Over $1 Million Paid Due To ‘Late Financials’

December 11, 2017 | 15 Comments

Over $1 million was paid in penalties after the Government submitted late financials in 2015 and 2016, according to responses in the House of Assembly on Friday.

MP Rolfe Commissiong questioned Junior Minister of Finance Wayne Furbert about the “fees paid to Bermuda creditors as a result of the OBA Government submitting late financials”, with Mr Furbert responding that “in 2015 it was a penalty of $410,000,” and $640,000 was paid in 2016, which makes $1,050,000.

Follow up questions were then asked by Opposition MPs including Jeanne Atherden, Patricia Gordon-Pamplin, Michael Dunkley and Dr Grant Gibbons, and you can listen to the part of the exchange below.

Mr Furbert had earlier delivered a statement on the Consolidated Fund, and said, “Certain private debt placements made by the Government contain a reporting covenant requiring delivery of the audited financial statements within two hundred forty [240] days of the fiscal year end [November 26, 2017].

“This reporting covenant was met for 2017. 2016’s covenant was not met and a fee of $640 thousand [a rate of 0.2%] was paid to the lenders to extend the reporting deadline.”

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Comments (15)

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  1. Itstoolate says:

    Nothing to say red team?

    • Hmmm says:

      Didn’t listen to the audio did you? Red team had plenty to say. Green team didn’t have much though.

  2. Itstoolate says:

    Yeah…I figured you’d say that. same old play…

  3. Double S says:

    Imagine how many scholarships could be financed with the Port Royal and Dame Evans Court Building so called ‘overruns.’

  4. Triangle Drifter says:

    As much as the PLP would like to heap this one on the OBA, who actually does the financials, the Minister or the civil servants of the various departments?

    • Um.... says:

      That doesn’t absolve the Minister from responsibility. The Minister must work with their PS and the Head Of The Civil Service to ensure that their ministry is running smoothly for the betterment of the country. While the PS is really in charge, Ministers still have to have people management skills.

      • Bullnoseh says:

        You think the minister is supposed to manage the people from day to day?
        You’re as clueless as Furbert.

  5. Politricks says:

    From what I understand it is the Auditor General’s office (indepdent entity) that is responsible for the issuance of fianncial statements.

    Is the AG offices under resourced which cause these delays?

    • Fidel and Lenin says:

      did i see “independent entity” for gods sake don’t let comrade dictator Jamal see that he would have to have that taken over by a fellow minister

  6. Joe Bloggs says:

    “MP Rolfe Commissiong questioned Junior Minister of Finance Wayne Furbert about the “fees paid to Bermuda creditors as a result of the OBA Government submitting late financials …”

    Nothing like a good set up. Whoever the PLP has working for them deserves high praise.

  7. Infighting within govt. is quite frankly unnacceptable and a strain on taxpayer well being.
    present govt. is notpaying for a technical foul… WE ARE… and untennable monetarily bolstering a legal fee… for their own prepayment or prepaid retainer… No… Let this come from their own pocket.

  8. wondering says:

    Rolfe wouldn’t ask if it had to do with his beloved PLP

  9. Short memories ! says:

    This same group not to long ago was in charge and couldn’t be bothered to pay the Belco bill on time resulting in the taxpayer paying hundreds of thousands more every Month ! Got some crust !

  10. Jus' Wonderin' says:

    blame the civil servants not d government

  11. aceboy says:

    What is the status of the BIU financials?

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