By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
FOREIGN Affairs Minister Fred Mitchell says he is concerned a new generation of young Bahamians are unable to use their wealth to invest which could spark extra growth in the economy.
Highlighting local web shop CEO Sebas Bastian as one of these young Bahamians, Mr Mitchell said Bastian was one person with huge amounts of capital who is being denied the opportunity to invest his personal wealth.
He said: “I ask myself why isn’t my classmate Sandy Sands running BahaMar; why isn’t Russell Miller running Atlantis; why isn’t Vincent Vanderpool running Atlantis. They are Bahamian.
“You’re trying to tell me in this day and age when we have been in the tourism business for hundreds of years we cannot find one Bahamian to be top gun in a hotel.
“I look around and I see we have entrepreneurs like Sebas Bastian, who have huge amounts of capital and their own country will not allow them a legitimate opportunity to invest their monies to grow their wealth.”
Mr Mitchell was making a contribution to the Majority Rule Bill debate in the House of Assembly yesterday.
Parliamentarians are lobbying to have a holiday on January 10 committed to the law books to mark the date.
He believes that the majority rule movement in 1967 paved the way for such men to lead now.
“The ordinary man and woman fought and demonstrated in the streets today so that Darold Miller can demonstrate in the streets and call for equality for Bahamians in gambling laws. That is what the majority rule generation did for us.
“People forget that we are in this mix-up over gambling today because the UBP decided to put in place a law trying to satisfy moral objections that Bahamians should not gamble.
“How could anyone open their mouths and suggest that the people’s movement would be against the cry of Bahamians for equality in that regard, to base their comments on a draft bill not formally decided by the government, yet everyone and their brother has their say,” Mr Mitchell said.
Comments
Frank 11 years, 6 months ago
What nonsense Fred Mitchell talking today about nowhere for wealthy Bahamians to invest. There are thousands of Bahamians investing in their own business, and last time I looked there were over 20 businesses listed on BISX, and 20 more investment funds. Then, another favoured investment is property, both undeveloped for more long-term return, and developed for rental income. Interesting that Mitchell takes the example of Sebas Bastian, who made his millions in the illegal numbers game. Where can he now put his money to find that kind of return? Politics?
hj 11 years, 6 months ago
@ Frank... Well said sir, i would also like to know who is stopping Sebas Bastian to invest in any legitimate business he wishes. It is also interesting that he is blaming the UBP for today's mix up in gambling. Who he will blame next Christopher Colombus?
wave 11 years, 6 months ago
I see Freddy is not finished with scaring the world wide investors yet. Does Christie tell Freddy what to do or does he tell Christie what he is doing and where he is going?
Collin 11 years, 6 months ago
Hon. Mitchel is preparing to run for the leadership of the PLP. So he has made some very concerning immigration statements that have caused even a fellow cabinet minister to state what such a position would mean to the economy and way of life of Bahamians.
Interestingly communist China had such a position and attitude displayed by the good minister. Today, China has left that backward way of thinking realizing that if they wished to be competitive a different view would need to be taken.
The reality is he is playing to the base of the PLP and those who are frustrated due to a depressed economy.
Seeing that the courts have confirmed what we all know, that the numbers racket is illegal. Does that not means that funds raised from it are illicit funds and an investment in an illegitimate business would be considered money laundering?
Just asking...
bismark 11 years, 6 months ago
Who is stopping the young man from investing?like a lot of wealthy Bahamians,they tend to keep their money where they can see it,they usually take the easy way out,apartments,apartments?have you ever looked in the papers and see the amount of apartments on rent?the drug guys started it off now the number guys are killing it?easy way out is the norm for most ill gotten gains,so I would not expect some investment which requires "work' in order for it to succeed,there are many Businesses people with the money could have invested in,why we don't own a hotel?not a rat and roach motel,a hotel,employ some people,open up warehouses,foodstores,entertainment centers for families and the list goes on,there are many things so don't say they cant invest,they don't want to invest.simple
shortpants 11 years, 6 months ago
This man is losing his damm mind we have a lot of Bahamians who are millionaires whom refuse to invest in the Bahamas but still want cry about the white man making all the monies please get real people we are the ones that are hurting ourselves not the white man.That wishy washy bullshit ended years ago .Early eighties we had millionaires in each and every family islands and what they did nothing most just party they monies away .Ask Fredricka what he has to show nothing he was never so glad when they got back in power ,because they all was broke and busted .This their last lap for them so they will take this country to the cleaners why can't they account for the monies that they borrow and why no investors would invest in the Bahamas FOR THE NEXT FOUR YEARS BECAUSE THEY CANT BE TRUSTED...
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