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Wednesday, OctOber 14, 2026
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Treasure Cay’s $177m deal ‘well on its way’ to closing !"#$%&'#()*+$%'' +,-./01#!/2-0122#%3-45, nhartnell@ tribunemedia.net THE Government’s investment chief says the long-awaited completion of Treasure Cay’s sale is “well on its way” with “pre-construction” and demolition permits for its $177m redevelopment already obtained. Phylicia Woods-Hanna, also the Bahamas Investment Authority’s (BIA) director, told Tribune Business that the Meister family, as vendors, together with the buyer, Jacksonville-based GreenePointe Holdings and its principal, Edward Burr, are now “working through the final check-list of closing items” and could be completed before month’s end. Speaking after she received “a full project update” on the Abaco development last Thursday, Mrs Hanna-Woods said: “All the permits have been issued. They are working
Investments chief: Both sides ‘working through final check list’ Set to complete by month’s end; building, demo permits issued 1,400-acre site’s revival ‘desperately needed’ but ‘not in bank’ through the final check-list of closing items and that should be completed this month. “They have all their pre-construction and demolition permits so they are well on their way. That’s where they are at. They are progressing very well… Simultaneously, they [GreenPointe] have been working on getting their plans completed. That, I understand, is done. “They should roll it out to the public shortly. We advised them to have community meetings to sensitise people and let them know what is on the way.”
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Mr Burr, who is himself a home owner at Treasure Cay, signed a Heads of Agreement for the destination’s $177m redevelopment with the first Davis administration in September 2024, but little tangible progress has been visible on the ground in Abaco for the past two years with uncertainty persisting over whether the purchase from the Meister family, who operate Blue Lagoon and Dolphin Encounters on New Providence, has closed. However, Mrs Hanna-Woods’ assessment of
MARINA - See Page B4
Spending watchdog to quiz ‘Private, political actors’ got in control two AGs over $700m NIF of $1.5m vouchers !"#$%&'#()*+$%'' +,-./01#!/2-0122#%3-45, nhartnell@ tribunemedia.net
PARLIAMENT’S spending watchdog will tomorrow interview the present and immediate past Attorney General over the National Investment Fund (NIF) as it waits for proof $700m was deposited in its accounts.
* Pintard: Fund’s Board never knew of $311m outlay * Papers to ‘account’ for $700m’s deposit yet to come Michael Pintard, the Free National Movement (FNM) leader, told Tribune Business that the Opposition-controlled Public Accounts Committee (PAC) is hoping to meet with both Wayne Munroe
KC, the current attorney general, as well as his predecessor, Ryan Pinder KC, as he hailed the “tremendous progress” made in investigating the NIF controversy. He explained that the Committee, the
only one controlled by the Opposition, will probe the legal advice given to the Government that seemingly justified it opening an account in the name
FUND - See Page B6
Eleuthera residents Fishermen face squeeze threaten BPL bill from soaring diesel cost pay halt on outages !"#)$$%'&)#$&67$ +,-./01#!/2-0122# *185,41, anixon@tribunemedia.net ELEUTHERA residents are threatening to withhold Bahamas Power & Light (BPL) bill payments in protest over persistent outages, mounting appliance damage and what they describe as prolonged delays when seeking compensation. Residents across the island say unreliable electricity has disrupted businesses, threatened the well-being of vulnerable people and driven up household expenses, with some questioning whether BPL’s repeated promises of improved service will
translate into more reliable power. Aldred Albury, former local government representative for The Current settlement, said he has heard repeated complaints from residents who submitted reimbursement claims for damaged appliances to BPL but received no resolution. “I have heard multiple persons express that same concern over the years that they filled out the form, provided all the documents and still never got no resolution,” he said. “I actually heard one person say that they submitted documents, and every time when they checked on it, they asked
POWER - See Page B3
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BAHAMIAN fishermen are struggling with rising fuel costs and the loss of VAT recoveries on business expenses, their Association’s president revealed yesterday, as higher operating costs eat into their earnings. Keith Carroll, president of the National Fisheries Association of The Bahamas, said the industry has little choice but to absorb the cost increases as it has limited control over the prices buyers are willing to pay for their catch. “Like everything, we just take it again. We are rolling with the punches, just making less money. That's
