Donville Inniss Matter Tosses Up Questions about Insurance Corporation of Barbados Limited Limited/National Insurance Board Joint Venture Company

Discussion on the blog Donville Inniss Case Points to Endemic Corruption in Barbados after reviewing the 2018 financials of BF&M – parent company of ICBL – revealed there is a company called Insurance Corporation of Barbados Limited Limited/National Insurance Board Joint Venture (“ICBLJV”).

Barbadians have been concerned in recent years the ease with which politicians commit NIS resources to questionable projects. The latest is the construction of a fire station to replace the one being demolished at Probyn Street to – in the opinion of the blogmaster – create a more aesthetically pleasing Bridgetown. The Hyatt is coming!

We must not forget the inability of the NIS Scheme to produce audited financials since 2007?

What about the the obligation of the NIS to produce an up to date actuarial review and for the government to lay it in parliament for public access?

The Mottley government was swept into office on the trusted and well used platform message of transparency. Why have we not seen some movement on these nettlesome issues given the importance of the NIS as a social safety net for Barbadians?

Now there is this Insurance Corporation of Barbados Limited Limited/National Insurance Board Joint Venture (“ICBLJV”) listed as a BF&M subsidiary. For those not aware ICBL has been one of the principal actors in the Donville Inniss money laundering case. What does the ICBL have to do with the NIS Scheme?

Extracted from 2018 BF&M Financials page 91

 

48 comments

  • That is how they RAPE the Pension FUND over and over and over again, the sell out negros of parliament, bar association and supreme court hook up these minority THIEVES both local and foreign to the elderly people’s rainy day savings and give it away to the cows, maloneys, bjerkhams, bizzys and every filthy lowlife crook and their parasitic companies in between, that is why the Black populations and their past, present and future generations CAN NEVER PROSPER…

    the black faces in the parliament have always been giving away black people’s wealth to these MAGGOTS and PARASITES who have ALWAYS BEEN AND ALWAYS WILL BE THE ENEMIES OF THE MAJORITY BLACK POPULATION…

    Liked by 1 person

  • Why is this government using the NIS funds to build a new fire station? I thought such doings were a thing of the past. Where is the money coming from to build a new old persons hospital? Is it going to come the NIS?

    Liked by 1 person

  • Have we had a report on the rents paid on the two buildings in Warrens built with NIS funds? Justification given was that the ROI was a guarantee.

    Liked by 1 person

  • A Google tossed up that this subsidiary has been around for a while going back to 2011? What is the arrangement?

    https://www.yumpu.com/en/document/read/32814264/annual-report-2011-bfm-insurance-company

    Liked by 1 person

  • @ David

    No one knows what the true value of the NIS is in real terms. Between all the worthless paper they hold and their so called investments in non performing overpriced property like the Grotto, they may well be insolvent based on a true valuation of assets to liabilities. As to the warrens buildings, are the rents up to date? What is the rent as a percentage of the investment annually?

    I advise any young person to plan for their own retirement by taking out a private retirement plan.

    Like

  • @John A

    Is this something ICAB and other professional associations in the country should be assisting with unravelling for the citizenry? Why have we invested so heavily in education to witness these black holes? The NIS is a strategic asset and should therefore mobilize actors in civil society to assist.

    Like

  • @ robert lucas January 26, 2020 4:31 AM
    “Why is this government using the NIS funds to build a new fire station? I thought such doings were a thing of the past. Where is the money coming from to build a new old persons hospital? Is it going to come the NIS?”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++

    Roberto, from the same source the government promised to build a brand new “QEH”.

    How can an idiotic politician run his mouth about knocking down (Bajan way of saying demolishing) an existing structure housing a growing graying population without, first and foremost, putting in place an adequate replacement for these vulnerable senior citizens?

    What do the politicians think is going to happen to those 75,000 “’Voluntary Idle’ in the working age segment of the population who are expecting a cradle to grave welfare state as promised by the same political class for their own narrow electoral interests?

