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NIB Deficiting ON u

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How do you feel about NIB Deficiting on u

Good
1
5%
Not good
13
68%
I like to be deficited on
5
26%
 
Total votes: 19

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De Dragon
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Re: NIB Deficiting ON u

Postby De Dragon » April 14th, 2022, 10:23 pm

zoom rader wrote:
De Dragon wrote:NIB money when I retire will just be to support vices/hobbies/grandkids.
I already have other investment instruments as my main income source for that time.
Dat is not the red government way

Well, tough sheit for them. Jordans, gold teethses and Carnival "experiences" will hopefully fund their retirements :lol:

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88sins
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Re: NIB Deficiting ON u

Postby 88sins » April 16th, 2022, 5:56 am

De Dragon wrote:NIB money when I retire will just be to support vices/hobbies/grandkids.
I already have other investment instruments as my main income source for that time.


Similar plans here.
I figured out early that money ain't gonna be enough to maintain me, or the household. So it will be used to pay for a few necessary expenses like electricity and water and property taxes, and the balance if any will go to the kids inheritance package.
I plan to live off the monthly income stream I set up, it's about 3x more than I would need to live comfortably. Did it that way, so that even if my sources of income drop by 50-60%, i still got enough to be ok, and of course the I.C.E. fund is still there, growing and untouched.

All who want to bank on NIB, go right ahead.
Just don't be shocked when it doesn't work out the way you thought it would and you get the short end of the stick.

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zoom rader
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Re: NIB Deficiting ON u

Postby zoom rader » April 16th, 2022, 8:54 am

88sins wrote:
De Dragon wrote:NIB money when I retire will just be to support vices/hobbies/grandkids.
I already have other investment instruments as my main income source for that time.


Similar plans here.
I figured out early that money ain't gonna be enough to maintain me, or the household. So it will be used to pay for a few necessary expenses like electricity and water and property taxes, and the balance if any will go to the kids inheritance package.
I plan to live off the monthly income stream I set up, it's about 3x more than I would need to live comfortably. Did it that way, so that even if my sources of income drop by 50-60%, i still got enough to be ok, and of course the I.C.E. fund is still there, growing and untouched.

All who want to bank on NIB, go right ahead.
Just don't be shocked when it doesn't work out the way you thought it would and you get the short end of the stick.
Red government ppl bank on NIB .

They failed to plan , carnival costumes make them happy but they don't think beyond age 60

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » April 16th, 2022, 9:24 am

zoom rader wrote:
88sins wrote:
De Dragon wrote:NIB money when I retire will just be to support vices/hobbies/grandkids.
I already have other investment instruments as my main income source for that time.


Similar plans here.
I figured out early that money ain't gonna be enough to maintain me, or the household. So it will be used to pay for a few necessary expenses like electricity and water and property taxes, and the balance if any will go to the kids inheritance package.
I plan to live off the monthly income stream I set up, it's about 3x more than I would need to live comfortably. Did it that way, so that even if my sources of income drop by 50-60%, i still got enough to be ok, and of course the I.C.E. fund is still there, growing and untouched.

All who want to bank on NIB, go right ahead.
Just don't be shocked when it doesn't work out the way you thought it would and you get the short end of the stick.
Red government ppl bank on NIB .

They failed to plan , carnival costumes make them happy but they don't think beyond age 60
Eric Williams started it when he realized red government ppl didn't put things in place to bury themselves

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death365
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Re: NIB Deficiting ON u

Postby death365 » April 17th, 2022, 8:10 am

The other side of the pendulum is that we start reducing the pensions of persons currently in the system as well as those in the near to mid term (1 month to 7 years).

After that reduction, in the 7th year the govt can readjust if necessary.

Just a side note since 2017 to now france has been trying to adjust thiers to 65 (or reduce) but facing stiff resistance.

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » April 17th, 2022, 8:17 am

death365 wrote:The other side of the pendulum is that we start reducing the pensions of persons currently in the system as well as those in the near to mid term (1 month to 7 years).

After that reduction, in the 7th year the govt can readjust if necessary.

Just a side note since 2017 to now france has been trying to adjust thiers to 65 (or reduce) but facing stiff resistance.
Ultimately, that would mean political suicide but I believe this government should do it as they already highly unfavourable..

