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VOLUME:115 No.64, FEBRUARY 22ND, 2018
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‘What’s all the fuss about?’ • PM INSISTS FORMER GOVERNMENT SIGNED OFF ON OBAN ENERGIES • SEC LAWSUIT AGAINST KRIEGER DISMISSED AS ‘OLD NEWS’ By RASHAD ROLLE Tribune Staff Reporter rrolle@tribunemedia.net PRIME Minister Dr Hubert Minnis dismissed concerns yesterday about Peter Krieger, the nonexecutive chairman of Oban Energies and public face of the multi-billion-dollar project, who has faced a Securities Exchange Commission lawsuit alleging misappropriation of millions in investor funds, saying the revelations are “not new”. Insisting previous administrations performed due diligence assessments on the project before his administration decided to push it forward, Dr Minnis suggested the heads of agreement for the $5.5bn East Grand Bahama project will ease concerns that have emerged about all the people behind the project when it is tabled. However, the agreement was not tabled in the House of Assembly
• WEBSITE WIPED TO HIDE DETAILS OF LEADERSHIP TEAM • COMPANY ‘TOOK ADVANTAGE OF MINNIS’ NAIVETY’
yesterday as officials said it would be. Asked why, Dr Minnis told reporters: “Parliament was very short today, but it will be tabled next week.” Mr Krieger paid $110,000 to settle a SEC lawsuit about a decade ago, though he did not admit guilt or innocence in the case. He was also a defendant in a legal action filed in 2013 by the Bahamas-based judicial manager for a sister company of the insolvent insurer, CLICO, in which he was accused of misappropriating $8.7m of the company’s funds for his own personal use. The case against him was dismissed after it was determined that the statute of limitations had passed. Mr Krieger has stressed he is an “ambassador” for Oban Energies and would have an “extremely limited” role once approvals are obtained. SEE PAGE FIVE
TURNQUEST POINTS TO GROWTH DESPITE DEBT HANDICAP By KHRISNA RUSSELL Deputy Chief Reporter krussell@tribunemedia.net
DEPUTY Prime Minister Peter Turnquest. Photo: Terrel W. Carey/Tribune Staff
DESPITE increased revenue and a real economic growth of 1.8 per cent, Deputy Prime Minister K Peter Turnquest said there are still tens of millions of dollars in remaining commitments left behind by the previous Christie administration that need to be satisfied. For the first half of the fiscal year, revenue collection was up by $25m, overall spending not related to debt redemption was down $67m, and the full GFS deficit position has improved by $92.3m, all occurring while the government paid off tens of millions in bills left behind by the former government, he said. Pointing to $30m in
verified payments and arrears over and above what was known during the budget exercise last May, the finance minister said situations like this have resulted in the GFS deficit at the midyear already representing 61 per cent of the $233m full year deficit that had been previously projected. To a large extent, he said, this reflects the ongoing overhang of the previous government, resulting in the Minnis administration’s obligation to make provisions to settle overdue debt. In addition, Mr Turnquest said despite the 10 per cent across the board cut at all government agencies – announced by Prime Minister Dr Hubert Minnis last year – there was a $15m increase on spending on SEE PAGE SIX
NEW POLICE PROBE AT WATER BOARD By RASHAD ROLLE Tribune Staff Reporter rrolle@tribunemedia.net
ALLEGED theft of water pumps and the brazen trick used to disguise it have prompted the Royal Bahamas Police Force to be invited yet again to launch a criminal investigation into irregularities at the Water & Sewerage Corporation. Asked about the matter when contacted yesterday,
WSC Chairman Adrian Gibson admitted he sent a letter yesterday to Assistant Commissioner of Police Paul Rolle, head of the Anti-Corruption Unit, inviting the police to investigate matters that were uncovered during a recent investigation by the Internal Control and Compliance Division of the corporation. “The matters in question fall within, and perhaps outside of the ambit of
suspected theft, and have caused there to be serious allegations and/or findings of a criminal nature that purportedly could involve certain WSC employees and corporation resources,” he admitted. “Notably, a few days ago, I briefed ACP Rolle by telephone and I also did the same with Minister (of Works Desmond) Bannister.” SEE PAGE THREE
WE CHERISH EXCELLENCE YET TOLERATE SO MUCH THAT FALLS SHORT
SEE PAGE TEN
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