Friends, countrymen, Grenadians, men of my own country, greetings. I write this article as a manifestation of my patriotism in that I do not only speak for myself but on behalf of others who are hurting.
Many of you may have heard of the boasting of the management of a certain financial institution in Downtown St. George and of the growth the said Institution has experienced in the past few years.
This institution is being mismanaged by its present Manager but it is affected by wasteful spending, and such spending makes the Institution incapable of paying dividends to its shareholders.
I am going to say what I mean by wasteful spending – when the Auditors go there to do the auditing of the accounts they are fed sumptuously every day they go there to do auditing.
The goodies do not come from the ordinary cook shop but from those who cater. If they go there 3 times for the week they are feted 3 times a week at the expense of the institution.
I will go to other areas where the money continues to be wasted. Those things we call manikin were seen in the office wearing carnival costume before carnival. After carnival they were seen in the back of the office without the costume.
I am sure that those things were not obtained without a cost – there were an increase of scholarships from 2 scholarships to 5 scholarships, sponsored by the institution.
The institution also sponsored annual sports also football teams even their meetings in the office goes with a fete. It is fete for so with people’s money.
This manager treats this institution as if his father died and left it for him, so he can do what he wants with it.
The institution celebrated 50 years last year, more than ($60,000) sixty thousand dollars were spent on its celebration). This celebration took place in a certain venue unknown to many of its shareholders and members. Shareholders only knew about the celebration fete after it was published on the Barnacle newspaper, which depends on ads for its survival.
Now, every page on that newspaper contained the pictures, speeches and comments that were made on that day of the 50th Anniversary fete. I am sure this was not done for FREE by the Barnacle.
The institution gave an almanac every year to its shareholders and members – this has become history. It also gave a pen with its Logo, it gave $25 to each member attending the Annual A.G.M by a certain time.
These also have become history together with others and this should be a plus for the institution.
It does not have to pay rent any more, instead it collects rent and this is another plus.
During the last AGM (Annual General Meeting) the annual report given to shareholders & members did not contain any dividends.
The question was asked: Why are we not receiving any dividend? The answer was GARFIN say do not pay any dividend this year.
Another question was asked: How long ago did GARFIN said so? The answer was: A few days ago, which were a few days before the meeting, which took place in April.
The other question was: How long ago was the report printed? The answer was: About a month ago.
The final question was: Mr. Chairman, which one is a lie? No proper answer was given.
Now if GARFIN has truly said do not pay any dividend, this I am sure had to be done in writing and a copy of that letter had to be attached to the annual report.
However, management knew it was not going to pay dividend and this is why it was not on the annual report. Telling us that GARFIN say do not pay dividend is like someone going to the Pharmacy and saying to the Pharmacist, “the doctor say give me some pills”.
The Pharmacist will ask: Where is the prescription? The shareholders & members are asking where is the letter from GARFIN which say don’t pay dividend.
I am now calling on GARFIN to move expeditiously to clear its name.
There are financial Institutions that genuinely gave to their shareholders what is due to them after the financial year in terms of dividend.
One can hear the boasting of their shareholders about how well they were treated and what they received.