Fellow Anguillians, We the People continue to ask ourselves ‘What is our Government thinking? Why are they making the decisions they make? Do they care about the future of Anguilla?’
As the Leader of the largest opposition party, and as a devoted Anguillian, I must voice my concerns.
The Father of the Nation, the late James Ronald Webster, and our revolutionary heroes, charted a course for Anguillian ownership of our country and its assets. The trend of this government is to disenfranchise us as a people and leave us as second-class citizens in our own country as manifested by the so-called Banking Resolution which collapsed our two indigenous banks, erased the shares of over 3500 shareholders of NBA and almost 70 shareholders of CCB, terminated the jobs of many bank employees, eliminated their Pension Fund, and created a Bridge Bank, NCBA, the future of which is uncertain.
This Govt passed the Eastern Caribbean Asset Management Corporation Act which made it easier for non-Anguillians to buy our land and property without needing an Alien Land Holding License, thus decreasing scrutiny and due diligence, and cutting the Stamp Duty in half. Now they have proposed the Anguilla Residency By Investment program which has the potential to negatively impact the social, cultural and economic makeup of Anguilla, by providing a ready market to acquire Anguillian homes and land, thus making it harder for young Anguillians, and Anguillians desiring to return home to afford a ‘piece of the Rock’, which our forefathers fought and died for.
The AUF administration continues to support the sale of ANGLEC. Their proposal in 2017 was to sell the 40% of ANGLEC shares owned by the Govt of Anguilla, effectively the people of Anguilla, to raise EC$26 million to support the Budget. Currently, the stated intention of this Govt is to divest completely out of ANGLEC, thus making it fully private. I am completely opposed to that idea for two reasons: firstly, this AUF administration cannot be trusted to deliver on its promises, and secondly, ANGLEC is a vital asset to Anguilla, and full privatization is not in the national best interest. I am convinced that we must preserve this asset for the people of Anguilla, and maintain ownership.
The Government controls not only the 40% of shares owned by the Government of Anguilla, but also controls 16 % owned by the Anguilla Social Security Board, 12% which was owned by NBA and 11% owned by CCB (now collectively under NCBA) thus controlling 79% of ANGLEC shares. The Govt will say that the sale is open to the citizens and belongers of Anguilla to buy, but realistically, those Anguillians who can afford to buy shares are reluctant to invest with this Govt given the negative economy they have created, and the history of this administration to disenfranchise shareholders as manifest by the almost 4000 Anguillians who lost their shares in the banks because of the Banking Resolution forced upon us by this AUF Govt, the details of which are still held secret by our Govt and the UK Govt. This is a travesty and a disgrace to democracy, transparency, accountability and good governance. It is, therefore, not inconceivable to surmise that our Govt is trying to deceive us into thinking that the sale of ANGLEC is in our best interest. They can compulsorily acquire the 21% shares owned by the public under the guise that this is necessary for the sale to occur, thus disenfranchising those shareholders as done with the shareholders of NBA and CCB. Remember this is the same administration which promised they would save the indigenous banks and protect the shareholders, and we all know how that turned out. It would be remiss for us to empower this Govt to sell this significant asset of the people of Anguilla.
ANGLEC continues to serve a vital role in Anguilla as a good corporate citizen, contributing millions of dollars to health care, education, sports, culture and community development. Foreign ownership of ANGLEC would subject the Company to a purely profit-driven model, thus reducing its commitment to developing Anguilla and its people. We cannot rely on the kindness of strangers. Jobs would be cut to decrease expenses, and management positions would be given to non-Anguillians, as is allowed in the hotel industry. This would negatively impact many Anguillians, who would be unable to pay their mortgages or pay for their children’s education. Also, the electricity rates could rise significantly since ANGLEC has a monopoly to provide electricity in Anguilla, and would be beholden only to its foreign shareholders. A foreign-owned private ANGLEC may not be willing to extend credit to the Govt of Anguilla, which historically has been unable to keep payment for its electricity consumption current, owing ANGLEC millions of dollars. If in the economic boom of 2005 to 2007 the Government could not pay ANGLEC, how would it be able to pay its electricity bill in these bad economic times.
I propose that ANGLEC can be more efficient and ensure that it meets its obligations to its current shareholders. This would allow better financing options to be considered and implemented. I am sure that the Govt of Anguilla, along with the Board of Directors, can use its ownership in ANGLEC to find more creative ways to supplement the Budget and service the debt, rather than selling this vital asset. ANGLEC, owned and controlled by Anguilla is better for the people of Anguilla, now and in the future. If we sell ANGLEC, what do we sell next when there is another crisis – the people?
May wiser heads prevail as we keep our Government accountable.
God bless you and may God continue to bless and be merciful to our beloved Anguilla.
Thank you.
(Published without editing by The Anguillian newspaper.)
