Barbados Credit Suisse Loan: Ex-Credit Suisse Bankers Arrested

A perennial political platform issue in Barbados has been the levelling of corruption accusations at the other by the BLP and DLP. While it makes for good theatre – the reality is that when the campaign dust settles nobody is ever held accountable. It is business as usual. The arrest by US authorities of former minister Donville Inniss on money laundering charges does not qualify.

A hotly debated issue in Barbados has been the $450 million Credit Suisse loan signed off by the former minister of finance Chris Sinckler. A contentious clause in the terms and conditions of the loan states that the interest rate will increase when there is a downgrade by international rating agencies. With the several downgrades Barbados has attracted in recent years millions of dollars has been paid by Barbados from dwindling foreign reserves to Credit Suisse. There was no appetite (is no appetite) to lend Barbados money by international lenders because of our junk status rating now selected default.

The inability to hold public officials accountable continues to be a challenge for Barbados. Read Auditor General reports since 2006 which hint at malfeasance. This blogmaster refuses to accept that local officials are so puritanical in behaviour they leave no room for malfeasance to occur.

A relates story carried in the international media reports that Credit Suisse bankers have been arrested in London while the US seeks their extradition on charges that they bribed Mozambican officials before supplying loans to state owned companies there. Should sensible Barbadians assume that the circumstances surrounding the former government’s decision to get a loan from Credit Suisse in December 2013 – at a high interest rate instead of opting for the IMF which lends at about 1 percent – is being investigated?

Read the report at the following BBC link – Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’

Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’

 

Image copyright Reuters Credit Suisse logo

Three former Credit Suisse bankers have been arrested over their alleged role in a $2bn (£1.5bn) fraud scheme connected to firms in Mozambique, according to US authorities.

The men have been released on bail in London while the US seeks their extradition.

The scheme allegedly involved loans to state-owned companies in Mozambique.

Two others, including the country’s former finance minister, have also been arrested.

The former employees of the Swiss investment bank were arrested in London on Thursday.

The three – Andrew Pearse, Surjan Singh, and Detelina Subeva – were charged with conspiring to violate US anti-bribery law, money laundering and securities fraud in an indictment issued by a US District Court in New York.

Prosecutors say that through a series of financial transactions between approximately 2013 and 2016, they created fraudulent maritime projects and used state-owned companies in Mozambique as fronts to raise $2bn.

Some of the investors defrauded included US nationals, the indictment says.

It added that they “intentionally diverted portions of the loan proceeds to pay at least $200m in bribes and kickbacks to themselves, Mozambican government officials and others”.

The state-owned companies missed more than $700m in loan payments after defaulting in 2016 and 2017, the indictment adds.

In a statement, Credit Suisse made clear that no action had been taken against the bank itself.

“The indictment alleges that the former employees worked to defeat the bank’s internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank,” it said.

The US has agreed extradition treaties with more than 100 countries. These treaties can require “the surrender of persons who have committed crimes in foreign countries”.

 

108 comments

  • NorthernObserver

    This is a “reach”?
    Credit Suisse is a huge organization. Beggars, and very arrogant beggars at that, after a plethora of financial projections which didn’t project, whether on the revenue or cost sides, will agree to whatever they feel like, especially given the local stigma of IMF versus ‘some other financial body’.
    The CS loans were an awful deal for Barbados. Yet to even hint at impropriety, one needs far more solid ties, than a few rogue employees, which exist within any organization.

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  • Was the Credit Suisse loan first discussed under the Arthur government?

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  • “The scheme allegedly involved loans to state-owned companies in Mozambique. Two others, including the country’s former finance minister, have also been arrested.

    It added that they “intentionally diverted portions of the loan proceeds to pay at least $200m in bribes and kickbacks to themselves, Mozambican government officials and others”.

    wuhloss..the crooks always find a way….and dim yardfowls still believe thieves in government should not be locked up because “it will not help the country.”…..but the ministers and their bribers stealing from the people…in their dim, dumb yardfowl minds, helps the country…something is mentally wrong with these psychopaths…that type of mental depravity and victim acceptance is not normal..

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  • @NorthernObserver

    Let us under your point. It is a reach for a loyal son of the soil to be curious about how the credit suisse loan was consummated after reading the attached story? Curiosity piqued given the onerous terms and conditions? How would we know if there is impropriety if nobody bothers to ask?

    Liked by 1 person

  • The ONLY WORDS that come to mind to describe the mentalities of those who CANNOT see that corrupt, thieving government ministers, lawyers and business people who are a THREAT to the very SURVIVAL of the majority population AND should be LOCKED THE HELL UP every time…….is DEPRAVED INDIFFERENCE…

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  • Elsewhere

    PAYMENT DUE!

