WEDNESDAY,
Bahamas
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN bank is seeking an urgent freezing of $20.674m “unlawfully withheld” by a global payments provider which is threatening retaliation using a law normally targeted at organised crime groups.
Deltec Bank & Trust, in multiple filings with the south Florida federal court over the past two weeks, is alleging that Ibanera and its principal, Michael Carbonara,
‘Top ten’ captive managers eye Bahamas for business
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
UPCOMING legal reforms could attract two of the world’s top captive managers to domicile “a good portion of their business” in The Bahamas and “open the gateway” for insurance to become a new “economic pillar”. Guilden Gilbert, principal of CG Captive Managers, yesterday told Tribune Business he has met with both entities, who he declined to name, and each has separately voiced interest in “redirecting a good portion of their book of business to The Bahamas” once the correct legislative, regulatory and enabling environment is in place
Confirming that changes to the External Insurance Act are presently out for industry consultation, he added that their passage through Parliament will achieve just that and “help bring The Bahamas into line with the other progressive domiciles” by
“providing the foundation” required by the captive insurance sector.
Backing the recent assertion by Ryan Pinder KC, the attorney general, that The Bahamas will be “very aggressive” in seeking to re-establish itself as a captive insurance domicile and “exponentially” grow the sector via reforms to the Act, Mr Gilbert told this newspaper that himselfas well as the Insurance Commission and Bahamas Financial Services Board (BFSB) - have “made some inroads” towards achieving this.
“It’s actually out now for consultation, and I’ve shared it with my contacts internationally,” he said of the revised Act. “We, CG Captive Managers, are one of the only domestic captive managers [in The Bahamas]. I have attended nearly every World Captive Forum and CICA (Captive Insurance Companies Association) conference since 2013, flying the flag for The Bahamas.
have “made crystal clear” that they intend to keep the funds belonging to the Lyford Caybased institution and its clients while also conducting a ‘scorched earth’ style campaign designed to shred the latter’s reputation. And Ibanera’s attorneys, in an April 17, 2025, letter to Deltec’s legal representatives, are threatening to ensnare another Bahamian financial institution in that strategy. They warned that Britannia Bank & Trust, and its ultimate principal, Julio Martin Herrera Velutini, will also feature
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government’s labour director last night confirmed that an investigation into complaints about hiring practices at a Bahamas-based crypto currency exchange is “a top priority”.
Howard Thompson, when contacted by Tribune Business, confirmed that concerns raised with the Department of Labour about OKX Bahamas are genuine and the watchdog has already moved to address them with the western New Providencebased exchange and Fintech (financial technology) company.
He spoke out after this newspaper received a letter addressed to Mr
in what is being styled by the payments provider as litigation based on the US Racketeer Influenced and Corrupt Organisations (RICO) Act. No explanation was given for why Britannia, which earlier this year completed the acquisition of Deltec’s private client business, should be dragged into the latter’s dispute with Ibanera. The letter also failed to provide any evidence that either Deltec, or Britannia, has done anything wrong or committed any violation of the RICO Act.
Thompson, dated March 31, 2025, from a whistleblower calling themselves ‘A concerned citizen’. They alleged that OKX Bahamas is pushing Bahamians out from senior management positions, and overlooking them for executive roles despite being fully qualified and available, and preferring to recruit expatriate workers.
The letter, which has been seen by this newspaper, told Mr Thompson: “I urge you to conduct a thorough investigation into the labour practices at OKX and collaborate with your counterparts to ensure compliance with all Bahamian labour laws.”
OKX Bahamas representatives could not be reached for comment before press time last night despite Tribune Business
Deltec, which has now increased its damages demand against Ibanera to “no less than” $15m as opposed to the earlier $13m, said the latter’s threat to use this US law - which appears designed to intimidate and make it back-off - came after it requested that the global payments provider account for all the funds withheld and name the banks where they are located.
“Instead, a third law firm representing Ibanera and Carbonara, this one in Puerto Rico, sent a letter on April 17, 2025. This time, these defendants threatened counter-claims against Deltec and untold others for defamation, tortious interference, RICO violations and other claims all “arising out of a complaint filed” in this action,” Deltec asserted.
“Notably, that conduct - filing this lawsuit - is the only specific act of purported wrongdoing by Deltec that Defendants have ever identified. In short, defendants have made crystal clear that they
sending e-mails to both executives and PR agents.
When this newspaper tried to call the phone number listed on the Securities Commission’s website, where the crypto exchange is included among its Digital Assets and Registered Exchanges (DARE) Act licensees, it was informed it had a wrong number.
An e-mail chain, seen by Tribune Business, saw Mr Thompson respond to the whistleblower’s complaint on April 6, 2025, by stating: “Received and duly noted. Thanks for bringing this to my attention. The Department of Labour will be taking immediate steps to investigate those complaints.” The March 31 letter was also copied to Pia Glover-Rolle, minister of labour and the public
Versani Properties’ principals were not identified at last night’s meeting.
However, a Google search located a Bahamas Real Estate Association (BREA) website link. While that link appeared to be no longer working, it seemed to name Sebas Bastian, the Island Luck co-founder, as the project’s principal.
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A PARADISE Island project’s developers last night said they plan to start construction at the presently-vacant site opposite both Comfort Suites and the Atlantis employee parking lot this year.
