Minister Denis Lowe (1) Peter Allard (r)
What has been exposed by the hair raising report prepared by Judicial Manager Deloitte is the light regard directors of CLICO companies viewed their fiduciary responsibility. Directors followed meekly the dictate of Parris which speaks to a weak corporate governance system. It is only god’s mercy we have enjoyed a stable financial climate through the years. What other rotten situations are waiting in the wings to surprise Barbadians? A read of the Auditor General’s Report gives a hint at what happens in the public sector. BU is waiting patiently on the newly established Financial Services Commission (FSC) to demand insurance companies like CGI, Trident and others publish timely financials in the private sector.
If one can find reason to laugh at the current situation, it is the suggestion that the Barbados Labour Party (BLP) can easily run a campaign in the next general election on the need for improved corporate governance and transparency! The Democratic Labour Party (DLP) has failed to deliver on transparency legislation although there is still time. Against the foregoing we are concerned at goings-on at the Caves of Barbados Limited.
Those who have visited the Caves since major repair work have been rightly impressed. It must be stated however that Barbadian taxpayers will have to repay a loan of 88 million dollars as a result. There is also a BNB 5 million dollar overdraft which the Caves of Barbados require to support its day to day operations. In the circumstances the role of the board of directors at Caves of Barbados is important to ensure taxpayers interest is safeguarded.
BU understands the Caves of Barbados board expires on Wednesday (29/02/2012) but it has been a stormy tenure. It is reported Haldene Dottin in protest resigned as Chairman some time ago. In the circumstances Deputy Chairman Wismar Greaves as required under the by-laws of the company has experienced difficulty in calling monthly board meetings. It appears Minister Denis Lowe, the minister responsible for the Caves of Barbados has issued ‘an order’ that board meetings should not be held until he introduces a new Chairman to replace Haldene Dottin. A copy of a letter sent by Deputy Chairman Greaves in October 2011 to CEO of the Caves Joanne Grant expresses the sorry state of affairs prevailing at the Caves of Barbados. A reminder that the Caves of Barbados is a limited liability company with government as the sole shareholder.
Why did Minister Denis Lowe believe he should prevent or frustrate the scheduling of board meetings as required under the by-laws of the Caves of Barbados? Why has the full board of directors not tender their resignations in protest? What does CEO Grant of Harrison Cave and Minister Denis Lowe have in common as employees of the crown? Why is the son of former politician Rommell Marshall still entitled to a Blackberry from the cash strapped Caves of Barbados with a high bill?
In the letter attached there is the notification that Prime Minister Fruendel Stuart authorized relevant parties at the Caves of Barbados to allow Deputy Chairman to call a meeting on the premises. How on earth does anyone anyone have the effrontery to go against the instruction of a Prime Minister? This is not the first time we have have asked for the resignation of Minister Lowe. His relationship with Peter Allard has generated several unanswered questions. The fact that Prime Minister Stuart has to tolerate such weak performances from ministers to shore up his parliamentary support is regrettable.
Prodigal Son
“lie, cheat and steal.”
You are talking about the wrong party. “lie, cheat and steal” are all attributes of the Barbados Labour Party.
@Carson C. Cadogan | February 29, 2012 at 8:47 PM |
“You are talking about the wrong party. “lie, cheat and steal” are all attributes of the Barbados Labour Party.”
it is known that the DLP was formed out of the bosom of the BLP. But to follow in their shoes and continuously hold on the apron string like a frightened little boy to his mother’s is tantamount to monkey mimicking a human. Whatever the BLP do the DLP monkeys do too.
Man grow up and stop blaming the BLP for your shortcomings, incompetence and infelicities. Time that you stand on your own feet or at least bend over backwards and take it like a true CLICO-like man.
CCC
If you plan to go after Auditors…..hope you have some good money.BTW they would be charged with neglence in tort…not a CRIMINAL act of money laundering and fraud like the two thieves= Parris +Ghost ? Chalk an Cheese man.If I hit your car by accident is different to if I thief it…wha you saying?.Thompson wife why she don’t come out and say something doa …she got 2 lil children to role model ya know…….and tell FUNDY…the sword gine cut both ways starting wid MARA.
@ old onion bags | February 29, 2012 at 9:06 PM |
One hopes OSA lives up to his bravado. He has a habit of spitting verbal fire like a dragon but when it’s time for real action he behaves like a little pussycat and his political viagra seems to disappear. We don’t want any premature political ejaculation where this matter is concerned. This not the Pierhead marina decoy. Many people’s livelihoods in their old age are at stake (I am not referring to greedy EFPA’s investors). The country’s reputation is on the line both regionally and internationally. We need to display a sense of maturity where our laws and integrity of the financial system are concerned. Overseas Bajans would be rather reluctant to invest in any financial instruments back home if we take a lackadaisical approach to this rather serious matter; one in a long line of abject shame and slander(Trade Confirmers, BCCI, Narsham, Northern Rock et al).