    Fri, 01/04/2019 – 1:19am
    BY:
    JEWEL BRATHWAITE
    THIS country’s next foreign loan repayment is for the prison at Dodd’s St. Philip, due later this month. And there is a question whether Government will be dipping into the more than one billion in foreign exchange reserves to make the payment, which is usually done in installment, or whether there will be a default of the amount due.
    President of the Barbados Economics Society (BES), Shane Lowe, believes that given the suspension of external debt payments on June 1, last year, and unless there is an agreement between external creditors and the Government on new debt repayment terms, the Government will likely miss the payment on the Prison bond this month.
    He told the Barbados Advocate that, in addition, he does not see this affecting the overall foreign currency bond credit rating given the current level of default. “However, in the event that the government comes to an agreement with the holders of the prison bond in quick order, there is no guarantee that the new terms on the security will require a payment later this month,” said the BES president.
    The economist further pointed out that what is key is that any new repayment schedule that will be negotiated should ensure that the Government maintains adequate levels of foreign exchange reserves, a target under the Barbados Economic Recovery and Transformation (BERT) programme. Since the start of an IMF programme in Barbados, foreign exchange reserves have increased from $440 million to just over one billion through borrowings. However, former Governor of the Central Bank of Barbados, Dr. Delisle Worrell, is suggesting that the financing the country has obtained from the IMF, IDB and the CDB, should be used to address the imbalance between foreign spending and capital inflows, and Barbados’ deteriorating competitiveness in the economy.
    Lowe added that, moreover, a resolution with external creditors and not with just those holding the prison bond would then prompt an improvement in the country’s credit rating. Under the terms of the loan repayment, Government has to fork out approximately $30 million to finance the debt. The Dodd’s facility was built at a cost of well over $200 million following the destruction of the then Glendairy Prison destroyed by fire in 2005. (JB)
    Section:
    NEWS

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  • Keep yall eyes on Mia AT ALL TIMES..”watch muh nuh” now takes on a whole new meaning..

    we knew this and could have told Atherley after 5 months that Mia is just making up shit as she goes along, hence the reason I rescinded my ….giving the benefit of the doubt…. it is very, very clear where all of this headed…all this desperation and HASTE to do ALL THE WRONG THINGS…is a very clear indicator..

    They will soon jump out to tell us all that DLP did…without making any attempts to LOCK UP..former DLP ministers…fo their crimes..against the people.

    “The future is not as bright as Prime Minister Mia Amor Mottley would have Barbadians believe, Leader of the Opposition Bishop Joseph Atherley declared on Saturday.

    In fact, he said Barbados was “still on the brink” and many people were of the belief that the storm clouds were gathering.”

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  • Northern Observer

    Thank you Sir for that very fair comment.

    Good Lord man. You might not like the last government.

    You might not like how Sinckler handled the Finance ,ministry – but to even hint at and in BU case put up bold headlines about 3 persons working in as Northern says an extremely large organization – boldly making a link between the Credit Suisse Loan and graft with the government – IS A BRIDGE TOO FAR – AND I HAVE TO CALL IT AS I SEE IT AS BEING DISINGENIOUS.

    Is this payback for BU HAVING TO CONCEDE THAT MIA’S ACTIONS ARE BECOMING OBNOXIOUS – AND THE POPULARITY OF THE 2 ARTICLES AGAINST HER GIVING HER FATHER A SHITEHOOD?

    I thought we were getting somewhere with fair and balance analysis – but this kind of unreasonably leap with NO FACTS TO EVEN CONNECT ANY DOTS disappoints me greatly – and that is an understatement.

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  • Inniss…no one knew of the 3 year FBI investigation against Donville and ICBL or the resultant Grand Jury indictment…let that be your guide..

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  • @T.Inniss

    Clowns from the political class can come up with all kinds of inferences about citizens especially under the cloak of parliamentary privilege, however, when the favour is returned…

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  • Already the two Dem defenders T Inniss and Hal Austin looking to spin this issue.For god sakes let the chips fall where the fall.Mr Austin talking about Mr Arthur ,tell me Austin who borrowed the loan?.Forget the red herring,but that,s what Dems do try to confuse issues.I am waitng to hear from Mariposa ,Donna and Piece.

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  • To be FAIR to Sinckler………don’t you believe it’s a bit premature for anyone to accuse him of corruption, in the absence of an investigation and without the necessary evidence?

    Under the then prevailing economic circumstances, in addition to the credit rating downgrades, perhaps the terms and conditions of Credit Suisse was the best deal government could broker at the time………

    ……….and perhaps they were convinced their economic policies would have achieved the desired objectives, thereby avoiding any further downgrades.

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  • @T.Inniss

    If you have been following BU through the years there is one conclusion you must have drawn IF honest. The blogmaster is ‘colour blind’ to recognizing party colours.

    To continue, you lot in the political class cut your deals in smoked-fill back rooms while in office then in Opposition criticize the government for making the same deals.

    Guess what, as long as this blogmaster is around you will not hear enough of it.

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  • I sent another post and it dropped out.I will repost it a little later.

    One thing I want to tell you – you you see this ‘you lot’ ‘you lot’ – leff me out please.

    I have been pellucid on this site from the get go that I am not holding the bag for anyone – neither will I be shielding anyone.

    IF you eat Soldier Man food – then you got to take Soldier man licks.

    However I am watching to see your consistency and your objectivity.

    Most reasonable persons seem to be seeing this one very clear eyed.

    There is nothing you have posted above that links anyone government minister to corruption and Credit Suisse o.k. ?

    If there was a clear and true link – then I would have no problem with that article.

    So stop reaching and trying to throw a punch in the Dems because Mia got lick up recently with the shyte she is doing.

    Now you carry on smartly.

    Let the dead bury the dead.

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  • T.INNISS

    The DLP dead real stink, You only want to burry the 6 month BLP dead

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  • This story reminds me of an article published on BU accusing Sinckler of owing a multimillion dollar home which turned out not to be true
    I have been warning all and Sundry that the blp gangsters which David BU has become one of its members along with local media would be selling Fake News against past govt in order to keep their sorry head above ground
    However with every peep this govt make their heads would be cut off as their manifesto littered with lies and deceit has run its course
    Now it is obvious that Mia feet after hitting the ground are filled with sores torn and tattered and can run no more except to the media for help
    David ought to be ashamed to be part of a gang of political mobsters whose only source of information is to propagated fake and unreliable news to the public to protect govt
    Shame on BU however not surprised

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  • You are a puzzle to me a gordian twat is it were

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  • Jeff might be able to confirm, but nowhere in that article do I see any link, not even a hint..that Sinckler conspired with anyone from Credit Suisse to fleece any loan…..it’s all in yall imagination..that there is some kinda inference…

    Liked by 1 person

  • Mariposa

    Would you mind revealing to BU what is “fake and unreliable” about the article?

