In an earlier editorial entitled, “We’ve Had Enough Of ”’his Nonsense”” we [The Tribune] identified the MP sitting behind High Rock MP Kenneth Russell in the House of Assembly on Thursday as Sidney Stubbs, now ex-chairman of BAIC.
This was a wrong identification, for which we apologise. Mr Stubbs was not in the House on Thursday.
The MP flailing his arms and trying to drown out what Mr Russell was saying with shouts of “enough of this foolishnes! enough!” was Kennedy MP Kenyatta Gibson.
Mr Russell, speaking on a Bill for an Act to amend the Financial Transaction Reporting Act, was trying to make the point that if the non-reporting of the Korean fishing boat transaction did not come under the Act, then an amendment should be made to bring it in.
It was discovered that no application had been made by the owners to the Central Bank for Exchange Control permission to take money out of the Bahamas to purchase the boats.
Documents that were missing from Netsiwill’s application to the Department of Fisheries on October 28 were:
. No document with evidence of any payment to the builders of the 15 vessels by Netsiwill Holdings Ltd or any other party.
. There was no evidenc of how the funds borrowed by Netsiwill Holdings Ltd were used.
. No documents were provided to indicate that Neneka Bahamas Ltd at any time was the owner of the vessels. On November 20 Mr Tae Jing Suk identified himself as the representative of Mr Kyo Sung Choi and Mrs Young Ae Cho, principals of Neneka Bahamas Ltd. Mr Tae explained that Neneka Bahamas had issued a mortgage of $2.5 million to Netsiwill Holdings on the 15 boats, assembled in the Republic of Korea, and now moored at Morgan’s Bluff, North Andros. He said the company was “prepared to provide Netsiwill with the technical expertise to maintain their craft and to improve the export potential of the Bahamas in fisheries.”
. There was no information to indicate the identities, nationalities or country of residence of the beneficial owners of Netsiwill Holdings or Neneka Bahamas.
. And there was no information to indicate the source of the funds that Neneka Bahamas was able to lend to Netsiwell Bahamas. Although Mr Russell’s debate was cut short by the Speaker, Mount Moriah MP Keod Smith, a lawyer, argued that the Act did not include such a transaction. Mr Smith accused Mr Russell of taking advantage of his chance to “speak in here to mislead people outside of here.” He asked him to withdraw his line of argument and continue with the matter under debate.
The argument went back and forth, until Mr Russell, who had earlier in the debate been called “dense”, bowed to the superior legal knowledge of Mr Smith.
“I know the member who has just made his contribution is an eminent lawyer and I would never accuse him of misleading the parliament of this country on the point of law,” said Mr Russell of Mr Smith. “So, Mr Speaker, since he is correct, as he says he is, I am recommending that this Bill be amended to cover such strange, such transactions that appear to have been done outside the proper procedure of such transactions.”
The tables had been turned. Mr Gibson got up and left. To the applause of his FNM colleagues and the laughing taunts of Montagu MP Brent Symonette – “That’ll teach him to open his mouth! Too hot in the kitchen. a non-lawyer ran a lawyer out!” – Mr Smith also left the chamber shortly afterwards.
Meanwhile, the authorities are still trying to untie the Gordian knot that binds the Korean boats to this country. We wish them speedy success, because the fishermen out there, now coming in from the fishing banks, are becoming more agitated.
As we said in this column yesterday the public have had enough of this nonsense and want some plain answers.
Editorial, The Tribune
