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Mysterious withdrawals from TCI Bank likely caused its closure; NIB lost millions and still owed

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#Providenciales, May 1, 2019 – Turks and Caicos – Three mysterious withdrawals from TCI Bank back in December of 2009 may have been the catalyst for the collapse of the bank four months later in April 2010.

Almost exactly nine years after the colossal event, where millions in depositors’ dollars were reduced to dimes, TCI Bank is back on the radar due to a line of questioning from Hon Doug Parnell, Chairman of the Appropriations Committee.

Among those suffering a dismal and expensive loss was the National Insurance Board, NIB, which not only invested in TCI Bank but held over $17 million in fixed deposits at the bank which ultimately went bust.

It is published that $15.8 million was lost in the failure of TCI Bank by the National Insurance Board.

The move to invest so much – over $22 million in stock and deposits – was categorized as a “bad investment” and one which was made in contravention of the NIB’s own protective policies.

Director of the NIB at the time was Trevor Cooke; he told the Turks and Caicos Weekly News that: “Criticism is expected. TCI Bank has closed its doors, we lost $2m in equity and we stand to lose some, if not all, of the $17.5m we had in fixed deposits.”

The liquidators – Anthony Kikivarakis and Mark Munnings – are still working on the messy matter, but regular reports, which are posted to the TCI Bank website, have exposed that a $5.5 million loan from the NIB in 2009, given to stabilize the bank did not work because of a trio of major withdrawals, amounting to $4.5 million within 90 days of that NIB loan deposit. 

The unexplained draw-downs deepened the problems of insolvency at TCI Bank and eventually, heartbreakingly all three branches: Grand Turk, North Caicos and Providenciales were closed.

Last week, NIB Acting Director, Rhesa Cartwright and Financial Controller, Marie Smith appeared before the Appropriations Committee of the House of Assembly. 

It was reported by the pair of NIB executives that the losses resulting from TCI Bank’s closure continue to be a part of financial reports; including the NIB’s audit report.  Mr. Parnell asked about whether it would be removed.

Marie Smith, Financial Controller responded with, “No, we are not able to, it will remain until the liquidation is completed because the liquidation is still in progress as we speak… and it will also be a point of contention in any audit report that is presented.”

Several media reports explained that over the years and following a successful lawsuit against TCI Bank by the NIB, the $5.5 million of beneficiaries’ monies was returned to NIB.

“We have received reimbursements from TCI Bank; as a matter of fact, we did provisioning of 56 percent of what was outstanding and to date, based on our provisioning the monies we have received back from TCI Bank, we just have a balance, based on the provisioning, of just over $700,000 in receipt. But that does not say that we will receive it because we could receive ‘it’, as well as we could receive more.”

Magnetic Media’s review of various reports reveal that the NIB has recouped around $7 million; approximately $10 million was lost.

“…based on the written down number, we have received – I think – forty-cents out of the dollar.”

Appropriations Committee Chairman Parnell has requested a report on the status of the TCI Bank liquidation in relation to the NIB.

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Caribbean News

Ministry of Health appears at Appropriations Committee 

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Dana Malcolm
Staff Writer 

With an allocation of $93.1 million in the draft budget tabled by Washington Misick, TCI Premier, the Ministry of Health and Human Services recently sat before the Appropriations Committee to explain why they needed the money and if they were getting enough.

Representatives included Renessa Williams and Temorah Howell Robinson, Deputy Permanent Secretaries; Nadia Astwood, Chief Medical Officer; Lyndon Brooks Head of Policy and Planning and Milo Forbes, CFO.

According to the budget the money was divvied up as follows:

Policy Planning and Administrative Support – $465.476,327
Dental Department – $1,493,204
Primary Health Care Unit – $3,959,254
Health Promotion and Advocacy – $946,218
Public and Environmental Health – $10,816,190
Mental Health and Substance Abuse – $2,717,185
Special Needs Unit – $2,397,497
National Public Health Laboratory – $938,878
Emergency Medical Service (Ambulance) – $2,491,784
Contract Management Unit – $1,005,185
National Epidemiology and Research Unit – $552,388
Health Emergency Management Unit – $362,538

Executives and heads of department explained to the public the reasoning behind several of the allocations

The Environmental Health Department was a particular focus that money has been allotted to, especially with the prevalence of Dengue in the region. Entomologists are being brought in to research what kind of mosquitoes are in the country and how that could affect residents.

As for the hospitals, a management company has been onboarded to help oversee the contract for the TCI hospitals. Astwood maintained that the government is aggressively recruiting, and the new pay scales that were recently announced should give them some leverage and create interest in the positions.

Increases were recorded in areas like long-term care and HIV treatment and care. HIV allocations increased this budget cycle, from $108,000 to $150,000. Representatives of the Ministry of Health and Human Services speaking with the Committee said the increase was due to an expansion of the programs being undertaken. Representatives indicated 550 individuals are enrolled in the National AIDS Programme which covers both HIV/AIDS and hepatitis.

Adolescent health policies are also being developed to make sure that even without the presence of their parents, young people can get care, CMO Astwood maintained that this was a delicate process though, and would need time for theme policy to be created with care.

