BCP to take part in general election
By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net
The Bahamas Constitution Party announced that it will be participating in the next general election.
Describing itself as a "social and fiscal conservative party" the BCP issued a statement yesterday revealing that the party will be fielding 39 candidates in the upcoming elections.
It said: "We are planning to be ready to 'Govern on Day One' having spend the past 12-13 years in research, development and planning".
The BCP was officially launched in 1999, making its first appearance in the 2002 elections.
The Christian People Movement has also joined forces with the BCP "adding both value numbers to our agenda and vision for the Commonwealth of the Bahamas" said the statement.
The party's main goals include constitutional reform, urban renewal and youth programmes, implementation of new immigration policies, improved education, economic diversification and crime reduction.
The BCP plans to release their "Mandate 2012- Hope for Bahamaland" during an upcoming summer convention along with planned public appearances, town meetings and mini rallies to raise awareness and support for the party.
The BCP invites the public to view their "Hope for Bahamaland" plan at www.bahamasyouthrenewal.com.
April 30, 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.
Sunday, May 1, 2011
Friday, April 29, 2011
Branville McCartney has reportedly turned down offers to join other political parties... instead opting to form his own – the Democratic National Alliance (DNA)
PLP Stalled For McCartney
By ROGAN SMITH
jonesbahamas
The Progressive Liberal Party (PLP) was so determined to get Bamboo Town MP Branville McCartney to join its ranks that it held off on appointing a candidate to run in the constituency against him, according to party leader Perry Christie.
When Mr. McCartney resigned as state minister for immigration last year Mr. Christie immediately sprung into action to let him know that the party was interested in having him come on board.
A year later when he resigned from the Free National Movement (FNM) Mr. Christie again let Mr. McCartney know that the party was a "big tent" always in search of new talent.
But, in both instances Mr. McCartney declined the offers.
So, Mr. Christie moved on.
Now, the PLP leader said to date four people have applied to the PLP to run in the constituency.
"Quite frankly the delay in appointing a candidate to Bamboo Town was because we wanted to give certain political personalities an opportunity to determine whether they would wish to become a PLP," Mr. Christie said.
"So, we have finished that course now and are moving on to name a candidate for those seats that are remaining. I expect in a short period of time moving forward that we would have a candidate named, but the delay was occasioned by my wanting to give some people whose names I will not now call an opportunity to determine whether they wanted to be a PLP or something else."
Mr. McCartney has reportedly turned down offers to join other third parties, instead opting to form his own – the Democratic National Alliance (DNA), which is set to launch next Monday.
"I support the right of Branville McCartney and others to form themselves into political organisations," Mr. Christie said.
"Branville McCartney’s difficulty is that (attorney) Paul Moss just announced a new political party and said that he has 23 candidates already, so clearly the scramble is on."
Mr. Christie said he believes most people will have to make a decision on which of the parties can realistically form a government.
As far as he is concerned, that choice will come down to two parties – the FNM and the PLP.
"I believe people would say that they want to give the PLP an opportunity because I believe they’re going to buy into and [realise] that Bahamians have to be meaningfully involved in the economy," he said.
FNM Leader Hubert Ingraham has, too, predicted that his party would once again represent Bamboo Town.
He recently went into the constituency to apologise to constituents for Mr. McCartney "abandoning" them.
April 28th, 2011
jonesbahamas
By ROGAN SMITH
jonesbahamas
The Progressive Liberal Party (PLP) was so determined to get Bamboo Town MP Branville McCartney to join its ranks that it held off on appointing a candidate to run in the constituency against him, according to party leader Perry Christie.
When Mr. McCartney resigned as state minister for immigration last year Mr. Christie immediately sprung into action to let him know that the party was interested in having him come on board.
A year later when he resigned from the Free National Movement (FNM) Mr. Christie again let Mr. McCartney know that the party was a "big tent" always in search of new talent.
But, in both instances Mr. McCartney declined the offers.
