The Lending Practices of Banks in The Bahamas Investigated

Bahamian Bankers Attack Politicians

Local Bahamian Bankers Attack Politicians

Candia Dames

candiadames@hotmail.com

Nassau, The Bahamas

26/02/2004

Local bankers are questioning the motives of some members of parliament who wish to delve into the lending practices of banks in The Bahamas.

 

One leading banker said that it is clear that some parliamentarians have had their share of personal problems with financial institutions and may not be objective in their investigations.

 

But some parliamentarians insist that banks have been "getting away with murder" as it relates to consumer rights and there needs to be better legislation to provide more consumer protection.

 

These MP's believe that the contracts that govern banking business are skewed in favour of the banks to the disadvantage of the consumer.

 

Malcolm Adderley, the Member of Parliament for Elizabeth who chairs a newly-formed parliamentary committee to look into lending practices of banks, believes that contracts that govern home mortgages should allow for mortgage holders to have more rights when they have built up significant equity.

 

He said that it cannot be right for persons who may have missed a few mortgage payments to lose the entire property to the banks and be cheated on the equity value of the property.

 

But the bankers are said to be concerned that the image some MP's have of lending institutions is tainted.

 

Mr. Adderley, who brought the private member's bill to the House of Assembly to establish the committee, told the Journal Wednesday that while he could not speak to the credit worthiness of all committee members, he was confident that an objective group had been assembled.

 

The other four committee members are Pleasant Bridgewater, MP for Marco City; Ken Russell, MP for High Rock; Robert Sweeting, MP for South Abaco; and Sidney Stubbs, MP for Holy Cross.

 

There was concern within parliament Wednesday that one member, Mr. Stubbs, along with Mount Moriah MP Keod Smith set the wrong tone for the work of the committee when they sought to link respectable bankers to criminal activity a week earlier.

 

"We want to redress a heinous crime that has been perpetrated for many years by those who were almost unconscionable, those who made millions and millions of dollars from one piece of property," Mr. Stubbs said. "The time has come to stop it."

 

Mr. Smith, meanwhile, said the banks are close to being legitimized criminal institutions.

 

The bankers will meet with Central Bank Governor Julian Francis to discuss parliament's intention to establish the committee and the issues surrounding its members' work, the Journal has learnt.

 

The bankers have also pinpointed other members of parliament who are not a part of the committee who have been in default of loans, or turned down for credit.

 

Mr. Adderley, the committee chairman, said he believes that those members who will be looking at the lending practices have the highest level of integrity.

 

"I don't feel that members of the committee would allow their personal experiences with any financial institution to interfere with their public and professional duty to conduct a proper investigation of the issues at hand", he said.  "In fact, I don't think it would be fair for one to prejudice any members of the committee unless the banks can show a personal bias on behalf of the committee."

 

Mr. Adderley added, "Some of us have to take the brunt.  Most of us in leadership positions sometimes tend to talk about these things but have no intention of taking a serious step in the right direction."

 

He said that going up against powerful financial institutions will not be easy.

 

But he added, "I would have thought that corporate citizens and government corporations who sincerely have the interest of the people at heart would have no reason to fear in respect to investigations into matters that have been of great concern to people for as long as anyone can remember.

 

"I personally don't feel that leaders of the people have any choice in matters that fundamentally affect their lives despite the perception that they might be going up against tremendous odds in the form of institutions that have tremendous economic power and influence."

 

Mr. Adderley added that the committee will not seek to go witch hunting.

 

"It merely seeks to discover information that hitherto is merely speculative in order to make objective and frank recommendations to parliament," he said.

 

The committee, which planned to hold its first meeting today, has been established "to examine, investigate and assess the policy of banking institutions with respect to mortgage lending and practices with a view to offering legislative protection for consumers."

Philip Galanis, Progressive Liberal Party (PLP) Senator was an Equal Partner in Island Fresh Dairy Ltd

Island Fresh Dairy requested 100 acres of government land be deeded and conveyed directly to it

The company, Island Fresh Dairy Limited, requested the lease of an additional 3,500 acres of land, located South of Spring City between Marsh Harbour and Cherokee Sound, Abaco, estimated to be worth $30.4 million

Abaco Land Deal Exposed

By Candia Dames

candiadames@hotmail.com

Nassau, The Bahamas

25/02/2004

Documents obtained in a Bahama Journal investigation show that Progressive Liberal Party Senator Philip Galanis was an equal partner in a company that requested 100 acres of government land be deeded and conveyed directly to it.

