National Housing Corporation declared insolvent

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National Housing Corporation declared insolvent
Timothy Mangal
Timothy Mangal
Timothy Mangal

Saint Lucia’s National Housing Corporation (NHC) has been declared insolvent.

The announcement was made by the NHC Chairman Timothy Mangal on Tuesday.

Mangal told the media that the new board inherited this when they took office in July, 2016.

Although the NHC is required by law to present audited financial statements to parliament every year, none of these statements have been produced within the last five years.

Mangal said while the auditors had recommended that the NHC close down, it may be difficult to do so because it it is mandatory for the agency to provide low and medium income homes for Saint Lucians.

The new NHC chairman also revealed that there have been no projects at least for the past five years, with the last being the Marigot Housing Development project, which began in 2007 and ended in 2011.

Despite these many challenges, Mangal said the board plans to have the issue addressed.

The NHC was established through an act of Parliament number 6 of 2001.

(7)(1)

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24 COMMENTS

  1. I can see why we are not going anywhere fast on this Helen of political bouyon.
    All we have here is accusations and counter accusations being levelled by both sides of our favourite colors.
    I don't look at politicians as a quasi god , so I pretty passed when dem fellas mess with the running of the country. It is time that St.Lucia do a character test on Politicians be fore they try their luck for office

    (6)(0)

  2. A bunch of lame ducks holding responsible positions and crippling our economy. It will take more than demonstrations to bring realistic change. I have no confidence in anyone of them regardless of sides. We can start by calling for a vote of no confidence in our parliamentary representatives/plus and government at large, when they fail to deliver

    (12)(0)

  3. Don't forget Mr. Mangal was directly in charge of the marigot project from its genesis ( when he was flambeau ) that's when his retail business germinated , so he is in no position to speak but tell us why that project failed. He also needs to tell us that whilst he was in the SLP bed, did he purchase house lots in that project at rock bottom price , built houses and sold them making huge profits? And there is more.
    Today mangal jumps ship and there he is criticising the SLP. How nasty. Mr. Mangal should do this government a favor and remove himself as chairman of the board forthwith to avoid embarrassing the uwp. I know Richard Frederick will ha a field day with this guy.

    (9)(1)

    • Chico chico, call me dim, please explain to us what the term "flambeau" means in the context that you have chosen to use it as an adjective.

      I'm presuming that you mean that it was when he carried a lit torch around town, or were you referring to his sexual preference?

      If it's the latter, you're using the language of a cowardly misogynistic homophobe that doesn't respect basic human rights.

      Also, if that's the case, I would call on the Moderators of this web site to ban you from posting on this web site.

      Wake up, it's not the 17th century. Human rights and respect matters.

      Also, if you feel bashful and choose to use aggressive language to hide that you might have a same sex preference, please don't feel that you have to hide --- it's perfectly acceptable, simply come out, it's all good, and I, as one of many, don't care what your sexual preference is, seriously! 🙂

      (0)(0)

  4. Doing trading is the best way to earn money. Superior Trading System taught me how to trade effectively. Just google them and see it for yourself.

    (4)(1)

  5. Well Mangal, why don't you tell us how much money the SLP INHERITED from YOUR GOVERNMENT sincethe last project ended in 2011 (just as SLP came in) and no projects since then. It's not simply a matter of what you have now but what was passed on after the last major project when YOUR GOVERNMENT was at the helm.

    (8)(1)

  6. We need God to help us indeed because these deck decks don't have a clue as to how to move St. Lucia forward....excuses won't save us ! Only time will tell!

    (11)(4)

  7. waiting for alphoni and pierre to blame king and anyone but the slp. they were so arrogant right up until the election. what a sorry excuse for a govt

    (7)(3)

  8. Kenny was too busy showboating on his trips around the world to look after his own backyard. Not the first time, and probab;y more such alleged mismanagement will bubble to the surface.

    (32)(25)

    • You are so right. "He did his best" and we know that he did his best. That is why he was kick out. His best was shitty.

      (18)(8)

    • Yeah! His "best" was not to hell good enough! All that bull about degrees. Where in the world did he show that he knew one jack screw that he knew how to manage a country? He had Castro as his mentor. See how they in Cuba are still having "Vive la revolucion!" for breakfast, lunch and dinner?

      (10)(4)

    • But this flambeau government has now absorbed quite a number of them, so what. The more things change the more they remain the same.

      (1)(0)

  9. what the former government has to say on this ? Why no audited financial statement all over the years has produced? .....?!?!

    (27)(25)

      • NIC is the most well oiled government apparatus. The financials are released on point every year as well as the actuarial reviews for a more in depth analysis.

        Stop being lazy and google it, takes less time than coming to SNO to type shate.

        (6)(1)

    • This is not the only one that no financial statement was presented. CCC is the same thing, they just taking the money no accountability. We are in trouble in SAINT LUCIA. The WORLD is in trouble. JESUS is the answer for the world today. Turn to JESUS, HE IS THE WAY THE TRUTH AND THE LIFE.

      (2)(2)

      • Is Jesus the government? Since when? Is Jesus a better accounting firm than Pierre's accounting firm? When is Jesus available for hire?
        We will sure like to have him, but he seems unavailable and not part of the labour force since the time of Peter and Paul. Could you write him a singing bonus check to excite him to come and clean SLP's commess?

        (1)(2)

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