‘Instant millionaire’ Noel Lynch demands DLP pass Integrity Legislation, declare assets.

Listen to Minister Lynch running away from a citizen’s question about his assets

“Noel Lynch asking for Members of Parliament to declare their assets?
 
I thought I had heard everything!”

Wuhloss! This must be a different Noel Lynch speaking last night at the political rally. It can’t be the same Noel Lynch who sued to prevent reporters from asking him to declare his assets…

On March 25, 2007, thousands of listeners of the Down To Brass Tacks radio show were stunned as Barbados Minister of Tourism Noel Lynch ran out of the studio after being asked on air to comment about his personal wealth and Integrity Legislation. The emailed question from a listener and comments by moderator David Ellis abruptly ended the Minister’s participation as he angrily ripped off his headphones, stood up and left the studio. Lynch then sued radio journalist David Ellis and the radio station, who paid rather than go to court.

That is how strongly Noel Lynch believes that government members should be unaccountable elites. He sued to ensure that never again would anyone dare to ask a government minister about where the assets came from.

And let’s not forget that in 14 years of majority government Noel Lynch and his BLP ignored citizen calls for Integrity Legislation and Freedom of Information.

Now Noel Lynch has the temerity to stand before a crowd and call on Prime Minister Freundel Stuart to “pass the law” to make public officials declare their assets.

You see folks, this is what the BLP and DLP have done for decades: when in power they don’t pass integrity legislation, and when in opposition they call for it to be passed.

And we keep wanting to believe them when they are in opposition. “They have changed. They mean it.” we say. Ever hopeful, we the voters want to believe them, just like we believed David Thompson when he too stood at Haggatt Hall four and a half years ago and promised.

This time I’m voting for anyone else! No BLP. No DLP.

Further Reading

Folks, please go to The Nation to read this article, but we have to print it here in its entirety because that paper regularly removes or changes news to suit changing political agendas. Shame!

Lynch slams Gov’t on CLICO issue

FORMER MINISTER OF TOURISM Noel Lynch tonight called on Prime Minister Freundel Stuart to “pass the law” to make public officials declare their assets.

On a Barbados Labour Party (BLP) platform mounted in Haggatt Hall, St Michael, he referred to the much-talked-about proposed integrity legislation now before the House of Assembly and called for all candidates to declare their assets before the next general election, constitutionally due in 2013.

“[Prime Minister] Stuart, pass the legislation,” Lynch, the BLP’s candidate for St Michael South, urged.

Lynch dubbed tonight’s meeting a return to the scene of the biggest crime committed against the people of Barbados.

He said that in 2008, during the election campaign, late Prime Minister David Thompson came to Haggatt Hall and subjected politicians within the rank and file of the BLP to innuendo.

“That was the greatest tragedy in elective politics,” Lynch charged. “We suffered through Thompson and his innuendos when Mia [Mottley] brought a no-confidence [motion] as Opposition Leader in the then Prime Minister [Thompson] in 2009, over the CLICO issue,” he added.

He said the opposition back then was sending a warning to the people of Barbados.

“But the Government laughed…. Stuart [Then Attorney General] … said it should be laughed at,” Lynch told the gathering.

“They should all stand condemned for this whole CLICO issue. They had a chance to deal with this issue when it first started to unfold in Trinidad and Tobago. But they laughed at us…. They should be put out [as the Government],” he suggested.

Lynch told the crowd that the public needed to pressure Government to call elections.

22 Comments

Filed under Barbados, Corruption, Political Corruption, Politics, Politics & Corruption

22 responses to “‘Instant millionaire’ Noel Lynch demands DLP pass Integrity Legislation, declare assets.

  1. rastaman

    It is a pity that there is no third party in Barbados ,made up of HONEST ,HARDWORKING ,ETHICAL persons who have the country at heart. Right now the choice is between a bunch of thieves and a bunch of idiots.

