On another BU blog it was highlighted the decision by the Financial Services Commission (FSC) to cease trading in government securities – Financial Services Commission Issues Cease Trade Order on Government Securities immediately after winning the government on the 24 May 2018. The FSC communication indicated the decision was informed by government’s decision to default on foreign debt payments. To be expected the ‘bold’ decision caught the country by surprise against a background of an unblemished repayment record and smashed to smithereens the boast of Barbados NEVER defaulting on a foreign loan payment.
Prime Minister Mia Mottley has announced a large team to support the Barbados Labour Party (BLP) campaign strategy to stabilize the country’s declining economy comprised of Dr. Clyde Mascoll, Marsha Caddle, Ryan Straugn, Avinash Persaud and the controversial White Oak Advisory Limited. The finance team is part of a large Cabinet appointed by Prime Minister Mottley that has attracted loud public comment. Particularly there has been rising concern about the role of little known White Oak- not much is known about the company except that the London-based independent financial advisory firm to act as a financial advisor in the debt-restructuring exercise.
Two observations from the blogmaster which have arisen from the decisions taken so far by government and agent the FSC.
There is a reasonable expectation that the impact of the decision by government to default on debt repayments will impact business customers differently to individuals. For what it is worth the blogmaster reminds whom it may concern that Barbadian individual investors were encouraged and assured by the Central Bank of Barbados to invest in the country by purchasing savings bonds. The financial advice was supported by the former government eliminating the minimum savings rate offered by commercial banks. In another market there might have been a prima facie case of collusion. A discussion for another time.
To state the obvious, any decision to reduce yields/rate of return on bonds held by individuals and non personal entities will have significant consequences. The Prime Minister has promised she will be transparent about the engagement with the IMF. After 10 years of belt tightening there is no relief insight for the immediate future. Who said how did we get back here?
The other issue that has surfaced is the advice by all and sundry to withdraw their monies from commercial banks and place in credit unions. The blogmaster has no problem with supporting the credit unions, the movement has played a significant role in the development of working class Barbados and has the potential to do more. However, a few questions are worth repeating.
- How will credit unions sustain existing interest rates of up to 2.5% in a market where there is a low appetite for borrowing?
- Why has the credit union league been unable to secure deposit insurance for members?
Two credit union employees from the City of Bridgetown and Barbados Workers Union discussed the competitive position of credit unions compared to the banks. To be honest, the blogmaster was not persuaded by the arguments.
Have a listen and form your conclusions to the 15 July 2018 podcast.
@ NorthernObserver
I going cut and paste fr a few moments FORGIVE ME.
https://www.globalwitness.org/en/blog/first-look-uk-beneficial-ownership-data/
“…As we wrote on this blog last week, the UK government has just taken the bold step of publishing the world’s first fully open register of beneficial ownership.
This is the first dataset of its kind, and the information promises to tell us who really owns UK companies, whilst making it harder for criminals to hide dirty money.
As we explained here, we need this information so that businesses know who they are dealing with, civil and environmental rights can be protected and so that law enforcement and civil society are able to detect tax evasion and money laundering…”
You see why de ole man always talking bout white people dem???
“…the UK government has just taken the bold step of publishing the world’s first fully open register of beneficial ownership…”
Now mind you, de ole man could show you a ting dat a feller do in 1997 and present to some peeple dat was repository of businesses and ting but dat feller was a Nigger so dat did not important.
But let me not digress as is de ole man’s wont
THis is the official site of the UK government irrespective of what dem call de domain name.
Dese is de real fellers unlike White Hoax and all the mixing of their financials
THis is the real information that we need in Barbados “Beneficial Ownership” where de minister with de Naked White Wummens reading de news wife could be catering fuh de parliament.
You sight me!
