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Dr. Hyginus Leon and CDB

Hyginus 'Gene' Leon

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An earlier blog ‘David Rudder’s World Cup ‘rally’ was flat‘ ended with the foreboding words – is it fair to opine many of our strong regional institutions that served us well are in decline?

Since the suspension of former President of the Caribbean Development Bank (CDB) Dr. Hyginus Leon in January 2024 and his subsequent resignation in April, one of the best kept secrets has been, why was Leon sent on administrative leave. The Barbados based CDB has developed a reputation for avoiding controversy over the years, the only litigious matter the blogmaster discovered from scouring the online is the matter CV No. 1467 of 2017 BETWEEN MARK TAITT  CLAIMANT AND CARIBBEAN DEVELOPMENT BANK.

So far the official reason offered for Leon being unceremoniously booted from office has not been made public. Unofficially, it has been suggested Leon engaged in inappropriate conduct with a colleague who is the ex-wife of a current sitting member of the Barbados cabinet.

One must give credit to CDB senior management that there was a comprehensive brief from legal counsel before the decision to send Leon on administrative leave. Having had to suffer the ignominy of being suspended from that leading regional financial institution, Leon had no choice to eventually resign.

The blogmaster does not have a bone in the fight – however potshots directed at the CDB from politicos do nothing to shore up confidence in an institution that has serves the region well. In order for CDB to deliver on its mandate to ‘promote economic growth and development for borrowing members’, it should demonstrate to the market an uncompromising commitment to transparency, accountability, good governance and other related actions.

Now that Leon has signalled his intention to seek legal redress should the CDB be unable to offer a satisfactory financial settlement, regional citizenry has to be rightly concerned about potential reputational harm and fallout from a protracted legal case. In her statement incoming chairperson of the Board of Governors of the CDB Dr. Renata Amaral from Brazil was clear to signal the importance of transparency, good governance and adherence to institutional policy. Against the background of the ongoing matter involving Leon’s departure from the CDB onlookers should be able to read between the lines.

The region has witnessed the demise of LIAT (1974), West Indies cricket failing for decades, UWI continues to be hampered by delinquent payments from regional members, CXC is constantly embroiled in controversy to name a few of our prominent regional institutions being challenged. We must stop satisfying an expectation that third world countries must demonstrate third world behaviour.

BANK ORGANISATION

OVERVIEW

The Caribbean Development Bank is headed by the Board of Governors. This Board delegates oversight of Bank operations to the Board of Directors, which is chaired by the President. The President is appointed by the Board of Governors and is responsible for the day-to-day business of the Bank. He is assisted by two Vice-Presidents and an Advisory Management Team.

https://www.caribank.org/about-us/bank-organisation

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16 responses to “Dr. Hyginus Leon and CDB”

  1. Terence M Blackett Avatar
    Terence M Blackett

    FRACTURE, FLUX & FRAGMENTATION ARE THE NEOGLYPHS INSCRIBED ON THE (un)HALLOWED WALLS OF POSTMODERN DYSTOPIAN, CAPITALIST, WESTERN & EASTERN SOCIETIES

    When the “ENERGY” of “ANARCHY” was channelled after the #NineElevenDebacle – most were in a state of amniotic psychosis and yet the world has “NEVER” been the same (23-YEARS ON)!!!

    My favourite statement: “EVERYTHING WILL GO 2 HELL IN A PANCART” continues to “AGE WELL” – an “OFFSHOOT” from those primordial words “ETCHED” upon the walls of a once great civilizational empire called – “BABYLONIA”, where King Belshazzar (IN A DRUNKEN ORGY) with his knights, nobles et al, “DRANK” from the “SACRED GOLDEN GOBLETS” forged in “SACRED FIRE” at the hands “HIRAM ABIFF”, under the auspices of King Solomon (THE WISEST WHO EVER LIVED), at the institution of the “GOLDEN TEMPLE” in Jerusalem…

    “MENE MENE TEKEL UPHARSIN” REMAIN A VISIBLE REMINDER TO A WORLD THAT’S DYING A SLOW & PAINFUL DEATH, THAT NOTHING WILL REMAIN WHEN UTTER DESTRUCTION ASSAULTS OUR SENSIBILITIES, FORCING US TO SEE THAT MEANINGLESS CREATURE COMFORTS ARE A MIRAGE IN THE FACE OF BITING INEVITABILITY

    There is “NO ONE ” 2 SAVE US”: – your #PoLIEticians are like “METAL THAT HAS BEEN CORRUPTED & CORRODED BY RUST”; your #ReLIEgious leaders are “CANKERED” causalities of their own “GREED”; your #SCIENCE hold within it the “SEEDS OF YOUR DESTRUCTION” – for it can “NEVER” be your saviour & above all, “YOUR MONEY IS A USELESS SCALE UPON WHICH TO WEIGH YOUR LIFE UPON” – for “CEASAR” always perishes with his superscription & the “PLASTIC” & “NOTES” will be “FUEL 4 THE FIRES OF HELL”!!!