Alex Haley, senior project manager at Versani Properties, told last night’s public consultation that the developers plan to deliver the first phase within 12-18 months once the necessary approvals have been secured. “Right now, it’s proposed at 90 [units]. But this is, again, still in development. We’re still working through concepts,” he said.
“From the developer’s perspective, obviously pending all necessary approvals, we have some targets to begin towards the end of 2025, and we would be working to deliver some phases of this within 12 to 18 months.”
Paradise Island residents who attended the Department of Environmental Planning and Protection (DEPP) public consultation raised concerns about traffic congestion during the construction phase as the Ocean Club Four Seasons is also undergoing construction work.
Mr Haley said while there currently is no a traffic mitigation plan in place, the developers are willing to implement adjusted work hours to minimise congestion.
“I cannot say that we have at the moment, but it’s something that we can definitely look into. Maybe we can stagger the times that we set up our shifts to allow some relief so we’re not adding to the congestion. But this is something that we definitely would put forward with the operations as well and construction,” said Mr Haley.
service, and Alfred Sears, minister of Immigration.
“That is entirely accurate,” Mr Thompson replied when contacted by this newspaper, confirming both the authenticity of the whistleblower’s letter and the Department’s response.
“We have received other complaints with respect to OKX. That has been brought to our attention. That’s a top priority as well.
“I’ve been in discussion with some of their key personnel. We’re well aware of it; the complaint you referred to, I am well aware of it. We have received four to five such complaints. It’s a priority of mine because of the nature of these complaints.”
Mr Thompson said some of the concerns related to OKX have been resolved, and he added that “a particular application was withdrawn”. He did not elaborate on what that meant, but it appears likely to be for a labour
‘Bypass the bureaucracy’ to drive stopover visitor growth
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Opposition’s finance spokesman yesterday urged the Government to “bypass the bureaucracy” and speedup approved hotel projects amid fears a room shortage is contributing to the stopover visitor decrease.
Kwasi Thompson, also the east Grand Bahama MP, told Tribune Business that his party is “very concerned” at the near-4 percent drop in stopover tourists during the 2025 first quarter given that they represent “the lifeblood” of this nation’s largest industry.
Hinting that the Opposition will seek to call out the Government’s plan “to bolster stopover arrivals” during the House of Assembly’s next sitting, he argued that its agencies must create a ‘one-stop shop’ to ensure that hotel developments move more swiftly from approval to actual construction and thus reduce the room inventory shortage frequently cited by Chester Cooper, the deputy prime minister and tourism minister.
“We had raised this issue some time ago,” Mr Thompson told this newspaper. “We in the Opposition are very
VERSANI PROJET RENDERING
‘Top ten’ captive managers eye Bahamas for business
FROM PAGE B1
“I have been the only attending these events, and working in partnership with BFSB in marketing
The Bahamas as a captive domicile. We’ve made some inroads. I am working with one of the top ten global captive managers now to set up an office here in The Bahamas and this will help propel forward momentum on this legislation with the Insurance Commission and Attorney General’s Office...
“There are actually two very large captive managers I have met with, and both of them are looking to re-domicile a good portion of their book of business to The Bahamas. They’re looking to re-domicile a significant percentage of their book of business to The Bahamas in partnership with CG Captive Managers.”
Legislative reform will play a key role in helping to achieve this outcome, and Mr Gilbert added: “There is a lot of work going on behind the scenes, and I’m excited to get this new External Insurance Act passed through Parliament and enacted.
“The Bahamas is seen as a captive domicile, and this legislation will help bring The Bahamas into line with other progressive domiciles. The reforms I’ve been working for, I believe they will likely come through.”
Mr Gilbert explained that changes to the Act will include “specific items” not “worded in the legislation”. “It will contain things to allow the Insurance Commission to set some policies that will attract this business, and that policy will not need to necessarily be passed by Parliament,” he said. “I’m excited on what the Act will bring to The Bahamas. I’ve been pushing captives for many, many years, we do represent a number of captives in this jurisdiction.
“When we talk about a captive manager that sits in the top ten of global asset managers, that’s a big deal. Myself and the Insurance Commission have met with chief executive of this group at the World Captives Forum in January 2024.
“They laid out what they are looking for, what it would take to relocate business to The Bahamas, and
I see this [Act reforms] as the Insurance Commission of The Bahamas and the Attorney General delivering on this deal.”
Asked about the potential economic impact from attracting major industry operators to both establish a Bahamas office, and redomicile a major portion of their global business to this nation, Mr Gilbert replied: ‘It could be very large. I don’t want to put a number to this.
“If we can solidify the deal to get one of the top ten captive managers to have an office here in The Bahamas, that’s potentially opening a gateway for The Bahamas to develop insurance as a second economic pillar.”
Captive insurance, at its most basic, is a means of self-insurance. Captive insurance companies are typically entities whollyowned and controlled by their insureds, insuring the risks of owners who also benefit from the captive insurer’s underwriting profits. They are often used to insure large and/ or unusual risks and liabilities, such as those faced by
specialist doctors, as the premium costs can be managed and controlled, and kept lower than with private underwriters.
