By AVA TURNQUEST
Tribune Chief Reporter
aturnquest@tribunemedia.net
BANK of The Bahamas International Managing Director Paul McWeeney has given formal notice of his intent to resign from the clearing bank, according to Prime Minister Perry Christie.
Mr Christie confirmed that the bank was now searching for new leadership after Mr McWeeney submitted his letter giving the institution six month’s notice of his resignation.
The prime minister provided an update on the bank during a pre-taped appearance on State of Affairs, broadcast Monday night on ZNS.
“The Managing Director Paul McWeeney has now given formal notice of an intention – his resignation notice,” Mr Christie said. “It’s a six-month notice that you give the bank.
“The bank has asked Mr McWeeney to provide a plan going forward, that plan was just submitted last week to the board of directors. We are satisfied that there is a way forward,” he added.
The Tribune contacted Mr McWeeney for comment yesterday before listening to the prime minister’s interview broadcast the night before. However, on Tuesday Mr McWeeney dismissed reports that he had tendered his resignation at the clearing bank.
Mr McWeeney remained tightlipped over whether he plans to step down from the post; however, he hinted that the time had come for new leadership after serving more than 10 years in the post.
He suggested that the resignation reports were sparked by comments he made at the bank’s annual general meeting in December, where he indicated that there would be new leadership in the bank.
Mr McWeeney said: “No, that is false. I have not resigned or put in my resignation.”
“The time has come for new leadership, and when the appropriate time comes, all the announcements will be made.”
He could not be reached later in the day for further comment.
His comments come as the official Opposition continues its call for the board and executive management at the Bank of the Bahamas to resign over catastrophic losses sustained by the financial institution over the past two years.
FNM Leader Dr Hubert Minnis urged minority shareholders at the bank to call for the board’s resignation, and if refused, take out a class action suit against the government.
In an earlier interview, Dr Minnis said: “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.”
Last year the government announced it would establish Bahamas Resolve, a new state-owned and controlled company, to assume liability for $100 million of BOB’s non-performing commercial loans in October.
The new company is expected to mitigate against bad credit risks, improve the bank’s revenue prospects and enhance its shareholder value and financial condition for 10 years, following which the government “will re-evaluate the value it has realised from the debt portfolio, examine Resolve’s financial situation and determine a way forward”.
Mr McWeeney was appointed as BOB’s managing director in 2000 at the age of 39. He was the youngest managing director in the country at that time. He joined the bank as a senior credit manager in 1993, and was promoted to deputy managing director in 1996.
Comments
ohdrap4 9 years, 3 months ago
Is he going to head the Central bank?
is he going to be the VAT COMPTROLLER?
jUST SAYIN......
ThisIsOurs 9 years, 3 months ago
You could be right Shane Gibson was plucked out of the shame and corruption muck and mire to head NIB.
GrassRoot 9 years, 3 months ago
running another bank for the number's boyz?
DonAnthony 9 years, 3 months ago
Long overdue, the entire board should tender their resignations immediately. I do not want a single dollar more of my taxes to subsidize this bank. The government should sell their shares and divest themselves completely from this bank.
Well_mudda_take_sic 9 years, 3 months ago
WORTH REPEATING: When is our Perry Christie led government, as the majority owner of BOB, going to fire this jack arse Paul McWeeney?!! Who in their right mind, apart from the numbers bosses like Craig Flowers, would put money in this bank as long as it is headed by Richard Demeritte and Paul McWeeney?!!!!! Just about any professional public accountant can easily demonstrate (and also easily testify under oath) that BOB's annual audited financial statements for the past three years were deliberately materially misstated with the intention of misleading both stakeholders and regulators alike and that this was done with the full knowledge and blessing of Demeritte and McWeeney. As such, these two individuals are guilty of having caused and allowed a publicly owned enterprise to engage in serious material fraudulent financial reporting which is a crime of the highest order warranting due prosecution of all those directly involved.
mangogirl01 9 years, 3 months ago
Not only the Board, the Chairman and Executive Management - they are just as much to blame!
