Mia Promises Jail time to CLICO Offenders

The cut and thrust of the 2018 Barbados Election campaign has tossed up many issues which confirm the political party that wins the election will have to hit the ground running to rescue and restore the country to the pedestal it once occupied in the region and the world.

There is one issue which has not received the airplay it deserves in the opinion of the blogmaster.

On more than one occasion the leader of the Barbados Labour Party (BLP) – delivering on the 2018 election campaign platform – hinted at the fact should her party win the government, there will be an effort made to hold certain actors involved in the CLICO mess accountable. The blogmaster is aware promises made in the heat of a political campaign must be taken with some salt. However, given the black eye the CLICO collapse has given to Barbados, AND, the potential it poses to continue to deliver given its impact across the region, the blogmaster will continue to invite discussion on the matter in future blogs.

What the CLICO debacle exposed was that there was a catastrophic failure of the regulatory system- of which the political class and other key actors were complicit- to more efficiently manage the downside risk of the local insurance sector. An IMF report leaked in December 2017 identified the systemic risk posed by Sagicor – the dominant insurance player in the region – and the challenge posed to the local regulator (Financial Services Commission (FSC)) to effectively regulate given the complexity of Sagicor’s business model.

The IMF report found that the FSC, which was established in 2011 and is assumed to be the group supervisor of Sagicor, has neither developed, not implemented group-wide supervision processes and practices since its establishment.

It should be noted that to its credit the FSC was responsible for commissioning the report.

What has intrigued the blogmaster is the recent announcement that Sagicor acquired Harmony General insurance company. Harmony General was a small player in the sector, however, if the size and complexity of Sagicor was identified before the acquisition as a source of concern in the IMF report- the acquisition will serve to add a few more questions.

The blogmaster has no interest in the sale directly, it is more a quiet concern about how the sector is being regulated to militate against a recurrence of a CLICO.  The NEW leadership of Barbados must demonstrate firm leadership to implement learnings arising from the collapse of CLICO. We must punish those who failed to honour fiduciary responsibilities.  In this regard we have taken careful note of the lead role being played by Leslie Haynes Q.C. in BLP affairs. You may recall Haynes was very close to Leroy Parris and CLICO before its demise.

The blogmaster has also observed – lost in the din of the 2018 general election – general insurance companies have been disclosing end of year financial statements as required by law. A perusal of ALL of the finacials published so far list companies under financial stress. What is not clear to the blogmaster is how a sector that is under ‘financial pressure’ has not seen the urgency to significantly raise premiums to bolster the profit and loss. What is the blogmaster missing?

It is the expectation of sensible Barbadians the incoming government will demonstrate the leadership required to make available adequate resources to the FSC to do its job effectively. The other expectation is that players responsible for the CLICO collapse will do the ‘time’.

See the Financials of CGI, Brydens and Sagicor General insurance companies:-

135 comments

  • @Simple Simon
    Somebody needs to tell Mikey that there are no sexually active post-menopausal women in Barbados. Once we get to a “certain” age, we ask God to call us away from that nastiness, and God always answers our prayers.
    +++++++++++++
    Who died and made you spokesperson for the women in Barbados? Hidebound woman describing sexual intercourse as “nasty”

    Like

  • Hants.. yes they can suspend party websites but like piece stated consideration must also include other “originations”.
    Hence suspensions, browser censorship and filters, still there is the issue of accessibility of already established campaigning content across the web.

    Like

  • De campaign continues.

    Like

  • Hope wunna enjoying de entertainment in de sea of red.

    Like

  • pieceuhderockyeahright

    @ The Luminary Jeff Cumberbatch

    The ole man was indeed wondering if you were going to leave me in the lurch

    Much respect to you for your answers

    I underscore part of those remarks that may itself be a catalyst for yet another query I.e. “Thus unless the relevant law may be infringed through the use of the internet AND IS CAPABLE OF DETECTION, there can be no offense committed…” (my caps not yours)

    But I will hold the query

    @ nine of Nine

    If my server is off island like a Wikileaks or hosted by some third party who has broken the law?

    Is it the host?

    OR the blogger?

    OR the political party that may have benefited from the material being posted?

    NINE OF NINE you are a man of not inconsiderate skills in this area of IT.

    You see why de ole man does languish in pain when I see that our country’s ICT initiatives are led by Basil and Boos?

    When in the past, you in you alter ego, suggest a thing like the osmotic gradient between calcium carbonate and *** as a renewable energy source, do you feel that any your peers at UWI while you were there can evaluate your innovation?