The Bahamas was once a leading captive insurance jurisdiction, but legal reforms in the early years of the Pindling government promptly saw the sector depart to rival international financial centres (IFCs) such as Bermuda and the Cayman Islands. Re-establishing this nation as a captive insurance player was one of many strategies mulled to diversify the Bahamian financial services industry in the wake of repeated blacklistings, but the effort has yet to grow strong roots.
Mr Gilbert, who grew up in Bermuda, yesterday voiced optimism that the External Insurance Act reforms may provide the required spark and impetus for this initiative. A Bermuda native, he recalled how the territory has become the third largest domicile in the world, and the largest for both captive insurance and reinsurance.
While The Bahamas is unlikely to supplant
Bermuda and the Cayman Islands, both of which have well-established “market niches” in captive insurance, Mr Gilbert nevertheless argued: “I think The Bahamas could be a very highly-recognised and regarded captive domicile.
“I’ve said to the groups who are looking at partnering with us that my goal is to bring young Bahamians into this space because I know what the insurance industry did for me in Bermuda when I worked for Marsh.” Asked whether The Bahamas’ captive insurance ambitions, as outlined by Mr Pinder last week, are attainable, Mr Gilbert replied: “I think as long as we put in the work.
“I have always said that all I’ve asked for from the Government is just for them to stand on a soap box and say: ‘The Bahamas is open for business’. Once you say The Bahamas is open for business, it helps solidify that the Government is on board with growing the captive and insurance space. That in itself helps The Bahamas to grow.” Mr Gilbert said The Bahamas’ close proximity
CRYPTO EXCHANGE LABOUR COMPLAINTS INVESTIGATION BRANDED ‘A TOP PRIORITY’
certificate and/or work permit for an expatriate executive.
“A portion of the concerns have been resolved, and a certain applications has been withdrawn. The rest of the complaints, we’re going to look carefully into it,” the labour director said, declining to comment further.
However, one source said of the OKX allegations: “The thrust of it is Bahamians are not getting opportunities at that exchange, and they are being pushed out to bring in foreigners. It seems that Bahamians are being pushed out of these very lucrative job opportunities in the crypto currency space for expatriate workers.”
The letter to Mr Thompson from ‘a concerned citizen’, which describes OKX’s use of blockchain technology for trading and investments, alleged that five senior Bahamian staff members have been
terminated over the past 18 months, and four in the past year, including a former Bahamian chief executive, finance manager, senior compliance manager, human resources chief and senior finance analyst.
“In November, the local human resources manager was terminated. This individual had been with the company since its inception in The Bahamas, and played a crucial role in drafting human resource policies and procedures in compliance with Bahamian law, as well as advocating for local employment,” ‘a concerned citizen’ claimed.
“Since then, human resource functions have been relocated to a satellite office. New job roles are only advertised locally to meet work permit requirements, and applications are directed to an overseas e-mail, allowing the company to screen out Bahamian candidates and offer positions to expatriates before advertisements are published.”
NOTICE
NOTICE is hereby given that VILIUS SAMSON of Bacardi Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
OKX, when it launched in The Bahamas in 2022, had as its local chief executive, Jillian Bethel, a Bahamian. However, that post is now understood to be held by Herman Loedolff, a South African. There is no suggestion that he has done anything wrong. Ms Bethel, at the launch, said OKX planned to hire 100 Bahamians over three years and 30 in the first year of operation. The letter from ‘a concerned citizen’, pointing to the wider issues raised, added: “The Bahamas has been a premier provider of financial services for decades, with financial services ranking as the country’s second-largest industry. A significant pool of professionals specialising in operations, risk management, accounting, law, compliance and administration has contributed to this industry’s success.
“For too long, large financial institutions have established operations in The Bahamas for their benefit, providing little value to
the local community beyond employment and government fees. They repatriate billions of dollars to their home countries without making meaningful contributions to corporate social responsibility while operating here.”
They added: “We are on the cusp of election season, but beyond politics, we need our leaders to stand up for Bahamians consistently. Other countries, such as Switzerland, have enacted labour laws requiring a strong case to employ non-Swiss or non-EU citizens unless for specialised roles. The US and Canada have also implemented restrictions on work permits to ensure their citizens have access to gainful employment.
“There is a clear disparity and mistreatment in industries that utilise expatriate labour, including tourism, banking and food and beverage. Bahamians are often expected to work twice as hard for half
NOTICE
NOTICE is hereby given that KAR H N BRACKHAUS of P.O. Box N7776 High Meadows, Lyford Cay, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of April 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
to the US east coast, where many captive owners reside, and ease of access to this destination, were further positives when it comes to attracting the industry to domicile in this jurisdiction.
He added that the sector goes “hand in hand” with tourism, as captive directors will have to fly in to attend Board meetings, while the industry will also provide work for Bahamian attorneys, accountants (auditors), actuaries and other local professionals.
“It’s a good thing. It’s long overdue. I’m hoping it moves forward,” Mr Gilbert told Tribune Business. “I believe the consultation on the Act closes on May 15. I know this is a priority for the Insurance Commission. Their goal was to get it right from day one, which is why it’s taken a while.
“They want to make sure they get it right, not be amending it here, there and everywhere. They want to make sure that the Bill is comprehensive on the changes made, and provides a foundation for the market to grow.”
pier and other attractions at Great Stirrup Cay.
the pay, benefits and career progression,” they told Mr Thompson.
