Former banker Everett Christian remains concerned about the National Asset Management Company’s continued lack of accountability.
The company, better known as NAMCO, was set up by the Browne Administration as a holding company for profits earned by other entities in which the Government and people have a share.
However, since its coming into being, very little about the entity has been made public – particularly its finances. No audited accounts have been presented to the Parliament, to date, in spite of calls by concerned citizens and members of the Opposition parties.
This state of affairs is the cause of Christian’s concern.
NAMCO simply creates another layer of bureaucracy, Christian points out – since, previously, profits from the various entities could be transferred directly to the Consolidated Fund.
Meanwhile, he says that, by law, the company should produce audited financial statements, and these should be submitted to the Minister responsible for NAMCO to be laid before the Parliament.
He adds that the people of Antigua and Barbuda should have access to these financial records, which would shed some light on the status of the funds NAMCO receives.
Christian believes, therefore, that the Administration is in breach of the Finance Administration Act – not just with regard to NAMCO, but to several of the statutory organizations.
Meanwhile – like United Progressive Party Political Leader Harold Lovell – Christian is rubbishing claims by Prime Minister Gaston Browne that there would be significant job losses if the company were to be suspended, audited and dissolved, as the UPP has promised to do, if elected. – REAL NEWS
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
Everett Christian of ABIB fame????? 🤣 🤣 🤣 🤣 🤣 🤣 🤣 get outta here 🤡
No credibility
No moral authority
Tell Pearl to ask, not Everett jack. He name stain.
Absolutely agree with you!!
@SMH…I am asking as a citizen of Antigua as should all other citizens. IT IS OUR RIGHT TO KNOW. How can you be so foolish. SMH
Some people just do not learn when to shut up. Mr. Christian you were Chairman of the Board of Social Security up to 2014 election. Can you tell us which was the last year of audited accounts that Social Security presented under your chairmanship?
Can you, as economic advisor to Harold Lovell and Revenue Reform Manager tell us, which was the last audited financial statement that the UPP laid in parliament accounting from their stewardship 2004 through 2014. And how many Special Warrants have they presented to Parliament for non-budgeted spending? I mean these guys have no moral authority to ever talk and criticize this government about these things that they are more than guilty of themselves. I guess they didn’t know there was a Finance and Administration Act while they were in office.
@Sideline… you are good at writing long, nonsensical dissertation but never address the issue. Even if the past UPP government did something wrong in the past, does that give the current government carte blanche to do wrong as well. Come on man.
@From the Sideline – Do you think that an annual audited financial statement should be prepared by NAMCO and it should be available for citizens to review?
@Not Everett… Sideline will never answer that question. I don’t care who you are, as a citizen you should be concerned about this issue.
You know sometimes I’m getting tired of educating you guys. Because even when I do, you guys just do not get it. NAMCO is an ASSET HOLDING COMPANY. So technically speaking there is nothing much to see in the books of NAMCO. Other than which and how many Assets they are holding. I have run many holding companies and sometimes I wish I was where the action was in the related companies. Som lets us say NAMCO is holding the shares o.b.o. the government from WIOC and State Insurance. What do you think you would see in the books of NAMCO? Only the value “Investment WIOC” and “Investment State Insurance Company Ltd.”
And this value depending on the IFRS code could be the Intrinsic Value or the Market Value.
“What’s the Difference Between Market Value and Intrinsic Value?
Market value equates to the current price of a particular asset. For example, the market price of a share of ABC Company stock may be $50 as of yesterday’s market close. It may have a market price (value) of $55 at some point today, depending on buying interest. However, intrinsic value is the true value of the company, as determined using a valuation model.”
Therefore, what is and should be interesting is knowing how these companies are doing and how much profits or loss they have made. NAMCO doesn’t run any of these companies. No matter how many shares they own. What is the wisdom in creating this model? No direct influence by the political directive. Therefore, there is little possibility of people being involved in corrupt practices. NAMCO’s Board is made up of the Financial Secretary and two Ministers. And I’m missing some more people. But anyway, they have a board and the board reports to the Cabinet. The PM shall dispel the lies that NAMCo accounts are not audited. I am leaving that for him. But what you should know and be aware of is whether the companies of which NAMCo is holding shares are profitable. But remember a shareholder is only Liable by law up to the amount of his share Capital. We have seen that in LIAT. I’m therefore more concerned not only about the operation of these companies, but also the Statutory Corporations and the State-Owned Enterprises that are outside of NAMCO. And I will refer to Social Security. When last have they presented audited financial statements. They collect millions of our monies and spend millions of it and never seem to have enough money. We need to know where our monies are going. They seem to be burning cash like paper.