    Seriously Nine of Nine you think that Timothy Simmons at EGFL the so called central hub for funding innovation or Hami at Fund Access can hold a candle to light your big toe?

    Tell me as man where do we go on the 25th of May when We get rid of ***?

    Like

  • Well Well & Cut N' Paste At Your Service

    Lawyers have from the 1960s, before independence, the lawyers who went to school in UK were famous for setting this up….they used the supreme court, the land registry and their status as lawyers and QCs for decades…to steal land from vulnerable elderly people especially from elderly women, abused and robbed those whose ancestors the descendents of slaves acquired that land to pass on to their beneficiaries.

    ..the lawyers have robbed these deceased and living people to sell to whites and other minorities to enrich themselves, robbing their own people because they lack feeling for their own people….and for that decades old savagery…they will pay..

    The irony is, many of those lawyers are aligned with both older political parties….some of them are contesting the general election today, hopefully they get no seats.

    Like

  • Well Well & Cut N' Paste At Your Service

    The other failed lawyer and St. Philip village idiot speaks..I can read 700 pages of a legal document in 5 hours, the only problem you will have is if you are unable to read and digest legal documents….no excuse.

    “AG at one with Stuart on CCJ
    Article by
    Barbados Today Published on
    May 23, 2018

    Attorney General Adriel Brathwaite is standing firmly behind Prime Minister Freundel Stuart’s plan to break ties with the Trinidad-based Caribbean Court of Justice (CCJ) if his administration were to be re-elected for a third straight term in tomorrow’s poll.

    While making particular mention of the recent legal challenge that was brought by St Lucian professor Eddie Ventose against the Electoral and Boundaries Commission over its failure to register him as a Commonwealth citizen to vote in the May 24 election, Brathwaite said: “I actually understand very well where the Prime Minister is coming from and I share his annoyance with the court, in particular the recent matter that we had.

    “If you could imagine receiving documents on Saturday night, 700 pages of documents, from an appeal for which we had not received a written appeal as yet, and a court then determines that they would hear and determine this matter on Sunday,” Brathwaite, who is also Minister of Home Affairs explained, adding that “in most cases, any reasonable court would have taken the decision, ‘Let us settle the record. Let us settle the grounds of appeal. Let us give all parties the chance to examine all the issues, make their written submissions etc”. So I share the Prime Minister’s concerns about the court, I am very annoyed about it,” the Attorney General told reporters on the sidelines of last night’s Democratic Labour Party (DLP) meeting in Haggatt Hall, St Michael.”

    Like

  • pieceuhderockyeahright

    @ Well Well

    We can consider these the last official statements of A Pest of the State which are were inconsequential in their utterance and sadly not worthy of being repeated

    Indeed this reminds my of “the dying man’s last words” in some B Grade movie called “Nitwits and Nerds” or “The Last of The political Gremlins”

    Like

  • @PUDRYR

    Isn’t the gist of the PM’s criticism to do with Barbados court system being disrespected and nothing to do with quality of verdict? Reading the report about what Adiel Brathwaite had to say, he appears to be going further. Another example of key DLP players no aligned on message?

    Like

  • @ Piece
    These DLP shiitehounds have been uttering shiite now for eight years….and doing squat…
    It is more like a man paralysed – in all but his mouth…..

    If it was a “dying man’s last word” we would have been rid of these parasites YEARS ago…. and would probably have been save from the shiite flowing down Hastings.

    Like

  • PUDRY

    You are much toooo excited to rid yourself of that which you maybe imbibing again very soon afterwards.

    Now that sounds like eating your own shitake mushrooms, your own shiiite.

    For you, maybe the future in now.

    Like

  • @ NothernObserver…Choosing the Right is still important even if you know you are going to lose. The Best I could hope for is the Balance of Power Between the Two Established Parties that they may become the King Makers.

    Like

  • Strict guardians of our heritage
    Firm craftsmen of our fate….with the help of foreigners in the CCJ.

    Like

  • Par for the course, am happy to see them both, the nitwit and the joker ex pm, proving to us what total idiots they are on Election Day, not worth reelecting, they do not even operate on the same page, no wonder shit flows in the streets..lol

    Like

  • it’s quite obvious that given the failed lawyers that Adriel Nitwit and Fruendolittle both are and their operating courtroom modus, they were hoping to drag out for another 10 years or more the appeals court decision and force it to linger in the CCJ appellate court by refusing to prepare submissions…as most lawyers on the island do when they maliciously and deliberately engineer cases to linger in the court system indefinitely.

