The Tribune

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

FREE National Movement Leader Dr Hubert Minnis yesterday charged that Minister of Financial Services Ryan Pinder’s resignation from his Cabinet post demonstrated his lack of confidence in the government’s “sinking ship”.

Dr Minnis suggested that Mr Pinder’s decision to step down was partly motivated by the government’s handling of Bank of the Bahamas, adding that the Elizabeth MP finally recognised he did not have a political future with the Progressive Liberal Party.

Meanwhile, FNM Deputy Leader Peter Turnquest pointed out that Mr Pinder would return to the private sector to work in an industry that he was heavily involved in as a promoter and regulator.

Mr Turnquest questioned whether the move was done with integrity or rank opportunism.

“Pinder resigned because he realised that ship is sinking,” Dr Minnis told The Tribune.

“He wants to get off that sinking ship. He also came from the private sector and found it very difficult to remain with a group that is indecisive.”

“He is a financial man coming from the private sector who would realise what is going on at the BOB – (that) the managing director and directors of the board should have been fired. How can the government convince the public when you keep the same people responsible for the mess being created? They remain in place so what’s to stop the same thing from happening again?”

“You cannot move debt to another account and leave the same captains of the bank in place,” he said.

“(Mr Pinder) no longer wants to stay on that ship that is sinking, he is disembarking and getting off before the whole thing goes down.”

Dr Minnis urged minority shareholders at the Bank of the Bahamas to call for the board’s resignation, and if refused, take out a class action suit against the government.

In a press statement sent yesterday, Mr Turnquest explained that Mr Pinder’s resignation was concerning given the mounting external pressures on the financial services industry and contractions in the wealth management divisions of major offshore and domestic banks.

Mr Turnquest said the resignation was a “visible crack” in the government’s self-titled bridge to the future, which he said seemed to be more of a bridge to the past. He also questioned whether the controversy over the signing of a letter of intent with Stellar Waste Management influenced Mr Pinder’s decision.

“Mr Pinder had been considered one of the few bright spots in this current PLP Cabinet and we are sure his presence in financial, trade and international taxation matters will be missed on that level,” Mr Turnquest said.

“It is interesting to note Mr Pinder’s immediate engagement in an industry he was heavily involved in as a promoter and regulator. We recall the criticisms levelled at two former ministers in similar circumstances and will watch for cues from the government to determine whether they are indeed men and women of integrity or rank opportunist as we suspect.”

“The prime minister has consistently spoken about his fabled bridge to the future; however this resignation highlights a serious crack in that bridge and the fundamental lack of confidence his ministers have in his leadership and his government’s failure to promote young leaders within his government to substantive decision making levels instead of being constantly overshadowed and minded by returning senior civil servants and consultants to various ministries.

“This young generation must feel duped and used,” he added.