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Nov 4, 2014

Attorney Explains Illegality of Loan Motion

Andrew Marshalleck

Senior Counsel Andrew Marshalleck is one member of the team which includes Senior Counsels Magali Marin-Young, Eamon Courtenay and Godfrey Smith. With the politics out the way, Marshalleck spoke of the legal merits of the claim.

 

Andrew Marshalleck SC, Attorney in Legal Claim
“What the loan motion that has been tabled in the House has revealed is that the Executive Branch of Government has been engaged in borrowing millions of dollars and also in spending millions of dollars without the authorization of the National Assembly. At core that is the Executive usurping functions of the legislation and that is a problem that goes to the root of our democracy. The loan motion on its face asks the National Assembly to do something that is clearly outside the ambit of section seven-two of the Finance and Audit Reform Act 2005. Section seven-two cannot and does not provide authorization to borrow after the fact of borrowing. It expressly contemplates prior approval of relevant loan agreements. The loan motion then in short, tries to fit a square peg into a round hole for the two reasons outlined above. One, the section of the law doesn’t contemplate seeking authorization after you’ve already borrowed. It uses the language shall only be valid when entered into which makes clear that the authorization is to be sought before the borrowing. And two, the section speaks to borrowings from commercial lenders or capital markets. The borrowing is neither. So the attempt to authorize the borrowing by way of the motion is misguided, is trying to force something that doesn’t fit into a space into which it can’t fit.”

At a press conference late last week, Financial Secretary Joe Waight in an interview with News Five said that approximately sixty million plus dollars have been spent from what is now at two hundred and forty million dollars in Petrocaribe funds.

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