News Out of ColinaImperial, Company in Problems!

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Bahamas Press has learned that the nation’s insurance giant is in serious financial problem as it now faces multiple lawsuits by former employees fired from the company. A spokespersons for the dismissed executives told Bahamas Press that “ColinaImperial is on the verge of collapse and if the government does not quickly step to monitor the situation, ColinaImperial will become the next ENRON right here in The Bahamas.” During the collapse of ENRON, millions of US workers lost their entire pensions savings with the fall of the company.

Bahamas Press has also learned that ColinaImperial’s buyout of the Bahamian media (THE GUARDIAN, TRIBUNE and Freeport News) has left a quiet in the country, as this CRISIS evolves. None of the dailies published the recent ‘bloodbath’ which took place at the company some weeks ago, where the executive management team was removed from the leadership of ColinaImperial.

Bahamas Press has also learned that ColinaImperial has bought two political figures in the country whom will oversee the collapse and loss of over 100,000 policy holder’s money right here in The Bahamas.

Bahamas Press stands by the fact ColinaImperal’s boss Manny Alexiou has Hubert Ingraham Prime Minister of The Bahamas as one of several politicians in his pocket, serving as a longtime benefactor to the PM.

Their incestuous relationship with the FNM party is no strange thing in Bahamian politics, which goes back beyond Hubert Ingraham’s political rise in 1992. At a rally on Grand Bahama in June of 1990, Hubert Ingraham confirmed his political love affair with Manny Alexiou as he attacked Sir Lynden’s policies on the Immovable Property Act. An Act which protected land and its prices for future Bahamian families. Hubert ‘MR SELLOUT OF BAHAMIAN LAND’ Ingraham had this to say at that rally as he delivered:

“We will repeal The Immovable Property Act and replace it with a more sensible considered and less frightening regulatory agency with clearly enunciated rules which are not subject to be applied unfavourably if the applicant chooses the wrong lawyer. I CITE SPANISH CAY IN THE COOPER’S TOWN CONSTITUENCY. SIR LYNDEN PINDLING KNOWS WHAT I MEAN. AND SO DOES LAWYER EMMANUEL ALEXIOU! ” Ingraham was recorded as saying.

Since Hubert Ingraham changed that policy after his win in 1992, young Bahamians can now all feel the fact that land for them is out of reach in the Bahamas! Thanks to the Ingraham & Alexiou connection. Stay tuned as there is more to this story!

  • It would be interesting to learn who all are members of the Board of Directors for Colinaimperial; the kind of decisions that have recently been coming out that room with makes all of them look corrupted.

  • K. Moxey

    What I do not understand is what is the role of the Board of Directors. Sure one or two persons could not cause all of this damage by themselves, when there is a function Board of Directors. Aren’t they guilty in some way by sticking thier heads in the sand whilst the company goes to hell in a basket? Does anyone know who are the now serving members of that Board. We should shame them for being wutless”

  • COLINAIMPERIAL EMPIRE STARTED TO CRUMBLE RIGHT AFTER THEY FIRED JIMMY CAMPBELL. THE COMPANY HAVE NOT BEEN THE SAME EVER SINCE. HE WAS THE BRAIN POWER THAT MERGED ALL THOSE COMPANIES TOGETHER. IN THOSE DAYS COLINA WAS ON IT’S WAY TO THE MOON. THE COMPANY WAS SO STABLE, NOW IT IS GETTING READY TO CRASH AND BURN.

    JIMMY HAD SO MUCH VISION FOR THIS COMPANY, MAYBE THEY SHOULD MAKE HIM AN OFFER TO RESCUE THEM. THE WAY THINGS ARE GOING THEY NEED TO PUT AWAY THEIR PRIDE AND CALL HIM BACK.

  • K. Moxey, think I know just who you are refering to, that is why he’s trying to get out, he know what he did to others and he is aware that is days is not as long as it as been. His deeds will catch up with him, it only a matter of time before the table turns.

  • K. Moxey

    Not all the top people. This snake in the grass is still there because he is one of those hand picked by the Tony/Alexiou partnership. But what he is finding out is after dey done use ya, dey kick ya. He should have been kicked a long time ago.

  • Michele Fields is a very decent, intelligent, straightforward and modest woman. Her departure from Colinaimperial is a big lost to the company. How could Manny allow this woman with so much so much knowledge and know how to walk out the door? It seems as though all the qualify people are leaving one behind the other. What does this mean for Colinaimperial future?

