BIU Delivers Financial Statements Up To 2009

September 9, 2011

BIU President Chris Furbert hosted a press conference this morning [Sept.9], and said the BIU financials up to 2009 have been delivered to the Registrar.

Mr Furbert said, “We employed the services of Moore Stephens & Butterfield to be our auditors back in October 2009, and I am pleased to say today that the audited financial statements up until September 30th, 2009 have been submitted to the Registrar as of yesterday.”

BIU President Chris Furbert Financials  Bermuda September 9 2011-1-3_wm

“So I would like to sincerely thank the Registrar for working with the BIU over the past several years, since we haven’t filed audited returns since September 2002. We’ve done what we can to make sure we get the financials up to date, we’ve given a commitment to the Registrar.”

“And as I said a moment ago, we would like to thank the Registrar for working with us over the past several years while we have been working on getting the audited financial statements up to date.”

When asked about the BIU’s financial position, Mr Furbert replied that “It is safe to say the BIU is in good shape financially.” Mr Furbert spoke about BIU expenses and assets, and said the BIU aims to “manage the members money prudently and correctly.”

8-minute audio of Mr Furbert’s statement below:

Mr Furbert also thanked the BIU staff, saying: “They have gotten a lot of criticism over the last several months from Michael Fahy and a few other people. These staff members come here every day, and they come here to work.”

OBA Interim Chairman Michael Fahy previously said, “The union has not filed any accounts with the Registrar General since 2003, as required by the Trade Union Act of 1965; and the accounts it filed for the years 1999 to 2002 were rejected for not meeting the requirements of the law. In light of these failures – no approved financial statements for 12 years – the Registrar General should institute proceedings under the terms of the Act.”

Mr Furbert also took the opportunity to officially launch the BIU’s new website, which he said has received over 400 hits thus far.

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  1. BIU Financials Available To Public : Bernews.com | November 13, 2011
  1. Qualifications and Notes says:

    Since these Audited Statements are now a matter of public record could someone publish the Qualifications and Comments of the auditors, thank you as the BIU membership should be aware of any controls issues that need to be addressed

    • SHUT UP OBA says:

      not Michaels Fahy and Dunkley can shut their traps. I agree they are such snakes always sliming around to get us to believe they are telling the truth!

      • SamD says:

        errrr…the OBA were telling the truth! The BIU had not done what they were supposed to do, so the truth hurt. But the truth motivated them to do the right thing and file their accounts to comply with the law. So the system worked and everyone wins.

        • lmao says:

          whatever? dam if you do and dam if you don’t according to you blind supporters of the UBP?OBA

          • BI YOU says:

            Damned if you do and Damned if you don’t???? Are you kidding me.!!!!. Oh they are damned alright! They didn’t do what they were suppossed to despite the fact that they were legalallly and morally obliged to do so. There is no grey area here. We are not talking a month behind…we’re talking TEN YEARS BEHIND!!!! And you are still trying to protect them! If Chris Furbert was the president of any other company in Bermuda or the world and was 1 year behind he would be FIRED not protected! He was 10 years behind and still 2 behind! …and only because they hired an outside firm? THey are holding a press conference….I would be ashamed to announce that we were ONLY two years behind!

      • Think about it says:

        and you think Chris Furbert isn’t a snake?! Then you are the biggest fool in Bermuda

        • lmao says:

          the dunkley gibbons pamplin richards are the longest snakes in Bermuda… BIU speak their minds, they don’t hide behind the money

          • Doin' the Dip says:

            Apparently they did (hide behind the money), since they didn’t file their accounts since ’03…

          • Truth (Original) says:

            ??? That doesn’t even make sense.

          • sandgrownan says:

            BIU speak their minds…yes they do, and that’s why they sound stupid.

          • Think about it says:

            Ok, I’m sorry, Chris Furbert isn’t a snake, he’s a weasel. Doesn’t make him any better than anyone you mentioned. The only difference between him and dunkley etc. is that he doesn’t have as much money to hide behind.

            Chris Furbert and the BIU are good for nothing except causing disruption is peoples everyday lives whenever they get the chance too and waste taxpayers money.

            Time for some new leadership.

            • whatever says:

              and dunkley is serviing sour milk and charging big prices.

      • new guest says:

        Agreed Michael Fahy and Michael Dunkley needs to apoloize to the BIU and their members.

