Bahamas News
Bahamians got $100 Million out, before Bankruptcy Filing of FTX… John Ray testifies
Shanieka Smith
Staff Writer
#TheBahamas, December 16, 2022 – Following the arrest and eight counts of criminal charges of FTX’s Former CEO, Sam Bankman-Fried, more wrongdoings have been revealed. Yet, customers’ money cannot be accounted for.
The new CEO, John Ray III, revealed that the company has no form of record-keeping other than Quickbooks, bookkeeping software.
“We’re dealing with literally a sort of a paperless bankruptcy in terms of how they created this company,” said Ray. He added that he doesn’t trust the records that are available.
“We’ve lost billion dollars of customer money. So by definition, I don’t trust a single piece of paper in this organization.”
He believes the entire situation is “old-fashioned embezzlement,” as money was taken from customers and used for personal purposes. FTX filed for chapter 11 bankruptcy in November after billions in customer funds were reportedly transferred to Alameda Research, Bankman-Fried’s hedge fund.
Ray confirmed that 24 hours before FTX filed for bankruptcy, about 1,500 Bahamians were allowed to withdraw some $100 million, while other investors were denied the chance, having been blocked from their accounts.
FTX’s Twitter account revealed that this was done as per Bahamian regulators’ request. Nonetheless, the securities commission in The Bahamas denied this, saying they did not authorize FTX to prioritize Bahamian clients only.
Additionally, Speaking to the panel at the hearing on Tuesday by the House of Financial Services Committee, Ray
said the company was in touch with law enforcement just the day after FTX filed for bankruptcy. Assets were moved out after the bankruptcy occurred.
Ray said they determined money was removed both by a hack and by the Bahamian authorities. He is not sure why the money was taken by Bahamian authorities, however, the authorities reported it was the intention of protecting creditors.
The new CEO of the failed cryptocurrency exchange, FTX had asked for clarity and transparency from authorities but was denied.
Ray had also been asked whether he believes that Bankman-Fried was attempting to undermine US federal bankruptcy law by moving assets to Bahamian Authorities; he said “yes.”
Rashaed Esson
Staff Writer
#TheBahamas, September 29, 2023 – With moves to deepen ties, governments of The Bahamas and Qatar have signed a Memorandum of Understanding (MOU) to solidify agreements in principle surrounding the development of aviation and other related services.
This is according to Chester Cooper, The Bahamas Deputy Prime Minister and Minister of Tourism, Investment and Aviation in a Facebook post.
This comes after The Bahamas Government in a press release on September 24th, revealed that Cooper, was set to meet with the head of Qatar Airways to have talks regarding “multiple mutually beneficial aviation opportunities for both countries.”
The release also said the deputy prime minister and the Bahamas Ministry of Tourism, Investment and Aviation are working on “forging strategic partnerships with several Middle Eastern countries to strengthen ties to The Bahamas and the Caribbean,” and this new signing is indicative of such efforts.
Following the September 25th signing, on September 27th, Kenneth Romer, Deputy Director General of Tourism for The Bahamas informed via Facebook some details of the agreement saying, “we have now established a framework for cooperation and formed strategic partnerships with Qatar Airways, Qatar’s Transport, Aviation and Investment Agencies and The Qatar Aeronautical Academy, that will benefit our country.”
Regarding further efforts for the improvement of The Bahamas, Cooper announced on Facebook again on Tuesday September 26th that both countries are working to make Nassau a passenger hub for Latin America and the Caribbean adding that talks are being held for Grand Bahama as a cargo hub.
Additionally, as the press release informed, Cooper is preparing for an on ground visit of Bahamasair domestic operations by Qatar Airways Technical team sometime in October.
Defence Headquarters 28 SEP ’23: HMBS P-45 under the command of Chief Petty Officer Acadia Smith
detained a group of Cuban migrants in Cistern Cay, Exuma on September 27, 2023, due to information received from a Good Samaritan vessel in the area that handed them over to the Royal Bahamas Defence Force.
Members of HMBS P-45 retrieved twenty-eight (28) Cuban nationals and transported them to HMBS Coral Harbour in New Providence. All individuals appeared to be in good health and will undergo further processing and assessment by Immigration officials.
The Royal Bahamas Defence Force remains dedicated to the pursuit of excellence in guarding our heritage and
appreciates the sharing of information and intelligence provided by the boating community to affect migrants and other unlawful interdictions at sea.
(For additional information, contact the RBDF Public Relations Department or visit our official website at www.rbdf.gov.bs. Connect with us on Facebook and Twitter for the latest updates and explore our engaging content on our YouTube channel).
RBDF
#BARBADOS (September 26, 2023) – The Caribbean Tourism Organization (CTO) deeply mourns the loss of distinguished Bahamian leader and former chairman of the inter-regional body, Obediah Wilchcombe.
At the time of his passing, Mr. Wilchcombe was serving as Minister of Social Services, Information and Broadcasting
and Leader of Government Business in the House of Assembly of the Bahamas.
“We extend our heartfelt prayers and condolences to Minister Wilchcombe’s family, as well as the government and people of the Bahamas. He was a true champion for the people of the Bahamas and the wider Caribbean region,” remarked Kenneth Bryan, CTO Chairman and Minister of Tourism and Ports of the Cayman Islands.
Chairman Bryan recalled Minister Wilchcombe held the position of CTO Chairman twice (2002-2004 and 2016-2017) while serving as Minister of Tourism for the Bahamas, and contributed significantly to the advancement of sustainable tourism development in the Caribbean.
Chairman Bryan noted that the CTO plans to honor the life and legacy of “this eminent Bahamian leader” at the organization’s upcoming business meetings and the State of the Industry Conference (SOTIC) in Turks and Caicos next month.
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