Now that the relevant documentation has been laid on the table in the House of Assembly, Free National Movement officials are calling for a thorough and impartial investigation into the BAIC-Korean fishing boat fiasco, which ended last week with the resignation of the Corporation’s Executive Chairman Sidney Stubbs.
Speaking at an “emergency” press briefing Monday, FNM Chairman Carl Bethel claimed there is probable cause to suspect that a number of criminal offences have been committed by persons associated with the “illegal venture”, involving a joint fishing partnership with Koreans and Bahamians.
The Korean-owned Bahamian-registered company, Neneka Bahamas Limited, issued a mortgage in the amount of $2.5 million for 15 Korean built boats for Bahamian company, Netsiwill Holdings Limited.
Pointing to a series of key issues, Mr. Bethel first tackled what he said was a breach of the Central Bank and Exchange Control acts and the mortgage-ownership “sham” arrangement.
“In failing to obtain foreign exchange approvals for foreign currency borrowing from the Central Bank of The Bahamas for the US dollar loan secured by the mortgage, there was a breach,” he said. “And punishment for such a conviction is a year in prison.”
Building on sentiments expressed by FNM Deputy Leader Sidney Collie Sunday while a guest on Love 97’s radio programme, “Jones and Company”, Mr. Bethel claimed the mortgage was a sham arrangement.
“In every other mortgage agreement, the borrower ends up owning the house or the car after the mortgage is paid off,” he pointed out. “That is not the case with this sham mortgage.”
While also a guest on “Jones and Company”, Mr. Stubbs, however, rationalized that there were huge groups of Bahamian businessmen who in the 70’s, 80’s and right up in the 90’s went into deep sea commercial fishing and who had mortgages with a company called ATCO out of Florida.
“They used the boats that they were funding as collateral,” the former Chairman explained.
But according to Mr. Bethel, these are not the only issues of grave concern.
He said there are also three acts that amount to deceit of a public officer contrary to the provisions of the Penal Code.
“The first deception is reflected in the Minister of Agriculture and Fisheries Alfred Gray’s communication when he said the Department of Fisheries was at all times advised that these vessels belonged to Bahamians and that there were foreign interest in the ownership thereof. Who gave such untruthful information to the Department? What exactly was said or represented to the officials of the Department?,” Mr. Bethel asked.
The FNM Chairman further pointed to the allegation that someone either told the Deputy Director of Fisheries that Cabinet had approved of the transaction or that it was aware of it.
“Who gave such untruthful information to the Deputy Director,” the Chairman asked. “Who approved the permits and why did the Department of Immigration in Freeport issue the permits?”
Flanked by FNM Leader Tommy Turnquest, Opposition Whip Brent Symonette and party Treasurer Johnley Ferguson, Mr Bethel also raised concerns about what he called the apparent flagrant conflict of interest swirling around Earlin Williams.
A consultant in the Christie administration, Mr. Williams is a central figure in the fishing scandal, as one of the principal owners for Netsiwill Holdings Limited. Mr. Williams is an employee of Bahamas Information Services (BIS) and a consultant of BAIC.
“These bare facts alone cast very serious doubts upon the integrity of BAIC’S role in this venture and strike at the very heart of BAIC’s important function as a business facilitator for Bahamian business persons,” Mr. Bethel charged.
“How can the average Bahamian trust BAIC if there is an unanswered suspicion that in a very significant investment BAIC acted to the detriment of the original sponsor of an investment sponsor. There is nothing right about this unseemly mess, and too much that is wrong, if not downright criminal. Nothing less than a full investigation will serve to remove the stain of corruption and abuse of power which tarnishes the PLP government in this matter.”
Mr. Turnquest, who was himself embroiled in corruption charges while a Cabinet Minister, said he would welcome investigations and the PLP is simply using its baseless allegations to cover its incompetence.
“The PLP is so inept at governing and answering questions about their own inefficiencies and levels of corruption that they try and deflect it by saying that members of the FNM – myself included – can’t speak on this matter because we did the same thing,” he said.
“But, there is nothing further from the truth. And the first thing that I would ask them to do is answer there own charges. Don’t worry about us. The FNM is just alright. Worry about the corruption charges within the PLP.”
Meanwhile, Mr. Stubbs has maintained that he did nothing wrong. While on the radio programme, he also denied claims of conflict of interest involving Mr. Williams and disclosed that he had been contemplating his resignation for quite some time
By Macushla N. Pinder, The Bahama Journal
