BEC's Former Chairman Al Jarrett confirms how the first Ingraham administration almost drove B.E.C into Bankruptcy

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<<< Al Jarrett Former Chairman of BEC

Former Chairman of BEC Al Jarrett is defending his record and has confirmed that the corporation escaped bankruptcy under his tenure, following the mess left behind by the first Ingraham government. Jarrett was speaking on a popular radio show in the country.

He responded to comments made in the House of Assembly by Phenton Neymour where the minister commented that BEC is losing money due to the decisions by the former Christie administration.

“Today, due to a number of decisions made by the previous (PLP) administration, combined with external factors, BEC is presently losing money. Its financial position is not strong and will have to be corrected,” the minister said as he told Parliament.

Jarrett pointed out the dire state of BEC was a direct results of the first Ingraham government,  confirming that they [Ingraham government] almost ran the corporation into bankruptcy. He confirmed that decisions made by the Christie administration saved BEC.

“BEC at that time was in all sorts of debts, mostly generated by the IDB,” he said. “Most people think that the IDB is a remedy that provides you with good loans as you improve as a country. What I found about these loans that were on the books at the time [is] we were paying almost 300 percent on interest than what we could have gotten in the market.

“Every time they came for payment they did a kind of weight in average of what they said was the cost of funding and then they passed the cost on to BEC causing a kind of weighted interest. The three months before we paid out that loan the last interest rate they sent to us was 8.3 percent on one of the $50 million loans. We had to pay 2.2 percent on our Euro dollar loan,” Mr. Jarrett said.

Bahamas Press has received a detailed report of the shocking FACTS revealed by Jarrett of the findings at BEC at the time. Today, Bahamas Press releases much of that report on the state of BEC when discovered by the former chairman. Again to you our readers and stakeholders of BEC, here again Bahamas Press delivers REAL NEWS.

Enjoy as you look deep inside the books of BEC.

CLICK HERE TO DOWNLOAD A B.E.C REPORT

29 COMMENTS

  1. Thomas Finley

    I dont know where you worked while employed as a civil servant, but I can say without reservation that the Service is not what it was even five years ago. I can also say without a doubt that I have never had or wanted the opportunity to “thief” “be slack” or “waste time” on the government job. I am a career civil servant and I have worked very hard to achieve my goals. Whereever I was posted I made a difference and I thank God, the government(PLP & FNM) and my family for giving me the strength, the opportunity and lastly for putting up with me when I had to somehow deny them a hot meal because I had to work late. I am a Civil Servant and I look forward to my retirement on full pension and gratuity in a few short years.

  2. Natasha :
    Mr Finley, I never said I discuss politics on the job. This country is small enough that whoever you affiliate with does not take much to figure out. It’s even worse if you’re related to well known PLPs. I told you the last time we exchanged words that you don’t know me, so mind your walk. “…..do the man work!” I am a professional. Anyone that knows me can vouch for that. Many times I go above and beyond the call of my duties. And I have always ensured that anything that comes across my desk is done efficiently and in a timely fashion. The thing that bothers me is that even though this is true, I still receive lewd remarks and comments when the Minister’s darlings sit on their behinds all day making overtime and doing nothing!!! And if you’re no longer a civil servant then you have no idea how bad things have gotten since the last election.
    [Reply]

    Indeed…though I cannot recall exchanging words with you previously, JR, yes, but he is a special case. Government work is a wasteland, which is why I left when I did.It does not have to be, but the problem is leadership or lack thereof,which presents fertile ground for tiefin, slackness and stupidness.

  3. Mr Finley, I never said I discuss politics on the job. This country is small enough that whoever you affiliate with does not take much to figure out. It’s even worse if you’re related to well known PLPs. I told you the last time we exchanged words that you don’t know me, so mind your walk. “…..do the man work!” I am a professional. Anyone that knows me can vouch for that. Many times I go above and beyond the call of my duties. And I have always ensured that anything that comes across my desk is done efficiently and in a timely fashion. The thing that bothers me is that even though this is true, I still receive lewd remarks and comments when the Minister’s darlings sit on their behinds all day making overtime and doing nothing!!! And if you’re no longer a civil servant then you have no idea how bad things have gotten since the last election.

  4. Natasha :
    @Objective thought
    I believe I know the person you speak of. I will say this. Victimization has increased tremendously in government agencies. The only people not aware of this are those in the private sector. I have never seen so much back-biting and segregation since I started working nearly 20 years ago. The extremes to which people go to remain in the “good graces” of the Ministers and permanent secretaries is shameless. This is serious. I myself feel like I have been cast aside because I am a PLP. And these government agencies are filled with die-hards that set out to make everyday a living hell. This is indeed unacceptable. But God still sits on the throne!!!
    [Reply]

    You should not be talkin’ politics on the man job anyhow…do the man work! When I was a Civil Servant I openly wrote letters to the papers under my name. I was warned by my co-workers, but I told them that I will do what I want on my own time and they (government) could do what they want with theirs because no one is going to deny me my rights..blood will run and marrow will fly first!

