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Pensioners left with 30% in City Markets HQ sale

* Claim trustees ‘not acting in our best interest’ * Trustees retain 27% of $3m sale to AML Foods * And lawyer paid almost one-third of proceeds

City Markets pensioners have been “kept in the dark” over the $3 million sale of the plan’s main asset, with just 30 per cent of the proceeds seemingly left for their benefit.

MSC warns over Customs change shipment delays

The world’s second largest cargo shipper has warned Bahamian companies that their imports will be delayed “until the next sailing” if manifests are not made for compliance with Bahamas Customs’ new requirements.

Union: No concern over BEC manager integrity

A BEC union leader yesterday said he had no concern over the integrity of its preferred management partner due to assurances given by the Government, telling Tribune Business: “It is what it is”.

'Unsustainable' costs drive Old Fort Club's 67% fee rise

By NEIL HARTNELL Tribune Business Editor The exclusive Old Fort Bay club yesterday warned members it had "no alternative" but to implement the first ever increase in annual membership dues, raising them by 67 per cent to $5,000 per year, given that costs

'UNSUSTAINABLE' COSTS DRIVE OLD FORT CLUB'S 67% FEE RISE

By NEIL HARTNELL Tribune Business Editor The exclusive Old Fort Bay club yesterday warned members it had "no alternative" but to implement the first ever increase in annual membership dues, raising them by 67 per cent to $5,000 per year, given that costs

Lyford Cay Club in $17m shopping centre purchase

The Lyford Cay Club is moving to close a $17 million deal to acquire its old shopping centre from New Providence Development Company, with plans to convert it into a mixed-use retail, residential and marina project.

Bimini Big Game unveils new logo

THE Bimini Big Game Club Resort & Marina's owners have unveiled as new logo design that will represent the 51-room property in all future marketing and branding initiatives.

$20-$30M INVESTMENT AT LAST HOTEL CORP HOTEL

By NEIL HARTNELL Tribune Business Editor An Illinois-based investor is eyeing a $20-$30 million investment during the first two phases of its plans to transform the last Hotel Corporation-owned property into an upscale boutique resort, with talks aiming

Rival Bahamian bidders in fight for last Gov’t hotel

Rival Bahamian-led bids with strong Andros connections are battling to acquire the last government-owned hotel, Tribune Business can reveal, with at least one proposal focusing on eco-tourism. Prescott Smith, owner of Stafford Creek Lodge, confirmed to Tribune Business that he was heading one group seeking to buy the Fresh Creek-based Lighthouse Club from the Government-owned Hotel Corporation of the Bahamas.

BEC manager-elect slams 'fraud by hindsight' claim

The Bahamas Electricity Corporation's (BEC) prospective manager has dismissed as "fraud by hindsight" claims that it artificially inflated its stock price prior to a one-day wipe-out that erased $250 million in shareholder value.

ATLANTIS OWNER 'OUT OF MONEY AT $2.3BN PI SALE

By NEIL HARTNELL Tribune Business Editor The Atlantis resort's potential new owner could lose the entire $175 million it is owed if the proposed debt-for-equity swap with Kerzner International fails to go through, a lawsuit seeking to block the deal is a

ATLANTIS OWNER 'OUT OF MONEY AT $2.3BN PI SALE

By NEIL HARTNELL Tribune Business Editor The Atlantis resort's potential new owner could lose the entire $175 million it is owed if the proposed debt-for-equity swap with Kerzner International fails to go through, a lawsuit seeking to block the deal is a

Minister to activists: Don’t deny us jobs

A Cabinet Minister yesterday urged environmental activists to be “balanced and responsible” when launching legal actions against legitimate developers, warning that these could deny Bahamians much-needed “economic benefits”.