OBA’s Scott: ‘We Deserve Answers On Arbitrade’

May 28, 2019 | 98 Comments

“For months, we have been asking for answers to multiple questions” about Arbitrade, Deputy OBA Leader Leah Scott said, adding that “we deserve answers and we should have answers.”

This follows after the most recent statement from Arbitrade which said they never closed on the purchase of Cryptobontix, which they said will now be sold to Sion Trading FZE, who will then “move the company to another cryptocurrency friendly country where they can move ahead with the plans,” with Arbitrade claiming that “the original agreement for the gold shall be transferred to Cryptobontix.”

The statement from Arbitrade follows below [PDF here]

message from Arbitrade

Ms. Scott said, “Arbitrade – things that make you go hmmmm. For months, we have been asking for answers to multiple questions such as, the name of the independent accounting firm who verified the existence of the gold bullion, worth approximately $16.2 billion? What is the status of the chicken farm?

“Premier Burt informed the Bermudian public that Arbitrade had been put through enhanced due diligence. Was there really even basic due diligence performed?

“Arbitrade promised the Government that they would create hundreds of jobs. Where are those jobs?

“A prime piece of Bermuda real estate is now in the hands of a beneficial owners that barely pass the smell test.

“What was the source of funds for this acquisition? An acquisition, which, by the way, proceeded before the company was even incorporated.

“We learned recently that a civil servant made a written request to Arbitrade to make good on the $1 million pledge to Bermuda. Will that pledge ever materialize? Or do we count it as a loss, together with the, most likely, never to be seen $25 million from the defunct MoUs?

“The former OBA Minister of Finance, Bob Richards, was unmercifully bombarded with questions about the very successful, job providing, economy sustaining airport project, despite providing a plethora of documentation that addressed those questions, to the then Opposition.

“This Government talks the talk of transparency but does not walk the walk. Ironic it is that the cryptocurrency coins have names such as dignity and honour, while the very dignity, honour and intelligence of Bermudians, is being assaulted and insulted. We want answers. We deserve answers and we should have answers,” Ms Scott added.

We asked the Government for a response, and will update as able.

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Comments (98)

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  1. Sheldon says:

    If it walk like a duck, and quacks like a duck……..

    • Check MATE!!!!!!! says:

      We deserve answers on why the UBP name change to OBA. Also why black Bermudian voters stop trusting the UBP. Is that why you had to change the name overnight?

      • Hey says:

        they didn’t, a whole new party and constitution was set up. anyone could join be a member and step up to serve Bermuda under the new constitution.

        • Swing Voter says:

          I smell Bull S#it if that’s what you call it.

          • Wahoo says:

            I want to know what the UBP did that was so terrible. They created the success story that was Bermuda during that time many (dare I say) Bermudians became very successful. While all this was going on the plp and BIU were pushing a race only platform that has slowly dragged us into the land of hate. Now they are in “power” they prove time and time again that they have no clue what they are doing. They rely on a base that has no understanding of how an economy is supposed to work….sad.

      • what? says:

        Honestly who cares about any of that. UBP OBA PLP doesn’t matter. What matters now is we are getting screwed. Our Premier who happens to be an IT professional, couldn’t smell this from a mile away is worrying. Or if he did smell it, why did he not stop it?

      • Anbu says:

        Easy, because pee el pee voters are morons who just do what they’re told. Blunt enough for u muppet?

        • Black Beard says:

          You have muppet craig as your leader and you dare to compare lolololololol stfu bie. Lololoool

          • LaV says:

            LOL, the plp and their drones got PLAYED!!!!

          • CHRIS says:

            you need to SFTU and sit down. you have NO ANSWERS! so all you do is call people morons ? stop with the personal attacks and get answers!

      • Yea what he said says:

        They will never reply to this

      • Smith says:

        Don’t feel bad the OBA didn’t help SSM when they was in charge either by passing the law. Why would they help black Bermudian voters!

    • Onion Peels says:

      If it walks like a duck it belongs on Pasta Bean’s chicken farm.

      Oh wait … does this mean we don’t get the chicken farm with the Pasta’s magical hens that lay three eggs a day?

    • Black Soil says:

      Another reminder of the DIFFERENCE between the OBA and the PLP. And the PLP know how inept they are. So to counter this they stoke up racial hatreds to get elected.

  2. gustav says:

    answers ?
    don’t even dream about it .
    the best you will get is another smoke grenade

  3. Yes Eye says:

    The unfortunate reality is that while the Cryptocurrency world shows some hope, it appears that the PLP do not either understand the product, or do not hold any true faith in the product they are proposing to be the next big thing.