    That was their plan, to violate the rights of Caricom nationals, refusing them the opportunity to vote…so because the CCJ destroyed those ugly plans by doing the right thing, they are both angry…

    ..for that, they have given the electorate one more reason to kick both Fruendolittle and Adriel Nitwit out their seats today….they are both useless.

    Like

  • Talking Loud Saying Nothing

    “MIA PROMISES JAIL TIME TO CLICO OFFENDERS”

    Quel sagesse!

    I would suggest to Mia that she follows the extraordinary news coming out of Malaysia concerning their recent general election. The similarities between Barbados and Malaysia are remarkably similar in that you have had an incumbent government that excelled in the art of corruption. The DLP operatives would have been comfortable in the company of the recently ousted Malaysian government.

    The winning party started procedures with immediate effect to indict and to sentence all those actors from the ancient regime who participated in the embezzlement of the nation’s coffers The outgoing Prime Minister, recently, had his mansion raided and had a number of items confiscated.

    It would appear that a decision was made at the highest level that in order for Malaysia to reboot her economy and to restore morality to government then some form of catharsis was required. My message to Mia would be to proceed with your gut instinct and lock up all those individuals who were involved in the Clico scandal.

    Turn the page on corruption in Barbados!

    Like

  • @ Talking Loud
    My message to Mia would be to proceed with your gut instinct and lock up all those individuals who were involved in the Clico scandal.
    +++++++++++++++++++++++++++
    Boss, that advice from you is so sound, and such action by Mia would be such a MASTERSTROKE, that it is inconceivable that such a thing could happen in a place now dominated with a Satanic Monument.

    Much more likely that we will get the usual shiite talk, delays, and excuses while new demonic alliances are forged….

    Like

  • Check this video from Olutye Waldron of what happened to him today while going to more than one polling station to Vote.

    Run-around or fraud?

    https://m.facebook.com/story.php?story_fbid=10156231032765535&id=704605534&refid=17&ft=top_level_post_id.1585320161565383%3Atl_objid.1585320161565383%3Athrowback_story_fbid.1585320161565383%3Athid.100002622425707%3A306061129499414%3A2%3A0%3A1527836399%3A-46372667546670486&tn=%2As%2AsH-R

    Like

  • Why are there 2 lists at any Polling station with the outside list leaving many voters off and being misled.

    However inside list is mostly correct, tricks anyone.

    See video of a voter today being misled on Social media.

    https://m.facebook.com/sheri.veronica?tsid=0.011240007030474786&source=result

    Like

  • pieceuhderockyeahright

    @ The Honourable Blogmaster

    You said and I quote “Isn’t the gist of the PM’s criticism to do with Barbados court system being disrespected and nothing to do with quality of verdict?…”

    I am going to share a little secret with you about my estimation of Fumbles – the past Prime Minister of Barbados

    What is your image of yourself Blogmaster?

    If I have a perception of myself as a 400 pound whale and fellow students have persecuted me from the time I knew myself as such UNLESS THEIR HAS BEEN A SIGNIFICANTLY POSITIVE COUNTERBALANCE TO SUCH PSYCHOLOGICAL TERROR I am going to have a severely damaged concept of myself

    Fumbles is not a Rock Hudson nor Ricardo Montablan nor Harry Belafonte nor Denzel Washington

    If you observe the man closely he is uncomfortable in his skin

    He compensates for his self image by avoiding the Bajan blacks and BAJAN “whites” and reaches out to outsiders from up north every week at Llaro Court BECAUSE OF THIS SELF IMAGE DEFICIT

    This is the genesis of Fumbles big words – it his how the man compensates

    As it relates to his CCJ statement You have missed why he said what he said.

    The trigger was the Ventose VOTERS but the crux of the matter is that Fumbles feels personally affronted by this action.

    This has nothing to do with Barbados at all Honourable Blogmaster

    This is that an ugly man, a serious megalomaniac, has been personally insulted by this action by the CCJ threatening his position where EVEN THOUGH HE IS AN UGLY MAN people kow tow to him

    Wunna peeple are threatening his position where he has achieved a type of social cosmetic surgery and is now like Will Smith.

