– as Gaskin announces intent to stand down as Treasurer
The Alliance For Change (AFC) is in $43.4 million debt, due largely to their elections campaign. This was revealed by outgoing party Treasurer and Business Minister Dominic Gaskin, when he made his address at the fifth Biennial Congress at the Vreed-en-Hoop Primary School, West Bank Demerara on Saturday.
Gaskin related that for 2016, the party’s accumulated surplus stood at a negative $14.2 million, down from $16.8 million in 2015 and $8.4 million the preceding year. According to Gaskin, the party had purchased the building housing its headquarters in Kitty, Georgetown in 2014 for $18 million, contributing to that debt.
Gaskin related that the party borrowed $14 million from a local bank. He also related that renovations had to be done to the building. The Minister stated that the building’s value is now $34 million, with an outstanding mortgage of $11.3 million.
“Now these figures are taken from the draft of the audited accounts. And what they indicate is a decrease in our net assets. And this is due largely to a huge campaign debt that we would have incurred.”
Business Minister and outgoing AFC Treasurer Dominic Gaskin
“We had purchased that building in 2014. That building cost us $18 million. We had to borrow $14 million from the bank to finance that purchase. We set about renovating the building, because it was an old, worn out building.”
Gaskin related that at the end of the period the party’s liability, mostly from the campaign debt, stood at $43.4 million. He noted that this was largely responsible for the party’s negative figure.
Gaskin pointed out, however, that in the interim dating from 2016 some claims and debts have been reduced, with some being covered by their coalition partners. Gaskin was optimistic, however, that the Party would show a positive figure by their next audit.
“Some of the campaign debts have been reduced. Some of the claims on us have been dissipated, so to speak. Some of those outstanding debts have also been paid-off by our coalition partners. Because having come to us and not gotten any relief, they went to the other party and some of them have gotten some relief.”
Stepping down
Gaskin meanwhile took the opportunity to announce that he was stepping down as party Treasurer, effective from February when he has completed the audited accounts for the year 2017. According to Gaskin, the AFC constitution does not allow the Treasurer to be a Member of Parliament.
“This is the last time I will be standing at a national conference, delivering the Treasurer’s report. This is my last term as Treasurer. I will be handing over a complete set of accounts, depending on how the transition goes, I believe I will be able to see this through until the end of February.”
He noted that this would be to ensure that the handing over is complete and that whoever the new Treasurer is, would have a clean slate and up to date, audited accounts.
The Business Minister also withdrew his name from the list of candidates for the National Executive Committee, citing the need for someone new to enter the race.
The AFC formed a coalition with the A Partnership for National Unity (APNU) to contest the 2015 General and Regional Elections.
Head Office
However, in January 2016, when the new AFC Head Office, named “Centre for Change” had opened, the then party Leader Khemraj Ramjattan did not reveal that the building was purchased via mortgage, but rather sang praise to businessman Lloyd Singh whom he said was a major financier of the building.
As a matter of fact, during the opening ceremony, Ramjattan asked Singh to stand and be acknowledged, to which Singh complied and replied, “Khemraj ah know y’all got fuh get ah building. Ah know of something.”
Ramjattan told the gathering that Singh gave the AFC the advance money for the building.