        Let Michael tells us how much salary he makes off all Bermudians who have not choice but to buy his expensive milk and products. We all have children and they need milk and the milk man sucks us dry.

        • OU812 says:

          Apoligize? Are you serious? He called them out for records that according to law were well overdue!

        • CheapSkate says:

          You don’t have to buy Dunkley’s milk… What’s stopping you from buying ya own cow or goat? You might need a building permit to build a burn… We need the competition…

          • Rockfish#1 says:

            There is an article in todays Jamaica Gleaner promoting goats milk as being better than cows milk etc. Maybe every Bermuda household should invest in a goat or two!

            • LIz says:

              LMAO yeah right can you picture it some of the elite entitled people on this island milking a goat…. They would have to hire someone to do it.

        • BI YOU says:

          Open a dairy yourself! If you think it is so easy. Mr. Dunkley owns a PRIVATE company. His business is HIS business. Don’t want his milk don’t buy it! Chris Furbert is a part of a UNOIN and has the UNION MEMBERS money …not his own!

          • Shaking the Head says:

            So stupid for the deluded to continue to rant at Michael Dunkley. There’s nothing stopping the BIU buying a few cows, or importing fresh milk, and selling as “BIU Dairy”, or “Bro Chris’s finest” at a discounted price. Just think, sell milk for $1 a gallon which would be subsidized by the members. BIU accounting skills at their best!

            • Warrior 1 says:

              the biu had a supermarket …remember????….what happened there huh??
              LET’S GO INDEPENDANT..I CAN’T WAIT FOR IT …SEEMS LIKE YOU ALL JUS AINT GOT WHAT IT TAKES…

              • Pastor Syl says:

                @ Warrior 1: I hope you are being facetious about going independent. If we can’t handle things now, independence would be a complete disaster. We’d be over-run by the guys with the guns and no help in sight! In fact, one criminal back in 1999 told me that was exactly what the criminal element planned to do – and there are even more guns here now than there were then!

              • Maddog says:

                Are you talking about black people because if you are let get it on.

        • Arthur - Atlanta says:

          Please, please educate yourself on the truth and don’t believe the hype and ads (put out by the milk industry) “Humans do NOT need animals milk to be healthy and survive”

  2. Watching Patiently says:

    this is going to be interesting, one way or the other :P

  3. Truth (Original) says:

    “They have gotten a lot of criticism over the last several months from Michael Fahy and a few other people”

    ..and rightly so. It is amazing what a little positive pressure can do. Now we need to apply the same principles to our Government and demand some transparency on all of the shadowy deals that went down. Name and shame !

    • LaVerne Furbert says:

      You do not believe for one minute that the BIU has only been working on having their accounts audited because Michael Fahy and others do you?

      • LOL (original) says:

        Yes I do.

        LOL

      • Sean Soares says:

        No LaVerne,
        I’m sure that they just happened to release these audited accounts after years, only months after someone spoke publically about them.

        Lets examine the alternative shall we….and that being that the BIU’s accounting staff is so inadept at their jobs that it actually took them this long to get their accounts in order for an audit. Is that what you’re saying here then?

        • GreatPics says:

          Sean Soares,

          You sound a little testy. What Senator Furbert was saying (and I will refer to her with respect, unlike you), is that the BIU has likely been working on these for a while and that Mr. Fahy’s rants had nothing to do with their completion. I think you and the OBA are just upset now that Mr Fahy cannot harp on this issue and politicize it anymore.

          • Think about it says:

            Give me a break. The ONLY reason that the BIU is doing this is because their dirty dealings are being aired out to the public

            • PEPPER says:

              The few remaing members of the B.I.U. HAVE SEEN THE LIGHT… and else for Lavern and Chris Furbert you can not fool the members anymore.
              The labour day parade /march how many people showed up ?
              The Bermudian public have had enough of the likes of Lavern and Chris Furbert…. you do not have the respect of the majority of the right thinking people of Bermuda….

          • Sean Soares says:

            GreatPics,
            First off, I have nothing to do with the OBA.

            Although I agree with Mike’s criticism however, for the simple reason of transparency and following the established rules as well, which should apply to us all.

