Thursday, July 5, 2012

Is It Still Safe To Be Doing Business With Barclays In Seychelles After Bob Diamond Resignation Overseas And These Shocking Revelations Made??


Barclays boss Bob Diamond finally quits in interest rate fixing scandal but will KEEP his £22.9m share package (and who else will he take with him?)
  • Mr Diamond to appear before Treasury Select Committee tomorrow
  • He earned a staggering £18m last year and has a £105m fortune
  • American, 60, to receive staggering 13.2million shares worth £22.9million
  • He was once described as the 'unacceptable face of banking' by Lord Mandelson
  • George Osborne describes resignation as the 'right decision for the country'
  • Chairman Marcus Agius - who also announced he was standing down yesterday - will stay on to find new chief executive
  • Shares rise this morning after chief-executive's regulation
  • Barclays refuse to comment on rumours chief operating officer Jerry del Missier will follow Bob Diamond out the door
PUBLISHED: 06:40 GMT, 3 July 2012 | UPDATED: 10:59 GMT, 3 July 2012
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Resignation: Bob Diamond this morning stood down as boss of Barclays
Barclays chief executive Bob Diamond finally succumbed to massive political and shareholder pressure today and resigned after the bank was fined for attempting to rig lending rates.
The American financier, 60, is in line to pocket 13.2million shares worth £22.9million - which he is entitled to because he has served for more than 15 years.
Barclays said Mr Diamond's severance package was 'still under discussion'. He could also receive a year's salary worth £1.35million and walk away with a fat pension as yet undisclosed.
However, the board will be under pressure to reduce the pay off given to Mr Diamond who earned £18million last year.
Mr Diamond said he was standing down because: 'The external pressure placed on Barclays has reached a level that risks damaging the franchise.'
He will tomorrow give explosive details of the bank's dealings with regulators when he appears before MPs.
Sources close to the financier said: ‘If he is attacked, he will fight back.’
His resignation shocked the City this morning just a day after chairman Marcus Agius said he was standing down over the affair in a move widely seen as attempting to divert attention away from the chief executive.
It is believed that shareholder attempts to claw back bonuses yesterday was the last straw for the banker.
A source at Barclays told Robert Peston at the BBC that he felt 'hounded out by MPs' and was convinced his job would become dominated by a parliamentary inquiry into banking.
He Tweeted: 'Diamond feels he has been hounded out by MPs. He feared the new inquiries would focus on him & would not give him no time to fix the bank.'
George Osborne said Mr Diamond's resignation was 'the right decision for Barclays' and the 'right decision for the country'.
The Chancellor added: 'I think and I hope that it is the first step towards a new culture of responsibility in British banking.'

More...
The move comes after Barclays was fined £290 million by UK and US regulators for manipulating the Libor, the rate at which banks lend to each other.
The American, with an estimated £105million fortune, became the poster boy for casino banking and was once dubbed the 'unacceptable face of banking' by Lord Mandelson.
The banker, a Chelsea supporter who has become a British citizen, was photographed with John Terry grinning as he held the FA Cup in the team's dressing room at Wembley.
Scroll down for video
'Unacceptable face of banking': Bob Diamond lifts the FA Cup with Chelsea captain John Terry in the Wembley changing room. His daughter posted the picture on Twitter
It was reported today that Mr Diamond decided to resign last night after assessing the reaction to Mr Agius' decision to quit.
Barclays refused to comment on reports that chief operating officer Jerry del Missier, who was co-president of the bank's investment arm Barclays Capital at the time of the Libor-fixing claims, is also set to resign.
Mr del Missier took up his current position in June 2012 after spending three years as co-chief executive of corporate and investment banking.
Mr Diamond will be grilled in the Commons by the Treasury Select Committee tomorrow and the details could be highly embarrassing for regulators with increasing speculation that they were aware of the bank’s practices but failed to act.
His resignation will leave him free to speak openly about what went on at the bank.
 