But Mr. Galanis, an accountant, told the Journal last night that he no longer has any interest in the company.  The Senator made it clear that there was nothing unethical about his actions, particularly since he is not a member of the Cabinet.

He said that it is not unusual for lawyers and accountants to be named as shareholders in the companies that they are helping to set up.

The company, Island Fresh Dairy Limited, requested the lease of an additional 3,500 acres of land, located South of Spring City between Marsh Harbour and Cherokee Sound, Abaco, estimated to be worth $30.4 million.

The deal was outlined in a letter to Gary Sawyer, president of the company.  That letter, dated July 29, 2003, was signed by then Bahamas Agricultural and Industrial Corporation Chairman Sidney Stubbs.

Regarding the company's request for land, Mr. Stubbs wrote, "I would like to confirm to you that in principal, this objective can be achieved."

He also wrote, "In order for you to proceed with this project and for us to provide you with a formal definite commitment from BAIC including specific terms for this venture, we would invite you to formally submit the aforementioned business plan and feasibility study for our consideration.  We look forward to working with you on this venture."

At his party's national convention last November, Prime Minister Perry Christie announced that the company was about to carry out a major investment involving Bahamian and American partners in Abaco.

"This major farm initiative is projected to provide dairy products both for the local and export markets," the prime minister said.

A letter from Galanis & Co., dated August 7, 2003, to company principals, shows where the firm billed the company as follows:  incorporation fee, $2,000; engagement fee $50,000: expense retainer, $25,000; business plan fee $30,000; and miscellaneous expenses, $1,000 for a total of $108,000.

Mr. Galanis said last night that he would be interested in seeing this breakdown as he could not recall whether it was in fact accurate given that he deals with many transactions.

But he did say the $108,000 did not represent professional fees.

The letter states that the total works out to $18,000 per shareholder.  Galanis & Co. instructed that the funds be wired through a New York Bank, Bank One International Corporation, for further credit to Scotiabank Bahamas Limited.

The business plan itself, dated September 2003, lists Mr. Galanis as a founding member of Island Fresh Dairy Ltd., with a 14.167 percent shareholding.

Other principals included Gary Sawyer, who has a 14.166 percent shareholding.

The remaining founders listed are Michael Albury (14.166 percent); Robert Malone (14.167 percent); David P. Sumrall (14.167 percent)- Marcus B. Peperzak (14.167 percent) and BAIC (15 percent).

BAIC reportedly would be entitled to 15 percent of the profits as a result of the transfer of the land to the company.

But Mr. Galanis said as far as he knew, that transfer never took place.  He said it was also not unusual for a government agency to gain ownership in a company through the transfer of land.

The executive summary of Island Fresh Dairy business plan said, "The Bahamian government, including the prime minister, is enthusiastically supportive of the project, and is prepared to extend assistance.  BAIC has offered to deed IFD with 3,800 acres of high quality crop land with excellent water resources on Great Abaco Island."

A letter, dated September 16, 2003, written to the attention of Gary Sawyer, from James H. Newbold, the government appointed assessor, valued the land at $30.4 million.

The foreign investor Marcus B. Peperzak and David P. Sumrall, along with the other investors were proposing to put $1,050,000 cash into the project, according to documents obtained in the Journal investigation.

Among the list of professionals listed as providing advice to Island Fresh Dairy are attorney Neville K. Adderley, who is also noted in the document as being the Chairman of The Bahamas Development Bank.

The Island Fresh Dairy business plan said that the board has discussed two possible strategies for investor liquidity.  These options are: "Based on the growth projections for the domestic Bahamas market, Island Fresh Dairy believes we will reach output capacity within our second year of operation.  We can continue to supply the local market at our capped output, or put into place an expansion plan, which could expand the existing farm or create a second operation.  In order to do so we would need to raise additional capital.  The ideal platform to do this would be launching an IPO through the Bahamas Securities Exchange."

It added that, "The second exit strategy would be to sell the business.  Island Fresh Dairy's presence in The Bahamian market will dramatically impact the existing import brands' market share and they will want to explore avenues to recoup that share.  The combination of high forage output land, a state of the art dairy operation, and the ability to produce and ship at a significantly lower cost, will make Island Fresh Dairy a most attractive take over target."

As the Journal was carrying out its investigation, the Free National Movement was also uncovering the facts of the deal.

