Top bankers back calls for greater investor protection
By NEIL HARTNELL
Tribune Business Editor
TOP Bahamian investment bankers have backed calls for enhanced protection for minority shareholders to be extended to all private companies who solicit investors via Private Placement Memorandums (PPMs), especially when it comes to the provision of audited financial statements.
Owen Bethel, head of Nassau-based Montaque Group, urged all public and private companies with minority investors to assess their corporate governance and maintain positive relationships with all shareholders, arguing that all equity holders should have access to data on their investment's performance.
And Kenwood Kerr, Providence Advisors' chief executive, agreed that "to maintain the integrity of the market" there needed to be "adequate disclosure and reporting requirements", so that public and private company investors knew every detail on their investments.
Their calls come after a retired Bahamas-based accountant, Bill Hogg, complained in a 12-page letter to Attorney General John Delaney about the alleged "shabby treatment" he and his wife received from Galleria Cinemas, arguing that they were denied access to any audited financial statements on how the company was performing for a decade after investing in its two Private Placement Memorandums (PPMs) in the mid-1990s.
Now, the sentiments expressed by Messrs Bethel and Kerr are likely to increase the pressure on the Government to further tighten protection for minority investors in the new Securities Industry Act and accompanying regulations, which are set to be debated by Parliament this week.
Mr Bethel declined to comment directly on the contents of the Hoggs' letter, given that the Montaque Group is still Galleria's registrar and transfer agent.
However, he told Tribune Business: "Certainly, the call for new legislation is timely, and could certainly assist with the rights of minority shareholders in private offerings.
"The investor relationships across the board in all entities that offer shares to the public, in one form or another, is something all these companies in their corporate governance should be looking at, and intending to have positive relationships with their investors."
He added: "We are pleased that the matter was ultimately resolved, and hope the Hoggs, despite their experience, are satisfied with the final outcome.
"Certainly, any person who goes into an investment should have some protective rights in terms of the information that they will be provided with to be able to gauge and assess their investment."
Mr Kerr concurred, telling Tribune Business: "Their should be adequate disclosure and reporting requirements to these persons. I think it's important to maintain the integrity of the marketplace. There should be something in place to give them protection."
Yet he added: "The very premise of the market is caveat emptor, buyer beware. You have to be an informed, educated investor. I haven't read the new Act, but at the core of the capital markets is the buyer must beware. You cannot legislate for non-registered participants."
In his letter to Mr Delaney, Mr Hogg wrote: "It cannot be right that a company can refuse to provide minority shareholders with any information on the company should the majority shareholders desire not to do so.
"This is particularly of concern where the shares are issued subsequent to a 'private offering' during which certain financial projections are given. In our case, the amount involved, not to mention the exorbitant cost and well-known experience of delay and frustration when attempting to obtain redress through the court system in the Bahamas did not justify the retention of an attorney. The only remedy in such a case, therefore, appears to be for the minority shareholder to sell their shares. Without the necessary financial information, they are unable to arrive at a proper valuation for the shares, and there is no way that any third party would be interested in buying their shares either. They are left at the mercy of the company with regard to the price offered. My wife will never know whether the price received for her shares was reasonable or not."
Mr Hogg urged Mr Delaney to further amend the Securities Industry Bill to provide more protection for minority investors in private companies, requiring that audited financial statements be sent to all shareholders prior to an AGM "unless waived by all shareholders."
Christopher Mortimer, Galleria's managing director, though, denied the Hoggs' claims, saying: "For the record, I can tell you that the company has fully complied with every requirement as it relates to the law. We are a private company and comply with all aspects of the law."
April 11, 2011
tribune242
A political blog about Bahamian politics in The Bahamas, Bahamian Politicans - and the entire Bahamas political lot. Bahamian Blogger Dennis Dames keeps you updated on the political news and views throughout the islands of The Bahamas without fear or favor. Bahamian Politicians and the Bahamian Political Arena: Updates one Post at a time on Bahamas Politics and Bahamas Politicans; and their local, regional and international policies and perspectives.
