The National Investment Fund (NIF) and Political Accountability in The Bahamas
THE NIF AND THE MYSTERY LEGAL ADVICE
By Marlon Johnson
Nassau, N.P., The Bahamas
The Bahamas Government: We relied on legal advice to move $700 million to an account we decided to label as a NIF account even though the NIF wasn't fully set up and the NIF Board itself didn't authorize the account.
Also, that legal advice also allowed us to spend hundreds of millions of dollars of this money that Parliament had approved to be borrowed ONLY for the use of the NIF - even though the NIF was not operational and had no say in how the money was used.
The Public Accounts Committee (PAC): So what was that legal advice that allowed you to use money Parliament had approved solely for the NIF without the authorization and input of the NIF itself?
The Bahamas Government: Don't be silly. That is of course a secret!
--------
The Bahamas government's defense of its actions regarding the NIF is that it followed legal advice.
But conveniently that advice can't be disclosed to the public.
Fascinating.