  5. @Natasha God is still on the throne, Amen!!

    I work for top FNMs and I wouldn’t dare tell them that I am a PLP supporter… Especially after I have heard from them what they think about the PLP and its supporters!!

    I talk to many white people who tell me that they will never vote for the PLP even though they will give the PLP financial support just in case we win so that they can have a connection to get things done!!!

    Victimization is real and alive in this country today unlike any other time in this country… I make it clear which party I support but that does not stop me from being objective and expressing exactly how I feel at anytime once I have enough knowledge on a particular subject… But I wouldn’t dare use my real name on line even though if I meet you I will tell you my real name…

  6. @Objective thought
    I believe I know the person you speak of. I will say this. Victimization has increased tremendously in government agencies. The only people not aware of this are those in the private sector. I have never seen so much back-biting and segregation since I started working nearly 20 years ago. The extremes to which people go to remain in the “good graces” of the Ministers and permanent secretaries is shameless. This is serious. I myself feel like I have been cast aside because I am a PLP. And these government agencies are filled with die-hards that set out to make everyday a living hell. This is indeed unacceptable. But God still sits on the throne!!!

  7. I just love this talk of no victimization as Objective Thought is correct.I am certain that right now the Govt is seeking to find out who the contributors of this site are.By firing so many civil servants it has sent a shudder down the chests of all Bahamians.After the next General Elections the new Govt must call a Commission of Enquiry so that all of these persons who wish to victimize Bahamians will be excposed and sent into exile.You can feel the fear all around and knowing Bahamians they will turn out en mass to get rid of their oppressors. Two yrs down and three to go b4 freedom returns to our country.Fern I hope that they allow you to retire bcos if they can keep some benefits away from you watch out.

  8. The notion that someone can speak out against the FNM Govt is absurd.Before the General Elections of 2007,everyone was able to call PM Christie the most vile names without fear of consequences.The Govt is so sensitive that they fire persons if they believe they are supporters of the PLP.Just ask the Weasel aka 10/45 who took out a lawsuit to end the public dicussion on a drink issue.Those of you who listen to talk shows now find that Calvin Farquharson runs interference for the Govt.Al Jarret was fired from a car based on his political persuasion.McSweeney from Bank of the Bahamas was on the chopping block until an investor with great savings in that entity threatened to withdraw all his funds.Steve McKinney and Philippa Russell fired for political preferences.Policemen fired for perceived political preference under the pretence they were 55 yrs.Then you confirm a Commissioner who is 64yrs.You sympathisers for the Govt must look in the mirror b4 going to bed tonight and beg yourselves forgiveness b4 returning here and begging us for the same,.

  9. @rb75 I don’t know where many of you live but just by the fact that most of us don’t use our real names show that we are afraid of what we say being attributed to us!!

    And FERN is right about yall not being civil servants!!

    Talking about afraid to speak, a few months ago I met a lady who worked at the ministry of education building.. She said that some information came across her desk about several complaints of instances where teachers were having sexual relations with their students.. And none of them were the ones that we have heard about in the media!! There was one at C.H. REEVES and another at C.C. Sweeting Sr…

    She went to the minister and questioned what was being done about them and the next week when she went to work she found out that she was transferred!!

    Very few people are afraid to speak using their own names even on the radio talk shows….

    So yall could believe what yall want. On the other hand there are white people in this country who told me that they will never call the international airport by its new name!!!

  10. Media

    All I have to say on this subject is these persons, I am sure are not civil servants. Speak against the government! in a certain ministry, man your name will go to the Minister on scraps of paper. Some persons will meet him in the elevator or wait in the parking lot to mount their smear campaign. My dear this is an entirely different public service of LOP time there is no more “neutrality” tha died with government in the sunshine. We spoke out the right/wrong among ourselves whether we supported to PLP or the FNM and as friends we use to bet on who would win. We use to call LOP the corkeyed monster and Whitfield the “Jailer” (because of his speech) If one party lost then we say next time. but today, boy you call the minister name in a negative way, ya finish. It was never ever like it is today. Mind you let me say that I went to college, built my home, schooled my children etc., of my job and even though I could have made more in the private sector, I decided to remain for the security of a pension and today I have no regrets. I am looking forward to my pension in two years.

  11. Joe;
    Likewise I hope that this conversation can spread far and wide all across our land we…wherever I go now I tell people to blog on BP and I must thank Media that what is beginning to take place here is nothing short of a change……Joe; someone once said you may not be able to change the world but you can make a dent.