    Surely, if they did believe in this product and were a responsible government would they not be preparing or young students NOW for all the hundreds of jobs that are coming soon? Why is the Bermuda college not filled with programs to prepare our youth? Has the Minister of Education put together a plan with the schools to prepare our kids?

    The ugly truth is that either, our government does not really believe that this industry is going to be the future creator of jobs in Bermuda; OR that our children and young adults will not be adequately prepared for the jobs that are coming. So when you wonder why Bermudians are not hired, thank your government not not properly preparing them.

    So Premiere Burt, Mr. Caines and Robain, blow away some of the smoke and put down the mirrors. Are the jobs coming? If yes, why are you not preparing our kids NOW!

  4. sandgrownan says:

    Responding to the penultimate paragraph, the PLP ignore the hypocrisy of their actions. It’s a feature of their MO.

  5. DeOnion says:

    I think people can ask as many questions as they want – Government won’t answer them, unless it is to make a statement in the House which is protected by privilege

  6. Jamie says:

    Any half wit could tell a year ago this was a long con. Not sure why your government doesn’t use official channels with Canadian and US authorities to go after these schemers. Not sure why you don’t just take back Victoria hall. You know they aren’t going to put a dime into it. There was never going to be jobs. Why don’t you just arrest these guys next time they step foot on Bermuda soil?

  7. Wtf says:

    Bunch of scammers. It was obvious from day 1. We need to take Victoria Hall back from them for using our good name to front their scam!

  8. The only item needed on O.B.A. agenda should be: You messed up wretchedly. The P.L.P. is brighter, smarter, better-educated.
    O.B.A…. still licking their salty, rotten wounds.
    What a pity!!!
    O.B.A…..work on becoming an improved OPPOSITION.
    Get it!!!
    You messed up… trying to destroy intelligent and caring Bermudians’ lives!!!!!!!

    • Wtf says:

      What has PLP done for the common Bermudian in the last 2 years? Bet you can’t answer that.

      • Onion Peels says:

        Common Bermudian? Really, there is no ‘Common Bermudian’

        Bermudians are Spashul. Just walk into any post office to see for yourself.

        • Hmmm says:

          Bermudians are Spashul… and there we see the problem…Bermudians think they are Spashul!!!

    • truthertz says:

      As someone else stated on a previous article about the PLP’s actions which has increased all residents’ private healthcare plan:

      I trust that all Bermudians are thankful that the PLP Government has found yet another way to kick us while we are down.
      You had promised to ensure that you would LOWER the cost of living and put more money in the pockets of Bermudians. How is this lowering the cost of living?
      Instead you have found a way to increase just about everything in Bermuda. There are hundreds of loyal PLP cheerleaders reading this post and I challenge you all too state one item or service that costs less in Bermuda as a result of the PLPs policies. I further challenge you to find one person (politicians NOT included) that is now taking home more money in their paychecks as a result of the PLP and their money saving policies.
      You have increased stamp duties, import duties, payroll tax, taxed dividends, increased currency exchange fees, licenses for vehicles, increased import fees, added a sugar tax – well let’s just say you have basically increased every fee and service charge available! Meanwhile we get less for our taxes. You have cut trash service, so now I must use up my gas and free time up to take trash to Tynes Bay so I don’t not attract rats to the area. I pay a monthly fee for a water service that is never working. Our transportation service and our education system is abysmal. I am resentful of the fact that you have made such a mess of our public education system that my spouse and I must work extra jobs to put our children in private schools. Many parents and teachers now see – it’s Berkeley first and what is left is for the rest to share. I must also now drive my kids to school because I can no longer trust our transportation system. Our bus operators left my kids stranded at the bus stop (after school) without notice because of an “urgent union meeting” years ago. I will never forgive them for that. On two other occasions our bus route was cancelled (that same morning) while they were trying to get to school. When you look at what has happened with the new schedule – the matter would be considered laughable if it wasn’t so pathetic.
      Now we hear that you have another grand plan to make sure we save money. You will be billing the insurance companies $200+ per month more and you want them to collect that from us. More money out of my paycheck!
      Where are the Casinos? The groundwork was laid for you! That would have at least created some jobs and revenue without asking any working person to pay more. Simmons dismantled the Gaming commission and since then, NOTHING. No licenses issued, to contracts signed, no new or revised legislation! So, for the last two years we continue to waste money paying rent and wages for what! If you can’t get it together, either step aside and let a competent minister take over. Better yet, let the staff do their jobs without political interference. If you are too proud to do that, save us some money and shut the office down and house them elsewhere until they are a money generating department and can afford their own space. .
      The people of Bermuda – ALL PEOPLE- are asking you – NO TELLING YOU – Mr. and Mrs. MP. …instead of asking us to pay more, why don’t you spend less time on the radio and doing press releases about what may happen. Trust me the media and the people of this country will talk and report when we see there is something worth reporting on. Why don’t you all learn to WASTE LESS, travel LESS and WORK harder on real solutions that benefit EVERYONE instead of coming up with a few half-witted ideas and dreams that benefit nobody except a few of you within your circle of friends.