Alot of pensioners take loans in their old age, for what I dont know but they do, that reduction in their pensions can cause them to default on their financial obligations.

The system needs rehashing but it has to be give and take from both sides of the spectrum.

K74T
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Re: NIB Deficiting ON u

Postby K74T » April 17th, 2022, 9:01 am

No shame

FB_IMG_1650200470180.jpg

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zoom rader
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Re: NIB Deficiting ON u

Postby zoom rader » April 17th, 2022, 9:55 am

Red government ppl on the streets saying the rasing the retirement age is necessary. Best joke is most of these people don't have a stable job nor pay NIS

bluefete
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Re: NIB Deficiting ON u

Postby bluefete » April 17th, 2022, 10:00 am

zoom rader wrote:Red government ppl on the streets saying the rasing the retirement age is necessary. Best joke is most of these people don't have a stable job nor pay NIS


They do not even understand that it is only the age at which you can receive NIS NOT the retirement age that will change.

Gov't looking to raise the age at which people can get NIS from 60 to 65.

It has nothing to do with the age at which one retires.

Try telling that to red and yellow people.

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » April 17th, 2022, 10:01 am

zoom rader wrote:Red government ppl on the streets saying the rasing the retirement age is necessary. Best joke is most of these people don't have a stable job nor pay NIS
This take win

Then they coming 5 years down the road to complain and say the employer was never taking out the NIS and want us to work magic

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zoom rader
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Re: NIB Deficiting ON u

Postby zoom rader » April 17th, 2022, 11:23 am

hover11 wrote:
zoom rader wrote:Red government ppl on the streets saying the rasing the retirement age is necessary. Best joke is most of these people don't have a stable job nor pay NIS
This take win

Then they coming 5 years down the road to complain and say the employer was never taking out the NIS and want us to work magic
In other words on the street it's kamala that cause Retirement age to go up cause she spend out the money.

Trinidad education system has failed these people

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » April 17th, 2022, 11:28 am

zoom rader wrote:
hover11 wrote:
zoom rader wrote:Red government ppl on the streets saying the rasing the retirement age is necessary. Best joke is most of these people don't have a stable job nor pay NIS
This take win

Then they coming 5 years down the road to complain and say the employer was never taking out the NIS and want us to work magic
In other words on the street it's kamala that cause Retirement age to go up cause she spend out the money.

Trinidad education system has failed these people
Stupid country with stupid ppl

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88sins
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Re: NIB Deficiting ON u

Postby 88sins » April 17th, 2022, 10:43 pm

How much allyuh wanna bet.

They going to push to raise retirement age to 65, and not long after going to try to raise the minimum pension contributions to 950, so that you have to work and pay contributions for longer to ensure you get that monthly chicken feed pension.

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zoom rader
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Re: NIB Deficiting ON u

Postby zoom rader » April 18th, 2022, 12:35 am

88sins wrote:How much allyuh wanna bet.

They going to push to raise retirement age to 65, and not long after going to try to raise the minimum pension contributions to 950, so that you have to work and pay contributions for longer to ensure you get that monthly chicken feed pension.
Yes that is coming and with idiots like J.O.E and Eliteauto-Tun Tun the red government sure to remain in power

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De Dragon
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Re: NIB Deficiting ON u

Postby De Dragon » April 18th, 2022, 9:21 am

88sins wrote:How much allyuh wanna bet.

They going to push to raise retirement age to 65, and not long after going to try to raise the minimum pension contributions to 950, so that you have to work and pay contributions for longer to ensure you get that monthly chicken feed pension.

I wouldn't put it past this lazy, incompetent LFD RFD PNM bunch.

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » May 1st, 2022, 5:08 pm

Trinis not planning properly for retirement

https://www.guardian.co.tt/news/trinis- ... c189dfc91e


Trinis think the government will mind them in their old age

Mmoney607
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Re: NIB Deficiting ON u

Postby Mmoney607 » May 1st, 2022, 5:46 pm

hover11 wrote:Trinis not planning properly for retirement

https://www.guardian.co.tt/news/trinis- ... c189dfc91e


Trinis think the government will mind them in their old age


Nah leave them. They under stress. They need to relaxxxx with a lil carnival fete. Then when they turn 60 they want they children to mind them

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shaneelal
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Re: NIB Deficiting ON u

Postby shaneelal » May 29th, 2022, 10:31 am

Seems due diligence was not followed, as usual no one will probably be held accountable.


