Symonette: Business interests, inheritance contributed to wealth increase

Tue, Apr 25th 2017, 12:46 AM

Attributing his massive increase in wealth over the past 10 years to his return to private life in 2012 and a large inheritance, former Deputy Prime Minister Brent Symonette said while he is comfortable that his financial declaration is accurate, he's not so sure about some of the other declarations and believes the Public Disclosure Act needs beefing up to ensure politicians do not enrich themselves while in office.
"The intention of the Public Disclosure Act is that you do not make a considerable amount of money while you're in office," Symonette said.
"Now, mine increased. I was out of office.
"Look over the last 35 years, look at a lifestyle that does not reflect what happens on paper.
"That's where I don't feel comfortable.
"If this was an issue of an independent body that could look at it and be confidential, we'd have more confidence."
Symonette, who has come out of political retirement to seek the St. Anne's seat for the Free National Movement (FNM), declared a net worth of $156 million when he nominated last week. His net worth was listed at $58 million in 2007.
He is by far the richest candidate running in the May 10 election.
"I'm comfortable with my declaration," Symonette told The Nassau Guardian yesterday.
"I noticed one of the papers showed a difference between one year and another year.
"I've explained it publicly.
"Between one declaration and the other, my mother died so I did inherit some wealth from my mother.
"I've been out of government for five years. I've gone back to the private sector. I'm comfortable with my declaration.
"But then in this morning's paper, if you look you will also see I think someone has a U.S. dollar bank account.
"Is that declared in his declaration?
"I welcome fair comments on mine.
"I know people have made very negative comments.
"I understand a preacher on Sunday on the radio decided to attack me for that.
"This is a democracy.
"It's sad.
"Are we saying a very rich white person should not run for Parliament?
"I'm a Bahamian. So I have that right.
"If you want to criticize me for it, fine."
He added, "I'm a business man.
"I've disclosed my wealth over the past 20 years. I'm comfortable with my declaration.
"I'm not too comfortable that everyone can be as comfortable as I am with the accuracy of the reporting.
"But the man on the pulpit and the radio carries on about me.
"If rich people aren't supposed to be in politics, then that is a sad day for The Bahamas."

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