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The subterfuge behind the B’ce Birdge

Dec 07, 2011 Letters

 

 

Dear Sir,
I would like to commend Mr. Ram for the recommendations made for the lowering of tolls for the Berbice Bridge crossing .I trust that the new Government considers the recommendations.
I would like to clarify NBS’s investments in the project. I heard from a reliable source that NBS was initially requested to invest $2 Billion but Consultant Ramon Gaskin concluded that it was a high risk investment and recommended nothing.
Three Directors agreed whilst three others voted for the $2 Billion thus creating a deadlock. The former CEO who was the only executive Director was surprisingly requested by the Chairman (who should have voted last as is customary) to break the deadlock.
The CEO recommended that NBS should be guided by the provisions of the Financial Institutions Act for such an investment to which all of the Directors unanimously agreed resulting in an investment of $350 million.
Apparently the above was leaked to a Powerful Political Person who blew his top when he heard what transpired and how the vote went. So furious was he that he sent a message via a Director that he will deal with the CEO as he thought that the CEO should have swayed the vote for $2 Billion.
We are all aware what happened to the CEO on 1 June, 2007. His only crime was making a recommendation in the interest of NBS and its members.
And as to the identity of this Powerful Political Person, your guess is as good as mine.
Concerned Member — NBS

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