“The stereotype of Bahamians as ‘lazy’ is unfounded. Instead, many work in alignment with the compensation they receive, which often falls far below the cost of living and inflation. Meanwhile, foreigners receive preferential treatment, reinforcing a cycle of inequality.” Meanwhile, regarding another separate Department of Labour investigation, Norwegian Cruise Line (NCL) in a statement asserted that it had “taken clear actions” to resolve concerns over unpaid overtime, excessive work hours and other complaints of “unfair” labour practices at its Great Stirrup Cay private destination in the Berry Islands. And it added that the recent terminations of senior expatriate staff on the island were “part of a broader operational restructuring” related to the cruise line’s investment in a new
“At Norwegian Cruise Line Holdings, our people are a core pillar of our business, and we deeply value and respect their contributions every day. Over the past several months, we have taken clear actions to resolve labour concerns at our private island, Great Stirrup Cay, including fulfilling all outstanding salary and compensation obligations,” an NCL spokesperson said.
“Recent management changes were part of a broader operational restructuring aligned with our long-term corporate strategy, which also includes ongoing infrastructure investments at Great Stirrup Cay that will further expand our guest-facing amenities and overall operations.
“We are in ongoing communication with the Bahamian director of labour, and have a follow-up meeting to discuss further. We take these matters seriously and are committed to maintaining open dialogue with all stakeholders.”
NOTICE
NOTICE is hereby given that SANDRA DAWN BRACKHAUS of P.O. Box N7776 High Meadows, Lyford Cay, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that PEGGEY JOSEPH of West Street, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that KEISHA MARIE DEAN of East West Highway, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of April 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Bahamas bank threatened with ‘organised crime’ suit
FROM PAGE B1
intend to manufacture additional frivolous claims to justify what they now admit is their taking of the trust funds ‘to keep’ for themselves.”
Stuart A. WeinsteinBacal, Ibanera’s attorney, in that April 17, 2025, letter, wrote that his clients were “preparing to file a case for damages” resulting from Deltec Bank & Trust launching legal action against them. He asserted that it will feature claims for “breaches of contract, fraud, defamation, tortious interference with business relations, damages pursuant to law, and violations of the civil provisions of the RICO Act”. This law is designed to combat organised crime and racketeering, and there is no suggestion that either Deltec or Britannia have violated it or, indeed, committed any wrongdoing.
However, Mr WeinsteinBacal asserted that “letters similar to this one will be
sent” to Britannia; Mr Velutini; Jean Chalopin, Deltec’s chairman, and Gregory Pepin, Deltec’s former deputy chief executive. Deltec, which is seeking a $35.674m in total - the recovery of the $20.674m and $15m in damages - yesterday renewed its efforts to persuade the south Florida federal court to impose a temporary restraining order and injunction to freeze the assets belonging to itself and its clients that Ibanera has allegedly “unlawfully withheld”. A previous bid to obtain the freeze was rejected on procedural grounds. Detailing events since it first launched legal action against Ibanera on March 3, 2025, the Bahamian bank and trust company said it received an assurance two weeks’ later from the payment provider’s law firm that “that the subject funds have not been misappropriated, but are intact, protected and subject of ongoing audits”. However, no documentary evidence
‘Bypass the
to prove this was ever supplied. It had been previously claimed that the Singapore Monetary Authority, one of Ibanera’s regulators, was conducting an audit and required that it “preserve” the funds owned by Deltec and its clients. “Deltec has never seen any order or direction from MAS or any other regulator requiring the funds to be preserved. Deltec believes that no such order exists,” the Bahamian bank added.
Then, on April 2, Deltec and its attorneys sought Ibanera’s co-operation in voluntarily freezing the disputed funds and providing an accounting of them. “Ibanera alternatively contends it is withholding funds because of a breach of contract by Deltec. Despite our repeated requests, Ibanera has provided no information about any purported breach or even a general description of what the breach might be,” Deltec’s attorneys said.
bureaucracy’ to drive stopover visitor growth
concerned by the decrease in stopover visitors. Obviously, this was pointed out by the Central Bank governor in his report. We had already known stopover visitors are decreasing, and they are the lifeblood.
“They are the most valuable of tourists we have in The Bahamas, and so we are very concerned by that. We are very concerned by what seems to be an overall decrease in arrivals to Grand Bahama. I think it was close to an overall 27 percent drop in overall arrivals.
“We are very concerned by both of those points, and we are hoping to hear what the Government’s strategic plan is to bolster stopover arrivals because again, that is the most valuable of our passengers. We are hoping to hear what the strategy is in terms of how we’re going to increase those overall numbers.”
Stopover visitors are greatly prized by the Bahamian tourism industry because, on average, they spend 28 times’ more and stay far longer than their cruise counterparts. While the latter are The Bahamas’ volume tourism business, stopover visitors have by far the greater economic impact in terms of the jobs and activity they support.
CIBC, in its April 2025 Caribbean market
overview, ranked The Bahamas’ 4 percent stopover visitor contraction during the first two months of 2025 as placing this nation among the lowest tourism performers in the region. Only Grenada was faring worse during January and February, with most other islands showing marginal growth in this category. Mr Cooper has frequently suggested that stopover tourism growth is being hindered by a lack of hotel room inventory, with supply insufficient to meet demand for the destination. He has repeatedly suggested that The Bahamas needs to double existing room capacity by 15,000 in the foreseeable future.
