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

 

13 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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