which some local chartered accountants do not seem to realise.
    Is it time to have a national debate about the role of auditors? Is it time for a new Companies Act?

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  • For anyone interested in the role of external auditors in modern capitalism, there is an intense debate taking place in the UK following the collapse of Carillion. Two new books have just been published on the subject: Bean Counters, by Richard Brooks; and, The Big Four, the Curious Past and Perilous Future of the Global Accounting Monopoly, by Ian D. Gow and Stuart Kells.
    What is interesting about these books, is not only that they have laid to rest the fiction of auditors working for the remuneration committee, and thus for the hiring company, but their wider public responsibility as has been pointed out in these pages, but the urgency of the new Barbados government to put a new Companies Act on the statute books, divorcing auditing from mainstream accounting.
    At the same time, the central bank needs reform, with a new board, a new governor and, most of all, a new and relevant Central Bank Act.

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  • PwC has been hit with a record £6.5m fine by the UK ACCOUNTING WATCHDOG over misconduct in relation to the Big Four accounting firm’s audit of retailer BHS two years before its collapse.
    The fine surpasses the previous record penalty of £5.1m — also handed to PwC last August in relation to its audit of finance firm RSM Tenon— and further highlights widespread concerns about quality in the accounting market.
    The fine was reduced from £10m after PwC agreed to settle with the FINANCIAL REPORTING COUNCIL, which has been under growing pressure to issue harsher fines and clamp down on misconduct in the audit market following a series of high-profile accounting scandals that have undermined confidence in the regulator.(Quote)

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  • I was going to ignore this contribution……it’s author does not like to be proven wrong and he resorts to old shiite that was tried and tested to prove some point, which perhaps boosts his self esteem……….

    …………..but I’m forced to ask….what the hell does this have to do with Barbados?

    Stupssseee!!!! Grow up my friend.

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  • Reuters is reporting that the FBI has brought charges against Elizabeth Holmes, the former head of Theranos, for making bold claims about her high-tec company.
    The details are not important, what is for Barbados is that once again auditors are found wanting. It is another example of the urgent need for a new Companies’ Act in Barbados, one which separates auditors from general accountants with their own regulator.
    The US did it after the scandals of Enron and Worldcom, the Europeans have done it and so have the Brits. The basic fat is that auditors have a wider public duty than just reporting to the remuneration committee which hired them. That may seem basic in developed financial capitals, but for some it may seem difficult since it is not what the text books say.
    One for the new government.

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  • More problems for auditors – this time in the US. PwC, one of the big four auditing firms, has been fined US$625m for negligent auditing.
    What should be of interest to the authorities in Barbados is that the Judge said PwC fell foul of regulations because its audits were not designed to detect fraud. In other words, one of the roles of the auditor is to identify suspected fraud and raise it with the appropriate authorities, not just with the remuneration committee which hires them, as some Barbadian accountants seem to think. (go back and read the long discussion we had in this blog, sometimes very rude and aggressive).
    I have said before, we need to separate auditors from the main stream of accountants (the way that we separated barbers from surgeons), in a new Companies Act..

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  • Dodgy accountants and auditors are it again. According to the textbooks, dividends are paid from profits. But modern day auditors allow dishonest executives to take out company loans from which dividends are paid still pass the accounts as a going concern. Ultimately, it is the taxpayer who is robbed since company loans are tax deductible. Another reason why we need a new Companies Act in Barbados outlawing all this little corporate tricks.

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  • Just read a good book review (I have not yet bought the book) of a new title: Bullshit Jobs: A Theory, by David Graeber. Among the BS jobs are HR, PR, accountants, PAs, in-house journalists, chauffeurs, lawyers, etc. He should have included politicians.

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  • The big four accountancy firms are now in trouble over their auditing practices. When are the Barbadian authorities going to look into these practices. We have some chartered accountants who do not even appear to under the regulations around the profession.

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  • So new appointments have taken place at the NIS and not a word on BU. The new chairman is Ian Gooding-Edghill, his deputy is Avinash Persaud, Leslie Haynes QC, and a number of technocrats: BWU, BHTA, B’dos Employers Confederation, director or of finance in the Ministry of finance and the permanent secretary. The appointments are for two years.
    First, the good news: the old chairman is out; second the chairman is an HR specialist, his deputy an economist, but no actuary, no pensions specialist, no specialist pensions lawyer.
    So, it can safely be assumed, that the NIS will continue to be a piggy bank; and the gross incompetence of its management (see previous Auditor General reports) will continue.
    Most of all, there will no badly needed reforms to the moribund pensions system.

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  • There are now about five inquiries in to the functioning of auditors and their role in the collapse or near collapse of a number of firms, including Carillion and Patisserie Valerie. Is it about time we separated auditing from general accounting?

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