Eustace is an ‘unmitigated disaster’ – PM

“He is an unmitigated disaster as Leader of the Opposition for which no inquiry is needed. It is palpable and self evident.”{{more}}

That was Prime Minister Dr. Ralph Gonsalves’ response to Opposition Leader Arnhim Eustace’s comments that National Properties Limited (NPL) was “an unmitigated disaster”.

Eustace said the state-owned property development company was negatively affecting the performance of the National Commercial Bank (NCB) and the National Insurance Service (NIS) and should be investigated.

The former Prime Minister said a New Democratic Party (NDP) administration would disband NPL, even as he questioned whether NPL was repaying the $37 million it owes the NIS.

A Eustace led government would also axe the National Economic Social Development Council (NESDEC), which he said was encumbering the ability of trade unions to negotiate on behalf of their members.

Eustace said the NPL had offered no security for monies it borrowed from the NCB.

Eustace, a trained economist and former Minister of Finance, said the NIS has to pay out over $130 million a year in pensions.

He further said it was not earning sufficient revenue from the $62 million that is jeopardized by the CLICO/British American Insurance company debacle.

He said this means that the NIS would have to increase the contribution of workers and their employers and is likely to increase the retirement age to past 60 if it is to remain solvent.

But Gonsalves told reporters on Tuesday that Eustace was asking questions even as he has failed to convene meetings of the Public Accounts Committee of which he is constitutionally the Chairman.

He further said the accounts of NPL are audited and submitted to the company registry at the Commercial and Intellectual Property Office (CIPO) where they can be inspected by the public.(KXC)