Call it for what it is. I'm happy the Tribune decided to release this story as well, which provides a contrast to a previous story highlighting Gardiner's original comments to the media "
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**“I’m an adult. The reason why I didn’t go out there was because I told her I wasn’t feeling well and I was going to jeopardise myself for a relay team and get hurt,” he said. “It’s not that I was saying that I wasn’t going to enjoy running the relay. I told her that I was tired."**
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Congrats to the Bahamas and Gardiner for his silver medal performance in the 400M.........
- Disappointed (for other reasons) Supporter

Probably because the domestic terminal where you board for Cat Island also serves as the terminal for trips to the UK, Canada, and Panama (so still heightened security needed).

The first step in any investigation is to gain an understanding of what has happened, versus what is supposed to happen. This will assist in assessing whether there is any wrong doing with pursuing. That's a logical and tactful approach. The budget communication provides the opportunity for them to share their understanding of this first phase. I don't see this as "all talk" but rather valuable content that the general public needs to KNOW. This is OUR Money and OUR Country. Nowwww the next steps should be the law enforcement running its course. All of these details coming out are disgusting.

Hmmmm....I think international exposure immediately after university is a plus. I wonder if this study took into account those Bahamians that return years after working abroad. There are quite a few (and there is a trend of this now), that work abroad immediately after college/university and do not return back home right away. However, there's a chunk of them that do return a few years later (those in late 20s and early 30s).

They are gazetted in the tribune and guardian. So the quickest way I can think of is to look at old newspapers. I can't recall which date it was posted...may have been around Easter time.

Probably an IPO because the company clearly needs cash, and BOB wont' be giving them anymore considering the change of government and other troubling matters the bank is faced with.

This article is missing comments on some significant red flags in their financial statements that would cause any investor to worry. The journalist should have commented on such if they actually took the time to read through it. I browsed just now and saw several worrying items (financials are available on their website):

[1] They have literally no cash when compared to the so called growth and the fact that a loan was taken from BOB of some 5 million in the last year. Cash is KING. Profit is vanity.

[2] Why such significant/material errors being corrected in the financial statements?!?!? I hope major changes were made to those in charge of reporting to ensure it doesn't happen again. Clearly they received an unqualified report after being forced to make those significant errors and restatement to previous years financials.

[3] The company has all of their liquid cash (which is very low) in ONE bank...Bank of the Bahamas (a troubled Bank). They previously had an account at Scotiabank but that was closed over the past year of the financials....again...worrying flag.

[4] The strength of the company's more liquid assets (receivables) is actually from a 'related party company' also majorly owned by Sebas...and ALSO with very little cash in the bank.

ALL of this I caught from a quick 5 minute browse of their financials. Listen...if an IPO is in the works, I would hope that the media is more objective in analyzing what's being put out there.

Review of Bills: at some point there should be a sign-off by a Manager to confirm a bill is to be processed for payment (at the stage of entry into the accounting system, or at the stage of actually printing a check to pay it). That's a standard control. So whomever authorized the bills to pay the vendors should have been able to say whether the charges were for legitimate services rendered or not.

New Vendors: there should be some procedure in place to ensure no new vendors are included in the accounting system until it has been confirmed by a senior level manager.

Now if over $3M went missing, then that means these controls were never in place to begin with (or not being followed); and when BPL took over management of BEC to put the controls in place, they discovered fake vendors (especially if you paying more than $100K to them in a year, and they don't have a VAT registration/TIN number or worse...the TIN Number fake [another crime]).

Eventually they all will get caught.

Making payments to fake vendors sounds like an elaborate scheme, but if the right oversight was in place to start with, it could have been avoided a long time ago.

Agreed. But on that same trail of thought, then so should the current Commissioner of Police. Debt & Crime has the country crippling.

:) KPT is wise. When have we heard anyone in the previous government say that we need to cut back on overspending? The mere fact that the new government is even showing an indication to understand and pursue spending cuts makes us look better in the eyes of the IMF. Attitude of those in charge of the money counts for something as it relates to our credit rating.

There should be no further pomp or pagaentry to anything further he has to say. His window to speak was between the night of elections and before the new Prime Minister was sworn in. Sending an unsigned written statement and having others in your party speak before him is unacceptable. Out of respect for the office of the Prime Minister (the title and not necessarily the person) he owed it to us to show dignity and face us while conceding. We didn't get that. His legacy is sealed.