The party sought to link the resignation of Edison Key from the Senate to the Island Fresh Dairy Farm deal.

"With the resignation of Edison Key from the Senate and from the PLP, it has become apparent that an undisclosed grievance is the strong suggestion that influence-peddling and conflict of interest is rife in the government of Prime Minister Perry Christie.

Bahamians are also now satisfied that one of the problems affecting the Christie PLP government is their apparent inability or unwillingness to make their actions live up to their word."

But Mr. Galanis warned that, "The FNM ought to be very careful about the statements that they make because they may find that will end up with a lawsuit for libel."

"They are trying to spread lies and spread political mischief," Mr. Galanis said.  "They are grasping for straws."

Senator Edison Key Resigns From the Progressive Liberal Party (PLP)

"I'm just looking for a bright future," says Edison Key

War In PLP - Key Leaves Party

By Candia Dames

candiadames@hotmail.com

Nassau, The Bahamas

24/02/2004

Claiming that forces within the party have launched an all out war to decapitate him politically, former Senator Edison Key has resigned from the PLP.

"I see this situation getting worse each day and I figured maybe this is the time to just give it all [up] if that's what they want," Mr. Key said in an exclusive interview with the Bahama Journal Monday.  "I was in my bed and this came to me that maybe I should just relinquish my ties with the PLP for the time being."

He added, "Let them do what they want to do, maybe they're better off without me."

Mr. Key's change of heart comes exactly one week after the Journal revealed in an exclusive report that he had resigned from the upper chamber on January 10.

Last Monday, when asked by the Journal if he intended to resign from the party, Mr. Key said, "I've been a part of the PLP from 1970.  I've been through all the struggles and trials and tribulations.  I ran here in Abaco when you [would have been considered] an outcast to even identify with the PLP, especially a white man in an all white area."

He said then that he would not leave the party.

But he said Monday that things have changed since last week and that some members of the party have lined up to throw daggers at him.

Mr. Key said in a letter to PLP National Chairman Raynard Rigby that, "This decision has come about due to the unfortunate chain of events that have occurred over the past 20 months culminating in my resignation as Senator in the new Progressive Liberal Party Government, effective January 10, 2004.  Kindly convey my very best wishes to all Stalwart Councilors when next council convenes."

Mr. Rigby said in a release to the press last night that, "As is the custom, the letter will be forwarded to the National General Council of the party and to the leadership council."

He added, "It is with regret that we have received Senator Key's resignation.  It is most unfortunate.  The party will continue its work in Abaco and the rest of The Bahamas."

Mr. Key reiterated to the Journal Monday, "It creates deep pain, it goes right to the soul and that's what I've felt for the last year and ten months under this administration.  I really feel sorry for them because it seems that they have no direction and no director.

"Maybe that's saying it pretty harsh, but I think it's time for the people of The Bahamas to wake up and get a government that will give The Bahamas back to the people.  It's now become a government that's become almost a dictatorial system and it's time for a change"

But he insisted that now was not the time to reveal the contents of his letter of resignation from the Senate, a copy of which he said has been sent to Senate President Sharon Wilson.

Last Thursday, Mr. Key told the Journal that his meeting with the prime minister "went well" and that he had a "frank" discussion with the nation's leader.

He said, though, that he feels that he no longer belongs as a member of the party so he has opted to pull out.  But he said he was not prepared to align himself with any opposition party because the Free National Movement, in particular, is also facing a leadership crisis.

"I'm just looking for a bright future," said Mr. Key, who was in Nassau on Monday.

When asked whether he thought there was a viable alternative to the PLP, the former Senator said, "If there were a strong opposition, the PLP [would be] in trouble.  But even the opposition needs [to get] it together.

"You see, I know how to fight the opposition, but I never had any ammunition to fight the PLP.  I have no bullets that can penetrate the PLP.  It's like shooting one of your own family.  You don't do that.  I'm talking in a political sense now."

The Journal also asked Mr. Key what it will take for him to rejoin the PLP. 

He said, "Hope and help - and help and hope that really means it, [a leader who] says what [he] means and means what [he] says.

"Good leadership."

Asked if he may consider joining an opposition party in the future?  He said, "You never know.  The king dies, a new king comes up."

Mr. Key also said he was hurt by a column that was published Sunday on bahamasuncensored.com, a website that is the offspring of fredmitchelluncensored.com, which says its views do not represent the views of Minister Fred Mitchell, his Ministry or the Government of The Bahamas.