      • Toodle-oo says:

        ^^ word ^^

      • Jah says:

        Drops the mike boom that will hit home like an earthquake arbitrage is a pyramid scheme google it the premier was duped or promised a bitcoin one or the other its a lot more complicated than making swizzle

      • Onion Peels says:

        ” I challenge you all too state one item or service that costs less in Bermuda as a result of the PLPs policies. ”

        Challenge accepted: Real estate.

        Property prices are definitely lower now that the plp have instituted their tax and immigration policies.

        What do I win?

        • question says:

          So under the PLP we lose huge value in our biggest lifetime investment, all while taxes go up, healthcare costs go through the roof, unemployment rises, and the economy shrinks. You must be very proud.

          • Wahoo says:

            Sadly as property prices fall so do stamp duties on real estate so Burt etal are going to need to raise taxes again to support whatever it is that they do.

        • LaV says:

          “What do I win?”

          LOL, you don’t get it do you?

          You’re winning by paying $14 for a tomato. LMFAO

    • question says:

      Now that we all see what fools you were with Arbitrade you shouldn’t feel ‘smart’. You should feel like idiots.

    • DeOnion says:

      Calm down, you’ll make yourself ill! We’ve had 16 of the last 20 years under a PLP Government and where has it got us …. 12 consecutive months of retail decline for a start … did the smart people in the PLP plan that?

    • lav says:

      “The P.L.P. is brighter, smarter, better-educated.”

      LOL…yup, like unicorns

    • Yes Eye says:

      The PLP is brighter? Please explain? What are you comparing exactly? Education? Maybe you are right? I look at the person, what they have accomplished and what they had done in out outside of politics? But, lets just say you are right STRAIGHTFORWARD, Since you know so much, please match them up? Or perhaps you are matching their business experience? Is it political experience that makes the PLP brighter in your eyes? What are you matching up? Again compare the two please and report back, don’t just spread false lies.

      OBA messed up? How? In the short 4 years they were in power, they controlled costs even though the economy was improving. International Companies were returning, Retail was showing an upswing for the first time ever. Tourism was on the rise (and still is) because during their time in power we saw AC, the Triathalon and I believe Carnival introduced? And the PLP has done what exactly? They also passed legislation on Casinos which the PLP has not done a positive thing with since Jamal took over. We have a new airport on the way an before you talk about how it was a bad idea. Remember two things , the PLP introduced their own plans for a new airport before they were ousted from power. Also what the OBA did with the airport was no different that what the PLP did with the hospital.

    • Anbu says:

      Lmfao!!!!!! Pee el pee are brighter and smarter?! Why are we in a hole then moron?

    • LaV says:

      “You messed up… trying to destroy intelligent and caring Bermudians’ lives!!!!!!!”

      You’re f’n pathetic.

  9. Wtf says:

    If you go on twitter and search the $dig tag, there is quite a lot of hate directed to the Bermuda Monetary Authority and Bermuda as a whole. They are claiming the island is at fault for this failure and not the fact that it was a scam in the first case! This needs to be fixed.

    • Mb says:

      Yes agree
      Amazes me how basic questions were asked of this scam they just would not answer and then tried to blame media, and now bma
      They need to be prosecuted
      I said all along no one in right mind would buy falling apart Victoria hall when u could easily
      Rent some office space
      I blame the realtor there for not speaking up and allowing the BS line to repeat on social media that they acquired it… you either buy a property or it’s in contract, or you don’t, there is no acquiring done
      What a crock of crap and I was horrified so many people on here tried to defend them and say they were legit
      How stupid are we really??

  10. We deserve answers on JetGate and de $300,000 election payment.

    • sandgrownan says:

      As soon as you tell us about the first JetGate, GlobalHue, DREB’s buddies and tax payer dollars. Until then, STFU.