The property is valued at $20.2 million on NIB’s books. Last Thursday, NIB published a newspaper advertisement in which it made a Request for Proposals for the “provision of services related to the proposed sale of six parcels of land” for the NIB.

In 2014, the NIB paid $37 million for the buildings—$32 million for the property and $5 million for renovation.




NIB to sell ‘Apsara’ property

https://trinidadexpress.com/business/lo ... 0770a.html


apsara.jpg

FLASHBACK: The controversial property at Queen’s Park East in Port of Spain, which is due to be put back up for sale next month by its owner, the National Insurance Board.

Asha Javeed 14 hrs ago

The National Insurance Board (NIB) will list for sale next month the property that used to house fine dining restaurants Apsara, Tamnak Thai and the Siam nightclub, located at 13 Queen’s Park East, Port of Spain.

The property is valued at $20.2 million on NIB’s books. Last Thursday, NIB published a newspaper advertisement in which it made a Request for Proposals for the “provision of services related to the proposed sale of six parcels of land” for the NIB.

The Sunday Express understands that the most recent valuation of the Queen’s Park East property was done in 2021 by Linden Scott and Associates.

Last year, the NIB took possession of the property as the owner and landlord, which it had controversially acquired, after the lessor R&M Property Holdings failed repeatedly to meet its rental obligations.

The property has now been vacant for 14 months.

At the time, the NIB’s Investment Committee recommended that the property be sold. This was delayed as the board at the time wanted to explore its options with regard to the property.

However, after the term of the last board expired and with delays in installing a new board, the resolution on what the NIB would do with the property never materialised.

The property, which houses the restaurants and nightclub, is located metres away from the NIB’s head offices around the Savannah.

The Sunday Express was told that in the valuation done on the property, that the structures on the property held little value. The property’s attraction is its location.

The lease was between NIB and R&M, which is owned by Sharif Mohammed and Marie Kavanagh.

R&M had failed to pay the NIB its monthly rent of $125,000 between July 2019 and March 2021.

On March 3, 2021, the NIB secured the property

A few days later, on March 6, the Facebook page of Apsara and Tamnak Thai restaurants announced that they would be closed temporarily, “due to unforeseen circumstances” and indicated that the restaurants “will reopen soon”.

On March 8, attorneys for R&M offered to make a payment of $4,021,996.44 to settle the indebtedness.

That sum comprised:

• $1,687,500, which represents rental arrears on 13 Queen’s Park East from April 2020 to March 2021 (12 months at $125,000 per month plus VAT)

• $1,265,625, which represents rental arrears for the period July 2019 to March 2020 (nine months at $125,000 per month plus VAT)

• $1,068,496.44, representing an order NIB received in December 2020 from Justice Frank Seepersad, following a claim brought by the Board in 2018 for rental arrears.

In the March 8 letter, R&M requested of NIB that it be permitted to re-enter the property, on payment of the $4,021996.44, and on terms contained in the original lease, so that operation of the business could resume.

The NIB rejected that offer.

The Apsara restaurant re-opened at MovieTowne last year.

Questions over purchase

The acquisition of the property by the NIB in 2014 was subject to an audit by the Central Audit Unit of the Ministry of Finance which determined that the NIB did not get value for money.

In 2014, the NIB paid $37 million for the buildings—$32 million for the property and $5 million for renovation.

The NIB then entered into a ten-year lease back arrangement with the owners of R&M Ltd.

For the first four years, the tenant R&M would pay the NIB a monthly rental of $96,000 and $125,000 for the remaining six years.

After ten years, R&M had the option to repurchase the property.

By April 2018, the rent-increase was applied.

R&M has complained to the NIB that they were unable to pay the new rent because of challenges the business faced with inadequate parking.

The NIB had made an offer to R&M to rent car park space from its adjacent offices at $29,000 a month but the company refused as it would have raised the monthly rent of the restaurants to $154,000.