The column states, "The PLP, like most other parties, has its hardliners.  There is a herd instinct.  And so not withstanding the fact of all the history that has gone on before, the immediate reaction of too many was to denounce him, to remind him of his race, and to tell him as impolitely as possible go about his business.

"Then there are those who have impugned his motives by saying that the real reasons are economic and the fact that certain personal benefits did not come to him.  But all politics is about personal benefit of one kind or another.  Another set urged the PLP to cut Mr. Key off at the knees, decapitate him politically if it could be done.

Sandyport Developers Threaten To Sue The Coalition To Save Clifton Cay

The attorneys for Sandyport Developers, Emerick A. Knowles, has written to Rev. C. B. Moss, the Coalition's Chairman and Senate Vice President, claiming that his group defamed the Sandyport developers when it issued a release to the press dated February 6, 2004 

Sandyport Threatens To Sue Coalition

By Candia Dames

Nassau, The Bahamas

23/02/2004

The Coalition To Save Clifton Cay, a local group that fights against environmental degradation, is facing a lawsuit from the Sandyport developers.

The attorneys for Sandyport Developers, Emerick A. Knowles, has written to Rev. C. B. Moss, the Coalition's Chairman and Senate Vice President, claiming that his group defamed the developers when it issued a release to the press dated February 6, 2004.

Mr. Knowles warned in the letter, dated February 17, that unless the Coalition apologized in the press within seven days, "we will commence proceedings as indicated, without further notice."

Mr. Knowles said it was incorrect for the Coalition to report that it has proof that no environmental impact study was submitted or approved at the start of the project.  The Coalition invited Sandyport owner Hugh Buckner to provide the study for public inspection.

A government report obtained by the Journal last week states that no environmental impact assessment was carried out, the proof that the Coalition has been pointing to.

However, Mr. Buckner told the Journal that he did complete the study and that that study showed that his development would not harm the environment in any significant way.

A Ministry of Financial Services and Investments document dated December 17, 2002, said, however, that, "Regarding the environmental impact of the Sandyport Development, the [Bahamas Environment Science and Technology Commission] has advised that the Sandyport Development was approved prior to the creation of the BEST Commission and thus no Environmental Impact Assessment would have been done. 

"Various Government agencies would have issued permits for work to begin.  The BEST Commission recommends that a review be done of the conditions listed on the perms issued by the Department of Physical Planning and Ministry of Works and Utilities."

It was at this time that the Ministry of Financial Services and Investments invited the BEST Commission in close collaboration with the Ministry of Works and Utilities and Department of Physical Planning to undertake a full review of the Sandyport Development and to make recommendations as to any mitigating measures that would ensure environmental integrity.

Mr. Buckner has consistently reminded that he has received all of the approvals and permits from the relevant government agencies for his multi-million dollar project, which received high praises from Prime Minister Perry Christie who opened the latest phase of the development last November.

Mr. Knowles' letter to the Coalition said, "The statements were false in that the relevant authorities have approved the works being carried on at Sandyport including the work being carried on in respect of Phase V."

It also said that there are no health violations at Sandyport.

However, The Bahamas Environment Science and Technology Commission said in a document dated September 23, 2003 that, "The presence of solid waste and its reuse for fill at the site is a violation of the Environmental Health Act and posses a potential health problem as the decomposition of the trash will result in flammable gases seeping from the ground."

That document came as a result of a report commissioned by the National Economic Council.

Mr. Buckner suggested late last week that the government documents may not be authentic.  He said a few days earlier that the information may be erroneous.

Mr. Buckner's attorney said in the letter to Rev. Moss and the Coalition that the statements the group made in their press release were understood by ordinary persons to mean that: The Sandyport Development and the works being carried out at Sandyport are being done with no concern for the environment.

It continued that the statement by the Coalition also implies that Sandyport is carrying out works without appropriate approvals and in contravention of the law; and that the works of Sandyport are creating health hazards and are damaging to the residents of Sandyport and those living nearby.

The letter said, "Our clients are entitled to claim against you and members of the Coalition, general damages as well as aggravated damages for false statements appearing in the press statement, and to obtain an injunction against you and members of the Coalition to restrain you and them from making any further statements damaging to our clients' reputation and business."

