Well_mudda I guess the brilliant parliamentarians didn't take Corporate Law 101 in college because they forgot to give the BEC customers any "valuable consideration" for paying off the debts of someone they have no relationship with...in the case the SPV (lol, it ain even BEC). Dis a bunch a foolishness.

Like you said why would a subclass of Bahamians who consume electricity take on in their individual capacities $650 million repayment? What are they getting for "consideration"? Interest income? No. A debt position in BEC? No. An equity position in BEC? No? Electricity? No...they are paying for that separately from the "new line item on the bill".

I would be shocked if the courts agree with a break down in basic corporate law.

Good point Bahamianby choice. You can't sign off the audited financial statements because BEC is not a "going concern". It requires a Letter of Comfort" from the Bahamian Government to state that it will support the utility for 12 months after the financial statements have been issued.

The issue of "going concern" or a qualified financial statement for BEC did not arise in the past because the company was fully financed by the government.

With the rate bond the issue is cloudy at best and mismanagement of the the firms finances at worse.

In order for Investors to invest in the bond. BEC must be issued an unqualified audit report by the auditors. This can't happen without the guarantee. If the letter of comfort is signed then the bond issue is a nonsense. Why would any investor buy a bond that is not a Bahamas government bond? The letter of comfort only lasts for 12 months? Who will guarantee the bond payments after 12 months?

A simple lawsuit by one customer asking the court stay the bond repayment port of his bill on the grounds that he did not agree to lend BEC any monies should make the entire house of cards fall apart.

Parliament can commit the Bahamas to repay a debt but parliament can’t force an individual to incur a specific debt that individual didn’t agree to assume.

When customers open a BEC account they only agree to buy electricity, not debt. At the very least BEC should have all customers sign or notified that the terms of their electricity supply contract has changed and they are debtors to these new foreign masters.

First you start with light, then water, the. Post office then national insurance where do we stop when we directly saddle individual Bahamians with specifics debts.

There is zero precedent globally for such a bond.

Normally Bahamian sovereign debt is 2 to 3 times over subscribed, because they only have indications for 90% means that foreigner a lil afraid a BEC dem. Where are the up to date audited accounts? Where is the prospectus? Where is the road show for Bahamian investors? Where is the moody rating? Where are the exact projects for the funds raised? Where is the BEC tract record of collections ... lol, if Dey can’t turn off da lights of ppl on the protection list how can you collect bond interest from dem.

I ain know who Dey tryin to fool wit dis set a nonsense.

I assume opposition lawyers are just waiting for BEC to put the line item in a bill before bringing the litigation on behalf of one customer.

If one get set aside den ain nobody ga pay.

FNM need to stop harassing da people’s dem.

Yeah ThisIsOurs, da last Island name after a foreigner near Lyford Cay don’t look like it ga end well.

Wow didn’t know RPT bills could be that high for a piece of scrubby out Island.

I guess he will soon shut it down due to Dorian, VAT, government nonsense.

25 Bahamians will loose their jobs.

But Minnis say full employment comin, so don’t sweat the small stuff.

Anudder foreigner get swing. Plenty more where he come from. Ain no shortage a money and fools.

If da deal less dan $100 million don’t complain when you get gossey.

Thanks for input Porcupine. Unfortunately, no one in government, banking or multi nationals are listening.

Most ppl are not even looking at these blogs which have some very valuable input.

Many time I just feel like deleting my blogging input because it seems to be a complete waste of time.

You never hear Cable Bahamas castigate their workers. Never read about how bad Cable Bahamas workers are.

It is so disgraceful having elected politicians castigate the voters who elected them while running a loss making government owned utility.

In all 7 of the G7 developed democracies utilities were run by private industry over 50 years ago.

Another small poorly capitalized financial institution structured and approved to fail set to in about 5 to 10 years.

I wish the Press, government and financial industry participants would stop fixating on carving out laws to circumvent and assist global citizens in minimizing their legitimate home country tax.

A low corporate tax of 3 to 5% is laughable when the developed world income tax rate is 17 to 30%. Its the same nonsense as foreigners getting permanent residency tax certificates by only living in the Bahamas for 90 days when the developed world standard is 183 days. Just who do they think they are fooling. We have just designated ourselves as a nation for sale to rich ppl.

Have any of these professionals and government officials lived in the US or Canada and worked with their financial systems just to see how technologically and legally backwards we are? How backwards our ACH transfers, credit bureau/scores, probate, trust, tax, exchange controls, regulators, securities trading, zero access to global markets for the average person etc are?

The Bahamas needs to focus on improving the financial access to average Bahamians.

Without an open, efficient and low cost financial system we will never solve unemployment, staggering government debt, crime, D level education because the financial system jams everything up. Banks and the government charge almost 5% just to wire money to the US. By the you add in VAT, VAT on duty, shipping etc. ppl are only buying the cheapest, low quality Chinese products including now food and drinks which are making the average person sick.