    Or is this one of the silly things you conceive in your mind, such as suggesting the BLP “planted” operatives in the US justice system to bring “fake” charges against Donville Inniss?

    But, yuh know………. people would likewise conclude you “ought to be ashamed to be part of a gang of political mobsters whose only source of information is to propagated fake and unreliable news to the public to protect” the former DLP administration.

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  • Let the blogmaster respond to another who falls into the ‘you lot’ bucket. An article was submitted by Heather Cole about the matter raised. It was posted in the same way her other articles were updated to the blog.

    Stated on another blog you delight in being a LIAR.

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  • What the Hell… !!!!

    @ Northern Observer
    It sounds to Bushie like you should really be declaring your interest up front.
    No one accused anyone of anything – and you spring up in defence?
    Sounds like you have clothes on the line …and expecting rain yuh…

    This reminds Bushie about 3S, Dodds, Sandals, CAHILL, the Canadian man with the solar panels,… etc…

    OUR government does questionable and ILLOGICAL business with organisations – whose PRINCIPALS subsequently get in criminal trouble for dishonest behaviors internationally,
    BUT SOMEHOW …. our local officials have ALWAYS been on the same level as Caesar’s wife…

    Shiite….
    Only COMPLETE and utter brass bowls can delude themselves thusly…
    Boss..
    ANY kind of honest assessment of that loan SHOULD have resulted in a prosecution –
    if only for demented IDIOCY exercised by a public official – and an inability to grasp decimals…

    ….But What The Hell…
    Fools and their money MUST be soon parted
    …. one way or the other.

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  • @David
    Let the blogmaster respond to another who falls into the ‘you lot’ bucket. An article was submitted by Heather Cole about the matter raised.

    +++++++++++++++
    Now you tell us, I didn’t see her name on the byline…….

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  • Continuing to ask question using association.

    How many times in opposition did we listen to Mia Mottley asking the Stuart government to be transparent with the Sandals and other agreements for example. To share pertinent details with the public?

    How many times while in opposition did we listen to Thompson asking Arthur to share details of agreements signed off?

    When Opposition leaders win office what happens?

    Guess what, ordinary citizens are sick of it now, we have social media and we will ask hard questions with the onus on them to share the information. If they prefer their legacies to be smeared by negative public opinion read their inability to offer a valid rebuttal, so be it!

    Liked by 1 person

  • All the US has to do is follow the money$$$ as said before All crooks, liars, and scumbags, All “Plantations Deeds” have done was to follow ” Clear Title “for the land, All names are there for they all laundered land and money with the Help of Owen, Mia,-father, Cow, Ham, and First Caribbean &CIBC- CLICO , All lawyers who did fraud upon the Natives of other Nations shall be called to pay! one way or another VOTE BETTER NEXT TIME WE WILL LOCK THEM UP, DO YOU ALL REMEMBER RULE OF LAW? WHERE ever these crooks like Ralph Thorne place their Name to get money is proof, sign here! Basel 3 Banking! Rules, OPP- Other People Plantations hahahahaha! Sing the SONG OPP Yea We know them “Other People Property” !!!!!

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  • @Lorenzo,

    Forget the stupidity of being a DLP supporter; I have long learned that Bajans cannot discuss ideas, it must either be Dee or Bee. It is the warped outcome of education by rote. Same thing with blaming the British for all our ills.
    The question asked, @ Lorenzo, is: did the Arthur government enter in to discussions with Credit Suisse? Yes or no?

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  • Let me join my fellow blogger ‘Piece under the Rock Yeah’ – and the esteemed members of the tin foil hat wearing community and seek to point out some strange coincidences.

    This morning on being awaken by the merciful hand of the Almighty – and after observing all customary and ritual acts of ablution – I, on visiting this well renowned blog site – stumbled upon a most mischevious and puzzling article seeking to make imaginary links between a loan signed on behalf of the Governement of Barbados and 2 employees (dishonourably discharged for corruption) from the financial institution advancing said loan.

    As was rightly pointed out by some – there is no link that can be made between the two.

    However upon receiving my Sunday Sun – I was immediately confronted with this blaring headline -” COURT FIGHT”. – EX PRIME MINISTER,SIR ELLIOT SET FOR LEGAL FACE OFF.”

    And I said to myself – not what the late Louis Armstrong the great Jazz singer said to himself – ” what a wonderful world”.

    But I said to myself – What a strange coincidence to have that Caption – as this morning headline, especially since on reading the article – the reporter Maria Bradshaw from the BLP media house – Nation publishing Company – asked Roger Forde QC – the lead attorney for the recently awardee of a controversial Shitehood – Sir Elliot – “how was the case progressing ?”

    Roger Forde’s response, and I quote :

    ” We have filed a case. They have filed a defence and we are making an application to strike out their defence or parts thereof, on the GROUNDS THAT THE DOCUMENTS DO NOT COMPLY TO THE RULES OF THE SUPREME COURT.