    Where are the relics of that generation going to end up other than as wards of the promised land of lifelong ‘welfarism’?

    Maybe the same ‘unthinking politician’ is thinking about introducing a ‘Bill’ in Parliament to legalize the use of euthanasia the same way the current administration has implemented a regime of both physical and mental pain relief called medicinal marijuana.

    Liked by 1 person

  • “I advise any young person to plan for their own retirement by taking out a private retirement plan.”

    But not with any of the crooked minority firms…ALL ARE THIEVES. Black people need to come together and protect their own interests among themselves.

    Like

  • @ David.

    The truth is if the last actual audit was 2007 nothing they tell us is even worth listening too. What they are now doing is looking in the cheque book seeing money and spending it.

    The board like others has failed to do it’s job and no one in government has done anything about that either. We as the shareholders can talk but we have no power to say call an emergency meeting with the board, as the NIS was not structured that way.

    At the very least they should be made to publish a performing asset report and a cash flow report showing cash on hand, liabilities and income for 2020. It’s not an audit by a long shot but it’s a start. Of course if the useless board doesn’t demand it this will not happen either!

    Like

  • @John A

    The Board and successive governments have to be satisfied with the management reports,

    Like

  • @ David

    No they don’t have to be satisfied they choose to be!

    Like

  • Vincent Codrington

    John A at 10 :58 AM

    Quite true!
    Life is all about choice.We choose what we want to believe ,and know ,and give significance to.

    Like

  • You omitted the pink h/lite at the bottom of the chart

    Like

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    Like

  • NorthernObserver

    It must be clear to the Blogmaster his daily audience could care less about the NIS and it’s operations. This is a single instance where because of reporting from other sources, BF&M report, info has come to hand.
    One day, like the day default became reality, we will hear the outcry. Until then, hold strain. Things will work out.

    Like

  • Will continue to try and try.

    There is talk that if Donville were to return to Barbados tomorrow he would easily topple Verla for leadership of the party.

    Go figure!

    Like

  • Yes. But are Bajans willing to elect a convict?

    Like

  • @John A January 26, 2020 10:38 AM “What they are now doing is looking in the cheque book seeing money and spending it.”

    Even a simpleton like me knows that if I have 100 pretty new cheques, and $9 in the bank, those pretty new cheques are pretty useless.

    All governments understand this too right?

    Like

  • What about the assertion by the CoP that they needed somebody to file a complaint against ICBL and AG Marshall kind of disagreed? Are the local authorities willing to allow the matter to slide on the local front?

    @Silly Woman

    What does it say about the level of civic awareness there is such a sentiment?

    Like

  • NorthernObserver

    “slide”, “close their eyes”, “focus elsewhere”, seems we have an increasing vocabulary on avoidance (with good reason of course).

    Like

  • (Quote):
    There is talk that if Donville were to return to Barbados tomorrow he would easily topple Verla for leadership of the party. (Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++++

    Then we want to ask why the EU is branding the country as a non-compliant tax haven in a fast ripening banana republic!

    Such “talk” and refusal to enforce local laws by the politically-handicapped agencies only function as canisters of petrol to throw on the embers of corruption at the level of State.

    Like

  • Can someone persuade our Knight in shining armour, Sir Caswell, to draw his sword and bravely charge this Barbarian threat to the economic future wellbeing of our ageing population? Apparently, all the other Knights seated at the round table have their heads stuffed so far up their suits of chain mail that the light of day is having some difficulty shining through.

    Like

  • Donville has has his sentencing push back until next year January.

    Like

  • @ David,

    Looks like Bermuda could get a direct hit from Hurricane Paulette. They might need the cash from the sale of ICBL.

    Like

  • @Hants

    It looks like a CAT 2?

    Like

  • No doubt that the NIS fund has been used as a bank of last resort for years. Disgusting. Remember when major players, including leading actuaries, called for legislation to force pension funds to invest a significant portion of their money in Caribbean companies? I did not see it at the time, but it is quite clear now, that some of those calling for that had a vested interest and therefore a conflict of interest in making that call. Subsequent events have proven that call and the related legislation to have been seriously damaging to such investing funds.

