Opposition Senator Wade Mark said on Tuesday in the Senate, that the Massy Group is a financier of the ruling People’s National Movement (PNM), as he moved a motion on the adjournment as to why the conglomerate had just been licensed to run a bureau de change (cambio).
“We don’t object to the licence but are concerned about favouritism, nepotism and cronyism,” Mark said. “How many companies were lined up awaiting a licence,” he asked.
“The Massy company is a financier of the PNM. We know that. We know they give them under the table.” Naming Massy as one of seven local institutions that already has such a licence, Mark said, “Why would the Government want to give this new licence to an institution that already has a licence? Maybe it is all part of the deal when TSTT bought Massy Communications for $250 million.”
His remarks drew a reaction from Trade and Industry Minister Paula Gopee-Scoon, to whom he responded with a quip about her hugging of then United States President Barrack Obama.
Minister in the Ministry of Finance Allyson West in reply said such licences are not granted by her ministry but by the Central Bank, whose privacy requirements prevents her from saying how many other applicant companies are awaiting such a licence. She emphasised that such bureaus do not receive any allocation of foreign exchange from the Central Bank.