Mr Diamond is said to be furious that he and the bank have been blamed for ‘lowballing’ the rates at which Barclays said it could borrow from rivals.
Bankers insist the authorities knew these rates were inaccurate but did not act because they feared the truth would destabilise the markets. It is also claimed that regulators possessed evidence of rate-fixing.
The Chancellor yesterday unveiled a parliamentary review, led by Treasury Select Committee chairman Andrew Tyrie, which will look at 'transparency, conflicts of interest, culture and the professional standards' in the banking industry.
Mr Diamond's departure also comes after the Bank of England was drawn into the rate-fixing affair when it emerged that staff mistakenly thought they were instructed by the central bank to lie in their rate submissions.
Jet set lifestyle: Bob Diamond talks to Tiger Woods on the first tee at a golf event sponsored by Barclays
PRESSURE ON BOARD TO CLAW BACK BOB'S SHARES
The board of Barclays will face pressure to curb Bob Diamond's exit pay deal which could run to around £20million despite him having to resign to avoid damaging the bank's reputation.
Mr Diamond seems likely to pick up one year of salary worth £1.35million, as well as £2.3million of 'capital contingent awards' from the Bank.
But there is less certainty around the huge potential share awards built up by Mr Diamond, thought to total in excess of £20million.
These shares were issued in previous years and cannot be vested for an agreed period, with the potential for awards to be clawed back in the event conditions are not met. Such awards have been structured in this way since the financial crisis to incentivise better behaviour and less short-termism among executives.
It will now fall on Barclays board to decide if it is appropriate to claw back all or some of the  shares that are worth in the region of £20million based on current prices.
The bank stressed this morning that Mr Diamond enjoyed the full support of the board at the time of his resignation - despite Mr Diamond's own analysis that he could not continue in the role because pressure had reached 'a level that risks damaging the franchise'.
Pay awards from previous years were issued on the basis of the bank's profitability. Board members may decide against clawing back shares on the basis that Libor manipulation did not impact upon the profitability.
The Financial Services Authority's report said there had been a misunderstanding arising from a conversation between Bank Deputy Governor Paul Tucker, a favourite for the Governor role, and an unidentified senior Barclays manager on October 29 2008.
Mr Diamond, who joined the bank 16 years ago, said in his resignation statement today: 'I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth.'
'My motivation has always been to do what I believed to be in the best interests of Barclays. No decision over that period was as hard as the one that I make now to stand down as chief executive.'
He went on: 'I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work.'
He added: 'I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry.'
Mr Osborne acknowledged that the Government had had 'conversations' with the bank but denied ministers were responsible for Mr Diamond falling on his sword.
The Chancellor added: 'I was very clear that it was not the job of the Chancellor of the Exchequer or the Prime Minister or anyone else in the Government to make a decision about who ran, in effect, a private company, Barclays,' he said.
'This is ultimately a decision for the board of Barclays. Obviously we have had conversations over the last few days with Barclays Bank. But this is, as I say, ultimately a decision for their board.'
The Chancellor said British banks are 'broken' but there was now an opportunity to 'fix' what has gone wrong in the industry.
Fallen on their swords: Bob Diamond (centre) and chairman Marcus Agius (right), pictured here with former chief-executive John Varley, have both resigned over the Libor rate scandal
DIAMOND FALLS ON HIS SWORD: HIS RESIGNATION STATEMENT IN FULL
'I joined Barclays 16 years ago because I saw an opportunity to build a world-class investment banking business.
'Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across.
'We built world-class businesses together and added our own distinctive chapter to the long and proud history of Barclays. My motivation has always been to do what I believed to be in the best interests of Barclays.
'No decision over that period was as hard as the one that I make now to stand down as chief executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen.
'I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth.
'I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work.
'I look forward to fulfilling my obligation to contribute to the Treasury Committee's inquiries related to the settlements that Barclays announced last week without my leadership in question.
'I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry.'
He added: 'I think he (Mr Diamond) has clearly taken the view that Barclays has a better future without him than with him.'
Asked about chairman Marcus Agius, who announced his resignation as yesterday but today said he would lead the search to find Mr Diamond's replacement, the Chancellor said: 'I don't think you want at this moment in time a leaderless Barclays.'
Mr Osborne said bankers involved in the manipulation of the rate 'may well stand in the dock' and insisted the Government would give a new watchdog tough powers to tackle fraudulent practices.
'There is a serious fraud investigation taking place. Unfortunately the Financial Services Authority, which conducted this investigation, felt it did not have the criminal powers to undertake a criminal investigation.
'One of the things we are urgently doing now is looking at what powers to give (a new) body before it is created next year.'
He added: 'I think it should have these new powers and that is basically what we intend to do.'
Labour leader Ed Miliband said: 'This was necessary and right. It was clear Bob Diamond was not the man to lead the change that Barclays needed.
'But this is about more than one man - this is about the culture and practices of the entire banking system, which is why we need an independent, open, judge-led public inquiry.'