Dis is de reason dat de ole man digging for gold causing after all de smoke and mirrors of bring dat white man from Estonia, we going end up wid a certain Senator Son as de main feller who gine benefit from Mia’s largesse
But leh we read what de white people write bout de white people records
“…from our analysis of the most recent data (published on the morning of 8th July 2016) there were over 28,076 beneficial owners on record (referred to as “persons of significant control”) and over 22,595 UK registered companies had filed information on at least one beneficial owner…”
So what that means is dat of the “…22,595 UK registered companies had filed information on at least one beneficial owner…” one of them effers was Espinosa or de next feller and nobody ent twist dem hand to submit that information.
I believe that I know who you are and IF YOU ARE WHO I THING YOU ARE, you have been to the ole man in my hours of need but, in the final analysis Northern OUR COUNTRY IS DYING and Mottley and her crew are setting us up for more fooping IF WE ALLOW THEM TO.
We have to Make them honest against their will.
@PUDYR
I have no idea exactly where the site gets its info from, other than as one can see some documents have government type stamps on them. Ask Hal, he is far more knowledgeable about UK based entities than I ever will be.
As far as vetting, since these folks are not working “for” the IMF/CDB etc, I doubt they have any concern. In any discussions, WOak would be a representative of the GoB? Vetting is up to the employer? I am unaware of any certification required.
Appreciate, beyond Nation’s, they are a host of towns, cities, states, provinces, counties etc etc that all have governments, and all can spend more than they collect, and seek “advice”. So there are a wide cross section of entities prowling in the public debt restructuring space.
It is the government’s responsibility to carry out due diligence. In the UK, all limited companies, partnerships, etc must be registered with Companies House. It is illegal for annual financials not to b submitted every year on time; if a company is late and it is drawn to the attention of Companies House they can be fined.
Other information sources are the credit references agencies – Experian etc – for both companies and individuals. Then there is the register of County Court judgements, which is a public record of any cases involving the company or key individuals and the information is privileged. Then there is trading standards, again which is a public record. Also the records of the regulators.
There are numerous other sources which I decline to reveal in a public access blog. But the sources are there. There is no hiding place.
Solicitors are good people to act as agents, but they will have to be paid.
I wasn’t going to touch this any further with a 10ft pole, but I have decided to post some links that I read weeks ago about Piece’s new found project and I am sure he and others have as well:
https://ftalphaville.ft.com/2012/03/16/927231/a-proper-debt-restructuring/
https://www.ft.com/content/4aa6522c-2caa-11e0-83bd-00144feab49a
https://www.reuters.com/article/seychelles-bonds-idUSL5N11233K20150827
https://www.ft.com/content/3e57f938-ea77-11de-a9f5-00144feab49a
http://www.mfa.gov.sc/static.php?content_id=36&news_id=971
Hear Hal: “According to today’s Nation, Avinash Persaud is a financial analyst. Is he?
But are you? Didn’t Avinash attend London School of Economics, one of the Russell Group universities you like to brag ’bout here on BU? lmbao
Piece….don’t worry, they will all soon be sharing a cell with Herbert…lol
@HA
When private entities file, does that also mean filed documents are in the public domain?
In Canada, private entities have to file a number of different documents, but the public indicator is whether the filing entity has filed (complied) not the content of the document(s) filed.
What do you mean by private entities?
Look I am a simple ole man not much into the fancy tings dat does define wunna fellers
I do not want nor will I process single source information nor recursive information.
Thus far there are 3 sources of information that are freely available on the internet that it would appear that this company AND ITS PRECEDENT submitted for itself
https://opencorporates.com/companies/gb/10090922
Unless someone is trying to falsify documents about the said entity then it still stands that the company is 1069th in its rankings and its financial statements do not mAKE THE ENTITY one of first choice UNLESS THERE ARE CERTAIN BENEFITS TO BE HAD from such an engagement.
