The Tribune

• Chief executive says company operating from building it owns

• Says payments fell behind due to legal wrangle’s effect on funds

• Notice was posted to door saying landlord had changed the locks

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Arawak X is still operating despite an eviction notice on their doors in their Sandy Port offices, its chief executive said.

The crowdfunding platform has instead moved to its own building off Joe Farrington Road, with the company attributing the payment delay to legal issues being ironed out with one of its financiers.

CEO D’Arcy Rahming Sr told Tribune Business that despite the notice on the door, the company has not been evicted, but made the decision to operate in a building it owns rather than incurring more costs at its Sandy Port Investor Education Centre.

Mr Rahming was responding to Tribune Business queries on an eviction notice from the Sandy Port Development Company circulating on social media that was posted on the crowdfunding platform’s doors.

The letter, which was undated, said: “Notice to Tenant: The Landlord has changed the locks, do not enter the premise. We hereby serve notice that the tenant is in default of the lease, and we request that you cure the default. Sandy Port Development Company.”

Mr Rahming said: “We are a Fin-Tech company and designed to operate remotely as we did during the pandemic. However, because we want direct contact with our customers, investors and people who come and see us we have the offices in Sandy Port.”

He added: “We are operating fully and we are transitioning our operations centre to a building that we own.”

There are no active issues on Arawak X currently and the company’s Bank of The Bahamas accounts were ordered unfrozen on May 16, 2023, by Justice Simone Fitzcharles after six months due to a legal dispute Arawak X’s parent company, MDollaz, had with a former financier - one-time Colina Insurance Company president, James Campbell, in a battle for control of the crowdfunding platform.

Mr Rahming said: “During this time we haven’t been able to generate any revenues or put any funds into the company. We recognise the impact of our Sandy Port offices as a Community Investor Education Centre and we intend to be reopening that shortly as well.

“We fell behind in our bill because during this takeover, audit and examination period we haven’t been able to generate any revenue or inject any funds, including our own into the company.”

Despite having won in court against Campbell, Mr Rahming said they are still undergoing further examinations to ensure the company is operating in a manner that is “acceptable and consistent” with the jurisdiction.

Arawak X is awaiting Securities Commission of The Bahamas approval to list 28 companies on the crowdfunding exchange, the company said in an email to subscribers earlier this month.