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SBF of FTX Digital talking; Hundreds of Millions were in the company’s account he says

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By Dana Malcolm 

Staff Writer

 

#USA, January 15, 2023 – Not only is he maintaining his innocence in the Fall of FTX, Sam Bankman-Fried says ‘it’s ridiculous’ that FTX US users haven’t gotten their funds back yet.

The former crypto CEO was speaking via blog post, the first since his arrest and bond, and said FTX US (which is only for US users and separate from FTX International) had enough money in the bank, around 350 million dollars, when he handed it over to new CEO John Ray III to pay off its US customers.

He substantiated his claims with what appeared to be a photo of a balance sheet he said belonged to FTX US.  Ray, who is expert in handling failed companies, had previously complained of how poor the record keeping by FTX executives was.

Bankman-Fried claimed he was ‘threatened and strong armed’ into choosing Ray as CEO by FTXs former lawyers and maintained that both international customers and US customers could recoup their losses.

“Even now, I believe that if FTX International were to reboot, there would be a real possibility of customers being made substantially whole.”

He once again denied what his other top executives had already confessed to, stealing funds.

“I didn’t steal funds, and I certainly didn’t stash billions away.   Nearly all of my assets were and still are utilizable to backstop FTX customers.” He declared

In the long post, he goes back to 2021 detailing what happened to Alameda’s assets and claiming the market crashes that put the company on its back have affected other major companies including Facebook.

Ignoring the comments made about mismanagement, he once again maintained that FTX could have recovered customers’ funds and he admitted no wrongdoing.

Bahamas News

Energy & Transport Minister Breaks Down the Technical Aspects of the Solar Micro Grids RFP Proposal

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NASSAU, The Bahamas — The Minister of Energy & Transport the Hon. Jobeth Coleby-Davis said each Family Island has unique power requirements, loads, and generation levels.

“Therefore, the specification for the solar array (a collection of solar panels wired together to capture sunlight and produce electricity) will be at least 30 per cent of the energy demand,” the Minister of Energy & Transport said at a press conference to launch the Request for Proposal (RFP) for Family Islands New Energy Generation by Microgrids, Cleaner Fuels and Renewables at Margaritaville Beach Resort on Thursday, December 7, 2023.

This initiative involves developing solar energy microgrids across the Family Islands.  This also encompasses the Government’s goal of The Bahamas having a 30 per cent renewable power generation by the year 2030.

The Minister explained that microgrids will ensure consistent and reliable power output for island inhabitants, addressing unique island requirements.

She also noted that Battery Energy Storage Systems will be incorporated to ensure a seamless backup power supply during outages, and support both the solar and prime power generation.

“Projects will be managed locally to minimize wastage, reduce generation costs, and drive self- sustainability on the islands.”

The Minister said a central Microgrid Controller will be employed to enhance efficiency and reliability across all microgrids and will allow the Bahamas Power and Light Company Ltd. (BPL) to monitor all systems from a centralized location.

She said the deadline for proposal submissions is January 26, 2024, with opportunities for clarification questions through the public procurement portal.

Family Island site visits will commence on December 11, 2023, starting with Eleuthera. The full schedule is outlined in the RFP.

The Minister explained that to be eligible for evaluation, all firms must meet specific experience and qualification standards, including microgrids and renewable energy facility construction capability, and a clear warranty policy is essential for ensuring the performance of proposed equipment.

She said, “We urge all interested firms to submit clarification questions or obtain further information through the public procurement portal, where responses to all questions will be made available.”

The Energy & Transport Minister said new vendors to the portal will be required to self-register by clicking the link “New Vendor Registration”.

If assistance is required, please call: Christopher Minnis at 702 1555 or Cornell Rahaming at 702 1533.

Only registered vendors can access opportunities posted in the portal. Those who are not yet registered, will be limited to observing the opportunities.  The website address is: https://bahamas.bonfirehub.com/opportunities/115160.

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Bahamas Prime Minister Philip Davis’ Remarks at the COP28 Green Climate Blue Co Launch

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#TheBahamas, December 7, 2023 – We are here today because we are short on time and even shorter on the resources needed to empower every nation in the world to respond to an increasingly dire climate crisis.

We are approaching the tipping point from which there will be no return. At our current rate, the world will cross the 1.5 degrees Celsius threshold sometime within the next two decades.

The window of opportunity is closing.

But it is not closed yet.

