Moontown

HOUSTON, USA (Bloomberg) – Allen Stanford’s gold customers will regain possession of $21.2 million in coins and bullion seized 11 months ago from the company’s Houston headquarters when federal regulators raided the offices on suspicions the financier was running a $7 billion Ponzi scheme.

Investors had urged US District Judge David Godbey, who is overseeing the US Securities and Exchange Commission’s fraud lawsuit against Stanford in Dallas, to release their gold as prices for the metal reached an all-time high during 2009.

“Coins and bullion that have been individually marked and stored for 147 Stanford Coin and Bullion customers” will be returned to their owners, Godbey said in Tuesday’s order. Gold that had been paid for in full and not delivered to another 70 customers will also be released, Godbey ruled.

Stanford, several of his top executives and three of his companies were sued by the SEC in February for allegedly paying early investors by taking money from later investors in more than $7 billion of certificates of deposit sold by Antigua-based Stanford International Bank Ltd. Regulators won a court order freezing Stanford’s corporate and personal assets until the case is resolved.

Stanford, who denies all wrongdoing, is in jail awaiting trial on 21 criminal counts that mirror the civil allegations.

Ralph Janvey, the court-appointed receiver marshalling Stanford’s assets to repay investors, didn’t oppose the return of coins and bullion that were stored in individually labeled boxes in Stanford’s vault. Those customers argued that Stanford held their gold as a courtesy and that the company had no ownership interest in their gold.

Godbey deferred ruling on whether the receiver should return about $500,000 in cash collected from gold customers whose orders weren’t filled. The judge ruled that Janvey needn’t hand over about $1 million in coins and bullion to customers who hadn’t finished paying for their purchases when regulators seized Stanford’s operations.

Janvey got permission to liquidate about $1.8 million in coins and bullion in the division’s unsold inventory. Gold for immediate delivery was trading at $1,122.85 an ounce Tuesday.

Separately, Stanford’s criminal-defense lawyers Tuesday asked the US Court of Appeals in New Orleans to overturn last month’s lower-court ruling denying his request to be released on bail. Stanford is on the verge of “a complete nervous breakdown” because of his incarceration, his lawyers said. (Caribnet)

NASSAU, Bahamas — Newly appointed Commissioner of Police Ellison Greenslade announced that strategic priorities will form the plans and actions of the Royal Bahamas Police Force for the year 2010, as an intervention to serious crimes in The Bahamas.

Newly appointed Commissioner of Police Ellison Greenslade gives a salute. (BIS photo/ Patrick Hanna)

Taking care of the people of the Commonwealth of The Bahamas, reducing crimes, enhancing community safety, youth engagement, involvement and intervention and national security are among the priorities.

Commissioner Greenslade said, “We will contain our current efforts to become a strategy focused but flexible organization with a caring, respecting and trusting culture. We want to be an organization that is adaptable, innovative and responsive to the needs of the people we are sworn to protect and serve.

“We want to be a police service of excellence which is characterized as the best place to work and to grow.”

He spoke during a ceremony at Police Headquarters to mark his confirmation as Commissioner of Police, Monday, January 4. He took over from retired Commissioner Reginald Ferguson, a native of Acklins, who served on the Force for more than 44 years.

Governor-General Arthur D Hanna, members of the Cabinet, Members of Parliament, Senators, members of the Diplomatic Corps and senior public officials were among those in attendance.

In addition to the appointment of Commissioner Greenslade, Marvin Dames was confirmed as Deputy Commissioner of Police and Quinn McCartney as Senior Assistant Commissioner of Police.

The new Commissioner pledged to do his best for a safer Bahamas. He encouraged police officers to continue to make their best contributions to making The Bahamas a safer place to live, visit, work and play.

In his farewell remarks, Ferguson said the most important ingredient for success is professionalism, the renewed attitude of integrity, values and principles such as honesty, selflessness and commitment to the task.

Retired Commissioner of Police Reginald Ferguson signs a Handing Over Certificate as newly appointed Ellison Greenslade looks on during the Handing Over Ceremony of the Office of Commissioner of Police at Police Headquarters, Monday, January 4. (BIS photo/Patrick Hanna)

“Policing is a calling not for one whose motive is to become rich or popular overnight, nor for those seeking plaudits or self-advancement,” he said.

“But it is for those propelled by service to God and Country; those who refuse to complain about what they do not have and those who realize that theirs is a divine calling; a calling to make a difference where they are.”

Ferguson thanked those who advised, motivated, encouraged, or provided opportunities for upward mobility throughout his career and to those who were instrumental in causing him to fulfil his duties with dignity and integrity.

He expressed gratitude to the commissioners who preceded him including Salathiel Thompson and Gerald Bartlett (both deceased), Bernard Bonamy and  Paul Farquharson, Ambassador of The Bahamas to the United Kingdom.

