Category Archives: Barbados

Gareth Fatchett of Regulatory Legal offers some advice to Harlequin victims

Harlequin Investor Update March 2015 from Regulatory Legal News on Vimeo.

Meanwhile at the Financial Services Compensation Scheme…

Financial advisers could be on the hook for hundreds of millions of pounds after the latest twist in the Harlequin saga in which the Financial Services Compensation Scheme (FSCS) has written down the value of the investment to nil.

In a document from the FSCS seen by Professional Adviser, dated 12 February and marked ‘compensation calculation’, the body lists the value of a Harlequin Property investment as £0.00.

A FSCS spokesperson confirmed the decision.

“Where applicable we will disregard the residual value in respect of Harlequin investments,” they said.

The move opens the floodgates for the FSCS to pay the thousands of Harlequin investors compensation on the full amount they put into the unregulated scheme, up to a £50,000 limit.

With around £400m originally invested in Harlequin, the compensation bill is set to run into hundreds of millions of pounds, putting it on a par with other investment disasters like Keydata and Arch cru.

As in those cases, the bulk of the cost of the compensation is likely to be borne by investment advisers.

Read the entire article: Spectre of £400m compensation bill looms as FSCS values Harlequin at nil

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Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments

Something Different…

Trinidad Barbados Oil Rig

by Colin Leslie Beadon

by Colin Leslie Beadon

Rain had threatened since Friday, and now the morning hung with dark low clouds. It was hot and sticky and still in the high bush where the rig stood in a clearing. Parrots flitted noisily from creeper and orchid festooned trees, and a brightly plumed toucan peeved monotonously.

The Rig Superintendent took a last bleary-eyed look at the pump pressures and rotary table torque gauges on the drilling console where it stood front of the driller, and then turned, sore-footed, to descend the ladder from the rig floor.

He slumped across the uneven dusty gravel of the location, his shirt wet with sweat, his face showing stubble and drilling fluid smatterings of a three day stretch without sleep. He climbed the few steps to the doghouse.

“I’m going in Carl,” he said hoarsely. “Call me if we run into it again. I’ll be at the house.”

The toolpusher raised eyes from the drilling report. He was a big solid man with strong placid face as black as midnight soot. He had strong very white uneven teeth, and a badly healed scar running across his bare chest.

“Go on in Cappie. Get some sleep.” He smiled faintly.

“I’ve since Friday to catch up on.” The Rig Superintendent said. “It’s a bad son-of-a-bitch, this one. ‘Bout time something went right.”

“It’s Easter Sunday. Maybe you should try going in church,” the toolpusher smiled faintly. “It might change your luck Cappie.”

“Maybe I’ll try it,” the Rig Super said, yawning and stretching.

“Maybe you could try a whore. That works for me,” said the toolpusher smiling again. He had just taken up tour and there was still the hint of sleep in his face. “Whores work, I tell you. Or a virgin if you can find one.”

“I could do that,” the Rig Super said. “But I’ve got something better in the house, and I don’t have to pay one way or another.”   Continue reading

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Filed under Barbados, Stories and Memories, Trinidad and Tobago

Time to resurrect re-DISCOVER the Caribbean

barbados-beach-sand-surf

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

One of the most difficult and painful decisions I have ever made was to cancel our last re-DISCOVER the Caribbean Show some years ago, which had become a highly successful annual event spanning over seven years.

As well as highlighting and driving new interest in Intra regional travel it was also used as a catalyst to build trade between the islands. It also brought almost around $1 million of foreign exchange into Barbados, filled scores of hotel rooms, generated significant car rental business and helped keep our multitude of restaurants busy, during a traditionally quieter off-season period.

If you were among the thousands of people who visited the show over the two days it took place each year, you would have met representatives from up to 22 participating territories, from Surinam in the south to Jamaica in the north and almost everywhere in between.

What finally prompted the final resolve to stop co-ordinating the show was the reduced funding by the then Barbados Tourism Authority, which even at its peak, represented less than 10 per cent of the actual cost…

Plus the sad realisation, that they could not find two or more of their staff to ‘man’ a stand for the duration, out of what were then over one hundred employees.  Continue reading

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Filed under Barbados, Barbados Tourism

The List: major drug dealers in Barbados who work with corrupt police, politicians

barbados-police.jpg

Drug dealers, corrupt politicians and bad cops

Who made this list?

