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Bahamas shrugs off FTX for perfect ‘40 out of 40’
The Bahamas yesterday shrugged off FTX’s implosion through what the attorney general hailed as the “enormous accomplishment” of a perfect score in the fight against financial crime.
Ex-AG: Don’t let ‘proper’ FTX collapse probe slide
A former attorney general yesterday warned The Bahamas against letting a “proper probe” into FTX’s implosion slide because of its perfect score in the financial crime fight and Sam Bankman-Fried’s departure.
Investor seeking $2.7bn in South Ocean dispute
A controversial Austrian investor is pledging to seek an extraordinary $2.7bn in damages if his attempted acquisition of New Providence’s 384-acre South Ocean resort is ultimately thwarted.
CCA: We’ll ‘be laughed at by world’ if Baha Mar not open
Top executives at Baha Mar’s main contractor voiced fears they would “be laughed at by the world” if the mega resort’s target 2015 opening was missed while admitting to multiple “shortcomings and deficiencies” in its construction.
‘Lots of muscle’ required for $142m toxic BOB pile
The Bank of The Bahamas bail-out vehicle must now employ “lots of muscle” to recover its remaining “toxic” loan collateral valued at $142m, its chairman revealed yesterday.
FTX shows Bahamas can’t ‘live or die’ by one investor
Governance reformers are arguing that FTX’s implosion further reinforces that there is “no silver bullet to solve our economic growth issues coming out of Dorian and COVID-19”.
‘Wild Wild West’ web shop oversight hits Gaming Board
* AG: ‘Difficulty’ undermines ‘blue ribbon’ status * Gov’t ‘seconding’ anti-money launder specialists * Will ‘address forthwith’ web shop money transfers
THE Gaming Board’s “blue ribbon” reputation has been hurt by taking on regulation of the “Wild Wild West” web shop sector, the Attorney General said yesterday. Carl Bethel QC told Tribune Business that the Government was now seconding more experienced anti-money laundering regulators from other agencies to the Gaming Board in a bid to get to grips with a sector deemed “high risk”.
Enterprises Bill compared to ‘fighting cancer with band-aid’
A well-known businessman has compared the Government’s Commercial Enterprises Bill to “fighting cancer with a band-aid”.
Baha Mar expat staff face October 31 wait
Former foreign employees of Baha Mar have to wait until October 31 to see if they will recover what is owed to them, while their Bahamian counterparts have been reminded of the “take it or leave it” approach.
Ex-minister: Dingman case 'waste of judicial resources'
Trying the $1.1 million damages claim against Jamie Dingman's failed Nassau restaurant empire in New York will be "a waste of judicial resources", a former Cabinet minister is arguing.
Buyers 'pull back' on Moody's threat
International buyers are "pulling back" due to uncertainties caused by Moody's threatened downgrading of the Bahamas to 'junk' status, realtors have warned.
Air freight operators in Bahamas boycott threat
Florida-based air cargo companies are threatening to boycott the Bahamas over the new Customs fees and fines set to be introduced tomorrow, with this newspaper told: “It’s D-Day time.”
Baha Mar becoming ‘huge white dinosaur’
A former Baha Mar director yesterday warned that the Government will soon “have a huge white dinosaur on their hands”, despite the project’s secured creditor promising that a solution is being developed.
Ex-minister pledges to battle $2.57m reversal
An ex-Cabinet minister has pledged "to fight on principle" a $2.57 million damages award against himself and his law firm, which the Court of Appeal last week backed as enforceable.
BTC owner dismisses Cable’s mobile threat
The Bahamas Telecommunications Company’s (BTC) controlling owner yesterday dismissed the competitive threat Cable Bahamas will pose if it wins the second cellular licence, saying it was “not a big player” when compared to the likes of Digicel.
‘Wonderful opportunity’ for Long Island revival
The resolution to a 10-year dispute over Long Island’s one-time largest employer presents “a wonderful opportunity” to revive the island’s economy, its MP yesterday describing the surrounding area as “ghost town”.
Contractor loses ‘millions’ in 4-year BEC theft fight
A former Bahamian Contractors Association (BCA) president yesterday said his business had lost “millions of dollars” during his four-year fight against electricity theft charges, and he was now trying “to put the pieces together again”.
Court: ‘No deal’ for 25,000 acre property
An $11.5 million deal to purchase the 25,000 acre property that was once Long Island’s largest employer cannot be concluded because there was never “an enforceable sales contract”, the Privy Council ruled yesterday.
Freeport: Further uncertainty over VAT TIN demand
Fears are mounting that Freeport’s commercial environment is being further stifled by a new Customs edict that all Grand Bahama Port Authority (GBPA) licensees must obtain a VAT TIN number.
NHI: Gov’t warned on ‘significant error’
The Government is “making a significant error” over National Health Insurance (NHI) by allowing the initiative to become potentially “divisive”, a well-known businessman warned yesterday.
