NASSAU, BAHAMAS – Correspondence obtained by Parliament’s Public Accounts Committee (PAC) indicates that members of the National Investment Fund’s (NIF) board may have been unaware of financial transactions involving hundreds of millions of dollars being conducted in the Fund’s name, according to PAC Chairman Michael Pintard, who has also disclosed the identities of all five board appointees as the investigation into the Fund’s financial oversight continues.
Pintard, in an update on the committee’s ongoing investigation, said testimony and documents received so far suggest that the legally appointed board was not involved in the financial activities associated with the Fund, raising further questions about the governance arrangements under which the transactions were conducted.
“Yet the evidence received so far indicates that the legally appointed Board was not involved. Indeed, one piece of correspondence received by the PAC indicates that the Board members did not even know that these activities were taking place in the Fund’s name,” Pintard said.
The PAC chairman disclosed that the committee has obtained documentation identifying five individuals appointed to the NIF board, with appointment records dating back to August 2025.
The appointees are Sean Longley, identified as a board member and apparent chairman-designate; Central Bank Governor John Rolle; Dianne Bowe-Pindling; Brian Jones; and Andre Rahming.
Despite those appointments, the board was never formally convened, according to Pintard, who said the committee has not received an explanation for why the appointments were not publicly disclosed or why the board was omitted from the government’s most recent list of boards and committees.
The latest evidence adds to existing questions surrounding the operation of an account held at the Central Bank and commonly described as the National Investment Fund account.
Pintard said the testimony and documents obtained by the committee suggest that the account was not established or operated by the legally appointed board.
“Instead the testimony and documents received so far suggest that the account was created and operated under a different arrangement and under the sole control of the Ministry of Finance and the Treasury,” he said.
The committee is seeking clarification on the legal authority under which the account was established and transactions were conducted without the involvement of the NIF board.
The investigation also continues to examine approximately $700 million in excess government borrowing that had been publicly associated with the Fund.
Pintard said the committee has not yet received the complete transaction records necessary to establish how the money was managed, which accounts were used and who authorised the transactions.
“The Bahamian people deserve a clear accounting of that money,” he said.
He noted that the Central Bank and Department of Legal Affairs have provided testimony and documentation to assist the investigation, commending Central Bank Governor John Rolle and the Director of Legal Affairs for their cooperation.
However, he said important information requested from the Ministry of Finance and Treasury remains outstanding, despite appearances before the committee by the Financial Secretary and Treasurer.
“We need the records of the transactions to determine how the money was spent,” Pintard said.
The committee is also seeking clarification from the Ministry of Finance regarding the specific legal authority permitting transactions in the Fund’s name without the participation of its appointed board.
Meanwhile, the PAC’s separate investigation into a government voucher programme involving more than $1 million in taxpayer funds has raised additional questions about financial controls and administrative oversight.
Pintard said testimony and documents received by the committee suggest the programme may have operated through informal arrangements outside normal government processes.
He noted that the committee has not seen clear eligibility requirements identifying who qualified to receive vouchers, evidence of an open application process or a complete paper trail connecting vouchers to approved recipients.
The investigation is also examining the possible involvement of private individuals and political party members in administering the programme.
Pintard said evidence received so far suggests that individuals without formal government responsibilities may have exercised some operational control over public resources.
The PAC has heard testimony from several government officials and individuals connected to the programme, including Financial Secretary Simon Wilson, former senior adviser to the Prime Minister Jerome Fitzgerald, Ministry of Finance consultant John Nixon and Director of Public Procurement Carl Oliver.
Other witnesses include Ministry of Finance officer Dwayne Ellis, Deputy Comptroller of Customs Whitney Kenny and at least five vendors from New Providence, Grand Bahama and Abaco.
Pintard stressed that neither investigation has concluded and that the committee has made no final findings.
The PAC expects to complete the main investigative work on both matters during October, with the aim of finalising its reports during the month and publishing them by mid-November.
The committee’s stated objective is to establish a complete record of the transactions and determine whether public funds were administered in accordance with the applicable legal and financial requirements.
“We will follow the evidence wherever it leads,” Pintard said.
“We will carry out this work fairly and professionally.”