Asset - Haiti Observer Blog

PromoCapital, established in 2004, became Haiti's pioneer investment bank, the ancillary arm of PromoBank. PromoCapital set up its headquarters in Pétionville and opened affiliate offices in Washington, D.C., Aventura, Florida, and Port-au-Prince, Haiti. The investment bank began with 70 partners in a joint-venture effort born of an agreement signed by the Haitian-American Diaspora, Haitian small- and mid-size businesses, and investment capitalists. The Haitian and U.S. shareholders would share the equity between them equally.

PromoCapital is sub-divided into two financial entities, PromoCapital, S.A., set up as Société Fiancière de Dévelopment, in Haiti, and PromoCapital USA, Inc., a general partnership corporation licensed to operate in Delaware State. PromoCapital appointed two directors to represent its financial entities: Chairman Henri Deschamps of PromoCapital Haiti, and Dumarsais M. Siméus, Chairman of PromoCapital USA.

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Debt bondage occurs when a person is forced into debt, or voluntarily commits themselves as a form of collateral to pay off a debt.

The punitive nature of the system undervalues work performed and undercredits the debt being paid down. Circumstances of debt bondage are uncertain as to scope of tasks performed and duration of labor. As a result little progress is made towards paying down the debt. It can often turn into an intergenerational debt burden.

The United Nations officially considers debt bondage as a type of "modern day slavery". Since the mid-fifties, it has been legally banned by article 1(a) of the United Nations 1956 Supplementary Convention on the Abolition of Slavery. But nonetheless, it continues unabated in underdeveloped countries, such as South Asia and the Caribbean. In these places, no infrastructure exists to declare bankruptcy or be protected by consumer protection laws. Small- or mid-size businesses can't get approved for credit because they own no land titles or liquidity assets as forms of collateral.

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What do you do when someone posts something on your facebook page that you don't like? you just delete it.

According to information obtained by the "Haitian Joudalist", this is exactly what the Haitian president did recently when someone posted a comment saying that the people are waiting for him to declare his assets.

Here is the exact comment that appeared on the Facebok page of President Michel Martelly and was deleted, according to the website: defend.ht: "President, the people are waiting for you to declare your assets and for you to make your education initiative transparent so that the world can begin showing faith in the Haitian government. You are always saying that it is you who is president...lead by example Mr. President! Conille seems to lead the way by declaring his assets!"

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