A UPP government will suspend, audit, then dissolve NAMCO, Lovell announces

The content originally appeared on: Antigua News Room

In an address to the nation last night United Progressive Party leader Harold Lovell has announced that he will dissolve the government’s main investment mechanism the National Asset Management Company.

“NAMCO is the people’s investment company, and the Jolly Beach property stands to become an asset of the people, as well.

Accordingly, the people DESERVE TO KNOW what deal this Administration has entered into on our behalf, and the Freedom of Information Act entitles us to know.And one final statement on NAMCO. NAMCO is not transparent, provides another needless layer of bureaucracy and doesn’t serve a useful purpose.

The UPP will suspend, audit, then dissolve NAMCO and pursue a more relevant private sector led development strategy; we will EMPOWER Antiguans and Barbudans by selling them the shares of existing companies owned by NAMCO.

Any funds currently held in NAMCO will be transferred to the consolidated fund.

It is important for the people to be able to trust that the Government is making decisions in our best interest, and at this time – sadly – distrust and disillusion are the order of the day.

Our prospects for the future are dim under this Administration. And no amount of rant, rave or rancour will change the fact that, under the ALP Government, there have been virtually NO new investments and our country has regressed by decades.

It is time… for a change.”