it,” he said, when asked how fishermen were coping with higher diesel prices. Diesel is selling for $7.44 per gallon, while gasoline prices range from $6.98 per gallon at Rubis to $7.08 at Shell and $7.50 at Esso. Mr Carroll said the removal of VAT on unprepared food had also affected fishermen's ability to offset operating expenses, including fuel. “If I buy $30,000 worth of fuel right now, that's $3,000 of VAT that I can’t offset. I can't claim that,” he added. The Government eliminated VAT on unprepared food from April 1, reducing the rate from 5 per cent to zero. However, the decision to treat the products as VAT-exempt rather than zero-rated means
VAT - See Page B6
!"#$%&'#()*+$%'' +,-./01#!/2-0122#%3-45, nhartnell@ tribunemedia.net THE Opposition’s leader yesterday asserted evidence shows “private actors”, operating “outside the normal government processes”, may have had control over the $1.5m taxpayer-funded
building material vouchers distributed before the general election. Michael Pintard told Tribune Business that probes by Parliament’s spending watchdog, the Public Accounts Committee (PAC), into both the vouchers and National
PROBE - See Page B5
PAGE 2, Wednesday, October 14, 2026
THE TRIBUNE
Statistics don’t always match economic reality !"#$%&'$()*#+#,(--,#((# RASII@ME.com “The economy, stupid.” The phrase, famously associated with political strategist James Carville during Bill Clinton’s 1992 US presidential election campaign, was intended to keep the effort focused on the issue that mattered most to voters: The economy. More than three decades later, the expression remains relevant because regardless of the political noise surrounding an administration, people ultimately experience government through their pockets. For The Bahamas, perhaps we need a similar reminder. We can debate leadership, constitutional reform, decentralisation, crime, Immigration and any number of issues dominating the national conversation, but almost all roads eventually lead back to the economy. Can Bahamians afford to live comfortably? Are wages keeping pace with the cost of living? Can young Bahamians afford homes? Can small businesses survive the cost of electricity, labour, financing and imported goods? Are we creating enough high-paying jobs? And perhaps, most importantly, is economic growth improving the standard of living of the average Bahamian? On paper, there is good news. The Bahamian economy has strengthened considerably since the COVID-19 pandemic. The International Monetary Fund (IMF) reported real gross domestic product (GDP) growth of 3.4 percent in 2024, and estimated growth of around 2.8 percent in 2025, supported by construction, cruise tourism and the broader
recovery of the hospitality sector. Public finances have also improved, with the fiscal deficit narrowing significantly. But economic statistics and economic reality are not always experienced in the same way. A country can report GDP growth while a household still struggles with groceries. Visitor arrivals can break records while a worker wonders whether his salary will stretch until pay day. Government revenue can increase while a young professional concludes that home ownership remains beyond reach. These realities do not necessarily contradict positive economic statistics; they demonstrate that economic growth and broadly-shared economic well-being are not the same thing. That distinction should be at the heart of the next phase of economic reform in The Bahamas. Tourism has served us well but what comes next? Tourism remains an extraordinary economic asset. The question is not whether The Bahamas should move away from tourism, but whether we have done enough to build alongside it. The vulnerability is obvious. According to the IMF, stopover visitors generate around 90 percent of tourist spending and around 28 percent of GDP, while roughly 80 percent of tourist inflows originate from the US. That concentration has served us extremely well when the American economy is strong and people are travelling, but COVID19 demonstrated just how quickly an external shock can expose the vulnerabilities of that model. Therese Turner-Jones, a Bahamian economist, has
raised a similar concern. More recently, discussions involving Ms Turner-Jones have focused on the uncomfortable question of whether strong tourism growth across the Caribbean is translating into greater prosperity for the people who live here. For The Bahamas, this includes the issue of economic leakage. Tourists may spend money in the country, but a large portion of that ultimately exits through imports and other external payments required to sustain the sector. Ms Turner-Jones has argued that The Bahamas should deepen the linkages between tourism and the rest of the economy, and reduce the import content of the industry so that more of the tourism dollar remains at home. This is an important distinction. Our success cannot simply be measured by how many visitors arrive at Lynden Pindling International Airport (LPIA) or how many cruise passengers walk off a ship. We must also ask how much of what they spend stays here? Economic diversification, therefore, cannot remain the paragraph that appears in every national speech. We have been talking about agriculture, technology, financial services, the ‘blue economy’, logistics, renewable energy, entrepreneurship and the creative economy for years. At some point, diversification must move from aspiration to measurable contribution to GDP, employment, exports and Bahamian ownership. This does not mean abandoning the industry we have spent decades building. Quite the opposite. We should extract more value from tourism while simultaneously building
