The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FAMILIES For Justice is concerned over the granting of a business licence to a Canadian company to conduct mortgage appraisals for the two major Canadian banking institutions in the Bahamas.

Families for Justice (FFJ) founder Rev Glenroy Bethel has taken serious issue with the recent decision by Minister of State for Foreign Investment, Khaalis Rolle, who was instrumental in granting a business licence for National Appraisal Services (NAS) on July 8.

According to Rev Bethel, he said it was reported that NAS would be solely responsible for all appraisals in the Bahamas for RBC Royal Bank and Scotiabank regarding mortgage properties with the two banking institutions. This, he said, took effect on July 21.

“It is our organisation’s view that this move by the banks creates a conflict of interest with Scotiabank and Royal Bank’s involvement with the National Appraisal Services, and the general public, by allowing (NAS) to have the sole rights to appraise all mortgage properties on behalf of the banks,” he said.

Rev Bethel claims that no other appraiser in the Bahamas will be allowed to appraise mortgage properties for Scotiabank or Royal Bank.

He believes it is a move by the banks to devalue mortgage properties in the Bahamas.

“The granting of this business licence was illegal, according to the Real Estate Act, which states that a broker or agent must be a Bahamian citizen or have permanent residency in the Bahamas. And if the conditions are not met, the licence must be revoked,” said Rev Bethel.