So, Mr. Christie moved on.
Now, the PLP leader said to date four people have applied to the PLP to run in the constituency.
"Quite frankly the delay in appointing a candidate to Bamboo Town was because we wanted to give certain political personalities an opportunity to determine whether they would wish to become a PLP," Mr. Christie said.
"So, we have finished that course now and are moving on to name a candidate for those seats that are remaining. I expect in a short period of time moving forward that we would have a candidate named, but the delay was occasioned by my wanting to give some people whose names I will not now call an opportunity to determine whether they wanted to be a PLP or something else."
Mr. McCartney has reportedly turned down offers to join other third parties, instead opting to form his own – the Democratic National Alliance (DNA), which is set to launch next Monday.
"I support the right of Branville McCartney and others to form themselves into political organisations," Mr. Christie said.
"Branville McCartney’s difficulty is that (attorney) Paul Moss just announced a new political party and said that he has 23 candidates already, so clearly the scramble is on."
Mr. Christie said he believes most people will have to make a decision on which of the parties can realistically form a government.
As far as he is concerned, that choice will come down to two parties – the FNM and the PLP.
"I believe people would say that they want to give the PLP an opportunity because I believe they’re going to buy into and [realise] that Bahamians have to be meaningfully involved in the economy," he said.
FNM Leader Hubert Ingraham has, too, predicted that his party would once again represent Bamboo Town.
He recently went into the constituency to apologise to constituents for Mr. McCartney "abandoning" them.
April 28th, 2011
jonesbahamas
Thursday, April 28, 2011
Should the government borrow money to pay public servants more or should it tax the rest of the country to pay this particular group?
Govt should say no to public servants
thenassauguardian editorial
How much of the public purse should public servants be entitled to? Compensation to these workers is already around 55 to 60 percent of the national budget. Now the president of the Bahamas Public Services Union John Pinder wants the government to lift the freeze it placed on public service promotions and increments, arguing that inflation is overwhelming the resources of public servants.
This comes nearly a year after Prime Minister Hubert Ingraham announced the freeze in the 2010/2011 budget in May 2010.
Ingraham said public service promotions would be frozen, except in special cases, and that public service employment would also be frozen except in extenuating circumstances. At the time Ingraham said the government was making these adjustments to avoid job losses in the public service.
Pinder is right that inflation is a growing problem. The price of oil per barrel topped $113 yesterday. The entire country is bearing the burden of the increased cost of goods and services.
The solution to the problem, however, faced by public servants can’t simply be for the government to give them more compensation. Where would this money come from?
As we mentioned yesterday regarding the hundreds of millions of dollars being spent on infrastructure work by the government, this money is borrowed. And it is borrowed at a time when the country’s debt to GDP ratio is rising. According to figures in the 2010/2011 mid-year budget document, that ratio has risen from 41 percent in 2006 to 56 percent in 2010.
Should the government borrow money to pay public servants more or should it tax the rest of the country to pay this particular group? The first move would be silly and the second unfair.
In the short term, Bahamians will have to conserve during this period of higher prices. In the long term, a policy is needed to introduce alternative energy sources that provide energy to the country at a lower cost than via the burning of fossil fuels.
It is wiser for Bahamians to save and spend wisely as opposed to the government borrowing money to pacify its employees.
The unions know that this is election time and at election time governments borrow and spend generously, seeking to gain votes. Therefore, the unions have started making demands on the treasury.
The cost of satisfying everyone in the short term will be risking the financial well being of the country in the long term.
4/28/2011
thenassauguardian editorial
thenassauguardian editorial
How much of the public purse should public servants be entitled to? Compensation to these workers is already around 55 to 60 percent of the national budget. Now the president of the Bahamas Public Services Union John Pinder wants the government to lift the freeze it placed on public service promotions and increments, arguing that inflation is overwhelming the resources of public servants.
