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Local Trust company lays off 15 workers!

- Workers accuse company of out sourcing their jobs to Sri Lanka
Local Trust company TMF (BVI) Ltd. has laid off some 15 employees from July of this year to current. The same company has also acquired two other trust companies- Commonwealth and Equity Trusts, which could have led to the down sizing. There have also been allegations that the company has outsourced some of its work to Sri Lanka. Photo: VINO
ROAD TOWN, Tortola, VI- Former laid off employees of the local Trust Company TMF have told Virgin Islands News Online that some 15 of them were laid off from their jobs from July of this year up to November 2, 2012.

It is this news site’s understanding that TMF, with its headquarters in London, England, had over the years acquired two other Trust Companies- Commonwealth and Equity Trusts, which could have also contributed to the downsizing and laying off of local employees.

There are reports also that the company, because of the downsizing, has allegedly outsourced some of the jobs to Sri Lanka.

Calls to the Labour Department as to whether there have been formal complaints from former employees of TMF or if work permits are still being approved for TMF were not immediately addressed.  The Labour Department told this news site that our request for that information will have to “be placed in writing.”

However, a source within TMF has told this news site that all employees who were laid off have received very generous packages from the company, including their insurance that they still have until they find new employment or can be taken to the new employer.  The value of these packages were not immediately known.

The local manager of the company, Mrs. Linda Romney Leue, could not be reached for comments as of press time.

This news site is also working on other stories of major layoffs since last year, including by a telecommunications giant and another major Trust company as well as many local businesses that have closed their doors within the past 11 months. 

37 Responses to “Local Trust company lays off 15 workers!”

  • critic (07/11/2012, 11:33) Like (0) Dislike (1) Reply
    where's the minister of labour in all this? he's too busy with the airport i guess?
    • LOL (07/11/2012, 13:33) Like (0) Dislike (0) Reply
      What exactly do you expect him to do? We operate in a free market economy so a company has every right to downsize, it happens every day in every country. If you say companies cannot operate as they need to to stay competitive during this time of economic hardhip all you will do is drive them from our shores completely and then there will be even less jobs.
      • 330 (07/11/2012, 13:48) Like (1) Dislike (0) Reply
        MOST stupid comment i ever saw...
      • Info (07/11/2012, 13:48) Like (0) Dislike (0) Reply
        They brought the Srilankans here for the locals to train them then slowly laid off the staff. This is only the last set we hearing about but there is only a skeletal staff in operation here. The labor minister should be paying attention.
      • Crank Shaft (07/11/2012, 14:32) Like (0) Dislike (0) Reply
        to 'LOL'

        You got time with that fool. I guess he didn't read the part where it said TMF has its headquarters in London, therefore that's where decisions are being made. Do you thin only TMF BVI was affected? It's being done globally as a part of their restructuring. They will surely save money by moving the jobs overseas, but it will negatively impact the BVI in it's already stagnated economy. This is why we should be thankful for our jobs and not complain about anything. Labor cannot stop a multi-national company with a branch in BVI from closing down and laying off, as long as they provide severance in accordance with Labor Laws. No Government, nowhere in the world can dictate who a private company can hire or fire.
  • qc (07/11/2012, 11:41) Like (0) Dislike (0) Reply
    on no seems liek business do not like the NDP
    • ccc (07/11/2012, 14:44) Like (0) Dislike (0) Reply
      qc you are entitle to your own opinion, but three thumbs down!!!
    • go figure (07/11/2012, 23:20) Like (0) Dislike (0) Reply
      You obviously recognise the old rule that when you've got the NDP government and labour by the balls they cannot do these companies a god damm thing!!!!
  • Fact (07/11/2012, 12:00) Like (0) Dislike (0) Reply

    To your statement that "all employees who were laid off have received very generous packages from the company"
    IS NOT TRUE.
    They recieved exactly the minimum that TMF could pay according to labour code and employee contract, nothing more.