Monday, April 11, 2011
Sunday, April 10, 2011
Kirk Griffin's thoughts on the union between Cable and Wireless Communications (CWC) and Bahamas Telecommunications Company (BTC)
Kirk Griffin on CWC
IN YOUR OWN WORDS
Former Acting CEO of Bahamas Telecommunications Company (BTC) and newly-appointed advisor to the company Kirk Griffin offered his thoughts on Cable and Wireless Communications.
“I am fortunate to have been at BTC — at the executive level of the company — from the very beginning of the privatization process some 14 years ago. This has given me a unique perspective on the company, the industry and the necessity for BTC to be able to align itself with industry giants that can position BTC where it needs to be.
“I am not reluctant or shy to say that my team members and I at BTC are extremely proud of what we have been able to accomplish. We have consistently been profitable over the years as we have brought modern telecommunications throughout the length and breadth of The Bahamas. Our strengths and successess have been acknowledged by all reasonable observers, including our new colleagues at Cable and Wireless Communications. There can be no question that BTC has done well.
“However, by virtue of its small size, BTC is often disadvantaged because it cannot reach the economies of scale and command best prices from suppliers and vendors. At times, BTC even has difficulty attracting the attention of potential roaming partners as we seek to expand the connectivity of our very own customers across the globe.
“Further, as we all recognize the full liberalization of the telecommunications market is vital for the interests of Bahamian consumers and the vibrancy of the Bahamian economy, for BTC to compete in a fully liberalized market, up against the telecom giants of the world, it is critical that the company partners with a capable and competent global operator. CWC will help position BTC to effectively become and remain the provider of choice for consumers in The Bahamas, in a fully open and competitive marketplace.”
4/8/2011
thenassauguardian
IN YOUR OWN WORDS
Former Acting CEO of Bahamas Telecommunications Company (BTC) and newly-appointed advisor to the company Kirk Griffin offered his thoughts on Cable and Wireless Communications.
“I am fortunate to have been at BTC — at the executive level of the company — from the very beginning of the privatization process some 14 years ago. This has given me a unique perspective on the company, the industry and the necessity for BTC to be able to align itself with industry giants that can position BTC where it needs to be.
“I am not reluctant or shy to say that my team members and I at BTC are extremely proud of what we have been able to accomplish. We have consistently been profitable over the years as we have brought modern telecommunications throughout the length and breadth of The Bahamas. Our strengths and successess have been acknowledged by all reasonable observers, including our new colleagues at Cable and Wireless Communications. There can be no question that BTC has done well.
“However, by virtue of its small size, BTC is often disadvantaged because it cannot reach the economies of scale and command best prices from suppliers and vendors. At times, BTC even has difficulty attracting the attention of potential roaming partners as we seek to expand the connectivity of our very own customers across the globe.
“Further, as we all recognize the full liberalization of the telecommunications market is vital for the interests of Bahamian consumers and the vibrancy of the Bahamian economy, for BTC to compete in a fully liberalized market, up against the telecom giants of the world, it is critical that the company partners with a capable and competent global operator. CWC will help position BTC to effectively become and remain the provider of choice for consumers in The Bahamas, in a fully open and competitive marketplace.”
4/8/2011
thenassauguardian
Friday, April 8, 2011
Two years of high unemployment and tepid economic growth means that Bahamian consumers are less able to absorb the spike in gas prices and its effects
Conserving energy
thenassauguardian editorial
If you have had to fuel up at the gas pump over the last week or so, you have probably noticed that gasoline prices are rapidly on the rise.
A gallon of gas is already over the $5.20 mark in New Providence and over the $6 mark in the Family Islands, and summer’s not even here yet.
U.S. and international energy officials have warned that oil prices — already topping $100 per barrel — will only continue to climb due to volatile conditions in the Middle East and ongoing pressure on world food prices.
Some predict that prices at the local pumps will hit the $6 per gallon mark as the temperature continues to rise.
For residents of the Family Islands the situation is even more disconcerting. Most have longer distances to drive in the well-spread out settlements, and with maybe the exception of Abaco, most of those communities have lower income levels.
