I was just listening to a part of the no confidence motion against Barbados Prime Minister David Thompson. I had to leave and come back, so I am depending on third-party sources. This is a matter that the public needs to follow closely.

There was talk of MAFA INVESTMENTS INC. (Number 29276, Date Registered / Inc.  2007-09-11). More later.

Jamaica Observer

Mottley, who earlier declared assets of US$2,500 in the CLICO Balance Fund, further urged the Prime Minister to follow suit as she produced documents related to his involvement in the purchase of a private property at Martin’s Bay in the eastern parish of St. John.

Here are two topics that were not covered adequately:

 

BLP Also Ineffective

Quote from BLP website:

 It is notable that the Prime Minister’s response to our leader’s charge that CLICO’s statutory fund was $93 million in the red was met with appellations of “dangerous” and “panic.”

I have been told that the penalty for non-compliance with the mandated statutory fund requirement passed by BLP in 1996 is a fine of $2,500 ! If this is the correct figure, let’s get an idea if it is an adequate deterrent:

$2,500 is  1.0000% (one percent) of   $ 250,000
$2,500 is  0.5000% (half a percent) of   $ 5 hundred thousand
$2,500 is  0.0500% (one twentieth percent) of   $ 5 million
$2,500 is  0.0027% (2.7 thousandths of a percent) of   $ 93 million

What is 0.0027% of a Bajan making $60,000.00 a year? Answer: $1.62! Yes, one dollar and sixty-two measly cents! Two and an half thousand dollars to the CLICO Barbados deficit is like less than two dollars to many Bajans! Is anyone going to be scared if the penalty is $1.62? This lenient penalty was passed by the BLP! Were they serious?

 

CAIPO Filings Not Up to Date

Last time my sources checked, the corporate files at the Barbados Registry (Corporate Affairs and Intellectual Property Office or CAIPO) were incomplete. Other sources reported on other problems with CAIPO.  It would seem simple. After you do your year-end figures send a copy over to CAIPO. Not so. My sources have come across numerous files that are incomplete. Non compliance seems to be the rule rather than the exception. It’s been going on for decades. Complaining does no good. Nobody takes it on, giving these companies a chance to operate while the public is uninformed.

Now the public is impacted by companies that operated without filing the required disclosures. Maybe now, the public will call for tighter regulations and effective penalties.

Mr. Thompson must assume responsibility for the situation, but this situation is partly the result of the negligence of previous administrations.

 

Did Mia Out Owen?

Barbados Advocate: DLP COLUMN: Owen’s No-confidence, 3/6/2009

Mia MOTTLEY has scored a major coup on Owen Arthur. She was able to expose the happenings at the Ministry of Finance while he served as Prime Minister. Prime Minister David Thompson’s live chat with the public last Sunday revealed a historical fact regarding the Statutory Fund. Over the last four years, the former administration presided over a deteriorating situation in a segment of our financial sector. They never once told the public about what was taking place.


I’ll report more fully on this topic later today.

Update: 3/7/09 - CANA
MOTION DENIED: Barbados parliament rejects no confidence motion