TCI News
TCI: Oswald Skippings – Scotia Bank Closures
#Providenciales, June 11, 2018 – Turks and Caicos – This Scotia Bank bombshell dropped on The Turks and Caicos government and people in recent days, is a substantial addition to the gloom and doom that currently exist in Grand Turk post the onslaught of hurricanes Ike, Irma and Marie and the drastic failure of recent administrations.
It is an aggravation to the already high unemployment, the lack of commercial activity and other prevailing woes that have overshadowed Grand Turk over recent years. The fact is, the nation’s capital of Grand Turk will now have only one commercial bank, a situation that is definitely not attractive nor conducive to industrial and economic growth.
Heretofore, Government had a choice in selecting its banker, now it has no such choice. Therefore, government has no bargaining powers in selecting its banker and civil servants in both Grand Turk and Providenciales will be forced to deal with First Caribbean Bank as it is inconceivable that government would have two different banks to facilitate its financial business.
This move would inevitably increase inconvenience to First Caribbean customers in Grand Turk who are already faced with long, slow lines because of inadequate customer service, inclusive of their one and only ATM that is already too often dysfunctional.
This move also creates inconvenience in Providenciales by the closure of the Grace Bay facility, thereby adding tremendous pressure to the remaining one and only Scotia Bank in the most commercially active island in the Turks and Caicos.
It should be noted that if the lack of profitable, financial activity is a contributor to this drastic decision, then one must consider the hundreds of millions of dollars that are being remitted to foreign countries by work permit workers while so many Turks and Caicos Islanders are not employed. Therefore, this highlights further justification for the public and private sectors to first and foremost guarantee jobs for our very own Turks and Caicos Islanders whose monies will remain here in the banks and be invested here in the islands thereby creating even further and more profitable economic activity for the banks thereby guaranteeing their success.
These sorts of disasters should bring us to the realization that if we are to overcome the multitude of problems that are besieging us daily, there are some inherent political anomalies that we as a people need to recognize, admit to and commit to fix forthwith! For example.
When the HONORABLE Derek Taylor the then chief minister, conceived the idea, initiated the move and laid the foundation to establish a Turks and Caicos Bank, it was a visionary and noble aspiration. However, once again this was ruined by cronyism and selfish, greedy politicians, and unfortunately, blindly supported by overzealous irresponsible party supporters who not unlike now, put a blind eye to anything and everything 
wrong, oppressive or retrogressive their ruling party was doing.
It is why unless and until we as a people stop voting for a great, noble and heroic man that is now dead and political parties whose core principles and ideologies have also died, and begin to vote for committed, patriotic people with vision and intestinal fortitude, whether they be from a third forth or fifth political party or be independent candidates, we will continue to be duped, taken for granted and exploited by uncommitted and incompetent politicians, who are no longer held accountable by those of us who vote them into office.
It is obvious that the introduction of Trade Unions is long overdue and would undoubtedly go a long way in meeting many of the needs especially of the working populace. However, from a development, investment and an overall economic standpoint for Grand Turk, this does not eliminate the need for a commercial bank.
As a permanent and practical solution to this huge problem that we are experiencing with Scotia Bank, the Turks and Caicos Bank must be reinstated! Preferably, its board of directors must not be infested with politicians and or close relatives of politicians at all. However, if politicians are placed on the board of directors, then politicians from all sides should enjoy that privilege. This is the only way independent, bi-partisan, transparent and public scrutiny will be guaranteed, and it would then be next to impossible for corruption to rear its ugly head again and effect the closure of such a much needed national facility.
Turks and Caicos, December 4, 2025 – For the first time in his long political career, former Premier Michael Misick appeared on Drexwell Seymour’s “Financially Speaking” radio programme this week — and he used the platform to forcefully reject the Government’s new 60/40 business-ownership model, arguing that Turks and Caicos Islanders are once again being positioned to lose ground in their own country.
The interview came at a pivotal moment: the Washington Misick Administration has just issued a detailed press statement confirming that the controversial 100% Islander-only ownership requirement — praised by some as overdue protectionism and criticised by others as unconstitutional and discriminatory — was never Cabinet’s intended position. A “drafting error,” the Government now says, caused the blanket 100% clause to appear in the Business Licensing (Amendment) Bill, prompting a pause in Parliament and a full review.