industries around and beyond it. The question should increasingly become: How much of every tourism dollar stays in The Bahamas, circulates through Bahamian businesses and ultimately reaches Bahamian households? That requires stronger linkages between tourism and agriculture, transportation,entertainment, technology, construction, professional services and Bahamian-owned businesses. Economic success cannot simply be measured by how many people arrive on our shores. It must also be measured by what their arrival produces for the people who live here. Growth must feel like growth GDP matters. Fiscal discipline matters. Debt matters. Foreign direct investment (FDI) matters. Tourism arrivals matter. But they are measurements of the economy. They are not, by themselves, the purpose of the economy. The purpose must ultimately be to improve people's lives. The IMF's latest assessment illustrates the challenge. While the economy has recovered strongly, it expects growth to moderate and eventually converge toward an estimated annual rate of about 1.5 percent over the medium term. Central government debt, although declining, was also around 74 percent of GDP in 2025. These are reminders that post-pandemic recovery should not be confused with having solved our longer-term structural problems. The Bahamas, therefore, needs to become more deliberate about productivity. How do we produce more value per worker? How do we reduce the cost of doing business? How do
we improve education and skills so Bahamians can command higher wages? How do we use technology to make government and businesses more efficient? How do we reduce energy costs? How do we create opportunities across the Family Islands so that economic activity is not disproportionately concentrated in New Providence? These are not separate policy discussions. They are economic policy. It is still the economy Governments will be judged on many things. Leadership matters. Integrity matters. Social policy matters. National security matters. But, for the average person trying to build a life, economics has a way of making every other conversation very real. A stronger economy means little if prosperity becomes increasingly inaccessible to the people generating it. Growth must eventually translate into wages, opportunity, home ownership, entrepreneurship, reliable infrastructure and a reasonable standard of living. The Bahamas has built one of the Caribbean's most recognisable and successful tourism economies. The next chapter should be about building an economy that is more productive, more diversified, more resilient and, importantly, allows more Bahamians to own a meaningful piece of it. The National Development Plan This is where the National Development Plan (NDP), Vision 2040, becomes particularly important. Many of the economic challenges we continue to discuss- our dependence on tourism, limited economic diversification, productivity,
Bahamian ownership and the need to create stronger linkages between tourism and the domestic economy - are already contemplated within the NDP. The plan calls for a more resilient economy, greater entrepreneurship and ownership, and stronger connections between tourism and sectors such as agriculture, culture and local enterprise. The issue, therefore, is not necessarily that The Bahamas lacks a vision; it is whether we have the discipline to execute it. The NDP provides an opportunity to move beyond simply counting visitor arrivals and GDP growth, and instead measure whether that growth is creating sustainable jobs, expanding Bahamian ownership, strengthening the Family Islands and ultimately improving the standard of living for Bahamians. Economic reform should not restart with every administration; the NDP should be the thread that connects one government to the next, and keeps the country moving towards a common economic destination. Conclusion More than 30 years after James Carville's famous reminder, the lesson remains remarkably simple. Governments can produce impressive statistics, announce record visitor arrivals and celebrate economic growth, but people will ultimately judge the economy from their kitchen tables, their electricity bills, their pay cheques and their ability to build a future. For The Bahamas, the challenge of the next 20 years is not simply to grow. It is to make growth feel like growth. Because, in the end, it is still the economy, stupid.
THE TRIBUNE
Wednesday, October 14, 2026, PAGE 3
Minister pledges to push for more reliable power !"#$%&#'())*+' ,-./012#!03.1233# 4256-72!"#$$%&"' ()#*+&,$,-#./&,( A CABINET minister yesterday pledged to continue pressing for more reliable electricity supply in his Eleuthera constituency, where residents reported repeated power outages over the holiday weekend that disrupted homes and businesses. Clay Sweeting, minister of works and Family Island affairs, and the Central and South Eleuthera MP, made the commitment in a statement recorded at Hatchet Bay, where construction is under way on EA Energy’s new solar and liquefied natural gas (LNG) power plant.
