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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 Nassau, Bahamas - Peter Turnquest, Deputy Leader of the Free National Movement (FNM), issued the following statement calling for further transparency in the Baha Mar sale to Perfect Luck Holdings Limited:
“Further to the demand for transparency called for by Dr. Hubert Minnis in respect to the sale of the Baha Mar project to Perfect Luck Holdings Limited, the Free National Movement again demands full disclosure to the Bahamian people of the financial concessions granted to facilitate this transaction. In particular, we would like to know the amount of stamp tax and VAT collected on this transaction and where that money has been applied. As the Bahamian people might recall, last week the Parliament agreed to facilitate the Government borrowing of up to $150 million to fund the Hurricane Matthew and Joaquin recovery. The FNM agreed to this measure despite its serious misgivings over the management of funds donated or raised for hurricane relief in the past by this Government.”
“The Bahamian people may recall that following the 2004 storms a similar appeal was made and contributions were made to the hurricane relief effort by Sir. Jack Hayward, who after not receiving any indications as to how his donation was spent made a public appeal for an accounting. We believe he likely went to his grave not getting a clear understanding of what happened with those funds. We state our position again that these funds must be handled by an independent bipartisan committee made up of Representatives from both sides of the aisle and civil society partners. In any event, having borrowed the $150 million, the FNM and the public are left to wonder how much was given up to the EX-IM Bank in transaction fees that could have negated the need for this extraordinary borrowing. Under normal circumstances, with a value of $3 billion this transaction would have netted extraordinary revenue to the government of over $300 million in a combination of VAT and stamp taxes. If as has been stated a further transfer is to be made to a final buyer, the revenue opportunity is as much as $600 - $700 million.”
“With such astounding numbers you can see why full disclosure is vitally important. With just one round of taxes collected, there would be no need for this borrowing and the burden on the Bahamian people would be relieved as the balance of taxes collected would eliminate the current fiscal deficit for 2016 -17 forecasted in the current budget. We need answers and we need them now so that we can ensure that everyone pays their fair share in this recover effort not just $50,000, while local Bahamian businesses and residents pick up the lion share because they do not qualify for similar sweet deals. Who does this Government, which said it's for Bahamians, really believe in?”
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