TOLCO List does not include Premier, no names will be published says DP

Dana Malcolm 

Staff Writer 

#TurksandCaicos, September 26, 2023 – Following the massive $10 million debt forgiveness of 176 loans given under a now dismantled TC Invest, some residents are demanding to know who exactly benefitted from the write-offs, but E Jay Sanders, Finance Minister says to do that would be ‘completely irresponsible.’

Residents reached out to Magnetic Media with reactions ranging from concern to outright suspicion at the write-off applied to mortgage debts, stemming from decades-old TCInvest loans.

Embroiled in controversy, the Government-funded investment company was closed in 2012 under the interim British Administration and a new collection agency was established to recoup the millions of dollars in outstanding funds from loans paid out through the company’s tenure.

The non-performing loans under TC Invest were sold to TOLCO for $0.00 under the then-PNP administration.  Over the years, TOLCO and then TCIG failed to recoup any significant percentage of the sums owed, despite numerous write-offs.  In the end, both decided to cancel the debt altogether.

The announcement about the debt cancellation was made in Parliament on September 14; and while there was praise for the move which was touted as a ‘blessing to TCI families’ there also rose suspicion and a call for transparency. 

Many took to social media, questioning who exactly will be feeling relief and want a list to be published by the Government, detailing the write-off.

Saunders said this was not possible for several reasons including the fact that it would mean publishing resident’s personal financial information.

“We cannot put people’s information out there who didn’t necessarily ask for a write-off.”

The decision was a gift due to the futile efforts to  collect on the aging debt.

The deputy premier, to Magnetic Media, stressed that there were checks and balances in place from the Integrity Commission to auditors to validate the process.

Additionally, the Finance Minister maintained that decisions made in Cabinet were policy-based, not discretionary, ensuring government officials could not pick and choose who benefited from a particular write-off or other policy, based on their own discretion. Once decided on, the policy should benefit all eligible individuals.

He did clear up one rumor from those he described as mischief makers, he said the Premier is not included in that list.

Now, residents are also querying whether other loan holders outside of the TC invest/TOLCO bracket will get similar relief.

Edwin Astwood, Opposition Leader, and Alvin Garland, Opposition Appointed Member spoke on that in the House of Assembly.

“I am happy for these people but all my member is saying is let’s look at something for the other people. Other people in the Turks and Caicos are suffering too. Let’s look at some sort of economic relief– be creative,” said Astwood.

The bill passed with bipartisan support.