Barbados Integrity Movement (BIM) Congratulates the Fair Trading Commission (FTC) on BNTCL SOL Deal
July 2nd, 2017
Further to a story carried on the back page of the Sunday Sun – July 2nd, 2017 informing of the Initial Findings of the FTC regarding the decision of the DLP Government of Barbados to sell the BNTCL to the SOL Group!
BIM sincerely congratulates the FTC in its role as the regulatory agency acting for and on behalf of the people of Barbados. BIM has been tireless in the fight to bring our findings of the proposed BNTCL sale to the SOL Group into national focus citing that the fundamentals of the proposed sale would be detrimental to all Barbadians.
The FTC has demonstrated to Barbadians that beyond the muscular display of the ruling government in the Ministers of Energy and Finance’s collective attempts to fleece this potentially injurious transaction upon the people of Barbados that in its mandate which was legitimized by an Act of Parliament; the FTC is and will act without fear and favour to bring equity and justice to bear.
BIM wishes to thank all Barbadians wo supported us in signing our Petition to Halt the Sale of the BNTCL to the SOL Group in the interest of protecting the future of our petroleum sector from the possibility of another monopoly. In this regard as outlined by BIM in its findings during the limited time given to investigate and peruse the available documents, the sale transaction in our opinion appeared to be only beneficial to the SOL Group.
Our discovery that the throughput rate would have immediately been increase by 35% at the conclusion of the sale have only been solidified in the report of the Sunday Sun of 02/07/2017 where it was outlined that this initial increase which was agreed to by the DLP government was not acceptable to the FTC.
It is unimaginable that our very government would have agreed to a transaction that would have been by its very intent financially hazardous to its citizens in favour of private commercial interest.
This brings into focus the very fact that we have to be extremely vigilant in all decisions made by the DLP administration which seems to have an insatiable and reckless thirst for entering into financial commitments and contracts without proper Due Diligence and regard for it will affect our citizens. BIM is concerned that the local Credit Union movement has not expressed an interest in part or full ownership of the BNTCL thereby protecting the petroleum industry in Barbados against monopoly and unfair business practices.
It is against this backdrop that we are calling for the sale of the BNTCL to be equally divided into three (3) owners representing the two (2) major petroleum interest being RUBIS and the SOL Group with the third party being potentially the Credit Union movement.
This approach will cement fair play in the industry and guard against indiscriminate price gouging and unfair competition. We call on all Credit Union members to support BIM in the engagement of their leadership to enlist their respective organisations in the potential ownership of the BNTCL which is perhaps the only consistently profitable state-owned operation.
We are disappointed however that none of the current opposing political parties (the BLP, CAP, Solutions Barbados or the UPP) have joined in this cause of national significance to bring to the public’s awareness the potential dangers of this proposed sale.
Once again, we wish to congratulate the FTC for its fair, prudent and justified decision not to agree to the sale of the BNTCL to the SOL Group at this time.
THE BARBADOS INTEGRITY MOVEMENT