UPP blamed for multi-million dollar St Kitts Loan

Government’s Chief of Staff Lionel Hurst has placed full blame behind the Opposition United Progressive Party as it relates to the multi-million dollar St Kitts loan.

During Cabinet on Saturday Prime Minister Gaston Browne and his Cabinet colleagues were informed by a banker from St. Kitts that the St. Kitts and Nevis National Bank is holding a bond instrument of EC$170 million dollars which is not accounted for.

The transaction was reportedly undertaken by the A.B.I. Bank on behalf of the Opposition United Progressive Party’s regime sometime between 2004 and 2014.

Hurst who was speaking on ZDK’s Your Views this morning held the UPP fully responsible stating that their inability to communicate to Cabinet on the receipt of loans was the main contributing factor to what is being described as a financial bombshell.

The Chief of Staff said that investigations into the matter began on Monday and the results coming out of the inquiry will be discussed during Cabinet today.

The Chief of Staff further indicated that the degree of borrowing undertaken by the UPP from local banks also played a major role in the collapse of the ABI Bank.

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