  12. rb75: You are so right! There may only be a few of us ready to do our part but the understanding is growing and the first steps are faltering ones but with time we will get stronger and more will see the “light”. Change starts with us!Glad to march with you ,my friend. It is because of persons like you I contribute to this blog.

  13. Joe;

    You are right I don’t think that anyone is afraid to speak out in this country ….the only problem that I think that is going on right now is that the two main daily papers in this country has been corrupted beyond and pact with henchmen who’s main goal is to sully,damage and dirty the image of the PLP and any good that the Party has done for this country .

    This said Joe; I believe what we are having in the country right now is a national conversation we are beginning a age of liberalism in the Bahamas and I hope that we can press hard to develop and start the wheels turning …….Where we can finally change our Judiciary our Parliamentary systems promote our culture and our values as well as start a revolution in our schools and begin to get away from the fundamentalist principals that have us stuck in the 1970’s .

    we need a break away from the circle that we have been going around and around in for the past twenty years.

  14. No one is afraid to speak out in this country, like they were under LOP, these days. Jarrett certainly wasn’t in this article. “Spewing bile” is reserved for die-hard PLPs who think that the propaganda written on Bahamas Uncensored is fact. But we do see a ray of hope as the younger, more educated set are asking questions and disagreeing with that Party’s mode of operation. And that’s a good thing.

  15. Thomas;

    You make a good point on the objective thought but I will say something here right now that P.C will remain the leader of the PLP and will lead the party into the next general elections whenever they are called…..we can talk and talk and talk however when you look at the facts they speak for themselves there are only two men right now in this country that can command 40% each of the electorate they are Hubert Ingraham and Perry Christie however you slice and dice it these two men have that under their hats….So I say unless the PLP have a new dynamic candidate waiting in the wings and ready to go then that person (which is probably fictional right now)…Then P.C will be the leader come next election

  16. Objective thought :

    Thomas Finley :I heard one of BP’s sacred Calves dissing the Political Development of the Turks and Caicos Islands on radio within the last week, but with comments like the last one by Drama as evidence, we are in no position to criticize Turks. In the old PLP if you criticised the Party, and worse the Leader, they would stone you to death or worse, wipe out your seed, burn your vineyards, and drown your animals, according to those who were there, and, fell out with The Master.
    [Reply]

    While that used to happen in the old PLP, it didn’t happen in the “new” one but it is still happening in the FNM today!!!
    Can’t you see how afraid people are to speak in this country today???
    I have never seen people so afraid to say their name and make a comment against the govt in my life since I started dealing with politics….
    [Reply]

    Recall Objective Thought, the only reason why it may not have happened in the PLP en masse is because of the Leader. Your friends and colleagues do not agree with his Leadership judging by the leader’s unpopularity among his Lieutenants….just listen to their rhetoric and the bile that they spill when challenged. If Christie is overthrown, there will be weeping and gnashing of teeth, and woe unto thine enemies!

  17. Thomas Finley :I heard one of BP’s sacred Calves dissing the Political Development of the Turks and Caicos Islands on radio within the last week, but with comments like the last one by Drama as evidence, we are in no position to criticize Turks. In the old PLP if you criticised the Party, and worse the Leader, they would stone you to death or worse, wipe out your seed, burn your vineyards, and drown your animals, according to those who were there, and, fell out with The Master.
    [Reply]

    While that used to happen in the old PLP, it didn’t happen in the “new” one but it is still happening in the FNM today!!!

    Can’t you see how afraid people are to speak in this country today???

    I have never seen people so afraid to say their name and make a comment against the govt in my life since I started dealing with politics….

  18. I heard one of BP’s sacred Calves dissing the Political Development of the Turks and Caicos Islands on radio within the last week, but with comments like the last one by Drama as evidence, we are in no position to criticize Turks. In the old PLP if you criticised the Party, and worse the Leader, they would stone you to death or worse, wipe out your seed, burn your vineyards, and drown your animals, according to those who were there, and, fell out with The Master.

  19. Err, BP…did I read correct or did Thomas Finley in his original comment say something AGAINST Ingraham??? My mouth is flapping open. I never thought the day would come.

  20. JR :
    Joe, RB, my point is that political tribalism is here and its permanent, whether you like it or not. With that being the case, it only makes sense that whenever political appointments are made, the least they can do is appoint people who actually know what they’re doing and are not making it up as they go. That is why Al was far better than who they have now, even if he is a PLP. He knows how to run a corporation. It is stupid to think that we will have talented, qualified people available who have no political affiliations. If anyone thinks those people are out there in any large number, I got a third bridge between Nassau and PI I want to sell.
    [Reply]

    People who think like you JR are dying out thankfully. I can name at least three dynamic young people out there right now who are not Partisans, and hold positions of influence and authority in the Chamber of Commerce. Our number is growing; You and your buddy Fred Mitchell can kick and scream all you like but in less than 10 years you will be obsolete, and even more useless than you are today, if that is possible. Having a Party affiliation is not the same as being a Partisan you IGNORAMUS. James Smith is a PLP but is not a partisan hack…Bran McCartney and Des Bannister are two who sit around the table today and are not hacks who believe that paying FNM dues makes one favored by Elohim….

