By Juan Mccartney ~ Guardian Senior Reporter ~ juan@nasguard.com:
Two of the five men vying for the Elizabeth seat in the February 16 by-election are millionaires, while one is in arrears with at least two government agencies, according to their declarations of assets that were gazetted in yesterday's edition of The Nassau Guardian.
The wealthiest of the five candidates running is Dr. Duane Sands, who is running on the Free National Movement ticket. Dr. Sands, a heart surgeon who is chief of surgery at the Princess Margaret Hospital, declared a net worth of $6.785 million.
Dr. Sands reportedly earns $455,000 per year and has extensive real estate holdings, as well as more than $3 million in equity in his medical practice.
The second wealthiest man on the list of candidates is Bahamas Democratic Movement (BDM) leader and business consultant Cassius Stuart. His net worth is listed at around $1.16 million dollars.
Stuart claimed to have more than $500,000 in real estate holdings, and about the same in the cash value of his life insurance policy. Stuart claimed an annual income of about $140,000.
Not too far behind Stuart is Progressive Liberal Party (PLP) candidate and tax attorney Ryan Pinder.
The 34-year-old's net worth is listed at just under $750,000.
Pinder, who claimed to bring in $220,000 per year, has about $900,000 in real estate holdings, but claimed mortgages on those holdings in excess of $725,000.
National Development Party (NDP) candidate and orthodontist Dr. Andre Rollins claimed a net worth of about $142,000.
That amount should put Rollins at the bottom of the list.
However, Rollins claimed nearly $1 million in assets, but it appears that hefty mortgages are affecting his bottom line.
Rollins claimed that he brings in about $80,000 a year.
Workers party leader and taxi driver Rodney Moncur, whose net worth is reportedly $152,000, should actually place him fourth on the list.
But Moncur's assets are nowhere near those of the other candidates.
In terms of income, Moncur claimed that he brings in about $615 per year.
And unlike his counterparts, Moncur also listed the individual value of his personal property.
Among that property is a dictionary he claims is worth five hundred dollars, as well as assorted fruit trees valued at $386 dollars. Moncur also claims to be in arrears with the Bahamas Mortgage Corporation and the Bahamas Electricity Corporation (BEC) to the tune of $1,200 each.
Parliamentary Commissioner Errol Bethel said the asset declarations are necessary so as to ensure that nominees who are participating in the race disclose everything about their financial lives to the public.
"We want to make sure that the nominees who are running are people who we can look up to as honorable persons," Bethel said yesterday. "And they are required by law to make a declaration as to what their assets are when they nominate for Parliament. The important thing is that people should be honest with these declarations. That's the most important thing."
Bethel admitted yesterday that the system of disclosure is not foolproof. He said there is no mechanism in place for the Parliamentary Registration Department to find out if a person is bankrupt, which would automatically disqualify them from being a member of Parliament.
"Nobody is bankrupt as far as we're concerned," he said. "Unless the person has actually been declared bankrupt. So when the person presents himself to us, the requirement of the law is that he presents certain documents and once those documents are in order and he presents the nomination fee ($400), then he is accepted as a candidate. And once the returning officer accepts these documents, then the person stands nominated as a candidate for the election."
As far as the validity of the declaration is concerned, Bethel said, "We don't do anything to verify that."
"There is a commission of public disclosure and if anybody is to check into that, it would be that body," he said. "But definitely not us."
February 2, 2010
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.