Mohamed, who had occupied the premises for 20 years before, said he purchased the property, which is about 19,000 square feet, at 13 Queen’s Park East from CIBC for $1.9 million in 1991.

Property valuation

The audit conducted by the Ministry of Finance’s Central Audit Committee on May 10, 2017 noted that the NIB did not do a valuation of the property, for which it spent $37 million.

Instead, at the time the company relied on two valuations submitted by R&M, which had the property priced at $32 million.

Four months after the sale was executed, on January 7, 2014, the NIB commissioned its own valuation by Linden Scott & Associates, which placed the open market value of the property at $16.5 million.

“The valuator placed no value on the buildings, stating that the buildings on the property were over 60 years old and had outlived their useful economic lives,” the audit revealed.

Furthermore, the NIB paid a premium price of $2,014 per square foot for the Queen’s Park East property, a rate higher than other properties bought around the Savannah at that time.

A comparison of properties sold in and around the environs of 13 Queen’s Park East showed that the prices of three properties with buildings, which were demolished, ranged between $879 and $1,310 per square foot.

It was also noted that a vacant piece of land that had special interest to the buyer was sold at a premium price of $1,534 per square foot wheras in 2010 NIB itself purchased a vacant parcel of land, at 19 Queen’s Park East at $1,004 per square foot.

“Based on the price paid, and excluding the buildings on the property, it meant the NIB would have paid $2,014 per square foot for the land at 13 Queen’s Park East,” the report said.

The audit concluded that based on the documents reviewed and the events leading up to the NIB’s Investment Committee agreeing to the counter proposal, “it appeared that the NIB did not conduct a proper due diligence exercise prior to entering into this purchase and lease-back agreement”.

“It also appeared that NIB was either unaware or failed to acknowledge the negotiating strength it possessed at the time,” it said.

“Going forward it is recorded that whenever monies from the National Insurance (NI) Fund are to be invested, for whatever reason, that NIB carry out proper due diligence exercises, as a necessity, before entering into any agreement.

“It is also recorded that the NIB needs to be more vigilant in identifying when it is in a position of negotiating strength and make every effort to exercise such strength to ensure that the best value for money is attained in such a situation,” the audit said.

The auditors expressed concern that in “the event that R&M does not exercise the options to repurchase the property, which is very likely if it is unfavourable to R&M Ltd, then according to Linden Scott & Associates Ltd, the buildings would have no value, not even to NIB”.

The NIB did not respond to queries from the Sunday Express.

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » May 29th, 2022, 11:29 am

shaneelal wrote:Seems due diligence was not followed, as usual no one will probably be held accountable.


The property is valued at $20.2 million on NIB’s books. Last Thursday, NIB published a newspaper advertisement in which it made a Request for Proposals for the “provision of services related to the proposed sale of six parcels of land” for the NIB.

In 2014, the NIB paid $37 million for the buildings—$32 million for the property and $5 million for renovation.




NIB to sell ‘Apsara’ property

https://trinidadexpress.com/business/lo ... 0770a.html


apsara.jpg

FLASHBACK: The controversial property at Queen’s Park East in Port of Spain, which is due to be put back up for sale next month by its owner, the National Insurance Board.

Asha Javeed 14 hrs ago

The National Insurance Board (NIB) will list for sale next month the property that used to house fine dining restaurants Apsara, Tamnak Thai and the Siam nightclub, located at 13 Queen’s Park East, Port of Spain.

The property is valued at $20.2 million on NIB’s books. Last Thursday, NIB published a newspaper advertisement in which it made a Request for Proposals for the “provision of services related to the proposed sale of six parcels of land” for the NIB.

The Sunday Express understands that the most recent valuation of the Queen’s Park East property was done in 2021 by Linden Scott and Associates.

Last year, the NIB took possession of the property as the owner and landlord, which it had controversially acquired, after the lessor R&M Property Holdings failed repeatedly to meet its rental obligations.

The property has now been vacant for 14 months.

At the time, the NIB’s Investment Committee recommended that the property be sold. This was delayed as the board at the time wanted to explore its options with regard to the property.

However, after the term of the last board expired and with delays in installing a new board, the resolution on what the NIB would do with the property never materialised.