Higher gas prices in a country like The Bahamas that depends on imports to survive means higher electricity and food bills — and just about higher everything else.
Higher gas prices will also take dollars away from people who have already had to become accustomed to living with less as the economy struggles to recover from a deep global economic recession.
Two years of high unemployment and tepid economic growth means that consumers are less able to absorb the spike in gas prices and its effects.
The airlines that bring in our tourists who support our major economic pillar will no doubt be looking to raise their fares to compensate for the higher fuel prices.
This could mean that fewer people dreaming of a vacation in The Bahamas may have to shelve plans, again, because of higher ticket prices.
It would be a shame if high gas prices put a brake on the fragile economic recovery.
The most recent figures from the Department of Statistics show that the average retail price of gasoline and diesel rose by 23.8 percent and by 14.1 percent. The Bahamas Electricity Corporation’s average fuel surcharge has also increased by 36.8 percent.
It’s a situation that the government is monitoring very closely. Not only do high gas prices present obvious implications for domestic gasoline, electricity and food prices, but it also impacts the government’s fiscal position and the broader economy.
“As necessary, the government, the private sector and consumers will need to implement appropriate conservation measures to minimize the impact,” Prime Minister Hubert Ingraham said recently.
The government has launched a national energy efficiency program, and has completed an energy audit of some of its buildings and facilities, and plans to implement the recommendations of that report. As a part of the program, 270,000 Compact Florescent Lightbulbs will be distributed nationwide over the next two months.
What else can be done to soften the impact of the blow that higher oil prices will deliver to our economy?
What is the status of the implementation of the National Energy Policy’s recommendations on how a more sustainable energy mix could be attained in The Bahamas to reduce the country’s almost 100 percent reliance on oil imports?
The government should implement sooner rather than later a detailed energy plan which should include some basic elements that could be introduced fairly rapidly to help the public meet the challenge of skyrocketing energy prices.
One step forward in this regard could be the improvement to the public transportation system to make it more reliable and accessible to a larger number of users.
Individuals must also do their part to conserve energy, such as car-pooling and making sure that fans, lights and TVs are turned off when not in use.
4/7/2011
thenassauguardian editorial
thenassauguardian editorial
If you have had to fuel up at the gas pump over the last week or so, you have probably noticed that gasoline prices are rapidly on the rise.
A gallon of gas is already over the $5.20 mark in New Providence and over the $6 mark in the Family Islands, and summer’s not even here yet.
U.S. and international energy officials have warned that oil prices — already topping $100 per barrel — will only continue to climb due to volatile conditions in the Middle East and ongoing pressure on world food prices.
Some predict that prices at the local pumps will hit the $6 per gallon mark as the temperature continues to rise.
For residents of the Family Islands the situation is even more disconcerting. Most have longer distances to drive in the well-spread out settlements, and with maybe the exception of Abaco, most of those communities have lower income levels.
Higher gas prices in a country like The Bahamas that depends on imports to survive means higher electricity and food bills — and just about higher everything else.
Higher gas prices will also take dollars away from people who have already had to become accustomed to living with less as the economy struggles to recover from a deep global economic recession.
Two years of high unemployment and tepid economic growth means that consumers are less able to absorb the spike in gas prices and its effects.
The airlines that bring in our tourists who support our major economic pillar will no doubt be looking to raise their fares to compensate for the higher fuel prices.
This could mean that fewer people dreaming of a vacation in The Bahamas may have to shelve plans, again, because of higher ticket prices.
It would be a shame if high gas prices put a brake on the fragile economic recovery.
The most recent figures from the Department of Statistics show that the average retail price of gasoline and diesel rose by 23.8 percent and by 14.1 percent. The Bahamas Electricity Corporation’s average fuel surcharge has also increased by 36.8 percent.
It’s a situation that the government is monitoring very closely. Not only do high gas prices present obvious implications for domestic gasoline, electricity and food prices, but it also impacts the government’s fiscal position and the broader economy.
“As necessary, the government, the private sector and consumers will need to implement appropriate conservation measures to minimize the impact,” Prime Minister Hubert Ingraham said recently.