However, Mr Thompson argued that the Government must get approved resort projects into their development stage much more quickly. And, to achieve this, he argued that all necessary approvalsranging from Investment Board permits to Ministry of Works and planning permissions, plus Business Licences - must be managed and administered digitally via a single online portal rather than via multiple agencies.
Such thinking is not new, but the east Grand Bahama MP said: “Let’s unpick what the deputy prime minister said. If the issue is having
sufficient hotels and developments to accommodate persons, what are we doing to increase the number of hotel developments whether they are large or small?
“We have approved quite a lot of hotel developments. The issue is a delay between approval and actually starting up a development. We have done nothing to decrease the bureaucracy, and the delay between the approval and actually getting started in business.
“If stopover visitors are decreasing because there are not enough hotel rooms, and we have these approvals, shouldn’t we be finding a way to fast track and bypass the bureaucracy to get these developments started so we can attempt to these arrivals? This has been a challenge for our government for many years, and is one of the issues the FNM will tackle.”
Latia Duncombe, the Ministry of Tourism’s director-general, yesterday said tourist arrival numbers were “stable” despite the decrease in air arrivals and stop over visitors Speaking at the Office of the Prime Minister’s weekly press briefing, she said
“Taken together, these facts lead to the conclusion that Ibanera has absconded with Deltec’s funds, or at the very least has wrongfully transferred or intends to wrongfully transfer or dissipate the funds. As Ibanera knows, the majority of these funds belong to Deltec’s banking clients and the loss of the funds would cause Deltec significant and irreparable harm.”
However, Ibanera’s attorneys replied on April 7, 2025, asserting that “our clients face several constraints that prevent the present return of the disputed funds to Deltec Bank & Trust”. In particular, they cited the Bahamian bank’s involvement as a defendant in several FTX-related lawsuits and other actions involving purported crypto and digital assets frauds, even though Deltec has never been found guilty or liable.
“Our clients have uncertainty regarding the true owner of funds,” Ibanera’s attorneys alleged.
The Bahamas received 3.3m visitors during the 2025 first quarter, representing a 9 percent increase over the same period in 2024. This was mainly due to an 11.5 percent increase in cruise passengers. Airlift for January to March saw a 3 percent decrease when compared to 2024, and stop over visitors saw a 4 percent decline for the same period.
“January to March 2025, The Bahamas welcomed 3.3m visitors to the islands of The Bahamas, a 9 percent increase over the same period in 2024. Cruise arrivals totaled 2.8m, up 11.5 percent over the same period,” said Mrs Duncombe.
“Year-to-date, air arrivals totaled 487,000, reflecting a 3 percent shortfall compared to last year. However, air arrivals in Grand Bahama, Abaco, Bimini and Eleuthera exceeded 2024’s performance. Growth is being realised across our Family Islands. Stopover visitors totalled 512,000, representing a 4 percent shortfall compared to the same period in 2024.”
Mrs Duncombe said the Ministry of Tourism expects the numbers to improve during the 2025 second and third quarters, despite the Trump tariff challenges, and said there are opportunities to collaborate with other markets to increase traffic to the country.
“There are a number of factors that can be
Legal Notice
NOTICE
International Business Companies Act No. 45 of 2000 ORION DISTRIBUTION COMPANY LIMITED (the “Company”)
NOTICE
International Business Companies Act No.45 of 2000 ORION DISTRIBUTION COMPANY LIMITED (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of ORION DISTRIBUTION COMPANY LIMITED has been completed, a Certifcate of Dissolution has been issued, and the Company has therefore been struck of the Register. Te date of completion of the dissolution was the 28th April, 2025.
N O T I C E
Drake Hub Limited
“Our clients have serious concerns about potential criminal liability that could arise from returning these funds while investigations into Deletc’s activities remain ongoing.
“Regulators have intensified scrutiny of financial services operations, particularly those involving unlicensed exchanges or transactions that violate money transmission laws. If the funds in question are later determined to be proceeds of unlicensed or illicit activities, our clients could face liability for returning these funds. Without regulatory clearance, transferring these funds could expose our clients to significant legal jeopardy.”
They also claimed Ibanera had the right to the withhold the $20mplus because Deltec had breached the payment services agreement that governed the two sides’ relationship. “In addition to the regulatory constraints, Ibanera retains contractual rights to keep Deltec funds
attributed to the visitor arrivals. And I think that the first thing that we look at is uncertainty from a geopolitical perspective. There’s been some shifts. What I’m really excited about is that the impact has only been 4 percent from the stopover perspective,” said Mrs Duncombe.
“Amidst the uncertainty, there’s also opportunities. Because of our strong global relationships, it makes The Bahamas very attractive for the US market, the Canadian market, the European market, the Latin American market, and so we’ve doubled down.”
Mrs Duncombe added that while some visitors have opted not to travel due to the economic uncertainty, others are looking for alternative travel destinations, which presents an opportunity to market the destination to non-US visitors.
“Some visitors have opted not to travel. Some visitors have also opted to redirect where they travel, and that for us is where the huge opportunity comes in. So with that shift, they’re now looking at The Bahamas more and more,” said Mrs Duncombe.
