By SANCHESKA DORSETT
Tribune Staff Reporter
sdorsett@tribunemedia.net
THE amount of missing money from Bahamas Power and Light has ballooned to nearly $3m, The Tribune understands.
According to a source close to the matter, four BPL employees remain on suspension and several other employees are expected to be suspended this week.
“Some external auditors were called in and the number has gone up to about $3m,” the source said.
“This goes deeper and longer than any of us could have expected. This was a calculated effort to (allegedly) steal from the company.”
Assistant Commissioner of Police Clayton Fernander said while police have not made any arrests to date, “there is no doubt that someone will be charged.”
“This is not a matter where we just go in and pick up people,” ACP Fernander said.
“We are doing a lot of background work on these employees and so when we target individuals based on what we gather, the case will be well thought out. The investigation is still very much ongoing. “They are still doing some things at the corporation so I cannot confirm at this time what the total figure is that is missing. There is still a line of inquiry going on and that has to be concluded before we start bringing people in. When that is done, then you will see a number of persons being brought in for questioning. I am sure it is coming, there is no two ways about that.”
Last month, four BPL employees were suspended and one person was terminated pending the outcome of the theft investigation.
Employees were accused of “orchestrating an elaborate scheme” over the course of one year, that allegedly involved fake companies and forged cheques. Allegedly at least one bank employee was also involved in the plot and is being investigated, a source told The Tribune.
“BPL uses external vendors frequently,” a source told The Tribune last month. “What we understand is that the employees are accused of sending in invoices from fake companies, getting a cheque for the amount and then using someone in the bank to cash the cheques.
“This is an elaborate scheme that has been going on for almost a year, that we know of,” the source said.
Last month, President of the Bahamas Electrical Workers Union Paul Maynard said “there will be hell to pay” if his union members remain on suspension during the investigation, while managers at the power company “go unscathed.”
Mr Maynard said he will not stand by and let his members be railroaded when those of higher rank, whom he claims are allegedly the only ones who have access to the funds in question, remain at work.
He also previously demanded that BPL hire a forensic accountant from outside the power company because “rats cannot investigate rats.”
Comments
B_I_D___ 6 years, 10 months ago
Hit them all, no matter how small the involvement. If you are linked to it, press charges on each and every one. Don't just target a select few and let others lurk or disappear in the shadows!!
BahamaPundit 6 years, 10 months ago
Fire. Imprison. But, most importantly, get our frigging money back!!!
baldbeardedbahamian 6 years, 10 months ago
ITS NOT YOUR MONEY PUNDIT. IT USED TO BELONG TO BPL.
Well_mudda_take_sic 6 years, 10 months ago
And not a single senior official at BPL will end up in prison for the crimes committed in this matter..... just wait and see!
John 6 years, 10 months ago
One of the biggest problems in any businesses is controlling its assets, especially cash, and ensuring it does not go missing. Theft by employees is a quick way for any business to go out of business. One measure of controlling theft or misappropriation of funds is to ensure when persons are caught they are both punished and dismissed. The rules should be no different for government workers or public servants. Despite the multiple millions of dollars allegedly stolen from various government departments or quasi government companies no one had been charged or seriously reprimanded. If fact the person suspected of stealing many millions from road traffic was promoted to an even higher office with no investigation. And so the t'iefin continues.
sealice 6 years, 10 months ago
Fire em all throw maynard in for good measure he's crooked one way or the other just for being a union boss.
DDK 6 years, 10 months ago
LOL!
ThisIsOurs 6 years, 10 months ago
"Last month, President of the Bahamas Electrical Workers Union Paul Maynard said “there will be hell to pay” if his union members remain on suspension during the investigation, while managers at the power company “go unscathed.Mr Maynard said he will not stand by and let his members be railroaded when those of higher rank, whom he claims are allegedly the only ones who have access to the funds in question, remain at work."
Paul Maynard and his like are the root of the problem in this country. Anything is ok as long as one if MY people do it. if his small people have a part in it, prosecute them. If the big people get prosecuted two months later that's fine.
DDK 6 years, 10 months ago
If I am not mistaken, banks do not cash cheques made out to companies (the report refers to invoices from fake companies). Also, is a an approved purchase requisition not required by the Corporation before a job is contracted? This "scheme" must have been very elaborate indeed! No wonder they cannot keep the power on, too busy looting and pillaging.
sheeprunner12 6 years, 10 months ago
What does "suspension" mean???????? ........ slap on the wrist and forget it ever happened??????
SP 6 years, 10 months ago
This "elaborate scheme" was most probably going on for years if not decades. The more they look, the more they will discover missing. I hope they catch every single one of them and charge them accordingly!
TalRussell 6 years, 10 months ago
Comrades! I think it would be all but impossible to ripoff $3 million - without some form co-insider assistance? $3 million isn't exactly some small chunk of change to have walk off with - all by ya lonesome self?
Millennial242 6 years, 10 months ago
Review of Bills: at some point there should be a sign-off by a Manager to confirm a bill is to be processed for payment (at the stage of entry into the accounting system, or at the stage of actually printing a check to pay it). That's a standard control. So whomever authorized the bills to pay the vendors should have been able to say whether the charges were for legitimate services rendered or not.
New Vendors: there should be some procedure in place to ensure no new vendors are included in the accounting system until it has been confirmed by a senior level manager.
Now if over $3M went missing, then that means these controls were never in place to begin with (or not being followed); and when BPL took over management of BEC to put the controls in place, they discovered fake vendors (especially if you paying more than $100K to them in a year, and they don't have a VAT registration/TIN number or worse...the TIN Number fake [another crime]).
Eventually they all will get caught.
Making payments to fake vendors sounds like an elaborate scheme, but if the right oversight was in place to start with, it could have been avoided a long time ago.
ashley14 6 years, 10 months ago
Corruption in every corner you look. Greed while the unemployed have their utilities cut off. I wouldn't want to be these people on judgement day. They will get what they deserve. Even in this life karma is real. Money acquired at the expense of others will not make you rich. It may be health, unhappiness, losses that money just can't fix. Money can't buy health or happiness.
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