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The Tribune L A T E S T
Volume: 119 No.82, March 21, 2022
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$2.92BN OF RUSSIAN FUNDS IN BAHAMAS
By RASHAD ROLLE Tribune Senior Reporter rrolle@tribunemedia.net
THE Central Bank said international banks and trust companies had about $420m in deposits and $2.5bn in custody or trust assets for which the ultimate beneficial owners were from or connected to Russia. That information was up to February 28. “The greatest proportion of Russian exposure would be linked to the international sector. “However, the Central Bank is currently canvassing domestic financial institutions - that is the commercial banks, money
transmission business and electronic money service providers - to ascertain any level of exposure within those sectors,” the bank said in a statement released on Friday. “The information disclosed today are aggregates for the international banking and trust sector, and not specific to any sanctioned interests.” The Central Bank’s statement, which came in response to press inquiries, comes after financial services regulators announced that Bahamian companies must comply with sanctions Western countries have put on Russia for its war against Ukraine. SEE PAGE TWO
‘NO TAX MONEY SPENT ON HURRICANE CENTRE’ By RASHAD ROLLE Tribune Senior Reporter rrolle@tribunemedia.net FORMER Prime Minister Dr Hubert Minnis said taxpayer funds were not wasted in Abaco after Hurricane Dorian. Much of the funds, including money for building a hurricane centre, he said, were donations to The Bahamas. His comments came after Myles Laroda’s mid-term budget speech last week. The state minister, who
has responsibility for the Disaster Reconstruction Authority, said hundreds of thousands of dollars were spent on the Abaco hurricane centre even though a foundation has yet to be poured. Mr Laroda also said a former director of the authority acknowledged that up to $14m in money for debris management in Grand Bahama and Abaco was spent “without due diligence”. SEE PAGE THREE
TOP OF THE WORLD
BAHAMIAN runner Shaunae Miller-Uibo flying the flag after winning the women’s 400m at the World Athletics Indoor Championships in Belgrade, Serbia, on Saturday. The gold medal also means the two-time Olympic champion can now be called the World Indoor 400m champion. See SPORTS for the full story. Photo: Darko Vojinovic/AP
TRAVEL VISA FEE NOT ENOUGH WATER CORP GIVEN TWO WEEKS TO INCLUDE TEST, SAYS PINTARD TO OFFER DEFENCE OR PAY UP By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FNM LEADER Michael Pintard has claimed it is impossible for the health travel visa fee to finance a free rapid antigen test for departing visitors - saying the $40 fee already includes
insurance of $25, $10 of administration costs and $5 for the Treasury. He said the test cost a further $23, meaning taxpayers are subsidising the return of US visitors to their homeland, something the government denies. FULL STORY - SEE BUSINESS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SUPREME Court judge has given the Water & Sewerage Corporation two weeks to either file a defence or pay Branville McCartney’s law firm $40,000 in a dispute related to a defamation
action launched by ex-chairman Adrian Gibson. The former DNA leader slammed “stalling tactics” by the water utility over his firm’s demand it be paid outstanding fees in relation to collecting on delinquent accounts. FULL STORY - SEE BUSINESS
ROYAL VISIT ‘SIGNIFICANT OPPORTUNITY’ INSIGHT By RASHAD ROLLE Tribune Senior Reporter rrolle@tribunemedia.net
THE visit of UK Royals to The Bahamas will boost exposure to important local issues and will provide a chance for Bahamians to change how the country is viewed internationally, the committee responsible for planning the event said yesterday. The committee also said the cost of the visit from
BRITAIN’s Prince William and Kate, Duke and Duchess of Cambridge. the Duke and Duchess of Cambridge, Prince William and Kate Middleton, will
be shared between the sovereign grant of the United Kingdom, local taxpayers and the UK Foreign, Commonwealth & Development Office. The press statement came after Jack Thompson, permanent secretary in the Office of the Governor General, said last week that such trips customarily come at the expense of the host nation, prompting some backlash. SEE PAGE FOUR
Nassau & Bahama Islands’ Leading Newspaper
ROYALS ARE ON THE WAY - BUT WHAT DOES THAT MEAN FOR US?
SEE PAGE EIGHT