By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
A furious Leslie Miller yesterday slammed the Bank of the Bahamas (BOB) bail-out vehicle for trying to sell his multi-million dollar plaza while in the middle of talks with the government.
The former MP and Cabinet minister said it appeared that "the right hand does not know what the left is doing", given that his family is negotiating with the government to lease the Summerwinds Plaza on Tonique Williams Highway to a variety of public sector agencies.
Mr Miller hit out after Bahamas Resolve, the vehicle to which BOB's "toxic" loans have been transferred, advertised his Summerwinds Plaza for sale to interested buyers via a newspaper advertisement in Friday's edition of The Tribune.
He questioned "who the hell's talking to who", given that he was speaking to the prime minister, minister of works and attorney general about the plaza's potential lease to the government, and accused the Ministry of Finance - which has direct ministerial responsibility for Resolve - of "doing its own thing".
Mr Miller's assertion, though, was emphatically rejected by a highly-placed government source, who revealed that Bahamas Resolve and its Board "got explicit directions from Cabinet" to pursue recovery of the collateral for these toxic loans regardless of the borrowers' identities.
This, they added, was done to reassure that political connections, wealth and 'membership of the elite' will not stand in the way of efforts to recover assets for the Bahamian taxpayer, who has been saddled with multi-million dollar liabilities as a result of the 'toxic' loan transfer to Resolve and subsequent injection of government bonds to shore up BOB's balance sheet.
"The Board of Resolve is pushing through and liquidating all assets without consideration of who may be owners of the underlying properties," the source said. "That helps a lot, as they're not having to tiptoe around the politics of it."
Marlon Johnson, the Ministry of Finance's acting financial secretary, and who is also secretary to the Resolve Board, declined to respond to Mr Miller's comments or speak to specific loans being targeted for collection.
Raymond Winder, the former Deloitte & Touche managing partner who administered Resolve, was similarly tight-lipped when contacted by Tribune Business. However, this newspaper's real estate contacts yesterday revealed that Mr Miller was far from the only prominent deadbeat borrower featured in Friday's newspaper advertisement.
For it exposed two former Cabinet ministers, and an ex-Bank of the Bahamas managing director, as being among those whose delinquent loans were transferred as part of the BISX-listed institution's rescue, further burdening an already-strained taxpayer with responsibility for their collection.
Tribune Business was pointed to Destini Lakes, the South Westridge community being offered for sale off Gladstone Road. This newspaper was told that the project's principals included former Cabinet minister Shane Gibson, which was confirmed by sources familiar with the matter on condition of anonymity.
Also featured was a Coral Harbour-based community called 'Coral Dreams'. Realtors told Tribune Business this development is, in fact, 'Coral Breeze', whose principals were former Cabinet minister, Algernon Allen, and his sister, ex-Bank of the Bahamas managing director, Pauline Allen-Dean.
Previous news articles confirmed this, and other well-placed sources added that regardless of which community was in the paper, 'Coral Breeze' is among the delinquent Bank of the Bahamas (BOB) commercial loans transferred to Bahamas Resolve.
The Government has twice bailed-out Bank of the Bahamas via Bahamas Resolve, removing 'toxic' loans from its balance sheet in exchange for two injections of promissory notes or government bonds, valued at $100 million and $167 million each.
Resolve is supposed to service the interest payments due to Bank of the Bahamas on these bonds, but has been unable to do so because of difficulties in realising the security for the loans it has received. This means the Bahamian taxpayer has been called on to fill the gap to the tune of $25.805 million in the 2018-2019 Budget.
And although 'toxic' loans were transferred to Resolve at 'face value', both the IMF and the Government have estimated they are worth 20 per cent of this figure at most - leaving taxpayers to shoulder a potentially enormous liability.
Mr Miller, meanwhile, blasted Resolve for seeking to sell the Summerwinds Plaza from under him at the very moment he was trying to secure its lease to the Government.
"I don't think the right hand knows what the left hand is doing," he told Tribune Business. "We are negotiating with the Prime Minister, minister of works [Desmond Bannister], and attorney general [Carl Bethel], and these other fellas are doing what ever they want to do.
"It's obvious to me that these guys, Marlon Johnson and the Minister of Finance [K P Turnquest], are doing their own thing irrespective of what the Prime Minister, Cabinet and everyone else is doing. There's no doubt about it."
Mr Miller said he had hired Damien Gomez QC, the former minister of state for legal affairs, to represent him in a matter where the Summerwinds Plaza's lease to the Government was discussed just two to three weeks ago.
