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Deputy Premier viewed FTX as too risky; no TCIG funds invested

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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.

Africa

Africa-CARICOM Day (September 7) Observed 

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By BETTY VEDRINE
Bahamas Information Services



NASSAU, The Bahamas —  At a press conference at the Ministry of Foreign Affairs, September 6, Minister of Foreign Affairs the Hon. Fred Mitchell announced Africa-CARICOM Day which is celebrated September 7, and honours the third anniversary of the Africa-CARICOM Summit that established the foundation for a new and enhanced partnership between Africa and the Caribbean and between the African Union and the Caribbean Community.  Present were ambassadors, senior officials and stakeholders representing a cross-section of agencies.

In  attendance: Jamahl Strachan, Parliamentary Secretary in the Ministry of Foreign Affairs; H.E. Ambassador Philip Smith, High Commissioner of Social & Reparatory Justice; H.E. William Wong, Non-Resident Ambassador to the Kingdom of Morocco; Dr. Niambi Hall-Campbell Dean, Chairman of the Bahamas Reparations Committee; Gaynel Curry, Member of the UN 10-member Permanent Forum on People of African Descent; and Melvin Seymour, Permanent Secretary of the Ministry of Foreign Affairs.

Minister Mitchell said that historically, the relationship between The Bahamas and the countries of Africa, has been a strong one demonstrated by the strong stand  the ‘Father of the Nation,’ Sir Lynden Pindling took in l985 at the Commonwealth Heads of Government meeting in Nassau to free the iconic African leader, Nelson Mandela, who was imprisoned for over 27 years.

“The Bahamas was proud and honoured when Mandela visited in 1993,” he said. “In more recent times, The Bahamas has strengthened its relationship with countries of the African continent with a view to strengthening cultural, political and economic ties.  Expanding diplomatic relations and collaborating with Africa in the areas of tourism, finance, education, people-to-people exchanges, culture and exchange programs, strengthens economic activity and provides the opportunity for growth and development as we tap into the opportunities provided by new markets.”

He said that the government has appointed a non-resident Bahamian Ambassador to Ghana, H.E. Andrew Wilson and a non-resident Bahamian Ambassador to the Kingdom of Morocco, H.E. William Wong.

“We have made several official and state visits to the continent including one to Ghana and two to Botswana. The last state visit to Botswana was in July 2023 by our Governor General, H.E. Dame Cynthia Pratt.”

The Minister said that  a ‘Sister City Agreement’ between Nassau and Princess Town, Ahanta West Ghana will form direct connections between Africa and the people of its diaspora born in The Bahamas and in so doing, strengthen cultural, social and economic ties between both countries.

He also noted that a delegation from the University of The Bahamas Northern Campus, engaged in discussions with several universities in Ghana, which centered on enhancing relationships, developing MOUs and fostering faculty and student exchanges and joint research initiatives.

In addition, he said that The Bahamas played host to the Afreximbank Conference earlier this year — a first for the region.

“An MOU between The Bahamas Development Bank and the African Export-Import Bank, provides up to $700 million in investment for sustainable development projects throughout the Caribbean.

The Minister said that this year also marked the inaugural flight of Ethiopian Airlines to The Bahamas, which marks an ‘important’ step towards encouraging AfroCaribbean tourism and deepening both nations’ shared cultural legacy.

An exhibit featuring African art and artifacts followed the press conference.

 

PHOTO CAPTION

Minister of Foreign Affairs, the Hon. Fred Mitchell is pictured taking a tour of African art and artifacts following a press conference announcing the observance of Africa-CARICOM Day, September 7.

 

(BIS Photos/Patrick Hanna).

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Bahamas News

CIBC Caribbean Donates Computers Across the Country

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CIBC Caribbean’s Branch Support Services Manager, Sammy Gardiner (R), presents computers to National Library and Information Services representative and librarian, Winifred Murphy (L)

Nassau, Bahamas, September 12, 2024 Digital resources have become an integral part of day-to-day business activities and the education experience. As another school year begins and library traffic heightens, students and patrons across the country will have more devices at their fingertips.

CIBC Caribbean recently donated a substantial number of computers to public libraries and Yellow Elder Primary School. The computers donated to the National Library and Information Services will be distributed to libraries in New Providence, Abaco, and Grand Bahama.

Jacqui Bend, CIBC Caribbean’s Managing Director said, “At CIBC Caribbean, we are deeply committed to advancing technology both within our organization and in the communities we serve. By donating these computers to libraries and schools across The Bahamas, we’re helping to ensure that everyone has the digital tools they need to thrive in today’s world, just as we continually innovate to better serve our clients.”

Dorcas Bowler, Director of Libraries, emphasized the importance of CIBC Caribbean’s donation.

