Head of the Barbados International Business Association, Penny Ettinger, has defended the reputation of Barbados in the face of allegations surrounding American International Group's dealings with a locally-registered company.
Responding to questions on the possible negative perception of the island from an international standpoint as a result of the AIG affair, Ettinger stated that Barbados was a "quality" jurisdiction where companies adhered to strict regulatory oversight.
“I don’t think there is any indication or any allegation whatsoever that any Barbados company did not conduct itself properly or was not regulated properly,” she was quoted as explaining by the Barbados Nation News.
Recent reports have alleged that AIG used Barbados-based Union Excess Reinsurance Co and Bermuda-based Richmond Insurance Co. Ltd to park reinsured risks off its balance sheet inappropriately.
“I don’t think there is any cause for alarm, but I think it is unfortunate when Barbados is portrayed negatively when there is no indication of any wrong doing,” Ettinger observed.
“People who are knowledgeable and in the know understand what Barbados is all about and that it is a very high quality jurisdiction,” the BIBA president concluded.
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