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NIS Owed 13 million by ‘Paradise’ NOT 60 Million

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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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David King

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

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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

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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 ?

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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.

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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

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178 responses to “NIS Owed 13 million by ‘Paradise’ NOT 60 Million”

  1. Gabriel Avatar
    Gabriel

    What significance is there in the coincidence that Bjorn Bjerkhamm head honcho of Jada and Justin Robinson chair of the NIS board of directors are both members of the board of the Central Bank of Barbados.

  2. millertheanunnaki Avatar
    millertheanunnaki

    @ Hal Austin March 5, 2018 at 11:18 AM #
    “What about the administrative chaos the auditor general points oust annually? What about the extremely late tri-ennial actuarial reports? What about the basic bad investment policies (and if there is political interference then that too is a good reason to walk out)?
    I further contend that Mr Robinson is not very competent when it comes to pensions policy, especially the design or development of state pension policy.
    If I am wrong, my apologies in advance, but plse point me to a single paper on pensions policy written by Mr Robinson…”

    Never thought there would ever be a day so enlighteningly sunny when the miller’s son would find himself standing next to Hal and shooting at the same target of pure incompetence and bullshit as so patently represented by Dr. JR.

    Dr. JR is just another ’imported’ version of Dr. Delair Worrell made of pure bullshit and johnny-cloth material made to be used and disposed of for political expediency.

    How can Dr. JR make so doggedly dogmatic claims without verifiable evidence to back up his political public relations bullshit?

    Where is the objective evidence in the audited financials promised by this A class bullshitter since 2014?

    Dr. JR, please produce the financials to back up your PR political commands!

    Dr. JR what’s so hard about preparing financials for a two-bit National Insurance scheme?

    Are you trying to find out how to treat the investment in the 4 Seasons failure before you issue the financial statements or what?

  3. NorthernObserver Avatar
    NorthernObserver

    Parliament done. But the town planning office is still open. And the Chief Planner just got moved out to a PS in S.Lashley’s Ministry. EYES RIGHT and focus on T&CP. You know some sh!!te must come from here before the election bell rings. We can now assume the stumbling block was Mr.Cummins.

  4. NorthernObserver Avatar
    NorthernObserver

    As far as 4 Seasons/paradise is concerned…..the kicker is likely to be found here
    https://beta.companieshouse.gov.uk/company/00907806/filing-history

    I cannot be bothered to research it. But a quick glance suggests a whole lot of involved entities had common ownership.

    Read this…http://gisbarbados.gov.bb/blog/four-seasons-project-not-a-government-project/

    Note the term NEW OWNERS. Cross reference to the first link. Go to the Conveyance listed on BU. Recall that the GoB was to get a Golden Share (reported at 20%) in event of default.

  5. Gabriel Avatar
    Gabriel

    Northern
    Last week on Brasstacks a document was read indicating Cummins was making attempts for last 3 years to get out of the T&CP but his efforts were frustrated by other public servants.Among the stumbling blocks were his work experience and qualifications at PS level.The missive stated he went on to complete a Master’s in a qualifying discipline and reapplied for a vacant post and that is how he is where he is.A small country like Barbados cannot afford to frustrate professionals.One can imagine the pressures Cummins might have gone through at that level.Speaking of which the time is fast approaching when the faculty of law would have so swamped Barbados with lawyers,they might soon be driving minibuses.

  6. NorthernObserver Avatar
    NorthernObserver

    As far as the NIS involvement, this surfaced here
    http://gisbarbados.gov.bb/blog/four-seasons-project-gets-financial-lifeline/

    Wonder who the NEW OWNERS were, that they would be bold enough to solicit NIS funding?

    “Justin Robinson: the NIS is on the hook for 13ml. One of the more controversial decisions in my time.”

    So we have NO clue what the 13M was for? Only “controversial”. Given other decisions we are aware of, this one must be a beauty.

  7. NorthernObserver Avatar
    NorthernObserver

    @Gabriel
    all mis-direction BS. Cummins wasn’t seeking any other post. He was the peg which was preventing the wheel from spinning, how certain people wanted it. Remove the peg, and watch the wheel spin.
    Almost guaranteeing new permissions somewhere. Any guesses?