The property, which houses the restaurants and nightclub, is located metres away from the NIB’s head offices around the Savannah.

The Sunday Express was told that in the valuation done on the property, that the structures on the property held little value. The property’s attraction is its location.

The lease was between NIB and R&M, which is owned by Sharif Mohammed and Marie Kavanagh.

R&M had failed to pay the NIB its monthly rent of $125,000 between July 2019 and March 2021.

On March 3, 2021, the NIB secured the property

A few days later, on March 6, the Facebook page of Apsara and Tamnak Thai restaurants announced that they would be closed temporarily, “due to unforeseen circumstances” and indicated that the restaurants “will reopen soon”.

On March 8, attorneys for R&M offered to make a payment of $4,021,996.44 to settle the indebtedness.

That sum comprised:

• $1,687,500, which represents rental arrears on 13 Queen’s Park East from April 2020 to March 2021 (12 months at $125,000 per month plus VAT)

• $1,265,625, which represents rental arrears for the period July 2019 to March 2020 (nine months at $125,000 per month plus VAT)

• $1,068,496.44, representing an order NIB received in December 2020 from Justice Frank Seepersad, following a claim brought by the Board in 2018 for rental arrears.

In the March 8 letter, R&M requested of NIB that it be permitted to re-enter the property, on payment of the $4,021996.44, and on terms contained in the original lease, so that operation of the business could resume.

The NIB rejected that offer.

The Apsara restaurant re-opened at MovieTowne last year.

Questions over purchase

The acquisition of the property by the NIB in 2014 was subject to an audit by the Central Audit Unit of the Ministry of Finance which determined that the NIB did not get value for money.

In 2014, the NIB paid $37 million for the buildings—$32 million for the property and $5 million for renovation.

The NIB then entered into a ten-year lease back arrangement with the owners of R&M Ltd.

For the first four years, the tenant R&M would pay the NIB a monthly rental of $96,000 and $125,000 for the remaining six years.

After ten years, R&M had the option to repurchase the property.

By April 2018, the rent-increase was applied.

R&M has complained to the NIB that they were unable to pay the new rent because of challenges the business faced with inadequate parking.

The NIB had made an offer to R&M to rent car park space from its adjacent offices at $29,000 a month but the company refused as it would have raised the monthly rent of the restaurants to $154,000.

Mohamed, who had occupied the premises for 20 years before, said he purchased the property, which is about 19,000 square feet, at 13 Queen’s Park East from CIBC for $1.9 million in 1991.

Property valuation

The audit conducted by the Ministry of Finance’s Central Audit Committee on May 10, 2017 noted that the NIB did not do a valuation of the property, for which it spent $37 million.

Instead, at the time the company relied on two valuations submitted by R&M, which had the property priced at $32 million.

Four months after the sale was executed, on January 7, 2014, the NIB commissioned its own valuation by Linden Scott & Associates, which placed the open market value of the property at $16.5 million.

“The valuator placed no value on the buildings, stating that the buildings on the property were over 60 years old and had outlived their useful economic lives,” the audit revealed.

Furthermore, the NIB paid a premium price of $2,014 per square foot for the Queen’s Park East property, a rate higher than other properties bought around the Savannah at that time.

A comparison of properties sold in and around the environs of 13 Queen’s Park East showed that the prices of three properties with buildings, which were demolished, ranged between $879 and $1,310 per square foot.

It was also noted that a vacant piece of land that had special interest to the buyer was sold at a premium price of $1,534 per square foot wheras in 2010 NIB itself purchased a vacant parcel of land, at 19 Queen’s Park East at $1,004 per square foot.

“Based on the price paid, and excluding the buildings on the property, it meant the NIB would have paid $2,014 per square foot for the land at 13 Queen’s Park East,” the report said.

The audit concluded that based on the documents reviewed and the events leading up to the NIB’s Investment Committee agreeing to the counter proposal, “it appeared that the NIB did not conduct a proper due diligence exercise prior to entering into this purchase and lease-back agreement”.

“It also appeared that NIB was either unaware or failed to acknowledge the negotiating strength it possessed at the time,” it said.