This comes nearly a year after Prime Minister Hubert Ingraham announced the freeze in the 2010/2011 budget in May 2010.
Ingraham said public service promotions would be frozen, except in special cases, and that public service employment would also be frozen except in extenuating circumstances. At the time Ingraham said the government was making these adjustments to avoid job losses in the public service.
Pinder is right that inflation is a growing problem. The price of oil per barrel topped $113 yesterday. The entire country is bearing the burden of the increased cost of goods and services.
The solution to the problem, however, faced by public servants can’t simply be for the government to give them more compensation. Where would this money come from?
As we mentioned yesterday regarding the hundreds of millions of dollars being spent on infrastructure work by the government, this money is borrowed. And it is borrowed at a time when the country’s debt to GDP ratio is rising. According to figures in the 2010/2011 mid-year budget document, that ratio has risen from 41 percent in 2006 to 56 percent in 2010.
Should the government borrow money to pay public servants more or should it tax the rest of the country to pay this particular group? The first move would be silly and the second unfair.
In the short term, Bahamians will have to conserve during this period of higher prices. In the long term, a policy is needed to introduce alternative energy sources that provide energy to the country at a lower cost than via the burning of fossil fuels.
It is wiser for Bahamians to save and spend wisely as opposed to the government borrowing money to pacify its employees.
The unions know that this is election time and at election time governments borrow and spend generously, seeking to gain votes. Therefore, the unions have started making demands on the treasury.
The cost of satisfying everyone in the short term will be risking the financial well being of the country in the long term.
4/28/2011
thenassauguardian editorial
Wednesday, April 27, 2011
Renward Wells - National Development Party (NDP) leader says that his party is still in the "valley of decisions" as it pertains to joining Branville McCartney's Democratic National Alliance (DNA)
NDP considers joining DNA party
tribune242
AN ANNOUNCEMENT is expected by the end of the week as to whether or not the National Development Party (NDP) will join with the Democratic National Alliance (DNA) or remain as a third party force going into the next general election.
According to NDP leader Renward Wells, his party is still in the "valley of decisions" as it pertains to the DNA, which was formed recently by former FNM Minister and now Independent MP Branville McCartney.
However, as it stands, Mr Wells said his party will not be making any comments as there are still a few "things to be worked out in the next couple of days." In the meantime, he said he would rather leave whatever "big announcement" will inevitably come to its "predetermined time."
Rumours have been circulating for weeks that the NDP had already dissolved itself and joined with Mr McCartney's DNA party, with Mr Wells and a few other prominent members of the NDP taking up key leadership roles.
Among the positions being reported, it is rumoured that Mr Wells had been promised the position of chairman, with his deputy leader, Lynden Nairn, becoming the deputy leader of the DNA. La'Tore Mackey, it is reported, would be promoted to the position of secretary general, while Mr McCartney remains as leader of the party.
Last week, Mr Wells indicated that his party would make a decision during that week as to its political future. This decision reportedly came days after activist and businessman Ethric Bowe resigned from the NDP after he was out-voted 18 to two over the group's plans to continue talks with outside political organisations.
On his Facebook page, Mr Bowe claimed a tyre on his car was slashed after the "contentious" meeting.
Mr Bowe left the party because he thought the NDP was "betraying" its core principles, explained Mr Wells, who added that the former's claims of a slashed tyre are unfounded.
However, all of the third party's attempts to amalgamate may be in vain as Prime Minister Hubert Ingraham has dismissed their importance in the upcoming general election.
During a recent business opening, Mr Ingraham foreshadowed that the election will strictly be between the PLP and the FNM.
"Period, full stop ... that's who people are going to decide (from in) the next election of the Bahamas," Mr Ingraham said.
Attempts to reach Mr McCartney for comment were unsuccessful.