Some other items budgeted for this year includes:

  • The National Health Insurance Program
  • Cemetery assistants for each island
  • Continuation of work at the Providenciales Landfill
  • Training of street cleaners
  • Mobile Clinic for Blue Hills to serve the Community even as their clinic is upgraded
    Over $600,000 for ambulances as the Ministry is attempting to replace the entire fleet across the country with that allocation, a necessary expenditure, the Ministry says, as the fleet is to be rotated every five years.
  • Software solutions to digitize departments
  • Consultancies including a nutrition coordination consultant and aged care consultant
  • Development of a training program for nurses dealing with the elderly
  • Another incinerator for Providenciales due to heavy demand.
  • Long term care
  • Ante-natal care
  • Waste disposal

Unfortunately, one area that is still struggling is dental clinics, Dr. Janice Barron, chief dental surgeon, explained to the committee that while there was increased staff, there were some programs that had been held back by the cabinet.

A new Strategic Plan created with the help of the Pan-American Health Organization (PAHO), incorporating all departments is what the Ministry of Health is focusing on. It is to be launched in the month of May.

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News

REVIEW OF THE ELECTORAL DISTRICT BOUNDARIES  OF THE TURKS AND CAICOS ISLANDS.  

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#TurksandCaicos, April 15, 2024 – Section 61 of the Turks and Caicos Islands constitution relates to the appointment of an Electoral District Boundary Commission. On 26th February 2024, Her Excellency the Acting Governor Mrs. Anya Williams. appointed a Boundaries Commission to review and alter the present boundaries and make changes, if necessary.

The following persons were appointed as members of the Committee:

Rev Dr. Julia E Williams Retired Civil Servant and Methodist Minister    (Chairman)

Hon Justice K Neville Adderley  M.B.                                                          (Member)

Ms Tremaine R S Harvey LLB(hons) Attorney at Law                            (Member)

The Constitution also stipulates that a Commission after appointment may regulate its procedure and, with the Governor acting in her discretion, may confer powers and impose duties on any public officer, or any authority of the Government for the purpose of discharge of its functions.

For the purpose of discharge of its functions , the Commission

  1. May invite views from members of the public.
  2. Shall consult the public about the draft of its report; and
  3. May seek advice as it considers appropriate.

The Commission and its members , under the Constitution, shall NOT be subject to the direction and control of any person or authority.

The Commission will review the boundaries of the Electoral Districts, and submit to the Governor and House of Assembly, a report on their findings.:-

  1. Stating that in the opinion of the commission, no changes to these boundaries is required, OR
  2. Recommending the changes in those boundaries specified in the report.

In determining its recommendations, the Commission under subsection (1) (b), and in determining whether or not to recommend any changes in the electoral district boundaries, the Commission shall  ensure  that the electoral districts contain, so far as is reasonably practicable, approximately equal numbers of persons qualified to be registered as electors.

In order to be successful in its deliberations and produce an efficient report to HE the Governor, the Commission will visit ALL islands, have discussions with members of the public and have public meetings.

Deliberations will commence as follows:-

 MEETING WITH GROUPS FACE TO FACE – 13TH -16TH MAY 2024

13th May 2024         Salt Cay in the morning at 10.00 a.m.

Grand Turk in the evening at 6.30 p.m.

14th May 2024         South Caicos at 6.30 pm

15th May 2024         Middle Caicos in the morning at 10.00 a.m.

North Caicos in the evening at 6.30 p.m.

16th May 2024         Meeting in Providenciales at 7.00 p.m.

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News

SHELTER MANAGEMENT TRAINING APRIL 2024

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Providenciales, Turks and Caicos Islands, 11th April 2024 – Guided by the likelihood that a severe hazard impacting the Turks and Caicos Islands could render a significant percentage of the population homeless, the DDME is mandated to establish a mechanism that provides emergency shelter for members of the public. The Government’s emergency shelter programme has over the years been a place of sanctuary to persons briefly displaced resulting from a threatened alert or the impact of a hazard.

Given the experiences with major hurricanes or hazards within our region and the heightened awareness of climate change and risk management, the need to fortify our shelter management capacity ahead of the 2024 Hurricane Season is critical. Hence the DDME will be steering a three-day training in Shelters and Shelter Management in Providenciales from 16th -18th April 2024 and in Grand Turk from 23rd – 25th April 2024.

The eventual goal of the Shelter Management Programme is that all actors involved in Emergency Shelter Management in the Turks and Caicos Islands are well equipped with the indispensable knowledge, skills and resources to manage emergency shelters successfully.

The Shelter Management course will include both classroom activities and simulation exercises. This training teaches and provides clarity:

  1. The TCI Disaster Management Framework
  2. Disaster cycle and hazards and vulnerabilities affecting the TCI.
  3. Shelter Administration – roles and responsibilities of the shelter manager
  4. Shelter Operation – how to set up the shelter etc.
  5. Recordkeeping, team management, best practice approaches and practical tools and protocols to effectively plan, implement and monitor Emergency Shelters in various situations.
  6. Managing the vulnerable in shelters
  7. Extinguishing fires in the shelter
  8. Learning how to use the radio

On completion of the training, it is anticipated that the capacity concerning Shelter Management within the Turks and Caicos will be enhanced. Trained persons will be able to operate an efficient shelter, and support emergency response functions when needed throughout the islands. The training is expected to draw persons from various agencies; governmental and non-governmental. Persons will be awarded a certificate upon successful completion of the three-day training and will be called upon as Shelter Managers should their assistance be required in an emergency.

To register, click on the link on the POSTER Or scan the QR code or

https://forms.office.com/r/jAnaVqGwyx. For more information, contact; Mrs. Patrina Harris at 649-346-2244 or Mr. Desmond Lightbourne at 649-242- 5784.

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