    Now tell me honourable and esteemed members of the right thinking section of this blog – WHY WAS THIS CASE WHICH HAD BEEN FILED SINCE JULY LAST YEAR – BROUGHT OUT AND GIVING PRIDE OF PLACE AND PROMINENCE ON THE FRONT PAGE OF TODAY’S SUNDAY SUN. NOTE NOT LAST MONTH SUNDAY SUN – NOT JULY LAST YEAR SUNDAY SUN – BUT TODAYS.

    Hey, hey methinks there is a smell of smoke and mirrors,or distraction afoot – from the disastrous headlines and commentary on this Underground site and on other social media platforms – ABOUT THE MAJOR DISSATISFACTION PEOPLE ARE ALREADY HAVING ABOUT THE ACTIONS OF THIS NEW MOTTLEY ADMINISTRATION..

    Today in Underground – a non existence link was being sought against the former minister of Finabce and 2 rogue employees of a financial information;

    And then for those person who were told – like according to the BLP spy yesterday – that a Principal told his students not to come to this site’ – so they would not have seen Caswell’s article or Sunny Sunshine’s article;

    Then you go to the Sunday Sun – which a lot of bajans read.

    And there you see the appearance of a story of a case filed last year July – where there is seemingly nothing new happening – that is, no real movement or new findings in the court – now suddenly being placed on Today’s front pages of the Sunday Sun.

    Hey,hey ………. Come into my parlour said the spider to the fly .Wuhloss murdah.

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  • David

    It is only reasonable that if interest is to be increased at a downgrade the reverse should also hold true, be amongst the terms and conditions.

    More generally, what we are witnessing within the financialized economic system is the extra-territorial application of US law to control the activities of non-US entities and to maintain imperial hegemony.

    In short, the USA does not want anybody to act in anyway that would disadvantage their companies, especially banks. This is about control of the world.

    Still, we are at a total loss in understanding how anything Caribbean could mek sense unless all the surrounding environments are deeply understood.

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  • @Pacha

    What is the latest with the Non Aligned Movement? Was this group not formed to counter some of what you described?

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  • T, Inniss

    We agree with you that no credible link has been presented between the Credit Suisse loan to Barbados and the firing of employees. Such a suggestion is at best specious.

    But we also disagree about the specious links you have erected, suggested, between a number of events in media, the courts etc.

    We were never convinced that any networks in Barbados have the competencies, capabilities and skills to consistently deploy such police state tactics with effectiveness. But maybe we are wrong!

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  • Pacha

    My friend.Sadly you are wrong in surmising that.

    You have to understand how Mia Mottley operates.

    She is much, much more devious in her stealth and planning than Owen Arthur.

    I believed he realized this after she became Opposition Leader in 2008 – and was then forced to bow out of the party and out of electoral politics.

    There is much more that meets the eye than you can see my friend.Don’t be naïve I beg yuh.

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  • If allegations of wrong doing by anyone who has been awarded a knighthood proves true, that person can be debased ie have the award withdrawn. All evidence to Buckingham Palace, copy in Number Ten Downing Street and the Foreign and Commonwealth Office.
    A number of knighted Brits have lost their knigthoods (voluntarily or by debasement) following the 2008 global financial disaster.

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  • David

    The Non-aligned Movement had lost its power and potential since the fall of the USSR. It has devolved into a shadow of its former self. Indeed, the fall of the Soviet union has been the bane to all the countries of the South, including Barbados. This is what we will see when the histories are written.

    There must come a time when the role of the presence of the former USSR in inadvertently defending developing countries should be properly assessed.

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  • @ T. Inniss,

    You are very perceptive and have a way with words. I have said that on May 24 Barbadians rejected the grossly incompetent Stuart-led DLP,, but did not vote for a BLP government. That victory was won by default.
    You are also right about Mottley being much more intelligent and ‘politicallysavvy’ than Stuart. Whereas the DLP was out of its depth, politically and administratively, the BLP has a well-planned agenda.
    What most of us were hoping was that Mottley, as a young woman, would have championed change, would have opened up government to new ideas and new ways of doing things, would have been prime minister of a broad church. She has sadly failed.
    It will end in tears. Barbados is a failed state.

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  • @Hal Austin January 6, 2019 3:28 AM

    Was the Credit Suisse loan first discussed under the Arthur government?

    Coming from someone who professes to be a former financial journalist who followed economic and financial developments in Barbados,I find the above to be a rather dumb question.

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  • @Pacha

    Are you comfortable discussing why a responsible government would have entered into a credit suisse loan with that nettlesome clause at a time Barbados credit rating was tanking?

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  • @ Bajan in NY,

    I hope your contribution to American society is greater than it is to BU. What is the answer?

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  • @Hal, the answer is NO.

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  • pieceuhderockyeahright

    De ole man is on record for saying that Mugabe had no choice but to stop making those pernicious payments to overseas creditors among whom Credite Suisse numbers

    My only issue was the how it was done. She was given poor implementation advice.

    So, having repeated that, let one say that these back door deals with Credite Suisse and White HOAX? and MyMoney ALL HAVE A COMMON DENOMINATOR

    CROOKED TEIFING POLITICIANS and where many of you would tread lightly euphemism for pussyfoot around de ole man gine say dat wunna DO NOT KNOW STINKLIAR

    He would sell he muddah if de price is right and if you doubt me ask Derek Alleyne

    It is a real pity that Mugabe does not release the files which confirm this seeming speculation about her goodchild ‘s father but I guess even despots have a code among themselves

    I do hope that this satisfies the expectations of the 2nd of the Nameless Ones heheheh as being a well balanced and fully deserving comment

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  • David

    Yes! There is nothing extraordinary about that given the mess the government put itself into. Ours is that if you are in that position and had to accept the ‘downgrade interest term’ then you should also insist on the reverse as well. Any bank would have insisted on such a term’s inclusion, and rightly so.