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

    That’s why I wanted to know what nonsense Fractured Criminal was asking me, I dud nit dream any of this.

    “In light of this, the Finance Minister explained that Government, therefore, decided it should intervene and thus provided “a US$60 million guarantee that allowed the new owners to secure financing to pay off, Barbadian business people and individual artisans who owed millions of dollars for goods and services provided to the project.”

  9. Gabriel Avatar
    Gabriel

    No guesses but Cummins never had the last word in anything.The last word is not Lawrence O’Donnell either but the mighty Froon thinks he is,until the judiciary shows him the ball that shot Nelson.#blimmuh

  10. Gabriel Avatar
    Gabriel

    Meanwhile gas is now $3.44 per litre.I am not aware that it has reached this high before.Is this the NRSL at work.Bajans really getting the shatty end of the stick.When oil was $140.00 a barrel I don’t think petrol,was this high at the pump.And Simpson hasn’t taken it over as yet or is the playing field being levelled.

  11. Well Well @ Cut and Paste @ Your Service Avatar
    Well Well @ Cut and Paste @ Your Service

    Robinson is obviously just there to sit and nod yes at everything, a yes man…and sitting at central bank with that creepy cockroach from jada, he is under full control of minorities…..

    ….its been about 7 years that 60 million US was used as guarantee to secure what…13 million dollars to use only…..and Robinson or no one else can say what happened after that…

    told yall…not even my 5 year old grandson would buy that one.

  12. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Hal Austin March 5, 2018 at 10:37 AM “he does not fully understand the purpose, design or function of a state pension scheme.”

    Then he could have asked me.

    PURPOSE: The purpose of a state pension scheme is to ensure that pensioners like me who after nearly 50 years of contributions can live decently on our pensions until God calls us home. That is not hard to understand. Even a Simpleton like me understands that.

    DESIGN: I believe that Nunez and others designed a perfectly good NIS.

    FUNCTION: is to make good investments, and to be efficient in paying pensions, and to never let the kitty run dry.

  13. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @NorthernObserver March 5, 2018 at 5:36 PM “the Chief Planner just got moved out to a PS in S.Lashley’s Ministry. We can now assume the stumbling block was Mr.Cummins.”

    So we send a trained and experienced town planner to be a book keeper at the Ministry of Culture?

    So while he is book keeping at culture, who is taking care of town planning?

  14. David Avatar
    David

    It is a promotion no?

  15. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @David March 5, 2018 at 6:44 PM “It is a promotion no?”

    My dear David: Are you being disingenuous?

  16. Gabriel Avatar
    Gabriel

    We miss Lennie’s biting input in this debacle featuring Cummins and Culture.The PAC assessment seem to indicate Cummins would be better utilized there.On the other hand Kellman so damn short in stature and everything else,since I am told he was employed at Hayman’s as a bookkeeper,he would feel ill at ease with a big tall man like Cummins looking down pun he all de time.

  17. Dr. Simple Simon Avatar
    Dr. Simple Simon

    Book keepers/Accountants are a dime a dozen.

    Trained and experienced town planners are a rarer commodity.

  18. NorthernObserver Avatar
    NorthernObserver

    Who knows who is in charge…..it is still his welcome on their website
    http://www.townplanning.gov.bb/content.aspx?c=2

    And only the GIS can be this pretty, TWO articles posted on Feb 28, 2018. One on Mark Cummins “Guiding Development at Arch Cot” .. http://gisbarbados.gov.bb/blog/guiding-development-in-arch-cot-st-michael/

    and the other… http://gisbarbados.gov.bb/blog/lashley-government-cant-do-it-alone/
    showing Mr Cummins as an Acting PS in Min Culture Sports and Youth.

  19. NorthernObserver Avatar
    NorthernObserver

    “It is a promotion no?”, watch the wheels at town planning spin and then you tell me whether he was promoted or catapulted.

  20. Hal Austin Avatar
    Hal Austin

    Dr. Simple Simon March 5, 2018 at 6:33 PM #

    Solutions Barbados should make you chairman of the NIS.

  21. Dr. Simple Simon Avatar
    Dr. Simple Simon

    Did Mr. Cummins jump?

    Or was he pushed?