The letter to Rev. Moss also said, "For the purpose of such proceedings we will require that you provide us the names and addresses of all members of the Coalition and should you fail to provide this information to us, we will obtain an Order from the Court to compel you to do so."

Edison Key Says That He Would Not Rescind His Letter of Resignation from The Progressive Liberal Party (PLP)

There is no way in the world that I can go back on my decision of my resignation from the Progressive Liberal Party - PLP; and therefore it is final, says Edison Key 

Edison Key: "It is finished."

Key Shakes Up PLP

By Candia Dames

candiadames@hotmail.com

Nassau, The Bahamas

20/02/2004

Former Progressive Liberal Party Senator Edison Key revealed to the Bahama Journal last night that two government ministers asked him to rescind his letter of resignation, but he said there is no way on earth that will ever happen.

Mr. Key also said that he hopes that his resignation sent a strong message to the party that it needed to get its act together.

"I hope it will be a wake up call for the leadership in the party," he said.  "And I hope that it will only cause the support out there to grow stronger and [create] unity within the rank and file of the party."

He said he met with Works and Utilities Minister Bradley Roberts, Foreign Affairs Minister Fred Mitchell and the Member of Parliament for Cat Island, Rum Cay and San Salvador Philip "Brave" Davis, Wednesday night who asked him to think twice about the decision he had made.

Mr. Key said these men are people whom he respects highly, but he said after a "frank talk we came to the final conclusion that my decision is final."

"Progressive Liberal Party and, therefore, we agreed that I need to submit an official resignation to the president of the Senate, which I will do very shortly and it will be official," he said. "In the meantime, I guess you could call me Senator."

 

Mr. Key spoke to the Journal about a meeting he had with Prime Minister Perry Christie in Nassau Thursday morning at which time he said he personally delivered a copy of his letter of resignation, which he was considering making public to the media.  He said he presented the letter in front of three Cabinet Ministers.

Mr. Key added he was "a little bit angry" that the prime minister did not get the original letter more than a month ago.

Mr. Key also said his letter outlined the manner in which he was treated since becoming a Senator under the re-incarnated PLP government.

He said he made it clear to Mr. Christie that he respected the office of Prime Minister, even though he criticized the country's leader earlier this week for lack of direction and poor leadership.

"The office of Prime Minister to me is an office that I respect next to the office of God," Mr. Key said.  "I am a Bahamian citizen.  I have nowhere to go and if we can't respect the person who holds the office, that's one thing, but the office of Prime Minister should be there to protect every single Bahamian for justice and right.

"I hope that prime ministers now and in the future will recognize the important role that they have to play as the leader of our country."

He said his meeting with the prime minister went "very well."

But he said, "I told him how I had tremendous hopes during the campaign and up until a few months after the election.  I told him how disappointed and hurt I am about the way I have been treated.  I told him this thing goes deep to my soul and there is no way in the world that I can go back on my decision of my resignation and therefore it is final.

"It is finished."

Mr. Key said he and the prime minister "parted on a very good note."

When asked if he thought his resignation hurt the party, he said, "I certainly hope not."

"I never had any intension to hurt the party.  That is not my intension.  I hope that it will only make them stronger and bring the people together in one accord and not divide it like it is today because it looks like we are becoming further and further apart."

Mr. Key added, "The decision I made was for Edison Key.  Other people will decide what they want to do."

"I've given 30-something years to this party and I'm still very much alive," he said.

Mr. Key added that he did not feel that he needed to attend a PLP council meeting held Thursday night because he didn't think Members of Parliament and party officers would speak freely if he were present. 

Widespread Environmental Degradation at the Sandyport Development - western New Providence Island, The Bahamas

Sandyport owner Hugh Buckner on the question of  Environmental Degradation at the Sandyport Development: ...it must not be overlooked that since the late 1970's he has secured all the requisite approvals from the relevant Bahamas government agencies

A Bahamas Environment Science and Technology (BEST) Commission report reveals that most of the wetlands in the area have been destroyed as a result of the development

Sandyport Bombshell

By Candia Dames

Nassau, The Bahamas

19/02/2004

Government documents obtained in a Journal investigation speak to the widespread environmental degradation officials say was caused by the Sandyport Development in western New Providence.

But Sandyport owner Hugh Buckner told the Journal that it must not be overlooked that since the late 1970's he has secured all the requisite approvals from the relevant government agencies.

A Bahamas Environment Science and Technology (BEST) Commission report reveals that most of the wetlands in the area have been destroyed as a result of the development.