Deputy Prime Minister Nick Clegg said of Mr Diamond's move: 'This was the right decision on his part.
'People will now want us to get on with the inquiry and take further action fast to ensure that people and businesses are protected.'
Since January 2011, Barclays has been found guilty of ripping off the elderly, avoiding up to £500million in tax, manipulating interest rates, mis-selling payment protection insurance and systematically exploiting small firms with the sale of complex loans.
Chairman Mr Agius will now stay on temporarily to lead the search for a new chief executive, Barclays said.
He said: 'Bob Diamond has made an enormous contribution to Barclays over the last 16 years of distinguished service to the group, building Barclays Investment Bank into one of the leading global investment banks in the world. As chief executive he has led the bank superbly.'
Following Mr Diamond's resignation, shares fell 3 percent in early trading but then rose two percent as investors reacted positively to the move.
'Unacceptable face of banking': Bob Diamond, 60, with his wife Jennifer at a lunch last year
DID FIXING SCANDAL TRIGGER HOME REPOSSESSIONS?
The Libor-fixing scandal may have increased the number of home repossessions, Housing Minister Grant Shapps said yesterday.
Mr Shapps was responding to a question in the Commons from Labour MP Simon Danczuk, who asked him if there was a link.
He replied: ‘All the research into homelessness proves that there are a lot of different causes, of which the Libor rate may have (been) a contributory factor, if indeed it transpires that mortgage rates have been adjusted as a result.’
Last night, the Department for Communities and Local Government said: ‘Clearly the mortgage rates paid by millions of homeowners may have been affected by the actions of these traders as they manipulated the Libor rates up and down depending on their trading position – and this could have put pressure on struggling households.’
Lord Oakeshott, the former Liberal Democrat Treasury spokesman, this morning described the banker's resignation as great for democracy.
'Bob Diamond's departure is a great day for democracy. He is the symbol of the gambling and greed we must root out of our banking system.
'Now the top priority is to catch the criminals, break off the casinos from the basic banks and make them lend.
'We must never again let the rich and powerful in the City or the media get their hands round the windpipe of Government.'
Mr Diamond had yesterday tried to distance himself from the unfolding scandal, insisting: 'We know that a small minority have let us down.'
Ian Gordon, an analyst at Investec, said: 'We are disappointed by Bob's resignation this morning.
'With Bob gone, expect increased recognition that the Libor investigation is a multi-bank issue rather than Barclays-specific.
'If there is "new news" to share - whether embarrassing to UK regulators or otherwise - Bob can now speak more freely at the Select Committee show-trial tomorrow.'
Yesterday Mr Agius also said he was 'truly sorry' that the bank's customers, clients, staff and shareholders have been 'let down'.
He also quit as chairman of the embattled British Bankers' Association, and sources said his non-executive position at the BBC might not last much longer.
A BBC spokesman said: 'Marcus Agius is currently serving his second three-year term as the senior non-executive director on the BBC's executive board.
He will continue to discharge his duties until his second term expires in November.'
It is understood he is likely to stand down and will not serve a third term.
Mr Agius, who was paid £751,000 by Barclays, admitted the Libor scandal had 'dealt a devastating blow to Barclays reputation', adding: 'The buck stops with me.'
Casino banker: Chelsea fan Bob Diamond joins in the celebrations, right, as the west London team lift the Premier League trophy in 2005
THE MAN CRITICISED AS THE 'UNACCEPTABLE FACE OF BANKING'
A new start: Bob Diamond was named as the bank's chief executive in September 2010
As one of the world's richest and most successful bankers, former Barclays boss Bob Diamond has never strayed too far from the public gaze.
The American was once described by Lord Mandelson as the "unacceptable face of banking" due to his lavish pay deals and has amassed an estimated fortune of around £105 million.
Mr Diamond, who was appointed chief executive on January 1 last year, picked up a salary of £1.3 million and was reportedly in line to receive £11million in payouts this year before waiving his annual bonus in the wake of the rate-rigging scandal.
Within days of starting the top job at Barclays, and having passed up his bonus handout in 2009 and 2010, he angered some MPs last year by saying the time for 'remorse and apology' needed to be over as banks looked to support Britain's recovery.
Mr Diamond's highest-profile deal was Barclays' controversial acquisition of the brokerage arm of US bank Lehman Brothers for 1.7 billion US dollars (£1.1 billion) after it collapsed in 2008.
In June 2010, Mr Diamond faced a federal court hearing in Manhattan, which was looking into allegations that Barclays duped Lehman Brothers out of billions of dollars during the deal.
It is largely down to Mr Diamond's Barclays Capital division that the UK bank avoided state assistance during the credit crunch, although market turmoil has dented his former division's profits in recent months.
Prior to joining Barclays in 1996, Mr Diamond held senior leadership roles at Credit Suisse First Boston in Tokyo and New York, and at Morgan Stanley International.
Mr Diamond, now a UK citizen, grew up in Massachusetts as one of nine children of schoolteacher parents.
He started his working life as an academic, lecturing at the University of Connecticut's Business School in 1976.
The married father-of-three is known for his love of sport. He supports Chelsea but remains a devoted fan of American football team the New England Patriots.
He sits on the board of Old Vic Productions, alongside Dame Judi Dench, and is a trustee of the Mayor's Fund for London and a member of the British-American Business Council.
He still retains his links to the US, where he is chairman of the board of trustees at his old college and has also set up the Diamond Family Foundation which has given millions of dollars to education projects.