Sheri Veronica, that’s who. And she ties it to vote buying in Barbados elections.

That woman has stones.

And she’s pretty too!

Sheri Veronica’s blog: Barbados: Bad cops, Corrupt politicians and drug lords

 

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Filed under Barbados, Corruption, Crime & Law, Police, Political Corruption, Politics & Corruption

Cotton crop in danger as Barbados Government unable to pay pickers for last year’s work

Barbados picking cotton

Labour Action a result of no pay for a year

Contributed anonymously by Rotten Cotton

Our 2015 cotton crop is in danger of rotting in the fields as fewer than 10% of last year’s 150 registered cotton pickers are willing to work, and this year the crop is almost double the size of 2014.

The problem is that the Government of Barbados hasn’t been able to pay the pickers for the work they did a full year ago, picking the 2014 crop.

Guess what folks? You promise to pay agricultural workers a certain amount for each pound of cotton and you don’t pay them for a year… what happens is that nobody shows up to pick the next crop.

Got that Prime Minster Stuart?

It’s a simple and basic concept that this government hasn’t grasped I know. The government can put off paying suppliers, contractors and government employees when the money can’t be found, and those people will hang in waiting for the government to catch up on payments.

But you can’t do that to poor agricultural workers for a year or they walk and that is exactly what has happened.

“How bad is the financial situation really when the government puts the whole 2015 cotton crop at risk because they can’t pay workers their 40 cents a pound that has been owing to them for a year?”

The newspapers and television are full of cotton stories with politicians, Agricultural Ministry officials and industry spokespeople hyping the value to the economy and the doubling of fields planted over last year but hardly anyone is talking about the growing sense of danger – some say verging on panic – that is spreading throughout the cotton community.  Continue reading

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Filed under Agriculture, Barbados, Cotton, Economy

Discover Card to partner with Barbados

Discover Barbados

Innovation pays off for re-Discover programme

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

I am frequently surprised and occasionally humbled by some of the people who read this column. Out of the blue a couple of weeks ago, I had a call from a senior executive of the Illinois based third largest credit card issuer in the United States, with a quoted 47 million card holders.

He had been following some of our tourism initiatives and wanted to see how we could ‘partner’ to help increase their brand awareness and acceptance on Barbados.

Of all our major markets the United States has, for the last decade, been one of the most challenging. Until the 2014 figures are published the industry at large can only speculate about any real recovery last year.

But what we do know though is that 2013 recorded the lowest number (120,584) of long stay American visitors over the past 11 years.

So clearly, there is work to be done and I am sure with the recent restructuring that has taken place, we will start to witness increased numbers in the not to distance future; especially if we wish to sustain any added airlift.

So what is finally being negotiated with DISCOVER is a win-win scenario that will hopefully achieve their objectives, while at the same time help to raise our destination visibility in US market, again at minimal cost.

With help from the Barbados Tourism Marketing Inc (BTMI) the new branded re-DISCOVER DISCOVER lunch and dinner voucher will be mainly distributed from the BTMI office in the arrivals hall of Grantley Adams International Airport. As we know, the vast majority of passengers have to pass this office after clearing immigration, baggage collection and before clearing customs. This will be critical in the possible success of the promotion.   Continue reading

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Filed under Barbados, Barbados Tourism

Sales persons are liable for Harlequin pension losses!

Harlequin Resort

Oh boy!

“Financial advisers who recommended clients switch their pensions into self-invested schemes heavily exposed to investments being marketed by embattled overseas property group Harlequin are legally liable for losses, the Financial Services Compensation Scheme confirmed…”

… from the Financial Times article Advisers are liable for Harlequin pension transfer losses

Yup…

Do them. Do them all. Lead them away in handcuffs and beat them on the way to jail.

Lives ruined. Pensions devoured.

Barbados politicians played a pivotal role as enablers for David Ames and his gang. Do them all.

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Filed under Barbados, Corruption, Crime & Law, Offshore Investments, Political Corruption, Politics & Corruption, Real Estate