    They need to be challenged on it.

    Liked by 1 person

  • @Jonathan Wood

    You want to be more specific?

    Like

  • There is talk that if Donville were to return to Barbados tomorrow he would easily topple Verla for leadership of the party…(Quote)

    Who are these people talking about electing Donville as leader of the DLP? Name them; when and where was this discussion? This is another abuse of BU to attack the DLP.
    I am disappointed, but not surprised, that of all the members and supporters of the DLP, only @Mariposa is standing up against this vicious anti-DLP stance of the BU chairman. It is vile. There are lots of criticisms one can make against the Stuart regime, but this one is under the belt.
    BU can best serve Barbados by being impartial.

    Like

  • Hal that story / talk is a vicious rumour with malicious intent to keep division within the party at its highest level.

    Liked by 1 person

  • You cannot handle your own medicine? The issue of Inniss having a political future was discussed on the talk shows, the majority of persons were of the view his political career is over but Barbadians will accept him into society because he is likeable. Others held the opinion that the leadership cupboard of the DLP is bare and Inniss maybe accepted by some. These are opinions- if in the minority- people are free to share.

    Like

  • Again i say those comments were made with malice intentions
    No one in their right thinking mind would endorse a person of known illegalities to be leader of a political party
    People making such comments and applying them to the mind set of barbadians are willfully on a spiteful agenda to inflict harm on the dlp.party
    As of present Inniss is to be sentenced and for how long no one knows
    Insanity at it is worse malicious intent at its lowest

    Like

  • Swallow a dose of your medicine. How does it taste? What goes around comes around.

    Like

  • Here is where Verla voice should be necessary to squelch such stories

    Like

  • Verla does not have the influence over the party to squelch anything. It is why she is being challenged by George Pilgrim.

    Like

  • She is still.the leader and in that much she should speak against such malicious stories
    Furthermore there are many supporters within the party who respects her

    Like

  • Of course she should speak. Hopefully after the AGM, if she wins, you hope will be answered. It did not help when Inniss matter first surfaced that she appeared with his picture positioned in the background. Go figure.

    Like

  • No her picture showing support as an individual does not matter
    What matters is her rebuilding the party on a foundation of integrity
    As leader her voice on the issue of Donville returning in some form or capacity within the party matters since she represents an entire body of supporters and members

    Like

  • What is wrong is allowing a narrative to grow which can taint the entire party

    Like

  • The BLP hasignored Verla to date because they do not regard her leadership of the party and political gravitas as a threat. It explains the label she has been given- night watchman.

    Time will tell.

    Like

  • Neither is the blp in any position to choose or determine who should be the dlp leader
    However they can make any kind of conclusion which fits there purpose

    Like

  • @ David,

    The BLP has ignored Verla because they won 30 to 0 and are a quasi Dictatorship. #we got this!

    Now back to the carnage of the Formula One demolition derby. lol. Hope you are watching.

    Like

  • I have traveled a little and I have seen how the common man lives in some countries.

    I have seen their sense of belonging, their confidence and pride ,no matter what is their lot in society.

    At times I envied them, their obvious joys of citizenship and their belief in their systems.

    For completeness, let me state the obvious.. no country is without it’s share of problems.

    Then I think of our small island; it size should have been a positive; good roads everywhere, a water distribution system that serves, everyone, and departments/offices/services that work. Life should be so RH sweet.

    But I am one of the animals looking though the window at Farmer Brown and Napoleon. Not welcome or invited to the big party. Assigned to plough whilst others reap.

    And so I sit in the bowels of the beast (USA) and often state ” I would rather be here than there”.

    Like

  • Oops.. wrong post…
    I need to get off the phone

    Liked by 1 person

  • @ TheOGazerts,

    As we say in Canada, you can become a ” Snowbird ” . 6 months in the USA and 6 months in Barbados.

    Liked by 1 person

  • And I rather be here than there.

    Liked by 1 person

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