NIB files motions to protect $10M
- Quelch maintains that the $10M claim is disingenuous- Says CFO has since issued threatening correspondence to NIB
The National Insurance Board (NIB) will be challenging the Governor’s newly signed ordinance that makes legal the transfer of $10M from the national insurance fund on Monday at a court hearing in Grand Turk.
This was according to Chairman of the Board, Mr. Ervine Quelch, on Thursday afternoon at a press briefing at the NIB’s office in Provo at the Hilly Ewing Building, where he made it clear that the Governor’s claim of a $10M debt is disingenuous – a claim he called “unsubstantiated.”
He stated that Board has sought legal advice locally and internationally and has been advised that there are sound legal grounds to proceed with a challenge.
“We have been advised that the Governor has acted unconstitutionally,” Quelch.
The Chairman explained that the move to compulsorily acquire property of the NIB is contrary to the provisions made in Section 16 of the Turks and Caicos Islands Constitution.
Quelch further added that the Board had pursued this course of action, regrettably, but on sound advice to protect the interests of the NIB’s stakeholders.
According to him, the members of the Board will be in breach of their duties and can be held individually accountable for not acting in the best interests of the stakeholders.
He stated that the NIB had written a cheque for the $10M as demanded by the Governor, but on February 10th filed a motion with the Supreme Court to stay any further action by the Interim Administration with regards to movement of the funds.
Quelch stressed that the NIB had taken advice from “significant law specialists” in the United Kingdom before moving ahead with this action and is confident with this course of action.
Threats
The Chairman also noted that another motion was filed on February 15th to prohibit “precipitous measures” by the Interim Administration in the absence of a court ruling.
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