West Indies Cricket Board embarrassed by Verus International fiasco

Barbados Advocate got fooled too... "The private merchant bank, which operates primarily in New York and Barbados, officially launched the new franchise-based Twenty20 tournament yesterday."

Barbados Advocate got fooled too… “The private merchant bank, which operates primarily in New York and Barbados, officially launched the new franchise-based Twenty20 tournament yesterday.”

Caribbean Premier League forgot to ask “When is a bank not a bank?”

by Googly Spinner

Verus International not a bank in Barbados!

Verus International not a bank in Barbados!

The West Indies Cricket Board just learned a lesson about the word ‘assume’. It’s that old lesson that if I ‘assume’ something it can make an ‘ass’ out of ‘u’ and ‘me’. Ass-u-me.

Yes, the Caribbean Premier League was a multi-million dollar deal with a big press announcement, pretty girls, lots of champagne and little cracker things – but somebody didn’t do their homework. Now all involved are more than a little embarrassed by the Barbados Central Bank announcement that the league source of funding and investment, Verus International ‘Merchant Bank’, is not a merchant bank in Barbados.

Verus International is nothing more than a name in a shoebox on a shelf in one of those cozy little offices where a thousand offshore companies operate from a single desk. It is not licensed to operate as a bank in Barbados but even the news media called Verus a “Private Merchant Bank operating in Barbados

That’s Barbados offshore corporations for you and that’s alright so long as everybody knows how things are… except that Verus International claimed they were a merchant bank operating in Barbados. The Versus International website doesn’t say that now, and they replaced their old website with a single page while they pedal faster to remove all the evidence on the internet. The Wayback archives never forget though!

Whether Verus International is licensed to be a Merchant Bank in Barbados might matter or it might not. Not much of the offshore money stays here anyway – Barbados is mostly a transit point for moving funds around, not a final destination.

Or… the lack of a banking license and government oversight and regulations might be important if things go bad.

Not a good beginning for the CPL deal because it shows that the West Indies Cricket Board management doesn’t do their basic homework and due diligence. That fault can make any organisation meat on a stick for the predators who can smell weakness and inexperience from miles away.

4 Comments

Filed under Barbados, Business & Banking, Cricket

4 responses to “West Indies Cricket Board embarrassed by Verus International fiasco

  1. Willie and Rib Bone

    The Willie and Rib Bone Bank and Inbestment LLD what have it main office by da rum shop on da coast road want to notify all crickets dat we is open for bidness an can handle most any kind a tranacshun dat involve cash. We ain’t got nuffin to do wit da Verus hoo may be tryin to horn into da bidness what we establish in BIM and stole our idea. Fleecin da sheep have never come to our minds, what little of dem dey is!, so get dat out of yo mind, fool!! As da primery objek of da Willie and Rib Bone Bank is washin money and makin sho dat you get cover from all da angles, we lookin’ forwerd to havin any crickets hoo got loose cash to stop by da rum shop on da coast road fo a free introdukshun and shots of rum on da house-or, on da Bank of Willie and Rib Bone hoo is lookin to do bidness wit you and you frends at da soonest possible time. Do not trust anybody hoo say dey is da Real Willie and Rib Bone less dey can show you official picksures what got our name on dem from da Offishul Polise Photographer. If it ain’t offishul, it ain’t us. We bin in bidness for many years at da old hang out of da rum shop by da airport til we got run off and dat be dere loss! Now we here and our door be open at da rum shop on da coast road mostly days when da polise ain’t hasslin us.
    Most respekful submitted by yore true frend and newly minted banker and inbestment consler an be lookin to get my hand on yo cash
    Willie P. Calhoon eskwire LLD
    and his bbf Rib Bone Washington eskwire who be a guest of Mr Dottin fo da time bein but should be back at da rum shop dis weekend cause what dey say he doo is mostly not troo–(dat a ryming poetry from WPC eskwire LLD)

  2. Well Well

    Why is everyone now knowing this, Bim has been a clearing house for 40-50 billion passing through the island on a daily basis……..old news. Apparently someone was not paid and they are letting everyone know.

  3. 26

    Barbados is a big washing machine for diry money. That guy is a crook !!!

  4. 149

    stop the mess & play the game preserve our heritage… don’t let others steal it!