Reflections on the FNM years
By BRENT DEAN
Deputy News Editor
thenassauguardian
brentldean@nasguard.com
Hubert Ingraham’s third mandate is nearing an end. Four years ago today he wrestled power away from his friend Perry Christie. Now, having chosen to run again, he stands on the brink of reelection for the fourth time or the end of a political career that has been historic.
When he won that mandate, Ingraham’s third, no one knew that much of the term would be spent responding to crises: a historic recession and a major crime problem.
Now, as the next general election nears, Ingraham and the Free National Movement (FNM) are preparing the message they think will successfully lead the winning campaign. The FNM must be careful, however, as it seems to be about to fall into the same trap Christie’s Progressive Liberal Party (PLP) fell into when it went into the last election.
The governing party must focus on tackling the issue most Bahamians are concerned about (crime) and it must not just tout its success building roads and laying pipes.
The PLP mistake
Christie and the PLP thought they had done a good job in governance when the 2007 general election came around. PLPs talked about the billions of dollars worth of investment projects on the way for the country that were negotiated by the PLP. They also talked about the more than 1,000 homes built by their administration while in office and the robust economy under PLP guidance.
In 2006, the last full year of Christie administration governance, the country’s economy grew by 3.5 percent in real terms.
The PLP went into the 2007 campaign thinking it had done enough to win reelection. It told the Bahamian people things were good, look at all the good things they had done. The party then lost to the FNM.
A major problem was that the PLP did not address several significant problems that concerned the electorate. It instead ran a campaign on the accomplishments it wished to highlight.
Then — as is the case now — the people were concerned about crime. The people were also concerned about the inability of Christie to control his Cabinet and party members.
Ingraham and the FNM realized this and pressed the issue. They ran a campaign on restoring trust in governance and they argued that the FNM had a leader who could better ensure that his members would not embarrass the country.
Knowing what issues are important to the country is critical. If a party has done much on the issues relevant to the people, it will be reelected. Vainly boasting of things the people are less concerned about could be disastrous.
The FNM’s third term
The FNM did well enough responding to the financial crisis of 2008. Those were dark days. The world narrowly missed a second Great Depression.
This crisis, and the subsequent recession, sent the Ingraham administration into crisis mode. It responded by expanding the social safety net. The unemployment benefit was created; welfare programs were expanded; and an electricity reconnection program was established for those who could not keep the lights on.
On the economic front, the big catch for the FNM in 2010 was an old fish: Baha Mar. The faltering project to transform the Cable Beach Strip was renegotiated and set in motion. It is expected that more than 4,000 Bahamians will be employed during the construction phase of the project.
While private sector spending declined as a result of the recession that set in after the financial crisis, the government increased its spending on infrastructure projects — and this spending has not stopped. It has morphed into what appears to be the cornerstone of the FNM’s campaign narrative.
“We are transforming New Providence and the historic city of Nassau into more than a world-class destination. We are seeking to make our capital island an urban center that works in terms of basic infrastructure, and that is a safe and inviting environment for artistic and cultural expression with an extensive network of parks, heritage sites and windows to the sea,” said Ingraham during his April 25 national address on the transformation and modernization of New Providence.
The Ingraham administration is spending hundreds of millions of dollars of borrowed money on this effort. New roads are being built; new water mains installed; new courts constructed; a new port is soon to open; the hospital is being upgraded; and straw vendors will soon have a new market.
Some of the infrastructure work is both necessary and urgent. The people in eastern New Providence have been living with poor water service for years. Some people rarely see clear water in the east. For them, brown rusty water is the norm. Low water pressure has also been a problem for these residents in recent years. The new water mains will help.
Overhauling New Providence is necessary. Addressing the citizenry on how the government is spending money borrowed on its behalf is also necessary. I would argue, however, that the upgrading of infrastructure is not the main issue on the minds of most Bahamians.
FNM must develop crime message and policy
Before the prime minister started his national address on the infrastructure works, he told the country that there was something else he would come back to speak about.
In the third paragraph of his text he said this, “Further, in short order, I will address the nation on crime, including the strengthening of existing facilities and the introduction of new measures to combat violent crime, an alarming murder rate, and a culture of criminality.”
By giving this note before he addressed his desired topic, the prime minister acknowledged that there is no getting around issue number one.
The high level of crime and violence in The Bahamas is startling. There have been three homicide records in the past four years and we are well on pace to set another record this year.
The Bahamas has one of the highest homicide rates in the region. There are about 26.6 homicides in this country per 100,000 population. The international standard strived for is five per 100,000. The United States was at this mark in 2009. Canada’s homicide rate in 2009 was 1.81.
The surge in killings in this country over the past two decades is significant. In 1991, 28 people were murdered in The Bahamas. This figure has more than tripled in 20 years and the population has not.
Our crime problem goes beyond homicides, however.
Over the last five years, armed robberies have trended up towards the highs of the mid-1990s. In the property crime category the 2010 police report reveals other disturbing trends. The 3,120 housebreakings recorded were the most in the country since 1998 (3,165).
Bahamians are afraid. Bahamians are spending more and more of their income on security. And while citizens bar themselves in, running from car to front door at nights, the bad guys are not being punished.
In his new book, “Reducing Murders in The Bahamas: A strategic plan based on empirical research,” police researcher Sergeant Chaswell Hanna reveals that from 2005 to 2009 there were 349 murders recorded and only 10 murder convictions and eight manslaughter convictions.
The FNM has done much to try to fix the crime problem. Along with refurbishing the courts, there have been three commissioners of police, two chief justices, four attorneys general and two directors of prosecutions during this term.