The government has launched a national energy efficiency program, and has completed an energy audit of some of its buildings and facilities, and plans to implement the recommendations of that report. As a part of the program, 270,000 Compact Florescent Lightbulbs will be distributed nationwide over the next two months.
What else can be done to soften the impact of the blow that higher oil prices will deliver to our economy?
What is the status of the implementation of the National Energy Policy’s recommendations on how a more sustainable energy mix could be attained in The Bahamas to reduce the country’s almost 100 percent reliance on oil imports?
The government should implement sooner rather than later a detailed energy plan which should include some basic elements that could be introduced fairly rapidly to help the public meet the challenge of skyrocketing energy prices.
One step forward in this regard could be the improvement to the public transportation system to make it more reliable and accessible to a larger number of users.
Individuals must also do their part to conserve energy, such as car-pooling and making sure that fans, lights and TVs are turned off when not in use.
4/7/2011
thenassauguardian editorial
Thursday, April 7, 2011
Bahamas Telecommunications Company (BTC) is now a private company... It's now time to put down the placards and help build a telecommunications network of which all Bahamians can be proud
BTC has new owners. Time to move on
tribune242 editorial
AFTER 14 long years of starts, stops, demonstrations and a few hiccups, Bahamas Telecommunications Company is now a private company.
The much disputed sale agreement was finally signed in the Cabinet office yesterday with a prediction by the new owners that a "new era" in the Bahamas telecommunications sector is on the horizon.
Cable and Wireless Communications, a London-based worldwide communications company, now owns 51 per cent of BTC for which it paid Government $210 million in full and $14.3 million in kind and cash completion dividends from BTC.
Early this year Prime Minister Hubert Ingraham, who had said that the money was earmarked for construction of the new hospital, announced that because of the economic downturn the payment would now have to go directly to the reduction of the national debt. The new owners will be protected from predators for the next three years in which time they will prepare the company with a more efficient staff and upgraded technology to face competition -- the first in its long history.
Only three years after Alexander Graham Bell invented the telephone in 1876, telephonic communications arrived in New Providence on a limited scale. It was from this invention that Cable Beach got its name when in 1892 an undersea cable was laid from Jupiter, Florida, to New Providence, surfacing at what is now Goodman's Bay. The small police barracks was constructed nearby in 1894 and had telephone contact with its stations in Grants Town and the Eastern District.
In 1924 the Nassau Telephone directory -- measuring 8" by 41/2", less than a quarter of an inch thick with 11 pages -- had 584 subscribers. It looked like a gentleman's brown leather wallet.
In case of a fire, Bahamians called 45, the Governor's office at Government House was 1, the Attorney General's chambers were 7, the Treasury 139 and The Tribune 260.
The little book advised constant practice of eight specified rules to receive good telephone service. The final rule was to "let the telephone reflect your personality in as pleasing a manner as though you were talking face to face." The booklet closed with the warning: "Do not use the telephone during lightning storms." The directory was printed by the City Press.
Look at the Bahamas' telephone directory today with its separate edition for the yellow pages for advertising and appreciate how far we have progressed from 1924 in the world of telecommunications.
In 1938 many changes were made to the department, chief of which was the switch over from the manual dial to the automated dial system. At this time it was known as the Telecommunications Department or Telecoms.
Later it became The Bahamas Telecommunications Corporation and most recently, in preparation for privatisation, it was transformed from a corporation to a company -- The Bahamas Telecommunications Company. Over the years BTC has done well. However, the Bahamas with its limited resources has developed the company as far as it can. It now needs a strong strategic partner to give it a global footprint.
The new technology is mind-boggling with the ability to switch to cellular towers from mobile phones. These cell sites are able to transmit vast amounts of data over the airwaves -- now almost too fast for man to assimilate. It provides instant communication, the results of which one can see daily on TV as the youth of backward nations demand that their governments move into the modern age. Instant telecommunications -- Blackberrys, iPods, Facebook and Twitter -- have informed them of how the rest of the world lives, and they want to join the band.