Mr Diamond made his name and much of his reported £105m fortune in the Barclays Capital arm of the bank that is at the heart of the bank's part in the Libor scandal.
His personal fortune was estimated at £105m in the Sunday Times Rich List and the sale of Barclays’ fund management arm Barclays Global Investors made him £26m in 2009.
He has a property portfolio worth an estimated £30million, including a £4million mansion on Nantucket, an exclusive New England island.
In March this year, it was revealed that in 2011 Mr Diamond’s base salary was £1.35m, rising to £6.3m with bonuses, but in total he got £17m, once salary, bonuses, shares, perks and his tax bill consideration were included.
Banker: Bob Diamond during a Pro-Am before the Barclays Scottish Open at Loch Lomond in July 2010
Banker: Bob Diamond during a Pro-Am before the Barclays Scottish Open at Loch Lomond in July 2010
But even before he was elevated to the bank's main board in 2005 he is thought to have made tens of millions from an obscure share scheme run by one of Barclays’ offshoots.
This was the lucrative BGI share scheme for executives and investment stars introduced at the turn of the century.
They got options over shares in BGI – the right to buy at an agreed price in the future – the idea being that this enable staff to share in success, as if the business did well the shares would rise in value and so could be picked up cheap at the option price.
In the six years that followed the introduction of this ‘equity ownership plan’, employees at BGI picked up £1.26bn by cashing in their share options.
The £4million mansion home of Bob Diamond on Nantucket, an exclusive New England island
In the first half of 2006 alone, BGI employees spent £26m as they exercised share options which they were then able to sell back to Barclays for a total of £211m. Exact details were not included in the annual report of the main Barclays Group and as there was no open market in BGI shares, their price and therefore the profits being made was determined internally.
Diamond’s earnings throughout the BGI years are unclear as they are not on public record.
But in 2009, Barclays agreed to sell BGI to US fund management house Blackrock for £8.2bn and it emerged that Diamond had BGI shares worth almost £27m under options for which he had paid just £6m.
All of this contributed to Diamond being branded the ‘unacceptable face of banking’ by Peter Mandelson, strong words from a man not averse to the attractions of wealth himself.
Sir Richard Branson has called for British banks to 'turn over a new leaf' in the wake of Bob Diamond's resignation.
The former home of Bob Diamond in Kensington, London, which he made a large profit from selling in 2008
Asked about Mr Diamond's resignation, Sir Richard said he was saddened by the former Barclays chief executive's fall from grace.
Sir Richard said: 'The reputation of the City obviously has been damaged which is very sad because the UK economy depends on the banking world for the building of the hospitals, the building of schools and so on, so it is important that banks pull themselves together and get back on track as soon as possible.
'I think the banks have just got to turn over a new leaf.'
Unite national officer David Fleming said: 'There is no doubt that he accepted the rapacious greed of a number of traders and key operators in the Barclays investment arm.
'It would add further offence if he was granted a golden goodbye on departure.
'Whoever succeeds Bob Diamond must put the livelihoods of the workforce, the thousands of innocent workers who deal with customers every day, at the heart of rebuilding trust in Barclays.
'Let's not forget that these workers who must now pick up the pieces of this latest banking scandal tend to be low paid and working under intense pressure.
'This nation has no chance of getting a grip of the banks if those who play fast and loose with the rules do so with impunity.'
LIBOR: THE 'GLOBAL ECONOMY'S PULSE-RATE'
WHAT IS LIBOR?
It stands for the London interbank offer rate and is the interest banks charge to borrow from each other. Banks rely on this money to lend to customers and businesses. Its equivalent in Europe is called Euribor.
The rate is set every morning by a panel of banks and overseen by trade body the British Bankers’ Association. Each bank sets the rates at which it believes it can borrow, from overnight to 12 months. There are 150 Libor rates, spanning ten currencies and 15 time periods.