    Liked by 2 people

  • T. Inniss,

    I saw that date also and came to the same conclusion. This Nation newspaper is something else. Front page news! Or STALES. I have stopped buying the Sunday Sun (my only purchase) and now read it at the library instead. Just for the Green Man from Mars articles.

    But to David’s point. It is worth a question and that is all he did – question.

    What is good for the B has to be good for the D.

    At least in my book.

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  • Sometimes people here seem to assume that either banks are crooked or that politicians are. The true is generally that all the forces within international finance and banking operate within opaque circumstances, at the core.

    Liked by 1 person

  • @Pacha

    Government’s finances was tanking at the time the agreement was consummated. Although what you posit is logical it was more pragmatic to seek concessionary funding whether IMF or UAE!

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  • @ Bajan in NY,

    I do not accept an anonymous voice on BU as evidence. I want a senior member of the then BLP economic team, such a Mr Arthur or Mr Mascoll to state this.

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  • David

    The UAE is a gangster satrapy. You can’t raise perceived gansterism at Credit Suisse, on the one hand, and then suggest the UAE as a reputable funder on the other. They are much worse than Credit Suisse in lots of ways!

    You well know that the DLP was trying to hide the truth about the magnitude of the economic peril we faced from the people. A declaration to go to the IMF would have been self-defeating, no?

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  • It was a tongue in cheek comment Pacha. To hammer home the point that Barbados’ mconomy was tanking to the point the proposal was being promoted by minister within Cabinet and brand name economists.

    Liked by 1 person

  • David

    Yes! We remember well! And those cabinet and other officials were misguided in so doing.

    Liked by 1 person

  • Donna

    My dear David didn’t just ask a question – David made a big jump – and inference which is not based in any information at hand.

    It is a case of yuh accusing Bee of unethical thing – well then here is something.

    Actaually Donna a better example of An overseas Company being used by the Bdos Govt (see Owen Arthur administration) – and the main players/directors of that Overseas Company being charged and convicted and sent to prison for corruptly bribing public officials – would be:

    1)The Company Veco that built the prison at Dodds and where the Republican Senator from Alaska Ted Stevens was implicated, convicted and sent to prison for accepting bribes from Veco for getting public contracts in Alaska.

    The other directors or Company officials were also sent to prison.

    Note it was publicly stated and proven that the U.S. Company VECO had no track record anywhere of building prisons.

    In that case Mia Mottley was the Attorney General when the contract was being fleshed out.The project started at one price – I think it was $200 million dollars – then there was quietly – a higher price being quoted – to which the subsequent A.G. at the time Dale’ smiley’ Marshall – told the opposition MPs and the public – that it was a mistake and the first price quoted should have been U.S. Dollars and not Barbadian dollars.

    At the end, the price of the Prison kept increasing from $200 million to $400 million – until it ended up with a price tag of close to one billion dollars as the final cost – with a millstone of $30 million dollars coming due every January of each year.

    2 weeks after the official opening of Dodds Prison – A.G. Dale Marshall said they had to make a number of changes (about 20 or so) to the year old prisons Act to accommodate the new prison – NOTE CAREFULLY THIS IS AFTER THE OFFICAL OPENING OF THE PRISONS – AND A CRISI SITUATION OF PRISONERS BEING HOLED UP IN TEMPORARY FACILITY DOWN IN ST LUCY AND SOME AT THE ARMY BASE.

    It was also discovered after the high cost Prison was built that the contract did not even include a mess hall for the prison staff and that had to be built afterward.

    Owen Arthur in the parliament in 2008 after being raked over the coals for that obvious malfeasance in the VECO matter by his Attorney Generals – stood up and said he did not know about a lot of what took place – but he will take the blame.

    The video is still on YouTube.

    The Auditor General’s Report also makes for interesting reading on that matter.

    MOST IMPORTANTLY IS THE FACT THAT THE AT THE END OF THIS BOLT PROJECT – VECO WILL OWN THE PRISON FOR 25 YEARS – WHILE THE GOVERNMENT OF BDOS WILL HAVE SOLE RESPONSIBILITY FOR THE PRISON OPERATIONS.

    2) Secondly and briefly the other case which is more in line with what this article is trying to erroneously project – is the Brazilian Company which which giving financial payments even before a written contract was in place and even before any building of flyovers or extensions of the ABC highway was done.

    The former P.M. Arthur’s bagman – Hallam Nicchols became a multi – millionaire and he too made close to 10 million dollars even before the ABC Highway extension started.

    The Brazalian Company who got the contract was implicated in bribing many politicians including contracts in Jamaica.Note even before that THIS COMPANY HAD BEEN PUT ON THE BLACK LIST BY INTERNATIONAL FINANCIAL INSTITUTIONS LIKE THE WORLD BANK ETC.

    Now there are 2 examples where there are clear signs of dots which appear to be able to be linked.

    But that would not fit the narrative of – Don’t look only at Mottley and the Bees – look at the dems.

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  • Nearly a billion dollars…the kickback/bribes were enormous on that scam…it will be nice to see some of them housed that same prison…..just like the VECO directors and the congressman were in US, some of them got lengthy sentences…I remember when they all went to prison, had a good laugh.

    another BOLT scam arrangement..taxpayers got what..another 5 years or a little more at 30 million a year to pay off ….those crooks.

