Category Archives: Business & Banking

Joke of the day… Senator Jepter Ince promises DLP government will invest oil revenues for the people of Barbados

jepter ince CLICO barbados

“Government is looking at how best we can take those monies and invest those monies for the people of Barbados,” Senator Jepter Ince told the gathering in the Unity Bar at DLP headquarters in Belleville, St Michael.

“It is not going to be a free-for-all – live as you like because the country got a lot of money. It’s not going to happen because once you border on that and you don’t prepare for further down the road you’re going to have problems and my opinion is once [the oil exploration] goes well, continue to build Barbados, continue to build our people.”

Nation News No Wild Spending

You remember Senator Jepter Ince, don’t you?

Senator Ince’s Qualifications?

Qualifications? Hell – he should be under investigation for the CLICO Fund debacle!

Wuhloss!

This man is talking about protecting Bajans by properly investing our yet-to-exist oil revenues. Jepter Ince – who destroyed the life savings of countless old folks by advising them to invest in CLICO. Jepter Ince, who advised old folks to mortgage their home to borrow money to invest in the future with CLICO.

That Jepter Ince.

Ince was appointed by now-dead PM David Thompson – probably to keep him quiet.

CLICO and CL Financial. What a scam – including money laundering by Prime Minister Thompson from a company where insiders took bribes to have the company purchase land for way more than market value.

Mr. Ince, why don’t you tell us what returns you’ve achieved for your clients since you created the CLICO Balanced Fund in 2000?

How did all those folks do who borrowed money from you to invest in your fund so you could put that money back into Clico? Huh? How did they do?

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Filed under Barbados, Business & Banking, Corruption, Crime & Law, Politics & Corruption

Central Bank of Barbados still hiding from news media

That's Governor Worrell on the right... er, left!

That’s Governor ‘Weasel Words’ Worrell on the right… er, left!

Over a year ago Dr. DeLisle Worrell, the head thug of the Central Bank of Barbados, took issue with a Nation News story about the central bank.

So did Worrell ask the paper for space to present his thoughts to the citizens? Did he demand an apology, retraction or correction? Did he write an article to be published in the media or on the bank’s website?

Nope… Worrell banned Nation journalists from all bank events. Worrell wants to control what the press says about him and banning them was his stupid, thuggish reaction to an article he disagreed with.

This is so typical of the Bajan elites’ contempt for freedom of the press and the right of citizens to hold government officials and institutions accountable.

Journalist Ian Bourne

Journalist Ian Bourne

Then the central bank issued a press release in an attempt to backpedal, but as our friend Ian Bourne of Bajan Reporter points out, the Central Bank of Barbados hasn’t held a quarterly statement media briefing since then.

Bajan Reporter is sticking to its guns and hasn’t published the bank’s quarterly reports, and won’t until the institution resumes press briefings. In return, the bank has cut off advertising revenues to The Bajan Reporter, but as Bourne says, he will not sacrifice his dignity at the alter of CBB’s coffers.

And as Worrell is showing – once a thug, always a thug.

Check out The Bajan Reporter for the whole story on how the Central Bank of Barbados is failing to be accountable and transparent to citizens and government alike: Bajan Reporter will carry CBB’s media statements as soon as Quarterly Press Conferences resume.

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Filed under Barbados, Barbados Government, Business & Banking, Economy, Ethics, Freedom Of Information, Freedom Of The Press

Loveridge: A competitive world means businesses must perform or fail

monkey-business-barbados.jpg

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

From a tourism perspective and many other sectors, it is almost impossible to comprehend how so many businesses seem to think they can trade to an optimal degree without maintaining a fully functioning and up-to-date website and/or Facebook page.

Also surprising is the number of local companies who take to the air via radio or in print with ‘ads’ promoting new products, but have simply not thought through any potential consumer response, especially in terms of disseminating details like price, sizes, varieties and availability.

Do they realistically think that possible buyers are going waste time trying to extract the details in a protracted phone call and that’s assuming that the person on the other end actually knows anything about the item(s)?

Of course there are notable exceptions, but certainly in my experience, frequently emails are not either answered at all, or days go by without a timely response.

In case some have not noticed our world has become increasingly more competitive and many ‘buyers’ simply will not wait for prolonged periods, when often they have responsive alternatives a simple click away.  Continue reading

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Filed under Barbados, Barbados Tourism, Business & Banking

Harlequin selling Headquarters building for £525,000 – Where is the £400million taken from investors?

harlequin headquarters fraud

We’d say it was like selling off the family silverware, except there is no silverware left. Probably never was any.

After slickly removing £400 million from little old ladies and transit pensioners, David Ames and his gang are selling off their headquarters to pay the bills.

The Serious Fraud Office and the Essex Police have had an open file on the bunch since early 2013, but after two years Ames is still walking around with the rotting financial corpses of thousands of victims in his wake.

Two years should be long enough for the police and the SFO to do the job. What’s the delay?

From the Professional Adviser…

Troubled Harlequin puts HQ up for sale

Troubled overseas property investment scheme Harlequin has put its headquarters up for sale.

The warehouse and offices in the Honywood Business Park in Basildon have been listed for sale on property website Rightmove for £525,000. Harlequin owner David Ames would also consider leasing back the first floor offices at a rent of £25,000 per year, according to the advert.

A spokesperson for the company said: “Harlequin owns its Basildon offices and occupies the first floor of Unit 11, with all other space let to third parties.

“Harlequin is attempting to sell in order to discharge its liability and remove its responsibilities as a lessor.”

The move raises further questions over the financial situation of the company, which has received £400m from investors that they are currently unable to access.

Unregulated investment scheme Harlequin worked by taking deposits from mainly UK pension investors to build off-plan properties in the Caribbean, which could then be sold at a profit on completion or used to generate a rental income from holidaymakers. But out of a scheduled 6,000 properties, about 300 have been built.

