From the Office of K. Peter Turnquest, M.P. East Grand Bahama, Shadow Minister of Finance and Financia l Services and Free National Movement (FNM) Deputy Leader:

The official opposition takes note of the resignation of Hon. Ryan Pinder, the former Minister of Financial Services and the visible cracks now appearing in the fabled bridge to the future, which now seems more and more a bridge to THE PAST.

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. One has to consider what would have led to this decision and whether the recent announcement by the Prime Minister, that he is prepared to lead his organization into the next general election had any bearing on his decision, or whether the negative publicity surrounding the Bank of the Bahamas or the LOI and Stellar Waste affair influenced his resignation.

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 leveled 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.

As the country’s financial services industry continues to face mounting pressures from outside agencies, contractions in the wealth management divisions of several major offshore and domestic banks and while the Bank of the Bahamas faces major structural and financial mismanagement, it is particularly concerning that the now former minister has decided to abandon his post and this sinking PLP ship at this time.

We trust that his departure will not result in a loss of focus by the Government as many challenges facing the industry remain, including FATCA implementation, tax exchange and international trade agreements, job contractions in the industry and of course VAT and tax reform on which he was a leading figure.