Insurer invests $3.45m in ‘bad mortgage’ JV
An insurer yesterday said it will “get a bigger bang for the buck” from investing $3.45 million in a joint venture, also involving its chairman, which aims to alleviate the Bahamas’ bad mortgage crisis.
Bahamas urged: ‘Bite bullet’ on registered land
Arawak Homes’ president yesterday agreed that the Bahamas needed to “bite the bullet” and switch to a registered land system, in a bid to prevent frauds that have victimised hundreds of real estate purchasers.
Bank: Correspondent pull back vindicates web shop refusal
Commonwealth Bank’s president yesterday said the increasing ‘pull back’ by correspondent banks from the Caribbean had vindicated its decision not to accept web shop industry deposits.
Private sector alert over VAT late fees
The private sector was yesterday warned to be on its guard as April’s Value-Added Tax (VAT) payment deadline looms, after bank-related delays resulted in numerous businesses incurring financial sanctions last month.
Social Services audit: Taxpayers will pay price
“Beleaguered taxpayers” will pay the price of the corruption exposed at the Department of Social Services, a well-known ‘fiscal hawk’ yesterday saying: “It’s just mind-boggling.”
Gov’t ‘lacks foresight’ over aviation reforms
A leading Bahamian aviation executive said yesterday that while he supported “long overdue” civil aviation reforms, there was “a lack of foresight” in the Government’s approach to this sector.
Gov’t urged: ‘Take heed’ of Social Services report
A former Cabinet minister who had responsibility for the Department of Social Services when in office yesterday urged the Government to “take heed” of the Auditor-General’s damning fraud and corruption-related findings.
Condo complex eyes $100m sell-out tag
A Paradise Island condo complex’s developer said yesterday that just two of the 15 units it initially made available for sale remain, with 100 persons now employed on-site for its construction.
Social Services ‘grossly negligent’ on $4m spend
The Auditor-General has slammed the Department of Social Services for “gross negligence” in allowing $4.237 million to be paid to suppliers without proper authorisation, exposing it to potential fraud and corruption.
Five more families hit by land fraud
Five families have become the latest victims of a massive New Providence land fraud, after the Court of Appeal affirmed that Arawak Homes had superior title to their properties.
Social Services staff shredded documents ‘to conceal fraud’
Government employees have been accused of shredding accounting records “to conceal” corruption and wrongdoing, including a fraud involving food stamps normally issued to poor Bahamians.
Gov’t not meeting obligation to 33% of social workers
The Government is not living up to its obligations to the 33 per cent of Department of Social Services staff who were initially hired via the Unemployment Assistance Programme, the Auditor-General has warned.
No short-term ‘difference’ via Credit Bureau
The proposed Bahamas Credit Bureau will “not make any difference” in the near term, a top Bahamian banking executive yesterday suggesting it would take four-five years from inception to become an effective tool in assessing borrowers.
Jobs concerns for $1.6bn National Insurance fund
Prime Minister Perry Christie yesterday said the Government is “working hard” to sustain the financial services industry, given the threats posed by correspondent banking ‘de-risking’ and other initiatives.
Aviation reforms bring Bahamas ‘into 21st century’
A Cabinet Minister yesterday said the Civil Aviation Bill 2015 and accompanying regulations would take the Bahamian aviation sector “into the 21st century”, creating a new regulator with responsibility for aviation security and safety.