      • hmmm says:

        Bermuda told the obaUBPEeee STFU last election with 25 to 11 LOLOLOL.

    • amstel light says:

      and on the disappearing millions spent by your beloved pl

    • Yes Eye says:

      Onion Juice. Nice try, except you neglect once again to mention the faxct the Globalhue was awarded two contract AFTER Dr. Brown took a flight about their own private jet?! Perhaps you should answer where the $800 million worth of unaccounted dollars went during the PLPs first 14 years. Or lets keep it simple explain the 1.2 million payment to us that are not as connected as you are . I await your response.

    • LaV says:

      Quoted for truth:

      As soon as you tell us about the first JetGate, GlobalHue, DREB’s buddies and tax payer dollars. Until then, STFU.

  11. hmmm says:

    “This Government talks the talk of transparency but does not walk the walk”

    Sounds like the same thing you did with:
    a) Jet Gate Craig report who’s now back as leader :)
    b) Airport Gate report
    c) UBP change the name to oba gate report LOLOLOL
    d) Fahy Bermuda Status Gate report which force the people of Bda to strike and walk. It was so bad you didn’t even want poor Fahy to run last election so you choose to kick him out the party.

    • aceboy says:

      No comment on Arbitrade?

      • Onion says:

        They aren’t paid to post about Arbitrade and how the PLP got played.

        • Nonsense says:

          No one got played here! They never got a license to operate so no harm no foul. And it was BMA responsibility to issue or not issue and nothing to do with Government. Stop making stuff up trolls!

          • truthertz says:

            The PLP Government gave them permission to buy real estate. They got played.

          • Onion says:

            It was obviously a scam from the start. Michael Dunkley and many others saw that.

            For the record: Michael Dunkley was right. The PLP was wrong and they were wrong even after everyone else had figured it out.

            • Real Talk says:

              Micheal Dunkely got the boot from Nick Kemp didn’t he say he wanted the UBP to leave the OBA. LOLOLOL

          • question says:

            Where are the hundreds of jobs Burt promised?
            The PLP got played.

            • Come Correct says:

              Same place where the 2000 jobs that oba promised.

              • Double S says:

                PLP lost 2000 jobs in 2012 alone. Seems like they are motivated to beat that record again!

              • question says:

                And several hundred of those jobs did appear. The airport, the expanding economy, AC, full hotels, full restaurants, it was a good few years.

                What about now? Arbitrade is a complete joke. Burt has not created one single job. Shops are closing, retail jobs are being lost, the economy is shrinking, and all you lot can do is dance around saying “25-11″ like a bunch of morons.

                • Full says:

                  Full hotels? You are full of sh&t! I worked at one and we were 67% full because prices hiked up! Stop making sh&t up!

                  • question says:

                    I worked at a hotel in 2017 and it was wall to wall people. You’re the one full of Sh&t. 2017 was the highest number of tourists we ever had, and the highest occupancy rates. It’s still having a positive influence now, two years later.

              • Come Correct says:

                Why are you using my name?

                • LaV says:

                  You’re being PLAYED, AGAIN LOL!!!!

                • Come Correct says:

                  What do you mean?

                  • Come Correct says:

                    You just messed up. I can go back 10 years and show you comments I’ve made with the same avatar. You can’t even keep your profiles straight in the same article.

                  • Come Correct says:

                    Oh never mind. Just Wahoo being a funny guy.

          • aceboy says:

            Making up stuff? Like announcing an MOU with Arbitrade and then we find out there is no MOU? THAT kind of making stuff up? The government courted these guys, threw a big party down at Elbow Beach etc etc. Sorry if the truth hurts but once again the PLP went “all in” on something that was so obviously going to be a problem.

            Who gave them permission to buy a building with no license?

          • LaV says:

            “And it was BMA responsibility to issue or not issue and nothing to do with Government.”

            LOL, another moron

          • LaV says:

            You all GOT PLAYED HERE lol

    • DeOnion says:

      a. how about four seasons gate?
      b. airport? thank goodness for the airport (and hotels) as the PLP has not managed to get any construction projects here
      c. more UBP leaders in the PLP not to mention flip flop Jamahl.
      d. PLP has its head in the sand with immigration even though everyone knows we need more people to take the burden of the tax and health increases from this Government

      • red rose says:

        16 out of 20 years of abject failure by the PLP ….