“So yes, there is the impact by those directly affected, and they may not be able to travel as much as they would like to at the moment, but the opportunity ahead of us is what
to offset its losses suffered as a proximate result of Deltec’s illicit activities,” they added.
“By operating as an unlicensed money service business to facilitate transfers between parties, Deltec committed a material breach of this agreement that has caused, and continues to cause, extraordinary harm to our clients.... In light of the regulatory barriers outlined above and Deltec’s material breaches under the payment services agreement, our clients are unable to return the disputed funds at this time.” Deltec, in its filing for the asset freeze, countered that “no such ‘unauthorised activities’ by Deltec have ever been disclosed, and Deltec has never received any notification from [the Singapore regulator] that it has done anything wrong whatsoever. Deltec is not regulated by MAS as it has never provided payment services in Singapore. In other words, Ibanera’s story strains credulity”.
we find so positive and so amazing, and we’re working towards delivering on the experience and being in front of the audiences that are prepared to travel at this time.”
Mrs Duncombe said that while booking windows have “shortened”, the demand for The Bahamas remains strong.
“What we’re seeing is that booking windows have shortened, and so we’re not moving forward with the same level of certainty because of the shift that we’re seeing, but we all agree that the demand for the destination is still strong, and that’s why a cohesive effort is so important as we move forward,” said Mrs Duncombe.
She added that The Bahamas will continue its “steady course forward” despite global shifts, and the tourism outlook is positive. “Tourism is directly impacted by global shifts, rising costs, geopolitical tensions and evolving economic policies,” Mrs Duncombe said.
“But instead of retreating, we’re leaning in. The demand for The Bahamas remains high, and our destination continues to resonate with travellers across the globe. While the international landscape remains uncertain, The Bahamas is charting a steady course forward. Our performance is stable and the outlook is positive.”
Notice
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by The Registrar General on the 4th day of March, 2025
Dated the 7th day of May A.D., 2025
Gustaaf A. Meijers Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION EQUATORIAL GUINEA (DEEPWATER) LIMITED
Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by the Registrar General on the 16th day of April, 2025.
Brian Selvadurai Liquidator of Drake Hub Limited
Legal Notice Protection Income Investments Fund Ltd.
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that Protection Income Investments Fund Ltd. (Registration no. 205309 B is in dissolution. Te date of commencement of the dissolution is the 5th day of May, 2025. Te Liquidator of the Fund is Crowe Bahamas and can be contacted at Harbour Bay Plaza, Shirley Street, Suite 587, P. O. Box AP-59223, Nassau, Bahamas. Email andrew.davies@crowe.bs . All persons having claims against the above-named company are required to mail and email their names, addresses and particulars of their debts or claims to the Liquidator before 4th day of June, 2025. Crowe Bahamas Liquidator
PI development targets construction start in ‘25
Versani Properties Ltd, according to the project’s environmental baseline study and management plan, is proposing to construct two five-storey towers that will feature both retail and office space on the first two floors, plus amenities such as a gym, swimming pool and restaurant, with the upper floors containing two and threebedroom condominiums.
The project, which is now seeking its certificate of environmental clearance
(CEC) and other related approvals from the Department of Environmental Planning and Protection (DEPP), would be located on Paradise Island Drive at a site bordered on both sides by Flamingo Road and Harbour Ridge Road. To the west sits the Atlantis staff parking, while to the north and south are Comfort Suites and the Warwick, respectively. The study, conducted by the Bahamian environmental consultancy, Bron, did not identify the developer’s
principals or the likely investment Versani Properties will be making. However, it appears to be linked to a West Bay Street project by a developer called Vistonian Development Group, which shares the same number with Versani Properties while both their websites are virtually identical in terms of design and content.
Vistonian Development Group, which is also seeking the same environmental and DEPP approvals as Versani Properties via a
TRUMP SAYS THE US WILL STOP BOMBING YEMEN'S HOUTHIS AFTER REBELS SAY THEY'LL STOP
By WILL WEISSERT Associated Press
PRESIDENT Donald
Trump said Tuesday that he's ordering a halt to nearly two months of U.S. airstrikes on Yemen's Houthis, saying the Iran-backed rebels have indicated that "they don't want to fight anymore" and have pledged to stop attacking ships along a vital global trade route.
"We're going to stop the bombing of the Houthis, effective immediately," Trump said at the start of his Oval Office meeting with Canadian Prime Minister Mark Carney.
That likely means an abrupt end to a campaign of airstrikes that began in March, when Trump promised to use "overwhelming lethal force" after the Houthis said they would resume attacks on Israeli vessels sailing off Yemen in response to Israel's mounting another blockade on the Gaza Strip.
At the time, they described the warning as affecting the Red Sea, the Gulf of Aden, the Bab el-Mandeb Strait and the Arabian Sea.
Trump said the Houthis had indicated to U.S.
TARGETING SHIPS
officials that "they don't want to fight anymore. They just don't want to fight. And we will honor that, and we will stop the bombings."
His announcement came the same day that Israel's military launched airstrikes against the Houthis that it said fully disabled the international airport in the Yemeni capital, Sanaa. Israel's attacks were its second round of airstrikes on targets in Yemen in retaliation for a Houthi missile strike Sunday on Israel's international airport.