  2. FearPlay

    It is high time that these conniving political liars are made to sign a legal document that binds them to a specific time-frame in which they must deliver on empty promises. Failing that, they must be forced to return to the electorate. This damn foolishness of five-yearly promises by charlatans on both sides has to stop. Look at this mad rush by the incumbents to complete (deliver) on promises made over four years ago in order to convince the electorate that they have done something. Nothing for four years and now this hive of further promised activity.

    I know it will cost the country a lot of money to return to the polls every three years but this five year cycle is costing the country much more by keeping incompetents in office for two more years more than many of them deserve.

    As to the above story, of all people the man in question obviously has no shame. It is unfortunate that OA finds himself having to return with so many that were rejected by the people last time around. One thing for sure, any reject(s) who is (are) returned to power and who became rich at the people’s expense with be returning with more experienced hands this time. Heaven help us!

    On another matter, have the people of an Eastern parish started to question their representative yet on knowledge of what was going on in the insurance company and if the allegations are true, has their representative benefited in any way since the passing of a spouse?

  3. 2396534.66320

    How much $$$ does it REALLY “cost the country” to hold an election???
    What is involved??
    Lots of little papers, a bunch of locked boxes, people to supervise… ?
    Anything I missed?

    Max cost one million dollars?
    Anyone REALLY KNOW what it costs to hold an election in Barbados?
    From the govern-mentally run point of view?
    -not including what political parties privately spend exaggerating their stuff

  4. robert ross

    Well, we’ve talked about it before…what about the formation of a new political party – in my head I’m calling it ‘Barbados First’? In a slightly different context, I raised this on BU. The idea was met with (a) silence or (b) the argument that we have too much government.

  5. Born Again Politician

    John 9:41 Jesus said, “If you were blind, you would not be guilty of sin; but now that you claim you can see, your guilt remains.

    Sure we believe him because he has seen the light coincidentally at election time.

    NOT!

    .

  6. PLANTATION DEEDS FROM 1926 UP TODAY A ND SEE MASSIVE FRAUD ,

    PLEASE THINK . Most who run and win. Know you will get rich from land,, The Land, the LAND, the land. THINK .. All who is rich in Barbados money most come from land. Study the DEEDS , they have been misuses of land and land deeds titles selling flipping , taking over even CLICO , COW and SIRs and QCs and lets not for get the JUDGES, ,Tell and show the Big cases where the lawyers make all this money from on a small island ,SO the land FRAUD is massive . STOP THE RENTS THEY GETTING AND SEE HOW THEY WILL CRY , RECORD THE RENTALS AND OWNERS and then check where the deeds came from ,…. Standford and his friends COW and Sir Richard L .Cheltenham is where it all got going ,, free house and land and then rent the others ,,,,,,, I know what they did and i telling you all , so stop ,,,, study the land and land owners ,,,
    All comes back to the land . land tax numbers change hands but no land was title to them, they get the rent and dont report it ,,,,,,

