Questions and concerns surrounding Jamaican brokerage house, Barita Investments are of little worry to movers and shakers in Trinidad  with many seeing contrived maneuvers designed to discredit Barita given too much significance.

Only this week, Trinidad & Tobago’s Minister of Finance Colm Imbert fulsomely supported Barita and his country’s state-owned First Citizen’s Bank’s association with the Jamaican investment house.

Imbert lauded its performance and hailed it as one of the best finance institutions in the region backed by some of Jamaica’s best and brightest business personalities.

Speaking in Parliament, Imbert said: “There is a particular journalist writing a torrent of  negative articles about Barita seeking to give the impression something is wrong  and Senator Wade Mark fell into that trap or willingly joined into that negative campaign and uttered absolute nonsense in his contribution (Senate debate), asking for an investigation.”

Imbert further stressed that First Citizen’s Bank is diversifying outside of Trinidad and is looking to extend its footprint across the Caribbean.

Seeking to gauge the assessment of the Barita/First Citizen Bank connection down in the twin-island republic, Our Today made a number of enquiries.

The most notable response cane from Anup Ahuja of Laventille, a former consultant with Touchstone Exploration.

“We have read all the reporting on Barita, including those written by you and I can see  nothing to disprove that Barita is one of the top performing investment companies in the Caribbean. Its returns are above average and its competitors in Jamaica cannot compete with it. I suspect many are grudgeful and trying to create doubt in investors’ minds.
‘So what Barita has raised J$34 billion in three years? It demonstrates the scale of its ambition and the confidence reposed in it.

Young Paul Simpson is the best financial performer the Caribbean has produced in a generation and we feel that attempts are being made to bring him down by sowing seeds of doubt about his methods and accomplishments. Jamaica’s very own Wain Iton who did a great job running the Trinidad & Tobago Stock Exchange has nothing negative to say. Jamaica’s FSC exonerated the company. Barita is audited by BDO, one of the best in the world and it hasn’t found anything untoward. Jamaica’s best financial journalist Huntley Medley has made it clear in numerous articles that there is nothing wrong and it’s all just baseless chatter.

“Sagicor and Mike Lee Chin are prominent investors in Barita and have not gone on record to query its operations. First Citizen’s Bank has made a handsome return on its investment in Barita and will continue to do so. Colm Imbert is a smart man and is correct in what he said in the Senate. The Caribbean should support its own businesses and banks, not belittle them.”

Supporting this sentiment, Imbert earlier declared: “I want to congratulate First Citizen’s Bank for its investment in Barita. I want to encourage First Citizens Bank to continue to invest in the region, as I also do encourage all of our CARICOM  partners to invest in Trinidad & Tobago.”

First Citizens Bank has made a capital gain of TT$130 million over the last two years from its TT$260 million investment in Barita.

Barita now has a market value of J$112 billion. For the nine-month period ended June 30, 2021 Barita Investments made net operating revenue of J$6.7 billion generating net profits of J$3.7 billion. Total shareholder’s equity came to J$30.3 billion with a return on average equity of 17.3 per cent.

Ahuja continued: “Barita Finance, Cornerstone, 294 Inc, bla, bla, bla. You have top Jamaican business families like Mark Myers and Duncan Stewart making a pile of money and that’s what it’s about. Investors are looking for good returns and that’s what Barita is doing.  At the end of the day, that’s the only connection that really matters.”