DLP seeks answers on missing money

The Democratic Labour Party (DLP) has called on Government to come clean with taxpayers about millions of dollars that have gone unaccounted for.

Referring to the Auditor General’s most recent report, DLP president Verla De Peiza raised questions about Government’s write-off of its investment in the failed multi-million-dollar Four Seasons Hotel project and other substantial sums of money that cannot be traced.

According to Auditor General Leigh Trotman’s report, Government’s $124 million investment in Four Seasons was written off in the 2018-2019 financial year but it was not clearly established on what basis that was done.

“It was also not clear what was the nature of the investment relationship Clearwater [a Government-owned company] had with the hotel owners. The investment and subsequent write-off could not, therefore, be verified by the auditors,” Trotman stated.

De Peiza has therefore demanded that Government explain where the money went and why the investment was written off.

“This is a lot of money that cannot be accounted for, particularly only three years into the term of a Government that campaigned on accountability and transparency,” she said in a press statement.

The DLP leader also pointed out that the collapsed British American Insurance Company (BAICO) had been issued $101.7 million in bond support and Government had created a new investment account, but that too was unaccounted for by the Auditor General.

“Once again, the Auditor General was unclear about this investment as there was an absence of supporting information on the information recorded for the investment transaction,” she said.

“Let me break this down for you in layman’s terms: The Auditor General could not find any piece of paper that proved where this money went. There is no evidence, no statements, no documents, nothing to prove where the unaccounted money is. Money is unaccounted for!”

De Peiza also pointed out that the Auditor General was also alarmed that Government had dishonoured cheques totalling $6.7 million which were not seen in the Dishonoured Cheques Register.

“So where have the unaccounted funds gone to? Under law, as it pertains to the dishonoured cheques, it requires that an accounting officer examine the Dishonoured Cheques Register of the department, not less than once a month, and ensure that clearances of the cheques are pursued and recoveries are effective,” De Peiza, an attorney by profession, stated.

“The Democratic Labour Party calls on the Government to keep its promise of transparency and inform the country and the Auditor General on where our money has gone. Why isn’t there documentation? Why hasn’t the reconciliation of the Central Bank been done? Why was Clearwater written off? Why is it that we have overdrawn salaries? Why is it we have not heard a peep from this administration on this issue?”

She further queried why, after two press briefings by Government, there was still no official word about the “glaring discrepancies” in the report.

“Certainly, a government that has never delayed in holding a press conference or media briefing and has claimed transparency and care about the citizens should have no problem responding to the questions that have been posed by the Auditor General and the citizens of Barbados,” the DLP president said. (IMC/PR)