    Who have title or right to title ,,,, not them ,,, to much long talking

  7. turflights

    Solvency
    5.205 Insurance companies are required to submit their financial statements to
    the Supervisor of Insurance on annual basis. These should be certified by
    an auditor or actuary. These statements are then reviewed for compliance
    with the financial requirement of the Insurance Act.
    5.206 Section 58(b) specifies that “a general insurance company is not solvent
    where the value of its assets does not exceed the amount of its liabilities
    by (i) $500,000 or an equivalent sum; or (ii) 25 per cent of its premium
    income in respect of its general business in its last preceding financial
    year, whichever is the greater amount.”
    Findings
    5.207 Of the companies reviewed for the years 2007 to 2009 the majority met
    the solvency requirement, but at least one company did not meet the
    requirement for the review period. Another company did not meet the
    requirement in 2007.
    Conclusion
    5.208 The consequence of failure to meet the solvency test is that a company
    may not be in a position to meet its insurance and pension commitments
    when due.
    Chapter 5
    _________________________________________________________________________________________________________
    Auditor General’s Report 2010
    137
    Statutory Fund
    5.209 The Insurance Act calls for the establishment of a statutory fund by
    insurance companies. This is achieved by the insurance company
    pledging a certain amount of its assets to cover its liabilities. These assets
    are held in trust by a company approved by the Supervisor of Insurance
    and Pensions.
    5.210 Section 25 (4 and 6) of the Act stipulates that every company carrying on
    long-term insurance business in Barbados shall place in trust in Barbados
    assets equal to its liability and contingency reserves, with respect to its
    Barbadian policy-holders, as established by the balance sheet of the
    company as at the end of its last financial year. The placement must occur
    not more than 4 months after the end of the financial year to which the
    balance sheet of the company relates.
    Findings
    5.211 A number of companies had difficulty in meeting the statutory requirement
    as follows:
    (a) One Company, registered in December 2007, had no
    documentation to show that a trust had been created although
    a written request to establish such a fund was sent to the
    company by the SOIP since December 2007.
    (b) The assets held in trust for another Company fell short of the
    statutory requirement in 2007 and 2008. The Supervisor drew
    the breaches to the Company’s attention by letter and required
    them to bring their statutory fund into compliance with the law.
    This was done by December 2009.
    Chapter 5
    _________________________________________________________________________________________________________
    Auditor General’s Report 2010
    138
    (c) A third Company, registered in January 1994, did not meet the
    statutory fund requirement during the review period. Since
    2004, there were numerous correspondences between the
    SOIP and the Company about establishing the fund and putting
    in place a trustee. At the conclusion of the audit the statutory
    fund was still not established.
    (d) The statutory fund requirement was not met for a fourth
    Company. There were numerous correspondences from 2002
    between the SOIP and the Company in respect of the statutory
    fund. It should however be noted that at the end of the review
    period no fund was in place.
    Comments
    5.212 Insurance companies are required to establish a statutory fund. Its
    purpose is to ensure that there are enough assets available to meet future
    pensions and other insurance liabilities due to Barbadian Policyholders.
    5.213 It should be noted that three of the companies did not have the statutory
    funds established as required by the Insurance Act. The absence of these
    statutory funds meant that the relevant restrictions on the use of the
    assets of these funds were not in place. In addition, if the company faces
    financial difficulties there is not the safeguard of sufficient funds being
    available to meet commitments.
    5.214 Under the Insurance Act, the Supervisor can take various actions against
    insurance companies in breach of the Act, and these include cancelling of
    their registration to conduct new business, petitioning the court to place
    Chapter 5
    _________________________________________________________________________________________________________
    Auditor General’s Report 2010
    139
    the company under judicial management, or requesting that the company
    be wound up.
    5.215 It is important that the regulatory agency take the necessary timely action
    to mitigate loss to policy holders. It should be noted that the extent and
    timing of such intervention is a matter of judgement. Correspondence
    between the SOIP and a few insurance companies would indicate that
    issues related to the setting up of the statutory fund, and its composition,
    was ongoing for years, and should have been resolved earlier.
    Trustees
    5.216 The assets in a statutory fund are to be placed under the control of a
    trustee. Section 27 (1) of the Act stipulates that the trust referred to in
    subsections (4) and (5) of Section 25 shall be created by a trust deed. The
    contents and the trustees shall be approved by the Supervisor before the
    trust is created.
    5.217 It should be noted that the three companies which did not have statutory
    funds also did not have Trustees in place.
    Conclusion
    5.218 Companies that do not have the required assets held in trust will find it
    difficult to meet their liabilities when these become due.
    Actuarial Review
    5.219 Long-term insurance companies are required to, not less than once
    annually or for such other period as the Supervisor may allow, but not
    exceeding 3 years, cause a review of the company’s operations to be
    Chapter 5
    _________________________________________________________________________________________________________
    Auditor General’s Report 2010
    140
    carried out by an actuary. This review includes a valuation of liabilities.
    The companies are required to furnish to the SOIP a copy of the report of
    the actuary by whom the review was made, and a statement of its longterm
    business within 4 months of the end of the financial year.
    Findings
    5.220 Four company files were checked and all of them had the necessary
    reviews by actuaries.
    Exempt Insurance
    Licensing of Exempt Insurance Companies
    5.221 The Insurance Act requires that Exempt Insurance Companies have a
    minimum paid-up capital of $250,000 in order for them to be licensed. In
    the case of an approved mutual insurance company, the minimum
    contributed reserves are set at $250,000.
    Findings
    5.222 Files for ten companies were reviewed for the years 2007 to 2009 and all
    had the minimum paid-up capital requirements.
    Annual Financial Statements
    5.223 Exempt insurance companies are required to submit annual financial
    statements, accompanied