The government has also spent millions of dollars buying new equipment for police. Despite all of these measures, however, the crime problem is worsening.
Fortunately for the FNM, the PLP has no declared crime strategy yet. And, the PLP is allowing the election campaign to progress without making crime the focal point of its strategy.
Address what is relevant and victory is possible
The FNM would be foolish to try to run an election campaign without making crime its lead issue. It should not fear discussion of the topic most pressing on the minds of Bahamians. Not to do so would be to embrace the same folly that led to the PLPs demise in 2007. The PLP thought the scandals involving its members were just media-created nuisances, for example. The people thought the scandals demonstrated weak leadership and a party without discipline. The party did not address the issue, or the crime concerns people had at the time, and the election went to the opposition.
If the FNM shows that it has a robust set of new measures that would improve the conviction rate and keep offenders incarcerated, the people would listen. Because the PLP has offered no new crime solutions yet, the governing party could own the issue. What the opposition would come up with in response would look like a desperate attempt to catch up.
The governing party must not worry about its failures during the first four years of this mandate when it comes to crime. The record is there, it tried. What must be demonstrated is that the party has the will to keep trying and that it hears the cries of its people.
Just talking about roads and pipes will not lead the FNM to a fourth term in office.
5/2/2011
thenassauguardian
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.
Tuesday, May 3, 2011
Bahamian Students abroad expressed concerns about no absentee ballot voting system in The Bahamas
Bahamian Students Raise Voting Concerns
By Sasha L. Lightbourne
jonesbahamas
Several students who are studying law in the United Kingdom have voiced their concerns over the fact that there is no absentee ballot voting system in the country.
The students, who for most part, will have the opportunity to vote for the first time in the upcoming general election, are so concerned that they took those concerns to the very top – Prime Minister Hubert Ingraham who recently visited them.
The small group told the prime minister that it is unlikely that any of them would be able to return home to vote as they are studying abroad and wanted to know if plans were on the drawing board to implement an absentee ballot system.
"The government proposes to have voting extended to each high commission, embassy, and consulate for voting in the future," Mr. Ingraham told the students.
"I am waiting on the Opposition’s suggestions, which I asked of them from last November. Once we receive those we can move forward with having all Bahamians vote even though they reside outside of the country."
At the moment, anyone who wants to vote has to be physically present at the polling station in order to mark the ballot.
"It’s about time they do this," Ian-Marie Darville said, who is a student at Kent Law University in England and also the Bahamas Law Students’ Association (BLSA) public relations officer.
The students met with the prime minister and his wife, Delores, on Thursday by invitation from King’s College student, Barry Griffin Jr. who also serves as the BLSA president.
As it stands, applicants for registration must provide proof of citizenship.
A valid Bahamian passport is the first form of verification accepted.
A birth certificate is also acceptable along with an official ID such as a driver’s licence or a current voter’s card and other reasonable documents like a passport, birth certificate or baptismal certificate.
Registration takes place on a daily basis at the Parliamentary Registration Department, the Mall at Marathon and Town Centre Mall, the General Post Office, the Carmichael, Elizabeth and South Beach Post Offices, Commonwealth Bank on Mackey Street, or the National Insurance Board (NIB).
There are also six roving teams that go to major businesses.
Last week Parliamentary Commissioner Errol Bethel told the Journal that he anticipated that some 50,000 people would have registered to vote by the end of April.
May 2nd, 2011
jonesbahamas
By Sasha L. Lightbourne
jonesbahamas
Several students who are studying law in the United Kingdom have voiced their concerns over the fact that there is no absentee ballot voting system in the country.
The students, who for most part, will have the opportunity to vote for the first time in the upcoming general election, are so concerned that they took those concerns to the very top – Prime Minister Hubert Ingraham who recently visited them.
The small group told the prime minister that it is unlikely that any of them would be able to return home to vote as they are studying abroad and wanted to know if plans were on the drawing board to implement an absentee ballot system.
"The government proposes to have voting extended to each high commission, embassy, and consulate for voting in the future," Mr. Ingraham told the students.
"I am waiting on the Opposition’s suggestions, which I asked of them from last November. Once we receive those we can move forward with having all Bahamians vote even though they reside outside of the country."
At the moment, anyone who wants to vote has to be physically present at the polling station in order to mark the ballot.
"It’s about time they do this," Ian-Marie Darville said, who is a student at Kent Law University in England and also the Bahamas Law Students’ Association (BLSA) public relations officer.
The students met with the prime minister and his wife, Delores, on Thursday by invitation from King’s College student, Barry Griffin Jr. who also serves as the BLSA president.
As it stands, applicants for registration must provide proof of citizenship.
A valid Bahamian passport is the first form of verification accepted.
A birth certificate is also acceptable along with an official ID such as a driver’s licence or a current voter’s card and other reasonable documents like a passport, birth certificate or baptismal certificate.
Registration takes place on a daily basis at the Parliamentary Registration Department, the Mall at Marathon and Town Centre Mall, the General Post Office, the Carmichael, Elizabeth and South Beach Post Offices, Commonwealth Bank on Mackey Street, or the National Insurance Board (NIB).
There are also six roving teams that go to major businesses.
Last week Parliamentary Commissioner Errol Bethel told the Journal that he anticipated that some 50,000 people would have registered to vote by the end of April.
May 2nd, 2011
jonesbahamas
Sunday, May 1, 2011
The Christian People Movement has joined forces with the Bahamas Constitution Party (BCP)
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
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
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
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