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Search for CEO for BLA triggers concerns

BLA shareholder Cristo Primus asked how the FSA decided on the terms of employment for a BLA chief executive.

BLA shareholder Cristo Primus asked how the FSA decided on the terms of employment for a BLA chief executive.

KINGSTOWN, St. Vincent, April 3, IWN – Building & Loan Association (BLA) shareholders said Tuesday they are concerned as the Financial Services Authority (FSA) moves to appoint a chief executive officer at the building society.

“How did the FSA come up with these specific guidelines for the CEO and to what extent are the shareholders of Building & Loan aware of it and how could we influence that process?” Cristo Primus told a meeting of fellow BLA shareholders.

Primus said he was not sure what the law says about the FSA, a state agency, appointing a CEO for the BLA.

“But I am very concerned about the extent to which the members of this association could influence the employment of that CEO, which comes right back to the strength of the management of the Building & Loan Association,” he said.

Junior Bacchus, chair of a committee of BLA shareholders interfacing with the FSA, had earlier told the meeting that shareholders might want to ask about the FSA about appointment of a CEO next week.

The FSA is scheduled to meet with shareholders of the BLA on April 11 for the first time since it took over management and control of the BLA on Feb. 1.

Shareholders last month elected a committee to interface with the FSA and the two sides met on March 12.

The advertisement for the CEO was published last week.

Bacchus told shareholders that at the meeting next week they “may want to have some clarification … in respect to the CEO and maybe the nature of contract”.

“Because, you never know. You may be tied into someone for an extended period and all that. And as shareholders, we should have some say in terms of the extent of that,” Bacchus further said.

Share holders of the Building & Loan Association at the meeting on Tuesday.

Shareholders of the Building & Loan Association at the meeting on Tuesday.

Sylvia Sutherland, another member of the committee off BLA shareholder, told Tuesday’s meeting that shareholders can influence the appointment of the CEO by going to the meeting next week “and requesting that the FSA does not appoint somebody on a long-term contractual basis so as to lock the Association into a situation that may not be what you, as shareholders, want.

“Yes, the FSA is in charge now, and they can do it. So, just ask them whenever you appoint a manager [that it be] just an ordinary thing

The FSA took over management and control of the BLA after $9 million was withdrawn over a two-week period.

The run came on the heels of a letter by Luke Browne, an economist at the Ministry of Finance, which was overseeing the BLA.

The letter raised concerns about the management and financial health of the BLA.

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Discussion

6 thoughts on “Search for CEO for BLA triggers concerns

  1. First qualification you must pass the litmus test. You pee on the litmus strip, if it turns red you pass the first hurdle, you are confirmed a ULP member.

    From then on its not what you know, its who you know, and how much you know and might reveal if you don’t get the job.

    Party members who shared in the great ULP US$ dividend/share out, will stand a greater chance of being appointed to this position.

    Being a female and being alive may also be beneficial, looks and age do not matter, fat, thin, ugly, pretty, black, brown, white. As long as you are breathing you will be considered for an interview. But if you have the previous qualities your pretty well a cert for the position, just pass the Saturday morning interview and you will be carried forward with trumpets blaring.

    Posted by peterbinose | April 3, 2013, 16:06
  2. So what did the FSA find during their investigations? Did Luke’s article trigger “a weapons of mass destruction” scenario? Is there more to this take over than meets the eye? The FSA must publish their findings so investors and future investors have a clear idea if their investment is safe.
    I am sure some or all of the FSA members were probably hand picked by Ralph and that should make investors very uncomfortable. Hence the FSA should come clean and don’t appoint a CEO until it explains its actions to shareholders.

    Posted by pvpalmer | April 3, 2013, 20:43
  3. My own personal feelings is to put the BLA OUT OF ITS MISERY…sell what could be sold and pay off the creditors…give people their money back i.e insured depositors and sell the good mortgages on the books to other banks… I just think its just a matter of time before the BLA is laid to rest.