Overseas Bajans would be rather reluctant to invest in any financial instruments back home if we take a lackadaisical approach to this rather serious matter; one in a long line of abject shame and slander(Trade Confirmers, BCCI, Narsham, Northern Rock et al).
@June & Co
V.well said Miller….poor Carson C tru. Cadogan….he wants to compare onions wid a digga potatoe…how he expect to rant THIEFERY with NEGLIGENCE , a fool evatime….auditors is the last body you go after …deal wid ELboy and Mona Lisa… get back summa the money first…..den look to spend some on the Auditors…..don’t get distracted will all the long winded submissions by BLIND MAN CARSON….he wants to distract unna
What happen to Trade Confirmers clients after it collapsed?
What did the Govt. of the day do?
Who were Trade Confirmers Auditors?
@ CCC
The Mr. Diversion Man>>> I Reprint
If you plan to go after Auditors…..hope you have some good money.BTW they would be charged with neglence in tort…not a CRIMINAL act of money laundering and fraud like the two thieves= Parris +Ghost ? Chalk an Cheese man.If I hit your car by accident is different to if I thief it…wha you saying?.Thompson wife why she don’t come out and say something doa …she got 2 lil children to role model ya know…….and tell FUNDY…the sword gine cut both ways starting wid MARA.
None of the BLP people on this blog including the Blog owner want to answer my questions because they know full well where it will lead to.
@Carson C. Cadogan | March 1, 2012 at 3:22 PM |
“None of the BLP people on this blog including the Blog owner want to answer my questions because they know full well where it will lead to.”
Let me give you an answer you want to hear to titillate your large political clitoris.
All the thieving, corruption and scandal relating to the other failed Insurance and financial institutions happened under the BLP terms in office.
To even see how bad the BLP administration was in regulating these rip-off scam entities Owen Seethru Arthur was in charge (even during the collapse of Trade Confirmers) and got rich from them. Is that what you want to hear? You now feel satisfied and orgasmically fulfilled by getting off on Seethru. Go and swallow the filth and lies just given and catch verbal diarrhoea.
Now for the antidote: How much money did the DLP receive from CLICO for the January 2008 elections?
Under which administration did CLICO pay $3.3 million to DT Associates with the office manager fully in charge of all receipts and payments.
PS: David (BU Master Blogger): Forgive the robust and sexually loaded language. But I just had to “get if off” my chest where Carson is concerned.
Sorry BU Family. My apologies sincerely offered!
millertheanunnaki(May2012)
What or more correctly who cause the failure of Trade Confirmers?
millertheanunnaki(May2012)
Who caused the Bank Of America to leave Barbados?
No one wants to answer because the answers will show that the Barbados Labour Party has no moral authority to castigate anyone about CLICO and this goes all the way back to Trade Confirmers.
@ Carson C. Cadogan | March 1, 2012 at 4:36 PM |
You silly boy!
You have already been told the answer. The BLP under the leadership of Owen Seethru Arthur from 1976 to 2007. Seems that the purge is not working. Ole onions, help please!
Now shut up or else everyone would know you left school in form 3R. Next?
@CCC
You are right, Auditors have a statutory responsible under their accounting profession to report honestly. Dont tell me that, over the years that the auditors did not discover any thing fishy with the company, inculdiding meeting the statutory reserves.
The auditors cannot be allowed to go free, it is becasue of their auidt that the public determines whether to continue investing in the company. In this regard, i would like someone to revisit the auided finncial statements of the company over the last 10 years and let us know if any concerns were reaised.
Blogger2012
Thank you very much.
I have worked with Auditors for years and I know of many occasions where the Audit Firm refused to sign off on Company Financial data because they were unhappy with what was presented to them. Corrective measures had to be taken first.
Why did that not happen with this company?
The same thing happen with Trade Confirmers.
Who was it that borrowed the large unsecured loans from Trade Confirmers and refused to pay them back thus leading to its collapse?
@ Blogger2012 | March 1, 2012 at 5:24 PM |
Agree that the Auditors ought to carry a portion of the blame and should be named and shamed. As “Old onion bags” pointed out they can be sued in tort for negligence.. The partner responsible for this client should also be prevented from practising and stripped of his licence and designation by the relevant bodies.