"BTC has posted strong revenues and profits in the past largely as a result of the very lack of competition that has led to the high fees that have kept Bahamians at the mercy of a monopoly, allowing BTC to generate strong profits despite its very high operating expenses," Mr Ingraham told the House in a Communication as the privatisation debate opened. "If BTC were exposed to competition tomorrow in mobile services, it would likely not survive. There is no way it could compete with a lean and aggressive competitor entering this market with a low cost base and aggressive marketing budget.
"We need," he said, "to give Bahamians competitive communications, but at the same time we want BTC to survive and prosper as a company preserving as many jobs as we can, to be a company that Bahamians can be proud to work for, to buy from and to have an ownership stake in."
It's now time to put down the placards and help build a telecommunications network of which all Bahamians can be proud.
April 07, 2011
tribune242 editorial
tribune242 editorial
AFTER 14 long years of starts, stops, demonstrations and a few hiccups, Bahamas Telecommunications Company is now a private company.
The much disputed sale agreement was finally signed in the Cabinet office yesterday with a prediction by the new owners that a "new era" in the Bahamas telecommunications sector is on the horizon.
Cable and Wireless Communications, a London-based worldwide communications company, now owns 51 per cent of BTC for which it paid Government $210 million in full and $14.3 million in kind and cash completion dividends from BTC.
Early this year Prime Minister Hubert Ingraham, who had said that the money was earmarked for construction of the new hospital, announced that because of the economic downturn the payment would now have to go directly to the reduction of the national debt. The new owners will be protected from predators for the next three years in which time they will prepare the company with a more efficient staff and upgraded technology to face competition -- the first in its long history.
Only three years after Alexander Graham Bell invented the telephone in 1876, telephonic communications arrived in New Providence on a limited scale. It was from this invention that Cable Beach got its name when in 1892 an undersea cable was laid from Jupiter, Florida, to New Providence, surfacing at what is now Goodman's Bay. The small police barracks was constructed nearby in 1894 and had telephone contact with its stations in Grants Town and the Eastern District.
In 1924 the Nassau Telephone directory -- measuring 8" by 41/2", less than a quarter of an inch thick with 11 pages -- had 584 subscribers. It looked like a gentleman's brown leather wallet.
In case of a fire, Bahamians called 45, the Governor's office at Government House was 1, the Attorney General's chambers were 7, the Treasury 139 and The Tribune 260.
The little book advised constant practice of eight specified rules to receive good telephone service. The final rule was to "let the telephone reflect your personality in as pleasing a manner as though you were talking face to face." The booklet closed with the warning: "Do not use the telephone during lightning storms." The directory was printed by the City Press.
Look at the Bahamas' telephone directory today with its separate edition for the yellow pages for advertising and appreciate how far we have progressed from 1924 in the world of telecommunications.
In 1938 many changes were made to the department, chief of which was the switch over from the manual dial to the automated dial system. At this time it was known as the Telecommunications Department or Telecoms.
Later it became The Bahamas Telecommunications Corporation and most recently, in preparation for privatisation, it was transformed from a corporation to a company -- The Bahamas Telecommunications Company. Over the years BTC has done well. However, the Bahamas with its limited resources has developed the company as far as it can. It now needs a strong strategic partner to give it a global footprint.
The new technology is mind-boggling with the ability to switch to cellular towers from mobile phones. These cell sites are able to transmit vast amounts of data over the airwaves -- now almost too fast for man to assimilate. It provides instant communication, the results of which one can see daily on TV as the youth of backward nations demand that their governments move into the modern age. Instant telecommunications -- Blackberrys, iPods, Facebook and Twitter -- have informed them of how the rest of the world lives, and they want to join the band.
"BTC has posted strong revenues and profits in the past largely as a result of the very lack of competition that has led to the high fees that have kept Bahamians at the mercy of a monopoly, allowing BTC to generate strong profits despite its very high operating expenses," Mr Ingraham told the House in a Communication as the privatisation debate opened. "If BTC were exposed to competition tomorrow in mobile services, it would likely not survive. There is no way it could compete with a lean and aggressive competitor entering this market with a low cost base and aggressive marketing budget.