  8. Responder

    Is this the same man that sued VOB, regarded as the people’s radio, for asking a simple question about his personal wealth. All this joker had to say was’ it is not of your business’ ‘or i will not answer that question at this time’, etc. I find you to be a arrogant jackass Noel, if you thought that i and the electorate would vote for your sorry ass, forget it. If you behaved like that when asked a simple question, what would you be like as a representative of your constituency. Take your sorry butt and leave us right thinking people alone. I would vote for a dog first.

  9. rastaman

    Sounds like the BLP made a big mistake with this nomination. I would not vote for him either

  10. Sunshine Sunny Shine

    Ok back in Bim again

    And when I read this I nearly had to use up all my toilet paper. Noel Lynch and the bunch of hippies think that bajans foolish still.

  11. Tony Webster

    He talks really fast though…would make an excellent used-car salesman.

  12. Sunshine Sunny Shine

    Then again sometimes I think bajans are foolish because they gine still vote for this arrogant crooked son of bitch…I wonder if the Allen Stanford justice could extend to all the crooks with hooks that have rape the treasury one way or the other. And the first that I would like to see up Dodds fighting for his ass rights is the first Noel.

  13. Voter

    In the universe of corrupt despicable politicians Noel MM Lynch is a starboy. Any voter who votes against honest humble Fruendel for piece of shoite Muscle Marly ready to join Rawle in Jenkins.

  14. Responder

    Talk ya talk ‘Voter’.

  15. 72.64/11C

    Well put, Voter! Go to the top of the class.

  16. rastaman

    At least Mr Stuart will get three votes.LOL

  17. Optimum

    At least under the DLP administration the Prevention of Corruption Legislation came closer to being passed by actually making it to Parliament. PM Freundel Stuart is on record of saying that it would be passed before elections are called.

    http://www.facebook.com/pages/Hon-Freundel-J-Stuart-QC-MP/161612180563912

    see the link to the video

    Noel is only back on the political scene because he needs help paying his mortgage. He missed immediate access to funds at the treasury. His petty cash account.

  18. BFP

    Years ago BFP said that the DLP government would introduce Integrity Legislation in Parliament but so close to the end of their term that it would not make it through. We said that it would be nothing but a publicity stunt and dishonest strategy so they could say ‘we almost did it. give us another term to finish the job’.

    We were correct.

    Thompson and the DLP lied.

  19. Samuel

    Oh my God. Wunna gine mek Sammy dead in hay today. If it aint whipping is Muscle Mary talking bout declaring assets. Dis is de same muscular man that run out de radio station because he get vex at somebody asking he bout where he get he money from? Oh gosh. Sammy gine pee he self wid laughing.

  20. 101

    BLP and DLP both know what know what controls loyalties in this country $$$$$$$$$

  21. PLANTATION DEEDS FROM 1926 UP TODAY A ND SEE MASSIVE FRAUD ,

    Legislation = do not mine our business
    Declare Assets = none of your business
    Integrity =that is your own business
    JUST VOTE FOR US AND SHUT UP , WE RUNNING THIS.
    ONCE THEY GET IN OFFICE THEY ALL LOOK TO THE LAND DEALS
    Listen to Minister Lynch running away from a citizen’s question about where his Ass- sits lolol , It left the chair running.
    It has to be Beatrice Henry’s BANK account, that all of the bottom feeders eating .They took her plantations and her bank accounts .
    BLP and DLP wins again ,, STOP them both next time .
    vote Bajan Free Party,,,

  22. Newbie

    SOMETHING ABOUT POT, KETTLE AND BLACK SPRINGS TO MIND.
    I understand exactly where SAMUEL is coming from.