HOW DOES IT AFFECT ME?
The rate banks pay to raise money affects how much they charge on loans and mortgages.  An increase in Libor can add hundreds of pounds to households’ annual mortgage repayments or a loan to a small business.
This was seen with dramatic effect in the run up to the financial crisis, when Libor soared and lenders raised their rates. It is also used as the benchmark for trillions of pounds in complex financial investments.
Three-month sterling Libor from 2006 to 2012: The rate broadly runs in line with the UK base rate except for the crunch period in 2008 and in recent months
Three-month sterling Libor from 2006 to 2012: The rate broadly runs in line with the UK base rate except for the crunch period in 2008 and in recent months

WHAT DID BARCLAYS DO?
Barclays’ traders speculating on movements in interest rates were manipulating Libor in an effort to make huge profits.
Its traders were conspiring with the ‘submitters’ at the bank which lodge their Libor rates every morning. Depending on the way they were betting, traders would urge these submitters to increase the Libor rate or lower it.
Barclays’ traders also conspired with ex-employees working at other banks to try to influence their Libor submissions. During the financial crisis Barclays also fiddled the figures to dupe the market into thinking it was more financially sound than it was.
Libor is often seen as a barometer of how healthy a bank is. Just as customers with bad credit records have to pay higher interest rates, banks which are deemed in poor financial health are charged more to borrow.
Barclays became anxious that its Libor rate was higher than many of its peers and that they were fiddling the figures. It decided to join the party.

BARCLAYS BOSS FINALLY FALLS ON HIS SWORD: THE TIMELINE OF EVENTS THAT LED UP TO BOB DIAMOND'S RESIGNATION
Wednesday June 27: The banking industry is engulfed in a fresh scandal after Barclays pays £290 million to settle claims that it used underhand tactics to try to rig financial markets.
The penalties from UK and US regulators, including a record £59.5 million fine from the Financial Services Authority (FSA), follow allegations it manipulated Libor and Euribor interbank lending, which govern the rates at which banks are prepared to lend to each other in the wholesale money markets.
In the depths of the financial crisis, Barclays gave false information about the interest rates it had to pay to borrow money in an effort to paint a false picture of its health to markets.
Chief executive Bob Diamond, who was in charge of Barclays Capital at the time the breaches occurred between 2005 and 2009, apologises and says he and three other key executives would waive their bonuses for this year.
Thursday June 28: After fining Barclays, the FSA is investigating several other lenders including HSBC and taxpayer-backed Royal Bank of Scotland.
Serious Fraud Office investigators are in talks with the FSA over the scandal while pressure is mounting on Mr Diamond to stand down.
Friday June 29: A fresh mis-selling scandal caps a nightmare week for the banking industry, as the FSA announces it has found 'serious failings' in the sale of complex interest rate hedging products to some small and medium-sized businesses (SMEs).
It reaches agreement with Barclays, HSBC, Lloyds and RBS to provide appropriate compensation where mis-selling occurred.
Saturday June 30: An urgent independent review into the inter-bank lending rate is to be set up by the Government in the wake of the interest rigging scandal.
The review will consider the future operation of the Libor rate and the possibility of introducing criminal sanctions, a Treasury source says.
Mr Diamond is summoned to appear before the Treasury Select Committee next Wednesday.
Sunday July 1: Barclays Bank chairman Marcus Agius is reported to be on the brink of stepping down.
The development comes as Business Secretary Vince Cable backs calls for a criminal investigation into bankers involved in the affair.
Monday July 2: Mr Agius resigns.
Tuesday July 3: Mr Diamond announces he is stepping down with immediate effect.

63 comments:

Anonymous said...

There is no difference between the major banks in UK and our local banks. All the local banks behave like Alibabas ! I am convinced the local banks ie Barclays, Habib, Nouveau Banque, MCB,Baroda and any other get together to set interest rates. Banking in Seychelles is so lucrative and profitable. The government should introduce a special bankers tax. The government are complaining that tourism establishments does not bank their forex in Seychelles. I do not blame these establishments when the local banks operate the way they do. As for Barclays they are the biggest local Alibaba bank. Try banking Euro1000 into an account at Barclays and try withdrawing Euro1000. In the first instance they will apply charges to bank your Euro1000. When you try withdrawing you now have only Euro960 left. They apply further charges to the Euro960 and you will be very lucky if you have Euro920 left.

Anonymous said...

All local banks should go under review of their price for services, and review of all interest rates charged by the Central Bank. Clearly LIBOR was manipulated for years, which affects local rates charged and the Banks starting with Barclays, should refund all loan clients monies taking under an internationally manipulated LIBOR rate, which started with Barclays itself.

Criminals in white shirts. Shame on Barlcays.

Anonymous said...

As the first blogger says,there probably no different from tBanks abraod or those banks such as Abib,Nouvea bank,Baraod all work with PP hand in hands to facilitate MONEY LAUDERING,lets not ofrget 2,5 billions that was in thiese local banks vanished without explanation by neither the Pp crooked govet. nor by any banks.Why?They work together to rob the people and country.Nouveau banks for instance,is known to be a ogvt. controlled institution which sole aim is help and facilitate money launderin,and pp in its corrupt praticise..