  • Fpo.lady

    Well, lets get started we cannot afford to wait until the company collapses. Or we will be sorry!

  • Fpo.lady, I agree with you 100%. As Bahamians and especially as policyowners and shareholders of this company, we needs to come together in unity and demand answers.

    We as Bahamians have become too layed back, we allow things to happen to us, as if we do not have a voice. The ony media in the country that is not afraid to say when wrong is being done is Bahamas press and the Punch.

  • Fpo.lady

    answers. sorry

  • Fpo.lady

    Can we as a people get together and call a press conference? this is serious business and we need ansers! NOW!!!!!!!!!!!!!!!

  • Blackberry

    Really! Michele Fields fired! But she’s Tommy’s sister, I thought she’d be safe. She’s been around forever, and she is very competent, this is a sad day. A big loss of institutional knowledge and know-how.

  • Is Colinaimperial a public or private company? If they are publicly owned, how is it they are able to make all these changes without advising the general public? I understand they recently hired Sandra Knowles to be in charge of HR, she is a woman familiar with broadcasting, why don’t they allow her to speak out on what is going on with this company? How is it top executive that plays an important role as to how the company functions are fired without any explanation? Please explan to me how a company with so many shareholders can do whatever they want, whenever they want.

    My advice to employees is to form a union to protect themselves from being taken advantage of.

  • Some strange things is going on round this company. It seems as though we are losing all are good workers. Either they are being forced to resigned or they are willing leaving.

    It is sad to see Michele Fields go.

  • Fpo.lady

    I heard that in a matter of weeks a couple more will be fired. I have an idea who they are.. boy this is scary! I fear the status of this company to be near bankrupt because I pay $1600 a month to colinaimperial and that is for insurance and mortgage! They owe an explanation to the public! Can we as a people confront them? Maybe we can hold a news conference.. by force. What do you think? I believe we would get answers then.

  • A Bahamian

    Can you believe it , another Vice President leaves ColinaImperial.People this is scary…MICHELE FEILDS FIRED

  • Drama King, I could not agree with you more. I know you are correct about this. My resume have already been updated. I’ll starting sending it out this week. I have faith that God will look out for his people. There is no need for me to go on worrying.

  • Drama King

    Insider, have no fear. The Bible says, “Be anxious for nothing……” If they fire you its simply that your season there has ended. In life everything has a season.

    If I were you I would be proactive. Update your resume and send it out and see how marketable you are. We all have responsibilities and we cant just sit and wait until the axe falls on us.

  • You could clearly see Manny is running Colinaimperial like a one man show. He goes to sleep and wake up in the morning and say: Today, I am going to fire some of my top executives. Then the next morning: May be I should let go some employees. This is the second or third time he has changed is top management team without any explanation to the general public. Everyday, I am in constant fear of losing my job. I don’t know when he will decide I am no longer needed and I have school fees and mortgage to pay. This isn’t a joke.

  • media

    Well Well, ‘mental case’ if you type City Markets you would see we had concerns with them for a long time now. But remember we don’t report in here what papers publish. City Markets sent out their statement, just hours after we reported Ketchup on their Cable Beach shelves was over $7. This week its over $9. And it was us, who said the cashier told us, she cannot shop there any more. But you should read that article “Ingraham has done this to us” and you would better see why City Markets say what they said.

    Also if you look deeper, you would see why all those ‘WUTLESS’ newspapers and radio stations are soo silent about this ColinaImperial thing. Many of them have done the same thing, City Markets did, borrow the people pension money, and for that , they cannot say a WORD!

    Bahamas Press/ Editor

  • Periodically all of these major businesses needs to be investigated.

  • What I observed about this whole Coinaimperial thing is how easy our government can be brought. It seems as though once you have money in this country you can get away with murder.

    All we as Bahamian is asking for is an investigation to be conducted into dealings of Colinaimperial. Their current financial positions, should be made public. It should be put in away a baby can understand it. They like to use these big terminologies to confuse the average person.

