He said he no longer wished to be a part of a media ‘feeding frenzy’ surrounding a Korean fishing venture, the seizing of 15 boats and the authenticity over a Bahamian registered company.
In the House of Assembly, Mr. Stubbs said he did nothing ‘untoward’ with the arrangements two companies, Neneka Bahamas Limited and Netsiwill Holding’s Ltd., had with a Korean company for a $20 million investment in the economy of North Andros.
He said BAIC performed no front exercise to allow Koreans to fish in the exclusive fishing zone of The Bahamas.
“I have today asked the prime minister to accept my immediate resignation of executive chairman of BAIC.”
The letter read: “Dear, prime minister, the press in The Bahamas appears to have gone into overdrive over a Bahamian company’s attempt to go into commercial deep sea fishing. The BAIC as the commercial and domestic investment arm of The Bahamas government assisted this Bahamian group by structuring the investment and foreign funding for them.
“Prime minister, it is my humble contention that neither the corporation nor myself did anything wrong or illegal. We simply did our jobs to the best of our abilities. I saw it as an excellent opportunity to increase the national fishing fleet of The Bahamas. “The BAIC structured an enterprise which was designed to be managed and controlled by Bahamians. We did not structure a fronting operation; 80 North Androsians were hired to work on the boats in good faith. I presumed that this venture would impact our economy in a positive way. I still feel so.
“Prime minister, your support, of my administration of your government’s domestic investment agent is to be lauded. The new vision of the BAIC is to develop a business class that is able to compete in the global economy, in matters of product innovation and development that will lead to expanded opportunities for trade and business development for existing and aspiring Bahamians entrepreneurs.
“Taking the above into consideration, I can no longer allow this feeding frenzy by the press to embroil the BAIC or your government,” he said and thus tendered his resignation.
Minister of Agriculture, Fisheries and Local Government V. Alfred Gray, during his communication said Neneka Bahamas Limited was not registered to do business in the country and that the attorneys acting on behalf on the companies involved, were instructed to remove the boats from the jurisdiction forthwith.
“The records of the Department of Fisheries shows that on the 28 Oct. 2003, a formal application was made to the Department of Fisheries for a permit to import free of duty, 15 fishing vessels into The Bahamas by a Bahamian Company, the value of these boats was indicated to be $2.5 millions dollars.”
He said the application was accompanied by “a letter dated the 21 Oct. 2003, signed by Mr. Ken Collins, president of Netsiwill Holdings Limited and a certificate of incorporation for Netsiwill Holdings Ltd.”
The minister said he also received:
* Fifteen copies of certificates of ship building each for a 40 foot vessel in the name of Netsiwill Holdings, from Hyundai Marine Industrial Company Ltd., of Korea.
* An application for a permit to use the said boats to fish commercially in Bahamian waters.
* An applications for a permit to lay in the seas of The Bahamas 14,000 traps for crawfish and for the use of compressors.
* A copy of a mortgage dated the 27 Oct. 2003, between Netsiwill Holdings Ltd., and Neneka Bahamas Ltd.,” which stated that the Bahamian company was burrowing by that mortgage $2.5 million dollars to be paid to Neneka Bahamas Ltd., over a period of 25 years with the repayment date being October 2028, at an interest rate of eight percent.
Netsiwill Holdings Ltd. was given a certificate of registration on Oct. 30, 2003, he said. The vessels arrived in the country on Nov. 11 and subsequently on Nov. 14, the Department of Customs was instructed to revoke the registration issued by his ministry and impound the vessels, as it was not clear, whether the vessels were 100 per cent Bahamian owned.
Further investigations showed that key documents for the permit to be granted was devoid the minister said and the permit was revoked.
In an interview with the Guardian on Tuesday, Central Bank Governor Julian Francis, said he highly doubted the credibility of the alleged loan between Netsiwell Holdings Limited operated by Earlin Williams and Neneka Bahamas Limited the company owned by the Korean-American.
Mr. Francis cited that by law any transaction involving foreign currency exchange would first have to be approved by the Central Bank. He said both parties would have to submit an application, which would be reviewed by the Central Bank and approved or declined, based on the merits of the application and whether or not proper regulatory procedures were adhered to.
When asked whether or not he sought approval from the Central Bank, Mr. Williams avoided the question and finally agreed to a face-to-face interview, which he never showed up for.
By Jimenita Swain, The Nassau Guardian