            Secondly, Laverne Furbert / Senator Furbert currently wears two public hats, that of BIU Member (Secretary?) and that of Senator. She is not (Nor can not wear the hat of Senator Furbert in her BIU capacity) which is why I did not refer to her as Senator Furbert. If she was commenting in her official capacity, I would have happily called her by her designated title.

            Thirdly, lets look at the crux of my message in that they are 12 YEARS overdue. Allowing this to continue for so long not only sets precedence but also relaxes extremely import economic safeguards (Which now is not the time to do so). Testy, yeah a bit as this is long overdue and I find it annoying that if another business/organisation were to do this they would most likely be subjected to the letter of the law. Considering the public forgiveness that the BIU has incurred (Read Berkley Bond), you would have thought that they played ball with their finances. At the very least, more than one member has brought this up on these and other forums, shouldn’t the BIU at least be accountable to the very members they exact funds from every paycheck?

            • 32n64w says:

              @Sean – I wonder if a reason they never prepared and filed audited accounts previously was that any right thinking person (especially the auditors) would have immediately considered the BIU insolvent given the Berkeley performance bond obligation. Only after the Government ‘forgave’ the obligation did they file.

            • whatever says:

              Sean you are a liar. you are a member of the OBA and speak out for them always on facebook. Geez, these boys will lie you down to your face – don’t trust none of those critters.

              • Rockfish#1 says:

                @ whatever,
                “we had to deceive you”—–sound familiar?

              • Sean Soares says:

                @ Whatever,
                You remind me of an old saying. “Its better to be silent and be considered a fool, than to open your mouth and remove all doubt.”

                Not a member of the OBA and have never spoke for them. I was a member of the BDA, if thats where your confusion lies.

                Now if you have sometying relevant to say then say it, if not then see above quote and stfu.

        • PEPPER says:

          Exactly what is Lavern’s job at the B.I.U.she seems to have a lot of time to call the talk shows…thank God Everest has seen the light…because at one time she ran his show…and he had no idea what she was all about….but he is now the best talk show host in Bermuda..and he is in charge,so Everest do not kiss a*s to the present government, you did it at the last election….do not do it again………………..

          • Cleancut says:

            unfortunately they have all ganged up on everest and gagged him. At the the moment he doesn’t know whether to laugh or cry.

      • Truth (Original) says:

        @ Ms. Furbert- I don’t think we can give credit to a single gust of breeze for pushing a sailboat over a finish line ….but every gust helps. Since you are commenting, what caused the 12 year delay in the first place? And would the BIU have filed at all if attention wasn’t brought to the matter? It has be difficult trying to be a moral authority with employers when your own house isn’t in order.

      • smith says:

        Actually, LaVerne, I do! What amazes me is that this does not enrage more people. It took seven years to get to this point. How SAD.

      • BI YOU says:

        You want us to believe that if nothing had been said at all …we would see results!!!! What is the reason, did someone in the accounts department FINALLY wake up and read their job description! Nope that can’t be it…they hired an outside firm to play catch up. More of the members money wasted ! Increase in dues coming soon! Perhaps if you spent less time on talk shows and BERNEWS defending the BIU and family and concentrated on your job…maybe they wouldn’t be 12 years behind.

    • lmao says:

      this is how arrogant they all – want to make us beleive that Fahy and Dunkley are truth makers lmao

  4. Michael D says:

    ‘Mr Furbert also thanked the BIU staff, saying: “They have gotten a lot of criticism over the last several months from Michael Fahy and a few other people. These staff members come here every day, and they come here to work.”’

    Working when people criticize you for not working for the last 12 years, is not really something you should be proudly holding a press conference for.

  5. Just Curious says:

    There should be a mandate for clubs to submit their audit within (2 years) minimum! not 9 years Later!!! this looks fishy… without getting into spinning room politics! get the Auditor General involved too..

  6. Just Curious says:

    Moore Stephens & Butterfield

    WHO ARE THEY??????????

  7. GreatPics says:

    People are so crazy. All this time some of you are criticizing them for not submitting their statements. Now they submit them and before even analysing them you all are criticizing them.
    It is definitely a damned if u do, damned if u don’t situation going on.

    • LOL (original) says:

      So should everyone else also get a 12 year extension for filing?

      LOL

    • Be real and open says:

      We will criticize because we pay dues and have no clue what’s going on with them. Give us the BIU members privy to the documents. All I have to say its time for the new guard to take over….the BIU Seniors have had a stronghold but its only a matter of time

      • LaVerne Furbert says:

        If you pay dues, you should know what’s going on. If you don’t, that’s on you.

