Fellow Citizens and Residents.
This fair nation of ours, of late, has been under international scrutiny as a result of the R. Allen Stanford and Stanford International Bank debacle.
This has been further compounded by the indictment of Leroy King, former head of the Financial Services Regulatory Commission.
Quite frankly, the time has come for my Government to take decisive action on two matters of immediate importance: Firstly, I have directed my Minister of Finance and the Economy to take the necessary steps to broaden the scope of the internal investigation of the FSRC.
As a result of this expansion in scope, the Caribbean Financial Action Task Force has agreed to provide internationally recognised industry specialists to assist in the investigation.
They will review the existing regulatory framework in order to make recommendations to strengthen the integrity of our financial services sector if necessary.
Secondly, the Government will publicly investigate the allegations relating to the IHI loan-repayment by the Labour Party Administration.
In this regard, Cabinet has taken the decision to advise the Governor-General to appoint a Commission of Inquiry. This decision was taken following extensive consultations with experienced and knowledgeable jurists.
Today I announce that the Chief Justice of New South Wales, Australia, the Honourable James Jacob Spigelman, has accepted the appointment as sole commissioner of the Commission of Inquiry.
This inquiry will examine the circumstances relating to the repayment, by the Government of Antigua and Barbuda, of the US$29,750,000 loan from IHI to the Antigua Public Utilities Authority.
Chief Justice Spigelman will travel to Antigua and Barbuda to receive his commission from the Governor-General, and commence the inquiry on Thursday August 6th, 2009.
The inquiry is expected to be completed most expeditiously, with its findings reported to the Governor General by December of this year.
Appointed as Counsel to the Commission will be Kirsty Brimelow, a UK barrister who specialises in international law and regulatory and financial crime and who recently worked in Trinidad & Tobago and in Jamaica.
Fellow Citizens and Residents:
The Commission of Inquiry is expected to determine whether, and to what extent, repayment monies ostensibly intended for IHI were diverted into the possession of, or for the benefit of, other persons or corporations; to trace the whereabouts of these funds, whether in Antigua and Barbuda or elsewhere; and to determine whether the persons or corporations involved acted improperly or unlawfully and whether persons who were then in public office are guilty of misconduct.
The Commissioner’s report should include recommendations concerning possible criminal offences that may warrant further investigation and possible prosecution; reforms that should be made to prevent or deter corruption in respect of public funds or public office; and the steps that might be taken by the international community to combat the laundering of funds derived from any corrupt activities via international banking arrangements.
Fellow Citizens and Residents:
Some of you may wonder why the Government is undertaking this exercise; why we are pursuing an inquiry in the face of the civil cases that already have been filed here in Antigua and in Miami.
It is widely known that investigations into this matter have been ongoing for a number of years; however, the persons involved have sought to frustrate the investigation, utilising every available legal maneuver and technicality. In light of that reality, we have decided that a Commission of Inquiry is the best course of action.
Others of you will ask why my Government is choosing, at this time, to pursue the inquiry. There are other pressing matters facing us, you will say.
Well, in a country whose livelihood is so heavily dependent – whether in tourism or finance – on public image, how much longer should we wait? How much longer dare we wait? We must now search our souls and ask ourselves whether there is ever a wrong time to do the right thing.
As our country grapples for its financial survival in a crisis brought on by both external and internal factors, we must be honest enough to admit that we cannot go outside seeking solutions, help-ups, and hand-outs from other countries and institutions, without being prepared to take corrective action inside … and punitive action where and when needed.
Indeed, it would be highly immoral and self-deceptive of us to expect those countries and institutions, as they say, to throw good money after bad.
As we seek to rebuild our economy with assistance from the outside, we must be prepared to help ourselves here on the inside. And that is the objective of this Inquiry: to set our house in order in full view of the outside world.
I spoke to you in March of this year, just following the General Elections, emphasising the need for healing to begin and for unity to be established and maintained in this country.
However, the stark reality is that our wounds continue to fester, rather than heal, because the underlying cause of our malaise remains untended.
Unless we take the bold steps of airing the wound and of cutting out the rot, where necessary, what ails us will continue to make our society sick, rather than healthy.
Fellow Citizens and Residents:
Like the rest of the world, Antigua and Barbuda finds itself at a critical economic juncture.
The wrong step now could mean the difference between mere survival and continued development; between access to credit and international discredit; and between transparency in public office and the acceptance of malfeasance.
It is therefore critical and crucial that we take the RIGHT step … and that we take it NOW.
This, ultimately, will set this country even more firmly on the course to realising the justice that all right-thinking citizens and residents seek.
May God continue to bless each and every one of you.
May God bless Antigua and Barbuda
I thank you for listening.