Categorized | National News

Collie: BOB Bailout Politically Motivated

Free National Movement (FNM) Chairman Sidney Collie has accused the government of trying to conceal documents that would reveal that many of the persons with nonperforming Bank of the Bahamas loans are affiliated with the Progressive Liberal Party (PLP).

In a press statement, Mr. Collie stated that this latest incident only highlights the PLP’s lack of accountability.

“Our embattled prime minister and his PLP cohorts continue to label every criticism that flies their way as political smear tactics. This is an astonishing claim considering the amount of evidence that further taints their record day after day.

“Rather than facing the music, or even scurrying to come up with excuses—a play they’ve often drawn up over the last few years—they obnoxiously write off their abuse of power as lies. By making these claims, they are only alienating themselves more from their constituencies, as all Bahamians know the PLP is the gang of lies.

“Further demonstrating the PLP’s lack of accountability is the Bank of the Bahamas—with multiple PLP ties—attempt to seal the documents that would reveal owners of non­performing loans, which many believe were given to the politically connected.

“One would assume that innocence wouldn’t elicit an appeal to the Supreme Court to seal such information from the public. Bahamians are not naive however, we remember the PLP’s continued resistance to answer the question of whether or not many of the bad BOB loans were made to members of this government,” Mr. Collie said.

Mr. Collie added that this was a “nightmare” situation in an already trying fiscal time for the country.

“Yesterday’s news, speaking to the subject, discussed the concerning level of instability that the BOB hinges on, teetering on massive losses or another bailout paid for by you—the taxpayer. This nightmare of a scenario would come at a time when our economy is already faltering to the point that it is restricting affecting Bahamians’ quality of life.

“So, when I and the FNM describe Perry Christie and the PLP as uncaring, it is far from rhetoric or simply political talking points; it is a description of the reality at hand. A haunting reality in which the politicians that are supposed to be representing Bahamians are pursuing personal gain. The FNM believes our fiscal activities must be transparent and we believe the public should have access to knowing who holds BOB loans.

“On May 10, the PLP must be replaced with an FNM government that believes in fiscal responsibility, transparency and empowering our Bahamian businesses and entrepreneurs, not the politically connected,” Mr. Collie said.

Former Prime Minister Hubert Ingraham last week questioned under what “lawful authority” did the government use $50 million of the “people’s money” to partially replenish the Bank of the Bahamas’ capital because of $100 million worth of non-performing loans.

Mr. Ingraham said the public’s money should not be paying private loans and the only way to get the government to stop using the Public Treasury “like their own purse” is to vote them out.







Written by Jones Bahamas

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