The report was completed in compliance with the National Economic Council's directive which "invited the Minister of Health to cause the BEST Commission, in close collaboration with the Ministry of Works and Utilities and the Department of Physical Planning, to undertake a full review of the Sandyport development."

The wetland ecosystem at the development is approximately 98 percent destroyed and with the remaining wetland being slated for destruction all waterfowl habitat in that area will be lost, the report said.

"Due to the advanced stage of the Sandyport development and the destruction of approximately 98 percent of the wetlands, there is no benefit to the environment should the project be stopped," the report said, "unless extensive restoration attempts were made for the wetlands habitat which at this point is not a practical solution."

But Mr. Buckner on Tuesday insisted that his development has not been bad for the environment.

"We have the full permission of The Bahamas government to do what we've been doing," he said.  "Maybe the different departments should start talking to each other."

He also said that any information that his development has caused the destruction of 98 percent of wetlands in the area is erroneous.

Mr. Buckner said that while the environment may have changed as a result of his development, it has changed for the better.

"It's very beautiful and super," he said of the environment at Sandyport.  "I'm amazed at this complete ignorance and nonsense [of some people]."

BEST also documents a refuse-dumping problem at Sandyport.

"Since the verbal requests to remove the refuse and dispose of it at the sanitary landfill were not heeded, a public health order was served on 9th September 2003," the report added.  "If the problem is not rectified, then a submittal for prosecution will be made.  It should be noted that The Bahamas is a signatory to the RAMSAR Convention which has a mandate for the protection and wise-use of waterfowl habitat."

The broad aim of the RAMSAR Convention on Wetlands is to halt the worldwide loss of wetlands and to conserve those that remain through wise use and management.

The document also notes that the presence of solid waste and its reuse for fill at the site is a violation of the Environmental Health Act and posses a potential health issue as the decomposition of the trash will result in flammable gases seeping from the ground.

Last September, a group of inspectors from within the Ministry of Health and Environment toured the development and documented that several large mounds of contaminated fill (soil and garbage) were present on the eastern portion of the development.

But Mr. Buckner said that outsiders have been dumping at the site, a claim the report acknowledged.

The report supports claims that have been made in recent weeks by the Coalition To Save Clifton, an environmental group led by Senate Vice President Rev. C. B. Moss, who recently challenged Mr. Buckner, to "stop dodging and come clean" about his development.

The BEST report said, "Impacts to the groundwater may be created due to the apparent bulk heading of the marina only to the water level in some areas."

But Mr. Buckner said, "That is quite untrue."

In the latest phase of the development, Sandyport executives are seeking to build a road.  According to Lawrence Glinton, supervisor of construction for the Sandyport development who was named in the report, a portion of the wetland has been designated for a 40-foot road.

The report said that minimal healthy wetland areas remain on site, the most significant area running along West Bay Street from behind a nearby church to the limits of the Super Value property.

The BEST Commission report recommends that "the wetland system at the boundary of West Bay Street be maintained and restored and the proposed road either eliminated or realigned if possible to accommodate the entire east-west wetland area from Super Value to the back of the church to be preserved."

It also said, "The bulk heading of the marina areas to the east of the property may have profound flooding implications for the residents of Skyline Drive subdivision and Gambier as it may prevent the natural underground water flow during heavy rains and hurricanes.  It should be noted that Sandyport wetlands were the natural exist for large volumes of water to the sea prior to the construction of the Sandyport development."

Indicating that flooding relief should be provided to residents who live near Sandyport, the report adds that, "alternatives to the hard bulk heading on the eastern boundaries should be investigated to avoid exacerbating the flooding of residences surrounding Sandyport and provisions should be made to facilitate any upstream storm water, particularly from the east and west of the development."

Mr. Buckner pointed out that, "There are probably three public highways, not one of them has a drain.  The road to Super Value was built before our development and there is no drain."

In 1976, Sandyport Development Company Limited was granted approval to purchase approximately 142 acres of land to sub-divide and resell as multi and single-family lots.  A condition of the approval was that the Sandyport Bridge, at the junction of West Bay Street, be constructed before the first lot was sold.  The bridge is in place and, to date, Sandyport has sold a total of 350 multi and single-family lots.

Sandyport recently completed a $48.9 million shopping centre called Olde Towne, which includes 22 retail spaces owned primarily by small Bahamian businesses, restaurants, office space and approximately 50 apartments.

