BAIC bailout — and another on the way?
The Tribune advised this morning that BAIC has received a $500,000 bailout from the taxpayers’ money to pay down the $3.123 million debt of that corporation.
Employees’ NIB contributions of $700,000 are part of this $3.123 million.
The $700,000 represents money for the most part deducted from employees’ checks under the previous administration, but which was not paid to NIB.
The BAIC cash position has improved, and the $3.123 million debt has been paid down to $2.573 million. Kudos to BAIC Executive Chairman Michael Foulkes and his team.
The current paydown of the debt, however, does not include the $700,000 owed to NIB. Foulkes expressed the “fervent hope” that this year, with the help of the government, that missing $700,000 will be paid to NIB.
The government can only assist with more money from the taxpayers.
As a taxpayer, and in the interests of transparency and fiscal responsibility, I would also like to express my fervent hopes for this year:
1. That this government determine where the missing $700,000 went.
2. That this government has the will and employs the means to make sustained efforts to recover the $700,000.
3. That this government will declare what debts were incurred by BAIC, whether they were properly incurred, and what efforts will be made to bring to account those not properly incurred.
In the meantime I suppose we can enjoy what may be the most expensive local tomatoes and bananas on the planet.
— Leandra Esfakis