TCI News
Mysterious withdrawals from TCI Bank likely caused its closure; NIB lost millions and still owed
#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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TCI News
CLEARING THE AIR ON T.I.D.E.S AND AMBASSADORSHIP: ELEVATING THE TOURISM EXPERIENCE THROUGH KNOWLEDGE
Providenciales, Turks and Caicos Islands, 1st May 2024 – The introduction of ambassador cards is a concept that is unfamiliar to many residents of the Turks and Caicos Islands. T.I.D.E.S Ambassador Cards are now awarded to individuals who’ve completed the T.I.D.E.S certification or training program, which was previously primarily for taxis and VIPs but has now been expanded across the hospitality sector. This initiative, spearheaded by the department and ministry, aims to instil a sense of pride in recipients, signifying their role as ambassadors of the country. This was emphasised in the latest press conference hosted by the Ministry of Tourism at the Office of the Premier on February 26th that as representatives of a thriving nation, those on the frontline of the tourism industry, including taxi drivers and hospitality staff, should take pride in promoting the country’s heritage and culture. The T.I.D.E.S Ambassador Card embodies what makes Turks and Caicos great and conveys this pride to all who interact with visitors and locals alike.
T.I.D.E.S Ambassador Card: A Badge of Cultural Proficiency
The T.I.D.E.S Ambassador Card is not just a card; it’s a symbol of excellence in service and a commitment to providing an incomparable experience for tourists. The T.I.D.E.S Ambassador Card has been designed to embody the best that the Turks and Caicos have to offer: a tangible expression of cultural proficiency and local knowledge. As the tourism industry embraces the Ambassador Card, we hope to see the transformation of cardholders who are truly not merely employees; they are ambassadors of the Turks and Caicos Islands, well-versed in historical landmarks, local dishes, and cultural activities. This proficiency ensures that visitors receive an authentic and enriching experience during their stay.
Streamlined Certification Process
Obtaining the T.I.D.E.S Ambassador Card is a process that reflects the commitment to the highest standards of service. Cardholders undergo a comprehensive three-hour training programme, covering topics on TCI History and Culture, Customer Services and Tourism Safety and Sustainability. On successful completion of the programme, participants are awarded the T.I.D.E.S Ambassador ID card and certificate which is valid for two years.
Government and Stakeholder Collaboration
The launch of the T.I.D.E.S Ambassador Card is a collaborative effort between the government and stakeholders. The initiative will continue to be refined through ongoing stakeholder engagement, ensuring that the cards meet the evolving needs of our ambassadors and the tourism industry. There is currently a backlog of cards that are ready for collection.
“The TIDES Ambassador card is not just a symbol of excellence; it signifies a deep commitment to our country’s heritage and culture. We urge those working in the tourism sector to register for TIDES to not only gain valuable training but also to embrace the role of ambassadors for the Turks and Caicos Islands. Collecting your card and certificate is crucial; it opens doors to a world of opportunities and sets you apart as a standard-bearer of quality in our thriving tourism industry,” said Talia Thomas, Deputy Director, of the Department of Tourism Regulations.”
QR Code Integration
The security of the T.I.D.E.S Ambassador Card is of utmost importance. The card’s most important feature is the inclusion of a QR code that establishes a direct link between tourists utilising the tourism product and the Department of Tourism Regulations. This innovative feature facilitates a quick and convenient verification method and safeguards against any potential misuse or fraudulent activities. The QR code, when scanned, leads visitors to a dedicated section of the government website, providing real-time validation of the card’s authenticity and the ambassador’s certification status. This advanced security feature not only instils confidence in tourists but also underscores the commitment of the Turks and Caicos Islands government to ensuring a safe and secure environment for all visitors.
Conclusion
Stakeholders can visit our office on the third floor of Regent Village in Grace Bay, Providenciales, to collect their cards.
Education
MINISTRY OF EDUCATION’S DEPARTMENT OF SPECIAL EDUCATION NEEDS SERVICES HOSTS SUCCESSFUL WEEKEND FOR INCLUSIVE EVENTS.
Providenciales, Turks and Caicos Islands, 8th May 2024 – The Department of Special Education Needs Services (SENS), under the Ministry of Education, organized a series of inclusive events over the weekend dedicated to celebrating children with special needs and raising awareness about autism.
The weekend kicked off with the SNAP Center Fun Day on April 26th, which welcomed children with special needs from special education classrooms across Providenciales and clients of the SENS Department. The Fun Day offered a range of engaging activities tailored to the unique needs of the participants, fostering a sense of joy, inclusivity, and community.
“We are delighted to have provided a platform for children with special needs to come together and enjoy a day filled with fun and laughter,” said Dr. Anya Malcolm, Director of SENS.
“Our goal is to create inclusive spaces where all children feel valued and supported.”
Following the success of the Fun Day, the Department organized a Rainbow Walk on April 27th in honor of Autism Awareness month. The early morning walk was well attended by over 100 individuals, including esteemed guests such as the Governor H.E. Dileeni Daniel-Selvaratnam, Deputy Premier and Minister of Infrastructure Hon. Jamel Robinson, Minister of Health and acting Minister of Education Hon. Shaun Malcolm, Commissioner of Police Edvin Martin, and other dignitaries, and demonstrated solidarity and support for individuals with autism and their families.
“We are grateful for the overwhelming support from our community and honored to have had distinguished guests join us for the Rainbow Walk,” remarked Hon. Shaun Malcolm.
“Their presence underscores the collective commitment to promoting understanding and inclusivity.” Permanent Secretary for the Ministry responsible for Special Education Needs Services, Mrs. Cherylann Jones was also present at the inaugural event and praised the department for the successful walk.
She also noted that in the next year the intention is to hold these walks across all islands.
Although the Minister of Education, Hon, Rachel Taylor, was away on official duties, she conveyed her full support for the walk and other initiatives conducted in the month of April.
She commented, “I am proud of the Department’s efforts in organizing these events and raising awareness about the needs of children with special needs. I look forward to greater support in the future as we continue to strengthen our special education needs services.”
The Department of Special Needs Services extends sincere appreciation to all volunteers, sponsors, and community partners whose contributions made the weekend of events a resounding success.
For more information about the Department of Special Education Needs Services and upcoming events, please contact sens@gov.tc.
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