    • people (07/11/2012, 14:18) Like (0) Dislike (0) Reply
      well sah
    • @Fact (07/11/2012, 14:24) Like (0) Dislike (0) Reply
      So true whoever said that should speak for themself. We CANNOT allow companies to outsource work and not follow FSC regulations. Who are guiding these people that haven't a clue about the industry?
      • Massive (07/11/2012, 16:00) Like (0) Dislike (0) Reply
        How are they going against FSC regulations? They still have a BVI office who will be responsible for dealing with the FSC. There is nothing illegal about a company using another jurisdiction for back office duties. You need to learn about the industry from chatting nonsense. Law Firms and other companies utilize overseas offices all the time for BVI work while having a small outfit in BVI to deal directly with regulatory authority. Nothing illegal about that!
        • Stripe (08/11/2012, 00:48) Like (0) Dislike (0) Reply
          Look imbecil, you can speak when you have the necessary info. Stay on the outside looking in. Funny how people always quick to add their 2 cents when they are not in the mix
      • Not2Sure (09/11/2012, 02:04) Like (0) Dislike (0) Reply
        It is interesting. TMF used to employ a lot of people here, and then they moved jobs overseas, and so they get roasted in the BVI press. But there are dozens of trust companies who NEVER had any employees in the BVI, and continue to do ALL the work from Panama and Hong Kong. And no one says a single word about that.
  • hi (07/11/2012, 13:21) Like (0) Dislike (0) Reply
    Have mercy. Look wha Obama do as soon as he get in?? lol...
    • / (07/11/2012, 14:14) Like (0) Dislike (0) Reply
      Didn't the story say: some 15 of them were laid off from their jobs from July of this year up to November 2, 2012?
  • hmmm (07/11/2012, 13:50) Like (0) Dislike (1) Reply

    The funny thing about is they laying off people and not telling them this is whats happening! people are going o work everyday wondering if they are going to get layed off today! that is scary! many with children! and they say this is not it. Almost the whole office is gonna get layed off. Which is like 30 more persons!
  • wachubblethis (07/11/2012, 13:53) Like (0) Dislike (0) Reply
    I WANT MY JOB BACK!!!!! LABOUR PLEASE DO SOMETHING ABOUT THIS!
    • gg (07/11/2012, 16:00) Like (0) Dislike (0) Reply
      Labour has absolutely no credibility whatsoever to deal with these matters..
  • School chirren say! (07/11/2012, 14:17) Like (0) Dislike (0) Reply
    Well them say TMF brought in the people them from Sri Lanka for the workers to train them then send them back and start outsourcing the Work.., the workers them train these ppl to take their jobs. Soo sad but very tru...
  • Dude (07/11/2012, 14:55) Like (0) Dislike (0) Reply
    These things have been happenign to IT ppl for yrs, it's called globalization isn't it?
    What can they really do?
  • Whisleblower (07/11/2012, 16:33) Like (0) Dislike (0) Reply
    Enough said already.
  • school house (07/11/2012, 17:57) Like (0) Dislike (0) Reply
    The drastic restructuring plan has been spearheaded by a local according to school children
  • yellow (07/11/2012, 22:46) Like (0) Dislike (0) Reply
    lots more to be laid off deman
  • DarkVader (07/11/2012, 22:51) Like (0) Dislike (0) Reply
    I myself think it's very RUDE!! how these companies just send home our people like they are animals. You go in to work one day and they hand you a package the same day telling you that they dont need your services anymore. I talking about people who help build these companies by giving them years of dedicated services. At least they can give them some advance notice so they can start looking for another job. Government needs to pull them up on these kind of behaviour (thats the least they can do). Government also need to look at for whom permits are issued after our people are being sent home. I do not think they should be able to keep their companies registered here, using our legislation to protect themselves and then we the people cannot benefit. I am sorry my government but there has to be something that can be done.
    • to Darkvader (08/11/2012, 10:14) Like (0) Dislike (0) Reply
      I agree with you 100% these people go to work and are all wondering am i next today? They never told these people anything about they sending them home. Just one day you come to work they call u in a meeting and u get your pacakage and you have to leave immediately! That is sooo unfair!
  • lost (08/11/2012, 08:37) Like (0) Dislike (0) Reply
    Employment opportunities are not as abundant as they once werein deeds trust companies
  • what ah ting (08/11/2012, 08:54) Like (0) Dislike (0) Reply
    Hey don't expats have to train their replacements? or is that an acceptable digging of one's own grave?

  • ND (08/11/2012, 09:53) Like (0) Dislike (0) Reply
    save our local people!!!!!

    send the expats home, they are taking out jobs and out husbands!!!!!
  • Not surprised (08/11/2012, 16:14) Like (0) Dislike (0) Reply
    No wonder if staff are constantly reading these news sites that companies are looking elsewhere.
  • B (10/11/2012, 10:06) Like (0) Dislike (0) Reply
    All those sent home received very good packages. Companies down-size every day all over the world. Why do you think the BVI is different to other countries? The problem here in the BVI is that the locals don't perform the way they should and continue to the mentally of 'born-here'. There a lot more to be sent home before December 2012 ends.
    • to "B" (11/11/2012, 10:40) Like (0) Dislike (0) Reply
      "B" What a pity you haven't had an opportunity to meet B V Isladers who are hardworking, self reliant and who do not believe in handouts - there are MANY of us. Please don't paint us all with the same brush. Thank you.

  • hold up (13/11/2012, 14:30) Like (0) Dislike (0) Reply
    The Government should not be the biggest employer.


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