“Going forward it is recorded that whenever monies from the National Insurance (NI) Fund are to be invested, for whatever reason, that NIB carry out proper due diligence exercises, as a necessity, before entering into any agreement.

“It is also recorded that the NIB needs to be more vigilant in identifying when it is in a position of negotiating strength and make every effort to exercise such strength to ensure that the best value for money is attained in such a situation,” the audit said.

The auditors expressed concern that in “the event that R&M does not exercise the options to repurchase the property, which is very likely if it is unfavourable to R&M Ltd, then according to Linden Scott & Associates Ltd, the buildings would have no value, not even to NIB”.

The NIB did not respond to queries from the Sunday Express.
Friends, politics and business don't mix

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sMASH
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Re: NIB Deficiting ON u

Postby sMASH » May 29th, 2022, 11:45 am

hover11 wrote:
shaneelal wrote:Seems due diligence was not followed, as usual no one will probably be held accountable.


The property is valued at $20.2 million on NIB’s books. Last Thursday, NIB published a newspaper advertisement in which it made a Request for Proposals for the “provision of services related to the proposed sale of six parcels of land” for the NIB.

In 2014, the NIB paid $37 million for the buildings—$32 million for the property and $5 million for renovation.




NIB to sell ‘Apsara’ property

https://trinidadexpress.com/business/lo ... 0770a.html


apsara.jpg
FLASHBACK: The controversial property at Queen’s Park East in Port of Spain, which is due to be put back up for sale next month by its owner, the National Insurance Board.

[spoiler]Asha Javeed 14 hrs ago

The National Insurance Board (NIB) will list for sale next month the property that used to house fine dining restaurants Apsara, Tamnak Thai and the Siam nightclub, located at 13 Queen’s Park East, Port of Spain.

The property is valued at $20.2 million on NIB’s books. Last Thursday, NIB published a newspaper advertisement in which it made a Request for Proposals for the “provision of services related to the proposed sale of six parcels of land” for the NIB.

The Sunday Express understands that the most recent valuation of the Queen’s Park East property was done in 2021 by Linden Scott and Associates.

Last year, the NIB took possession of the property as the owner and landlord, which it had controversially acquired, after the lessor R&M Property Holdings failed repeatedly to meet its rental obligations.

The property has now been vacant for 14 months.

At the time, the NIB’s Investment Committee recommended that the property be sold. This was delayed as the board at the time wanted to explore its options with regard to the property.

However, after the term of the last board expired and with delays in installing a new board, the resolution on what the NIB would do with the property never materialised.

The property, which houses the restaurants and nightclub, is located metres away from the NIB’s head offices around the Savannah.

The Sunday Express was told that in the valuation done on the property, that the structures on the property held little value. The property’s attraction is its location.

The lease was between NIB and R&M, which is owned by Sharif Mohammed and Marie Kavanagh.

R&M had failed to pay the NIB its monthly rent of $125,000 between July 2019 and March 2021.

On March 3, 2021, the NIB secured the property

A few days later, on March 6, the Facebook page of Apsara and Tamnak Thai restaurants announced that they would be closed temporarily, “due to unforeseen circumstances” and indicated that the restaurants “will reopen soon”.

On March 8, attorneys for R&M offered to make a payment of $4,021,996.44 to settle the indebtedness.

That sum comprised:

• $1,687,500, which represents rental arrears on 13 Queen’s Park East from April 2020 to March 2021 (12 months at $125,000 per month plus VAT)

• $1,265,625, which represents rental arrears for the period July 2019 to March 2020 (nine months at $125,000 per month plus VAT)

• $1,068,496.44, representing an order NIB received in December 2020 from Justice Frank Seepersad, following a claim brought by the Board in 2018 for rental arrears.

In the March 8 letter, R&M requested of NIB that it be permitted to re-enter the property, on payment of the $4,021996.44, and on terms contained in the original lease, so that operation of the business could resume.

The NIB rejected that offer.

The Apsara restaurant re-opened at MovieTowne last year.

Questions over purchase

The acquisition of the property by the NIB in 2014 was subject to an audit by the Central Audit Unit of the Ministry of Finance which determined that the NIB did not get value for money.

In 2014, the NIB paid $37 million for the buildings—$32 million for the property and $5 million for renovation.