And as long as there is even a small opening, just a sliver of time left for us to take action, there is still hope that we can save the world from the worst-case climate change scenarios.

I’ve travelled the globe representing Small Island Developing States like mine which have contributed the least to global carbon emissions but are already experiencing the worst effects of climate change.

Global inaction will soon threaten our continued existence as nations, but we will do everything within our power to avoid this outcome.

The Bahamas is here this week at COP 28 to invite the people of the world to partner with us and all vulnerable states to face this existential threat together.

As a region, the Caribbean has seen the results of our advocacy take shape in the form of the Loss and Damage fund to help us recover from the destruction already wrought on our nations. And we will continue to push for greater access to financing opportunities as we seek to protect our shorelines, build climate-resilient infrastructure, and invest in a renewable and sustainable future.

Through collaborative action, we will also create new industries and generate demand for novel solutions. Solving the world’s most pressing problems has always been good for business. We are entering an era of socially responsible investments, regenerative financing, and ESG finance. And the Caribbean is prepared to lead the way. In fact, if we want to continue to thrive as a region, we have no choice but to lead the way.

My country has been hit by four major hurricanes over the past few years. Over a third of our national debt is directly linked to the impact of storms, causing billions in damages that threaten the economic and fiscal health of our nation and people. With the situation projected to worsen at its current rate, we have gone all-in on making the necessary investments to solve our climate woes. Our future as a nation depends on it.

So, today, I applaud the Green Climate Fund for its efforts to support the developing world in creating climate-resilient pathways to a sustainable future. This is life-saving work.

With the approval of the application for preparation funds to finance the development of the Blue Co Caribbean Umbrella Coordination Programme, we fully expect to see new, effective solutions emerge for the people of the Caribbean.

The Blue Co  Caribbean project will provide the foundation for strategic investments at a scale not possible without embracing the spirit of cooperation and co-investment through this Caribbean-targeted, climate-focused investment opportunity.

Through this platform, Caribbean nations will be empowered to strengthen their blue economy frameworks and develop data-backed projects that can then be replicated and scaled across the region. My nation, as one of the world leaders in the research and development of blue carbon credits as a viable source of revenue generation, looks forward to the ways that Blue Co will strengthen The Bahamas’ mission to develop home-grown solutions that can fund a climate-resilient future for our people.

It turns out that saving the world isn’t just good for people, it’s also good for business.

Just yesterday, we were privileged to host a discussion on the Bahamas Sustainable Investment Programme, which will generate up to $500 million for climate-related investments. This is a testament to our commitment and resolve to generate our own innovative solutions to the climate crisis. And we are by no means standing alone.

Within the Caribbean, we have the passion, motivation, and expertise to drive the success of this initiative. There is no doubt in my mind that Blue Co can and will serve as a model for other regions to follow.

I invite all interested parties to reach out, get involved, and together we will save countless lives and livelihoods on our way to building a more resilient, renewable, and prosperous future for all nations.

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Bahamas Joins U.S. Embassy Test of Emergency Response  

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#TheBahamas, December 5, 2023 – On Tuesday, November 21, U.S. Embassy Nassau conducted a successful emergency preparedness exercise with Bahamian security partners.

The exercise illustrated excellent coordination between the Embassy, Royal Bahamas Police Force, and Royal Bahamas Defence Force.  During the exercise, the security partners practiced responding to a hostile attack on the Embassy.  In addition to testing communications between partners, the exercise included mock arrests, the evacuation of Embassy staff, and emergency medical services to “injured” civilians.

These emergency preparedness exercises help evaluate the Embassy’s ability to protect its staff and installations during an emergency.  We want to thank our Bahamian partners for participating in the exercise and supporting emergency preparedness.  As our American founding father Benjamin Franklin once said, “If you fail to prepare, you prepare to fail.”

 

 

Photo Captions

Header: U.S. and Bahamian law enforcement officers participated in a joint emergency response drill on Tuesday, November 21.

1st insert: The Royal Bahamas Police Force’s Special Weapons and Tactics (SWAT) team joins the RBDF as it searches for suspects along Queen Street in an emergency preparedness exercise held on Tuesday, November 21.

2nd insert: The Royal Bahamas Defence Force conducts a sweep of Queen Street as a part of the U.S. Embassy emergency response drill.

3rd insert: A U.S. marine detains a gunman in a mock exercise held on Tuesday, November 21.

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