      • Toodle-oo says:

        How about the real jetgate ? The one that no-one here has ever responded to . The Global Hue jetgate . The one and only involving millions of untenderd taxpayer’s dollars .

        • amstel light says:

          or the amazing sudden appearance by secret jet of 4 uguihrs (sp) with lots left unanswered

  12. Onion says:

    The answers are clear. The PLP were suckers and got played by some seemingly scammers.

  13. Starting Point says:

    Not a surprise. The average Bermudian who falls for internet scams, pyramid schemes, Nigerian princes who need someone to watch their 34 million dollars while they flee the country and all they need is a bank account and will gladly give the humanitarian who helps them 5% of the money is pretty much the poster child for a PLP voter.

    • Onion Peels says:

      That’s a bit harsh. I’m pretty sure Flip Flop had absolutely nothing to do with Nigerian Princes.

  14. Bermuda Squabbles, Cayman Thrives says:

    We should all be ashamed our ourselves.

    Crabs in a bucket.

    https://www.caymancompass.com/2019/05/27/unemployment-rate-drops-to-2-8-lowest-rate-since-2006/

    • LaV says:

      “We should all be ashamed our ourselves.”

      No, just the plp and its followers

  15. swing voter says:

    sickening feeling of gastrointestinal proportion…..I was hoping that this deal could be salvaged maybe the bullion will arrive and quell all doubt….and yes we’re still awaiting the arrival of jeses as well….its true the true meaning of assume = ass – u – me

  16. Ty says:

    @Starting Point — LOL LOL LOL – Well said.

    PLP Mantra – As long as I am the one screwing you – just sit back, relax and take it.

  17. Tony Brannon says:

    DO they own the building ? Whose name is on the property ??
    Did Troy Hogg fleece his Dignity Coin “bag holders” to buy a property in Bermuda ???
    It stinks worse than a dead skunk in the middle of the road….

  18. Hey says:

    How much actual cash did Arbitrade out of their own pockets for the office building in Bermuda?

    Did Government provide any money to help facilitate the purchase of the building?

    Where are the details of the building transaction and where did the money go?

    • Toodle-oo says:

      If I’m informed correctly it did indeed sell to the tune of $6 mill. I won’t name the building’s original owners though . Locals .

      • Mb says:

        No way it sold and the realtor needs come clean in nature of agreement as it was used as ‘proof’ by investors on social media that arbitrade was legit
        All a load of cryptobolix

    • Onion says:

      The big question is the source of funds. If the Bermuda Government let someone buy a building with the proceeds of a possibly fraudulent and illegal securities offering then it looks incredibly bad and Burt should probably resign.

  19. chart says:

    THIS: Did Government provide any money to help facilitate the purchase of the building?

  20. Infidelguy says:

    Another failure in a long list of failures by this government!

  21. Alors mon amie says:

    @CRYPTOBONTIX – sounds a lot like a name of a character from Asterix comic series. . . no wonder someone may have gotten played. . . magic potion!

    • Getafix says:

      Haha they drink the potion like the green Koolaid and they become immune to the truth.

  22. How is it that questions asked to any government about how our taxes are being used can go unanswered? Let’s stop all this nonsense about party politics. The boat has been taken on water for far to long and all I read and see are people blaming their crew mates for not bailing, it’s not too late to pull this together. $600,000.00 a day just in interest.

  23. sandgrownan says:

    Cayman booms, Bermuda burns. The Caymanian government have raised import duty allowance to $400 per returning resident, such is the strength of their economy. I wonder if anyone here can guess what the difference is?

    • J Austen says:

      Jetgate? Giving away a profitable airport? Also, I vaguely recall being promised that 2000 jobs. Oh and AC35, by my calculation, we subsidized it by the tune of at least 35 cents to the dollar – no wonder the organizers wanted it here. Also, funny how my payroll tax (I employ about 40 people) and import duties on my goods went up too. Thanks for nothing Uncle Bob. Did I mention the great Dockyard/Wedco sell out to foreign concerns that happened under this lot too? These guys ran around impressing foreigners and themselves – whilst doing nothing for folks o the front line with decades of experience – why listen to them when the party is so good…

  24. Troy says:

    Bermuda is an island drowning in tall poppy syndrome. You messed us around, now we take our money and jobs elsewhere.

    • Full says:

      Good riddance jacka$$ don’t let the door at Victoria Hall hit you in the a$$ on the way out!

    • question says:

      You are no ‘tall poppy’. You can stick your imaginary jobs and imaginary money. I doubt you will find another bunch quite as gullible as this lot though.

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