He acknowledged his clerical and support staff, including Cheryl Brown and Stacey Farrington; his staff officer, Inspector Kimroy Ferguson and Constable Adderley and Constable Cox, chauffeurs. (Caribnet)

Vehicles in Basseterre (Photo by Erasmus Williams)

While figures show there has been a whopping 130 percent increase in motor vehicle registration, there was an 1100 percent increase in jeep ownership.

At the end of December 1995, there was a total of 9,215 registered vehicles. By the end of December 2008, vehicle registrations stood at 21,559, an increase of 12,344.

The number of private vehicles rose from 4,087 in 1995 to 8,357 in 2008, an increase of 4,270 or 105 percent. The number of hired cars rose from 591 in 1995 to 1,445 in 2008, an increase of 854 or 144 percent. Buses registered a 296 percent jump, moving from 171 in 1995 to 755 in 2008, an increase of 506. Registered jeeps rose a whopping 1106 percent by the end of 2008, moving from 471 in 1995 to 5,662 at the end of 2008. There were 716 registered motorcycles at the end of 2008, a 192 percent increase compared to 245 in 1995. Other types of vehicles including vans increased from 2,437 in 1995 to 3,733 in 2008, up 471 or 192 percent. The number of tractors also increased from 144 in 1995 to 176 in 2008, an increase of 32 or 22 percent.

Vehicles in Basseterre (Photo by Erasmus Williams)

The dramatic increase in vehicular ownership is attributed to more ordinary people acquiring vehicles, the significant expansion in new housing projects, new job opportunities and businesses opening up outside of Basseterre and Charlestown, which require travel of longer distances.

The increase in vehicles has also led to a higher level of congestion especially during the morning, mid-day and late afternoon rush hours and reduced parking areas in Basseterre. Efforts to reduce congestion continue with the opening up of the West Basseterre By-Pass road and other roads. (Caribnet)

The Foreign Minister said Monday that the matter, which is of importance to the entire Caribbean, would be raised at the next Council for Trade and Economic Development (COTED) meeting to be held here from February 4 to 9.

The matter is high on the agenda as it can have significant negative impacts on the local construction sector if not resolved urgently.

She has raised the matter with officials from other CARICOM states who are facing similar problems with the Trinidad-based cement company.

“I have been in discussion with several of my colleagues (Caribbean Foreign Ministers) and this hopefully, will be one of the first issues to be discussed at our next COTED and Guyana is looking to have this issue resolved in such away, that our business can continue, and our construction workers would not be hindered,” Rodrigues Birkett said.

Guyanese authorities had indicated that the removal of the CET from the commodity was based on national interest since the Trinidad-based company was unable to meet the demand from Guyana and the rest of the Caribbean.

“The issue of the CET on cement found itself on many occasions in the media and is something that is very very important to us to be sorted out… it would call for cooperation and collaboration with other member states as well and we are hoping we would be able to have a reasonable agreement in this regard,” Rodrigues explained.

TCL had moved to the Caribbean Court of Justice (CCJ) against Guyana and the CARICOM secretariat claiming that the removal of CET on cement from outside the region was illegal.

The Court ruled in favour of the company last year and instructed Guyana to reinstate the tariff. Guyana has abided by the ruling but will contest the decision. (CARIBNET)

THE VALLEY, Anguilla — The breakaway island of Anguilla, which was originally a part of St Kitts-Nevis, but which formed its own government under British administration in 1971, will hold its general elections on February 15, but St Kitts and Nevis Prime Minister, Denzil Douglas, has not yet announced the date for his country’s elections and it seems he will wait until the last minute for the electorate to decide if he will continue in office.

Prime Minister Denzil Douglas (photo by Erasmus Williams)

He will, however, have to announce a date within the next week or so because elections in the Federation must be held by mid-March.

According to some observers, Douglas is not sure of victory hence the reason why he is waiting to the last moment to ring the elections bell. Last weekend he had a lavish function which was attended by more than six hundred persons and included big names like US Congresswoman, Maxine Waters, Nation of Islam leader Louis Farrakhan, and Founder and President of Transafrica, Randal Robinson, not to mention PJ Patterson, the four-term former Prime Minister of Jamaica, and current Barbados Prime Minister, David Thompson.

Douglas no doubt wants to have four terms in office, hence his election campaign strategy. He came to power in 1995 when his St Kitts-Nevis Labour Party (SKNLP) defeated Kennedy Simmonds’ People’s Action Movement (PAM), and convincingly won the 2000, and 2004 general elections.

St Kitts and Nevis, which gained independence on September 18, 1983, under the leadership of Dr Simmonds, is the smallest sovereign nation on the planet both in area and population (43,000) and, even so, Nevis, the smaller of the two islands in the Federation, with a population of about
8,000, wanted to secede and form its own government, but it lost its bid for separation.

The Organisation of American States (OAS) and the Caribbean Community (CARICOM) will both send representatives to observe the elections.