  • mental

    Gee, while you guys are worrying about ColinaImperial did you know that Bahamas Supermarkets is operating in a major deficit (up to seven million) and has borrowed over three million dollars against its noncontributory pension fund without informing its employees.
    Did you also know their financial reports came out almost one year behind schedule?
    I guess you guys wouldn’t know because you only get your info off of tabloid sites.
    Thousands of low income black Bahamians are employed by Bahamas Supermarkets. If it folds, what do you suspect would happen to the lower classes, everybody claims to care so much about. That situation is much more relatable to Enron’s.
    What do you suppose the government should do about it?
    Drill into that why don’t you BP?

  • Drama King

    To answer your question……they are all hiding in the back pockets of Manny Alexiou and his side kicks.

    Manny and his sidekicks are MAJOR financiers of the FMN so the PM and his sidekicks dare not chastize them.

    To my knowledge they also give the PLP money

  • A Bahamian

    It amazes me, that no one is making any comments about Colinaimperial sitution.PLP NOR FNM, TYPICAL SITUATION WHEN THE BUBBLE BURST THEN EVERYBODY REACTS.Take it from me that place is the bahamas enron.Where is the Minister of Finanace or the Prime Minister someone please speak up for the people

  • Drama King

    A woman told me today that her uncle died in May and she still has not gotten the money from his life insurance from Colina Imperial.

    This really worries me as I said my entire family is covered by this company.

  • Insider, for a while now I have been hearding negative things about this company. I know you work there and you may see or hear thing you may not agree with. Just continue to do the job you were hire to do. If they are doing something wrong it will be revealed in time. Remember: what’s done in the dark will come to light. Do your job to the best of your abilities until you are able to find something else to do.

  • One thing I do know about Emmanuel Alexiou, is he hate for his employees to reveal anything about the company. Most of time when information is leak out, it is normally someone in upper Management. If Bahamas Press did not have people monitoring this company closely, so many heads would roll. If they knew I comment on this site about anything, I would lose my job instantly.

  • Drama King

    Insider this is serious business. I heard scary details about the mortgage department and I see why the fellow is trying to bail out.

  • 5cents

    ColinaImperial reminds me of WorldComm though I hope it doesn’t suffer the same faith. Worldcomm grew rapidly through acquisitions and mergers but when there was nothing else to buy, the problems began. Its more difficult to effective run a company as opposed to buying other companies and hiding losses or writing them off.

    I wish them all the best as thousands of Bahamians would be affected if the company runs into serious problems.

  • media

    I hope Bahamians see if not for the first time, how much the country’s WUTLESS MEDIA houses have become on this issue. If Bahamas Press is to do anything, it is to make you all aware how hard asleep our leaders in the PLP and FNM and those in media are. They are all snoring at the wheel, whilst the people of the Bahamas suffer and perish with house and job losses and raising food and gas prices. Now possiby, they can loose all their earnings in an insurance company, and AGAIN NOT A WORD!

    It is sad to see The Bahamas fall to this state. The Bahamas needs CHANGE and if it takes a BLOG, and you thousands of humble bloggers to deliver that message, it will happen. WE NEED CHANGE! WE WILL CHANGE! And YES CHANGE WILL COME!

    Bahamas Press/Editor

  • no drama king, his name was never listed as one of the persons to be fired. He trying to fired himself.

  • Drama King

    He is trying to bail out because he sees the handwriting on the wall.

    I thought all the top folks had gotten fired.

  • I currently work at Colinaimperial and I have been watching somethings happen, what makes me think something funny is going on, I know for a fact that the VP is looking for a job. He applied for a job with another financial company and it did not work out. Why is he trying to leave now?

  • Drama King

    You are right…if I was Alexiou the least I would do is run an advertisement in my newspapers and tell the public to rest assured that their monies are safe.

    His silence is making me nervous and God forbid, if I were to predecease my wife and sons, I would want to know that they can get the money I have invested in that company and live a good life.

  • why is n’t alexiou being more vocal? Is he hiding something? He own two major newspaper, you would think he would use them to assure people that there is no cause for concern. so many people have so much to lose in this company. I really hope this is not the bahamian enron. why is the government quiet about what is going on at this company?

  • Bahamas press you are doing an excellent job. Please keep your ears to the ground and let the general public know what is going on with ColinaImperial. They seems to have the government in their back pocket. I don’t know who is sleeping with who, but the way this company is operating it really makes you wonder.

  • Alexiou needs to let the general public know what is going on with this company.

  • Right now I am so worried about this company. I have all my insurance with them and I worried about them being able to honor their commitment. If something happen to me, I want to know my children are secure. I had all my trust in them.

