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?
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”.
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…
..”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?
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T.Inniss
David
Note the final cost – whichever way you wing it.
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T.Inniss
Sargeant
Ok Sargeant
Was it on a technicality or what was it ? Do you know ?
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T.Inniss
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.
Another question- do you know how much Barbados has had to pay in interest penalty on the credit suisse loan because of the downgrades?
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Hal Austin
Still waiting for someone to tell me if the Arthur-led BLP had any discussions with Credit Suisse about money for any reason.
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T.Inniss
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.
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T.Inniss
Hal boy that and a Coconut tree on the North Pole you would not see.
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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?
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.
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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.”
Is there any borrowing that you are aware of where there is no amortization? For your car, house…?
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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.
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Hal Austin
@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.
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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.
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T.Inniss
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.
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.
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.
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T.Inniss
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 ?
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T.Inniss
Right now Dodds Prison is full to capacity already .
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WARU
“By the way am I the only person who has noticed that his former constituency office at Wanstead is for sale?”
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.
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Artax
“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?
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WARU
“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.
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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.
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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.
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Pachamama
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.
The the final episode.. Wall St > Federal Reserve > Gold Standard.
Coming soon to a theater near you.
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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?
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Sir Simple Simon, P.C.
Uncle Sammy duz play hardball ya know.
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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.
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WARU
“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.
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Mariposa
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
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Mariposa
TRANSPARENCY WATCH#2
WAS there a new agreement signed between govt and Innnotech
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.
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WARU
Wuhloss…Enuff in Wonderland, what’s with the nail fetish…lol
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.
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?
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T.Inniss
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.
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.
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Artax
“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.
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watchman
T.Inniss
Please tell BU where you were, if you lived in Barbados the last 10 years when DLP Government was in office
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Prodigal Son
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.
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Mariposa
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
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