"They [the Government] requested a timeframe for the leases to be completed and for a new road to be put in place on the western side of the property," he told Tribune Business.
"We wrote to them and were having ongoing discussions. In the meantime, Resolve looks like they're on their own road." Mr Miller added that the situation had placed him and his family in "a bad and very tenuous position" in the talks with the Government, but pledged to "see it through".
Mr Miller has previously repeatedly denied to Tribune Business that Resolve had placed the Summerwinds Plaza in receivership, and appointed a manager to run both it and his family's Mario's Bowling and Entertainment facility. Sources close to Resolve, though, have been equally emphatic that this is correct.
Companies owned by Mr Miller and his family, according to documents seen by Tribune Business, borrowed between $25-$28 million from Bank of the Bahamas, which was secured on the Summerwinds Plaza and associated real estate assets.
The commercial mortgage was 'upstamped', or increased, repeatedly, with this practice at its most frequent during the last Ingraham administration - something that does not fit the narrative of politically-based loans.
The Minnis administration previously suggested a 10-year lease of the plaza, agreed by its predecessor, was among the deals it blamed for "handcuffing" its financial plans.
But Mr Miller described the lease - entered into by the former Christie administration in 2016 - as "a win-win" for all parties given that the rental rate was 45-55 per cent lower than that typically enjoyed by the Government.
The outspoken ex-MP told Tribune Business that the main potential tenant was the Immigration Department, which had been lined up to lease some 98,000 square feet at the former Robin Hood store. Other government departments supposed to join it are the Registrar General's Department, Public Parks and Beaches Authority and Parliamentary Registration (voting) Department.
Mr Miller emphasised there was "nothing underhand" about the lease deal, which he said had been vetted by the Attorney General's Office. Yet the arrangement had run into trouble under both the Christie, and now Minnis, administrations.
Meanwhile, Mr Johnson said Resolve and its Board were firmly focused on the recovery of all collateral assets securing the 'toxic' loans. "I can't comment on any of the specific transactions, but what I will say is that the Board of Resolve is going through the terms of its engagement, which is to ensure all outstanding matters turned over to it are liquidated to recover the value of the assets," he told Tribune Business.
"The Board, with the full support of the Government, has been moving at full speed to address all outstanding matters, realise the assets on these distressed properties, and recover taxpayer money consistent with the law. The Board is following through on the mandate the company has, and doing so with the full support of Cabinet."
Comments
PastorTroy 5 years, 9 months ago
So if I assume BOB is owned by Bahamian Taxpayers, Mr. Miller borrowed from us, then lease the building back to us and STILL couldn't make the monthly payments? This is legal fraud/theft. This explains why he was a 'middle of the road' MP, it was for selfish reasons. He should be glad the Minnis administration is buying the property back at face value and not him being on the hook for the additional 80% depreciation. This is just plain bad business management and cronyism, even after a free money for all those years and not paying his mortgage, he STILL wants Taxpayers to continue to put more money in his pocket? It must be a good thing to be politically connected. #GTFOH!
sheeprunner12 5 years, 9 months ago
Miller has been a bold-faced, shameless, political parasite for the past 45 years ............ it is about time that FATE catch up with him.
concernedcitizen 5 years, 9 months ago
The sad but truthful part is if the PLP won in 2017 , these properties would not be repossed and up for sale ,,Miller/Shane/Allen ,would be borrowing more from BOB never to be repaid and pocketing every cent from the bowling /entertainment center in Millers case and the sale/rent of condos in Gibson and Allen case ,,all done with tax payer dollars that kept propping up BOB as these slime balls carted 300 million right out the front door of BOB
realitycheck242 5 years, 9 months ago
God dont sleep ....the people woke up in time and put an end to the BOB corruption.
Chucky 5 years, 9 months ago
You be damn right bout that, cause to sleep, something first has to exist.
Why yall fools keep talkin an believing this God nonsense? Ain yah notice all the politicians and our biggest home grown thieves, and other criminal bad apples all talk god and ain nothing happen to any them.
Ain notice how so many pastor / preacher live in big house an drive german car on monies meant for the church, ain nothing happen them.
Ever notice how many innocent children die ?
Ain no god, never has been, never will be. If there had been a god, he don't care bout people or can't do anything to help anyone. If he could do, and didn't , he's an a$# , and if he can't do, he ain no god at all.
Wise up, put the fairy tales behind you, you gotta make this life count for yourself, cause once u done gone that's it, ain no second time around.
jackbnimble 5 years, 9 months ago
Not sorry for him at all. Long run, short catch.
