White Oak concerns addressed
Questions raised about Government’s hiring of the London-based financial advisory firm White Oak Advisory Limited, to assist the efforts being made to restructure the country’s debt, led yesterday to a somewhat heated exchange between Prime Minister, Mia Amor Mottley and Leader of the Opposition, Bishop Joseph Atherley.
Speaking during the debate on the Integrity in Public Life Bill, Prime Minister Mottley took issue with Atherley’s question about the company, while referring to the former Government’s involvement with Cahill and the proposed controversial waste to energy plant. She contended that to mention the two in the same breath would be to “cast innuendo” on the quality and integrity of her Government.
“I am not going to let this fester or impressions be given with respect to innuendo that would cause people to feel that something untoward is happening,” she maintained.
Rising on a point of order, the Opposition Leader argued that with little known about White Oak locally, the question was legitimate and he refuted suggestions that he was implying any wrongdoing on Government’s part.
“I have simply said in here as is my right to do, when the other administration ran this country as the government, we asked them to be clear, open and candid with the people. Cahill left a bad taste in our mouths, tell the people of Barbados about White Oaks, that’s all I said. No allegation,” he maintained.
That explanation did not sit well with Prime Minister Mottley, who said the comparison between White Oak and Cahill sends the wrong message. She then defended the relationship with the company, which she said has helped many countries both here in the region and further afield with their sovereign debt situations.
“If you want to ask about White Oak ask about it in the context of Massy, ask about it in the context of GraceKennedy, ask about it in the context of Royal Bank of Canada or First Citizens or FirstCaribbean. But when you choose to ask about White Oak, a company that is purely in the business of debt restructuring and what is more, I have confidence because these gentlemen have presented to the Social Partnership of Barbados, the Member for St. Peter, the Member for St. Michael South Central and the member for Christ Church East Central can attest to that. So that anybody picking up a newspaper and hearing the word Cahill and hearing the word White Oak would believe that the two of them does pitch marbles together, that the two of them does keep company together and the Member knows better than that,” she contended.
She added, “If he did not intend that interpretation, then he needs to get up and say so categorically.”
Atherley immediately rose again on a Point of Order reiterating his earlier position and sought to elucidate.
“I thought clearly I had said that, we can go back and forth on this all day. I said I simply asked a question which I think any high school student in Barbados would ask in responding to the mention of [White Oak] being used as an instrument on behalf of this country with reference to our credit situation overseas. I simply asked tell us who White Oak is, it is the first time I even heard about them. Tell us who is White Oak in the interest of the Government’s own position of trying to be open with the people of Barbados, and let’s not have people talk about Cahill and all the rest. No juxtaposition intended to cast any negative shadow on what you are doing, not at all. A sincere, genuine and legitimate question,” he stated.
In response the Prime Minister indicating that she has promised the Leader of the Opposition to share pertinent information with him, said that should he wish to be briefed on the matter, as soon as White Oak returns to the country next week, she will arrange for him and his senators to meet with their representatives.
That came after she offered some background on White Oak and the work it has been doing. According to Prime Minister Mottley, it is a company that has worked with a number of countries including Belize, Ecuador, Grenada, Iceland, Mozambique, Pakistan, Seychelles, Suriname, St. Kitts and Nevis, St. Lucia, with respect to debt restructuring. She added that the company’s principals, before they became White Oak, worked with firms on other restructuring in the Dominican Republic, Jordan, Liberia and the former Yugoslavia.
“Mr. Speaker Sir I am going to make this document, a document of the House because in Mozambique they are still working as we speak, in Barbados they are still working as we speak. In Belize they were responsible, along with others for the restructuring of sovereign bonds; in Grenada it was them alone; in Ukraine it was them with other advisors; in Belize it was them alone; in St. Kitts it was them alone; in Greece it was them and others and Greece is the one that is perhaps is the most famous in the world or infamous if you want to call it that. In Seychelles it was them alone and Seychelles has been so successful that people running down to come back to the capital markets,” she added. (JRT)