        • GreatPics says:

          Exactly. Which makes it more likely that “Be real and open” is hardly a Union member.

        • Terry says:

          So what your saying is LaVerne that all paid up members knew and know the financial status of the BIU over the past ten years but Government did not?

          Spin that one more time for me.

          • Maddog says:

            What Laverne is saying fool, if you are a member of the BIU you can come to financial meeting and fine out what you want . And for those who want to know who done the BIU audit, it is the same firm tha did MICHEAL DUNKLEY BOOKSSSSS. PUT THAT IN YOUR PIPE AND SMOKE IT.

        • Rob says:

          How much Dues did the public have to pay in taxes to save the BIU? Another Investigation maybe? we will just have to wait for the Registrar General.

  8. Terry says:

    A subsiduary of Stephens, Wants Moore of Butterfield LLc……bawahaaaaaaa

  9. Jazzy says:

    http://www.moorestephens.bm/websites/bermuda/msb.nsf/pages/home

    @ Just Curious. They are external auditors.

    They were brought in too late though, financials should be done every year, not every 9 years. Plenty of chance for things to be hidden before they arrived.

  10. Island Girl says:

    I can’t believe all of you are getting on at BIU for not filing their accounts for 12 years. I mean, have you all never forgotten anything? I forgot to take a pill yesterday, BIU forgot to file their accounts for a decade or so.

    Come on, give them a break! I mean Government forgot that school was gonna startup again and so didn’t hire teachers. Nobody is perfect. You haters just go away!

    • Think about it says:

      Love the sarcasm. At least I hope it’s sarcasm for your sake Lol

    • Can't Take It Anymore says:

      LMMFAO

    • JCS says:

      Hardly the same thing for heaven’s sake! Forgetting to take your vitamin pill in the morning is the same as not filing financials for 12 years? Get real.

  11. 32n64w says:

    The BIU actually held a press conference to announce they are (only) now compliant with the law? Meanwhile the rest of Bermuda’s regulated institutions comply in a timely manner and see no need to announce same. Yet another example of the BIU’s misplaced priorities.

    If, as Mr. Furbert states, the documents are available for public review for a small fee, why not simply post them on the fancy new website for the convenience of their members?

    Interesting, the BIU actually hired a non-Bermudian financial controller.

  12. Can't Take It Anymore says:

    I tell you, Mr. Davis adn the other founding fathers are rolling over and over in their graves right about now!!

  13. specialgirl4 says:

    Well Done BIU, for fulfilling your responsibility to the “Members of the BIU”. You have worked on this matter for sometime now, and it is good that you have completed this process. The BIU’s determination to complete it accounts was proven.

    It was not the UBP/OBA Mr. Fahy that made this happen, as the BIU had been working on this for sometime now. It was a long process, that had been at work, and requested from the “Registrar office” was made years ago. As a result, Mr. Fahy will not win any political points to gain any election votes. The matter is now “dead”.

    THe BIU hiring of an non-Bermudian financial controller would hopefully stop individuals from suggesting something sinster was done in respect to their books, as some folks always seek the worst regardless of who they did hire.

    • sandgrownan says:

      How is this well done? On what planet would this be regarded as worthy of a press conference?

      It’s like applauding someone for coming first in the hundred metres at fat camp!

    • smith says:

      Are you kidding me with this garbage??? Compliance means providing audited statements on an annual basis. So is this acceptable business for you? Pathetic–simply mind blowing stuff!!

    • Familiar says:

      I’m not going to give Fahy or anyone else credit for a few months of complaining about the BIU because that’s been going on for years by any number of different people and it didn’t accomplish a single thing. But it’s ridiculous to applaud the BIU for finally doing what they should have been doing on a yearly basis in the first place.

      And if it was truly a long, hard process to get the the financial done, you have to wonder about just how big a mess their records were… that alone should have BIU members asking a lot of questions, never mind the general public.

    • PEPPER says:

      Did you take your meds today ? or maybe like some you can not afford them !!!