I hope you guys are a little more educated after this little free financial exercise. One that neither Lovell nor Christian would give you. But they should know. Now let’s go therefore to the point of dissolving NAMCo. That would be a long legal exercise. Just as it was and still is a long legal exercise. Not all companies have their shares transferred into NAMCo as yet. Lots of lawyers will make money. Anyway. So, whom will the shares go to? Whom do you sell the WIOC shares to? Whom do you sell State Insurance shares to? And we know that a company in private hands has no allegiance to the workers, but to the shareholders. And the shareholders are looking for profits. Or some big investor may come and make an offer no one can refuse. Like the hostile takeover you see of some companies. WIOC may therefore end up being completely owned by a foreign entity. Or State Insurance for that matter. The philosophy of privatizing State Asset has proven to be harmful in the long run. Especially now with the rising energy prices in Europe. The people are bawling murder, and now the government is trying to place a cap on what these companies can charge. And to say that these companies are now reporting their biggest windfall profits ever. Europe is in for a very hard winter.
@From The Sideline
I have a question for you. Does Namco receive dividends on the company shares it owns? Tell me that the dividends on the shares are paid directly to the government and not to Namco. Would this be legal? People want to know what happened to the dividends paid to Namco. Therefore the need for audited statements. You can talk about how independent these companies are when you know the boards are stacked with politicians. Your long winded statement only makes sense to you.
Dear Jacque, it seems that you are very smart. Where did the dividend checks go before NAMCO. To the Treasury isn’t it. So if NAMCO holds the shares o.b.o the government what is the issue whether it goes to NAMCO or the Treasury? But as I state, not all the legal work is completed. So, if you want transparency those are the questions to ask the PM in Parliament. What shares are already transferred to NAMCO. And how much dividend are we talking about? I mean SICL and WIOC are both known to publicly declare their dividend. They must do so. But you guys are looking for corruption under every stone. And I am not saying that NAMCO should not present audited financial statements, but that is for the PM to rebut you guys. All I’m saying it will not provide much information.
The Statement of Comprehensive Income will show a line item “Investment Income”. And transfer to the Treasury can be achieved in different ways. “Shareholder Withdrawal”, or “Dividend Paid”, or “Distributed Capital”. And when the government puts more money in NAMCO it can go under “Contributed Capital”, or Additional Paid In Capital”.
Pretty sure the Chinese are assisting with the books.
NAMCO IS A BIG RIP OFF!
Everett the bosom buddy of MR. IMF ROMANTIC RHYTHMS WADADLI POWER CAN’T ABST HOTEL RIPOFF ABIB COLLAPSER BANKING-SECTOR COLLAPSER ANTI-UWI FIVE ISLANDS CAMPUS BAICO COLLAPSER ETC
Buh bye 👋🏿
@Sherfield Bowen
Did you hear Gaston Talk about him considering entertaining the IMF? When he goes to the IMF because nobody lending him anymore money, are you goingtowrite about this?
Did you hear Gaston say that Sandals is adding more rooms and they will get tax concessions? Continue to write crap.
Rawtid, me ca believe them put the rag tag queen to host that program 💀 party done
Forgive me for using this article to voice my opinion on another story. last Monday the leader of the UPP Harold Lovell faced the young future leader of this country at the UWI Five Islands Campus. I mean this is a historic occasion and over two weeks it will be the Prime Minister’s turn. I have yet to see any article published in this medium. As if it didn’t happen. Total silence. One would wonder if they are deliberately not publishing it to first see how the PM would handle the question. But those who have listened to the meeting with the student will have come up with one thing. Our students are smart and if that is our future, oh my I’m glad our future is in safe hands. Thank God that we gave them a university right here at home. I will not comment on the answers Lovell gave to the questions that were put to him. And the university needs to do something about the sound. It was bad.
@Sherfield Bowen
Did you hear Gaston Talk about him considering entertaining the IMF? When he goes to the IMF because nobody lending him anymore money, are you goingtowrite about this?
Did you hear Gaston say that Sandals is adding more rooms and they will get tax concessions? Continue to write crap.
I thought we were going to have a debate between the parties like they do in the USA for the presidential candidates.
Comments are closed.