While Minister of Agriculture and Fisheries Alfred Gray told The Tribune that the 15 Korean boats moored at Morgan’s Bluff are being impounded, Bahamas Agricultural and Industrial Corporation (BAIC) officials claim they are not.
The boats are being impounded said Minister Gray, because it was discovered that foreign interest were involved in the ownership of the vessels and “it is against the policy of the government to have foreigners involved in the fishing business.”
Therefore, he said, the boats are being impounded and will be “ordered” out of the Bahamas unless it can be proven that they are soley Bahamian owned. Also, the minister said the certificate of registration and the duty-free permit have been rovoked.
But BAIC consultant, Earlin Williams, who is also chief executive officer of the company aiming to embark upon the commercial fishing operation (Netsiwill Holdings Ltd.) refuted Mr. Gray’s statement.
He contends that the boats are simply not being allowed to go out to sea until compliances have been met. It has beensaid that the company is awaiting, among other documents, papers from the Central Bank.
Korean boat manufacturing company Neneka International, operating in the country as Neneka Bahamas Ltd, has granted Bahamian company Netsiwill a $2.5 million mortgage, it was announced at a press conference at BAIC yesterday.
BAIC chairman Sidney Stubbs then announced that “in marrying these two together” the corporation made sure that the arrangement was consistent with WTO standards, the laws of the Bahamas, NAFTA standards, the Caribbean Basin Initiative protocol with trade and investment, the COTANU agreement and the International Chamber of Commerce.
Mr. Gray argued that in a legal mortgage the mortgagor holds the title until the loan is paid. Therefore as long as the Koreans hold the title the boats will not be able to operate.
Source: Felicity Ingraham, The Tribune