Enuff of Lorenzo returns to their collective vomit and provides a few links to the Financial times which require one to be a subscriber but that i would hazard refer to one single assignment i.e. the Seychelles
THis is what I am reading online for this entity NOTWITHSTANDING THE 10 ft pole links that Enuff is providing
And I am seeing more of these than I am seeing the ones that the two of them have provided
“…White Oak Advisory Limited LONDON
Founded in 2016, White Oak Advisory, classified under reg no. 10090922 is an active company. Currently registered at 42 Brook Street W1K 5DB, London the company has been in the business for 2 years.
Its financial year was closed on March 30 and its latest financial statement was filed on Fri, 31st Mar 2017.
Since Tue, 26th Apr 2016 White Oak Advisory Limited is no longer carrying the name White Oak Ventures.
The firm has one director. Juan E., appointed on 30 March 2016. There are currently no secretaries appointed. As of 24 July 2018, our data shows no information about any ex officers on these positions…”
The company has no corporate secretary/ies appointed so it would appear to be a one man outfit NOW TURNED INTO TWO.
Additional searches reveal “…The list of persons with significant control who own or control the company consists of 1 name. As BizStats researched, there is White Oak Ventures Limited from Canterbury, United Kingdom. This PSC is categorised as “a limited by shares”, has 75,01-100% voting rights and has 75,01-100% shares. This PSC has 75,01-100% voting rights and has 75,01-100% shares….”
But just as a matter of interest
Dont you think that is should be incumbent on any Caring Incoming Government, coming in the footsteps of the past Demonic Labour Party, to be promoting companies whose corporate profile is OPEN AND TRANSPARENT as opposed to the GoB finding “stray cats” that you have to dig deep to find their bona-fides?
Steupseee
It is practically two months now that Mia Mottley unfortunately became the Prime Minister of Barbados. What are the changes that occurred as a result of her taking over the mantle of leadership? Only the shit on the South Coast being shifted from the road to the beaches at Worthing & Hastings. What else has changed? Only the credit worthiness of Barbados being completely destroyed as a result of the nonsensical and stupid decision to default on paying our external creditors. What else has changed? The massive vengeance campaign being targeted at public servants with the daily firing of public officers.What else has changed? The onerous taxes being levied on the people of Barbados such as the increase in water rates and the new form of the Solid Waste Tax. What else has changed? The weekly shootings and killings of Barbadians. What else has changed? Nepotism reaching an unprecedented heights with family members of the PM a such as the discredited anti- Black fraud David Comissiong being rewarded for his efforts in frustrating many of the previous government projects. What else has changed? A disgruntled public service fearful of their jobs.
A one term government.
Businesses which are duly incorporated, Ltd, Limited, Inc, LLP, Partners Ltd etc which are not traded on a stock market., and Not sole proprietorships.
Ok Piece i tell u that yuh own yuh own.None if the blp toads gunna help yuh . David mout shut . George brffwaite he mout closed tight and the Heather Cole she mout aint saying pint. Remember dem were members of the Blp brigade fighting tooth and nail against Cahill and yuh need that type of arsenal to keep the fire burning
Yuh could bet yuh last dollar that not one of them going say Yea or nay about White Oaks
Would be of interest if the name of the businessman connected to the drug haul last night was published
But i have a feeling he might be close to the powers that be
According to british and Barbadian laws as well as US laws, one can incorporate a company and be a sole director, we de facto, is much like a sole propietorship NOTWITHSTANDING ALL OF THE LEGALESE that would say otherwise heheheheheheheh.
It was a one man company now it is two and soon it is going to be a 3 three card company.
De grandson doing a stoopid cartoon bout dat 3 card ting too.
But in the meantime he send dis
https://i.imgur.com/HaOMAha.png
I got to talk to me grandson doah.
I tell he dat to put in Why is Mia PLAYING DAT SHE VEX with Atherley and he done gone and do he own ting.
Now Dr. Belle is suggesting that instead of Bishop Reverend Father Atherley
(a) being a plant as per de ole man’s feelings
or
(b) being the manifestation of the no existent conscience of the BLP
her is proposing that
(c) Athereley is the leader of a breakaway faction within the BLP
dem only giving de granson extra wuk wid dese Stoopid Cartoons
Oh before I forget what else has changed? David of BU being full exposed as an agent provocateur for the Barbados Labour Party and and a waste of time cabinet filled with a number of half day ministries with nincompoop ministers.
