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Mysterious withdrawals from TCI Bank likely caused its closure; NIB lost millions and still owed

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#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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Durliat Delivers Bronze as TCI Swim Team Earns Hero’s Welcome

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PHOTOS COURTESY OF THE TCI SPORTS COMMISSION

 

Turks and Caicos, April 14, 2026 – The Turks and Caicos Islands is celebrating a proud moment in aquatics, led by standout swimmer Luc Durliat, who secured the country’s lone medal at the 2026 CARIFTA Aquatics Championships in Martinique.

Durliat captured bronze in the Boys 11–12 200m Butterfly, clocking an impressive 2:39.33 after advancing through multiple rounds, showcasing both endurance and composure in the pool. His performance stood out in a highly competitive field and signaled growing strength in the territory’s aquatics programme.

The Turks and Caicos Islands Swimming Federation praised the young athlete’s achievement, stating:

“Congratulations to Luc Durliat on winning bronze in the Boys 11–12 200m Butterfly at the CARIFTA Aquatics Championships 2026, proudly representing the Turks and Caicos Islands National Team. Your hard work, determination, and strong performance in the pool have made Turks and Caicos proud.”

Durliat’s medal came amid a broader showing of progress by Team TCI, with several swimmers delivering personal best performances throughout the competition. Among them were Isaac Farley, Anaiah Alleyne, Kian Jules, Ezekiel Martin and Rishith Gururaja, all of whom posted significant improvements, underscoring the team’s upward trajectory.

Minister of Education, Youth, Sports and Culture Rachel Marshall Taylor also commended the team’s efforts, highlighting Durliat’s resilience and the wider gains in the sport.

“In the pool, Luc Durliat showcased resilience and competitive spirit, earning a bronze medal in the 200m Butterfly… His performance stands as a testament to the growth and promise of aquatics in the Turks and Caicos Islands,” she said.

The team returned home to a celebratory reception organized by the Turks and Caicos Islands Sports Commission, beginning with an airport welcome at the Providenciales International Airport, followed by a motorcade and press conference.

The homecoming not only honored Durliat’s podium finish but also recognized a team that continues to build momentum on the regional stage—proving that while the medal count may be small, the impact is growing.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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Multi-Agency Enforcement Action Conducted at Caicos Lodge

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Providenciales, Turks and Caicos Islands, 14 April 2026The Informal Settlements Unit (ISU), in coordination with the Planning Department and key partner agencies, conducted a multi-agency enforcement exercise on Thursday, April 9, 2026, at Block and Parcel 60802/49 and 60802/65, located in the Caicos Lodge area.

The operation was led by the Planning Department, with coordination by the ISU and support from the Royal Turks and Caicos Islands Police Force, the TCI Border Force, Pelican Energy TCI, and DevCon Power Supply. All agencies worked collaboratively to ensure the exercise was carried out in a safe, orderly, and controlled manner.

The enforcement action followed a structured and lawful process in accordance with the Physical Planning framework of the Turks and Caicos Islands. A total of fifty (50) unauthorized structures were removed during the exercise.

Section 45 Enforcement Notices were first issued on the affected parcels on December 11 2024, identifying unauthorized structures in illegal occupation. This was followed by the issuance of Warning Notices on March 26 2026, which clearly advised occupants that they were in breach of planning and land use regulations and provided a 14-day period to remove the structures voluntarily. Despite these notices and the time afforded for compliance, the unauthorized structures remained in place.

The Government wishes to emphasize that the structures removed were unauthorized developments, constructed without the required planning approvals and in breach of established building and land use regulations.

Planning regulations exist to ensure that all developments meet minimum standards for safety and structural integrity. Unauthorized settlements, regardless of appearance, often lack these safeguards and can pose serious risks to occupants and the wider community.

The enforcement of these regulations is therefore not only a legal obligation, but a necessary measure to protect lives, property, and public health.

The Turks and Caicos Islands Government remains fully aware of the housing challenges currently facing the country. However, unlawful development cannot be allowed to proliferate in a manner that compromises safety, undermines planning systems, and infringes on property rights.

All persons undertaking construction or occupation of land must do so in accordance with the law, including obtaining the necessary planning approvals.

The Government will continue to work collaboratively across agencies to:

  •  Uphold planning and development regulations
  •    Protect private and public lands
  •  Prevent the expansion of unsafe and informal settlements
  •  Advance long-term solutions for sustainable community development

This exercise represents part of an ongoing commitment to ensuring that development within the Turks and Caicos Islands is lawful, safe, and aligned with national standards.

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What Planning Board Meeting Exposes about Housing Development in Providenciales

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Turks and Caicos, April 14, 2026 – Planning data from the March 31, 2026 Physical Planning Board meeting points to a clear and consequential trend in Providenciales: a steady rise in approvals for multi-unit residential developments, reflecting growing demand for rental housing on the island.

Applications reviewed at the meeting include apartment buildings ranging from small two-unit structures to larger developments with up to 15 units, along with extensions to existing buildings to add additional floors and living space. The pattern is consistent across multiple submissions—developers are no longer focusing primarily on single-family homes, but instead are maximizing land use to accommodate more residents per parcel.

This shift signals more than just a change in construction style; it reflects mounting pressure within the housing market. Providenciales has been experiencing sustained population growth, driven by economic opportunity, migration and labour demand, all of which are placing strain on available housing stock. As a result, rental inventory has tightened, with many residents facing limited options and rising costs.

In that context, the Planning Board’s approvals suggest that the market is responding—perhaps not through a coordinated housing policy, but through private development adapting to demand. Multi-unit dwellings, apartment complexes and building expansions are emerging as practical solutions to increase housing availability in a setting where land is finite and demand continues to climb.

At the same time, the data reveals that not all proposed developments are moving forward without delay. Several applications, including larger-scale residential projects, were deferred, indicating that regulatory review remains active and that some proposals require further scrutiny or modification before approval. This points to a balancing act between facilitating growth and maintaining planning standards.

What emerges from the meeting is a picture of an island adjusting in real time. Housing development is becoming denser, more vertical and more responsive to immediate needs, as opposed to long-term master planning.

For residents, the implications are significant. Increased rental units could help ease the current shortage, but questions remain about affordability, infrastructure capacity and whether the pace of development can keep up with demand.

In the end, the Planning Board data offers a grounded look at how Providenciales is evolving—not through announcements, but through approvals that reveal where the pressure truly lies.

Beyond housing, the meeting also revealed a mix of supporting and stalled developments shaping the wider growth picture. Among the notable approvals were a warehouse and distribution centre, pointing to expanding commercial and logistics needs, and a boat ramp in Providenciales, signalling continued investment in marine access infrastructure.

At the same time, several applications were deferred, including proposals for solar farms and larger-scale residential developments, suggesting that while demand is strong, not all projects are advancing at the same pace. The combination of approvals and deferrals highlights a development environment that is active but still navigating regulatory checks, infrastructure readiness and planning requirements.

The 786th Ordinary Meeting of the Physical Planning Board was held on March 31, 2026, in Providenciales, with participation both in person and via video conference. Acting Chairman Trent Dickenson presided over the session, joined by members Dondre Brooks and Terrell Gardiner, along with ex-officio members Dainer Lightbourne from Planning and Jamall Blair from the Department of Environment and Coastal Resources. Supporting the Board were key technical staff, including Deputy Director of Planning Toriano Williams, Assistant Director and Secretary Reginald Charles, and Land Use Planner Britney Simmons, reflecting a full complement of planning and environmental oversight at the sitting.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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