Column: Questions, Answers, Arbitrade & More

July 27, 2018

[Opinion column written by Shadow Minister Michael Dunkley]

On July 13th, the first session of Premier’s Question time took place. Among other questions asked by others, I posed questions to Premier Burt in regards to Arbitrade.

It has been well documented that they are a company which has raised red flags for a number of reasons, notably, a press conference during which they said they would take no questions; made numerous commitments for over a million dollars’ worth of donations; talked of a chicken farm run by gang members ; stated that they would be purchasing a building in Hamilton and being granted title to $10 billion in physical gold which was to be stored on the island.

My first question referred to a social media post by Premier Burt on May 31st in which he lauded a presentation by “newly incorporated #Bermuda company @Arbitrade.” He went on to say that “the team demonstrated their #cryptocurrency platform and explained plans to create more opportunities in Bermuda for #Bermudians.”

I asked Premier Burt who made up the Arbitrade team that demonstrated their platform and who is the local contact.

Premier Burt answered that he could not recall the person who presented on that day and said that he would follow up. No answer was provided as to who the local contact is.

Audio extract from the Premier’s Question Period of Mr Dunkley asking the Premier questions:

While I appreciate the commitment to provide details I suggest if one was impressed by a presentation on a key platform pledge of a third pillar for our economy, and having met with them on a number of occasions, it seems likely a name can be remembered, especially the local contact.

I contrast this to a question to Premier Burt by a government backbench MP on company incorporations and Premier Burt was able to provide specific numbers!

My follow up question asked Premier Burt if he has met with anyone from Arbitrade since the presentation and if so, what date [s] and with whom did he meet.

Premier Burt said he “believed” [yes, believed was the word used] that he had met with Arbitrade at a point in time and at the Consensus Conference and said he knew they came to Bermuda after that. He again committed to follow up with information.

While it is likely that Premier Burt will not have answers to some questions asked, unless they are softball or set up questions from Government members, I find it interesting to say the least that he was unable to provide any information at all to these two seemingly key questions. Having said that, I view it acceptable for Premier Burt to obtain the information and then follow up in a timely manner.

However, as of today, in spite of the commitment to provide answers and an email last week from me as a reminder, followed by a brief conversation in the House last Friday reminding Premier Burt, no answers have been provided. This is unacceptable.

Premier Burt has sufficient resources and consultants to give instructions for answers to be supplied but now 13 days on Premier Burt has launched the question period with a poor start in openness and transparency.

By way of contrast, Minister Caines, to his credit, has followed up in writing to the House with answers he was unable to provide during Questions Period after the last two sessions.

This Government has demonstrated that they do not like to be questioned. However, it is the Opposition’s job to carefully review the work of a Government and the people we serve can be assured we will continue to do so, supporting what is appropriate and calling out when we have questions or concerns.

- Michael Dunkley


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Comments (13)

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  1. Justin says:

    Something just doesn’t smell right…

    • Paul says:

      Something smells to high heaven, with this guy from fintech !!!! can you believe this …. and he was in charge of blockchain !!!!!!!!!!!!!!

  2. Jason says:

    This blog article looks more like a scream for attention.

    Red flags?

    Attacking the (democraticly choosen) pm Burt so often raises red flags. This might be the reason why Burt is pm and Dunkley currently a blogger (?)

    • gotcha says:

      No. Burt made a HUGE deal of how ‘transparent’ he was being by engaging in a question-time. The problem was he knew next to nothing in answer to the questions. Most answers (other than a few softball ones) were “I think that…” “I don’t recall…” “I will have to get back to you on that…”.

      he’s a lightweight. He doesn’t know what he’s going, he doesn’t know what is going on. he can’t even remember names of the people he has met with several times, even though they are key contacts in what he tells us is the key way he is going to ‘rescue’ the economy.

      BTW, it is you who ‘currently a blogger’. Dunkley is actually an MP, thank goodness. If he weren’t, it would be harder for us to know about how dreadfully incompetent Burt is.

    • Double S says:

      And once again the PLPers are unable to address the message and attack the messenger. One thing though, you sheep are at least consistent.

    • sandgrownan says:

      It’s his job, as a member of the opposition, to question the ruling party. He would be remiss if he didn’t.

      Or are you suggesting that government shouldn’t be challenged?

  3. LOL says:

    “Attacking the (democraticly choosen) pm Burt so often raises red flags”

    So, the 4 years where the OBA was attacked, at every turn, by the plp…was ok?

    This is why the plp and its followers are referred to as hypocrites. You have very short memories.

  4. gotcha says:

    Was the Fintech guy that Burt forgot meeting the same one who got convicted of forging his TCD licence? He should be chucked of the island soon, right? Or was it the one who changes his name every few months? If it’s the one who periodically changes his name, perhaps that’s why Burt couldn’t remember it?

  5. For real says:

    Michael is always sreaming for attention! He needs to shut up and go away as he is hurting our chances of getting a realistic campaign up and running for the next election! He is such a dreamer and just cannot accept that he failed our party dismally in the last election! Let it go Michael! For all of us OBA supporters!

    • Build a Better Bermuda says:

      Not a huge fan of MD, in fact I also believe he grand stands too often and does needs to prepare to step aside for new blood in politic, but on this occasion I find him on point. The Premier is short on legitimate answers to legitimate questions about his contact with a company that has so far blustered a lot. We have to be very vigilant as we dip our toes into the Block Chain currents of Fintech waters, as there has been an astounding rise of hollow opportunists over genuine companies in this market. These legitimate questions must be answered.

  6. The only reason Dunkley is negative on Arbitrade is because he lost his Re-election bid to the current administration. Period. The article states no negative facts about Arbitrade, only conjecture and speculation. Dunkley, you lost. Get a job.

    Arbitrade Are Providing:

    A family of tokens backed by precious metals including Gold, Silver, Platinum and Palladium
    Collaborating a qualified and experienced board of executive directors
    Launching a decentralized exchange for trading not only it’s native backed tokens but other high valued cryptocurrencies
    An Investment bank level cryptocurrency arbitrage trading platform
    Arbipay – Arbitrade’s very own proprietary payment gateway for business and individuals
    Arbicard – a crypto card allowing for major cryptocurrency prepaid debit card transactions
    Cryptosync gift cards – the worlds only cryptocurrency gift card redemption program
    Dynocrypt – for encrypted data transfer and storage. A decentralized way to transfer protected information through the internet and stored on Arbitrade’s Blockchain for future reference
    Dynocrypt for KYC – a decentralized way to share confirmed ‘know your customer’ details through Arbitrade’s blockchain protocol
    Fully operational Mining facilities with scope for 65,000 units. View video footage of one of the facilities.
    Domicile Head Quarters in Bermuda resulting in full compliance with local & International legislation.
    Very first, fully legal, ICO. Arbitrades license expected to be passed during summer of 2018, check Timeline

    For complete details, see

    • Answer says:

      You did see the news yesterday about the fintech leader who was forced to resign after being found guilty of forgery, right?

      And you are aware of the company owned by the guy with various aliases?

      What kind of people are you doing business with?

  7. Jim says:

    I am not a Bermudian citizen and have no opinion on internal politics. This company Arbitrade has many red flags. I have no evidence to back up what my assertions are; However I plead with your leaders to do as much due diligence on this company as possible. Several of the company’s leaders have a checkered past, and their business plan simply does not add up. For the sake of many investors in this company, I hope I am wrong.