In a bombshell revelation, The Bahamas Herald has uncovered that the previous FNM administration, under the leadership of Prime Minister Hubert Minnis and Michael Pintard, covertly sold off the entire private investment portfolio of the National Insurance Board (NIB) during the COVID-19 pandemic. This decision, made without public knowledge, has resulted in massive financial losses for the Bahamian people and raises severe questions about transparency, governance, and potential malfeasance.
During a period when Bahamians were facing unprecedented health and economic hardships, the Minnis-Pintard administration secretly authorized the sale of NIB’s private investments. These transactions, executed behind closed doors, bypassed established protocols for transparency and accountability, and were not subjected to public scrutiny or parliamentary oversight.
The investments sold included shares in major global corporations such as Amazon, Apple, Microsoft, Chevron, Cisco Systems, Coca-Cola, Intel, Pfizer, Proctor & Gamble, JP Morgan Chase, and Alphabet (Google). Financial analysis reveals that if these investments had been retained, their current value would be significantly higher, providing substantial growth potential that could have benefited the NIB and its beneficiaries.
For example, 230 shares of Amazon, valued at $1,847 per share at the end of 2019, would now be worth approximately $709,432.70, reflecting a 67% increase. Similarly, 1,583 shares of Apple, initially valued at $73 per share, would now be worth approximately $323,565.20, with an estimated growth of 180%. The total estimated current value of the entire portfolio, if retained, would be approximately $7,705,322.30. This substantial figure highlights the enormous financial benefits lost due to the secret sales.
The public reaction has been one of outrage and disbelief. Jane Doe, a concerned citizen, commented, “It’s infuriating that such significant financial decisions were made in secrecy. We have the right to know who profited from these sales and why the public was kept in the dark.” John Smith, a local business owner, added, “In a time of national crisis, it’s unacceptable that our leaders took actions that could undermine the financial stability of NIB. Transparency is essential for trust.” Maria Johnson, a retiree, voiced her concerns, “As someone who depends on NIB benefits, I’m deeply worried about how these secret sales will affect my future. We need full accountability and transparency from our government.”
Financial experts emphasize that the loss of these high-performing assets has severely impacted NIB’s financial health, necessitating an increase in contribution rates to ensure the fund’s sustainability. This situation could have been avoided with proper management and transparency. The current administration must undertake a comprehensive investigation into these transactions, hold those responsible accountable, and implement stronger governance practices to prevent such actions in the future.
The secret sale of NIB’s private investment portfolio during the COVID-19 pandemic is a damning indictment of the Minnis-Pintard administration. The Bahamian people deserve answers and assurances that their national assets are managed with integrity and foresight. This scandal underscores the critical need for transparency and accountability in government actions.
Stay tuned as we continue to investigate and bring you updates on this developing story. The pursuit of truth and accountability is paramount for the future of The Bahamas.
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