April 27, 2011
tribune242
Mark Holowesko says that he played no role in the Bahamas Telecommunications Company (BTC) / Cable and Wireless Communications (CWC) deal and is in no way connected to Cable and Wireless Communications (CWC)
FNM calls PLP’s claims against Holowesko ‘bogus’
By CANDIA DAMES
Guardian News Editor
candia@nasguard.com
The Free National Movement (FNM) yesterday branded as ‘bogus’ the claims made by the Progressive Liberal Party (PLP) that professional money manager Mark Holowesko is involved in a conflict of interest as a member of the new Bahamas Telecommunications Company (BTC) board.
Holowesko is a government representative on the board of BTC, which was recently privatized. The government sold 51 percent of the shares to Cable and Wireless Communications (CWC).
Franklin Templeton Investment Funds lists Holowesko as a member of its board of directors.
Franklin Templeton holds shares in Cable and Wireless.
The PLP suggested that Holowesko is in a conflict of interest and questioned whose interests he will serve as a board member.
But the FNM said yesterday, “The opposition’s erroneous claim that Mr. Holowesko’s appointment involved a conflict of interest has been refuted in detail by the internationally well-regarded investment manager who noted that none of the funds he manages has shares in Cable and Wireless.
“With its typical lack of due diligence and sloppiness, the opposition even got wrong the actual investment fund on which Mr. Holowesko serves as a director.
“The FNM notes with great curiosity that these bogus claims of a conflict of interest were made by none other than PLP Chairman Bradley Roberts. The Bahamian people will appreciate this irony.”
Holowesko, who also strongly denied any conflict when he spoke to The Nassau Guardian recently, reiterated in a statement yesterday that he does not receive compensation from the Franklin Templeton group for his service as a board member for its European funds.
He explained: “The Franklin Templeton (FT) Investment Funds are Luxembourg based funds that operate under the SICAV (Societe d’ investissement a capital variable) umbrella. There are over 30 of these FT funds under this SICAV umbrella.
“The funds are separate legal entities that employ investment managers to manage the investment activities of each fund. I am a director of these funds, but I am not an employee or a director of any of these management companies.
“The investment managers hired for these funds are a variety of FT companies within the FT group of companies (again, none of which I am employed by, sit on the board, nor do I have any involvement or day-to-day investment activity).
“Some of the managers of these funds are investment companies in the US, some in Europe and some in Asia. Each of these funds holds dozens of securities, selected by the manager without prior knowledge or consultation with the directors.
“At any point in time it is not possible for me to know what investments are held in the various funds, nor is it my role to do so.
“With over 30 funds, and anywhere from 50 to 150 investments each, there are several thousand positions under the umbrella.
“At the end of December (last reporting period), the FT legal department has confirmed that some of these funds (four) held shares in Cable and Wireless. The decision to buy or sell these shares is not under my direction or control, and I do not participate at all with the investment manager in the evaluation of any of the shares.”
Holowesko stressed again that he played no role in the BTC/CWC deal and is in no way connected to CWC.
4/27/2011
thenassauguardian
By CANDIA DAMES
Guardian News Editor
candia@nasguard.com
The Free National Movement (FNM) yesterday branded as ‘bogus’ the claims made by the Progressive Liberal Party (PLP) that professional money manager Mark Holowesko is involved in a conflict of interest as a member of the new Bahamas Telecommunications Company (BTC) board.
Holowesko is a government representative on the board of BTC, which was recently privatized. The government sold 51 percent of the shares to Cable and Wireless Communications (CWC).
Franklin Templeton Investment Funds lists Holowesko as a member of its board of directors.
Franklin Templeton holds shares in Cable and Wireless.
The PLP suggested that Holowesko is in a conflict of interest and questioned whose interests he will serve as a board member.
But the FNM said yesterday, “The opposition’s erroneous claim that Mr. Holowesko’s appointment involved a conflict of interest has been refuted in detail by the internationally well-regarded investment manager who noted that none of the funds he manages has shares in Cable and Wireless.
