Nation e-Edition

NIS options

NIS options NIS chairman Dr Justin Robinson. (FP)

Sun, December 02, 2012 - 12:08 AM

The National Insurance Scheme (NIS) has identified banking and other sectors in Jamaica and Trinidad and Tobago as markets for investments.

NIS chairman Dr Justin Robinson told the SUNDAY SUN yesterday that over the last three months, the board had reviewed the regional stock portfolio and both countries were being assessed.

“For some time now, we have been looking at the possibilities and we have identified some attractive regional investments. We are looking at what we can hold, what we can sell and if we can buy more,” he said.

Robinson made this disclosure days after the NIS, following a board meeting last Tuesday, opted to sell its shares in the former Barbados National Bank (BNB) to Republic Bank Limited.  (MK)

Please read the full story in today’s SUNDAY SUN, or in the eNATION edition.

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Posted by Tony Waterman 1 year, 10 months ago
This is very CONFUSING, I am not a "FINANCIAL" person, but the first article headline reads "NIS Sells" the are apparently going to accept the $5.00 per share that Republic Bank if offering, although there was talk about organising a SHARE SWAP,which is apparently more beneficial to NIS/Barbados than an outright sale.on the other hand, in this article,NIS chairman Dr Justin Robinson is saying that they (NIS) is looking at BANKING and other sectors in Jamaica & T&T for Investment purposes. is this 9.7 Million shares in Republic Bank not and Investment of the type they are lookin for??? and if so, why then are they (NIS) going to sell then to Republic Bank why not keep them. that 48 million cheque will not do anything for Barbados but the Investment will, Maybe the Powers that be are more BRAINY than i am, i'll wait and see how this will work out for the people of Barbados whose money it is.

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Posted by Carl Harper 1 year, 10 months ago
Dr Robinson, be careful with these public pronouncements as it relates to investing NIS funds, lest this government ruin your professional and academic reputation. We have seen on at least three occasions within the last five years where this government sought to persuade/overrule the Board or investment committee decisions.

Firstly, this administration guaranteed a $120 million loan from ANSA Merchant Bank in November 2010, even though it was widely reported that investment analysts strongly suggested the NIS Board should not proceed with the loan proposal put forward by the developers of the stalled Four Seasons project.

The NIS Board was summoned to Government Headquarters to discuss the recommendations of the analysts a day or so ahead of the Board's meeting. The Board later acquiesced and agreed to guarantee the loan, rendering the analysts report useless.

Secondly, the Board proposed that pensioners be paid via direct deposit to their bank accounts. After much public furor, the minister responsible for NIS recanted that decision on national television, much to the embarrassment of the chairman and directors.

Sometime later, following the above two decisions, it was announced that Tony Marshall was no longer chairman of the NIS.

And thirdly, Dr Robinson's vocal expression that a share swap was the preferred way to build equity in Republic Bank since NIS is quite liquid. His idea was rejected by this government, and instead, NIS must now sell its shares in a "take it or leave it" offer of $5.00 per share - 50 cents less than the market price at the time of the offer.

The above reasons are clearly why the call for more professionals and academics from UWI to serve on government-run boards have been met with lukewarm response.

My suggestion to Dr Robinson is to not allow his professional reputation and integrity to be sullied in the quagmire of political expediency. If you play it safe and keep it clean, knighthood could be just(in) around the corner.

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Posted by J. Payne 1 year, 10 months ago
If NIS is cashing out of stuff all the time, it better find new sound investments to "bank upon" for dividends in the future. Now might be a good time to invest in some of these new telecoms coming on-board in Barbados. Karib Cable, TeleBarbados, etc.

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