The Public Transportation Bill was also back in the House for its second reading. This will approve, ratify, and confirm the Government's investment in the National Bus Company Ltd. It will also allow certain public transport assets to be transferred and vested in the company and provide for certain exemptions from taxes and duties.
But the Mesopotamia and Queen Square area reps had major concerns and a whole lot of questions:
Lee Mark Chang, Area Rep., Mesopotamia
"Modernization is not the issue the issue is how we modernize it. Are we modernizing the entire transport industry or are we using public money, public assets, public concessions and exclusive rights to build one powerful company? That's what they forgot to say because before this House approve this bill, there are basic questions that must be answered. Who owns NBC?"
"Government is acquiring 22+ shares in consideration of $1,000 a share that comes up to 22 million dollars, almost 23 million dollars and that is government's portion. It is not necessarily the total proposed value of NBC so I ask, who determines the $1,000 per share value? Where is the independent valuation, where is the opening balance sheet? Where are the assets, where are the liabilities? Where is the financial projections, this is public money that we are investing. Show us the numbers."
"What is the value of the charging infrastructure, what is the total value of all assets being transferred and after everything is valued how much additional money if anything will taxpayers have to put in? Tell us, we need to know."
Godwin Haylock, Area Rep., Queen Square
"We believe that the entire public transportation investment bill was drafted for the benefit of the National Bus Company, a private company. But the reality is it is the 22 million dollars taxpayer investment that should be the greatest protection of this bill. Today in this bill, parliament is being asked to approve not only the share payment but the share payment as a formula only without the exact bill to say how much it's worth. So if the government assets are valued in this company lower than expected, taxpayers will pay the bill through the consolidated revenue fund. But what happens if government assets are valued higher? We just don't know because the bill is silent on this situation."
But the PM asked the Opposition to put politics aside and consider the commuters:
John Briceno, Prime Minister
"Appealing to the Opposition: there are times we could put politics aside. Everything is political-this is one case, this is one issue. You're always complaining that the government is not paying attention to the needs of the people. This is something that touches the lives of thousands of people every single day when they're riding these old buses. These buses are broken down and leaking-some of them are twisted and sideways-buses they buy for $5,000 or $10,000 in the US and bring it here and put it on our highways. We're a blessed country that we have not had a lot of accidents on these buses. Now, we do recognize that it's also difficult for these small bus owners. It will be difficult for us to buy these new buses and pay it-no bank will lend you $400,000-plus to buy one bus."
"All of this is being addressed."
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