No current master plan to clear dues – Gaskin

AFC’s $43M campaign debt

Although it is part of the governing A Partnership for National Unity/Alliance For Change (APNU/AFC) Administration, the AFC said it currently had no master plan to pull itself out of the $43.4 million debt it was in.

Last Saturday, at its fifth Biennial Conference, outgoing Treasurer Dominic Gaskin reported that the political party had not been able to cover its outstanding debt incurred in the national and regional elections campaign.

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 him, the party had purchased the building housing its headquarters in Kitty, Georgetown in 2014 for $18 million, contributing to that debt.

On Thursday, Gaskin said while there were some initiatives in the pipeline, there was no master plan.

“The debt was considerable. It’s a fluid situation. We’re a party of various groups, and groups who contribute to the party’s coffers and to the reduction of our debt, but there is no master plan. There are many things happening at many levels of the party that all contribute to our reduction of our debt,” Gaskin said.

AFC Leader Raphael Trotman added that the party has chapters and partners in the Region and internationally that help with fundraisers. He said the party was seeking no other way to shake itself out of debt, referring to the belief that it being in Government could provide an advantage in this regard.

“If we were indeed corrupt, we would not have a debt and the fact that a political party in power has campaign debts tells something. I believe it is not uncommon; we’re managing, we have made strides (we are a young party) and with the strength of the delegates and the wider membership, we will get through this.”

The outgoing Treasurer said that in the interim, dating from 2016 some claims and debts have been reduced, with some being covered by AFC’s 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,” Gaskin had said at the conference.

He too was optimistic that the party would show a positive figure by the next audit.

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 Business Minister stated that the building’s value was 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… (largely due to the huge campaign debt),” the outgoing Treasurer said.

The AFC formed a coalition with APNU to contest the 2015 General and Regional Elections.

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 a mortgage, but rather sang the praises of businessman Lloyd Singh who 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, and Singh complied and responded, “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.