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Shaw accuses Government of FINSAC cover-up

Published:Thursday | February 20, 2014 | 12:00 AM
Audley Shaw

Finance and Planning Minister Dr Peter Phillips has said the composition of the commission set up to enquire into the 1990s meltdown of the financial sector was flawed.

"It was appointed in the face of protest which told them that the composition was flawed," he declared, while responding to questions yesterday from his opposition counterpart in Parliament.

"As a consequence of that, millions of dollars were wasted. No counsel was afforded FINSAC itself by deliberate decision of the then administration," Phillips continued.

"Those who were appointed and supposed to provide the report must so provide it and we will circulate it," he said.

Phillips said the Government would not spend additional funds on the enquiry, noting that $111 million had already been allocated and successive deadlines have been missed.

A dissatisfied Audley Shaw, the opposition spokesman on finance, shouted: "Cover up! Cover up!"

Shaw said he was not aware the credibility of the commission was in question, having been appointed by the governor general.

Opposition Member of Parliament Gregory Mair, who had tabled the question on FINSAC, said Phillips was duty-bound to provide funding to complete the probe.