    If you watch people you will understand why we do the silly things we do oh Honourable One

    Like

  • pieceuhderockyeahright

    @ The Honourable Blogmaster

    Your assistance please with a suspense item

    Like

  • pieceuhderockyeahright

    @ Talking Loud and Saying Nothing

    We are in the Final Hours of the demise of the DLP

    Barring their invocation of the Emergency Powers Act which can only follow successful fraudulent scam by Miami Vice Johnson FUMBLES AND HIS DEMONS WILL BE GONE SOON

    But I would append a few steps to your aforestated procedures relative to the actors and agents of these corrupt parties

    When the new administration of PM Mottley assumes office your first act should be requesting reports from every single permanent secretary and head of agency SIGNED BY THEM TO VERILY BE A REPORT AS TO THE STATE OF AFFAIRS OF THAT MINISTRY OR AGENCY

    AFTER THESE REPORTS ARE SECURED FOR EVERY SINGLE ONE OF THE SCVUNTS CONDUCT AUDITS OF EACH DEPARTMENT BY EXTERNAL AUDITS

    START WITH THE MOST EGREGIOUSLY ADMINISTERED DEPARTMENTS AS PER THE REPORTS OF THE AUDITOR GENERAL

    WHEN not if, when the results are returned of the misappropriated assets in the department’s USE THE VERILY SIGNED REPORTS THAT THESE HEADS HAVE SIGNED TO PROSECUTE THE HEADS AND PERANRNT SECRETARIES

    Now here is what is going to happen because of this procedure

    EVERY EFFING TEIFING PSAND OR HEAD OF AGENCY WHO HAS BEEN PART OF THIS TEIFING ADMINISTRATION is going to tender their resignation TOMORROW.

    This will solve the problem of reducing the bill for salaries of what will amount to about 2,000 of the snivel servants who have been teifing from the people of Barbados

    Additionally YOU ARE TO ISSUE AN AMNESTY FOR ANYONE WHO MIGHT HAVE UNWITTINGLY BEEN PART OF THE TEIFING, AND WHOM IT IS SHOWN THAT THEY WEREN’T PART OF THE TEIFING WHO PROVIDES INCONTROVERTIBLE EVIDENCE OF THE TEIFING

    Any such party will be paid 5% of the fees once recovered

    That will get rid of another 2000 snivel servants

    All in keeping with right sizing the Civil Servant Population

    A kinder guillotine than that of Pachamama but a guillotine nonetheless

    Why wunna tink?

    Like

  • pieceuhderockyeahright

    @ The Honourable Blogmaster one more which assuredly going get de ole man cuss realllllll bad whuloss

    Like

  • @ pieceuhderockyeahright,

    Her first act should be to instruct all BLP MPs to declare their assets ( just like she and Owen did a few years ago…remember?)

    Like

  • pieceuhderockyeahright

    @ Brother Hants

    You are peeking…lolololol

    Like

  • Have not seen Frustrated Businessman for quite some time.

    Like

  • pieceuhderockyeahright

    @ WELL Well

    You might not know the alter ego of some people here so you are excused for your comment about Frustrated Businessman

    Like

  • Actually…you are right Piece, I don’t check to see who has 3 and 4 monikers, just read some comments these days, did notice some like to change monikers just to attack anonymously, if that makes sense, but I chalked that up mental illness..lol

    otherwise, don’t pay much attention, dont need the distraction.

    Like

  • @Hants May 24, 2018 9:37 AM “Firm craftsmen of our fate with the help of foreigners in the CCJ.”

    The foreigners on the CCJ are our first cousins.

    As as for Freundel’s assertion that a Bajan civil servant overheard court officials “bad talking” Bajans, all I can say is that in decades of travelling up and down the Caribbean, for work or for pleasure Trinidad, Grenada, St. Vincent, Mayreau, St Lucia, Dominica, Guadaloupe, St. Kitts, Nevis, Antigua, Barbuda, Jamaica,Puerto Rico, I’ve NEVER overheard anyone “bad talking” Bajans, and I’ve always been treated with the greatest courtesy.

    I don’t know whether or not our Prime Minister is telling the truth, but I don’t believe him.

    Like

  • @pieceuhderockyeahright May 24, 2018 6:30 PM “pieceuhderockyeahright May 24, 2018 6:30 PM “This is that an ugly man…”

    I don’t know. I think that Freundel is kinda cute.

    Today I heard the term “aspirational sex” and i immediately thought of Freundel.

    Like

  • Well Well & Cut N' Paste At Your Service

    Simple…Fruendel was lying…he lied himself right out of parliament.

    Like

  • Mr Stuart has been attending St Paul Anglican church on Bay Street for the past ten years. He was there up to last Sunday and was accorded honorary membership by a Barbados Labour Party stalwart which is an indication we do not practice tribalism at the Church in the Bay.All are welcome both Dees and Bees.

