Tag Archives: Corporate Governance

How can Town and Country Planning approve Pure Beach Resort and Spa without due diligence?

Ecoterra International Corporation (Pure Beach Resort and Spa): No accounts filed with government – ever!

by Who, Me?

According to the Federal Corporation Information dept., Ecoterra International Corporation (Pure Beach Resort and Spa) Ontario Corporation # 7025572  have not filed accounts for for years 2009, 2010 and 2011 or any year since formation.

Gary C.C. Walker and Mark S.P. Purai are listed as directors in a new company formed earlier this year –  Pure Beach Resort and Spa Inc., Ontario Corporation #2283348

I think Town and Country Planning would also be able to do a company financial search on Harlequin Management Services (South East) Ltd (Company Registration # 4205220)  trading as Harlequin Properties in the UK.

It truly amazes me that Town and Country Planning can approve multi-million projects seemingly without some form of basic due diligence.

* Barbados Free Press urges our readers to contribute to this story by providing additional details. Comments are open!

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Filed under Barbados, Consumer Issues

Small Business Association of Barbados: 25 years of illegal operation

SBA about to cover its tracks

Sent anonymously to every Barbados news media outlet – but so far we only see this story on one other blog.

Poor corporate governance is an issue for all of Barbados!

Dear 5th Estate,

The Small Business Association of Barbados is the most recent institution to demonstrate how poor corporate governance and regulation can be allowed to fester in Barbados.

Please see the attached. The SBA now finds itself in a situation where it is seemingly trying to cover (at a special meeting on Oct 25th 2011) its tracks after 25 years of operating illegally. In short it seems that none of the Boards of Directors since 1986 which managed the SBA were legitimate. That has implications for all of the decisions taken by those boards and importantly the legitimacy of all of those boards that managed government subventions etc.

Once again one is forced to ask how it was possible for the list of esteemed ladies and gentle that headed the SBA to have overlooked this.

Once again also and true to form one can expect this resolution to be easily passed by the 30-40 members (of the SBA’s over 700 members) who attend meetings.

It cannot be a simple matter of passing a one page resolution without a full understanding of how it was allowed to happen and thorough understanding of the implications.

Poor corporate governance is an issue for all of Barbados!

Here is the resolution sent out for the upcoming SBA Special General Meeting of Members:

SMALL BUSINESS ASSOCIATION
Resolution for Discussion at Special General Meeting of Members
October 25, 2011

Whereas the Articles of Incorporation provide that the Company shall have a minimum of three (3) directors and a maximum of three (3) directors;

And Whereas the members of the company acknowledge that during the period December 30, 1986 to October 25, 2011 a greater number of Directors acted in the capacity of Director, even though they may not have been so authorised in accordance with the articles of continuance of the company; Continue reading

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Filed under Barbados, Business & Banking, Offshore Investments

Clico and Barbados: So Many Unanswered Questions, So Many Suspicious Activities By Government And Friends Of Government

“Wife came home last night with the story on how the whole CLICO thing unfolded for them. Seems some one in the Bahamas had 100 million invested with CLICO and needed the money back, because they (Bahamas) were in tights!

CLICO doesn’t have 100 Big Ones sitting around to handle large redemptions, and couldn’t borrow that from any Bank in T&T and so was forced to approach Gov’t.(central Bank) to cover dey ass. Word then got out about this ‘failing’,  and a run started.”

“On another topic – what I “discovered” about CL Financial is that it is a PRIVATE company and evidently does not publish financial statements available to the public! How can a financial institution, particularly one of that size, NOT have to publish its financial reports? Anyone who invested one cent in that group deserves to lose their funds. That situation is a total disaster and should not be allowed to happen again.”

… above taken from some emails making their way around in Barbados.

Barbados Central Bank Bailout – In Exchange For Exactly What?

The story that is being given to the Bajan public is that CLICO’s Barbados interests and subsidiary are entirely independent from the troubled Trinidadian parent company and therefore we Bajans shouldn’t worry. Oh… “they” say that all those millions that the Government of Barbados pledged to CLICO’s benefit are “just in case” and “to show faith” in the company.

Barbados Money Laundering Advisory this morning points out some of the false information that we are being told about CLICO Barbados.

For instance, did you know that CLICO Barbados made loans to the Trinidadian head corporation for US$50 million? That my friends is over 10% of the insurer’s asset base that is probably worth less than nothing now.

