The Hon. Perry G. Christie
Prime Minister
Commonwealth of The Bahamas
Cabinet Office
Bay Street
Nassau, Bahamas

The Press in the Bahamas appears to have gone into 'over drive' over a Bahamian company's attempt to go into commercial deep-sea fishing. The BAIC as the commercial and domestic investment arm of the Bahamas Government, assisted this Bahamian group by structuring the investment and foreign funding for them.

Prime Minister, it is my humble contention that neither the Corporation nor myself did anything wrong or illegal. We simply did our jobs to the best of our abilities.  I saw it as an excellent opportunity to increase the national fishing fleet of the Bahamas.

The BAIC structured an enterprise, which was designed to be managed and controlled by Bahamians. We did not structure a fronting operation.  Eighty (8O) North Androsians were hired to work on the boats.  In good faith, I presumed that this venture would impact our economy in a positive way.  I still feel so.

Prime Minister, your support of my Administration of your Government's domestic investment agenda is to be lauded.  The new Vision of the BAIC is “To develop a business class that is able to compete in the global economy in matters of product innovation and development that will lead to expanded opportunities for trade and business development for existing and aspiring Bahamian entrepreneurs”.

Sir, the Mission of the Corporation has now become more expanded and the BAIC now has a Centre that facilitates domestic investment by providing research and feasibility study, industrial land, state-of-the-art industrial park, access to development funding, venture capital, access to buyer markets and business monitoring and evaluation.  That's the legacy of Sidney McArthur Stubbs.

Prime Minister, taking the above into consideration, I can no longer allow this ‘feeding frenzy’ by the Press to embroil the BAIC or your Government.  I have decided to thus, remove myself from the Corporation and to take the opportunity to clear my name in that place where I was elected by the good people of Holy Cross.  I hereby tender my resignation to you Sir, to be effective immediately

Please accept the full assurances of my highest consideration.

Respectfully yours,
Sidney M. Stubbs, Cantab., JP., M.P
Executive Chairman