    Liked by 1 person

  • @T Inniss

    Senator Ted Stevens conviction was reversed

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  • housed AT THAT SAME PRISON…

    that can’t be right, that prison is about what 12 years old…wuhloss…at least another 13 years at 30 million a year…and these psychopaths are coming on here to tell us that ministers who steal, rob and take bribes should not be locked up…

    Liked by 1 person

  • @T.Inniss

    Do you understand the concept of amortization and principal?

    You also encouraged to reread the blog to accurately register the blogmaster’s concern.

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  • ..”VECO WILL OWN THE PRISON FOR 25 YEARS – WHILE THE GOVERNMENT OF BDOS WILL HAVE SOLE RESPONSIBILITY FOR THE PRISON OPERATIONS.”….

    1 BILLION DOLLARS (approximation), not Veco money and they own it for 25 years?… who is that man that signed that contract?

    Liked by 1 person

  • David

    Note the final cost – whichever way you wing it.

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  • Sargeant

    Ok Sargeant

    Was it on a technicality or what was it ? Do you know ?

    Like

  • Sargeant

    So then the politician conviction was reversed but the other officials of the Company who were sent to jail – did not have that good fortune as Ted Stevens ?

    I remember he was quite old and frail at the time.

    Like

  • @T.Inniss

    Another question- do you know how much Barbados has had to pay in interest penalty on the credit suisse loan because of the downgrades?

    Liked by 1 person

  • Still waiting for someone to tell me if the Arthur-led BLP had any discussions with Credit Suisse about money for any reason.

    Like

  • David

    No I don’t.

    David I do not believe that bad, sloppy, incompetent negotiations is the same thing as malfeasance by a government minister.

    Like

  • Hal boy that and a Coconut tree on the North Pole you would not see.

    Like

  • Sir Simple Simon, P.C.

    @WARU January 6, 2019 7:17 AM “Inniss…no one knew of the 3 year FBI investigation against Donville and ICBL or the resultant Grand Jury indictment…let that be your guide.”

    True.

    Clearly not even Donville or the many lawyers who sat with him in our honourable house knew. Because if he/they had known would he have voluntarily stepped into United States space?

    No.

    He wouldda keep himself quiet in Wanstead, and enjoyed nice sea baths at Batts Rock.

    By the way am I the only person who has noticed that his former constituency office at Wanstead is for sale?

    Like

  • The concept of amortization and principal.

    When will the world wake up to monetary scams? To accept “concocted” schemes for profit.
    Saying NO is the most powerful force against dark, old evil energy.

    REFUSING the UAE $5 Billion by Stuart was a great blessing in disguise, for had he accepted and won back the Government under its dubious slide to becoming a failed state and defaulted would have had the beheading demons in the chambers.

    Clapping for that.

    Like

  • Sir Simple Simon, P.C.

    @Bush Tea January 6, 2019 8:48 AM “BUT SOMEHOW…our local officials have ALWAYS been on the same level as Caesar’s wife.”

    Ya killlin’ me den.

    Like

  • Is there any borrowing that you are aware of where there is no amortization? For your car, house…?

    Like

  • Sir Simple Simon, P.C.

    @Hal Austin January 6, 2019 10:00 AM “The question asked, @ Lorenzo, is: did the Arthur government enter in to discussions with Credit Suisse? Yes or no?”

    Question: If the DLP administration had doubts about the integrity of Credit Suisse of certain officials did they have to continue the discussions? Yes or No.

    Like

  • @Sir Simple,

    Good question. You must first realise that a feature of Barbadian discussions is either to answer questions for which they do not have answers, or the people with answers keep quiet.
    That is why we need newspapers of record, our administrative class must keep proper records and our so-called academics must do proper research.
    In the meantime, did the Arthur government have any discussions with Credit Suisse over money for any reason? All it takes is a telephone call wot Messrs Arthur, Mascoll or one of the senior civil servants at the time.

    Like

  • Sir Simple Simon, P.C.

    @Hal Austin January 6, 2019 10:41 AM “…that Mottley, as a young woman.”

    According to Wikipedia:

    Mia Amor Mottley, QC, MP (born 1 October 1965)

    Mottley is not, repeat NOT a young woman.

    She is middle aged, even if we assume that her life expectancy is 106, she is still middle aged. The life expectsncy of a Bajan woman is 80. Any Bajan woman older than 40 is therefore middled aged. The Honourable Mia Amor Mottley is therefore 13 years into her middle age.

    Thirteen years is a long long time.

    Just a little fact checking for ya Hal. You owe me $1 USD. Please deposit it to the offshore account of Sir Simple Simon, P.C.

    Liked by 1 person

  • David

    How do you get the real cost of your car loan,house loan Veco prison loan – not by adding principal and Interest which gives you – THOSE WORDS AGAIN – FINAL COST.

    So what the hell is the point

    Just so you know the point you are making was the exact same excuse given by the BLP when questioned as to “HOW DID WE END UP THERE’.

    I borrow $ 600.000 dollars for a building – the bank interest charges amount to $350,000. dollars .

    What is the final cost to me ? $600,000. (six hundred thousand dollars ) or close to a million dollars or the nine hundred and fifty thousand dollars to be exact.

    What part of that don’t you understand David ?

    Like

  • One can ATTACH any concoction as a condition.. it is that that is being highlighted.. question is, is it JUST?
    Like so many things the world has come to accept, yet under stress and duress continue in “sufferation ”
    These are the things going forward that will be addressed and corrected starting with INSURANCE.

    Are you comfortable borrowing $20 dollars and have to repay $50 with added schemes of.. terms and conditions, amortization scheduling, principles, fees and hidden fine print trappings over x time… which you have no control over?