“Eleuthera, I know you're tired; tired of food spoiling, appliances burning out, businesses losing money, and days at home without electricity,” said Mr Sweeting. “We are not there yet, but we are moving, and I'm staying on it until we are,” he added, describing the EA Energy project as a means of delivering cleaner, more reliable electricity while reducing dependence on ageing diesel generators. However, residents continued to report persistent Bahamas Power & Light (BPL) interruptions over the weekend, with one describing conditions as “horrible and unbearable” after electricity went off repeatedly. Mr McKenzie said the outages were particularly
CLAY SWEETING concerning for elderly residents and persons dependent on medication such as insulin which needs to be kept refrigerated. “There is no excuse for this,” he said
He also questioned why the response to power outages did not appear to match the attention given to other emergencies, and criticised the lack of communication about what was causing the BPL disruptions, how long they might continue and what was being done to address them. Another resident, Ms Rolle, said the prolonged outages are compounding the financial pressure on households already facing high electricity bills. “The service has been terrible and they are charging bills near double. It's a nightmare honestly,” she said. She said relying on generators is an expensive alternative, estimating that running a gas generator around the clock could cost
hundreds due to rising gasoline and diesel costs. Households using generators to maintain electricity during extended outages face additional fuel expenses on top of their regular BPL bills. Ms Rolle also questioned whether customers are receiving credits or other compensation for electricity they had paid for but could not reliably use, as well as for losses associated with damaged appliances and disrupted businesses. The concerns come as the Government looks to overhaul electricity generation on Eleuthera through the Hatchet Bay project, which is being developed by EA Energy alongside BPL's existing power station. The hybrid facility is planned to combine solar
photovoltaic (PV) generation, LNG-fired power and battery energy storage. The project is part of a wider initiative to modernise electricity supply on Eleuthera and Abaco, with the new facilities intended to improve reliability and reduce dependence on conventional diesel generation. EA Energy previously outlined plans for the two plants to begin supplying electricity in the third quarter of 2026. For residents, however, the immediate concern remains the reliability of the existing electricity supply, the costs of coping with repeated outages and whether BPL and the authorities will provide clearer answers about the problems affecting the island.
Growing frustration over BPL compensation woe POWER - From Page B1 them to resubmit the documents because they couldn’t find them.” Mr Albury said he could not determine whether BPL is deliberately withholding compensation, noting that some residents had reported eventually receiving reimbursement. However, he called for the Utilities Regulation and Competition Authority (URCA) to investigate if the complaints reflect a widespread problem. “If this seems to be a widespread issue of persons not being reimbursed, then maybe it’s a situation where URCA needs to investigate to find out if BPL is actually reimbursing persons for damaged appliances or not,” he said. Mr Albury suggested that BPL needs a more effective system for processing and tracking claims. “Maybe a digital system or portal or something where it can be uploaded to ensure that it can’t get lost because it’s all digitised, and then persons can log in and see if it’s in progress, if it’s been approved, if it’s been denied, things like that,” he said. Doon McKinney, a Governor’s Harbour resident, said she has lost four refrigerators and other equipment, including a dish washer, as a result of power surges over the past yearand-a-half despite having a whole-house surge protector and individual surge protectors on appliances. “The fridges themselves would be over $5,000 because a full-size fridge is over $1,200,” she said, adding that shipping
appliances from New Providence and paying to transport replacements and dispose of damaged units further increases the cost. Ms McKinney warned that the electricity woes are undermining Eleuthera’s economic stability by preventing businesses from operating reliably. “The other thing is, this is destroying the backbone of our economic stability because nobody can run their businesses,” she said. “People need printers. People need electrical tools. People need refrigerators.” Ms McKinney said power interruptions occur multiple times daily and can sometimes leave residents without electricity for as long as ten hours. She said the outages are particularly difficult for elderly residents, young people and those with medical conditions, while households that rely on electricity to pump water can also lose access to water when the power fails. “People who have stoves that are electric, they can’t cook either,” she said. Ms McKinney, who operates an Airbnb vacation rental, said the outages have cost her business because guests are reluctant to stay without air conditioning. “I’ve lost a lot of business because I have an Airbnb and people won’t stay if they don’t have air conditioning,” she said. Ms McKinney also raised concerns about the implications of proposed developments in Central Eleuthera, including two projects she said are valued at more than $500m each. She questioned whether the island’s electricity