“With its typical lack of due diligence and sloppiness, the opposition even got wrong the actual investment fund on which Mr. Holowesko serves as a director.
“The FNM notes with great curiosity that these bogus claims of a conflict of interest were made by none other than PLP Chairman Bradley Roberts. The Bahamian people will appreciate this irony.”
Holowesko, who also strongly denied any conflict when he spoke to The Nassau Guardian recently, reiterated in a statement yesterday that he does not receive compensation from the Franklin Templeton group for his service as a board member for its European funds.
He explained: “The Franklin Templeton (FT) Investment Funds are Luxembourg based funds that operate under the SICAV (Societe d’ investissement a capital variable) umbrella. There are over 30 of these FT funds under this SICAV umbrella.
“The funds are separate legal entities that employ investment managers to manage the investment activities of each fund. I am a director of these funds, but I am not an employee or a director of any of these management companies.
“The investment managers hired for these funds are a variety of FT companies within the FT group of companies (again, none of which I am employed by, sit on the board, nor do I have any involvement or day-to-day investment activity).
“Some of the managers of these funds are investment companies in the US, some in Europe and some in Asia. Each of these funds holds dozens of securities, selected by the manager without prior knowledge or consultation with the directors.
“At any point in time it is not possible for me to know what investments are held in the various funds, nor is it my role to do so.
“With over 30 funds, and anywhere from 50 to 150 investments each, there are several thousand positions under the umbrella.
“At the end of December (last reporting period), the FT legal department has confirmed that some of these funds (four) held shares in Cable and Wireless. The decision to buy or sell these shares is not under my direction or control, and I do not participate at all with the investment manager in the evaluation of any of the shares.”
Holowesko stressed again that he played no role in the BTC/CWC deal and is in no way connected to CWC.
4/27/2011
thenassauguardian
Tuesday, April 26, 2011
The People's Deliverance Party (PDP) has elected PLP leadership hopeful Paul Moss as its leader
New political party elects Paul Moss as leader
By ALISON LOWE
Business Reporter
alowe@tribunemedia.net
THE newly-formed People's Deliverance Party (PDP) has elected PLP leadership hopeful Paul Moss as its leader and intends to run a full slate of candidates in the next general election, according to sources within the grouping.
The PDP "already has 23 candidates" lined up to run in constituencies throughout New Providence and the Family Islands and will have a markedly "pro-Bahamian" platform.
"They intend to launch on May 24," said a source close to the party yesterday. In addition to attorney, Mr Moss, Grand Bahamians Troy Garvey, a former NDP member, and Glen Rolle, are said to both have taken executive positions in the PDP.
The PDP will join the Democratic National Alliance, headed by former FNM MP, Branville McCartney and the National Development Party, as yet another outside political force that will vie for political power in the general election, against the mainstream parties, the PLP and the FNM. Outside political party, the Bahamas Democratic Movement, headed by Cassius Stuart, was earlier this month absorbed into the governing FNM party.
"We believe the Bahamian people are ready for it. Everywhere we go people are saying that they need change and want an alternative and we think that will bode well for us. We basically see this as the best time where we have the opportunity to come out and have an affect on the Bahamian people in a real way and we're excited about their chances," said a source within the PDP.
Speaking about the PDP's philosophy, the source said: "We believe we will run The Bahamas for Bahamians. We're not really moved by what we see in terms of these international companies and persons who may dictate to our government. Our party frowns on the decision of the Prime Minister to relax restraints on foreign ownership in restaurants and entertainment. We believe this is how you swallow up a culture.
"This movement is really about getting the Bahamas back on track. We went off track several decades ago, that is to say there was not a deliberate approach to assisting the Bahamas. The approach of this party will be very deliberate. That is what sets us apart."
As for how the party intends to finance its campaign, the source said the PDP has "no doubt" that it can do so. However, they added that they hope their ambitions for public office can also be facilitated by what they perceive to be a desire for change amongst Bahamians akin to that which brought the PLP to power for the first time.