@Negroman
Hope you feel good now that you have relieved yourself?
@piece
My memory is the Ventures co was incoporated in 2009 and the name was promptly changed to advisory or similar. And it has changed back and forth since 2009.
If u search Nagowski he is linked to a company which links to one of the White oaks going back to 2009.
Hence I don’t think there is doubt they have been around since 2009.
Possibly earlier in an unincorporated form.
Sorry I’m traveling an can’t use my phone like a puter.
🙂
Sole director does not mean sole owner. In fact, a director need not own any shares. And the majority, or any owner, need not be a Diwrecker.
I think they are already 3, as one Sophie Espinosa could have a share or two. She is certainly a part of “associated companies”.
You may recall one Pharliciple LTD, incorporated with a single director, which changed shortly before it acquired assets from Clearwater Bay, which the latter apparently acquired via backing loans to get 4 Seasons rolling again. I believe we are still awaiting the promised “update”?
But surely since MAM was legal to one related entity, and Persaud was front and centre, and Sealy and Sinckler had ministerial responsibility at the time, the 4 could convene a joint update? Dat would be sweet.
Now piece I know this Mary Jane legalization spinning heads, but I meant joint as in all together. Cause we really don’t wish to hear them, just watch their faces!!!
Every time some one oppose Mia decisions David would come out to attack them
Wuh wrong wid you David
Your head is so hard you lack the ability it seems to say thanks for the correction.
Piece
You can find the principals of White Oak contributing to research on debt restructuring with the World bank, IMF, thw Commonwealth; find them in the FT, not the Adviser, the FT and Reuters; and, associated with St.Kitts, Grenada and Seychelles restructuring. Google Cahill.
@ Enuff
Let me say this as briefly as possible.
No one will query the existence of either of the principals acting in their individual capacities at any of these august organizations.
In fact one does get some glimmers of the advice that Espinosa rendered in the Seychelles and further review would probably secure information as to the efficacy of such advice variously delivered.
My specific prosecution lies in the matter that was particularly by the Honourable Prime Minister who is being advances as “the paradigm of Truth and Restoration of Barbados” getting up in the august House of Assembly, in the presence of all her Honourable colleagues, and stating that White Oak Advisory Limited “was and is a world renown Sovereign Debt Intervention entity.”
She then proceeded to belittle her “plant” the Leader of the Opposition, Bishop Reverend Father Atherley, and by extension de ole man since you have also given me that job, in absentia.
THIS WAS A BLATANT LIE and in this regard what it means is that these two men are personal friends of some party or parties in the BLP administration and have been recommended to bring specific expertise to the Mix.
Which makes me wonder why the Front Organisation?
You understand what I am saying?
If you have two consultants, of a particular ilk, WHO HAVE DELIVERED CONSISTENTLY and have been highly recommended, then say so.
And while we would probably stillhave done down a road of “who de badword is dese fellers, it still ultimately would come down to the point of a choice among consultants AND THEIR CREDENTIALS WOULD HAVE BEEN PROVIDED AS THEY ARE NOW..
Now what you/rather she has done is to tarnish the reputations of two men who have worked tirelessly to create their reputations by stating that their company and they were doing all these things.
But you needed to show the IMF a corporation and it has come over like you have manufactured a company profile WHEN IN THEIR INDIVIDUAL CAPACITIES the men have paid their dues.
Wunna gots to declare what wunna paying them cause right now it done look suspect if there is any collusion in their engagement a la Downlowe and CAHILL.
@ David BU, what’s with you and this ” Whitehall ” ? Anyway, the road at WhiteHill is being repaired, soon I’ll be able to go home again.
Just a typo. It happens. Profuse apology extended for getting your moniker all wrong.
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