MP for St James Central, Kerrie Symmonds has called for full disclosure on the sale of the Barbados National Terminal Company Ltd. (BNTCL).
On Wednesday the Barbados National Oil Company Ltd. (BNOCL) confirmed it had signed an agreement with the SOL Group for the sale of the shares of its subsidiary, BNTCL.
But Symmonds told a news conference hosted by the Barbados Labour Party this morning that the sale to a lone company would create an unwanted monopoly, which would not be in the best interest of the public.
“The opposition would want to say, that the deliberate policy of exclusivity in the financial sector is the last thing that Barbados needs right now. It would create an inability in the long term for us to control pricing and for us to protect the impact on consumers,” said the Shadow Minister for Industry, Commerce and International Business.
“The critical point here, is that the level of exclusivity that government is seeking to bring by way of a sale of the Barbados Nation Terminal Company Ltd is in our view not in the best interest of the people and it is also a question that gives rise to the procedure that is being followed by government,” he added.
Symmonds also called for government to reveal the details of the sale of the state-owned oil company.
“We are now demanding to have a full public disclosure on the names of those entities or that entity which is a bidder for the Barbados National Terminal Company Ltd. and we also wish to have disclosure on the proposed price of the sale of the Barbados National Terminal Company.
“We would want for the government to reveal the structure of the deal that they are entering into, in the name of the people of Barbados with respect to the sale of the Barbados National Terminal Company Ltd and we would like to know whether the board of the Barbados National Oil Company has approved that sale.”
Symmonds insisted that the information be presented in a report before parliament, as a matter of public record.