"If one goes back to mid 60s where the PLP was vying to become the government they did not have all the resources either but there was a moment in that period when Bahamians said 'We are not going to be put on or turned on by money, we are going to do right by our children' and we believe this is that moment again.
"The money is fleeting but if you do what is right you will see the benefits for your children. We have sufficient funds but we know the moment is also right for a 1960s-type movement," said the source.
April 26, 2011
tribune242
What role is Mark Holowesko playing in the BTC - Cable and Wireless marriage?
Holowesko denies conflict claim...
Responds to PLP’s claims about BTC board appointment
Professional money manager Mark Holowesko has strongly denied claims made by the Progressive Liberal Party (PLP) that his recent appointment to the board of the newly-privatized Bahamas Telecommunications Company (BTC) represents a conflict.
At the close of the deal with Cable and Wireless Communications (CWC) early this month, Prime Minister Hubert Ingraham announced that Holowesko, a principal of Holowesko Capital Partners, is one of the three members who will represent the government on the board.
In a recent press statement, the PLP attached general information from Franklin Templeton Investment Funds that lists Holowesko as a member of the board of directors.
Franklin Templeton Investments Portfolio Holdings — also included as part of the press release — shows that Franklin Templeton holds shares in Cable and Wireless Communications.
But Holowesko dismissed claims that he has been appointed to the BTC board to serve interests other than the government and the people of The Bahamas.
“I am not intimately involved in Cable and Wireless,” Holowesko told The Nassau Guardian.
“I own no shares in Cable and Wireless personally and I don’t know that I’ve ever bought any shares in Cable and Wireless for myself or the funds that I’m directly responsible for.”
But the PLP highlighted what it called an apparent conflict.
“At the time of the announcement of Mr. Holowesko to the board of BTC, no disclosure was made by the prime minister or Cable and Wireless of the apparent divided loyalty of Mr. Holowesko,” the PLP said.
“Her Majesty’s Loyal Opposition demands to know in whose interest is Mr. Holowesko serving.
“Is Mr. Holowesko representing the interest of the Bahamian people as a government appointee to the board, or is he there as a representative of the company for which he is employed, or is it both?”
But Holowesko said there are several erroneous statements in the PLP’s release.
One of them, he said, is the suggestion that he is paid by Franklin Templeton Investments.
And he said none of the funds he manages holds shares in Cable and Wireless.
Holowesko said he was inquiring with the Franklin Templeton office in the United States about whether any of the funds on whose board he sits holds shares in Cable and Wireless.
“I am a director for a group of funds over in Europe for the Templeton SICAV funds,” he explained.
“Franklin Templeton Investments isn’t the correct legal name for it. Franklin Templeton is a company incorporated in America, which is an investment management company and they have mutual funds in Europe under a Luxembourg umbrella fund called SICAV fund and I am a board member of those funds.
“I’m not a director of Franklin Templeton, the investment management company. I’m a director of some of the funds that they run over in Europe. That’s an important distinction.
“Franklin Templeton funds may or may not own Cable and Wireless shares.”
Further explaining his role with the investment group, Holowesko said, “Franklin Templeton is a company that runs funds all over the world and the funds that I’m a director on, I’m making an educated guess, are about 20 or 30 percent of the mutual funds that they manage, so they’re not the US funds or the Canadian funds. They’re the European funds. Those funds may or may not own Cable and Wireless shares.”
Holowesko explained that as a director on the board of certain funds, he would have no specific knowledge of the day-to-day activities of them.
“I’m not involved in the day-to-day management of those funds. As a director we meet twice a year in London to basically review the operational activities of those funds,” he said.
“The day-to-day investment management of those funds is not under us as directors and I’m not an insider in terms of knowing what they buy and sell and when they buy and sell.
“I do get reports as a director at certain periods in terms of what the funds hold at that point in time, and whether or not those funds own shares in Cable and Wireless today I don’t know and I’ve asked the legal department of Franklin Templeton to let me know and I’ll have that response.”