    The stars are “ALIGNED”!!! The cosmology is “IRREVERSIBLE” – yet some believe that they somehow have a whole lotta’ time put down somewhere in an airing cupboard!!!

    HAVE YOU LEARNED NOTHING FROM #Beryl???

    #SMDHID

  2. William Skinner Avatar
    William Skinner

    @ David
    Not totally correct that the reason for Dr. Leon’s departure is unknown. It was published in several Caribbean media that it involved something to do with his professional interaction regarding a female staff member of the bank. None of the articles implied that it was personal or physical. Since the matter is now heading to the courts, the bank is not expected to make any further comment at this time.
    In terms of transparency, the bank has a sterling record. It’s easily one of our most respected institutions.

  3. David Avatar
    David

    @William

    The blog has s very clear to state no official reason has been given for booting Leon from his job as president of CDB.

  4. Pachamama Avatar
    Pachamama

    You also intimated that matters other than ‘professional’ might have been causal.

    Skinner’s position was well measured, based on the dearth of publicly available information.

  5. John Avatar
    John

    Sounds like what was alleged about a previous Chief Justice.

  6. Pachamama Avatar
    Pachamama

    By the end of this day the midget banker that is Sunak will accept a mammoth defeat, a land slide not seen after the Second World War.

    With the Conservatives expected to win less than 100 seats, third parties except Reform unlikely to make a significant show, Labour will win a large majority in parliament.

    But surprise! It shall make no difference at all! For there are no ideological departures from what the Conservatives have been doing for 14 years.

    Enter Starmmer

    As yet another captive population irrespective of how people vote, neoliberalism keeps asserting its underlying fascist tendencies.

    The billionaire banker Sunak, in calling this election on the day for the celebration of the American Counter Revolution of 1776 is widely expected to activate his American green card. California here he comes.

  7. Hants Avatar
    Hants

    #24 ?

  8. Terence M Blackett Avatar
    Terence M Blackett

    TRUMP’S NEW AD IS AN OMINOUS REMINDER OF THE WORLD WE ARE LIVING THROUGH IN 2024

  9. Terence M Blackett Avatar
    Terence M Blackett

    JOE BIDEN MAY BE OUT ON HIS ARSE* COME THE NEXT 48 TO 72 HOURS

    Joe Biden has been a “CASUALTY” of his life’s work & as much as “DEMOCRAPS” would like to continue living on the “HURRICANE RAVAGED ISLAND OF DENIAL” – some things are patently obvious: JOE AIN’T NIMBLE – JOE AIN’T QUICK; JOE FALLS OVER A WALKING STICK!!!

    I am yet to hear some medical “EXPERT” diagnose his condition given his condition is cerebral and he has all the “CLASSIC SYMPTOMS” of “SUNDOWNER SYNDROME”!!!

    According to medical text: Sundowner syndrome, also known as sundowning or late-day confusion, is a group of symptoms that occur in individuals with memory loss, typically starting in the late afternoon and continuing into the night. This phenomenon is characterized by increased confusion, disorientation, anxiety, agitation, sleep problems, pacing, and even wandering…

    The exact causes of sundowner syndrome are not well understood, but it is believed to be linked to a range of factors, including:

    Tiredness
    Hunger
    Pain or other unmet physical needs
    Changes in the environment or routine
    Confusion or disorientation
    Hallucinations or delusions

    Individuals experiencing sundowner syndrome may exhibit a range of symptoms and behaviors, including:

    Increased agitation and restlessness
    Confusion and disorientation
    Anxiety and fear
    Sleep disturbances
    Pacing or wandering
    Hallucinations or delusions
    Aggressive or violent behaviour

    YET GIVEN HIS POSSIBLE CEREBRAL DETIORATION – THIS DIRTY BASTERD STILL WANTS TO CLING 2 POWER WITH BLEEDING FINGERNAILS WHEN HE COULD SIMPLY WALTZ OFF INTO THE SUNSET & DIE IN PEACE

    Humans learn “NOTHING”!!! We think we are the “CREATORS” of our own “SUCCESS” – then we discover that same success becomes our undoing – “DRIVING US MAD” or “TAKING US DOWN 2 THE GATES OF HELL”!!!

