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2010/2011 Budget Debate Contribution - Health Minister Dr. Hubert Minnis
I rise on behalf of the Ministry of Health to make my contribution to this 2010/2011 budget presentation and thank the great constituency of Killarney for the opportunity to present this, my third health budget to this honorable chamber.
I wish to congratulate the Rt. Hon. Prime Minister and Minister of Finance, the Hon. Hubert Alexander Ingraham, for his courage in presenting a Budget that is reflective of the realities of the national economic situation and that refused to defer difficult decisions for future generation of leaders.
Auditors Prepared to Delay NIB Report
Auditors hired by the government to audit the accounts of the National Insurance Board (NIB) are prepared to delay their report to give NIB Director Algernon Cargill and former NIB Chairman Gregory Moss an opportunity to come...
BEC 'misused' from political interference
By NEIL HARTNELL
Tribune Business Editor
Political interference has resulted in "low operating efficiency" and "misuse" of the Bahamas Electricity Corporation (BEC), a consultant's report has confirmed, urging that it be allowed to operate as a commercial, profit-driven business supervised by an independent regulator.
Fichtner, the German consultants hired to perform an overview of the Bahamian energy sector's ownership and regulatory structure as part of an Inter-American Development Bank (IDB) funded project, recommended that there be "a basic change in the institutional set-up and the existing framework of the regulatory sector".
Noting that BEC was curre ...
BEC 'will be privatised'
By NEIL HARTNELL
Tribune Business Editor
The Bahamas Electricity Corporation (BEC) "will in the medium to long run be privatised", joining its Bahamas Telecommunications Company (BTC) counterpart, a consultant's report recommending that competition be introduced into the Bahamian power sector through Independent Power Producers (IPPs) supplying a mix of renewable and conventional energies.
A report on strengthening the Bahamian energy sector, produced by German consultants Fichtner, suggested that competition be created by separating electricity production from its transmission and distribution to end-consumers, given that the latter was likely to be a 'natural monopoly' ...
BEC Workers in Clash with Police
The Bahamas Electricity Corporation's (BEC) line staff union staged an emotionally charged protest at BEC's main office that shut down operations and eventually led to a shoving match with police yesterday. The protest, led by the Bahamas Electrical Workers Union (BEWU) and supported by the Bahamas...
BEC has "serious shortcomings" in calculation and reconciliation
The Bahamas Electricity Corporation (BEC) is exposed to "fraud and corruption" as a result of its unwieldy procurement structure, a consultants' report has revealed, although action taken to rectify fuel management deficiencies have reduced the danger of major losses being sustained.
The report by German company, Fichtner, financed by the Inter-American Development Bank (IDB) as part of a project to strengthen the Bahamian energy sector, said BEC lacked a procurement function covering all procedures for resources the Corporation purchased, and hinted that there were no divisions between those who dealt with the technical side of bid docume ...
BEC's 10m consultant spend 'not necessary'
By NEIL HARTNELL
Tribune Business Editor
The Bahamas Electricity Corporation (BEC) is unlikely to need the number of external consultants, upon whom it spent $10 million during its 2008 financial year, it currently hires, with "drastic change" needed to prevent already low employee accountability from "deteriorating further".
A report by the German firm, Fichtner, part of an Inter-American Development Bank (IDB) funded project to overhaul the energy sector in the Bahamas, warned that the lack of rules and policies for BEC employees to follow, coupled with the minimal risk of punishment for indiscipline and other infractions, was undermining the state-owned power monopoly.
N ...
BEC's 210,000overtime hours
By NEIL HARTNELL
Tribune Business Editor
Some 210,000 staff overtime hours - equivalent to an astonishing one hour of overtime per day for every employee - were booked at the Bahamas Electricity Corporation (BEC) during its 2009 financial year, a confidential report for the Government has revealed.
Describing this level of overtime as "questionable", the study by German consultants, Fichtner, which was called Strengthening the Energy Sector in the Bahamas and conducted as part of an Inter-American Development Bank (IDB) funded project, noted that during BEC's 2008 financial year the amount of booked overtime hours was "double" the 2009 total -meaning there were more than 400,0 ...
Bahamas Development Bank Holds One-Day Leadership Forum To Assess Funding And Support For Small Businesses
As a part of the Bahamas Development Bank’s (BDB) and the Ministry of Finance’s on going efforts to assess the best options and models to effectively finance, promote, and sustain the development of small and medium sized businesses (SMEs) in the country, the BDB recently hosted a one-day Leadership Forum on small business development at the British Colonial Hilton on February 3, 2011.
Bhachech appointed as inspector of banks and trusts
The Central Bank of The Bahamas is pleased to announce the appointment of Abhilash Bhachech as inspector of banks and trust Companies.
Bhachech's vast career experience includes successes in public accounting, management consulting, banking, information technology enterprise in financial services and a senior financial regulatory role in the public sector. His most recent posting was with the Office of the Superintendent of Financial Institutions (OSFI), Canada, where he held the post of managing director, risk measurement and analytics assessment services.
His divisional mandate included approval of all regulatory capital models for credit, market and operational risks through assessment and monitoring of model risks in banks and insurance companies.
During his nearly decade-long engagement with OSFI, Bhachech played a key role in developing, implementing and managing the Basel II program in OSFI for assessing banks' operational risk management approaches and their integration with OSFI's supervisory framework. He also headed the Operational Risk and Capital Assessment function in OSFI, with accountability for assessing operational risks, as well as the adequacy of capital attributed to operational risk in the context of Basel II, and was co-chair of the IT Working Group in the Senior Supervisors Group.
During the period 1982 to 1993, Bhachech progressed from banking analyst to senior management roles in the Bank of Nova Scotia (Scotiabank) Canada, where, inter alia, he was involved in strategic service design, industry analysis, process re-engineering, organization and development and the bank's corporate, investment and international banking automation. He also actively participated in the acquisition, initial set-up, customization and implementation of integrated banking applications in the bank's treasury functions, including foreign exchange, money market, and payment and settlement systems.
Prior to his employment with Scotiabank, Bhachech was engaged as a senior consultant with A.F. Ferguson & Co., Management Consultants in his native country, India. There, he undertook various management consulting assignments in the areas of integrated financial costing and budgetary control, systems design and development, project financing, and implementation of management information systems in manufacturing industries, communication and services sectors. Bhachech's work experience also includes several entrepreneurial and self-employment ventures.
The newly appointed inspector holds an MBA (MIS and international finance) from Case Western Reserve University in Cleveland, Ohio, a Bachelor of Commerce (accounting and auditing) from Sydenham College, University of Bombay, India and postgraduate certification in public accounting and auditing from the Institute of Chartered Accountants of India.
Bhachech assumes office officially on Monday, February 13, 2012. He will be accompanied to The Bahamas by his wife.
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