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Jul 19, 2011

Compensation not paid 22 months after 1st nationalization

According to Michael Ashcroft, compensation has not been paid twenty-two months after the first nationalization of Telemedia yet government has taken in a hundred million dollars in shares. Ashcroft also questioned the Central Bank’s investment of twenty million dollars in a private company.

Lord Michael Ashcroft

Lord Michael Ashcroft

“I’m not necessarily against the concept of nationalization but the key essence is reasonable and adequate compensation for the sequestration of private property. If the government at that time had made a serious attempt in order to pay compensation to the B.T.L. employees trust and the charitable trust, there never would have been any subsequent litigation to challenge both the nationalization and attempt to get the compensation. I think the truth of the matter is that the government does not want to pay proper compensation, which has caused the problems.  The principle in a democracy is that if the state takes somebody’s private property then they must give them adequate and reasonable compensation in a reasonable time. If the government does that, then it’s very hard to argue against nationalization or a sequestration. Damages is regarded as an adequate remedy. What they’ve done with B.T.L. is they have sold fifty million dollars worth of shares to Social Security and by the way, it was only voted through the Social Secuirity Investment Board by the government appointed cronies. In fact the private sector people and others voted against that purchase. Then we’ve heard recently that the chairman of B.T.L. said that the Central Bank itself, a regulator of banks, has purchased twenty million dollars worth of shares. What is a regulator of banks doing investing in a private company? That’s seventy million dollars. They’ve also taken dividends out of B.T.L., another twenty million or so and plus other monies they’ve taken out. so the government has already taken out a hundred million dollars and has still not paid one cent of that hundred million to the original owners of B.T.L.”

We’ll have more from Ashcroft’s interview later in the newscast.

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1 Response for “Compensation not paid 22 months after 1st nationalization”

  1. Numenorean says:

    Have to agree with the man here. GOB doesn’t and more importantly, cannot, pay adequate compensation. If GOB were serious, they would put all the SSB money and the dividends they collect in a special compensation account earning interest. When the court settles on compensation, then hand over the cheque. PUP will have to pay this bill and Barrow will say they are Ashcroft sellouts, but that’s not the case. They are fair at the end of the day.

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