NASSAU, BAHAMAS: Free National Movement Leader Michael Pintard says that he has directed attorneys to initiate legal action over what he alleges is the government’s mishandling of the National Investment Fund (NIF).
In a statement Pintard that indicated that on Monday he had “directed attorneys to initiate legal action over the government’s mishandling of our Sovereign Wealth Fund (now called the National Investment Fund, or NIF). Millions of dollars disappearing under the cover of darkness cannot be spun or swept away.”
With Parliament resuming today, Pintard added: “We will accept nothing less than justice for the Bahamian people.”
Pintard also noted that the Public Accounts Committee has unanimously agreed to make the NIF its next assignment following recent information uncovered by the Opposition.
The Committee plans to investigate the authority and justification behind the Fund’s sharp depletion and the reported transfer of $700 million in excess borrowing.
The investigation comes amid mounting controversy over the operation and management of the NIF. Pintard has questioned whether money was properly transferred to and managed by the Fund, following correspondence from Central Bank Governor John Rolle indicating that the NIF Board of Governors has never formally convened.
The Central Bank also confirmed that an account exists in the name of the National Investment Fund and that transactions on the account began in July 2025. However, the correspondence did not state that the account was unlawfully established or that funds were misappropriated.
The Opposition has questioned who authorised the establishment and operation of the account, as well as any deposits, withdrawals or other transactions conducted without the board formally meeting.
Pintard also noted that the Public Accounts Committee will table its completed report on the 2023 CARIFTA Games in the House of Assembly today.
Beyond examining the management of the Games, the report recommends financial oversight standards for future international competitions and major national events in The Bahamas funded with public money.
The Committee’s investigation into the substantial number of pre-election vouchers financed with public money also remains ongoing.
Public officers from the Ministry of Finance have been invited to appear before the Committee and answer questions about how the vouchers were distributed and accounted for.
