Wednesday, July 15, 2009

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The BEC wars continue... The former chair for BEC is ready to challenge the government's take on what exactly dropped the public corporation in hot waters. Al Jarrett is in fact challenging the administration's interpretation of rate increases effected under his watch among other key stewardship issues raised in the House this week. "I'm be on 'Jeffrey' Thursday' to identify a least five key points where I count the government is (misinforming) the public about BEC," said the former banker, who compiled an exhaustive financial audit on the corporation earlier this year. "I'm doing this because I want the public to know what the true state of BEC is." He speaks specifically to government assertions it needs to guarantee a $211m loan for BEC. It's a move set to increase GDP by three percent. Jarrett counters that a government guarantee was already in place for a sizable portion of that debt. He also rejects allegations that an administrative decision to lower rates, made while he was chairman, helped erode the energy provider's financial footing. Minister of State for Finance Zhivargo Laing argues that BEC needs just over $500m to pay off its bills, bankroll infrastructure investments and refinance outstanding loans. Jarrett will challenge much of that when he appears on Star 106 fm this Thursday, 4:30 - 6:00pm. Wednesday, July 1, 2009