Daily Archives: March 14, 2012

Anonymous email making the rounds about Barbados Public Workers Co-operative Credit Union Ltd.

Barbados Free Press editor’s message: Folks, we received several copies of the following unsigned message. Each came through anonymous emailing services out of Germany, The Netherlands and possibly Russia. The message is anonymous and might or might not be containing wrong information or out and out lies. We have no way of confirming any of it: but as our readers will see there are certain informations that ring true and that we’ve heard elsewhere.

We’re going to print it and see whether our readers can make some sense of it. Now remember, folks: the people who are mentioned in this anonymous letter volunteered to be in public positions of trust and therefore are prepared to take some public vetting once in a while. Most people everywhere are hard-working and honest, so remember that as we discuss this letter and try to determine how much fire is under this smoke…

On the Ides of March – BPWCCUL has 14 days to respond!!!

The last blog posted regarding BPWCCUL has resulted in the wrongful dismissal of several workers including a very hard-working and honest Finance Manager, the continued harassment of an equally honest and sincere Internal Auditor and a professional and competent IT Manager. It has also triggered the running of two Directors who I’m glad to see the back of and the resignation of the Chairman of the Supervisory Committee. We only hope the Financial Services Commission is taking note.

As a pre-cursor to the Annual General Meeting it is essential to fully ventilate the issues and therefore we shall be posting on a regular basis to try to make sure that what has happened at CLICO does not happen here. In this situation more than fifty-thousand Barbadians would be affected.

This first post is a friendly game of 20 questions but if the Board is not forthright with members then it will be escalated with severely damaging information. Nothing short of the stepping down of the BPWCCUL President, Vice President, Treasurer, Secretary, Director Marilyn Mapp, Director Keiva Cadogan, the CEO, CAPITA’s Chairman, Deputy Chairman and CEO will avert this course of action.

These issues have not been raised officially with the Supervisory Committee because that has proven to be 100% ineffective and impotent. Remember, money talks and once Supervisory Committee members are offered trips to attend meetings across the Globe, they forget their duty and chase after a Board position.

So the 20 questions:

1.    Who is the individual or firm that was paid nearly half a million dollars in fees to provide services during the Credit Union’s acquisition of CLICO Mortgage and Finance Corporation? Why was there no contract and no Board approval or knowledge of the transaction and what is the relationship between this individual and the CAPITA CEO? Was this relationship declared to the Board in accordance with the Act? Was this the single-largest fee during the acquisition? Is it true that neither the legal fees nor the due diligence attracted fees this high? What services could have cost so much? And were there any BPWCCUL Directors who benefitted financially from this transaction? Continue reading


Filed under Barbados, Business & Banking, Consumer Issues