“The anger and unease we all feel have been magnified by the long duration – 13 years – over which the fraud was allegedly perpetrated, and the fact that the (suspects) seemed to have deliberately and heartlessly targeted elderly persons, as well as our much loved and respected national icon … Usain Bolt,” Clarke said.
A statement from a PS to make you smile. He tosses out 75% and taxpayers and the media must take it.
Slow down in vehicle damage compensation claims:
https://barbadostoday.bb/2023/01/24/slow-down-in-vehicle-damage-compensation-claims/
One Last Point
Last week social media was abuzz with a video that went viral involving Prime Minister Mia Amor Mottley. For some, what they heard was not pleasing to the ear.
For the record, we did approach Mottley and The Most Honourable Jerome Walcott and they both said they would not be commenting “at this time”. Another reporter, also asked President of the Democratic Labour Party Dr Ronnie Yearwood for a comment and he, too, declined.
Source: Nation
What is the Director of the Exchange trying to say?
Investors check in
Bajans pay close attention to their portfolios after Jamaica scandal
by COLVILLE MOUNSEY colvillemounsey@nationnews.com
BARBADIANS HAVE BEEN clamouring to check on their investment portfolios following the recent scandal with Stocks and Securities Limited (SSL) in Jamaica.
This was disclosed by president of the General Insurance Association of Barbados, Randy Graham, who made it clear there had been no ripple effect thus far on the local investment and financial sector.
At the same time, Minister in the Ministry of Finance Ryan Straughn told the MIDWEEK NATION that regulatory frameworks that govern financial service providers in Barbados were sufficient to safeguard against major fraud. However, he cautioned that no system was foolproof.
Graham, who is also a director on the Barbados Stock Exchange, said the reaction by Barbadians did not come as a surprise, adding he was hopeful that this level of interest would not wane.
“When these things hit close to home it does raise concern. So what we have found is that persons that were not asking questions in the past are now doing so out of an abundance of caution to ensure that their investments are safe and properly governed. You will get public interest increasing to ensure that everyone is protected
and that is a good thing but we have not seen any other negative impact from the situation,” Graham said.
Financial literacy
Graham said as more details came to the fore in relation to the US$12 million fraud allegedly perpetrated against sprint legend Usain Bolt, it emphasised the need for greater financial and investment literacy among Barbadians.
“I think Barbados has a very good regulatory structure. The corporate governance structure in the regulation and in the majority of entities is more than adequate and properly monitored. So I think we are in good shape in terms of the regulatory structure. Coincidentally, the Financial Services Commission just released an update to the corporate governance guidelines in Barbados, which strengthens the review even further. The vast majority of the companies here are also very well structured,” Graham said.
He added: “Having said that, there are just so many possibilities of things that can happen that it is incumbent on the investor to keep on top of things, you can’t afford to be static. If you do have your funds invested, make sure you pay attention, attend the meetings, ask questions, don’t automatically assume that all is well. We have to create better access to information about investments because we don’t want people to stop investing but rather know how they work.”
When asked if there was a need to tighten regulations in light of the development,
which resulted in the FBI being called in, Straughn explained that the regulatory systems in Barbados allowed for significant transparency. He pointed out that companies domiciled in Barbados and were managing the investment portfolio of Barbadians, were required to provide quarterly reports to the public. He also noted that investment companies here were also required to periodically provide an inside look at their performance and expectations for the future.
“The regulatory environment is there for persons who are involved in investment to disclose actions that executives have taken in relation to the company. You have investor calls that companies usually undertake as well as other things that happen institutionally. We also have public reporting, ensuring proper management through that regulatory process… Companies who are taking investment from Barbadians and are resident here, must publicly report on quarterly basis through their audits and they must have investor calls periodically,” said Straughn.
However, like Graham, the minister noted that the regulatory system was not an omnipresent force and therefore the onus was on investors to regularly monitor their accounts.
“Entities have a specific reporting timeline and then you have auditors who come in and play a role in terms of reporting. However, unless the regulator is inside of the companies every minute of every day, it is hard to say that such a thing could not happen. Between reporting cycles and audit cycles, things can happen,” he warned.
Source: Nation
“regulatory frameworks that govern financial service providers in Barbados were sufficient to safeguard against major fraud.”
Disclaimer
Regulation is provided by the industry in other words it is self-regulating and banks are only checked by themselves.
Regulatory Law is outward looking, and checking Clients for Money Laundering as per US diktat it is not inward looking checking bank workers for fraud.
Quoting Dennis Brown’s Don’t Want to Be a General lyrics
“Top Rankings they all get spanking on the banking”
It is “rich” when a GoB Minister in the Finance ministry no less, tells Barbadians about Financial Reporting. The same Minister who told us years back now, about reporting in GoB entities which had not occured under a previous administration, would be made current. And barely a piddle since then. Caves of Barbados and multiple schools.
Wheel and come again.
“Personally I’m not investing a RH cent in any of the islands. But teefing occurs all ovah.”
If you get robbed in Barbados…the thieves are in Barbados…ditto Jamaica. ..ya cant claim ya got robbed for 100 years by US or anyone else when it’s Barbados still robbing ya…..ditto any other crack head island laden with thieves, from the government at the top of the heap coming down.
I notice that in the alleged minister rape case brouhaha where they claim the statement was released from the police station and now want to bring in investigators for that…when for DECADES international investigation wanted to help them with the myriad unsolved crimes, murders and thefts but they were never interested.
Always strenouly resisted.
No one should invest a dime on these recklessly dishonest, corrupt islands. They have shown who and what they are for decades. Only fools will pay no attention.
TLSN…the point of no return has finally arrived.
