S&P: Bahamas will avoid ‘grey listing’ from Panama Papers
The Bahamian financial services industry has received a major vote of confidence from Standard & Poor’s (S&P), which believes this country will not be ‘blacklisted’ or ‘greylisted’ as a result of the ‘Panama Papers’ leak.
Baha Mar: Bahamian creditors owed $170m
The continuing uncertainty surrounding the $3.5 billion Baha Mar project is “jeopardising the Bahamas’ fragile growth prospects”, Standard & Poor’s (S&P) believes, with local companies owed a collective $170 million.
BOB needs $30m capital injection
Bank of the Bahamas needs to increase its capital base by $30 million to meet global regulatory requirements, with its Board now assessing “various options” to achieve this.
Receivers ‘delusional’ if thinking Sarkis’s offer can be beaten
Sarkis Izmirlian says efforts to ‘buy back’ his $3.5 billion development have been foiled because Baha Mar’s receivers have failed to provide him with details and “timelines” on the Supreme Court-approved sales process they are running.
Financial services is over ‘as we knew it’
The Bahamas must accept that the financial services industry it has relied upon for decades is over, a well-known executive saying: “We are going to have to step up our game.”
BOB chair admits political influence over past lending
Bank of the Bahamas chairman has admitted that political considerations influenced lending decisions under previous Boards, amid warnings that a turnaround is impossible until fundamental corporate governance flaws are fixed.
FNM urged: Push on BOB report tabling
The Free National Movement’s (FNM) former chairman will urge his party’s leadership to demand that the Government table a controversial report on Bank of the Bahamas in Parliament.
BOB turnaround to last 18-24 months
Bank of the Bahamas’ turnaround will take at least 18-24 months, its chairman has implied, with a Restructuring Committee appointed to oversee its progress.
‘Collective will’ urged to boost productivity
A well-known Bahamian financial services executive has called for “collective will” to ensure productivity levels improve, arguing: “We can no longer accept the status quo.”
BOB allows for two ‘minority’ directors
Bank of the Bahamas will hold an Extraordinary General Meeting (EGM) within the next 90 days to elect two minority shareholder representatives to its Board of Directors.
Sarkis’s latest Baha Mar offer ‘in vain’
Sarkis Izmirlian’s latest offer to purchase Baha Mar is in vain because the project’s receivers and secured lender cannot negotiate deals outside the Supreme Court-approved sales process, Tribune Business was told yesterday.
Freeport’s web shops ‘can’t serve 2 masters’
A web shop chain was yesterday given leave to issue Judicial Review proceedings against the Grand Bahama Port Authority (GBPA), its attorney arguing: “We cannot serve two masters.”
Dingman hits back on failed Nassau eateries
Bahamian creditors are facing opposition to their push for a $1.113 million default judgment against Jamie Dingman’s failed Nassau restaurant empire.
‘Damning indictment’ on our governance
The Democratic National Alliance’s (DNA) leader yesterday said the US government had issued “a damning indictment” of the Bahamas’ governance through its criticisms of corruption and a non-transparent public sector procurement process.
Waste provider eyes tyre recycle revival
A waste services provider is hoping to revive tyre recycling, but warned that the venture depends on receiving a higher price from the Government.
