CIBC (First Caribbean International Bank) is again accused of oppressive behaviour by an average Bajan citizen. In a sixteen year long dispute between the McIntosh Vs CIBC the family has turned to social media, AGAIN, to seek justice in the court of public opinion.
Barbados Underground posted the blog First Caribbean International Bank Not Honouring Court Judgement Handed Down Since 2009–Boycott on the Cards?.
In summary: the Plaintiffs [Justin and Brunetta McIntosh] were experiencing financial difficulty in 2004 and started proceedings to sell the property that they owned which they had mortgaged to the First Caribbean. They could not sell because the bank had LOST the title deeds. The bank took responsibility in words [see judgement] but has reneged on its obligation to date. Why must the plaintiffs, or any Barbadians for that matter, have to tolerate a foreign institution demonstrating scant regard for our Court?
These poor Barbadians continue to suffer as a result of First Caribbean International Bank’s negligence and it appears that no one at that institution gives a damn. BU’s single request to the management of First Caribbean International Bank is to do right by this matter and we will not have to post a followup blog – First Caribbean International Bank Not Honouring Court Judgement Handed Down Since 2009–Boycott on the Cards?
From all reports the exposure given to the matter by BU helped to moved it along. Unfortunately the plaintiffs Justin and Brunetta McIntosh again find themselves mired in the process. The blogmaster understands attorney Bernadette D Callender who first dealt with the matter is withholding some important files. The blogmaster hopes not to have to do a follow up blog post on the why.
The other pressing matter to be resolved is the ‘usurious’ behaviour being levied by FirstCaribbean International Bank (Barbados) Limited on the McIntosh’. Because the client has been gripped in the process not unfamiliar to many Barbadians – the bank in its lack of wisdom continues to apply interest charges which has now surpassed the principal balance.
To explain:
The new Registrar Conveyance is now in place, and is in the keeping of FCIB, due to the fact that we are still owing them on the principle balance of a loan. On June 28, 2007 our then attorney Yearwood and Boyce submitted a letter . It stated, “Our clients have been unable to complete the sale of the property and liquidate their indebtedness to FirstCaribbean International Bank (Barbados) Limited as a result of the lost of the title deeds and plan by the bank and the delay in providing the perused draft affidavit and new plan for the property. In the circumstances we contend that the interest on the outstanding principal due FirstCaribbean International Bank (Barbados) Limited by our clients be waived by the bank” Monthly payments to the bank was very difficult and we were awaiting the sale to pay off the principal balance. FCIB stop sending us the monthly reminders and we thought that they understood our situation and was lenient. On instruction from my attorney, I visited the bank for a printed statement of our mortgage. It indicated that as at 26th February, 2018 our balance is as follows:
Principle balance $27, 510.34
Interest balance $44, 059.24
Outstanding balance $71, 569.58
Interest continues to accrue at 12.25% or $9.23 per day.
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Bear in mind the Summary Judgment against FCIB was for damages to be assessed, interest and costs, such cost to be taxed if not agreed was imposed by the Supreme Court.
The blogmaster is calling first on the lawyer holding ther files of the McIntosh’ to have a conscience man!
The second call is on FCIB to also demonstrate your have a corporate conscience’ and allow these people to carry on with their lifes.
Relevant link:
Click to access 2009-Decision.-Justin-Burnetta-McIntosh-v.-First-Caribbean-Intl-Bank-Bdos-Ltd.pdf
In his April 28 column in The Nation, BEHIND THE HEADLINES: Time for Panama Papers fightback Tony Best wrote: –
Undoubtedly, Barbados will come under increasing pressure to reduce the presence of international investors in its offshore sector. And the heat will come from the US, Canada, Britain, France, and other OECD members.
There is no question that the small countries will be subject to new attacks, new blacklists and new sanctions because of all this. That’s what the high-tax nations and the international bureaucracies do. It is just like asking ‘why does a snake bite?
An April 29, article in the Toronto Star Canadians put $40 billion in tax havens last year quoting Dennis Howlett, executive director of Canadians for Tax Fairness, reinforced Best’s perspective.
Canada’s top two destinations for foreign direct investment are the United States and the United Kingdom. But rounding out the top five are three tax havens: Barbados, Luxembourg and the Cayman Islands.”
There might be a few resorts and golf courses (in those countries) but most of this money is not actually invested there,” said Howlett. “It goes through the tax haven and gets reinvested elsewhere. The returns on those investments are reported in places like Barbados, where there are hardly any taxes.
As a friend of Barbados and a taxpayer who has to write a cheque to Canada Revenue Agency in next couple of days for his 2015 Income Taxes, I am conflicted.
I recognize that the low income taxes paid by the Canadian offshore corporations and individuals domiciled or resident in Barbados comprise a significant share of the revenue that GOB requires to pay for its social services (and $7 million Independence celebrations). And, of course, they also employ a couple of thousand well paid Barbadian lawyers and accountants.
I also recognize that if those Canadian corporations and Canadians resident in Barbados were paying income taxes in Canada, the cheque I have to write would be smaller.
As Tony Best says “Undoubtedly, Barbados will come under increasing pressure to reduce the presence of international investors in its offshore sector.”
