By SANCHESKA DORSETT
Tribune Staff Reporter
sdorsett@tribunemedia.net
THE amount of money missing at Bahamas Power and Light has skyrocketed to nearly $7m, The Tribune understands.
According to a source close to the matter, forensic accountants have uncovered “much more missing money than anyone originally thought”.
Government officials have not confirmed the $7m figure, but Works Minister Desmond Bannister previously told The Tribune the final figure will be released to the public when the audit has been completed.
When contacted about the reported new figure on Tuesday, Mr Bannister told The Tribune he would not be surprised if the amount of money stolen was $7m, but added the government is letting police and the auditors do their job.
Meanwhile, a well-placed source told The Tribune that the auditors have been working “non-stop” for several weeks in order to bring the matter to a resolution.
“They (the auditors) removed all of the hard drives last week and copied them. I mean hard drives from everyone’s computers, all the managers, all their assistants, everyone’s computer is being checked to make sure nothing is being missed,” the source said.
Last week, several managers attached to a department at BPL were placed on leave.
At the time, Mr Bannister stressed the action was not an “indictment” on the employees, but said the auditors needed “full access” to all BPL files without interference by the staff.
Mr Bannister would not say how many persons were sent home, but The Tribune understands the three senior officers were suspended.
“This does not mean they are guilty of anything, we have to wait until we see the full report,” Mr Bannister told The Tribune.
“We have hired persons that are highly experienced and very thorough because we want the answers as to what happened. I told the board that this is not political and I wanted them to use their best judgment and to follow the advice of the auditors. I want them to be able to do what they feel is best so there will be no interference from me whatsoever. “There is no politics in this at all. Wherever this investigation leads us, that is what we will do.”
Mr Bannister said he is unsure how long the investigation will take, but added: “We have to be careful not to put time limits on their work.”
In late June, the administration building at BPL’s Big Pond office was shut down to staff and customers over a weekend, while the audit was being carried out.
According to a source close to the matter, the offices were closed to allow “full access” to Ernst and Young auditors to investigate the millions of dollars that have allegedly been “stolen” from the company.
The source also said that the Ernst and Young auditors were flown in from an office in the United States to conduct the investigation.
Comments
Sickened 6 years, 9 months ago
Notify me again when it reaches $70 million and then again at $200 million. Thanks.
Islandboy242242 6 years, 9 months ago
what the....
Well_mudda_take_sic 6 years, 9 months ago
The forensic auditors are hopefully focusing on invoices, payments and physical quantity/measurement records relating to fuel purchases from the fuel supply enterprises in which Sir Snake has a beneficial ownership interest.
ThisIsOurs 6 years, 9 months ago
If they copied all the hard drives, I believe they're be looking at everything, down to the cobwebs
observer2 6 years, 9 months ago
When the US forensic auditors are finished at BEC, please send them to NI, BoB, Resolve, Post Office Bank, Motor Vehicles, Bahamasair, Mortgage Corp, Bamsi, AG Offece, Hotel Corp, Ministry of Finance, Hospital, Education? Water and Sewerage, Real Property Tax.,.did I miss anyting?
Look like if it could move it was gettin tief.
DDK 6 years, 9 months ago
The People part of BTC! MOT! Da Police Dept. LOL!
TalRussell 6 years, 9 months ago
Comrades! Again, I can argue this audit will not have served its purpose if in the long run only the smaller fish are exposed. The $1 million that will be spent on the BPL (BEC) forensic audit will be worthless in the face of accusations that there is no way you can steal $7 million without the criminal complicity of high ups of the corporate and political ladder. I shall believe the $1 million forensic auditing fees were well spent - but only after I get see who, if anyone, gets arrested, charged and fried tiefing the people's $7 million? If the slackness in charging MP's for not filing their Financial Disclosures is the example the red cabinet will follow on BPL/BEC tiefing - then how can you doubt that the $1 million will have been just more waste the states monies - stuffed in more of the same political bullshi# talk envelopes?
Sickened 6 years, 9 months ago
Big heads had better roll or this will make two political parties that will NEVER be elected again!
