'Compliance breaches' at broker two years before its collapse
Two different accounting firms had identified serious “compliance breaches” by an insolvent Bahamian broker/dealer up to two years before it collapsed, one finding a $5 million “shortfall” was caused from the unauthorised use of client funds.
BEC saddled by $86m fuel debt
THE Bahamas Electricity Corporation (BEC) currently owes its major fuel supplier more than $86 million, its executive chairman revealed yesterday, adding that the monopoly energy supplier was paying Shell West excess of $18 million a month “just to keep going”.
Top florist targets event planning for 50% of business
The Bahamas’ oldest florist is looking to expand its weddings and event planning operation to 50 per cent of its overall business via its JW Events division, a company executive telling Tribune Business it had seen a 10 per cent increase in its sales year-over-year.
Gulf Union, Suisse Security liquidator seeks 'guidance' on Rule amendments
The liquidator for Gulf Union Bank (Bahamas) and Suisse Security Bank & Trust is heading back to the Supreme Court for “guidance” on whether these cases have to “fall in line” with major changes to the Companies Act’s winding-up rules.
FCC approves $24m Cable acquisition
Cable Bahamas yesterday received approval from the leading US communications regulator for its $24 million acquisition of US Metropolitan Telecom, one of its three Florida-based acquisitions.
Failed broker: $9.7m hangs in the balance
A successful winding-up of Owen Bethel’s Montaque Capital Partners is dependent on recovering $5.35 million owed by the insolvent Bahamian broker/dealer’s clients and affiliates, plus the fate of $4.3 million being claimed by a Canadian provider.
Cable's $89m deals win US national security approval
The US government has taken its foot off Cable Bahamas’ $89 million worth of US transactions, its national security and law enforcement agencies saying they have “no objection” to the Summit Broadband and US Metropolitan Telecom deals.
Albany eyes expansion 'more than ever before'
The multi-million dollar Albany development is aiming to become “more than a place to own a home”, with a recording studio and business and financial centre among the expansion options being assessed by developers.
NAD grounds airline's 5% 'collect fee' plan
A well-known Bahamian airline has been ordered by the Nassau Airport Development Company (NAD) to “cease and desist” from plans to impose a 5 per cent ‘collection processing fee’ on all taxes it remits to the LPIA operator.
THE ART OF GRAPHIX: Coping with the pressure points
Hands up, those who become nervous and foam at the mouth when asked to stand up in front of an audience and say a few words.
BFSB targets sectors for marketing focus
The Bahamas Financial Services Board (BFSB) has selected wealth management, the investment funds industry and the insurance sector as the focus of its 2013 marketing strategies.
'Compliance breaches' at broker two years before its collapse
By NEIL HARTNELL
Albany's 'rock and roll' via 72% Marina unit sales
Albany’s developers yesterday said there was a “possibility” its high-end Marina Residences could be sold-out by summer 2013, telling Tribune Business this could trigger further expansion after achieving $400 million in real estate sales to-date.
Ex-BEC director: $100m 'poured out' after tariff cut
A former Bahamas Electricity Corporation (BEC) director yesterday blasted the first Christie administration for the basic tariff reduction that caused “$100 million of equity to pour out” of the utility, arguing that it had never recovered from this.
'Imagine the jobs if $600k electric bill slashed 25%'
The Bahamas Electricity Corporation (BEC) “crisis” is driving entrepreneurs out of business, a leading private sector official warned yesterday, adding that the nationwide electricity bill for his company totalled $600,000 per annum.