    You buy a NEW car… drive it out the showroom and its worth is depreciated by 10 %, should you do a u-turn back into the showroom, will the merchant sell it at the original price or 10% less?
    Similarly, you spent x thousands refurbishing your car to find that valuers value it far less that your upgrade…
    Even being insured for x with documentation to find insurance companies give you far less in claims.

    Liked by 1 person

  • @T.Inniss

    If you are asked how much you borrowed to purchase your car which figure do you share, principal or amortized price.

    Liked by 1 person

  • @Sir Simple,

    Speak for yourself. She is young enough to be my daughter, so she is young.

    Like

  • The important point was and still is – how much did it cost the taxpayers to build a Prison By a corrupt company – with no history in building prisons – and with the cost of construction being changed regularly increased – the well remembered Cost Over Runs .

    Even after that high cost THEY STILL DID NOT REMEMBER TO INCLUDE THE MESS HALL FOR THE PRISON OFFICERS.

    Like

  • Another argument hardly ever raised is – would it not have been cheaper to repair or refurbish the damaged Glendiary Prison and add an extra wing or 2 at the land behind the old prison?

    Or is it that- that type of project would not have involved the million in bribes that a new construction could attract ?

    Liked by 1 person

  • Right now Dodds Prison is full to capacity already .

    Liked by 1 person

  • “By the way am I the only person who has noticed that his former constituency office at Wanstead is for sale?”

    wuhloss!!!

    Like

  • And what about comparative costs to other similarly built and size prisons.
    With 60,000 + seal indictments with extended reach, many in the echelons may be having some sleepless nights.
    The pending demise will be swift and unexpected.
    Grandeur from greed IS great deception yet some continue to dabble in CRIMES AGAINST HUMANITY.

    Now reap what you have sown.
    FUTURE PROVES PAST.

    Liked by 1 person

  • “By the way am I the only person who has noticed that his former constituency office at Wanstead is for sale?”

    Sr. Simple Simon, P.C

    So what if Donville’s former constituency office is for sale?

    Many of those constituency offices………if not all…..…are/were rented.

    Supposed the owner/landlord decides it’s time to sell?

    Liked by 1 person

  • “With 60,000 + seal indictments with extended reach, many in the echelons may be having some sleepless nights.”

    I have been hearing about these SEALED indictments since last year, the reach is freaking unbelievable..

    but it looks good on ALL OF THEM.

    Like

  • The Truth Shall Set You Free

    I like the hypocrisy being displayed on this blog.

    In the defence of the BLP, their apologists are referring to things that happened under the former DLP administration between 2008 and 2018.

    The DLP apologists are saying the BLP is in power and it is wrong for them to refer to that 10 year period.

    Yet, in defending the DLP, their apologists are referring to the BLP’s 14 year period from 1994 to 2008.

    Dis is a lot uh sport.

    Like

  • Sir Simple Simon, P.C.

    @Hal Austin January 6, 2019 1:59 PM “Speak for yourself. She is young enough to be my daughter, so she is young.”

    Fool yaself. Lolll!!!

    The demographic data does not support your argument.

    Liked by 1 person

  • T. Inniss

    The politics of imprisoning people has outlived their usefulness. It is that singular remnant of the chattel slavery system, feudalism, previous period of barbarism.

    This needs not be a normalcy.

    The African continent knew not of prisons and none of its languages had words for them, until the recent Western encounter, of course.

    Even Trump, maybe fearing he may so end-up, has taken a more progressive attitude towards mass incarceration than your DLP/BLP duopoly.

    Former slave trading countries like Norway, Sweden have adopted systems where ‘convicted’ persons are ‘confined’ to modern near-luxurious apartments, are given keys to come and go at will within the compound, get to go home at weekends to be with their families, they are no prison guards, held persons are paid near market rates for work etc

    Your insistence on blaming the BLP for Dodds and maybe Glendairy traps the country into the logical fallacy that Dodds is helpful to society, no!

    While the fecklessness of the BLP, now in government, to recognize the error of its past policies merely gives life to the duopoly which makes any transformation process in public attitudes towards ‘crime’ and violence, impossible. Of course, the current bankrupt system keep an army of occupation – violence-workers and lawyers, employed.

    All prisons everywhere must to abolished!

    Like

  • Waru

    The the final episode.. Wall St > Federal Reserve > Gold Standard.
    Coming soon to a theater near you.

    Liked by 1 person

  • Sir Simple Simon, P.C.

    @Artax January 6, 2019 3:09 PM “So what if Donville’s former constituency office is for sale? Many of those constituency offices…if not all…are/were rented. Supposed the owner/landlord decides it’s time to sell?”

    What if it was his original young man house. What if he needs the money to defend himself against the charges our Uncle Sammy has brought?

    Liked by 1 person

  • Sir Simple Simon, P.C.

    Uncle Sammy duz play hardball ya know.

    Like

  • Sir Simple Simon, P.C.

    If I was the BLP I would buy it. I bet that there are some interesting documents in there, inasmuch as it is clear that he did not expect to be arrested by the U.S. authorities.

    Like

  • “All prisons everywhere must to abolished!”

    last I heard the Netherlands is closing their prisons, Japan was turning theirs into nursing homes for the elderly. It’s just these SAVAGE, BACKWAD SOCIETIES..insist on using a prison system for profit…bribery corruption etc.