B_I_D___ 5 years, 9 months ago
LMAO...CLASSIC.
DDK 5 years, 9 months ago
So many years of blatant and unapologetic theft and corruption and now The People pay the V.A.T. It truly is THE PEOPLE'S TIME!
sheeprunner12 5 years, 9 months ago
Yes DDK, we are ALL paying for the sins of the post-1964 Governments.
Well_mudda_take_sic 5 years, 9 months ago
This comment was removed by the site staff for violation of the usage agreement.
concernedcitizen 5 years, 9 months ago
BOB is just the New Development bank and before that Penny saving bank ,,The tax payer puts the money in for the crooked ungodly political parasites and their friends to cart off in wheel barrels ,and don,t think for one second that P McWeeny was not getting a cut of every crooked loan .You cant steal directly from the treasury the opposition through PAC is allowed to look at those accounts ,So u dream up things like development bank ,BOB , Carnival to rob your brethren blind .They are truly ungodly
realitycheck242 5 years, 9 months ago
Seize all of the delinquent loan properties no matter who the owners are. Politically connected family or not. If you delinquent you delinquent. The banks take the small man home's every day. The political ride over. The Gravy train has come to an end. Face the music just like the small man. Its people like these croonies that have the national depth at over seven billion .....the leaching of BOB has come to an end .....They are the reason for the VAT increase
bobneville 5 years, 9 months ago
well kiss a donkey usnderpants,these fella;s could tief hey?sir we the people want these fellas to go to jail just like they did to my son for stealing ten dollarsa from mr petersen shop,
SP 5 years, 9 months ago
Big mouth Leslie Miller talking loud shyt again. He hasn't made a single payment on his loan for years, and now wants to "negociate" a government lease agreement for the people he stole from to pay his mortgage so he actually ends up with the property free and clear for free?!?!?!
Time longer than rope. Miller, Shane, Allen and PLENTY more so-called "elites" ran out of rope a long time ago but the "yank-back" just reaching them now!
No sorry feelings for these crooked-ass pirates whose personal greed has caused unmitigated pain and suffering on the entire nation.
The only thing missing so far is well deserved JAIL-TIME for these pirates.
screwedbahamian 5 years, 9 months ago
The PM got caught up with the Oban foreign Pirates and now the LOCAL POTCAKE ( IF YOU DON'T SLAP AND BEAT THEM UP AND TREAT THEM LIKE DOGS, THEY THINK YOU DON'T LOVE THEM) to negotiate a lease of property now owned by the Bahamian people to be leases back to the Bahamian people so that his BOB delinquent Loans can be paid off is unreal and can only happen in the Bahamas. These properties need to be sold forthwith and a Judgment filed against him for ALL DEFICIENCY BALANCES realized from the Sales. Further the Government should revoke all current licenses he may have and bar him from obtaining any further licenses to do business in the Bahamas until the Judgment is paid back in full.
Well_mudda_take_sic 5 years, 9 months ago
Now we learn about other loans and advances to the likes of Shane Gibson, Algernon Allen and his sister Pauline Allen-Dean, and even Paul McWeeney himself. No doubt there are many other political elites who received loans and advances from BoB that far exceeded the value of the assets they pledged to BoB as security. And no doubt too, many FNM politicians and their cronies under the last Ingraham administration received similar loans and advances from BoB under exceptionally generous ‘give-away’ terms and conditions without having to pledge anywhere near adequate security.
Keep in mind that BoB is majority owned and controlled by the Bahamas government; accordingly its overall affairs fall directly within the Office of the PM as well as the portfolio of the Minister of Finance. Most, if not all, of these scandalous loans and advances have had to be, for all intents and purposes, either fully provided for or written off by BOB or its Bahamas Resolve bail-out vehicle at great cost to hard working honest Bahamian taxpayers. Small wonder that, notwithstanding the mega millions in taxpayers’ funds required to bail out BOB, Perry Christie was only too quick to come to the defense of Paul McWeeney (brother of Sean McWeeney) for having so handsomely rewarded the PM's political friends and business cronies!
