Hon Fahie exposes NDP financial wrongdoing
He was speaking today April 18, 2016 in the House of Assembly during a motion brought to the House of Assembly by Opposition Leader Hon Julian Fraser RA (R3) on a notice presented to the HoA by Government regarding the monies diverted to the project which some say is still mired in transparency issues.
He said the problem of sewage in East End was lamented and agreed by all in the House that it needed urgent attention and hence financing was going to be sought for it.
According to Honourable Fahie, the government therefore went to the bank and sought financing to address and complete the sewage work.
It was said that the project had to be completed in order to allow for the full operation of the BiWater sewage treatment plant in Paraquita Bay.
“This is what was said in the Honourable House, Madam Speaker. Needless to say, the government went ahead and the loan was drawn up stating specifically what the loan funds will be used for,” he said.
“Madam Speaker, it is now 12 to 14 months later because of questions posed in the Honourable House in the sitting of January 25, 2016 where we learnt that the $8 million had been diverted from the purpose for which the House had approved the loan funds to be spent.”
Honourable Fahie said the members of the Opposition at the time were clear until January 25 that the monies approved by the House in 2015 was to be used for what the House approved.
“But during that sitting the Minister found that he had the money in the sum of $8 million while the Minister of Finance Dr The Honourable D. Orlando Smith admitted in the House that he knew not from where the money came. And now after it was disclosed that the money was received by the BVI Ports Authority….after we were left in limbo as to where the money came from, we are now … shown an information paper by which this government now merely informs the House that they have taken the loan money approved by the House to do something else,” he said.
He questioned whether the government was now coming retroactively to approve the change of purpose for the borrowed money as mandated by the Financial Management Act in a supplementary appropriation.
“They have come here to tell us that the Minister of Finance has unilaterally loaned money to a statutory body for one of their capital projects...the Cruise Pier Project,” he said.
Honourable Fahie is maintaining that for the monies to be properly diverted, the bank - in this case CIBC FirstCaribbean Bank - needed to give approval. “Madam Speaker this House has not been informed of such acceptance. Madam Speaker, this house did not see the document and have to be a little sceptical as to whether or not the loan document has been varied as it must in order for the funds to be rediverted,” he said.
He said the Opposition cannot afford to rely on just being told on such a delicate matter and hence said the House needs to see a copy of both the bank's commitment letter and the loan agreement.
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30 Responses to “Hon Fahie exposes NDP financial wrongdoing”
left to come. This is the tip of the iceberg. Where are the Governor and FCO?