TalRussell 6 years, 9 months ago
Comrade Sickened, aren't these the same red shirts party who whist in opposition went all public to accuse that unknown persons had tiefed unknown millions dollars from the drugs inventory at PMH? Was that a true accusation? That is not the only tiefing accusations make whilst in opposition....Now was it? Good Justice is not to try your case in the media - unless of course you have a complete disregard for destroying peoples good reputations they spent years working to build? You don't have name those sent home to have tarnished their reputations - when their co-workers, church members, children's friends parents, friends, family members and neighbours does knows they are no longer allowed report for work at BPL. It's just not fair to treat anyone that unfairly.
ThisIsOurs 6 years, 9 months ago
I suppose you could allow them to come to work with no access to the system, but we don't know the level of automation at BOL,some records may be hard copy. If I were them and I know I didn't do anything, I'd enjoy the paid vacation. The only danger is, if they're found to have been negligent for not detecting anything sooner their job or responsibilities could be in jeopardy.
TalRussell 6 years, 9 months ago
Comrade ThisIsOurs, I will defer to the cyber revovery experts but I would think if there is any possibility of getting the 'deleted' files before you do any cloning, do that. I would think there is no way to 'guarantee' getting those 'deleted' files back out of a cloned hard drive? And, I seriously doubt the hired gun foreigner auditors are cyber experts?
ThisIsOurs 6 years, 9 months ago
I bet you they do have an expert among them. Accounting firms are hiring it security people just for this kind of thing. But I'm saying if innocent people have been put on leave, enjoy the stress free month off.
TalRussell 6 years, 9 months ago
Comrade Thisisours, what scares me is the red regime have been careless when it comes to just calling out the ordinary people for doing bad things against the state's assets. The government workers of the nation must be free from being sent home when only under suspicion by their elected politicians. If you have 'evidence' of tiefing - turn it over to the police and not the media. Our British justice system is not to try the accused in the media and even before they're arrested and charged. I am guessing the bulk the $7 million has to do with overtime and vacation pay, etc - maybe even dead workers on payroll?
ThisIsOurs 6 years, 9 months ago
Heard the nominee for the US FBI Director post talk about the importance of "process" when investigating people, because at the end of the day if a case proceeds or a case is dropped, you want people to have confidence that everyone was treated fairly. I will agree, I think the FNM has been employing these investigations too gleefully and not following process. I believe that is the point Hubert Ingraham was making as well. Follow the process, don't misuse or abuse the investigative process for quick political wins.
DDK 6 years, 9 months ago
..... and just how many millions is this forensic audit going to cost The People? If the perpetrators are not prosecuted and jailed and the missing monies recovered, what then? The distribution of power is still hopeless.
242gyal 6 years, 9 months ago
The point is, this is an investment into the future of eliminating corrupt losses. Sure it costs us now but the saving of future embezzlement will more than cover this cost. Even conducting audits and investigations has to be giving the thieves a second thought. I hope...
BahamasForBahamians 6 years, 9 months ago
Has the secrecy of this investigation raised flags for any of the learned readers and visitors of this website?
Lets compare: At BAIC: Less than 10k was allegedly missing - Public Arrests and charades were had. The public was constantly updated with arrests on the former chairman and relevant staff. All presumed to be PLP supporters.
On the other hand: We have ( $7million -$1billion) missing from BEC but no word on who has been suspended or is being investigated? Mums the word!.
Expose the FNM CFO Cecile Greene and all of her inner dealings! The public demands answers! Its the peoples time!
John 6 years, 9 months ago
If you look at the state of affairs at BEC there had to be massive thefts or mismanaged or both for BEC to have degraded to this level and to still be so sunken in debt. And the theft does not only involve cash, but also electricity, equipment and supplies and manpower hours. And if someone does not go to jail with all this exposure of t'iefin going on in government and government corporations we all may as well quit our jobs and start tiefin too. It is virtually impossible for the common man to endure the high cost of living and still pay government taxes too. Now word has it that some BEC employees have means of speeding up consumers meters causing them to pay more electricity while slowing their own matters and having lower light bills. This borders on treason and these people need to be identified, prosecuted and sent to jail. Then the cost of living will be reduced for every one, government will be able to pay its bills and have its credibility restored.