"We need," he said, "to give Bahamians competitive communications, but at the same time we want BTC to survive and prosper as a company preserving as many jobs as we can, to be a company that Bahamians can be proud to work for, to buy from and to have an ownership stake in."
It's now time to put down the placards and help build a telecommunications network of which all Bahamians can be proud.
April 07, 2011
tribune242 editorial
Wednesday, April 6, 2011
Political interference has resulted in "low operating efficiency" and "misuse" of the Bahamas Electricity Corporation (BEC) - says Consultant's Report
BEC 'misused' from political interference
By NEIL HARTNELL
Tribune Business Editor
Political interference has resulted in "low operating efficiency" and "misuse" of the Bahamas Electricity Corporation (BEC), a consultant's report has confirmed, urging that it be allowed to operate as a commercial, profit-driven business supervised by an independent regulator.
Fichtner, the German consultants hired to perform an overview of the Bahamian energy sector's ownership and regulatory structure as part of an Inter-American Development Bank (IDB) funded project, recommended that there be "a basic change in the institutional set-up and the existing framework of the regulatory sector".
Noting that BEC was currently under government control, with the administration and BEC effectively regulating itself, the Fichtner report concluded: "The existing direct relationship between the Government of the Bahamas and BEC.... creates direct political influence on the provision of services, which very often results in the misuse of the Corporation for political targets, low operating efficiency due to missing efficiency incentives and low accountability of the utility."
Consultants:
As a result, the consultants urged that going forward the Government had to confine itself to setting policy and strategies for BEC and the energy sector, overseeing their implementation.
An independent regulator, likely the Utilities Regulation & Competition Authority (URCA), was also recommended for the Bahamian energy sector, with BEC charged to "operate as a profitable, commercial enterprise" regardless of whether it is publicly or privately owned.
Fichtner's report also noted that BEC had a "quasi monopoly" under the existing Electricity Act, as no other person could produce power exceeding 250 kilowatts (kWh) without prior approval from the relevant minister. The only exceptions to this were back-up generators.
"The Electricity Act, as the major piece of sector legislation, does not address the relevant issues that are required to implement the objectives of the Government of the Bahamas as set out in the National Energy Policy," the report said. "In fact, the Electricity Act adversely affects the implementation of such policy, and is therefore suggested to be replaced."
Wednesday, April 06, 2011
tribune242
By NEIL HARTNELL
Tribune Business Editor
Political interference has resulted in "low operating efficiency" and "misuse" of the Bahamas Electricity Corporation (BEC), a consultant's report has confirmed, urging that it be allowed to operate as a commercial, profit-driven business supervised by an independent regulator.
Fichtner, the German consultants hired to perform an overview of the Bahamian energy sector's ownership and regulatory structure as part of an Inter-American Development Bank (IDB) funded project, recommended that there be "a basic change in the institutional set-up and the existing framework of the regulatory sector".
Noting that BEC was currently under government control, with the administration and BEC effectively regulating itself, the Fichtner report concluded: "The existing direct relationship between the Government of the Bahamas and BEC.... creates direct political influence on the provision of services, which very often results in the misuse of the Corporation for political targets, low operating efficiency due to missing efficiency incentives and low accountability of the utility."
Consultants:
As a result, the consultants urged that going forward the Government had to confine itself to setting policy and strategies for BEC and the energy sector, overseeing their implementation.
An independent regulator, likely the Utilities Regulation & Competition Authority (URCA), was also recommended for the Bahamian energy sector, with BEC charged to "operate as a profitable, commercial enterprise" regardless of whether it is publicly or privately owned.
Fichtner's report also noted that BEC had a "quasi monopoly" under the existing Electricity Act, as no other person could produce power exceeding 250 kilowatts (kWh) without prior approval from the relevant minister. The only exceptions to this were back-up generators.
"The Electricity Act, as the major piece of sector legislation, does not address the relevant issues that are required to implement the objectives of the Government of the Bahamas as set out in the National Energy Policy," the report said. "In fact, the Electricity Act adversely affects the implementation of such policy, and is therefore suggested to be replaced."