On pp compalining about establishment not banking their forex here.Well for the very beginning it was clear that all those big five star hotels to whom PP has given Zero tax payment,sometime land for hundred years for one cent,allowing them to import cheap foreign labor to kill seychellois jobs for seychellois is more expensive,allowing them to import verything,accomodation all paid aborad were clear signs and condition s that Pp consciously gave to those ofreign establishment were to result in Finanacail leakage.Moreover,Pp is the govt. and the govt is the highest instant in this country instead of complaining as if it does not have power,they should answer seychellois of the why they favoured those establishemnt by giveing them free hands to used our beautyful land to operate their businesses and them bank all their profit abraod.And pp should instead by finding ways to solve the problem not complaining .YYOu on power PP stop complaining as if you a victim without power when we know you consiously allow this to happen.

As in the government under a crooked regime,all establishment working with the regime we could without hesistation say they do pratice and use the same methods as the ogvernemnt itself to rob,and pratice corruption etc...

To fix things in this country we must deal with the grass oot of the problem that cause all those malfeance namely PP rogue dictatorial regime must be toppled then only things can be fixed,Donot expect criminals to astop their corrupt practices by themselves.

Jeanne D'Arc

Anonymous said...

Barlcays will face massive class action lawsuits in every country it operates and gave out loans based on the fraudulent LIBOR rates.

Seychelles will not be an exception.

This problem will run into the Billions of Dollars in damages and could see the end of Barclays as we know it.

Anonymous said...

In seychelles it could be an exception for Pp would do all to avoid that for it is a collaborator in malpractices conducted by those banks.Enveiling those banks mal-practices equates putting PP and ilks naked.Moreover,PP has bankrutped the country it petends to some extend on those banks to continues keep its failed system alive and therefore PP will do anything to hide the facts .

Jeanne D'arc

Anonymous said...

It depends to some extends

Anonymous said...

.54 Am
Barcalys is too big to be left falling aprt for the consequence might affect people,businesses to a great extense.But surely it would be a big blow to its reputation and would probably take some time to paint- brush and clean its image.

jeanne D'Arc

Anonymous said...

The issue of class lawsuits vs Barclays is real enough, if LIBOR rates have been manipulated.

The cost of Billions is real.

No one is too big to face failure .

Lehman Brothers was too big to fail.

So was AIG.

GM aswell.

Barclays is fair game in this environment.

Anonymous said...

Pp must be afraid of this case for Barclyays is known in some past scams such as in: 2009 accused of violating money laundering law,Sponsoring and fund Mugabe governemnt and two mugabe's collaborators with bank accounts,the Paris branche of Barclays held the accounts of Teodore Obiang Equatorial Guinean Dictator,In 2010 Wall street report accused Barclays in helping the ALAVI FOUNDATION(BANK MELLI)belonging to IRANIAN governemnt,In 2008 Barclays was linked to illegal arm deal ,the list is long and Barclays Seychelles cannot be any different

Jeanne D'Arc

Anonymous said...

Christopher Gill wants to avoid repaying the big loans from Barclays.

Anonymous said...

The loan I took from Barclays is not a big loan, it is a simple grassroots facility that every hotel would take to do a little expansion.

Thank you for your concern.

I sympathise with Barclays innocent staff at this time. They have every right to be mad at a few bad apples that are spoiling the reputation of what was once an excellent bank.

I wish Barclays only the best and trust they will weather this storm as the professionals they are reputed to be.

Seselwa Unite!

Anonymous said...

3.09Pm
Your understanding of things typifies why Pprought us in the shit we in.Taking loan from a bank is a normal transcation betwwen a cleint and the bank.thus this does not limit or has nothing to do with any clients who think they must criticize the same bank for wrong-doings.Let me put it differently,as a guest on a hotel thus paying my money in return for service does not means that because i am a guest in the hotel i cannot critize the management on this same hotel for let say lack of service,or other edeficit in its service dog.Communsits always understand things wrongly and it is not by explaining them things that they would ever understand it,they simply ignorant.

Jeanne D'Arc

Anonymous said...

Aljazzera!FOREIGNERS IN THAILAND ARRESTED FOR MONEY LAUNDRING and i am sure in Seychelles this have been going seen years and is still going on.

Anonymous said...

WE DID WELL BY BOYCOTTING THE ELECTION.