I also recollect Christie being only too quick to come to the defense of tax dodgers and dead beat debtors like Ishmail Lightbourn and Lady Poodling. In the case of Ishmail Lightbourn the PM readily admitted he had phoned the managing director of CIBC First Caribbean Bank in an effort to wrongfully intercede in that bank’s seizure by mortgage foreclosure proceedings for Lightbourn’s seaside mansion on West Bay Street. No doubt Christie would have been similarly inclined to contact certain members of BoB’s board of directors and senior management in order to intercede in the making of loans and advances on very generous terms to his political friends and business cronies. All of these shenanigans on the part of Perry Christie (and no doubt Hubert Ingraham too) clearly evidence a very twisted moral compass by any standard at the highest levels of past PLP and FNM administrations alike, which probably explains why the Minnis-led FNM government has remained very tight lipped about others who were allowed to rob BoB.
Last we heard Paul McWeeney was working for the insurance side of Franky Wilson's businesses. Yep, Paul McWeeney apparently ended up in the safe arms of Sir Snake. Well what can you say except that birds of a feather do flock together!
Well_mudda_take_sic 5 years, 9 months ago
As a reminder:
Paul McWeeney is the brother of Sean McWeeney and articles published in The Punch in December 2013 informed the Bahamian public that Bank of The Bahamas (BoB) had made the following loans and advances connected to political friends and cronies of Perry Christie:
• $28 million to Leslie Miller and/or entities owned by him and/or members of his immediate family.
• $3.5 million to Obie Wilchcombe & Pleasant Bridgewater re. Universal Distributors Bahamas Ltd., a company apparently now defunct for all intents and purposes.
• $8 million to another senior PLP cabinet minister, rumoured to be pudgy with short stubby grubby dirty sticky fingers.
• $6.3 million to PLP business woman Patricia Mortimer who purportedly is a best friend and business partner of Lady Poodling and the owner of several shops at Nassau International Airport.
• $2.3 million re. GEMS Radio Station which at the time was owned by Debbie Bartlett and Cyprianna McWeeney, the latter being the wife of PLP lawyer Sean McWeeney who is the brother of Paul McWeeney.
• $4.5 million to enterprises owned/controlled by Edward Penn.
• $4.6 million to Phil Lightbourne re. Phil's Food Services (Phil Lightbourne was the front man and spokesman for Ben Frisch who owned Bahamas Food Services up until the PM allowed the Frisch Family to sell it to Sysco Foods (a large U.S. public company) in April 2013.
And given that BoB's bail-out to date has cost us taxpayers and national insurance fund contributors over $500 million ($500,000,000), the few political elites named above are just the tip of the iceberg. Where's all of that sunshine Minnis promised he would give us if he became PM? We the people deserve to know the names of all who robbed BoB and are responsible for us now being taxed to death!
realitycheck242 5 years, 9 months ago
@Well_Mudda_Take_Sic ......boy you gat the facts. speak the truth and shame the Devils .....I mean PEP's
hrysippus 5 years, 9 months ago
Lady Poodling? Love the handle, cannot say the same for the recipient.
licks2 5 years, 9 months ago
Two solid pieces of information. . .with only two exceptions by me! One. . .calling the GG Poodling. . .and the total amount to Resolve is around 200 million and not 500!! But I agree. . .good job. . .this is what we need to be doing. . .give the facts and let them chips fall where they may!!
Well_mudda_take_sic 5 years, 9 months ago
No, as usual you're the one who's wrong Licks2 because you're only counting a portion of the loans and advances transferred from BoB to Bahamas Resolve. You have also failed to count the mega-million dollar capital injections made by the Public Treasury and NIB in exchange for additional shares in BoB which seriously diluted the interests of the existing holders of publicly traded common shares. Also, you have not counted the millions of dollars of generous dividend payments made directly from the Public Treasury to the holders of preference shares issued by BoB, and to support the redemption by BoB of its more costly preference share issues. And to this day, BoB is still losing money and will require additional support using our hard earned tax dollars taken away from us by the Minnis-led FNM government. The audited financial statements of BoB since 2009 show that well over $500 million dollars ($500,000,000) of the people's tax dollars have essentially been vaporized by BoB and its related bail-out entity Bahamas Resolve. All because of the robber barons (the political elite and their business cronies) that quite literally fleeced BoB under the 'watchful eyes' of the corrupt likes of Paul McWeeney, Perry Christie and Hubert Ingraham. That's a fact!
Porcupine 5 years, 9 months ago
mudda, Thanks for taking the time to present the truth. These shucksters should see jail time. Instead, they are still well-dressed citizens of The Bahamas. Says as much about us as it does about them.
realitycheck242 5 years, 9 months ago
Anyone notice how Birdiestrachan and Tairussell conspicuously absent from commenting on this article ???????? ....PLP political hacks all silent and shame.
licks2 5 years, 9 months ago
Don't feel bad. . .they would try to justify even though mudda-tak-sic presented some solid and damning information. . .which is not all of them crooks. . .but very good start!
