Category Archives: Business & Banking

Caribbean justice: Bank collapse settles after 30 years

Pennies on the Dollar

Joke of the Day – Pennies on the Dollar…

“… tremendous relief to the many suffering depositors”

BASSETERRE – Clients who lost money when the Bank of Commerce closed some 30 years ago were put on alert by Prime Minister Dr Timothy Harris that a legal settlement had been arrived at that allowed for the payment of $15 million.

Prime Minister Harris made the revelation during today’s sitting of National Assembly.  He noted that the court settlement will bring “tremendous relief to the many suffering depositors in the Bank of Commerce,” noting that “a fresh start has now come to the depositors.”

… read the entire sad tale at the Nation News

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Filed under Business & Banking, Consumer Issues, Corruption

Banking executive from CIBC’s FirstCaribbean International Bank carried FIFA bribe!

Why would a CIBC FirstCaribbean International Bank executive travel from the Bahamas to New York to personally pick up a US$250,000 cheque?

Why not just wire the funds? Why not send the cheque via courier?

The answer appears to be that the US$250,000 was being money-laundered by one of FIFA’s top officials, Chuck Blazer. After picking up the cheque in New York, the banking executive returned to the Bahamas and deposited the cheque into Blazer’s personal offshore account.

I didn’t really catch onto this at first. I thought it was a situation where the CIBC had been unknowningly duped or had a client misuse the bank. But that isn’t what happened according to the articles in the press – the CIBC FirstCaribbean International Bank was directly and knowingly involved in money-laundering.

Surprised? You shouldn’t be. Anyone who has seen the award-winning documentary about the 2008 meltdown – Inside Job – knows that the banks are rotten to the core, and in conjunction with bribed elected and appointed officials ensure that the motto of the inside crowd remains “Profits are private. Losses are public.”

Closer to home just look at Clico and the Barbados DLP government.

But for you and me though, just miss a mortgage payment or don’t pay taxes and see what happens. Wuhloss!

FIFA scandal exacerbates Canadian banks’ Caribbean troubles

An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the Bahamas.

This unusual courier service, which reduced the electronic trail on a $250,000 payment to former FIFA official Chuck Blazer in May 2011, was provided by an unnamed officer of Barbados-based CIBC FirstCaribbean International Bank, the indictment shows. CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank.

That cheque, U.S. prosecutors allege, was part of a $10 million bribe paid in return for the votes of then FIFA vice president Jack Warner, Blazer and another FIFA official in support of South Africa being granted the rights to host the 2010 World Cup.   Continue reading

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

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