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VOLUME:115 No.63, FEBRUARY 21ST, 2018
THE PEOPLE’S PAPER: $1
CULTURE CLASH: JUSTICE FOR ALL - IT TAKES WORK
FULL DISCLOSURE Inside story on the men behind $5bn refinery deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was last night facing serious questions over Grand Bahama’s proposed $5.5 billion oil refinery, after the project’s chief promoter confirmed his involvement in two lawsuits alleging misuse of investor monies. Peter Krieger, Oban Energies’ non-executive chairman, told The Tribune he was one of three defendants who were accused of misappropriating more than $3.7m of investor monies by US government regulators. That lawsuit, which was filed by the Securities & Exchange Commission (SEC) in 2005, was settled without going to trial some three years later. Mr Krieger, who challenged the allegations against him, paid a $110,000 civil penalty “without admitting or denying” the claims, and agreed to be bound from committing future securities law violations. And, following further research by The Tribune, Mr Krieger confirmed he was also named as a defendant in a legal action filed in 2013 by the Bahamas-based
judicial manager for a sister company of the insolvent insurer, CLICO (Bahamas). John Lopez, the KPMG (Bahamas) accountant who took over British American Insurance Company (BAICO) in the wake of its collapse, and that of its CL Financial parent, alleged that Mr Krieger misappropriated $8.7m of the company’s funds for his own personal use. The case against Mr Krieger, though, was dismissed on a technicality, as it was “time barred” according to the “statute of limitations” that applies in the US.
The Oban Energies principal yesterday said the claim against him had subsequently been defeated in the appeals courts, and added: “They really have no grounds to stand on.” Mr Krieger argued that he was the injured party, given that BAICO had failed to fully pay him the purchase price for 14,000 acres of land he sold to the insurer prior to its failure. He alleged that he had obtained a $70m judgment
against the company, and that the judge had “scolded them for perjury and making these outrageous claims against me, and dragging my wife into it”. However, The Tribune could find no record of the case or judgment, which Mr Krieger said he had filed in the middle district Florida court, despite an extensive search of that court’s case database. The Oban Energies principal, alive to the potential fall-out, said he hoped revelations of his past would “have no effect” for Oban Energies’ $5.5 billion oil refinery/ storage terminalproject given that it had just signed a Heads of Agreement for the Minnis administration on Monday. Promising future announcements about the involvement of “major international energy companies” with the development, Mr Krieger also sought to downplay his role and importance by stressing he was not part of Oban’s executive management team. He described himself as “more of an ambassador for the company”, SEE PAGE SIX
PETER KRIEGER, executive director of Oban Energies, at the Office of the Prime Minister. Photo: Yontalay Bowe/OPM Media Services.
JEAN RONY ‘LOST AUTOMATIC RIGHT’ TO CITIZENSHIP MAN SHOT DEAD By RICARDO WELLS Tribune Staff Reporter rwells@tribunemedia.net
IMMIGRATION Minister Brent Symonette, right, has hit out at “sensationalised” reports about Bahamas-born deportee Jean Rony Jean-Charles, left, saying commentary on the matter seems to have missed the fact that not every person born in The Bahamas is an automatic citizen. Mr Symonette also said as of Monday, Mr Jean-Charles had no application before the Department of Immigration SEE PAGE TWO
Nassau & Bahama Islands’ Leading Newspaper
AS HE VISITED FAMILY MEMBER
A MAN was shot dead shortly after 8pm last night as he was visiting a relative in the Wilson Tract area, police said. His death marked the 16th homicide for the year, according to The Tribune’s records. Police said they received reports shortly after 8pm of gunshots in Wilson Track. SEE PAGE THREE