NOW WE HAVE TO BOYCOT THE BIG BANKS (ESPECIALLY BARCLAYS BANK) AND PLACE OUR SAVING IN COMMUNITY BANK LIKE SEYCHELLES CREDIT UNION.

STUPIDO :) :) :)

Anonymous said...

Money laundering have been in going on since pp forced itself to power in 1977.Adam has dried SEPEC coffer then laundered the multi-millions in a five star hotel.David has empitied Air Seychelles coffer to bakrutpcy now he is one of Seychellois richest man,Glenny Savy is robbing IDc coffer,FRA has emptied National coffer than gave million to Francis Savy to invest in five star hotel,Morgan with the collaboration of an Arab robbed 2,5 mllion dollar,Chang leng with Lemman Brothers robbed million and laundered it in five star hotel,etc..etc..etc..
How can i prove that?I donot need physical proof for that ofr all those monkeys before coup D'etat were poor and even after coup D'etat they never work or operATE A LUCRATIVE BUSINESS to justify there wealth.Time will come when they would have to explain and justify the sources of their wealth.

Jeanne D'Arc

Anonymous said...

STUPIDO; the best place to put your money is ANBA MATLA LABOUR KOK-KO apre dir mwan kot ou reste.

Anonymous said...

MALEN ZANMEN POU ESPEKTE KOTE MON POU MET MON FORTIN LER MONN GANNY.

STUPIDO :) :) :)

Anonymous said...

This blog is nothing but a farce with utter bullshit from contributors. Really some Seychellois are small minded and need to live abroad for a while to educate themselves. I have to laugh when you classify the rich from the poor in Seychelles. Sorry to say for those who think there are rich Seychellois or think they are rich. Owning a guest house or shares in a hotel does not make you rich. Owning a few million dollars is not classified as rich. Rich is about having big homes across the globe, expensive cars and flying the whole family first class. Yes Siva is rich but not Mancham, Gill, Ramados, Albert Rene, mason's, Joe Albert, Adam or Savy

Anonymous said...

Spend some time here in London in W1 where I live and you will see how the rich live, work and play.

Anonymous said...

12,53 PM your comment is not just shit but even on the blog i can smell the shit..We talking about our people freedom donkey not wealth.

Jeanne D'Arc

Anonymous said...

Eoula bous ou don! Gill is a millionaire with assets.
He has 14 tortoises...not counting what he slaughtered to consume.
Bear in mind his family started with only 4.
In Seychelles our wealth is measured by livestocks...if Tortoises can be classified as such.

Isaac has just started off with 4 saddleback pigs, in 40 years time he hopes to have 140 if he don't start slaughtering them for boudin and graton. He had two cows but he slaughtered both for sunday rosbif...I won't tell you what he uses the horns for...

Gill is hoping Barclays Bank goes under like the Lehman Brothers so that he won't have to pay back the three million rupees he borrowed from them many many years ago....he wanted to pay them back in tortoise but the bank declined saying that tortoise was a very slow investment that won't take them to their annual profit targets!

I hear that the Seychellois in UK has ducks as assetts laba anba pon Hounslow. Is that in what you cal W1 where you live?

Anonymous said...

WEALTH is not HEALTH
MONEY can't buy you LOVE nor HAPPINESS
One man RAG is another man's RICHES

TO BE ABLE TO ENJOY THE SIMPLEST OF THINGS IS RICHES THAT MONEY CAN'T BUY. AND GUESS WHAT, MANY RICH MAN CANNOT EVEN AFFORD TO SMILE.

Why fuss about a personal loan of R3 Million and stay muted on the $2.5 Billion that vanished in thin air?

STUPIDO :) :) :)

Anonymous said...

Correction; Gill keeps donkeys as well...there's Hee Haw (Tall), Buffoon (Clair D'Lune) and STUPIDO :):):) (Wing Wang or Wang SSSang)

Anonymous said...

......and a load of vultures circling the ZENDARKs.

Blind nonsense said...

There is a saying that a man who sees is king in the land of the blind. Reading all this utter rubbish leads me to believe that many in Seychelles are blind to their surroundings. I am a Seychellois now living in the UK for the past 30 years and left because of the uncertainty after independence. I have made it but work damn hard for a living and wonder if I would have not been better off staying back home. I come back home many a time and will retire in Seychelles as believe me life is a lot better there. Yes there is crime etc.. But London is far worse. Taxes are far higher and people are not so nice. Seychellois stop complaining and learn to appreciate what you have. I can judge from the outside. I have no political agenda but saying it as I see it. Count your blessings.

Blind nonsense said...

