Nassau, Bahamas — Bahamas Press is appalled and disgusted by this despicable, NASTY, Lowdown, Foreign National Government following its purchase of $15 million in shares in Commonwealth Brewery’s fire sale.
Sources in the position to know tell us, the Minister of Finance approved the purchase a few weeks ago following the Bahamian people’s inability to buy the shares placed before the public.
At eight dollars and thirty – three cents per share [$8.33 per share] locals found it painfully difficult to buy shares in a company, when they are unemployed. Many homes – 6,000 to be exact – sit in darkness and thousands more have only one family member employed. Things are so bad Mother Pratt asked Parliament, “Where are poor Bahamians going to find money to buy shares when they cannot find money to buy food?”
Ingraham advised Parliamentarians that it was his government’s goal to buy up the shares left after the public offering. The sale was disastrous and therefore, NIB was forced to buy the rest.
One observer in NIB told BP, “Could you imagine a government investing million of much needed funds into a business that is reeking havoc on the heath of the nation? With all our people already suffering from liver and kidney disease, the government has now jumped head long into bed with the liquor company to sell more hard rum to Bahamians and at the same time increase the health risks of the nation?
“And while all this continues more and more people are filing for benefits placing the Fund in jeopardy for future generations. We have our priorities wrong! That same $15 million could have been earmarked to give Grand Bahama better health-care facilities.”
Another politico told BP, “This is the classic legacy of the Foreign National Movement. Let this had been some young Bahamian trying to get a business off the ground and requested of the Minister of Finance to invest NIB funds into that particular Bahamian business; it would not happen! That young Bahamian would not even get the traditional letter of receipt.”
They got rid a BTC, but now we putting million in a company to buy rum? WHAT MADNESS! They could not find that same amount of money to save CLICO!
The government has taken Fifteen Million Dollars from NIB to mix rum, whilst mama can’t get a dime from NIB?
Government can spend 15 million on a rum deal but can not invest in Bahamians?
How many of the current Cabinate Ministers by way of immediate family or personally has a private investment in CBL are on the Board of Directors or are affiliated with such?
Why are you asking us? We only report the new ma brudda and put it out there cause the WUTLESS MEDIA wouldn’t You gata put that question to Papa dem who did it. $15 million GONE TO FOREIGNERS, While Bahamians catchin HELL!
BP
BP,
You got it wrong. First, the government agreed to the Finlayson family selling out to Heineken but only if subsequently 25% be offered to the public to share the wealth. The government’s decision to pick up whatever shares the public didn’t want is a common practice worldwide for this sort of thing and was well-publicized.
BUT, the government did do some really, really stupid things:
1) Allowed only Royal Fidelity to underwrite the issue. This is financial stupidity — a consortium should have been used.
2) By taking the risk of guaranteeing buying shares, the government should have been compensated a fee.
3) Royal Fidelity should NOT earn underwriting fees for the government’s purchase.
So, the idea was noble (let the people share the wealth) but the execution was – to put it mildly – piss poor.
We are not wrong or incorrect in our presentations. What we have here is a commentary on the FNM. We wonder if the Government would consider doing the same for the small man. Also we highlighted the rum making element and questioned whether this investment made good sense?
With Family islanders in need of proper ungraded health care facilities we also questioned the rationale behind inflicting more health problems via the investment. WE NEED SOUND RIGHT-THINKING leadership; one which will look out for Bahamians before they look out for foreigners.
BP
This the same government who post 1992 said the Bahamian Government should not be in the hotel business or private practice;now they all about changing their policies.
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