Well_mudda_take_sic 9 years, 3 months ago
WORTH REPEATING: Ray Winder (Deloitte & Touche), James Smith and the other Board members of Bahamas Resolve have only one mandate: TO COVER UP THE FUNDS STOLEN BY 13 POLITICALLY CONNECTED BORROWERS BY WAY OF FRAUDULENT LENDING PRACTICES AT BANK OF THE BAHAMAS! Sadly, Christie himself, as Minister of Finance, had a hand in blessing certain of the "loans" made by BOB to the 13 politically connected borrowers, which "loans" were never intended to be repaid from the get go. WINDER AND SMITH ARE TYPICAL CONFLICTED TRUSTED PUPPETS OF CHRISTIE WHO WILL NO DOUBT EACH BE PAID HANDSOMELY FROM THE PUBLIC PURSE (OUR MONEY!) FOR KEEPING US (THE BAHAMIAN PEOPLE) IN THE DARK!!!!
TheMadHatter 9 years, 3 months ago
Dude. I can understand the frustration - but please bear in mind the Law which does not allow anyone to make direct accusations (slander) of any particular person or persons character. I would respectfully advise that you mark all of yoru comments for "suggest removal" as soon as possible.
concernedcitizen 9 years, 3 months ago
Its only slander ,actually b/c its written i think its libel , if it is proven be be untrue .Now maybe in our courts w/ a judge that is bias it maybe be labelled slander ,however everyone and his dog knows the purpose of Bahamas Resolve
Well_mudda_take_sic 9 years, 3 months ago
WORTH REPEATING: THE SITUATION I ENVISIONED 6 MONTHS AGO (SEE MY EARLIER COMMENT BELOW) HAS TURNED OUT TO BE INFINITELY WORSE THAN I COULD HAVE EVER IMAGINED. MANY MILLIONS OF DOLLARS HAVE BEEN STOLEN BY POLITICAL FRIENDS AND BUSINESS CRONIES OF CHRISTIE THROUGH THE CORRUPT LENDING PRACTICES OF BOB, A BANK MAJORITY OWNED BY THE GOVERNMENT FOR WHICH CHRISTIE HIMSELF AS PM AND MINISTER OF FINANCE HAS SAY, SWAY AND COMPLETE RESPONSIBILITY FOR EVERYTHING THAT GOES ON AS A RESULT OF HIS APPOINTMENT AND/OR RETENTION OF HIS VERY OWN PUPPETS TO RUN THE BANK!!!!!!!! NOW CHRISTIE HAS THE SHAMEFUL TEMERITY TO HEAVE THE MEGA MILLIONS IN LOANS DEFAULTED ON BY HIS POLITICAL FRIENDS AND BUSINESS CRONIES, LOANS THAT HE HAD A HAND IN ORCHESTRATING AND APPROVING IN THE FIRST PLACE, ONTO THE BACKS OF THE STRUGGLING BAHAMIAN PEOPLE VIA A BOGUS ENTITY THAT HE HAS DECIDED TO CALL "BAHAMAS RESOLVE." THE ONLY "RESOLVE" CHRISTIE HAS EVER HAD IS FOCUSED ON AIDING AND ABETTING THE RAPE, PILLAGE AND PLUNDERING OF THE BAHAMIAN PEOPLE BY HIMSELF, HIS POLITICAL FRIENDS AND HIS CORRUPT BUSINESS CRONIES.
Well_mudda_take_sic 9 years, 3 months ago
6 MONTHS AGO I POSTED THE FOLLOWING COMMENT ON THIS WEBSITE: "McWeeney is telling all stakeholders in BOB to brace themselves as BOB's financial condition and results of operations for its fiscal year 2014 will be much worse than the previous fiscal year. This is a very bitter pill for many to swallow given BOB's very poor state of affairs as reported in it audited financial statements for fiscal year 2013. By BOB's own admission in footnote 7 to those financial statements, only $152.4 million (2012: $331.4 million) of its total loans of $735.1 million (2012: $687.6 million) were considered to be a "satisfactory risk". All other loans were either past due or impaired as of June 30, 2013. Footnote 7 to last year's audited accounts also disclosed that this situation existed after having already written-off loans totalling $17.2 million and having already made additional provisions for further possible write-offs totalling $21.2 million (one can only wonder how many of these loan write-offs involved politically connected borrowers!). Restructured loans for fiscal year 2013 also increased by 56% compared to the previous year. The very significant deterioration in the quality of BOB's loan portfolio was further evidenced by the very significant spike in non-accrual loans as a percentage of total loans and total equity (non-accrual loans are poor risk loans for which no interest can be accrued as earned). Meanwhile footnote 24 to BOB's audited accounts for fiscal year 2013 disclosed that directors' fees had increased by 51% compared to the previous year and loans and advances had been made management at a low average interest rate of 2.6% per annum. To help BOB in fiscal year 2013, Christie, Gibson and McWeeney arranged for $32 million of National Insurance funds belonging to the hardworking people of this country to be injected into BOB as additional needed capital. With McWeeney warning us that BOB's financial situation for the coming fiscal year 2014 will be much worse than 2013, one can only wonder how much more of the peoples hard earned National Insurance money will be ploughed by Christie and Gibson into BOB to support its practice of making loans to politically connected persons that frequently are defaulted on and later written-off according to recent revelations in the local press."
