TCI News
Mysterious withdrawals from TCI Bank likely caused its closure; NIB lost millions and still owed
#Providenciales, May 1, 2019 – Turks and Caicos – Three mysterious withdrawals from TCI Bank back in December of 2009 may have been the catalyst for the collapse of the bank four months later in April 2010.
Almost exactly nine years after the colossal event, where millions in depositors’ dollars were reduced to dimes, TCI Bank is back on the radar due to a line of questioning from Hon Doug Parnell, Chairman of the Appropriations Committee.
Among those suffering a dismal and expensive loss was the National Insurance Board, NIB, which not only invested in TCI Bank but held over $17 million in fixed deposits at the bank which ultimately went bust.
It is published that $15.8 million was lost in the failure of TCI Bank by the National Insurance Board.
The move to invest so much – over $22 million in stock and deposits – was categorized as a “bad investment” and one which was made in contravention of the NIB’s own protective policies.
Director of the NIB at the time was Trevor Cooke; he told the Turks and Caicos Weekly News that: “Criticism is expected. TCI Bank has closed its doors, we lost $2m in equity and we stand to lose some, if not all, of the $17.5m we had in fixed deposits.”
The liquidators – Anthony Kikivarakis and Mark Munnings – are still working on the messy matter, but regular reports, which are posted to the TCI Bank website, have exposed that a $5.5 million loan from the NIB in 2009, given to stabilize the bank did not work because of a trio of major withdrawals, amounting to $4.5 million within 90 days of that NIB loan deposit.
The unexplained draw-downs deepened the problems of insolvency at TCI Bank and eventually, heartbreakingly all three branches: Grand Turk, North Caicos and Providenciales were closed.
Last week, NIB Acting Director, Rhesa Cartwright and Financial Controller, Marie Smith appeared before the Appropriations Committee of the House of Assembly.
It was reported by the pair of NIB executives that the losses resulting from TCI Bank’s closure continue to be a part of financial reports; including the NIB’s audit report. Mr. Parnell asked about whether it would be removed.
Marie Smith, Financial Controller responded with, “No, we are not able to, it will remain until the liquidation is completed because the liquidation is still in progress as we speak… and it will also be a point of contention in any audit report that is presented.”
Several media reports explained that over the years and following a successful lawsuit against TCI Bank by the NIB, the $5.5 million of beneficiaries’ monies was returned to NIB.
“We have received reimbursements from TCI Bank; as a matter of fact, we did provisioning of 56 percent of what was outstanding and to date, based on our provisioning the monies we have received back from TCI Bank, we just have a balance, based on the provisioning, of just over $700,000 in receipt. But that does not say that we will receive it because we could receive ‘it’, as well as we could receive more.”
Magnetic Media’s review of various reports reveal that the NIB has recouped around $7 million; approximately $10 million was lost.
“…based on the written down number, we have received – I think – forty-cents out of the dollar.”
Appropriations Committee Chairman Parnell has requested a report on the status of the TCI Bank liquidation in relation to the NIB.
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#tcibankclosure
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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks & Caicos continues to lead the way in sustainability by cultivating a
culture of environmental stewardship across the Turks and Caicos Islands. Through the introduction of biodegradable alternatives, agricultural education and community partnerships, the resort is setting a new standard for eco-conscious hospitality. As part of its ongoing sustainability mission, the resort has replaced single-use plastics and certain chemicals with compostable, biodegradable products derived from natural sources, to reduce pollution and minimize the resort’s carbon footprint.
“At Beaches Turks & Caicos, sustainability is woven into every part of the guest experience,” said Managing Director, James McAnally. “From the products we use to the relationships we nurture, our goal is to make responsible environmental choices that benefit our guests, team members and the wider Turks and Caicos community.”
The resort also practices on-site composting, recycling fruit and vegetable waste from its kitchens to enrich soil and sustain its lush
landscaping. This closed-loop system reduces waste and promotes biodiversity across the property.
Beyond the resort, Beaches collaborates with local partners including schools, government agencies and NGOs to extend green education into the wider community. Through the Sandals Foundation, the resort supports projects such as the installation of water filtration systems, tree-planting activities and biodegradable workshops. Schools like Enid Capron Primary have expanded their farming projects and integrated agricultural science into their curriculum thanks to this partnership. Beaches also leads regular coastal cleanups and reforestation drives which inspires residents and students to play an active role in protecting their environment. “The Earth Guardian volunteers take pride in giving back to our schools and the communities we serve,” noted Public Relations Manager, Orville Morgan. “These initiatives create a sense of shared responsibility that strengthens both our communities and our natural resources.”
With its commitment to biodegradable innovation, sustainable education and environmental action, Beaches Turks & Caicos continues to set the benchmark for biodiversity and sustainability in the Turks and Caicos Islands.
Photo Captions
1st insert: Beaches Turks and Caicos and the Sandals Foundation celebrate with students at the Enid Capron Primary School in a Reading Road Trip experience where guests and students get to experience a cultural melting pot of activity.
