Minister of State within the Ministry of Finance Senator Lennox Weston has defended Prime Minister Gaston Browne’s proposed move to invest a sum of $30 million dollars into the Caribbean Union Bank (CUB).
This is in light of a number of concerned that were raised as to the rationale behind the planned move given the relationship between PM Browne and the current Chairman of the CUB, Ambassador Brian Stuart-Young.
Speaking during an interview on Sunday Senator Weston cleared the air stating that the decision has little to do with the relationship between the two government officials but rather a means of strengthening the country’s financial sector.
Weston also debunked claims of the government trying to bail out Ambassador Young indicating that it would be doing just the opposite as the proposed move would decrease the Ambassadors ownership percentage.
The nation’s leader Prime Minister Gaston Browne was also on record justifying the multi-million dollar investment in the Caribbean Union Bank (CUB) and also indicating that more details will be given after the actual sale is completed.