TalRussell 9 years, 3 months ago
Comrade Rt. Honourable PM kicks off the New Year with the same old shadow of himself. . Ask any Bahamalander and they will tell PM that the Bank of Bahamas (BOB) needs more than reboot of its Chairman. That the entire BOB Board of Directors, should have been given the swift pink slip boot. Amounts to no more than a limited search for another member from the exclusive club of the most privileged PLP's, to be handed yet another top taxpayers funded salary and generous past the grave health, car and of course the golden parachute and pension benefits. PM if you really wanted to impress your citizens, you would have released a New Year's list of all who are the names on the $100 million (and we all know its lots more millions) of dead-beat borrowers. PM this is not the way you take responsible and prudent measures to deal with all the people responsible for the taxpayers $100 million having step in to save, stop BOB from having hang a “gone out business – bankrupt” sign on front door. PLP Cabinet can you really expect taxpayers to save the jobs of the Board of Directors, under the $100 million taxpayers funded refinancing package deal? You'll are all politically sick up in ya damn heads.
by TalRussell
Reality_Check 9 years, 3 months ago
And what about BOB's duplicitous incompetent imbecile Chairman, Richard Demeritte? He's a worthless sod that should have never been appointed Chairman of BOB by Christie and Christie knows it! Demeritte too, needs to be put out to pasture asap otherwise BOB may as well shut its doors.
concernedcitizen 9 years, 3 months ago
He is going to rewarded for loaning 100 million out to cronies that have no intention whatsoever of paying any of it back ,from the Peoples penny saving bank ,to the Development bank and now BOB ,They are basically funnels to get money from the treasury to cronies ,,
EasternGate 9 years, 3 months ago
I endorse all of the above comments
Sickened 9 years, 3 months ago
I would be very surprised if anyone with integrity is picked to become managing director of BoB. An honest person could not possible accept the position and be able to sleep comfortably at night knowing what went on and continues to go on at BoB.
Well_mudda_take_sic 9 years, 3 months ago
Rumours abound that Christie was recently informed that a full blown investigation needs to be conducted into the favours done by McWeeney as Managing Director of BoB in exchange for exceptionally favourable loans he managed to obtain from certain BoB connected customers in connection with the financing of the lavish palatial mansion McWeeney built for himself in the Love Beach area on many acres of land. Talk on the street also has it that Christie is very concerned about certain irregularities that have come to his attention about the real property taxes assessed and owing on McWeeney's Love Beach mansion! All of this has apparently forced Christie's hand from a political standpoint in dealing with McWeeney. But what about Demeritte?!!
GrassRoot 9 years, 3 months ago
Maybe Mr. McWeeney is following the loans. If they don't have to be repaid, they must serve a purpose on the borrower's - sorry - BO of the funds - side. Maybe he gets a job on the dark side (well not exactly sure which one is the dark side though - or maybe we have more than one dark side?)
John 9 years, 3 months ago
SO WHO IS LYING about the resignation, the prime minister or the other cartoon character? Did he really resign or did he just wish he did? QUESTION OF THE~DAY: What company do you know about operates with just
Hint: what is Bahamas Resolve?
Just in case Paul McSweeny does resign there is a movie opening he might be interested in
Who is the pink panther?
DMoe 9 years, 3 months ago
How much will his severance pay be?
ted4bz 9 years, 3 months ago
Yeah right, moved from front lines to do their magic behind the lines. These guys are hackers but they hack for people with power and wealth.
Exploits exist in these sectors and they are there to find these exploits. They don't make exploits, someone else do, they are there to find the it, watch it and let cash flood into the right places. What's wrong with that?
These guys get rich doing what they do, as long as their are exploits there will be those with cash and power willing to plug them into the system and protect them. So don't believe for a second they are going anywhere.
alicezeta56 8 years, 11 months ago
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