This week, Cabinet reaffirmed its balanced 60/40 framework, arguing that meaningful majority control for Turks and Caicos Islanders must coexist with access to external capital, expertise, and investment partnerships. The Government cited international models, financing constraints for local entrepreneurs, and the need to avoid “harsh outcomes” that could unintentionally weaken local businesses or violate constitutional safeguards. It further pledged strengthened anti-fronting mechanisms, tighter oversight, and mandatory protections for local shareholders.
But Michael Misick isn’t convinced.
During the wide-ranging RTC interview, the former Premier dismissed the 60/40 model as inadequate and accused successive governments
of diluting the rights and economic standing of heritage Turks and Caicos Islanders. He argued that fronting has flourished under the existing 51% rule, and that only full, uncompromised Islander ownership in certain industries can prevent locals from being reduced to symbolic partners with no real power. Misick described the Business Licensing Board’s disappearance, the rise of unchecked approvals, and the growing dominance of expatriate capital as evidence that the country is “losing itself, bit by bit, every sunrise.”
Seymour, a CPA and economic commentator, echoed concerns about fronting and asked whether the territory’s leaders were “afraid” to implement robust protections. Misick went further, accusing modern politicians of lacking political courage and failing to defend the long-term interests of heritage Turks and Caicos Islanders.
“Every time legislation comes to empower our people, there is resistance,” Misick said.
“When it’s something that penalises our people, no one objects.”
The Government’s clarification attempts to neutralize that narrative, insisting Cabinet did not “retreat” under pressure but merely corrected an error to restore policy integrity. Still, the timing — after months of public debate, stakeholder pushback, and ongoing reference to the Grant Thornton economic impact report — has only deepened suspicion among critics who say the Administration is wavering.
What is clear is this:
The Business Licensing reform has cracked open the deepest unresolved question in the Turks and Caicos Islands — how to protect a small population from economic displacement while maintaining an investment climate that supports national development.
With Parliament scheduled to revisit the Bill this month, the clash between political philosophy and economic pragmatism is now on full display. And as Misick made clear on RTC, this debate will define not just policy, but identity.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
December 4, 2025 – Hollywood legend Bruce Willis – arguably the most famous former home owner in Turks and Caicos Islands – is facing the most difficult role of his life and turning it into one last act of service.
Willis, 70, retired from acting in 2022 after his family revealed he had been diagnosed with aphasia. The following year, specialists
confirmed he is living with frontotemporal dementia (FTD), a degenerative brain disease that attacks language, behaviour and personality.
In recent interviews and appearances, his wife Emma Heming Willis has said Bruce is “surrounded by love and care” and that the family is learning to find joy in new ways, even as the disease progresses.
Now, Heming Willis has gone further. In her 2025 memoir The Unexpected Journey, she writes that the family has decided Bruce’s brain will be donated to science after his death to advance research into FTD. That decision has been highlighted in recent coverage by futurist and science outlets, which describe it as a carefully considered step after months of watching a still-physically-strong man steadily lose speech, reading and independence.
Neurologists have long stressed how rare donated brain tissue is for FTD, and how essential it is to understanding which proteins, mutations and mechanisms are actually driving the disease. The Willis family’s choice means the brain that powered some of cinema’s most iconic characters could one day help researchers diagnose the condition earlier and design better treatments – even if it cannot help Bruce himself.
For Turks and Caicos, the story lands close to home. For nearly two decades Willis owned “The Residence” on exclusive Parrot Cay – a 7.3-acre, Asian-inspired beachfront compound with a five-bedroom main house, two guest villas and a yoga pavilion. He and Emma listed the estate in March 2019 for US$33 million; it sold a few months later for about US$27 million, one of the biggest residential deals in TCI history.
So, while Bruce Willis no longer has a physical address in Turks and Caicos, his connection to these islands remains part of his global story – a story now shifting from blockbuster fame to medical legacy, as his family turns private heartbreak into a public contribution that could change what we know about dementia.
Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.
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