OldFort2012 5 years, 9 months ago
Over the next few months we will get a reset in the Bahamian economy. This pretence that commercial property on new Providence has some huge value will be killed off once and for all. None of these properties will come even close to finding a buyer at appraised prices and finally people will realise that the true market value is about 10% of what estate agents have been "appraising". Only once all this has happened and commercial property hits rock bottom can we start the long march back to rebuilding the economy.
bogart 5 years, 9 months ago
THE SOURCE OF THE PROBLEM NEEDS TO BE ADDRESSED !!!!!!!!!!!!!!!!!
THE BANK RELATIONSHIP IS BETWEEN THE MORTGAGOR AND THE BANK.........it takes 2 hands to clap......!!!!
The customer goes to the bank and presents all the information and even more.......the LOAN OFFICER FOLLOWS STANDARD....BASIC...LOAN PROCESSING....RATIOS.....AMORTIZATION TABLES.....BANKING POLICY.....COMMON SENSE !!!!!.....IT THE LOAN DOES NO FIT THE RULES.....THEN FER CRYING OUT LOUD.....DECLINE THE DAMN LOAN.....!!!!!!
IF THE LOAN OFFICER APPROVES ANY LOAN NOT MEETING THE CRITERIA TO REPAY THEN ITS WRONG......extremely simple to do the math....double check...simple checks....banks are not in the business to give out loans that cannot be repaid.....GIVEN THE LARGE AMOUNTS OF SOME LOANS.....THE DECISION MAKING WILL USUALLY GO TO THE HIGHEST LEVELS OF MANAGEMENT.....PERHAPS DIRECTORS..?
THE SOURCE OF APPROVALS FOR ALL THESE MANY .....BAD LOANS...WILL HAVE A PAPER TRAIL...LEADING TO THE APPROVER.......WHO MUST BE CALLED...SUBPEONED....TO GIVE DETAILS ..WHY THEY WERE ...... APPROVED AND ....HELD RESPONSIBLE !!!!!!!!....ACCOUNTABLE...!!!!!!!!!
................................ ON THE MORTGAGE CUSTOMER SIDE ........IF THEY ..FOLLOWED ALL THAT THE BANK ....REQUESTED.... AND WERE GIVEN THE LOAN.....AND THE BANK CLEARLY HAD ALL THE EVIDENCE THAT THE LOAN WOULD......NOT SUCCEED.......THAT THE CUSTOMER WOULD NOT HAVE A SNOWBALLs CHANCE IN HELL OF SUCCEEDING....SICCESSFULLY REPAYING THE LOAN.......THEN THE BANK WOULD BE NEGLIGENT...DID NOT ACT WID DUE CARE ....
DWW 5 years, 9 months ago
Me thinks you missing the point. BOB does not follow standard basic loan to value ratios or logical debt service ratios. silly trying to deflect from the real issue. go have a nap please.
licks2 5 years, 9 months ago
I saw an interesting development in the news paper where two "land holders" in New Providence put up large tracks of lands with million of dollars price tags. . .both with the symbol of the lion. . .King and Judah something!! Either there is a Jewish consortium ( lion symbol and the name Judah) with massive land holding in NP or some group is a massive land holding group and is trying to off load those lands in one big hurry!! Makes one wonder what is going on!!
sheeprunner12 5 years, 9 months ago
The Minister of Finance needs to keep the citizens abreast of HOW MUCH is being collected on "bad debt" owed to our Treasury ......... BOB/Resolve, Mortgage Corporation, MOE Loans, Public Corporations etc. We have to get this Treasury leakage/accounts receivables under some control before this swallow up our public finances .......... This is his responsibility to US.
Well_mudda_take_sic 5 years, 9 months ago
Neither Turnquest nor Minnis will do this because of the very high up FNM political elites and their business cronies who were also involved in the royal free-for-all fleecing of BoB under the last Ingraham administration. And heaven knows what may now be going on at BoB under the Dimwitted Doc's administration. Ask yourself - Why did Minnis do a 180 degree turn on his election campaign promise to shut BoB's doors for good in order to stop the constant bleeding and at the same time apply plenty of sunshine to the shenanigans that occurred? Why does our government need to own and continue supporting a failed and, for all intents and purposes, forever bankrupt bank? Why oh why must this be???!!!