  22. NorthernObserver Avatar
    NorthernObserver

    https://www.barbadosparliament.com/uploads/document/2ccc0057c95ca4d270bb5633d88d8d7e.pdf

    Chief Town Planner S.2 147,926 147,926 147,926

    Culture
    Subprogram 7005:
    GENERAL MANAGEMENT AND
    COORDINATION SERVICES
    Statutory Personal Emoluments
    (1) 1 1 Permanent Secretary S.1 147,926 147,926 147,926

  23. David Avatar
    David

    @Simple Simon

    Are you denying that the PS grade trumps that of TP? Why would a man at the tail end of his career not want to pad his pension?

  24. David Avatar
    David

    @Northern Observer

    Was running the explanation Gabriel referenced earlier which Ellis read last week.

  25. NorthernObserver Avatar
    NorthernObserver

    Are u blogmaster saying a PS pension at the same payscale as the CTO [S1] is different? I assume an ACTING PS gets paid as much as a non-acting one?

  26. Dr. Simple Simon Avatar
    Dr. Simple Simon

    @Hal Austin March 5, 2018 at 7:00 PM Dr. Simple Simon March 5, 2018 at 6:33 PM Solutions Barbados should make you chairman of the NIS.”

    No, no, no. I can barely count from 1 to 100.

    But I have spent a lot of time around old people (I was not born when my mummy was 17 like a lot of these big shot decision makers who have NEVER associated with an old person) I was born very late in my parent’s life, and grew up around old people, spent my whole life around old people. So I understand old people and their needs. Food, medical/personal care, water, electricity, telephone, a little something for the grans, a bit for the church, set aside something for a literal rainy day, keep the house in repair, a bit for the burial fees.

    Being able to do these things=dignity
    Not being able to do them=destitution.

  27. NorthernObserver Avatar
    NorthernObserver

    sorry CTO should be CTP…

  28. Hal Austin Avatar
    Hal Austin

    Dr. Simple Simon March 5, 2018 at 7:11 PM #

    No, no, no. I can barely count from 1 to 100.(Quote)

    You got the job.

  29. Hants Avatar
    Hants

    When he retires Cummins can become a consultant to “potential Investors”

  30. Patenham Avatar
    Patenham

    Who paid the bank in trinidad the sixty million dollars when the loan called in?

  31. NorthernObserver Avatar
    NorthernObserver

    Who said the loan ever went out?

  32. Patenham Avatar
    Patenham

    If the bank did not issue the loan they could not ask to be repaid. Maybe Jada them paid on behalf of the government and held the conveyance for the property.

  33. Enuff Avatar
    Enuff

    Cummins aint the first CTP to move to PS. I think Nurse did likewise, it is a promotion.

  34. NorthernObserver Avatar
    NorthernObserver

    https://www.barbadosparliament.com/uploads/bill_resolution/cfcda4530fab07b2c8304dff5d09b7f1.pdf

    Interesting number.

  35. Gabriel Avatar
    Gabriel

    Enuff
    As posted by Northern it’s a move from S2 to S1.Top of the line.

  36. TheGazer Avatar
    TheGazer

    Two things you will never get in Barbados – FOI or integrity legislation.

    The average Barbadian is thinking about the buy who just left or is in office (the past and present ), the politicians are thinking about what will happen when they leave office(the future).

    They will never create a tool that could be used against themselves.

  37. TheGazer Avatar
    TheGazer

    buy=guy

  38. David Avatar
    David

    Conversation with Chairman Robinson continued:

    Manage

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    · Reply · 1d · Edited

    David King

    David King No response Dr. Robinson to the above? What evidence is there in the public domain that the 60 million guarantee was not demanded?

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    · Reply · 2h

    Justin Robinson

    Justin Robinson I did not respond because I can’t recall the details of the funding.

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    · Reply · 2h

    Justin Robinson

    Justin Robinson I don’t understand the question about the 60ml guarantee being called.

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    · Reply · 2h

    Justin Robinson

    Justin Robinson if you are referring to NIS, the 60 ml facility was contingent on a successful loan negotiation with the IADB among other conditions. once negotiations with the IADB broke down the facility could not be drawn down.