    #WhatACurse

    #WhatADelusion

    #WhatMADNESS*

  10. Terence M Blackett Avatar
    Terence M Blackett

    23 YEARS ON – 9/11 IS STILL BREAKING NEWS

  11. Pachamama Avatar
    Pachamama

    The banksters care not an iota who is POTUS.
    None has ever mattered, for real power does not lie therein.

  12. Chris Halsall Avatar
    Chris Halsall

    @Pachamama: “The banksters care not an iota who is POTUS.

    What about the Supreme Court?

  13. Pachamama Avatar
    Pachamama

    Well, for the banksters the injustices are just another cog in their wheel.

    Don’t you see how they have changed the legal system to satisfied moneyed interests.

    Indeed, talk about three branches of government is a joke, all is one.

  14. David Avatar
    David

    Good to hear CDB has mobilized to put boots on the ground on Hurricane Beryl ravished islands to assist.

  15. David Avatar
    David

    Investment buffer

    Overseas opportunities being sought

    by SHAWN CUMBERBATCH

    shawncumberbatch@nationnews.com

    GOVERNMENT is hoping to create a financial buffer for Barbados by facilitating more overseas investment opportunities for Barbadians.

    Minister in the Ministry of Finance Ryan Straughn also envisages Barbadians living overseas doing more investment in their homeland.

    He outlined the idea during a recent town hall meeting in Canada after representing Barbados at the 54th annual meeting of the board of governors of the Caribbean Development Bank in Ottawa.

    It is estimated that the diaspora in Canada contributes $25 million in remittances to Barbados each year, and the minister said that while this was an important support mechanism for many families in Barbados, “we want to be able to see how we can better leverage the connections between you who are working here in Canada [and] North America, as we have done across England and the rest of the world where we have a presence”.

    Higher returns

    Beyond this, Straughn is keen for Barbados to build up a financial buffer in a way that Barbadians can get higher investment returns on their savings than they currently are at home.

    “We genuinely want to see where we can take advantage of opportunities, whatever those opportunities are, in whatever space they are, because, at the end of the day, that ability to shape minds and to be able to connect through partnerships is something that we believe is very much possible, given the amount of technology that exists today in the first instance,” he said.

    “But then, more importantly, because of the genuine link between yourselves and Bajans at home, I think it is important that we see how we can help develop, whether it is through philanthropy, whether it is through taking full advantage of the technological age, which is very much there, and to be able then to see where we can expand on areas in Barbados, outside of Barbados, and to do things very much differently.”

    Straughn said he and other Barbados officials “visited an innovation hub when we were in Ottawa and what we saw happening there, I think, was quite phenomenal and we’ve had a number of discussions outside of that with one of the partners in that innovation hub, which we believe would be important to have facilitated in Barbados”.

    “Bajans save money, they like to save, and we do have a fairly high savings rate relative to the region, but certainly, as well as globally. But the challenge is that there isn’t sufficient investment opportunities in Barbados that allows $10 000 in savings in Barbados, $5 000, whatever you look at, to have the same rate of return as the same $10 000 here in Canada, and that is because of the lack of scale in some instances,” he explained.

    The official said, therefore, that “even though people are working and saving, the rate of return on those savings is much lower”.

    Allows risks

    “As a matter of fact, it is, in some instances less than half than you would see in North America, for the same $10 000 in savings. And, therefore, one of the opportunities that we would like to see taking place is how can Barbadians genuinely participate outside of Barbados in a framework that allows us to be able to take some risks,” he stated.

    “Because it is risk taking, and to move from on the one hand complaining about the banks charging you fees into actually making that money work on your behalf, not just for yourself, but certainly for businesses either inside Barbados or outside of Barbados.”

    He added: “And that is where we would love to see the kinds of partnerships [alluded to] when we were in London a few weeks ago – we encountered a number of persons who were working in Canary Wharf and the financial sector who have pointed to some opportunities where we can explore said opportunities.

    “So that whether it is investment in a local business back in Barbados, or a Canadian business here owned by a Barbadian or somebody in the Caribbean diaspora, or wherever, that said opportunities for investment can take place in order to put those resources to some good use.”

    Straughn stressed the importance of this, asserting that “given what we have experienced in recent times, you have to build resilience across a number of areas”.

    “And that means having resilience built outside of Barbados, in the event that there is a shock that requires us to utilise, first and foremost, our own resources, which, given the opportunity to grow and expand, will be a significant buffer that allows the country to know that whilst assets are growing, that there is an opportunity, obviously, to make sure that when it is required, that it can come to the aid of the country,” he said.

    Source: Nation

  16. David Avatar
    David

    CDB issues statement on leadership change and upcoming presidential election

    https://nationnews.com/2024/07/21/cdb-issues-statement-on-leadership-change-and-upcoming-presidential-election/

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