  • Every other day I am hearing negative things about this financial insitution, from what I hear this company same so unstable. I heard it is so hard for their employees to get loans from the bank, because their jobs are so unstable

  • Right now I am so worried about this company. I have all my insurance with them and I worried about them being able to honor their commitment. If something happen to me, I want to know my children are secure. I had all my trust in them.

  • I am very happy Bahamas Press is keeping us informed about what is going at this insurance giant. Both the Guardian and Tribune is own by Colinaimperial Insurance we do not expect them to be honest with us. Bahamas Press keep doing the wonderful job you are doing.

  • Alexiou needs to be honest with the public, we need to know if his company will be able to honor claims, I don’t want to be paying premium and something happens and my children are not taken care of. This news is hitting me hard, because I have all my savings tired up in this company. Please say something Mr. Alexiou.

  • YOU WOULD NOT BELIEVE THE FOOLISHNESS THAT IS GOING AT COLINAIMPERIAL. THE WAY THIS COMPANY IS OPERATING; IT WILL NOT LAST. THEY BUYING UP ALL THESE COMPANIES AND THEY ARE SO UNSTABLE. DO NOT BE SURPRISE WHEN MANNY PUT COLINAIMPERIAL UP FOR SALE. I ALREADY SURRENDER ALL MY POLICIES WITH THEM; FOR A LONG TIME I HAVE BEEN DISPLEASE WITH THEM.

  • Drama King

    I am between a rock and a hard place as my entire family is covered with ColinaImperial. If these guys robbing people we need to be pulling the heck out of there.

  • concerned

    what the hell !!!! I just paid my dam insurance a few weeks ago. If i knew sooner I would have allowed it to lapse. I need to claim on some of that cash value like now… Thanks for the heads up.

  • media

    Did we not say Hubert Ingraham is in the pockets of ColinaImperial’s Boss Manny Alexiou?

    But guess what? This is a joke compared to some new information now coming across our desk. IT is UNBELIEVABLE WHAT IS NOW GOING ON IN THE COMPANY (COLINAIMPERIAL).

    This is a JOKE we say again, compared to what a LAWYER delivered to Bahamas Press on Friday. All we could say is this, the last place to report these happenings is THE WUTLESS TRIBUNE AND GUARDIAN. Then your money might be GONE!. WHY? Manny Alexiou own them both!

    Bahamas Press/ Editor

  • K. Moxey

    Whenever some one pulls into a store with a mask and a gun and robs the patron. The perpetrators as shown handcuffed and shackles being dragged to court. So when guys like the leaders of financial companies steal poor people’s money through schemes and pension plans, why are they not handcuffed, shackeled and dragged to court. Where is the equality. Should the government allow this?

  • Fpo.lady

    This is completely unfair to the people of the Bahamas. So All of our monies that we have invested in this major company is in jeopardy?

    When will this Hypocrisy end? As hard as it is to even save a dollar or even pay your bills, major companies like this can get a away with stealing from poor people and nobody cares to even address this situation?

    I am ashame that something as major as this can and is being swept under the rug.

    Please lets do something about this. Let’s not just talk but lets take action where do we start?

  • media

    If no body has told you, you have heard it here first, ColinaImperial owns all of the Major WUTLESS MEDIA companies and is the Benefactor to Hubert Ingraham’s. So no one is going to scream and shout until the company collapses. Consider us like the Tabloids in America who said OVER ONE YEAR AGO, John Edwards has an outside child and no one responded. Well not until his bid for the White House was IMPOSSIBLE.

    Bahamas Press/Editor

  • Fpo.lady

    Wow!!!
    Colinaimperial is the the largest Insurance Company in the Bahamas and this is what is happening? This info about the company should be taken very serious! Why isn’t this all over the news? How true is this? How will they process claims? What can we do? I am shocked and at a loss for words! I have invested a whole lot of money in insurance at this company! And still is…. Please I need answers!

  • Drama King

    He is kinda quiet …. his country going to hell and he in China for Olympics. Speaking of messed up priorities.

  • DIY

    What happen the PM don’t post no more aye? He need to answer some a dis!

  • Gary richardson

    Boy you fellows powerful.I saw the Police through Goal Alley at the house you publish the story on about dope being sold and I see where they seized plenty dope but I haven’t heard about it in the news. Something stinks or maybe they trying to downplay it because it come from you all.