    1

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    · Reply · 2h

    Justin Robinson

    Justin Robinson the 13ml I mentioned is due from the government.

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    · Reply · 2h

    Justin Robinson

    Justin Robinson If you recall the government guaranteed a 60ml us loan from ansa. when the company defaulted on the ansa loan the guarantee was called and the government to pay the 60ml us. as a result the government then became the owner of the property. the sale of the property is part of the effort to recoup the 60ml us paid on the ansa loan.

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    · Reply · 2h

    David King

    David King Dr.Robinson given the inquiring minds and the topical nature of this matter shouldn’t you refresh your memory with haste?

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    · Reply · 42m

    Justin Robinson

    Justin Robinson the funds are a liability of the Barbados government. I just have to pull the documents

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    · Reply · 36m

  39. Hants Avatar
    Hants

    ” the company defaulted on the ansa loan the guarantee was called and the government to pay the 60ml us. as a result the government then became the owner of the property.”

    So the Government will get $60 million US returned to the Treasury.

  40. Dr. Simple Simon Avatar
    Dr. Simple Simon

    Hal Austin March 5, 2018 at 7:20 PM “You got the job.”

    Naughty, naughty.

    Lol!

  41. Hants Avatar
    Hants

    “Government has signed a US$20 million loan with the Inter-American Development Bank

    (IDB) for a National Tourism Programme, which is expected to give Barbados’ tourism

    industry a necessary fillip.”

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

    Do any of them understand what that means?

    The 60 million US security …NIS Funds …were lost to the bank…yet they only used 13 million dollars of the 60 million US….says Robinson….

    The government then owned the property…

    The government then “sold” the property a few years later to the same defaulting players for 60 million US in 2015..

    Money which was obviously not returned to the NIS by government or the chairman would know, right?

    Why would government even want anything to do with those crooks after they defaulted on a loan secured by the pension fund..they had no money when the loan came due, but had 60 million US in 2015 to buy back the property from government.

    Did government sell the property for thin air?

    Theyp Auditor General was on point in his report.

    None of this adds up, they can tell it 15 different ways, 15 different stories and it would never add up because a key element is missing.

    This government is a liability and should not be reelected.

  43. Prodigal Son Avatar
    Prodigal Son

    As I remember, David, you had a few posts on this topic.

    How can the chairman claim that the NIS is only on the hook for 13 million when most of us remember that 60 million was taken from the NIS…..at the time the wool was pulled over our eyes as to whether it was US or BDS dollars.

    In every year after this, the Auditor General has repeatedly asked for clarification and the same Justin Robinson has never said a word.

    Lacky extraordinaire!

  44. Prodigal Son Avatar
    Prodigal Son

    Was a law ever passed to hold directors of failed companies accountable for making bad decisions?

    I am sure he remembers when he and the others lobbied and got a huge increase in director fees.

    Hypocrites………they are not here to serve, it is every man out to get as much for himself while the government they help prop up decimates the middle class with heavy taxes.

  45. Tell me Why Avatar
    Tell me Why

    These sums ain’t matching up. What we are seeing is US60 million supposedly coming from Ansa Merchant Bank that was in default and was guaranteed by Government under Clearwater Bay. Luckily, Jada based on reports had supposedly or would have paid the sum of US60 million between 2014 and 2016.

    Where all of a sudden the sum of US13 million now becomes part of the equation owing to the NIS. Probably, legal fees and other eventualities might be the reason, but how come this amount was not repaid after the sale. A successful Sale is when you would have been paid the amount requested. Is this a bartering deal? Where is the money trail? Or yuh gran-parents would say “yuh owe me and I tekkin’ up dah property” Case closed.

  46. Prodigal Son Avatar
    Prodigal Son

    Excerpt from Auditor General’s Report 2016 laid in Parliament 2017

    Four Seasons Development Project
    2.49
    The Government of Barbados guaranteed a loan for $120,000,000 in
    respect of the Four Seasons Development project during the financial year
    2011/2012. This guaranteed debt was called during the financial year
    2013/2014 by the bankers. The guarantee and the outstanding interest
    which totalled $124,329,766 were paid by Government through its holding
    company, Clearwater Bay. This amount was subsequently brought to book in the accounts of the Treasury as an account receivable. There has been no movement on this receivable account for the past four (4) years. There is no information available on whether there might be a need to write down this receivable or when or how this amount will be repaid.