And that will undoubtedly lead to an exodus of international “investors” from Barbados’ offshore sector, and worsen GOB’s “cash flow” problem.
Finally, GOB should factor into its cashflow forecasting that with CIBC FCIB now about to sell insurance underwritten by the Trini insurer Massy United Insurance Limited, the revenue, profits and income taxes paid by the domestic insurers will negatively impact GOB’s cash flow.
Offshore jurisdictions were being placed under increasing scrutiny by the OECDs, the Panama leak will not serve to alleviate the scrutiny. Barbados has surrendered to a policy of transitioning to a service economy i.e. tourism and international business.
DD wants to see this matter discuss on BU.
Sir Allan Fields presided over the disposal of Barbados only conglomerate BS&T
MASSYS; NOT BARBADIAN, BUT TRINIDADIAN. FOR HEROS DAY, I WISH TO NOMINATE SIR ALLAN FIELDS WHO TAKES FULL CREDIT FOR PUTTING THE DEAL […] Continue reading
Royal Bank of Canada, Bank of Nova Scotia and Canadian Imperial Bank of Commerce are by far the Caribbean’s three largest lenders, dominating both personal and commercial banking. Combined, they’ve written off more than $1 billion […] Continue reading
Parris and pals in better times
If Barbadians were to dispassionately try to solve many of the ills affecting our little island, a priority item would be a flawed governance system. The revelation that head of the Fair Trading Commission (FSC) is the nephew of deceased late Prime Minister David Thompson should make those calling for greater transparency in government raise the level of advocacy.
In 2013 Leroy Parris of Professional Services Inc was ordered by CIBC FirstCaribbean International Bank to remove eight million dollars from that bank – CIBC First Caribbean International Bank Instructs Leroy Parris to Take a Hike. The reason has not been made public although John Public would have to assume CIBC FirstCaribbean International Bank took issue with the source of the funds. Of interest is that the funds were reported to have been transferred to a credit union. Obviously, if true, the credit union had no similar concerns.
CIBC FirstCaribbean News Release(clarification)
The the national discussion of late has been about Canadian banks and C&W huffing FLOW. Soon it will be about the Solid Waste Tax as the year end deadline approaches. From one issue to the next, just like a rollercoaster.
BU is not surprised at the turn of of events. It is an open secret the Barbadian is a passive consumer. Why pick on banks when in every sector of the market the sellers and regulators tag team to pummel Barbadian consumers into submission.
When the global financial market collapsed in 2007/8, the government and regulator; the Central Bank of Barbados, referred to the banking sector as being resilient because of the heavy concentration of Canadian banks. Barbados benefited from the Canadian presence in the market we were told while other markets had to endure a volatile period of consolidation.
Again it is an open secret that Canadian interest make up more than 75% of the onshore and offshore banking system. Under the previous government we sold the Barbados National Bank (BNB), one of many local strategic assets handed to foreign interest for pieces of silver to pay for our conspicuous consumption habit. We cannot have our cake and eat it too. Barbados needs the foreign commercial banks now more than ever until our inept leadership come up with a medium term plan to wean our dependence. And until Barbadians see the value in supporting our own.
One of the economic pillars of the Barbados economy is international business. The offshore sector is heavily concentrated in Canadian assets. One of the reasons banks expand overseas is to serve the foreign operations of domestic companies. A good example is First Citizens Bank and Republic Bank and the proliferation of Trinidad business acquisitions in Barbados in the last decade. If the regulators struggle to regulate less influential entities in Barbados does anyone believe they have a ghost of a chance with the all powerful Canadian banks?
It is generally recognized that the majority of the Caribbean Financial System is dominated by Large Canadian Banks. As the financial economy of the Caribbean slips every deeper into recession and the banking loses keep piling up what will be the reaction of the major Canadian Banks. They basically have three (3) choices: 1) stay in the Caribbean and make adjustments to ride out the LOSES, 2) Sell their Caribbean assets, 3) Write off their Caribbean Loses and abandon the market totally.
In all three scenarios the Caribbean Financial System is in for a rough ride or total collapse.
A recent news article outlined the situation form CIBC’s point of view…. Canadian banks get burned in the Caribbean.
Bajans must be alert!
Thanks for the heads up on the CCB alert about Caribbean Capital Reserve. Thanks also to Hants for encouraging me to dig deeper than just posting the bio for Sir Jimmy from the CCR website. Barbadians are known for having short memories, the recent eruption about lack of transparency in the Cahill Waste to Energy project is a good example.
On further reading of http://www.caribbeancapitalreserve.com (CCR) (click on link at your own risk), and CIBC FirstCaribbean’s website, I found that the CCR site is built around stuff cut and pasted (and edited) from CIBC FCIB’s site.
In BU’s post BLP and DLP Political Germfare on April 3, 2014 at 6:55 PM David commented – “The Central Bank has likely alerted the authorities. If they have not they would be less than a good regulator.” In case – and this is a strecth – they had not connected the dots between CCR and CIBC FCIB, DD took up the Central Bank on its invitation to provide information on this entity; and advised CBB about the cut and pasted stuff from the CIBC FCIB site.