In August 1994, the National Economic Council granted approval for Sandyport Marina Beach Club and Resorts Limited to construct a timeshare and hotel resort.

A memo to Prime Minister Perry Christie from the Ministry of Financial Services and Investments said, "Regarding the environmental impact of the Sandyport Development, the BEST Commission has advised that the Sandyport Development was approved prior to the creation of the BEST Commission and thus no Environmental Impact Assessment would have been done. 

"Various government agencies would have issued permits for work to begin.  The BEST Commission recommends that a review be done of the conditions listed on the permits issued by the Department of Physical Planning and Ministry of Works and Utilities."

But Mr. Buckner insisted that his company conducted an EIA that addressed all environmental concerns and the government accepted that Sandyport would not have posed a significant threat to the environment.

Progressive Liberal Party (PLP) Senator, Edison Key Resignation from The Senate

Edison Key on Perry Christie and his poor leadership and lack of direction

PLP Senator Resigns

By Candia Dames

candiadames@hotmail.com

Nassau, The Bahamas

17/02/2004

Slamming the government of Prime Minister Perry Christie for what he called poor leadership and lack of direction, Progressive Liberal Party Senator Edison Key has resigned from the upper chamber.

"I've had it up to my eyeballs," Mr. Key said in an exclusive interview with the Bahama Journal Monday.

He said his letter of resignation - dated January 10 - was hand delivered to the prime minister's office, but he said he has not received any kind of reaction from Mr. Christie.

"I had hoped that Mr. Christie would have printed my resignation in full to the media so that the Bahamian people could see exactly why I resigned," Mr. Key said.

But Prime Minister Perry Christie told the Journal Monday evening that Mr. Key was revealing something to the Journal that he (Mr. Christie) was not aware of.

"I am not in receipt of a resignation from Mr. Key," the prime minister said.  "I have not seen it and I have asked my office to put a trace on it.  He has not telephoned me.  Anyone who has given as much to the PLP as Edison Key has should not demit public office in this way.  He has been a warrior.  He has the greatest admiration from me.  I am surprised that he has chosen to do it this way."

Mr. Key said that he has only been invited to one parliamentary meeting since May 2002.

"I don't feel like I need to waste any more of my life mixed up with this crew here," he said.  "I wish them well but I think they're in for a rude awakening at the end of the journey."

Although Mr. Key said he resigned five weeks ago, there has been no announcement from the government to this effect.

"I am very disappointed in the government and the leadership," Mr. Key said.  "I really serve no purpose in this new government."

But he was quick to add that he planned to remain a member of the PLP.

"I've been a part of the PLP from 1970," Mr. Key reminded.  "I've been through all the struggles and trials and tribulations.  I ran here in Abaco when you [would have been considered] an outcast to even identify with the PLP, especially a white man in an all white area."

When asked how he would characterize the performance of the Christie government since it came to power in May 2002, the former senator said, "On a scale of one to 10?  Maybe a three."

He said he was shocked that the prime minister has kept secret his resignation.  Members of the Senate reportedly did not know up to Monday that Mr. Key was no longer a senator.

"If you notice, it's all about Christie," he charged.  "I wish him well.  I don't want to say too much bad about him."

He added, "I'm surprised that the prime minister hasn't called me.  He hasn't responded to it.  I haven't gotten anything in writing from him.  I'm very disappointed and I just wish them well, but I have had it up to my neck bone."

Mr. Key said he did not feel valued as a senator.

"I've turned in dozens of applications and recommendations and not one of them has been acknowledged in over a year and a half," he said.  "There is no use me wasting my time...I'm not 16 anymore and there is no use me being a part of something that I'm on the outside of and I don't know what's going on. I'm a senator."

He also spoke to what he indicated was the uselessness of the senate.

"The senate has only met several times since the new government [came to office]," he said.  "It's a waste of money for the senators not to be a part of the overall decision making in the country.

"The government only expects when they send bills up there [for senators] to support whatever they send.  It's a rubber stamp and it needs to be considered whether the senate needs to stay in its present form or senators be elected so that they can speak their minds and say what they want to say."

Mr. Key served as a senator in the former PLP government from 1977 to 1982 and 1987 to 1992.  He also served as a Member of Parliament from 1982 to 1987 and 1992 to 1997. Mr. Key also served as chairman of the Bahamas Telecommunications Corporation from 1985 to 1992.