The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

PLP deputy leader Chester Cooper has called the attorney general’s explanation of how money was spent from a $250m International Monetary Fund loan “laughable” as well as a possible “violation” of the terms of the loan.

Mr Cooper, the Exuma and Ragged Island MP and shadow Finance Minister, said in statement to the media: “The suggestion by the AG that the only way to supply the auditor general with the names of the beneficial owners of companies that received pandemic contracts funded by the $250m IMF loan is to change the Register of Beneficial Ownership Act is laughable.

“In his own statement, he acknowledges his office could have provided the names, and surely the minister of finance and the minister of state for finance, who were both present when the act was being debated, know that.”

Mr Cooper’s comments come after AG Carl Bethel made comments in the senate saying the request for information under the Register Beneficial Ownership Act limits the Ministry of Finance from asking for information on beneficial owners.

Mr Cooper also said: “The Register of Beneficial Ownership Act was set up to ameliorate concerns by the FATF (Financial Action Task Force) that no person is able to hide their identity through the use of a Bahamian entity and possibly use that entity to shield their assets or for illicit activity.

“That the Auditor General requests the names of the owners of the companies that received pandemic funds to comply with IMF standards is a separate issue. Nothing in law prevents the Ministry of Finance from obtaining this information directly from the companies and providing it to the Auditor General and the IMF.

“Hiding behind a technical legal point on beneficial ownership is nonsense under the circumstances and secondary if they signed terms to the contrary.

“What the Minnis administration must say is whether they violated the terms of the loan,” said Mr Cooper.

He added: “The question now is will this prejudice future relationships with international multilateral institutions and adversely impact our standing in the world.

“We have requested over and repeatedly for the terms of the IMF loan as taxpayer funds will be used to satisfy it. This appears to be the tip of the iceberg of what is clearly a culture of defiance in this administration when it comes to transparency and accountability.”

Calling into question the integrity of the leadership at the Ministry of Finance, Mr Cooper said: “Little wonder that Transparency International says we are perceived as having become more corrupt over the past few years. The Minister of Finance must make public which companies received pandemic funds through an opaque procurement process, how much each company received and who owns those companies. Anything less flies in the face of transparency and public disclosure of spending of government funds.”