    Like

  • Georgie Porgie

    charles skeete May 30, 2018 12:58 PM

    Do they still have proccesions of witness at St Pauls as they did under F C Pemberton cerca 1958, when the Sunday school would march down the gap, up Bay Street, along Beckles Rd, across Culloden Rd and acroos St Paul’s avenue, and across St Pauls pasture?

    I was sharing the memory of such an event with my wife just recently. I remember it as though it was yesterday.

    Like

  • Here is a recommendation for good financial regulation by an official inquiry, not a bogus judicial management nonsense.

    SYDNEY — A royal commission on Monday recommended that an independent supervisory body be set up to oversee Australia’s financial industry regulators.
    The recommendation was one of 76 included in a damning report unveiled by the Australian government. The royal commission’s report lashes out at lenders for placing sales above all else. It also lambastes them for collecting fees for services they did not actually provide.
    In addition, the report says government organizations, including the Australian Securities and Investments Commission, have not effectively carried out their duties to supervise financial institutions.

    The 76 recommendations range from how financial institutions should collect fees to how government agencies should carry out their supervisory roles.
    Speaking at a news conference on Monday, Treasurer Josh Frydenberg vowed to implement all 76 recommendations.

    Treasurer Josh Frydenberg vows to implement all of the royal commission’s 76 recommendations at a news conference on Feb. 4. © AAP

    News of misconduct at Australia’s large financial institutions and other lenders emerged around 2014. The government in November 2017 decided to set up the royal commission as an independent investigative panel. The commission spent about a year investigating misconduct.
    Major financial institutions paid compensation to their customers in tandem with the royal commission’s probe. They also abolished products and services cited as problematic and sold off subsidiaries.
    AMP, one of the country’s major financial institutions, in January announced that its net profit for 2018 s likely to have tumbled 96% from a year earlier to 30 million Australian dollars (about US$21.6 million).
    The announcement came as AMP had to spend more than expected to cooperate with the royal commission’s investigation and in paying compensation to customers.
    The Commonwealth Bank of Australia, the country’s biggest lender, last year announced it would sell its asset management subsidiary to Japan’s Mitsubishi UFJ Trust and Banking.

    Like

  • This is the nonsense that passes as a criminal justice policy by this government. First the prime minister describes the Pine as a favela; now she talks about deviants. Clearly she has no knowledge of the sociology of deviancy, if not she would realise that crime is just one part of deviancy.
    But to blame the previous administration for the epidemic of crime is not only disingenuous, but amoral. What is the BLP government’s proposals for the 15-21 cohort?

    All is not lost for Barbadian youths who have been labelled as deviant, and as a matter of fact, many can be brought into the fold of productive members of society, says Prime Minister Mia Mottley. However, this could only be accomplished if all Barbadians recommit to the motto of taking a village to raise a child.
    “Pulling back requires each of us in this country to go beyond our duty to country, to family, to self, to community, and to recognize that we all have a duty to be able to raise this village, to raise these children, to raise this family called Barbados,” said Mottley.
    The Prime Minister, who was delivering the featured address for the 22nd annual conference of the Barbados Association of Office Professionals, held at the Lloyd Erskine Sandiford Centre this morning, contended that the issues of deviance issues did not start overnight. Instead she placed much of the blame on the ten-year tenure of the previous administration.
    “You can’t not provide opportunities for young people, to not train them for 10 years, no forms of training outside of what a parent might decide to do for that particular child, and expect that they know exactly where to go, what to do and how to feel,” lamented Mottley, who went on to detail how the youth was let down.
    “We used to spend $5 million a year training people from St Philip to St Lucy, cultural and sports training to complement what they learnt in school. To teach them that they have to soar together and play together. To know that I can be older than you, but still you can beat me in a game and I still have to respect you, basic things in life that make us work better, allow us to soar together.
    “Instead we did all kinds of things. We found jobs for the big people. We made sure contracts could come for the big people, and we forgot that the youngsters were there and needed our support and our guidance. We forgot that things left to their own devices often go astray,” she said.
    The PM noted that quite often members of the extended family will need to step up and fill voids that are sometimes left by parents.
    Mottley explained, “The group of persons who are badly in need of our guidance, our support, our love and our discipline are those between the ages of 15 and 21, many of whom look like strong, strapping adults, but who we know are full still of doubt and full still of wondering. They will not show it but are usually thankful for this support in whatever way it comes.”(Quote)

    Like

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