Wednesday, April 06, 2011
tribune242
Tuesday, April 5, 2011
Bahamians want to know what more can be done legally and constitutionally to address the bail crisis
The bail crisis
thenassauguardian editorial
With the release of the recent murder statistics showing alarming increases, Bahamians are growing increasingly frightened for themselves, their loved ones, their property — and our way of life.
This must be a sobering moment for the Government. It should also be a sober moment for the Opposition, as they too, were unable to arrest the rise in serious crime.
This is not a moment for the Government to lose its nerve or for the Opposition to attempt to score political points on what is arguably the number one issue for most citizens.
One area which most Bahamians feel some headway can be made in the fight against crime is in regards to bail for serious criminals.
The government and Minister of National Security Tommy Turnquest should be commended for implementing the electronic monitoring bracelet system, which it is hoped will go a long way in preventing suspects from re-offending.
But it is still hard for Bahamians to understand why so many dangerous criminals are out on bail, mocking our system of justice and terrorizing us in our homes and in our businesses.
Our murder rate would have been lower over the past several years if a number of the persons on bail were still in custody. We have had three record-breaking murder counts in four years. We are on pace to have another record breaking year when it comes to murders.
Rulings by the Privy Council on how long an individual can be held on remand before being released on bail were intended to protect the innocent and various civil liberties. The ruling has had unintended consequences, mostly arising from how unprepared our national leadership was to deal with such a momentous ruling.
Bahamians want to understand what is going on. And they want action.
So far, the political leadership of the country, FNM and PLP, has failed to adequately explain and effectively communicate the details of the Privy Council ruling, which inadvertently helped to fuel the current crisis.
More urgently, Bahamians want to know what more can be done legally and constitutionally to address the bail crisis.
The government has said that it will amend the Bail Act to limit the circumstances under which bail may be granted. From what we understand, there has been some concern surrounding the constitutionality of such a move.
Are there constitutional changes that can be made in this area? If there are, they should be explored, if that is not already being done. If not, it should be explained to the public.
Crime knows no boundaries or person, property or politics.
Bahamians do not want finger-pointing and the casting of blame. There is plenty of blame to go around, including of those citizens who tolerate or turn a blind eye to certain crimes when it is convenient.
Bahamians want and deserve a better explanation in terms of the various issues surrounding the matter of bail. But, more importantly, they are demanding action, arising out of fear for their very lives and livelihoods.
4/5/2011
thenassauguardian editorial
thenassauguardian editorial
With the release of the recent murder statistics showing alarming increases, Bahamians are growing increasingly frightened for themselves, their loved ones, their property — and our way of life.
This must be a sobering moment for the Government. It should also be a sober moment for the Opposition, as they too, were unable to arrest the rise in serious crime.
This is not a moment for the Government to lose its nerve or for the Opposition to attempt to score political points on what is arguably the number one issue for most citizens.
One area which most Bahamians feel some headway can be made in the fight against crime is in regards to bail for serious criminals.
The government and Minister of National Security Tommy Turnquest should be commended for implementing the electronic monitoring bracelet system, which it is hoped will go a long way in preventing suspects from re-offending.
But it is still hard for Bahamians to understand why so many dangerous criminals are out on bail, mocking our system of justice and terrorizing us in our homes and in our businesses.
Our murder rate would have been lower over the past several years if a number of the persons on bail were still in custody. We have had three record-breaking murder counts in four years. We are on pace to have another record breaking year when it comes to murders.
Rulings by the Privy Council on how long an individual can be held on remand before being released on bail were intended to protect the innocent and various civil liberties. The ruling has had unintended consequences, mostly arising from how unprepared our national leadership was to deal with such a momentous ruling.
Bahamians want to understand what is going on. And they want action.
So far, the political leadership of the country, FNM and PLP, has failed to adequately explain and effectively communicate the details of the Privy Council ruling, which inadvertently helped to fuel the current crisis.