    Like

  • Caswelll

    In the Senate when I questioned why the taxes were being written off for that period, three senators in their contributions stated that the records could not be found. I knew that was a lie because Inland Revenue would have filed unpaid tax certificates in the High Court and those books are still there

    Wait Caswell the Senator might have (had) an unintentional slip of the tongue by revealing how things would conveniently disappear in Barbados to suit a purpose
    Truth be told these things do happen papers are know to disappear by slight of hand

    Like

  • TRANSPARENCY WATCH#2

    WAS there a new agreement signed between govt and Innnotech

    Like

  • Given the lying nature of Sinckler at the mention of the trial of Credit Suisse principals,a bell would be rung on BU and the wider society.Keep tuned.

    Like

  • Wuhloss…Enuff in Wonderland, what’s with the nail fetish…lol

    Like

  • I am again reverting to the topic of Today’s Nation newspaper headline and their attempt to manipulate the public on behalf of Mia.

    As I am looking at page 3 A more carefully I noticed an article from the appointed Leader of the Opposition, Bishop Joseph Artheley – headlined ‘Atherley’s Caution’ .

    In that article – Atherley bluntly declares that :”The future is not as bright as P.M. Mia Mottley would have Barbadians believe.” He warned that Barbados was “still on the brink” – and not ‘punching above our weight’ as lyingly boasted by Mia.

    He added that many people were of the belief that the storm clouds were gathering.

    Artherley also noted that bajans were starting the New year with ‘a sense of trepidation’ and persons especially in the Public Service have a ‘sense of uncertainty and fear’.

    The Opposition leader Bishop Atherley in responding to Mottley’s December 18th speech said -” nowhere in that speech did Mottley indicate a strategy for sectoral growth” – wondering whether after the country has gone through this period of austerity – that we might end up no better off than we are today – if there is no growth

    It is important for the yardfowls here on this site who cheer the borrowing to temporarily shore up the foreign reserves to note his remarks which I endorse – that Mottley’s policy of ‘borrowing from a number of financial institutions would further add to the country’s debt.

    He therefore could not understand why government feels justified in applauding itself when Mottley’s way of addressing the debt prob was largely by declaring delinquency on debt – both local and foreign – and shoring up your reserves by borrowing – thus adding to the National Debt.

    WHEN I LOOK AT THE SOBERING PICTURE PAINTED BY THE OFFICIAL OPPOSITION LEADER – A MESSAGE WHICH ANY FAIR AND BALANCED MEDIA HOUSE WOULD GIVE PROMINENCE ON THE FRONT PAGE.

    I WONDER WHY IS BEING PUSHED OUT OF THE FRONT PAGES WITH HIS OBSERVATIONS.

    INSTEAD WHAT DO WE HAVE – THE LONG HANDS OF MOTTLEY REACHING INTO THE EDITORIAL DESK TO INSTRUCT THAT AN ARTICLE OF NO NEWS VALUE TO THE COUNTRY IS RESSURECTED TO SAVE FACE FOR HER FATHER AS PEOPLE CONTINUE TO RAISE QUESTION OF HER GIVING HIM A SHITEHOOD AND A WAIVER OF OVER A MILIION DOLLARS ON INTEREST ON TAXES OWED.

    And that’s why I don’t believe serious thinkers should be engaging any pip squeak on this blog with the folly he brings to the table .As far as I am concerned he is on the same scale like a Lorenzo,Enuff,Gabriel,Prodi -Gal that they have been sending out before.

    Heed the word of Bishop Atherley and demand transparency on the contracts and payments of Avinash Persaud – a man of dubious expertise.

    Demand the contract be given of White Oaks and the overseas legal firm.

    Tell us who are all the consultants,Advisers and Tsars like Ben Arrindell – and what are they being paid.

    We have serious issues at hand – and no time to engage in Child’s play.

    Like

  • @T.Inniss

    You were asked this question already but here goes- if the government does not borrow to shore up foreign reserves to defend the peg which is one of the prerequisites to luring investors what?

    Like

  • I have no problem with the temporary borrowing to shore up foreign reserves.

    This was done by Arthur in the last BLP Administration.

    It is the false narrative being pushed that that small injection from the IMF IS SOME BIG ACHIEVEMENT WHEN ALL IT IS – IS MORE DEBT – AND THE APPLAUDING OF YUHSELF FOR IT.

    What we are looking for is a plan to take us out of this quagmire – and as Artherley says hopefully not cause us to be stuck in this same place after all this painful Austerity.

    Like

  • What the IMF agreement does discussed in this space many times is the unlocking of access to cheap funds from international lending agencies which in turn sends a positive signal to the bond markets etc.

    Like

  • “What if it was his original young man house. What if he needs the money to defend himself against the charges our Uncle Sammy has brought?”

    Sir Simple Simon, P.C

    Stop with the silly speculations.

    The man and his wife own businesses and several apartments. They also own a home in the US.

    And he is about to sell “his original young man house” to finance his legal fees?

    Sometimes I believe some of you make up things or come to these silly conclusions, when you don’t have anything worthwhile to contribute………just for the sake of saying you posted a contribution.

    Liked by 1 person

  • T.Inniss

    Please tell BU where you were, if you lived in Barbados the last 10 years when DLP Government was in office

    Like

  • David

    Stop wasting your time trying to reason with a partisan hack who does nor understand how the real world operates………remember to dems….. politics is a blood sport.

    Like

  • Any one with a thimble size economic sense would know that this govt is on a path derived from vodoo economics
    Atherley article only lends louder vocal voice
    The punch line in this article makes reference as to how govt would be able to make payments in the future without a growth plan
    In essence to say that if the headhousehold borrows money to pay the bills without having a solid and sustainable plan of repaying the money
    The head of the household would become looking like a dog trying to catch its tail
    Moreover in the case of barbados the people would be caught in a whirpool of govt with no end in sight

    Like

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