She said, “In today’s technological world, a library does not only house books but is also an information hub and a treasure trove to access information at the click of a mouse on computer terminals, tablets, and other electronic devices via the Internet and WIFI. Patrons, including adults and children, need up-to-date information for success in school and everyday living.

“This donation from CIBC Caribbean aligns perfectly with our mission to provide ready access to quality resources and services for all persons throughout the Commonwealth of The Bahamas. It supports our vision of an accessible library system equipped to meet the demands of the 21st century.”

Bowler further highlighted the critical role libraries play in fostering lifelong learning and providing equitable access to information. “Libraries build strong communities and change lives,” she said.

“This generous donation from CIBC will significantly enhance our ability to offer modern technological resources to all, particularly in remote and underserved communities.”

Yellow Elder Primary School will utilize the computers to enhance its educational offerings. The school’s acting principal, Tamica Adderley, expressed profound gratitude, stating, “Computers play a pivotal role in modern education, revolutionizing the learning experience for both educators and students.”

Adderley said, “At Yellow Elder Primary School, these computers will enable our students to engage with adaptive learning platforms such as Renaissance Star 360, which tailors educational content to individual learning needs. This not only fosters a dynamic and participatory learning environment but also ensures that our students are equipped with the vital digital literacy skills necessary for future success.”

She added, “On behalf of Yellow Elder Primary School Family, we extend our heartfelt gratitude to CIBC Caribbean for its generous donation. CIBC Caribbean’s commitment to education and technology will have a lasting impact on the learning experiences of our students. With CIBC’s support, we can create a technologically enriched environment that empowers our students to thrive in an ever-evolving world. Thank you for being a valuable partner in shaping the future of our community.”

 

Photo Caption:

Libraries across the country and Yellow Elder Primary School received computers from CIBC Caribbean to support the evolving needs of day-to-day business activities and the education experience

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MOTIA Grand Bahama promotes International Coastal Cleanup Day, September 21, to #SeaTheChange

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From: Bahamas Information Services

September 5, 2024

 

 GRAND BAHAMA, The Bahamas — The Ministry of Tourism, Investments and Aviation, in an effort to ensure a clean and pristine Bahamas for the enjoyment of all, continues its advocacy for the clean up of the country’s coastal areas. Each year, in conjunction with the Ocean Conservancy, tourism officials on Grand Bahama Island via the Ministry’s Sustainable Tourism Development Department, join with representatives from over 100 countries world-wide for a cleanup day at beaches and other shorelines.

International Coastal Cleanup Day is set for Saturday, September 21st, and tourism officials are calling on the Grand Bahama community to join the effort to #SeaTheChange by tackling ocean trash.  Jermaine Johnson, MOTIA Coordinator and Manager of the GB Sustainable Tourism Development Department, urged residents to volunteer during a press conference on Wednesday, September 4th, 2024, at the Ministry’s office in the Fidelity Financial Centre on East Mall and Poinciana Drives.

“The Bahamas is always happy to participate considering we are an archipelago and coastlines are extremely important to our tourism product,” he said. “We’re looking to clean up 10-12 beaches this year. We’re also looking for support from the community, so those who want to participate can feel free to come out. We’re especially looking for support from our civic organisations — so that’s our Lions Club, our Pilot Clubs, Kiwanis, the Rotaries, etc., also lodges and greek letter fraternities; so all the sigmas and all the phis, and all the alphas and betas, we’re looking for your support as well in this year’s coastal cleanup. We want this year to be a greater success than it was last year. We want to get as much garbage out of our oceans and off our coastlines as possible,” he added.

The event is set to begin at 8am and wrap up at 10am.

Last year over 30,000 pounds of debris was collected from local beaches. It is important to note that these beach cleanups are not only keeping the island’s beaches beautiful and sanitary, but they also provide valuable data about the quantity and types of refuse that clutter coastal areas. This data is collected and sent off to the Ocean Conservancy to be used in a global report issued each year and it is all in an effort to help policymakers better understand the sources of pollution so they can develop strategies for long-term solutions and effect policy change.

EarthCare, Litter Free Bahamas, Keep Grand Bahama Clean Committee, the Royal Bahamas Police Force Urban Renewal division and local schools are also partnering with MOTIA for Grand Bahama’s observance of International Coastal Cleanup Day.

 

PHOTO CAPTION

#seathechange — The Ministry of Tourism’s Sustainable Tourism Development Department of Grand Bahama, joined by partners, is urging the wider community to come out to a beach near you and help keep Grand Bahama’s beaches clean and pristine, Saturday, September 21st from 8am to 10am.  This effort is in support of the annual International Coastal Cleanup Day and will help in creating long-term solutions for protecting the earth’s oceans.     (BIS Photos/Jamika Culmer)

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