Sun | Oct 24, 2021

TEF conflict of interest suspicious

Published:Sunday | May 14, 2017 | 9:43 AM


It is shocking to learn that the head of the Tourism Enhancement Fund (TEF), Dr Carey Wallace, is connected to a private company owing $6 million to the TEF, the organisation he currently leads.

Not only was a loan in existence, but the loan is in default, i.e., not being repaid. The excuses given - Dr Wallace left the company to his family to control, he was unaware, left the country - are all meaningless.

I deem it repulsive and suspicious that due diligence did not bring up Dr Wallace's connection when he was appointed to lead the TEF.

The TEF is funded from a tax or surcharge paid by arriving visitors, including cruise ship travellers. It is used for loans and to support the development of the industry.

Dr Wallace, we understand, was a JLP candidate in the 2011 general election. Are you saying that even after his appointment to head the TEF, Dr Wallace did not realise his family's business was on the list of outstanding debts, now in default?