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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.

Bahamas News

Monument Beverage Co. Caribbean Wines & Spirits Uniquely Bahamian Newest Product

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor is proud to announce the launch of Monument Beverage Co., its newest 100% locally produced ready-to-drink alcoholic cocktail.

Monument, “Made to Celebrate”, perfectly encapsulates everything the brand represents. Created and distributed by CWS, Monument is inspired by culture, crafted with excellence and bursting with innovation.

This unique beverage celebrates island living with three bold flavors, Ginger Lime, Peach Passion and Melon Fizz. All of which can be enjoyed at an ABV of five-point-two percent.

The brand’s creativity really shines through each can’s packaging. Bold colored stripes, cherished native flora and fauna and of course, national monuments can all be found on each can.

The beverage’s two year plus development is a testament to CWS’ dedication to quality and innovation. Countless hours of tastings, reformulations, focus groups and package design reviews all paid off with the creation of Monument.

Karla Wells-Lisgaris, Chief Commercial Officer of Caribbean Wines & Spirits and Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, shared what this authentically Bahamian made product launch means for the company.

“When we were conceptualizing Monument, we wanted to create a product that not only tasted like The Bahamas but would be an ode to the nation as well. With those two thoughts in mind, I, along with a team of experts, created three incredible flavors we believe really connect with and celebrate the essence of island living,” she said.

“Additionally, being that Monument is the first product to be 100% manufactured by Caribbean Wines & Spirits, we really wanted to ensure that both the flavors and packaging honored our rich heritage. On each of the cans, you can find various monuments such as the Nassau Public Library in New Providence, the Garden of the Grove in Grand Bahama and the Hatchet Bay Silos in Eleuthera; all of which pay homage to our diverse Bahamian heritage.” Wells-Lisgaris concluded.”

The historic monuments found throughout our islands are more than places we pass every day; they are reminders of who we are, where we’ve come from and the stories that connect us as Bahamians.

Monument is perfectly formulated with quality ingredients, and each can celebrates a collection of these cultural icons from across The Bahamas.

Whether chilling solo beachside, gathered around a family table or backyard a grill with friends, make Monument your sip of choice.  Monument is made to celebrate, visit  www.cwsbahamas.com today for more details.

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Bahamas News

Lady Kayla Crowned Goombay Punch Cup Sailing Champion of 2025/2026

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L–R: Joss Knowles, Kianno Hutchinson, Jazmin Darling, Assistant Marketing Manager at Caribbean Bottling Company and Dallas Knowles receiving a donation on behalf of the Exuma Sailing Club at the Long Island Regatta awards ceremony.

NASSAU, Bahamas —– Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to crown Lady Kayla of Exuma as this year’s annual Bahamas Goombay Punch Cup winner.

CBC created the Bahamas Goombay Punch Cup to further the advancement of sailing and Bahamian culture through monetary and social support. The competition judges the skipper’s performance across three regattas, The Best of the Best, the National Family Island and Long Island Regattas.

The winning sloop led by Kianno Hutchinson and Joss Knowles showcased their skillmanship in the E-Class category across each round of competition. In addition to winning the trophy, the skippers were awarded a $5,000 donation, an $8,000 stipend to the junior sailing club of their island and a limited-edition Lady Kayla Bahamas Goombay Punch commemorative can, which will be released soon.

Jonathan Thronebury, Marketing Director of CBC shared the significance behind The Bahamas Goombay Punch Cup.

“The Bahamas Goombay Punch is more than a beloved local brand; it’s a vibrant part of our cultural fabric. Just like sailing, our national sport, it carries a rich legacy that spans generations. Recognizing this shared history, we’re proud to support initiatives that celebrate and advance Bahamian culture,” he said.

Hutchinson and Knowles shared what this win meant for them.

“I felt super proud when I realized we won. I am grateful and thankful to God, for good coaches and Joss. It was really an honor winning the Bahamas Goombay Punch Cup,” Hutchinson expressed.

“I am very honored to have been able to compete in the Bahamas Goombay Punch Cup, I think it is a great concept and idea for a competition and really adds a new motive throughout the regattas. The whole championship was super competitive, and every single race was a fight. Alvington McKenzie was extremely competitive and had us until the Long Island regatta, which made it a very fun and tough competition. Very excited to have been the winner of a super close championship,” Knowles revealed.

Lady Kayla’s owner, Dallas Knowles, shared the team’s winning strategy.

“In sailing consistency is key and our guys in Lady Kayla are some of the best in the business at staying near the top.  In the end, that was enough to secure their first Bahamas Goombay Punch Cup win. We are so proud of Joss and Kianno for what they have done in Lady Kayla.  Thank you to Caribbean Bottling Company for such an amazing and forward-thinking initiative,” Knowles shared.

The Bahamas Goombay Punch Cup is proud to continue its impact on sailing and community building through clean and fair competition.

For more updates on the Bahamas Goombay Punch Cup and Caribbean Bottling Company visit the website www.cbcbahamas.com today.

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Bahamas News

Caribbean Bottling Supports the 27th Basketball Smiles Week  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.

Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable Powerade water bottles and numerous marketing materials.

The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.

Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.

Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.

“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.

Sam Nicholls, Basketball Smiles Camp President and Founder expressed.

“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.

CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.

For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.

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