    But if the Government/FSA for whatever reason, feel a sense of obligation to save BLA; then appointing a CEO is necessary. You will think appointing a CEO is a good thing given the strenuous situation at BLA, after all, who is going to direct and execute all activities of the association? Who is going to provide the leadership for strategic, tactical, and financial plans? Who is going to be devising goals and measuring the performance to the approved goals? Who is going to be the liaison to the public, government, affiliated organizations, and other stakeholders? And all the other stuff that entails a CEO role and responsibilities in an organisation…so all this bellyaching by Junior Bacchus is totally unwarranted…you can’t have it both ways…you either pull the plug or step aside and let the professional handle the business. The CEO is like a doctor and Junior Bacchus and co needs to step outside and wait or leave.

    @PVPALMER, who is to say, whatever the FSA publish or disclose to the public from their investigation is necessarily the whole truth? There is no independent inquiry in Vincyland in the true sense of the word…so I will not be upholding the FSA as some beacon for truth and impartiality. As to your inquiry into the members of the FSA, here is a glimpse of the board members as listed on their website:

    Mr. Leon Snagg – Chairman

    Ms. Alma Dougan – Deputy Chair

    Mr. Stewart Haynes – Actuary

    Mr. Maurice Edwards – Director General, Finance and Planning

    Mr. Hubert Dasilva – Director

    Mrs. Tamara Gibson-Marks – Director

    Mrs. Sharda Sinanan-Bollers – Executive Director , FSA

    Ms. Elritha Dick – Resident Representative, ECCB

    Ms. Deidre Adams – Board Secretary, Budget Officer II, Finance and Planning

    Mrs Bollers is Executive Director she runs the ship…and her deputy is some lady Astaphan…that name sounds familiar…mm. And ah wonder to whom all these people are grateful to for these positions?..mm.

    I think for any business, let alone businesses in Vincyland, losing 9 million over a two-week period can definitely be considered “weapons of mass destruction”.

    Posted by Teacherfang (@Llijame) | April 4, 2013, 02:34
  4. I am amazed that the shareholders still do not understand that BLA is under the sole and legal administration of FSA, the shareholders have no rights that they can exercise that over-ride FSA.

    The FSA can appoint whosoever they wish as CEO, at there discretion without any reference to the shareholders.

    The shareholders should get advice as to whether they can be held responsible for any shortfall in the association funds, and be required to fund any shortfall. Remember what happened to the Lloyds names, many lost all their savings and even their homes and property. Get advice.

    They may be able to take certain legal actions against FSA, but don’t hold your breath about that, I personally doubt anything can get past the Minister of Finance/Justice/Prime Minister, especially when the DPP comes into play judge and jury, disallowing the matter to move forward.

    The shareholder are being kidded and lied to, they are shafted, but it takes time to apply the shafting without causing a lot of screaming.

    Eventually we will see that BLA owe so much money they are un-salvageable and the only route will be to sell the good mortgages, and move the crap into a shell company which will try and get some of the money owed or foreclose on properties.

    Nothing that I write here is expressed or implied as to any wrong doing by any party whatsoever, what I quote are all my own personal opinions.

    Posted by peterbinose | April 4, 2013, 13:59
  5. I just have to LAUGH at this committee led by Junior Bacchus.

    Who is this committee representing?

    Oh yeah, they probably REPRESENTING the persons who attended the MEETING and not the 25,000 members/shareholders of that institution.

    Junior Bacchus, where was your VOICE when you took your money out of BLA?

    Where was your VOICE when persons were defaulting or not paying their mortgage?

    That said; all MEMBERS of the FSA are HIGHLY COMPETENT PROFESSIONALS unlike the jokers that post on this blog.

    Posted by VINCYPOWA | April 10, 2013, 15:01
  6. The only person that qualifies for the title of JOKER is you VINCYIRSDODGERPOWA, you claim to be holding 2 million in BLA, so I sent an email to the IRS, that you need to make a US tax refund claim regarding the loss you are going to make. Telling them you want to register with them that you have an undisclosed account offshore.

    Only trying to be helpful, I know your busy on these blog sites and with your music business, so I thought it would be kind of me to help you by telling them.

    Posted by peterbinose | April 15, 2013, 14:11

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