Holowesko was contacted by The Nassau Guardian to respond to the PLP statement.
The opposition party said, “The nagging questions persist as to what role Holowesko is playing in this BTC, Cable and Wireless marriage.”
“Was Mr. Mark Holowesko involved in the sale of BTC to Cable and Wireless, a company he is intimately involved in as an investor, from the beginning?
“If so, in what capacity? Who was he serving then and who is he serving now?”
But Holowesko said he played no role in bringing Cable and Wireless to the table for the BTC deal. In fact, he said he knows very little about the transaction.
“I have very little knowledge and I have had absolutely zero activity in the sale to Cable and Wireless,” he said.
“As a matter of fact when the prime minister asked me to go on the board, I said ‘one of my main concerns is I don’t know enough about this transaction. If you want me to go on the board you need to have somebody fill me in on this transaction.
“So it is completely and totally erroneous that I have any knowledge or any kind of involvement in this transaction. I have zero involvement in this transaction and I know very little about it.”
Holowesko said he has a meeting with government representatives on Thursday so he can learn more about the specifics of the CWC/BTC transaction and what will be expected of him as a board member.
Holowesko was also asked whether Franklin Templeton Investments is benefiting in any way from the BTC sale.
“I have no idea,” he said.
In its statement, the PLP also said it had been informed that the parent company of Cable and Wireless Communications, Temasek Holdings, is the majority shareholder of Singapore Telecommunications Limited.
“A major shareholder of SingTel is Templeton Global Advisors Limited which falls under the umbrella of Franklin Templeton Investments,” the PLP said.
“Temasek Holdings Limited’s 54 percent ownership of SingTel is under the control of the Government of Singapore.”
Holowesko explained: “Temasek is a company in Singapore which is 100 percent owned by the Singaporean government, which the Singaporean government uses as its vehicle for investing on behalf of the Singaporean people, and nobody owns shares in that company other than the government of Singapore. I have no interaction with that company.
“And how that company is somehow involved in Cable and Wireless I wouldn’t know, and to somehow imply that we have some sort of interest or I have some sort of interest in that company is like saying the average American has some sort of interest in the US Treasury. It’s silly.
“That’s just loony. Total fabrication.”
Company documents with information on Franklin Templeton Investment Funds’ board of directors has a brief reference to “Temasek”, but not the company.
The company address of one of the Franklin Templeton directors — Dr. J. B. Mark Mobius, executive chairman of Templeton’s Emerging Markets Group — is listed as “7 Temasek Boulevard” in Singapore.
Asked how he felt about the claims being made by the PLP, Holowesko, who is the son of Senate President Lyn Holowesko, said, “I’m not a politician. I’m a businessman and a family man. I’ve had family members in politics. I don’t like politics. I abhor politics.
“I find most of it to be a waste of time for these particular reasons that I’m involved in right now. This is time wasting. As far as I’m concerned it’s non-productive and I guess politicians like to do these sorts of things for a variety of reasons. And whatever reasons they have I guess it’s up to them.”
Holowesko said he was asked by the prime minister to be a member of the BTC board and he hopes to make a positive contribution on behalf of the government and the Bahamian people.
“From an investment perspective, I’ve been in the investment business since 1985. So I have a lot of investment experience,” he said.
“…From what I understand — and I’ll get more information [this] week — there’s some very specific things that Cable and Wireless is supposed to do as part of this purchase for The Bahamas and my role on that board is to ensure that they do those things first and foremost.”
The two other government members of the BTC board are Maria Ferere, a partner of FT Consultants Ltd., and Deidre Prescott, who works for the Bahamas Electricity Corporation and previously served as a director on the BTC board.
Four employees of LIME (CWC’s Caribbean arm) are also members of the new board, including LIME CEO David Shaw.
4/26/2011
thenassauguardian
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