Steuspe
See what i mean, the 100 years of wicked corruption and thefts are itemized with evidence..but let’s cover it up, pretend it dont exist, and lure more victims to the island..who int coming cause wunna so famous…so keep waiting in vain.
…man wunna still doan know how notorious wunna is…trapped in pretense.
And now even more so on the continent…the burning bridge that will burn for years and years to come..
Wait bosie…i posted too quick….wuh was just brought to my attention is that sombody’s covetous criminal dream of a bigly UN post has started to turn to ASHES…already set on fire to burn to a crisp….lawd….am sure the details will be out and about by month end.
See the problem some got is they believe people have time to waste on and play with them…wrong…game over….WE ALREADY WON….
That is mission accomplished in spades.
TLSN you were right on that SSL theft of clients money affair in Jamaica. I saw some side notes where..lots of elderly got robbed.
How many young and middleaged people would have 10, 20 and 25 million dollars or more to rob over a 5 or 7 year period without noticing it…especially when the cover up with false statements masked those thefts as outlined by the female thief…am sure at least 40 thieves had to be operating in that time frame that no one noticed anything..
And…the ways things are unfolding the slaves and fowls will not get to sit on their lazy Slave asses waiting for renowned thieves to rob the continent and everyone else so the crumbs can trickle down from the corrupt colonial table to feed their idiocy and pretense that the white world gave it to them….perish the thought.
That party is long over…born in debt, live in debt, die in debt…generationally. That was the bed made by yall and those ya worship.
Am just the messenger.
Pacha….keep eyes locked on the continent…nuff ah gwaan.
Trouble in the red camp?
It wasn’t one of her eloquent international speeches but this queen was just as passionate and strident in some recent utterings that unwittingly went public.
Accident or otherwise, loyal subjects and others got a glimpse of the boss lady behind closed doors when a private convo made its way on to a very public stage. For those who ever wished to be a fly on the wall during private moments, this was exactly the type of situation.
Those prowling social media were aghast when up popped into their feed the well-known speaker and one of her loyal lieutenants deep into a titillating back-andforth on the continuing scandal within the hive.
Robust language
This time the madam’s delivery was not as diplomatic but her message in between the robust language was quite clear: employ anyone from within the enemy’s camp and there would be no place for you during the big event due in 2027.
The boss lady wanted to know, if the man at the centre of the scandal wanted a legal eagle, why he did not look within the hive before venturing into enemy territory to solicit such representation. How would it look that a rival has to come to the rescue of someone from the hive?
Truth is, Cou Cou understands that when your back is against the wall, you will look for the best to help you share some lashes, but that does not always obtain in politics as the madam has demonstrated here. But what about the other well-known law man in the hive? That is a thorny issue as apparently the boss isn’t fully convinced that he is not “. . . the man” according to what was said in that widely circulated recording.
The boss lady put it plainly when she asked the medicine man whether the next step would be for her to endorse the rival over her people.
No way is that going to happen. In fact, the boss of the red camp insists that she will not be paying any financial support that would indirectly go into the opposing blue team’s coffers.
Away from the video, hive dwellers are concerned that the man who has a row with authorities has gone straight to the rival of one of his colleagues from the east and it might put her at a disadvantage in the next big outing. Word is that the man at the centre of the situation is adamant that he wants who he wants to defend him and if it is someone from the opposing team, then that is what it will have to be.
Defiant
This is not the first time that he has remained defiant in the face of an edict from the boss lady. When he first found himself caught up in the
scandal, Ma’am told everyone within the hearing of her voice that another would take his place in the big house until the matter was settled.
Yet, for months he has been turning up to perform the role, leaving many colleagues and onlookers flabbergasted by his actions. He has tread where angels fear to with the boss lady and continues to survive much to the amazement of many.
It is left to be seen what will happen if he follows through with this latest act.
But what about the blue team’s position? Those members have been scattered since being hit hard twice within the last five years and fighting hard to regroup. So, the man whose services are being sought by the red team member is apparently operating independently of his blue team as he has been doing since the ousting.
Some believe this lover of the spotlight will go ahead and take up the challenge for the red team man, regardless of how his people feel, since he is not one to miss out on a press opportunity.
Source: Nation
“Trouble in the red camp?”
@ david
why is Bajan news derivative and slow
with smart ass thoughts one week late
it appears they read Bu for their ideas
seems like Déjà vu and plagiarising to me
personal experience taught me that
people in under developed nations have under developed brains
This was a WhatsApp that was widely circulated a couple days before BU thought to post it.
when he entered the Oistins Magistrate’s Court today, Kings Counsels Ralph Thorne and Michael Lashley, in association with Emerald Griffith, Sade Harris and Zudie Payne, entered an appearance for Rowe.
https://www.nationnews.com/2023/01/30/neil-rowe-appears-new-counsel/
THIS NEIL ROWE RAPE SAGA SHOWS HOW BACKWARD THINKING IS ON THE 2 X 3 ISLAND.
THE ACCUSED MAN HAS A RIGHT TO CHOOSE ANY LAWYER TO DEFEND HIM IRREGARDLESS OF PARTY ALLIANCE AS IT IS A PERSONAL LEGAL MANNER.
ONLY IDIOTS CONTINUE TO BE DIVIDED BY B OR D WHICH ARE BOTH KEEPING THE BLACKS ON THE ISLAND DIVIDED AND IN PERPETUAL SLAVERY.
I do not like what happened to Yugge Farrel and believe that it was an abuse of a young girl by the political elite.
I am aware that there are some here who dislike Ralph Gonsalves. I can hear them saying “you have to feel it to see it”.
Even with his abuse of Yugge. I am now neutral on him. Why?
I believe his stance on issues related to US places him head and shoulders above any other politician in the Caribbean. It is obvious that this man will not be on any “US” person of the year or “Most Influential” person. He is no US lackey.
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