Porcupine 5 years, 9 months ago
mudda, I only disagree with you on the idea that a bank should ever be privately owned. I have followed Ellen Brown for a number of years. She is brilliant, and understands banking better than most anyone. Banks create money. That is a fact. This privilege must never be held in private hands. Banking is a public service, just like any other public service. All profits from this service should go back to the people, in their entirety. There should be no such thing as a rich banker. Humanity will never break the chains holding us down until we understand banking and bring it back into the public sphere. "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford
ohdrap4 5 years, 9 months ago
why not declare these people bankrupts?
but then again, even if they did. people still respect bankrupts in this society.
bogart 5 years, 9 months ago
@muddatekdic...2 tings....appreciate your figures always.....on the BoB bailout costing over $500 million.....you forgot the drop in share value from some $5.22 to around $1. Costing some $160 million ...plus costs...missed opportunity costs...to shareholders being able ...iquidating and reinvesting..effects on competing banks who if according to market forces allowed to prevail would have been able to increase market share increase dividemds......$$$ ???? And second ting the Plils $4.6 million ......and now the store has been TRANSPARENTLY ???...was a BREA Real Estate Sales Agrnt involved ....Approved Licemcd Appraiser for Valuation suitability...etc.....sold for the GENERAL POST OFFICE....the purchase price is still to be revealed...would the price be more knowing of the IMax commercial development nearby and 4 lane Gladstone highway??....govt contracts to improve Garbage dump stop fires and smoke.????
realitycheck242 5 years, 9 months ago
The Government acquired the phill's building for the post office by compulsory acquisition.... which is the power of government to acquire private rights in land without the willing consent of its owner or occupant in order to benefit society. This power is often necessary for social and economic development and the protection of the natural environment.....it is my opinion that no money was involved.and gov just took the building.
bogart 5 years, 9 months ago
@reality chech242the govt may have the right eminent domsin....but the 4000 private shareholders need to be informed by now if this has happened but so far no word.......and given the public nature ..and in light of all the apparent stop contract of the old independence building renovation....and the competing Town Centre Mall location....such project of suvh magnitude.....being secret is certainly not lke this transparennt and accountable govt...!!!...
jujutreeclub 5 years, 9 months ago
Think I read it right. Potcake is mad cause they advertising his place for sale after trying to negotiate with this gobment to enter a lease agreement for the buildings. As far as I know, if any bank put your place up for sale due to defaulting on payments, you can't tell the bank that you will get into a lease agreement with them for the building that is being repossessed. This is totally insane on his behalf. Why must we pump more money into he and his family's pockets, I say Resolve, take the full thing like what you did with Phils on Gladstone road. All the ministries/departments that Leslie say are entering lease agreements with him, need to move in with no lease agreements but for government to take it outright.
sheeprunner12 5 years, 9 months ago
Agreed .......... Free Government office space for many Departments in search of a home .......... Potcake has defaulted for the Nth time.
BONEFISH 5 years, 9 months ago
All of the properties transferred to resolve should be put for sale.If the assets are sold for less than the loan amount, a judgement should be obtained against these person's other assets. All efforts have to be expended to recover these funds.The poor , working class and average bahamian can no longer carry the load for the folly,greed ,theft and mismanagement of a priveleged few.
Well_mudda_take_sic 5 years, 9 months ago
Neither the Minnis-led FNM government, nor the respective boards and management teams of BoB and its bail-out entity Bahamas Resolve, will ever pursue judgements against any of the robber barons of BoB for the great differences between the amounts of the delinquent loans and advances received by the borrowers and the inadequate value of the assets they were allowed to pledge to secure same. And this is the case because many of these loans and advances, totaling mega-millions of dollars, that were made under fraudulent terms and conditions, involve not only the PLP elite and their cronies under the Christie-led administration, but also the FNM elite and their cronies under the last Ingraham-led administration. The Minnis-led FNM government would prefer that all of the dastardly deeds that occurred at BoB under the 'turned watchful eye' of its previous managing director, Paul McWeeney, be swept under the rug. This makes Minnis no better than Christie and Ingraham when it comes to the fraudulent lending practices of BoB that went on for many years under both PLP and FNM administrations.
bogart 5 years, 9 months ago
Fully agree wid you Muddatecsic.....but the Minnis administration still has 4 more years in its term to have all da Chairmen past an present of the BoB before a Commission of Inquiry....an those found doing wrong...punished to the fullest extent of the law...in the meantime the Canadian consultant report should be made public.
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