But the realities are:
CLICO was a money tree and you can bet that the large fees represented a fertile and continuous revenue stream for the firm as long as a blind eye saw the “irregularities, managerial suspect dealings and deliberate dismissal of generally accepted accounting principles and standards”. Who cares anyway, Bim is full of idiots and conformists tied to a large mortgage and consumer loans; not morally influenced whistleblowers and men prepared to say “NO”. Large fees translated into large profits and bonuses for the partners.
Collymore Rock buildings do not come cheap.
The interlocking associations and fraternal contacts can be found on the rock past the bishop’s hill and the energy man who surgically amputated the Thorn in his side to marry the showman in the marina redesign deal with St. Lucia as the ding(h)y the next port of call for an IBC life jacket with the initials DB who O$A can’t touch with a barge pole.
Answer millertheanunnaki(May2012).
millertheanunnaki(May2012)
Tell me if it is members or former members of the Party which is promising a “show & Tell” at Haggat Hall.
millertheanunnaki(May2012)
Your Barbados Labour Party lives in the biggest glass house on Earth. It should not be pelting rocks at any body, because the person might throw back a couple of rocks and they cant miss the Barbados Labour Party’s house.
@ Carson C. Cadogan | March 1, 2012 at 6:16 PM |
“Tell me if it is members or former members of the Party which is promising a “show & Tell” at Haggat Hall.”
I don’t have a clue. I am not a member of the party or inner circle.
I don’t get involved or interested in politics at that level. I am a student of politics not a yardfowl, foot soldier or inner circle Gestapo-like lackey and ass licker like you.
Your ears are closer to the ground seeing that Ms Bowen is your bosom buddy and one of the other members of the bend down tag team. Being in the communications industry gossip and rumour would be the grist for people like you feed on.
I depend on knowledge and truth to guide me and unlike you don’t walk around with vaseline in my pocket to ease the pain that truth can sometime bring.
As your old crony Sandie said: I ain’t breaking up my night rest (or giving up blogging space) for political buffoonery and theatre. Let both thieving corrupt camps battle it out. Not me and that greenverbs & sitb Faya vs the aiding and abetting david & mara T case, bosey!
millertheanunnaki(May2012)
You flatter to deceive.
millertheanunnaki(May2012)
Indeed you dont have a clue.
As the old people say “empty vessels make the most noise”, I guess they were thinking of you.
@ Carson
Had you given the late PM Thompson that at advice about living in a glass house and throwing stones he would have kept his mouth shut or told the masses at Haggatt Hall that he too accepted cheques–some FIVE times the one to OSA.
enuff
You really dont believe that.
@ Carson C. Cadogan | March 1, 2012 at 7:38 PM |
“As the old people say “empty vessels make the most noise”, I guess they were thinking of you.”
I don’t lie, cheat or steal. Sounds familiar? Except you can replace “I don’t” with “I will not” and you will get not only an empty vessel but a ‘silenced’ one sitting at the Devil’s left hand with a cup of molten lead awaiting your arrival.
millertheanunnaki(May2012)
What time the “show & tell” is at Haggat Hall?
I dont want to miss it.
Sorry, “show & Half-Tell”.
“Browne was then asked to explain a sizeable political contribution made to “the Barbados Labour Party’s campaign in 2003 for which he said he was acting on a directive from head office.
“Directions may not have been in writing but we had directions, so we did in fact make political contributions out of cash, out of profit, not any inter-company transactions,” he said.”"
enuff & millertheanunnaki(May2012)
What say you?
I hope the crooked Barbados Labour Party mention all of this tonight, I will be there if life is spared.
This “show & Half-Tell” tonight is going to be more fun than Bud & Lou and Laurel & Hardy all roll into one!!!!!!!!
One wonders how “sizeable” this contribution was. I am sure it was larger than $75,000.00!!!!!
@ Carson C. Cadogan | March 4, 2012 at 2:10 PM |
What’s new or revealing?
Everybody knows that the BLP was in receipt of “suspect” contributions from CLICO when Mascoll was in charge of the DLP. David T made that abundantly clear in the 2008 campaign.
What we want to hear and which you refuse to deal with are the alleged massive contributions to the 2008 DLP campaign by the turncoat Parris.
Maybe you will get a glimpse of the extent and quantum of contributions to the DLP via the” Families First” avenue.
But don’t hold your breath; A lot of these fellow from both sides are pals and lawyers and a lot to lose reputation wise: So expect obfuscation and parading. You know the saying: A thief stealing from a thief makes God laugh and the Devil cry.