Last Diversification Effort by PLP an Absolute Disaster

Mar 9, 2021

The Free National Movement (FNM) issued the following statement regarding the PLP’s economic diversification plan:

“Before turning corruption into an art form over five long years, the woeful PLP made a lot of promises, eerily similar to those they’re currently making. But as they unfurl their economic diversification agenda with the prospect of a natural resources review, many Bahamians recall the last time the PLP touched our natural resources, they crafted the worst oil deal in history.

“Serving as Christie’s top lieutenant, Davis helped negotiate what independent experts called ‘the world’s worst financial deal for offshore drilling’ with BPC. Data from the Review Of The Bahamian Upstream Petroleum Fiscal Regime showed at its maximum return, royalty rates the PLP ‘negotiated’ with BPC would be 20% lower than any other nation in the entire world.

“While BPC’s multiple licensing renewals provided opportunities to adjust the royalty agreements, the Davis’ PLP left the world’s worst oil deal in place. BPC’s CEO raved to potential investors in London, saying their financial deal with the PLP Government was ‘second to none’ and ‘music to people’s ears’.

“It all begs the question going forward how many times will Davis and the League of Corruption sell out The Bahamas to foreign billionaires? Apparently as long as they get a kick-back. Davis’ relationship with BPC perfectly defines a conflict of interest. Davis originally tried to claim he only represented BPC for a year, around 2005 – 2006 before stepping away. But the truth was later revealed that Davis in fact represented BPC as recently as 2012.

“Simply put, the PLP couldn’t be trusted the last time managing our natural resources and little has changed since then for Bahamians to think otherwise today. Whether the ‘world’s worst financial dealing’ was an instance of utter incompetence or outright corruption, either disqualifies Davis and his PLP from having the chance to give away the farm again.”

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