    • PEPPER says:

      You are in serious denial….thank God for Mr Fahy…he put the pressure on the the union to alert their members as to where their money is going…..and to those who continue to support the B.I.U…..CHECK OUT WHAT YOUR LEADERS ARE BEING PAID …AND THEIR HEALTH BENIFITS…

  14. Terry says:

    De grave robbers struct dem too……..jingus………

    Um callin dee Pleece….dis his ah grave sityooahsheon…..

  15. 32n64w says:

    So how about the four year period ending 2002 that were previously rejected? Have those also been filed?

    • Pitts Bay says:

      How can they in all honesty (without Qualifications) actually do the 2003 without having the 2002 and prior years in place

  16. Shut Yo Mouth says:

    After Labor Day , but , before 9/11 . How Patriotic

  17. My two cents says:

    Bermuda is the only place I know of that pats themselves on the back for doing a job that should have already been done! No wonder!

  18. Heading Home says:

    I find it totally absurd that the Senator would get on a blog and fight it out with we the ordinary people of the land….what kind of government is this?

  19. Speaking out says:

    stupid it shows that she is not above being an ordinary citizen. you will talk about the plp if when they put on airs and when they are down to earth you still speak ill of them>?

    Give me a break. Yes Bob Richards and Michael Dunkley are too proud and white to come on the blogs its beneath them as they think and show with their actions. they think we are all lowerly people and just deserve crumbs.

  20. @Heading Home, doesn’t Dunkley get on facebook and fight it out with ordinary people on a daily basis?

  21. Bermy Cruising says:

    Laverne is dying a slow death, the Cox inner circle will soon discard her and Derrick for the help they gave in getting the biu delegates to endorsevte plp2010 leadership race

    The first blow will be when her friends in Constituency 6 reject her at the Branch elections, when Paula takes the Senatorship in February, all hell will break loose as hell hath no fury loke a eoman scorned.

    Constant rejection first from the Gibbons Clan and now this , she has a right to be bitter poor sight.

    • Isn't it so says:

      Poor sight is Michael Dunkley, who sulked all the way to the demise of the UBP and crawl – when he was 100% that Craig had the votes he stood by him now that he looking at the unofficial pole that Richards is ahead, he changed his tune.

      Trust me he’s is a NOT trustworthy.

      • Triangle Drifter says:

        Trust me he’s is a NOT trustworthy

        Lavern???? Is that you??? Trust you????

      • Rockfish#2 says:

        “TRUSTWORTHY??” How did Brown become Premier,and how do you describe the others that were involved in the coup de grace against Dame Jennifer?

    • Big D says:

      Interesting your right on the money Bermy Cruising.

  22. Sad says:

    These accounts are Three years old ancient unbelievable !!!!!!

  23. Rob says:

    “We would like to thank the Registrar for working with us over the past SEVERAL years. What does that mean? turning a blind eye? All sounds very wishy washy to me, and smells of cover-up. Who oversees the Registrar regarding suspicious activities and non compliance.

  24. LDWB says:

    Please tell me who holdsa press conference to announce that they have released financials up to ’09 – thats not an accomplishment to be proud of – that’s a damn shame!!!

  25. Nasty n true says:

    @Rob, next you will want the Registrar arrested? You byes make me smile!

    • Rob says:

      Naturally Nasty, you know, everyone supporting the PLP sleep in the same bed at night, you can trust nobody. Attorney General, Auditor General, etc, etc, etc.

    • Rockfish#1 says:

      @ Nasty n true,
      The precedent was set when the Auditor General was arrested—-right? Nuff said!

  26. G says:

    Wow, they hadn’t posted their financial since 2002!!! Sounds lazy to me!

  27. Terry says:

    Any particular reason why my short comment was not and has not been posted re LaVerne Furberts recorded comments about her fellow people?

    I’d like to know why.

    • Cleancut says:

      Why? Because LaVerne Furbert or Senator Furbert is putting some Ewart Brown Media gagging techniques into practice.

  28. Terry says:

    Good buy Bernews.

    Been great.

  29. Frederick Anthony says:

    Question: Why was a present Government Female Senator let go from a Government Job some years ago.

  30. My Shree Cents says:

    We should really do more background checks on people we allow to be called leaders….it should never include gunmen……drug dealers or theives never

  31. MinorMatters says:

    So much for the Bermudian “Verker”, did anybody catch that the BIU had hired a Pakistani [or some other foreign national] accountant to do their books before he had to go back home…and do they now have a Bermudian replacement???

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