UK to underwrite Turks & Caicos $160m loan

| 09/02/2011

(Independent): British taxpayers will underwrite a £160m bank loan to the Turks and Caicos Islands which have been under the direct rule of Westminster for the past 18 months, as a criminal investigation into allegations of bribery and corruption by the members of the last locally elected government there drags on. The islands have become heavily dependent on British aid and this week a group of their political leaders are in London asking for more. Yesterday, Labour’s deputy leader, Harriet Harman, demanded to know why the aid budget was being used to support businesses in a part of the world under direct British rule.

But the islanders’ case has been supported by the Conservative MP Andrew Rosindell, who argues that helping places which fly the Union Jack should take precedence over Third World development.

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  1. Anonymous says:

    CNS: UK to underwrite Turks & Caicos $160m loan – In other words, an attempt to clean up the mess they started

  2. bradley says:

    This should have never happened to TCI! CORRUPTION IS EVERYWHERE! It just shows english hypocrisy that they would take over a nation because of corruption when they themselves are not better! I feel money and power was the real bait in all of this drama. Cunning politicians!

  3. Keep ya nose clean Cayman! says:

    T&C was corrupt for a loooong time, and not with just one person!   I used to work for "xxxx" one of the major telecoms there and bribery by government officials of ALL ranks of govt were rife.  The honest working businessman was at the end of the line for all services.  Ask anyone who ever did business there and they will tell you that corruption was the sad acceptance of the day.

    As long as the Cayman government  keeps it’s nose clean (well done on MOST of the investigations – you dodged a few bullets) you will be fine.

    I think Cayman has it’s own corruption, but it is in the form of cronyism and contracts.  Your top officials are just smart enough to put your agreements on paper with well connected political lawyers.

    VOTERS:  Demand transparent accounting and accountability for those who spend your tax dollars.  Demand frugal spending so that you do NOT have to borrow another penny, DEMAND CLEAR DEMOCRACY and set the example that a small population can.

     

     

  4. Anonymous says:

    Ummm… If there was such serious corruption like the Governor of TCI claimed, couldn’t they from the start, at least, deal with the matter civilly and had the Premier Misick prosecuted for corruption. Is still don’t know why they would take the extreme to dissolve the people’s cabinet, seized their financial records, take their voices away… and say it was good for the country? I smell rat!

    • Henry Hill says:

      UK made the right call. First stop the bleeding then attend to the wound. No amount of pruning would sufice, the whole tree was diseased.

  5. Libertarian says:

    Wow… all in the name of one man’s corruption, which is everywhere else found, including the UK Parlaiment, these British Dictators literally ran that beautiful island to the ground where it is almost in a vegetable state, a helpless suckling on mother country! To keep the people dependent and enslaved! I say, what a shame and a disgrace! These people’s democracy should have been respected, their Constitution upheld, their central bank should have never been dissolved, and not torn down by foolish and mindless colonial acts. They wanted to do the same thing here with their corruption probes and attempts to form a premise by which to set up British dictatorship in the Cayman Islands. Now… look at these socalled experts of the economy, look at how they have to constantly borrow from the British taxpayers for their unlawful decisions against this island nation. Rightly so, the United Nations condemned their foolish act. I love the United Kingdom, my respects to the defenders of human rights, but you got some greedy people in power that don’t love democracy (people-power), and definitely don’t love us for who we are! Daily I am watching as events unfold up there, and I pray to God, I will see Justice.

    • Anonymous says:

       I think you will find the damage to the Turks economy was done long before the UK imposed direct rule – indeed, had they not imposed direct rule and provided a life line in terms of financial support the country would be utterly bankrupt.  Mr Missick and his cronies are whom you should blame for reducing the country to its dependency on the UK for funding.  Try reading the committee of enquiry report, or even the TI press, before you post.  

      The money the UK is providing is going to pay the wages of TC islanders employed in the civil service and to keep the basic infrastructure and services of the country operating.  Ironically there are probably many UK taxpayers who would happily agree with you that the UK should withdraw its support, paid for by them, and leave the TCI to its fate.  Fortunately for the ordinary people there the UK government is less hard hearted.  

      • For the Record says:

        For the record, this is not costing the UK Government any money. They are underwriting, which essentially means, guaranteeing, the loan. At the end of the day, if the island is unable to pay back this money, it will be as a result of UK mismanagement, since they are in charge of the T&C treasury. All actions taken to date, have been at the expense of the T&C treasury. The UK has not paid one dime for this.

         

        For the record!

    • Pit Bull says:

      Old proverb "Never take seriously political commentary from someone who cannot spell the word "Parliament""

      Oh Lib, please regale us with a tale of the Chagos Islands, we have not heard you on that topic for at least a week.