Bahamas News
Deputy Premier viewed FTX as too risky; no TCIG funds invested
By Dana Malcolm
Staff Writer
#TurksandCaicos, December 16, 2022 – The Finance Minister of the Turks & Caicos expressed extreme skepticism about investing in Cryptocurrencies, adding that no TCI Government monies went down in the epic billion dollar collapse of FTX Digital Bahamas.
In a statement obtained by Magnetic Media E Jay Saunders, TCI Deputy Premier and Minister of Finance said, “I’m not sure if anyone from the TCI invested in FTX, but I wouldn’t be surprised,” he said, directing us to the Financial Services Commission.
What Saunders could tell us though was that no Government funds had been caught up in the affair. In response to our queries he replied with, “No, of course not. I’m very, very cautious when it comes to Crypto – mainly because it allows for the globalization of crime – and I certainly wouldn’t sign off on the TCI Government or Statutory Bodies investing in it.”
The statement by Saunders rings true over and over again as new CEO John Ray III revealed that hundreds of records have just disappeared into thin air. He said FTX’s collapse was caused in part by a complete lack of experience in its senior leadership and little to no proper governance structures in the company in a hearing before the US Congress on Tuesday December 13.
“The FTX group’s collapse appears to stem from absolute concentration of control in the hands of a small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets,” he explained. 
The fill-in CEO who has extensive experience in managing failed companies like FTX said this was the worst one he had ever seen.
Not only did senior management have free access to customer funds and could move them at will, the security which protected the private keys for millions of dollars was ineffective and poorly encrypted. Another company owned by SBF and headed by an ex-girlfriend of his, Alameda was able to borrow as much FTX funds as it wanted at will.
Ray said the company also could not provide complete documents made for more than 500 investments with company funds and there was a lack of personnel in financial and risk management functions, which are usually present in any company close to the size of FTX Group.
Alarm bells about FTX which has its home in The Bahamas began to ring all across the globe when the company filed for Bankruptcy on Friday November 11 and customers were suddenly locked out of their trading accounts, unable to withdraw the millions they had stored with the company.
Bowing to the desperate pleas of its citizens who had invested, the United States launched a federal fraud investigation alleging that former CEO, Sam Bankman-Fried had been intentionally using customer funds for his own gain.
Ray says he has already found $1 billion worth of assets but is convinced that may not be everything and says Bankman-Fried or other senior officers may have squirreled away funds on thumb drives.
Complete recovery will be difficult because of the extremely poor record-keeping done by Bankman Fried and his team but Ray is committed to the task and says US investors will recoup their assets.
For now, it is unknown if Turks and Caicos Islanders were drawn in by the lure and promise of lucrative returns pitched to the global community by FTX, once the world’s third largest crypto currency exchange.
Magnetic Media has reached out to Nigel Dakin, TCI Governor, who oversees the regulatory aspect of the FSC for answers.
Photo Caption: Some 3.5 Million people have viewed the FTX Hearing on PBS News Hour alone. Sam Bankman-Fried, the former CEO of FTX Digital in The Bahamas was due to appear at this hearing on December 13; he was arrested in Nassau, Bahamas the day before and arraigned on the day of this hearing designed to unearth and expose the alleged misdeeds of the crypto currency exchange which filed for bankruptcy in the US. Testifying was John Ray III, who is the interim CEO of FTX, which is based in The Bahamas.
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