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

    TMY…that 13 million thrown out there is a red herring meant to fool dumb yardfowls…and those who cannot think critically, the interest on 60 million dollar US loan for 3 years amounted to 4,329,766…only.

    These 5 or 6 thieves do not repay the loans they borrow, this is not the first default by Cow and Bizzy who are known defaulters, Maloney, Bjerkham and Tempro just steals boldfaced…that pervert freak Pendelton must have tried the scam the first time back then, guided by the other practiced crooks and got lucky,, they were all in it together..

    ….and ya have big hardback grown Black men and women in parliament just sitting like dumb children while allowing them to get away with these thefts of the people’s money,.

    For yardfowls who do not understand economics, the usual 5 or 6 well known minority thieves on the island who are consistently allowed by two stupid governments in the past couple decades to dip their thieving hands in taxpayers and pensioners by the hundreds of millions of dollars despite all their defaults and nonpayment of previous loans… STILL owe this 60 million US dollars to the government/taxpayers …from the 2011 NIS loan.

    ……taxpayer’s and pensioner’s money government used to repay the bank when said thieves defaulted on the loan…..for white thieves….who had no 60 million US dollars in 2014 when the loan was called by the bank but suddenly and miraculously came up with 60 million US dollar to purchase the same property secretly from government in 2015, one year later.

    …..yet no one in government or NIS can say where, how and to whom the money to purchase the property was paid, no existing paper trail can be found as yet….and according to what Sinckler told people who inquired, he cannot show anyone the Conveyance.

    As things stand, with no evidence the treasury collected 60 million US for the sale of the property and until they do, these same thieves still owe between the treasury and the NIS pension fund 120 million US dollars for the same property…….which equals to 240 million Barbados dollars plus interest ..

    .. Cow owes just as much for his Apes Hill scam and his recent run on NIS pension fund, that does not include his previous defaults of loans and nonpayment to the fund….until there is evidence showing otherwise, this is the reality…no matter what Robinson says now, it makes no difference.

    ..until then, the thieves got the Paradise property for free and are just marking time until the asses of parliament forget all that, get greedy again when they hear big numbers called and it is safe once again for them to dip their thieving hands back into NIS pension or taxpayer’s treasury to get that project as well as the Hyatt project started, their sole intent is to break both the treasury and the pension fund and keep the majority population solely dependent and subservient on them….and their house negros in parliament even more impotent than they are right now..

    Cow, Bizzy Maloney, Bjerkham and Tempro etc….should all be imprisoned for this level of practiced decades old thefts and kicked out of the lives of the island’s citizens permanently.

    The DLP has to be disbanded once and for all, they are a pox, blight and curse on the lives of the majority population….who will never see any progress or productivity in their lifetimes long as these dumb politicians and ministers are owned by whites and continue to steal from the majority population to give millions of the people’s money to minority business people for their failed scams..

    …..no Black government with that level of stupidity existing between everyone of them should be allowed in parliament ever again, not even as Opposition.

  48. Peter Holder Avatar
    Peter Holder

    Simple: Ansa Merchant Bank does not actually investment in any project, the are a capital market arranger who uses money from the public and financial and institutional investors to offer to borrows usually in the form of government bonds.

    Of the US$60/5M which Ansa arranged for the 4Seasons project/Government it is likely that NIS invested $10 or 20M so I would not discount what the chairman of the NIS recently said.

    What is curious is how has Ansa called in the bonds and been paid out by the GOB but the NIS is still owed money from the GOB?

    What is more troubling is that with the GOB having paid out the bonds called in by Ansa it has nothing to show for its expense as the underlying asset seems to inexplicably ended up being sold to and in the possession of JADA without the GOB getting any compensation.

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

    That is the key missing element right there.

  50. Bush Tea Avatar
    Bush Tea

    …the underlying asset seems to inexplicably ended up being sold to and in the possession of JADA without the GOB getting any compensation.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++
    Can you distinguish any difference between these two entities?
    The GOB is a wholly owned subsidiary of JADA.

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