DaGoobs 6 years, 9 months ago
This is at the AUDIT stage. When the AUDITORS have finished they pass their findings to the board or the minister or whoever engaged them. If the report indicates CRIMINALS activity then the POLICE will be called in to investigate, collect evidence and then prosecute. Let's not get too far ahead of ourselves people. The BAIC matter was small fries in comparison to what is described in this story. Talk to the police about that one as there was no auditors involved that we know about.
Socrates 6 years, 9 months ago
No surprise here at all.. if there is one, its that all the corruption that we all know has existed for decades is finally coming to light.. what, if anything, will be done about it is another story. The late Paul Adderley said at one time that the Bahamas is a country of institutionalized dishonesty.. that was true when he said it, and seems just a true now.
ashley14 6 years, 9 months ago
Is there anything that isn't corrupt? Although you think it's bad now, wait until the Chinese take over!
birdiestrachan 6 years, 9 months ago
If Banister says there is no politics. rest assured there is politics, not surprise if 7 million is missing he says even if the foreign auditors are still at work. what is wrong with the Bahamian auditors are they not honest? If this is true all of this money missing some folks must be pretty rich..
realfreethinker 6 years, 9 months ago
go away
birdiestrachan 6 years, 9 months ago
If Banister says there is no politics. rest assured there is politics, not surprise if 7 million is missing he says even if the foreign auditors are still at work. what is wrong with the Bahamian auditors are they not honest? If this is true all of this money missing some folks must be pretty rich..
Gotoutintime 6 years, 9 months ago
Ask Leslie Miller---Did he just buy a new car??
ThisIsOurs 6 years, 9 months ago
He's allowed to buy a car, food and clothes too. The process has to start with a reasonable suspicion that something out of the ordinary happened, that that something might be criminal and deserves investigation and it comes to a conclusion based on existence of actual evidence.
TalRussell 6 years, 9 months ago
Comrades! One can ask in a nice way - if all the government's vehicles and license plates assigned prior to the May 10, 2017 General Election that should have been surrendered - were in fact returned to the new government's vehicle fleet compound?
observer2 6 years, 9 months ago
good point Tal. All of these government vehicles should be off the road. $7 million at BEC is the tip of the iceberg. How much gas is being stolen through public officials running around doing personal errand in Government Cars.
"Its the Governments Time"...again.
TalRussell 6 years, 9 months ago
Comrade Observer2, "It's the Red Government's "4th" Time"...in power again!" Assigning state paid for vehicles and drivers has always been a sticky point me. I remember well when Premier "Pop" Symonette did manage well to drive himself around Nassau Town behind the steering wheel of a modest white Ford Falcon car which he had won in the Red Cross Car Raffle. No police escort or his Falcon car all encircled with policeman's motorcycle outriders for "Pop". In fact if it was raining "Pop' would stop offer rides complete strangers, or if "Pop" recognizsed you - he would often stop the car offer you a ride to where you were going.
happyfly 6 years, 9 months ago
Hang on, the previous minister for national security should have exposed this theft while he was in charge of law and order....oh whats that you say......he stood by and blessed the ruthless pigs feed on public funds leaving nothing for generations to come.. but now he has died we can tell no lies and we all want to give him a state funeral instead
sheeprunner12 6 years, 9 months ago
We better prosecute Perry's Cabinet while they are still alive ...... BJ done gone ...... Dead men tell no tales
We_doomed_242 6 years, 9 months ago
Lmao I am dead
happyfly 6 years, 9 months ago
Brazil's ex president gets 10 years jail time for corruption
http://fortune.com/2017/07/12/brazil-...">http://fortune.com/2017/07/12/brazil-...
jus2cents 6 years, 9 months ago
Are all Bahamians with authority to have access to public funds just a bunch of thieves?
Seriously, ask yourself "do I steal from work?" not many people can truthfully say they don't and its f$#king pathetic.
You reap what you sow, until people Change their ways this amazing little country will be held back by the scumbags. The only way to go forward is to lock the thieves up, and educate the Bahamian people on the benefits and rewards in doing what is good and right.
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