… read the rest at the Professional Adviser

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Filed under Barbados, Business & Banking, Consumer Issues, Crime & Law, Offshore Investments

Does Leroy Parris of CLICO infamy have anything to do with Welches Insurance Agent Inc. ?

Editor’s note: Remember folks… this is an anonymous blog so don’t take anything for true without a little salt and lots of questions. We received this anonymously and have no way to check the information.

If it is true, it is news. If it’s not true, it was sent by some anonymous mischief troublemaker…

submitted by anonymous…

I would like for somebody to tell me how it is that Faye Wharton-Parris wife of CLICO Ex boss Leroy Parris has so boldly displayed on the door next to her business Premier Event Services Inc @ Welches Plaza a sign with the name Welches Insurance.

Are people so blind or is it that they don’t know of this newly formed insurance Company? I know for a fact that it is belongs to them. The PARRISES making jokes at us and turning some Bajans into parros because they can’t get their investments back.

Name    WELCHES INSURANCE AGENT INC.
Number    37958
Category    Company
Date registered / Incorporated    2014-02-18

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Filed under Barbados, Business & Banking, Corruption, Offshore Investments

Barbados Tourism Minister Richard Sealy on natural gas shortage – Hotels, businesses at fault for failing to plan for government’s failure to plan.

Barbados is paying the price for Prime Minister Stuart's wrong decisions and planning failures.

Barbados businesses and citizens are paying the price for Prime Minister Stuart’s wrong decisions, planning failures.

submitted by old todd

For the past four months – not “a few weeks” as said by The Nation newspaper – businesses, restaurants and hotels have been devastated by the failure of the Barbados Government to deliver sufficient natural gas. Every industry using natural gas has been impacted, right from biscuit maker WIBISCO that lost 60% production and 50% of export sales in December, to restaurants and hotels along the west and south coasts forced to close or suffer tourist cancellations.

Tourism Minister Richard Sealy says businesses should be ready for his government's failure to plan.

Tourism Minister Richard Sealy says businesses should be ready for his government’s failure to plan.

The harm to our tourism and manufacturing sectors will not be over when the shortage ends. It will take a year or more to regain the confidence of tourists and business customers who were directly impacted.

The government and the National Petroleum Corporation are portraying this as the failure of two wells – something that could not have been foreseen. What rot!

The truth is that Barbados has been running too close to the line for years, with known insufficient reserves and weaknesses in the distribution system. There was no surprise – this has been coming for years as predicted by industry pundits.

So now that the crisis is here, government is taking steps to import the machinery and perform repairs that should have been done years ago. That is only a stop-gap until new wells and natural gas imports can be arranged for.

And we have no money.

Government made decisions to withhold spending on distribution system maintenance and improvement. Government made decisions every year for the past seven to lower natural gas reserves and to sail closer to the disaster zone, counting on luck and hope that we would have enough gas to get through the busy tourist high season.

That was a decision and it was the wrong decision. Now the country is paying.

Further Reading

Barbados Today: Toppin: Deal with natural gas shortage

Nation News: Hoteliers told to get back-up energy

Nation News: Biscuit Blues

Advocate: PM: Efforts on to resolve natural gas shortage

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Filed under Barbados, Barbados Tourism, Business & Banking, Economy, Energy

Inter-American Development Bank cancels $160m loan for Barbados Four Seasons project

barbados four seasons construction

Another monster project left to rot in the Bajan sun

The on again – off again Barbados Four Seasons resort project may have received its final coffin-nail with the IDB finally withdrawing from this decade-old debacle. (Nation News: IDB withdraws loan for Four Seasons)

How much taxpayer funding has the Barbados government poured into this mess? Are we allowed to know? Did the government transfer any of the National Insurance Scheme pension funds to the project developers?

Barbados Minister of Finance Chris Sinckler has made all sorts of claims. In March 2013 he told Bajans that our taxpayer monies would be recovered on the sale of the Four Seasons. Well Mr. Sinckler? Where’s our money?

Back then, BFP’s readers were asked if Bajan taxpayers would recover all the monies that their government invested in the Four Seasons. 50% said we’ll never know the truth, 43.5% said there was not a chance that we would recover the monies. 6.4% said we’d get back all the money, (but that was probably Minister Sinckler himself sitting there for voting for hours.)

Former PM Thompson said that supporting Four Seasons could be “extremely risky” to the DLP Government, but Freundel Stuart went ahead and did it after Thompson died.

“Now of course the first objective is not for Government to give guarantees to projects of this type. So the Government is not available, generally speaking, for that kind of thing and I want to make that abundantly clear. It is extremely risky. It has brought down Governments in other countries and I don’t intend to let it bring down my government. And it can sometimes smack of an element of favouritism and once you start it, it becomes like a rolling stone that will gather moss…and therefore, we have to be very careful,”

February 2, 2010 – Prime Minister David Thompson in the Barbados Advocate article PM defends stance on Four Seasons

Hard Times have arrived in Barbados

We’ve said it before, and we’ll keep saying it…

1/ Shun debt. Shun expenses. Live as frugally as you can.

2/ Work hard, save what you can.

3/ Look after family and friends as you are able because you might need their help someday.

4/ Learn to grow food, repair your own car, maintain your own home. Repair clothes, repair everything. Don’t buy new anything: let some other fool pay the depreciation!

5/ Smile at the tourists, make them feel welcome but never pressured. Pick up the rubbish where you can and never do anything that takes away from the beauty of Bim.

6/ Thank God for what you do have – then get back to working harder than you ever have before.

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Filed under Barbados, Barbados Tourism, Business & Banking, Economy, Offshore Investments, Real Estate