The NIB then entered into a ten-year lease back arrangement with the owners of R&M Ltd.

For the first four years, the tenant R&M would pay the NIB a monthly rental of $96,000 and $125,000 for the remaining six years.

After ten years, R&M had the option to repurchase the property.

By April 2018, the rent-increase was applied.

R&M has complained to the NIB that they were unable to pay the new rent because of challenges the business faced with inadequate parking.

The NIB had made an offer to R&M to rent car park space from its adjacent offices at $29,000 a month but the company refused as it would have raised the monthly rent of the restaurants to $154,000.

Mohamed, who had occupied the premises for 20 years before, said he purchased the property, which is about 19,000 square feet, at 13 Queen’s Park East from CIBC for $1.9 million in 1991.

Property valuation

The audit conducted by the Ministry of Finance’s Central Audit Committee on May 10, 2017 noted that the NIB did not do a valuation of the property, for which it spent $37 million.

Instead, at the time the company relied on two valuations submitted by R&M, which had the property priced at $32 million.

Four months after the sale was executed, on January 7, 2014, the NIB commissioned its own valuation by Linden Scott & Associates, which placed the open market value of the property at $16.5 million.

“The valuator placed no value on the buildings, stating that the buildings on the property were over 60 years old and had outlived their useful economic lives,” the audit revealed.

Furthermore, the NIB paid a premium price of $2,014 per square foot for the Queen’s Park East property, a rate higher than other properties bought around the Savannah at that time.

A comparison of properties sold in and around the environs of 13 Queen’s Park East showed that the prices of three properties with buildings, which were demolished, ranged between $879 and $1,310 per square foot.

It was also noted that a vacant piece of land that had special interest to the buyer was sold at a premium price of $1,534 per square foot wheras in 2010 NIB itself purchased a vacant parcel of land, at 19 Queen’s Park East at $1,004 per square foot.

“Based on the price paid, and excluding the buildings on the property, it meant the NIB would have paid $2,014 per square foot for the land at 13 Queen’s Park East,” the report said.

The audit concluded that based on the documents reviewed and the events leading up to the NIB’s Investment Committee agreeing to the counter proposal, “it appeared that the NIB did not conduct a proper due diligence exercise prior to entering into this purchase and lease-back agreement”.

“It also appeared that NIB was either unaware or failed to acknowledge the negotiating strength it possessed at the time,” it said.

“Going forward it is recorded that whenever monies from the National Insurance (NI) Fund are to be invested, for whatever reason, that NIB carry out proper due diligence exercises, as a necessity, before entering into any agreement.

“It is also recorded that the NIB needs to be more vigilant in identifying when it is in a position of negotiating strength and make every effort to exercise such strength to ensure that the best value for money is attained in such a situation,” the audit said.

The auditors expressed concern that in “the event that R&M does not exercise the options to repurchase the property, which is very likely if it is unfavourable to R&M Ltd, then according to Linden Scott & Associates Ltd, the buildings would have no value, not even to NIB”.

The NIB did not respond to queries from the Sunday Express.
[/spoiler]Friends, politics and business don't mix

they do, when its corrupt.
u consider the point was to pipe it off to some padnah eventually...
Last edited by sMASH on May 29th, 2022, 11:48 am, edited 2 times in total.

pugboy
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Re: NIB Deficiting ON u

Postby pugboy » May 29th, 2022, 11:46 am

doh forget judges, govt, mps pensions keep getting adjusted nicely and are very high compared to what the ordinary man gets
ie your contributions and what you will get ratio are on a different planet to them

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » June 17th, 2022, 10:51 am

Business Watch: Finance Ministry discuss raising retirement age in two Business Chambers



https://www.cnc3.co.tt/business-watch-f ... -chambers/

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88sins
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Re: NIB Deficiting ON u

Postby 88sins » June 17th, 2022, 1:03 pm

hover11 wrote:Business Watch: Finance Ministry discuss raising retirement age in two Business Chambers



https://www.cnc3.co.tt/business-watch-f ... -chambers/

funny how they want to discuss this topic with the "business chambers", but not willing to engage in a public referendum or to even seek the public's opinion with thee ones that will be DIRECTLY impacted by any proposed change, specifically, the hard working aging population in the workforce.



allyuh vote fuh dat.

