The Supplementary Appropriation 2020-21 Bill provides for additional expenditure of Rs 17bn, of which the bulk relates to an equity injection of Rs11.9 bn into the National Property Fund. As I mentioned in November last when the bill was supposed to be taken up , the cost of dismantling the BAI could well reach a final amount of Rs20 bn and that the public will be footing the bill in the coming years, after having been fed with illusions of high returns from the outright sale of NIC, Maubank, Apollo Hospital, and other BAI assets."
The supplementary expenditure of Rs11.9 bn thus represents a major portion of the total cost of dismantling the BAI, which is being borne by public funds. It vividly demonstrates the callousness and irresponsibility with which the whole BAI breakup was conducted. The truth is today revealed – that the public is bearing the cost of breaking up the BAI Group, contrary to Government’s past false assertions and phony commitments.
Govt has converted the advance provided to the National Property Fund (NPF) as equity amounting to some Rs 12 billion !!! What returns can we expect from these insolvent state companies? The conversion into equity is thus just a subterfuge not to declare the NPF as insolvent. Our money is going down the drain.
Govt has borrowed significantly to bear this cost, to finance the capital injections into NPF, NIC and Maubank. Our gross public sector debt is already at 90% of GDP, and inclusive of Bank of Mauritius borrowing to finance Govt, gross public sector debt has reached about 100% of current GDP. The cost of the BAI mess will add to the huge debt burden already falling on the next generation !!! Incompetence and Amateurism! We are footing the bill !
It is ironic that some of the big names- les ténors- les R.Bhadain, X. Duval, N.Bodha, who were part of the whole lot-partners in crime- giving a helping hand to ransack the BAI, are now on the front bench of the opposition.
They have momentarily discarded their wolves clothing for more eloctorally-dictated populist ones. Slowly but surely they are forging a new image, build up a new narrative that will to some extent rub off the lingering mistrust and before we can realise they have come out clean without any taint, ready to fool us once more.
...And many will fall for it -if they have not already -their hypocritical mores, blatant and audacious, making fools of us .
When we dare to expose such glaring dishonesty and dearth of ethics and basic decency in politics,many voters will be asking themselves whether it’s really worthwhile to waste time supporting them - forget about voting these opportunists to power.