There is a saying that a man who sees is king in the land of the blind. Reading all this utter rubbish leads me to believe that many in Seychelles are blind to their surroundings. I am a Seychellois now living in the UK for the past 30 years and left because of the uncertainty after independence. I have made it but work damn hard for a living and wonder if I would have not been better off staying back home. I come back home many a time and will retire in Seychelles as believe me life is a lot better there. Yes there is crime etc.. But London is far worse. Taxes are far higher and people are not so nice. Seychellois stop complaining and learn to appreciate what you have. I can judge from the outside. I have no political agenda but saying it as I see it. Count your blessings.

Anonymous said...

What we have is oppression,human being by nature resist when they are victims and that what our people are doing.

Moreover,it nit becuase you living in the Uk that you should think Seychellois are ignorant and oblvion of what is going around the world,i and many seychellois have traveled the world from Uk,to USa from s America to Asia,from caribean to Australia thus many of us know the world better than you.

Lastly,Seychellois as any other nation have the ligitimate right to decide for themsleves what kind of system they want and they did dieced in 1977 when the took independence and democratical elected thier first president ManCHAM was distituted by a gang of criminals now illegally on power .

Whether you like it or not -WE ARE GOING TO TAKE BACK OUR LAND FOR THOSE MONKEYS PEACEFULLY OR BY FORCE.pp can chose which one of the two options it wants.

Jeanne D'Arc

Anonymous said...

BIG TALK from Zandark as usual!

Anonymous said...

It's not BIG TALK but REAL TALK.,Make no mistake,i repeat, Pp will change or we will change it and all options is on the table including the use of force.

Jeanne D'Arc

Anonymous said...

I'm trembling in my boots!

Anonymous said...

you trembling in your boots the butcher is shitng in his pant.

Anonymous said...

Eoula BIG TALK sepa REAL TALK ase fer LEE-KEY don!

How many time you are going to repeat this SHIT. If Totof is the man why don't you write his name on the shit that you wipe your shit...and flush...ET-VOILA.

You are telling us that you have a SITUATION ROOM AT DOCKLAND?

Anonymous said...

I guess you take this same shit seriously.I repeat this same shit over and over again simply beucase monkeys do not have the ability to understand as fast as human being,thus they needed to hear this same shit rthousand times even more before they can figure out waht is all about.

However,it seems its working for you getting the message.Secondly,i keep repeating this shit over and over to remind Pp each time that it committed its daily crime it increases charges against them and that we are noting each one of them and when time come they would have to answer for thier atorcities.
By the way,Chinese communist general is back on our shores and the Butcher was congratulating him for supposedly helping us to protect"our sovieregnity and fight against priate".We must remind the butcher that a nation sovereignity is protected and defence by its people not foreign communist state like China.Chinese and Pp are hiding behind their real face behind the veil of helping defence our sovereignty and piracy in order to allow Chines communsit and occupying force to operate in our sovereign water.But Both the butcher and Moas sons must know we will not allow Communist XChina military Base not even one boot on our sovereign soil.

Human rights abusers like Chinese who have annexed TIBET will not be allow to turn us into neo-colonialism as they did in Tibet,nor will we allow their present here to come and prtoect a rogue communist to stay on power and massacre its people Like In Syria.

Foreign Tyranny has nothing to do in our land.Genaral Moa should instead be having moral problem for thier support of Assad who is butchering his people including childrens,old dissable people with the support of communist China also a prominent humand right abusers.

FREE TIBET NOW,CHina Communist violators Not in our Land.



Jeanne D'Arc

Anonymous said...

Ooooooopppp one more things-We do not just expose your crimes ,yes we have solutions to many Pp failures.Some failailures are basic and to solve them one just has to do the normal way things must be done(for PP does very thing on the contary of what should the right way)and many others problems can be solve by using commons sense and by knowing ,indetifying the root cause of the problems.


I told you a few days ago i will present Pp with some odeas on how to deal with Financial/ECONoMIC LEAKAGE in the tourism industry-prepare your notebook to note them down for those monkeys at statehouse and the ZOO call Assembly under PP.

Jeanne D'Arc

Anonymous said...

We have watched the ceremony of the Young Leadership program the President Speech.

Given that this is made possible with the University of Ireland and Irish Intyernatioanl politic, culture and Heritage.

Those Young Leaders need to ask themselves who and how Sechelles Seychelles was started what is the role of our Disporea commu8nity and those 21,000 exile/refugee their fate.

Anonymous said...

The ├╝roblematic here is that The butcher is using the university as politcal tool.Each graduation he is present to give us his usaul rediculoud monolog,to priase himself and how great leader he is and all that happen because of him.

I think that the only country on earth not even Kim of N korea were a President goes to disturb the ceremony of students with his present.

JeanneD'Arc

Anonymous said...

I mean problematic

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