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Re: NIB Deficiting ON u

Postby Kickstart » June 17th, 2022, 2:31 pm

88sins wrote:
hover11 wrote:Business Watch: Finance Ministry discuss raising retirement age in two Business Chambers



https://www.cnc3.co.tt/business-watch-f ... -chambers/

funny how they want to discuss this topic with the "business chambers", but not willing to engage in a public referendum or to even seek the public's opinion with thee ones that will be DIRECTLY impacted by any proposed change, specifically, the hard working aging population in the workforce.



allyuh vote fuh dat.
88sins=ZR

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DMan7
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Re: NIB Deficiting ON u

Postby DMan7 » June 17th, 2022, 8:21 pm

They should remove the retirement age entirely. Why waste time? That's where it's all heading eventually. Who ded, ded as the saying goes.

Numb3r4
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Re: NIB Deficiting ON u

Postby Numb3r4 » June 17th, 2022, 11:46 pm

Work 'til you die unless you die working first.

Good luck guys....

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88sins
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Re: NIB Deficiting ON u

Postby 88sins » June 18th, 2022, 8:19 am

Numb3r4 wrote:Work 'til you die unless you die working first.

Good luck guys....

Yup.
Their idea is you must pay once you working, and you must work till u almost ready to dead, so they don't have to pay you back what you put in.


NIBTT=T&T biggest state run ponzi scheme

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timelapse
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Re: NIB Deficiting ON u

Postby timelapse » June 18th, 2022, 8:24 am

88sins wrote:
Numb3r4 wrote:Work 'til you die unless you die working first.

Good luck guys....

Yup.
Their idea is you must pay once you working, and you must work till u almost ready to dead, so they don't have to pay you back what you put in.


NIBTT=T&T biggest state run ponzi scheme
Wait until you realize how much money leaking from the oil and gas sector....

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hover11
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Re: NIB Deficiting ON u

Postby hover11 » June 18th, 2022, 10:02 am

88sins wrote:
Numb3r4 wrote:Work 'til you die unless you die working first.

Good luck guys....

Yup.
Their idea is you must pay once you working, and you must work till u almost ready to dead, so they don't have to pay you back what you put in.


NIBTT=T&T biggest state run ponzi scheme
Sins,

One thing is certain pensions must be paid....we have an aging population who are receiving pension and are at the same time out there going back to work thus collecting two or three incomes and not paying NIS because when you are recieving pension no NIS contributions are deducted from your salary should you decide if you wish to return to the working world...so they making it bad for us the working population

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88sins
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Re: NIB Deficiting ON u

Postby 88sins » June 18th, 2022, 2:06 pm

hover11 wrote:
88sins wrote:
Numb3r4 wrote:Work 'til you die unless you die working first.

Good luck guys....

Yup.
Their idea is you must pay once you working, and you must work till u almost ready to dead, so they don't have to pay you back what you put in.


NIBTT=T&T biggest state run ponzi scheme
Sins,

One thing is certain pensions must be paid....we have an aging population who are receiving pension and are at the same time out there going back to work thus collecting two or three incomes and not paying NIS because when you are recieving pension no NIS contributions are deducted from your salary should you decide if you wish to return to the working world...so they making it bad for us the working population

You can buy into the deception if you want. But nothing is certain or guaranteed. Because if by the time you supposed to start getting yours NIB goes bankrupt, where you feel they gonna get the money to pay you and others? From the government that's always running a steep deficit budget? Highly unlikely. With a wide swath of the population closer to retirement age, reduction in revenue collection from contributions, and their investments hemorrhaging money and making losses, if we are not mindful and these trends not reversed NIB can eventually collapse.

Are you aware that according to NIB, even if you have paid contributions in the highest category all your life and even made 40 years of such contributions, that does NOT guarantee that you qualify for the highest pension payable?

I go keep singing this song, because like ppl not getting it.
Do not bank on NIB when time for your retirement. Another source of income will be a necessity. Because with the rising cost of living, by then that $3K most people sharpening their teeth to get will probably only be barely enough to pay for medications or groceries, not both, and that's IF they get that much.

Best of luck, allyuh go need it.

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