More urgently, Bahamians want to know what more can be done legally and constitutionally to address the bail crisis.
The government has said that it will amend the Bail Act to limit the circumstances under which bail may be granted. From what we understand, there has been some concern surrounding the constitutionality of such a move.
Are there constitutional changes that can be made in this area? If there are, they should be explored, if that is not already being done. If not, it should be explained to the public.
Crime knows no boundaries or person, property or politics.
Bahamians do not want finger-pointing and the casting of blame. There is plenty of blame to go around, including of those citizens who tolerate or turn a blind eye to certain crimes when it is convenient.
Bahamians want and deserve a better explanation in terms of the various issues surrounding the matter of bail. But, more importantly, they are demanding action, arising out of fear for their very lives and livelihoods.
4/5/2011
thenassauguardian editorial
Monday, April 4, 2011
Dr. Andre Rollins and double standards
Dr. Andre Rollins and compromise. Or are we witnessing double standards?
By Rick Lowe
I think I can refer to Dr. Rollins as an acquaintance. He used to visit Nassau Institute events where we would exchange thoughts/ideas.
But as we pointed out in this post... in politics, Mr. Obama included, appears to force a double standard or compromise when it comes to his deciding when to send troops off to "war" for example.
We also have reports of a recently elected Republican in the US receiving farm subsides and when pressed would not offer to give his subsidy up. Saying something like, farm subsidies need to be rationalised. Go figure.
Now let's look a little closer to home, where we have a political figure stating that foreign investment is both good and bad.
According to a story in The Nassau Guardian on April 1, 2011 by Chester Robards, recently nominated PLP candidate Dr. Andre Rollins chastised the current government for not attracting foreign investors to The Bahamas.
He was quoted as saying; "We need to cause businesses to come here that are outside of the scope of our current economic model."
While he is correct that The Bahamas needs foreign direct investment he does not appear to have indicated what those foreign businesses are that should be asked to come in and invest.
But what's the double standard or compromise then?
Well Dr. Rollins party just came off a heated campaign against allowing a foreign company into the country to buy BTC the government monopoly phone company and now he says we need foreign investment.
I sometimes wonder how we say these things with a straight face. And to our College of The Bahamas students no less.
I must paraphrase Mencken yet again for a little respite from this:
I dislike double standards and the compromise of politics forces on values, common sense, common honesty. It seems this makes me forever ineligible for public office.
Oh, you might find this article on Politics as the Art of Confined Comprises interesting.
Monday, April 04, 2011
weblogbahamas
By Rick Lowe
I think I can refer to Dr. Rollins as an acquaintance. He used to visit Nassau Institute events where we would exchange thoughts/ideas.
But as we pointed out in this post... in politics, Mr. Obama included, appears to force a double standard or compromise when it comes to his deciding when to send troops off to "war" for example.
We also have reports of a recently elected Republican in the US receiving farm subsides and when pressed would not offer to give his subsidy up. Saying something like, farm subsidies need to be rationalised. Go figure.
Now let's look a little closer to home, where we have a political figure stating that foreign investment is both good and bad.
According to a story in The Nassau Guardian on April 1, 2011 by Chester Robards, recently nominated PLP candidate Dr. Andre Rollins chastised the current government for not attracting foreign investors to The Bahamas.
He was quoted as saying; "We need to cause businesses to come here that are outside of the scope of our current economic model."
While he is correct that The Bahamas needs foreign direct investment he does not appear to have indicated what those foreign businesses are that should be asked to come in and invest.
But what's the double standard or compromise then?
Well Dr. Rollins party just came off a heated campaign against allowing a foreign company into the country to buy BTC the government monopoly phone company and now he says we need foreign investment.
I sometimes wonder how we say these things with a straight face. And to our College of The Bahamas students no less.
I must paraphrase Mencken yet again for a little respite from this:
I dislike double standards and the compromise of politics forces on values, common sense, common honesty. It seems this makes me forever ineligible for public office.
Oh, you might find this article on Politics as the Art of Confined Comprises interesting.
Monday, April 04, 2011
weblogbahamas
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