Anguilla’s Chief Minister Osbourne Fleming announced the election date on Tuesday night at a pubic meeting of his ruling Anguilla United Front (AUF) party. Fleming, who is going into retirement, in making the announcement said “Tonight I take great pleasure in advising you that by the help of God, because we don’t know what could happen, elections in Anguilla will be on the 15th February 2010″

Besides Fleming two other senior members of the AUF, Kenneth Harrigan and Albert Hughes, announced that they would not be contesting the next general elections and would be stepping down from active politics.

Two other political parties, the Anguila United Movement (AUM), headed by former chief minister Hubert Hughes, and Anguilla’s Progressive Party (APP) led by businessman Brent Davis, and at least four independent candidates are expected to be contesting next month’s elections, and from reports it seems as it the elections will be keenly contested, although at the last general elections the incumbent AUF won five of the seven parliamentary seats.

Last year, elections were held in Antigua and Barbuda, Cayman Islands,. Montserrat and Dominica. The governments of the two independent states of Antigua and Barbuda and Dominica, who are members of ALBA, were reelected, but the two dependent states of Cayman Islands and Montserrat have new governments.

Joel Julien joel.julien@trinidadexpress.com

TRINBAGONIANS have become better drivers, according to statistics from the Police Service’s Traffic Branch for last year.

The number of fatal crashes on the nation’s roads for last year was the lowest figure in six years, according to statistics. The year 2009 ended with 179 fatal crashes which resulted in some 207 deaths, figures have shown.

The year 2008 was the bloodiest time on the nation’s roads, with 233 fatal accidents and 262 lives being lost. The 2009 figure is the lowest since road fatalities crossed the 200 mark in 2004.

In 2004, there were 186 fatal car crashes with 209 persons being killed. Since then, the road fatality figure has always been over the 200 mark.

And many persons involved directly in the process of managing this country’s road carnage believe the implementation of the breathalyser may have a significant role to play in the drop in fatal accidents.

Speaking after an award ceremony held to honour members of the Community Crime Prevention Unit yesterday, Acting Commissioner of Police James Philbert said just the thought of being caught by the breathalyser had caused drivers to adjust their alcohol consumption.

But this was not the only cause for the decreased figure, Philbert said. He commended the general public for improving their driving habits on the road but noted that increased police visibility on roadways was also responsible. However, he called for a revamp in the legislation to deal with the use of cellphones by drivers.

Breathalyser testing done on the Audrey Jeffers Highway in Mucurapo for four hours between Old Year’s night and New Year’s morning netted no drunk drivers, he said.

The breathalyser law was proclaimed on November 16. And on December 22, the first official use of the breathalyser began around 11 p.m. along Ariapita Avenue in Port of Spain. Approximately four people were tested then, with two found to be over the legal limit. However, delays in transporting those two persons to a nearby police station for the mandatory second test caused their alcohol level to drop within the legal limit.

According to the new legislation, drivers found over the legal limit of 0.8 blood alcohol concentration, as first time offenders, can be fined $8,000 or face imprisonment for three years. A second offence results in a $15,000 fine or imprisonment for five years, and a third offence leads to permanent disqualification from holding or obtaining a driver’s permit. (Trinidad Express)

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ALARMED: Siparia MP Kamla Persad-Bissessar displays a UNC membership application form during her campaign meeting at Canque Junction in Biche on Monday night. -Photo: TREVOR WATSON

The decision to reject some 16,000 applications for UNC membership is shocking and unprecedented, says Siparia MP Kamla Persad-Bissessar.

’I find it shocking that our party would reject 16,000 membership applications on the basis of not having time to complete the verification process on time,’ she said yesterday on the heels of a decision by the party’s National Executive to not process any of these new applications until after the January 24 internal elections.

Persad-Bissessar is challenging Panday for the post of political leader in the election.

She said it was difficult to understand this development especially since a committee dedicated to membership matters had been working on scrutinising and approving applications long before the close of the application deadline of December 18, 2009 and thereafter.

’If it is true that the intention is to rely on the existing list of members, then it would mean that the membership committee has done no work whatsoever because that list was available as at the 29th November 2001 when our last National Assembly was held,’ she said.

She added that it was also difficult to understand the reason being given that there were insufficient resources to complete the process in time. The new applicants would have paid their membership fee which would total about $90,000 (16,000 applicants at $5 each) which could more than pay for the human resources needed to complete the process in time, she added

’What is also alarming about this is that the chairman of the membership committee had given the assurance that the process would be completed in time for the vote,’ she said.

’I am also deeply concerned about this because it denies citizens the legitimate right to join a party of their choice,’ she continued.

Persad-Bissessar said that while a party reserves the right to reject a membership application, it is unprecedented that all new applications would be tossed out.

’This goes against the UNC’s basic principle of embracing all. I call upon them to reconsider this unprecedented decision ,’ she said.(Trinidad Express)