A U.S. official said the administration had not notified Israel of the agreement with the Houthis before Trump talked about it publicly. Israel, according to this official who spoke on condition of anonymity to discuss private diplomatic talks, was irked by the unexpected news — particularly because the Houthis have continued to launch attacks on Israel proper and other Israeli targets. Israel does not appear to be covered by the U.S.Houthi agreement. Appearing before reporters again later Tuesday, this time for the swearingin of senior adviser and
special envoy Steve Witkoff, Trump was asked about the possibility that the Houthis would continue to attack Israel and responded, "I don't know about that, frankly."
"But I know one thing, they want nothing to do with us," Trump said. "And they've let that be known through all of their surrogates and very strongly."
Trump calls ending airstrikes 'positive'
In his comments during the earlier meeting with Carney, Trump said the Houthis had "capitulated but, more importantly, we will take their word that they say they will not be blowing up ships anymore. And that's what the purpose of what we were doing."
"I think that's very positive," Trump added. "They were knocking out a lot of ships."
Asked how the Houthis had communicated that they were looking to stop being targeted by U.S. bombs, Trump offered few details, saying only with a chuckle that the information came from a "very good source."
Omani Foreign Minister Badr al-Busaidi,
separate application, is targeting a five-acre site immediately west of the Ocean Terrace condominiums on West Bay Street for its own “mixed-use condominium complex” that will also feature office spaces, restaurants, a spa and 24 single family homes.
The Versani Properties study forecasted that the project’s completion would increase Paradise Island’s population by some 520 persons, broken down into 104 retail, office and other workers employed by its
amenities plus some 416 residents in its condos. “The total estimated waste for the 520 persons expected on site (104 staff and 416 in the condos) is 1,765 kg (kilograms) per year,” it said. “The proposed Versani Properties Ltd development consists of two multi-storey towers designed to incorporate a mix of residential and commercial elements, including retail spaces, a lobby area, a fully equipped gym, a swimming pool and a restaurant with outdoor seating.
“The development will also feature a selection of two-bedroom and threebedroom residential units, and is situated on a previously disturbed site on Paradise Island, Bahamas. Collectively, these components are referred to as the development. The site is bounded by three main thoroughfares and adjacent to existing infrastructure such as power, water supply and a wastewater treatment facility.
confirmed that the U.S. bombing campaign was ending, posting on X that discussions involving the U.S. and Oman, as well as negotiators in Yemen, "have resulted in a ceasefire agreement between the two sides."
"In the future, neither side will target the other, including American vessels, in the Red Sea and Bab al-Mandab Strait, ensuring freedom of navigation and the smooth flow of international commercial shipping," he wrote, calling the agreement a "welcome outcome."
In a statement, the Houthis said that its
position toward Gaza hadn't changed and its "initial understanding" with the U.S. would not impact its support for the Palestinians. It wasn't clear in the statement whether it was on board with the agreement with the U.S.
Costs of U.S. operation against the Houthis
The costs of the U.S. munitions used against Houthi rebel targets in Yemen in daily attacks since March 15 have totaled more than $750 million, another U.S. official said. The Trump administration has dropped more than 2,000 munitions on more than 1,000 targets, according to the official, who spoke on the condition of anonymity to provide additional details on the strikes.
The total is only a fraction of the total costs of the operation. It doesn't account for the costs of operating two aircraft carriers, their accompanying warships or the flight hours of the aircraft.
It also doesn't include the Houthis destroying seven U.S. MQ-9 Reaper drones, at a cost of more than $30 million apiece, or the loss of an F/A-18 fighter jet and tug from the carrier USS Harry S. Truman when it maneuvered to avoid a Houthi missile and the jet fell off the carrier.
Despite Trump's framing of the deal as a way to reopen the Red Sea to commercial shipping without fear of Houthi attack, "the Houthis have not fired on a commercial ship since December," Gregory Brew, a senior analyst with the Eurasia Group risk-analysis firm, said on X.
"They are likely, however, to continue shooting at Israel," Brew noted.
"As to the Houthis continuing to attack Israel - they do so at Iran's own peril," Republican South Carolina Sen. Lindsey Graham, R-S.C., said on social media. Houthi attacks on shipping
The Houthis had been waging persistent missile and drone attacks against commercial and military ships in the region in what the group's leadership has described as an effort to end Israel's war against Hamas in the Gaza Strip.
From November 2023 until January 2025, the Houthis targeted more than 100 merchant vessels with missiles and drones, sinking two of them and killing four sailors. That has greatly reduced the flow of trade through the Red Sea corridor, which typically sees $1 trillion of goods move through it annually.
The Houthis paused attacks in a self-imposed ceasefire until the U.S. launched a broad assault against the rebels in mid-March.
Those strikes Trump had ordered were similar to ones carried out against the Houthis multiple times by the administration of his predecessor, Democratic President Joe Biden.
The Trump administration actions gained a higher profile in the public consciousness when The Atlantic revealed that Hegseth had texted sensitive plans for a military strike against the Houthis on a group chat in the messaging app Signal that mistakenly included the magazine's editor-in-chief.