2nd insert: Beaches Turks and Caicos resort Simone Woodfine from the Bar Department prepares to plant a tree at one of our schools to celebrate the mission of providing a healthier environment for the Turks and Caicos Islands
TCI News
Turks and Caicos Corporate Community Join Beaches Resort to Raise Funds for Jamaica’s Hurricane Melissa Relief
Turks and Caicos Islands, December 17, 2025 – Corporate partners in and around Providenciales recently joined Beaches Turks and
Caicos Resort raising over US $54,000 to support Jamaica’s Hurricane Melissa Relief effort. The fundraising dinner, aptly titled, ‘One Caribbean, One Family, One Love’ saw over eighteen companies gather on Friday, December 12 to support the recovery of families and the rebuilding of communities affected by the category 5 storm.
“When our Caribbean family calls, we will respond with love,” said Deryk Meany, General Manager of the Beaches Turks and Caicos resort. “Today it is Jamaica that is affected, but tomorrow, it could be the Turks and Caicos or another neighbouring island. We are committed to serving our brothers and sisters and are deeply grateful to everyone who have donated to the cause.”
Since the passage of Hurricane Melissa in Jamaica on October 28, the Sandals Foundation has been working around the clock with local
agencies and international partners to provide shelter essentials, food, and clean water, restore schools, and provide medical support to hospitals. Funds raised at the recent benefit dinner will help bolster the next phase of the philanthropic organisation’s support to rebuild schools and livelihoods in affected communities.
“As we continue to provide essential first-relief support, we have already begun our long-term recovery response,” says Patrice Gilpin, Public Relations Manager at Sandals Foundation. “Many schools, which are the cornerstone of stability, learning, and emotional support for our young ones, require urgent attention. This donation will go a far way in restoring a sense of normalcy in the lives of our youngest and most vulnerable.”
The One Caribbean, One Family, One Love fundraising dinner featured, amongst other things a silent auction of Sandals and Beaches
Resort stays, airline tickets, spa services, catamaran cruise, and private chef dinner. The night’s four course meal was also spearheaded by the TCI’s 2025 Taste of the Caribbean silver medalist culinary team- all of whom volunteered for the event.
Managing Director of the Northern Caribbean and Curaçao, James McAnally expressed delight at the outcome noting, “The success of this event is indicative of the power of partnerships to effect real change. We are grateful to the TCI business community, resort guests and our resort team for coming together and making this moment count.”
Photo Captions
1st insert: Sandals Foundation Public Relations Manager Patrice Gilpin (centre) accepts the cheque from Beaches Turks and Caicos resort General Manager Deryk Meany (left) and Managing Director of the Northern Caribbean and Curacao James McAnally
2nd insert: Members of the Beaches Turks and Caicos resort’s entertainment team were on hand to provide scintillating performances at the event
3rd insert: Beaches Turks and Caicos resort General Manager Deryk Meany (5th left) poses for the cameras with representatives of the Graceway Communities as he personally thanked those who were in attendance
TCI News
Experience Turks and Caicos Projects Month-on-Month Growth of Stayover Arrivals for Winter Season
PROVIDENCIALES, TURKS AND CAICOS ISLANDS – (December 17th, 2025) – As the Turks and Caicos Islands welcomes visitors for the 2025/2026 winter season, forward bookings for the peak travel period from December to March are projected to surpass those of the same period last year. Experience Turks and Caicos is also forecasting steady month-on-month growth throughout the first half of 2026, with forward bookings already tracking ahead of 2025 levels.
“This is welcome news for our tourism sector, which experienced modest declines over the last two quarters,” said Mr. Paul Pennicook,
Interim CEO Consultant of Experience Turks and Caicos. “One of the key drivers of this positive outlook is increased airlift, including a 19 percent increase in capacity from Canada for the winter season and a six percent increase from the United States.” Mr. Pennicook also attributed the improved projections to targeted marketing and trade engagement efforts led by Experience Turks and Caicos, particularly ongoing training and education for travel advisors and tour operator call-centre agents across all key source markets.
“We have maintained a strong presence through product launches and travel trade events such as Delta Vacations University, while significantly increasing the destination’s visibility through co-op advertising with major tour operators in our three primary markets,” he added.
Public relations activity has also played a critical role, with several hosted media visits from journalists in the United States, Canada, the United Kingdom, and Latin America, alongside proactive pitching efforts that resulted in more than 100 placements in travel trade and consumer publications in 2025.
Analysis of current booking patterns also indicates a notable shift toward shorter booking windows. “One major U.S. tour operator reports
that over the past several weeks, approximately 90 percent of bookings have been for travel within the next 60 days,” Mr. Pennicook noted. “Hoteliers are reporting similar trends, suggesting the potential for further growth as we move into 2026.”
Despite the positive outlook, October and November recorded declines in stayover arrivals. Preliminary data shows 30,508 air arrivals in October, representing a seven percent decrease compared to October 2024, largely due to reduced airlift from the United States, Canada, and the United Kingdom as well as the impact of Hurricane Melissa on travel to the region. November recorded 52,547 stayover arrivals by air, a marginal one percent decrease year-on-year.
As the Turks and Caicos Islands welcomes visitors back to its shores this winter season, Experience Turks and Caicos would like to reassure that the island remains safe and welcoming. Statistics from the Royal Turks and Caicos Police Force show that overall crime is down, with a 40 percent reduction in murders. Experience Turks and Caicos is working closely with the police force to ensure tourism areas are well monitored and patrolled to enhance visitor security.