PM Thompson Says His Conflicts Of Interest Are None Of Your Business

PM Thompson Says His Conflicts Of Interest Are None Of Your Business

To Whom The Benefit?

Barbados Money Laundering Advisory’s concern with where our bailout money is going is reflected in the email displayed at the top of this article. CLICO parent company CL Financial is a PRIVATE company that publishes no financial records publically.

IF you had control of where your personal tax dollars were invested, wouldn’t you demand full disclosure before you loaned money to a private company? Wouldn’t you want some real and unencumbered collateral to back the loan?

CLICO Barbados owns some rather nice land that just happens to be smack in the middle of the proposed Graeme Hall National Park.

The Barbados Government should not have loaned that money to CLICO – they should have purchased that land for the people of Barbados!

Too bad that Prime Minister Thompson couldn’t exert any pressure on his old pal Leroy Parris. After all, we’d hate to have to give up those free rides to New York and Miami on CLICO’s business jet, wouldn’t we Mr. Thompson?

Further Reading

Barbados Money Laundering Advisory: Is “Weak” CLICO Barbados Subsidiary Bankrolling Trinidad HQ?

BFP: Clico On Life Support – Will Barbados Prime Minister Thompson Favour His Patron Leroy Parris, Or The People Of Barbados?

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Freedom Of Information, Offshore Investments, Political Corruption, Politics, Politics & Corruption

BBC News Financial Article Sending Barbados Free Press Hundreds Of New Readers Every Day

BFP's Growth Target

BFP's Growth

All this excitement over the hits that the Rihanna article has the staff at Barbados Free Press talking about how we can move our visitor numbers to the next level without a major news story in play and how we can entice a higher portion of the new visitors to stay and look around for a bit.

We think we’ve found a new strategy that we hadn’t thought of until now: participate in the debates going on at foreign newspaper blogs that focus upon financial and investment issues.

One of our readers (not one of us, honest!) posted a comment on a BBC article and discussion about lack of transparent Corporate Governance and rampant cronyism. That comment linked back to a couple of Barbados Free Press articles…

March 27, 2008: Report: KPMG Accountants Facilitated Fraud That Helped Kill Bear-Stearns – What Does This Mean For Barbados?

November 3, 2006: “Missing Financial Papers” In Barbados Government Funded Organization – We Can Guess Where They Are!

Those links brought us hundreds of high quality new visitors in the last six hours who are staying to look around at other articles about transparency and oversight in corporations and government. All from one BBC financial article.

All those people passing through BFP looking for Rihanna stories are most welcome, but we realise that aside from raising our profile on Google they will have a limited impact upon this blog’s international standing and long term repeat visitors. These new BBC readers are another kind of reader: more serious people who share BFP’s interest in transparency and oversight.

With this in mind, we’re asking our readers to help out. When you visit BBC and other news websites where they allow you to comment on news stories, please post a relevant comment and link back to a similar story at Barbados Free Press. That kind of link attracts hundreds of high quality new readers every day.

Our goal for the first half of 2009 is to average a solid 10,000 visitors (not visits or views) a day including weekends. We are now within sight of that goal and with the assistance of our readers we know it is achievable.

The previous BLP Government of Barbados may have fallen in January 2008 in large measure due to the impact of blogs upon the election. Certainly David Thompson would never even have promised to implement Integrity, Transparency, Freedom of Information and Accountability laws (ITAL) without the calls by the Barbados blogs. Even though Thompson lied about that and his fantasy of implementing a Ministerial Code of Conduct “immediately upon forming a government”, he knows that the public is becoming more and more aware of how corrupt our system is in Barbados when compared with first-world nations.

We at Barbados Free Press want to use international pressure to force the Government of Barbados to implement ITAL and effective environmental and planning legislation and freedom of the press. Without international pressure for these reforms which will break down governmental corruption and barriers of class, our children will be the next generation to serve the new generation of massas. (Massa’s day was never done in Barbados. We merely obtained the ability to ELECT the new group of Massas once in a while.)

If you enjoy Barbados Free Press, please take a minute or two a day and link back to one of BFP’s stories from some international news organisation.

Thanks!

Marcus, Shona, Cliverton, Robert, George and Auntie Moses

18 Comments

Filed under Barbados, Ethics, Freedom Of Information, Freedom Of The Press, Offshore Investments, Political Corruption, Politics, Politics & Corruption