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, YUSEF OMAR HIGGS, of the #3 Shepherd Lane Gardens of New Providence, The Bahamas. intend to change my name to DYLAN OMAR HIGGS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE is hereby given that RAMON ELIAS SUAREZ-LARA of Marigold Farm Road, off Joe Farrington Rd, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PRESIDENT Donald Trump waiting to greet Canadian Prime Minister Mark Carney at the West Wing of the White House, Tuesday, May 6, 2025, in Washington.
Photo:Mark Schiefelbein/AP
Warren Buffett’s best and worst investments in his 60 years leading Berkshire Hathaway
By JOSH FUNK AP Business Writer
BILLIONAIRE investor
Warren Buffett said Saturday that he wants to step down as chief executive of Berkshire Hathaway at the end of the year. The revelation came as a surprise because the 94-year-old had previously said he did not plan to retire.
Buffett, one of the world's richest people and most accomplished investors, took control of Berkshire Hathaway in 1965 when it was a textiles manufacturer. He turned the company into a conglomerate by finding other businesses and stocks to buy that were selling for less than they were worth.
His success made him a Wall Street icon. It also earned him the nickname "Oracle of Omaha," a reference to the Nebraska city where Buffett was born and chose to live and work.
Here are some of his best and worst investments over the years:
Buffett's Best
— National Indemnity and National Fire &
Marine: Purchased in 1967, the company was one of Buffett's first insurance investments. Insurance float — the premium money insurers can invest between the time when policies are bought and when claims are made — provided the capital for many of Berkshire's investments over the years and helped fuel the company's growth. Berkshire's insurance division has grown to include Geico, General Reinsurance and several other insurers. The float totaled $173 billion at the end of the first quarter. — Buying blocks of stock in American Express, Coca-Cola Co. and Bank of America at times when the companies were out of favor because of scandals or market conditions. Collectively, the shares are worth over $100 billion more than what Buffett paid for them, and that doesn't count all the dividends he has collected over the years. — Apple: Buffett long said that he didn't understand tech companies well enough to value them and pick the long-term winners, but he started buying Apple shares in 2016. He later
explained that he bought more than $31 billion worth because he understood the iPhone maker as a consumer products company with extremely loyal customers. The value of his investment grew to more than $174 billion before Buffett started selling Berkshire Hathaway's shares.
— BYD: On the advice of his late investing partner Charlie Munger, Buffett bet big on the genius of BYD founder Wang Chanfu in 2008 with a $232 million investment in the Chinese electric vehicle maker. The value of that stake soared to more than $9 billion before Buffett began selling it off. Berkshire's remaining stake is still worth about $1.8 billion.
— See's Candy: Buffett repeatedly pointed to his 1972 purchase as a turning point in his career. Buffett said Munger persuaded him that it made sense to buy great businesses at good prices as long as they had enduring competitive advantages. Previously, Buffett had primarily invested in companies of any quality as long as they were selling for less than he
thought they were worth. Berkshire paid $25 million for See's and recorded pretax earnings of $1.65 billion from the candy company through 2011. The amount continued to grow but Buffett didn't routinely highlight it.
— Berkshire Hathaway Energy: Utilities provide a large and steady stream of profits for Berkshire. The conglomerate paid $2.1 billion, or about $35.05 per share, for Des Moines-based MidAmerican Energy in 2000. The utility unit subsequently was renamed and made several acquisitions, including PacifiCorp and NV Energy. The utilities added more than $3.7 billion to Berkshire's profit in 2024, although Buffett has said they are now worth less than they used to be because of the liability they face related to wildfires.
Buffett's Worst
— Berkshire Hathaway: Buffett had said his investment in the Berkshire Hathaway textile mills was probably his worst investment ever. The textile company he took over in
1965 bled money for many years before Buffett finally shut it down in 1985, though Berkshire did provide cash for some of Buffett's early acquisitions. Of course, the Berkshire shares Buffett began buying for $7 and $8 a share in 1962 are now worth $809,350 per share, so even Buffett's worst investment turned out OK.
— Dexter Shoe Co.: Buffett said he made an awful blunder by buying Dexter in 1993 for $433 million, a mistake made even worse because he used Berkshire stock for the deal. Buffett says he essentially gave away 1.6% of Berkshire for a worthless business.
— Missed opportunities. Buffett said that some of his worst mistakes over the years were the investments and deals that he didn't make. Berkshire easily could have made billions if Buffett had been comfortable investing in Amazon, Google or Microsoft early on. But it wasn't just tech companies he missed out on. Buffett told shareholders he was caught "sucking his thumb" when he failed to follow through on a plan to buy 100 million Walmart
shares that would be worth nearly $10 billion today.
— Selling banks too soon. Not long before the COVID pandemic, Buffett seemed to sour on most of his bank stocks. Repeated scandals involving Wells Fargo gave him a reason to start unloading his 500 million shares, many of them for around $30 per share. But he also sold off his JP Morgan stake at prices less than $100. Both stocks have more than doubled since then.
— Blue Chip Stamps: Buffett and Munger, Berkshire's former vice chairman, took control of Blue Chip in 1970 when the customer rewards program was generating $126 million in sales. But as trading stamps fell out of favor with retailers and consumers, sales steadily declined; in 2006, they totaled a mere $25,920. However, Buffett and Munger used the float that Blue Chip generated to acquire See's Candy, Wesco Financial and Precision Castparts, which are all steady contributors to Berkshire.
MARINE FORECAST
