BASSETERRE, ST. KITTS, MARCH 1ST 2011 (CUOPM) – St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas has rubbished remarks by former minister Mr. Dwyer Astaphan that holders of government bonds tend to lose 20 percent of their investment in Treasury Bills.
“Absolute nonsense,” said Prime Minister Douglas when told of the statement by Astaphan at a recent public meeting.
Dr. Douglas said Astaphan seems bent on destabilising the country and create confusion in people’s mind.
“The Treasury Bills Investment Scheme that the Government of St. Kitts and Nevis is presently operating is exceptionally sound. There has never been any incident where when the time came for persons to have their investment returned on this kind of investment that they could not have their investment returns collected,” said Dr. Douglas to a question raised by a caller during his weekly radio programme “Ask the Prime Minister.”
Dr. Douglas, who is also Minister of Finance emphasised that thee “has never been any incident or any occasion for the 16 years (of his Administration) and even before that I have been in office that the Treasury of St. Kitts and Nevis has been unable to pay investors in Treasury Bills on their investment at the end of the 90-day period when the expiration of those bills take place.”
He disclosed that the Cabinet every 90 days would ensure that the returns that are expected on people’s investment are actually realised for their benefit.
“There is no truth whatsoever. It is almost the ridiculous claims that were made a few weeks ago about the National Bank which eventually turned out to be yet another attempt by Dwyer Astaphan to create confusion and to create instability especially in the financial environment here in St. Kitts and Nevis,” said the St. Kitts and Nevis Prime Minister.