  21. Joe, RB, my point is that political tribalism is here and its permanent, whether you like it or not. With that being the case, it only makes sense that whenever political appointments are made, the least they can do is appoint people who actually know what they’re doing and are not making it up as they go. That is why Al was far better than who they have now, even if he is a PLP. He knows how to run a corporation. It is stupid to think that we will have talented, qualified people available who have no political affiliations. If anyone thinks those people are out there in any large number, I got a third bridge between Nassau and PI I want to sell.

  22. Joe:
    I believe that we can identify Bahamians who can and are willing to do the job that we expect to be done….but we must first ask ourselves what is the job exactly and in my opinion the job that must be undertaken is a huge one from fixing our judicial system to overhauling of our public sector to our constitution and parliamentary system …..which means that we need leaders that have a vision and the guts to take the country forward and a clear mandate to liberalise our laws and take our country to the next step.

  23. rb75: Before we vote anyone in or out and start over, we better identify Bahamians who are able and willing to do the job we expect. How do we do this in a country where we have so many “die-hards” on both sides who put party first? Where the masses are so ill-educated? Where greed and corruption runs rampant and appears to be condoned by Government and the Judicial system? How do we wake people up when they feel safer following the “status quo? If any man or woman can answer those questions, we better conscript him/her as the leader of the New Party.

  24. JR;

    I totally agree with you that is the real problem ….what we have here is a country that is so based on politics that it is not clear where politics end and government begins ….we have a very sad state of affairs in this country we have been lead down a path that is going over a cliff …..I don’t know who to cheer for right now the FNM is a wutless government that to this day as Hubert was speaking at the IDB conference do not have a plan or one clue on what to do to turn our economy and our jobless rate around.

    No government in the last 15 years had the vision and the guts to make the right decisions to grow revenue and change our tax system in this country instead the sat by and did the same old same old BEC is a mess right now because BEC is the only one source of revenue that the government can use to finance it’s expenditure since customs revenue is down and many business have closed their doors and many people out of work BEC revenue is the only thing that the government have at this time.

    we need to wake up as a people and start to make the difficult decisions that we have to make which may mean voting out both parties and starting over with people that we can put our trust in to correct the bad pivot turn that we have taking.

  25. Thomas Finley :
    If Jarret was not such a hard partisan people would listen to him like they do to James Smith as an example. People opposed to his political views will ignore him even when he talks sense, which should be instructive to other professionals out there: Always put your country first and forget the party nonsense!
    Jarret is a financial expert and was probably a good chairman based on that alone. Bradley Roberts was a very good Chairman under Sir Lynden as acknowledged by the current PM. Stop putting lawyers with no experience with finance or technical experience in charge of these complex Corporations Ingraham!
    [Reply]

    See, there you go again Finley. Everybody in this country is partisan and you have to get it in your big head that thats just the way it is. Party politics, however, should not enter the equation when making decisions for the good of the country, but don’t be stupid to think that the chairmanship of any public corporation is not a political position. It is.

    Where I do agree with you, however, is the fact that once again, we have a know nothing FNM lawyer sitting in as chairman making decisions and following instructions from an equally know nothing minister. Al Jarret has probably forgotten more about how to run a corporation than Fred Gottlieb and Phenton Neymour ever knew. The document posted alone should be enough to show just how politicians will lie through their gritsy teeth when they think nobody knows better.

  26. Iam not a financial wizard or do I have a degree in finances from a university but for the love of all that is common sense if I was given this report even as novice as a person Iam I would have made decisions to improve the BEC situation.

    Clearly this report stated that BEC was in a horrible condition and needed changes to be made which in my opinion meant that personnel and management needed a shake up and this company needed to be overhauled.

    What I don’t same to understand is why the Government continued to do this with BEC ….Folk es this is why we need a complete change in government.

  27. If Jarret was not such a hard partisan people would listen to him like they do to James Smith as an example. People opposed to his political views will ignore him even when he talks sense, which should be instructive to other professionals out there: Always put your country first and forget the party nonsense!

    Jarret is a financial expert and was probably a good chairman based on that alone. Bradley Roberts was a very good Chairman under Sir Lynden as acknowledged by the current PM. Stop putting lawyers with no experience with finance or technical experience in charge of these complex Corporations Ingraham!

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