Bahamas’ Opposition Leader accuses Works Minister of ‘untrue’ statements that cost $100MillionBP

By Shanieka Smith

Staff Writer

#TheBahamas, December 16, 2022 – Following claims that the government and Bahamas Power and Light (BPL) could not finance the $40 million fuel hedge trades, Opposition Leader Michael Pintard said: “it is untrue, [and] there is no such cost.”

Pintard said the Davis Administration was not transparent concerning the hedge fund.  He added that the proposal could have saved the country about $100 million and the Government were to be blamed for not accepting the recommendations.

Meanwhile, Works Minster, Alfred Sears revealed that he was not being honest when he denied being briefed on BPL’s hedge plan.  He argued that Financial Secretary, Simon Wilson had rejected BPL’s request to carry out the hedge plan, which was intended to purchase more fuel at a lower cost.

“When we talk about energy, that is one of the natural resources of The Bahamas.  This is a group that wants the public to take them seriously as overseers of our natural resources when we have clear examples of their abuse of the authority they have, mangling one of the single largest resources we have in the country,” Pintard said in parliament on Tuesday (December 13).

The FNM Leader demanded proof from the Government of Sears’ claim that the Inter-American Development Bank does not support the fuel hedge fund.