Prime Minister Gaston Browne has mounted a strong defense of his government’s plans to establish the National Asset Management Company Ltd. (N.A.M.C.O).
During a radio discussion on Sunday which included a panel of top regional technocrats, the country’s leader struck the suggestion that this initiative will introduce the views as a conflict of interest and expose the government to significant contingent liability risk.
He said “In this present contract with the government owning majority of the shares, it generates larger profits and in addition to that it saves more taxes for the government, so this notion that they may not be properly run, that is totally speculative, My Government will not guarantee any liability for any one of those entities, so this idea that they will be contingent liability, that will not arise because they will operate independent to the government.”
On the contrary PM Brown argued that this initiative will not crowd out private sector investment but instead will enable the government to better consolidate, manage and leverage its acquired assets.
“As we diversify and we sell shares clearly it will be operated by the private sector, so we are not crowding out any investment we’re crowding in and these are not entities that are managed by the public sector they are managed publicly, all we;re doing here is to consolidate and to scale up,” PM Brown indicated.