The Tribune

By JADE RUSSELL

jrussell@tribunemedia.net

FREE National Movement leader Michael Pintard accused Minister of Works Alfred Sears of throwing Prime Minister Philip Davis “under the bus” on the Bahamas Power and Light fuel hedging controversy.

Mr Pintard’s comments came on Friday after Mr Sears finally admitted that he was in fact briefed on BPL’s fuel hedging requests and received an email on October 9, 2021.

“He (Mr Sears) with the support of his prime minister sought to conceal the fact that they had made a bad decision. And this is why we are here today. They attempted to conceal that decision and now that it had been revealed, he threw the prime minister under the bus,” Mr Pintard claimed.

He added the decision of the government not to continue with the process subjected the country to the increase of fuel charges internationally.

On Thursday, Mr Sears admitted he misspoke in Parliament, which resulted in a misleading account of events leading up to the BPL fuel hedging trades’ rejection.

He confirmed that on October 9, 2021, he received a briefing on the rationale for executing transactions, known as “call option’’ trades, that would enable BPL to acquire additional cheaper fuel at below-market prices while keeping its fuel charge and overall electricity bills relatively low with stable rates.

 Mr Pintard said he is not surprised by Mr Sears’ admission.

 “I’m not at all surprised that he has once again admitted to having misled Parliament. Because what he expected, what the PLP administration expected, is that we would have relented on continually raising this issue. Here’s the problem, the government came to power, and received adequate information about the hedge programme.

 “They received confirmation that for the time the hedge was in place it had saved the Bahamian people at least $25 million. And if it had been left in place and if the government had executed the ruling trades, it would have saved at least $55 million,” Mr Pintard claimed.

 Mr Sears said he initially did not “recall” receiving the email when first mentioned by Mr Pintard, the opposition’s leader.

 “I did not recall having received that email. And I stated that I wrote BPL, and I also wrote the PS (permanent secretary), and I asked: ‘Could you refresh me, and did I receive it?’ I didn’t get a response, a confirmation,” he said.

 “For several weeks, I was in New York, and I took a day and I brought my old iPad. I went back personally and did a search, and I found that I did receive - I think it was on October 9 - I did receive an email with the attachments. It would have gone on to be sent on to the financial secretary, which is normal because they are the technical review in terms of financial clearance. It really was to access a loan which is managed by the Ministry of Finance,” Mr Sears said.

 Mr Pintard argued that Mr Sears continuously tried to “cover up” that he was briefed on the issue and indicated it was the prime minister who made the final call on the fuel hedging.

 “His attempt to cover up the fact that he was briefed earlier by indicating that it was the prime minister’s call. There was a Cabinet paper, he said, drafted for the prime minister’s attention. And the prime minister, he said he referred to him as the ‘minister of finance’, made the determination.”

 He added: “I want to make it very clear that what he said (Thursday), in that convoluted press conference that he had it was the second time that he has publicly acknowledged after more than eight times denying that he had been briefed verbally, to the minutes of the hedge committee through any correspondence.”

 Meanwhile, Free National Movement Chairman Dr Sands also called for the resignation of Mr Sears as he said “Pintard had to skillfully tease this admission bit by bit” from the Fort Charlotte MP.

 “It is time for the minister to do the honourable thing and resign. Resign your post as minister. The people of The Bahamas must be able to believe that the words that arise from communications from their ministers in Parliament are truthful and factual.

 “And while your resignation will not undo the suffering caused by the bad decisions that you have made, it may demonstrate some respect for a time on a tradition of parliamentary accountability,” Dr Sands said on Friday.