IS CHANG-LENG COMPETENT TO LEAD THE CENTRAL BANK?

IS CHANG-LENG COMPETENT TO LEAD THE CENTRAL BANK?

News coming from the Finance Department of SEPEC is categorically denying the argument of Francis Chang-Leng on SBC TV on Friday 21st October 2006 that Central Bank pays for SEPEC’s fuel bills. Guy Adam, it seems, is fed up of complaining to State House that the accumulated foreign exchange debt of SEPEC amounting to US$61 million as at the end of December 2005, is not being paid by Central Bank.

Yet, despite the fact that SMB does not earned foreign exchange, the Central Bank is quick to pay all the invoices of SMB in foreign exchange. SEPEC depends on institutions such as Mauritius Commercial Bank and BADEA to finance its fuel bills and these sources of funds have dried up too. Total, the Uk oil company, has apparently come to the rescue this time around as these institutions which had given extended credit facilities to SEPEC are now calling for payment. Guy Adam has been asked to accompany Lekha Nair to raise funds from overseas and to meet with Total in UK to explain the debt position. On the other hand, Chang-Leng cannot expect to use the reduced inflows of foreign exchange to pay for fuel, when Central Bank never did. SEPEC has an outstanding debt of US$25 million with Petronas, the Malaysian Oil Company and does not have the money to settle this debt. There is no effort being made to resolve this problem although there has been a number of threatening faxes flying all over the place.

Therefore, Chang-Leng’s argument should be considered at best as a ridiculous assertion and at worst pure garbage. It is a real shame on this man as the Governor of the Central Bank to come on the national TV to talk nonsense with the hope that people will swallow his garbage. If this statement is not true, then, I challenge both Chang-Leng and Adam to come on SBC TV with factual evidence. The question that keeps re-surfacing in Market Street is this: Is Chang-Leng competent to lead the Central Bank? If he is a competent man and has the guts, he should come on TV and defend this point because our country cannot continue to tolerate incompetence when it continues to sink in debts.

Contributed