Mark claims ‘hidden agenda’ in NIF

UPDATE:

GOVERNMENT has “a hidden agenda” by establishing the National Investment Fund (NIF). Part of this “agenda” is to undermine freedom of the press by controlling the Express newspaper and CCN TV6. Both entities are part of One Caribbean Media (OCM) – one of the assets in the NIF. Opposition Senator Wade Mark made these claims in his contribution to debate on the Corporation Tax Amendment Bill 2018.

The bill, which seeks to exempt the profits of the NIF Holding Company Limited from taxes. , was passed in the House of Representatives on Monday. The Opposition was outvoted on the Senate on Tuesday, when Minister in the Ministry of Finance Allyson West moved the Senate debate the bill yesterday. Independent senators Hugh Russell Ian Roach, David Small, Sophia Chote SC and Paul Richards voted with the Government. Independent Senator Dr Dhanayshar Mahabir abstained on that vote which went 19-6-1, in Government’s favour.

Identifying the various assets listed in the NIF, Mark asked why was OCM. Claiming this was an attempt to politically control the Express and TV6, Mark told government senators, “Hands off the Express! Hands off TV6!” He suggested that members of the public should be allowed to buy shares in OCM.

Saying NIF was described as a gift to the people, Mark asked, “What people?’

Mark doubted whether ordinary citizens could access the asset backed corporate bonds from the NIF which will be offered to the population from July 11 to August 8.The first tranche of five year bonds will attract 4.5 per cent interest. The second tranche of 12 year bonds have a 5.7 per cent interest rate. The final tranche of 20-year bonds have a 6.6 per cent interest rate.

ORIGINAL STORY:

OPPOSITION Senator Wade Mark today repeated the Opposition's claims of a "hidden agenda" by Government on the National Investment Fund (NIF).

He made his claims during debate in the Senate on the Corporation Tax Amendment Bill 2018.

Mark alleged Government wanted to control the Express and TV6 by placing One Caribbean Media in the NIF.

Mark claimed only PNM friends and supporters would be able to access the bonds to be offered.