The following statement was released on Tuesday, October 4, 2022 by One Bermuda Alliance MP Michael Dunkley, the Shadow Minister of National Security…

It comes as no surprise that the SEC, after an investigation, has filed charges against Arbitrade, a Bermudian company, and its principals.

It is surprising and shocking that the PLP Government led by Premier David Burt, who stated in Parliament that “enhanced due diligence was carried out accessing the international Interpol system” could not see that this entire operation was a sham and a pump and dump!

The claims made by Arbitrade raised red flags with anyone who had an ounce of common sense. The Government was warned over four years ago that the company was a sham. The Opposition was consistent in calling out that government should be very wary of any relationship with Arbitrade.

In 2018, I asserted that Arbitrade and its outlandish claims raised glaring red flags! The PLP government even granted them a license to purchase Victoria Hall!

When questioned in Parliament and often publicly through the media, the OBA opposition was met with fierce push back by Premier Burt and his colleagues.

The PLP Government has shown its judgement is poor to say the least and the support of Arbitrade has cast a dark shadow over the island’s reputation.

It did not have to be this way.