The Tribune

By LEANDRA ROLLE

Tribune Chief Reporter

lrolle@tribunemedia.net

FREE National Movement leader Michael Pintard said he has sought legal advice on whether the government’s handling of the National Investment Fund breached criminal, statutory or constitutional law and what action could be taken to force disclosure of how hundreds of millions of dollars moved through the fund.

Mr Pintard said the FNM has instructed attorneys to examine the government’s management of the NIF and advise on possible legal remedies, but clarified that the party has not yet decided to launch a court challenge.

The move follows confirmation from Central Bank governor John Rolle that the NIF’s Board of Governors has never formally convened, despite government fiscal reports showing hundreds of millions of dollars moving into and out of an account bearing the fund’s name.

The National Investment Funds Act places responsibility on the board to open and maintain the fund’s bank account with a recognised financial institution and provides for agreements with institutions holding its assets to be entered into by the board.

Mr Pintard said the opposition wants its attorneys to determine whether any laws were breached, what penalties could apply and what legal options are available to obtain information about the fund.

“The government has done a horrible thing with respect to its responsibility in managing scarce resources,” he told The Tribune yesterday. “However, knowing that is one thing. Being advised by the experts on the kinds of actions that must now be taken is what we are pinning down in in this in the instructions through an attorney.”

Mr Rolle told Mr Pintard in correspondence dated September 10 that although his appointment to the NIF board took effect from June 30, 2025, the board had never been formally convened to deal with any matter.

In an earlier letter, Mr Rolle confirmed that the Central Bank has maintained an account in the name of the National Investment Fund since July 2025 but said the bank played no role in transactions and that details would have to come from the Ministry of Finance. Government fiscal reports showed the NIF held $265.3m at the end of December 2025 but just $200,000 at the end of March, a reduction of about $265.1m. The government previously said the fund was used to support its airport infrastructure programme, although its fiscal report did not detail where the money went.

Prime Minister Philip Davis has previously said the money was allocated towards airport works, including projects at New Bight, Arthur’s Town and Governor’s Harbour.

The controversy widened during the 2026/27 Budget process when Finance Minister Michael Halkitis disclosed that about $700m in excess borrowing receipts had also been transferred to the NIF rather than used for deficit financing. Mr Pintard subsequently questioned the legal authority for that transfer.

Against that backdrop, Mr Pintard contends that transactions undertaken through the fund since July 2025 were unlawful because the board that the Act assigns key responsibilities to never convened.

“They have misled the House of Assembly, and they have outright lied to the public about the establishment of this fund, the movement of funds in it, the movement of funds out of it etc,” Mr Pintard said yesterday. “They’ve broken the law.”

Mr Pintard said the FNM has also written to the Auditor General and acting treasurer seeking their involvement.

The calls for scrutiny extend beyond the opposition.

Organisation for Responsible Governance executive director Matt Albury said the public should receive regular reports explaining how its money is being managed, the government’s investment strategy and how the fund is performing.

“There should be regular reports to the people because this is their money on how this is being done,” Mr Albury said in a radio interview yesterday. “What’s the strategy of how it’s going to be invested but also how is that performing?”

Governance advocates and banker Gowon Bowe have also called for an independent audit of the NIF following the disclosures.

The Davis administration has said it will respond to the opposition’s concerns about the fund in Parliament today.