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infrastructure can accommodate additional demand from major developments while existing customers continued to experience unreliable service. “I think the Government has to take care of the people first and this needs to be at a higher level than it currently is.” she said. “ This certainly is not progress. It’s totally unacceptable.” Yuwanda Roberts, a Hatchet Bay resident, said the outages have affected her ability to rest, charge her phone and prepare for work. “You barely have power,” she said. “You can’t charge your phone. When I get off at 8pm in the night, and got to be to work for 6m, no sleep because power’s off.” Ms Roberts said she sometimes has to sit in her jeep because of the conditions at home, while power surges had damaged her air conditioning unit and living room fan. She also questioned why her electricity bill was higher despite having only one air conditioning unit
operating, compared with two previously. Ms Roberts said residents have become frustrated with what they view as repetitive explanations from BPL and the lack of meaningful responses to complaints raised in community messaging groups. She added that the loss of electricity also means lost access to water for many residents. The residents’ complaints come amid a series of outages and rotational power supply exercises across Eleuthera in recent days, according to updates issued by BPL through its WhatsApp channel. Last Thursday, BPL advised that electricity would be temporarily interrupted in Island Shores and Gregory Town because of a generation shortfall during peak demand, with the interruption expected to last around three hours. Later updates announced additional interruptions affecting Governor’s Harbour, Palmetto Point, Savannah
Sound, Windermere Island, Double Bay, Little Bay and Ten Bay to facilitate overhead repairs and system configurations. BPL subsequently announced a rotational supply schedule, with Governor’s Harbour scheduled to go offline at 7pm and return at 10pm, while Palmetto Point was scheduled to lose supply during the same period. The company said all supplies were expected to be back online by 1am, subject to change. Further interruptions were reported on Friday, Saturday, Sunday and Monday. BPL attributed the disruptions to several issues, including a problem at the Rock Sound power station, a blown fuse affecting Gregory Town, emergency repairs to rental generation units, and faults involving generating equipment at Hatchet Bay power station. On Sunday night, BPL said electricity had been restored throughout North and Central Eleuthera at around 11pm, with the system returning to normal
operation after a generation unit came back online and additional equipment provided support. However, additional outages followed on Monday. BPL said an issue with a generating unit caused two northern feeders to trip on under-frequency at around 7.30am, taking the Hatchet Bay power station offline. Later that day, another fault affecting a generation unit at the station interrupted electricity supply at about 3.45pm. BPL said temporary generation units were supplying electricity but had limited capacity, prompting another rotational supply schedule. Under that schedule, power was to be restored to Governor’s Harbour at 9pm, while North Eleuthera was temporarily taken offline. BPL subsequently reported that electricity was restored to Governor’s Harbour at about 9.46pm and said power was expected to return to all affected areas by midnight.
PAGE 4, Wednesday, October 14, 2026
THE TRIBUNE
‘Unobtrusive’ progress signals as 47-slip marina ‘founders’ launches MARINA - From Page B1 the deal’s status has been backed by multiple Tribune Business sources either in Treasure Cay or Abaco, or who are familiar with developments in a destination that the island “desperately needs” to revive so it can “get back to the booming days of our development”. One contact, confirming that both sides to the Treasure Cay deal have endured a long, hard slog to progress to this point, described the sale as complex and challenging because there are multiple “odds and ends” that have to be addressed - including land title issues - before a sale and handover can successfully conclude. “They are waiting on last-minute approvals,” they said. “They are still waiting to close. It looks like it will happen. They are just nit-picking through all the odds and ends.” Both Mr Burr and Gaynelle James, GreenPointe Holdings’ marketing
director, did not respond to Tribune Business calls and messages seeking comment before press time last night. Ms James, in an update to Treasure Cay home owners in summer 2025, said the developer was aiming to obtain all necessary permits and approvals by October that year - exactly 12 months ago. More recently, she and GreenPointe have been marketing a ‘marina founders’ programme, offering boat and yacht owners a chance to buy dock and marina slips at a 50 percent discount to comparable Abaco and regional prices, in a further sign the buyer remains interested in closing. “Phase one introduces a limited collection of 47 founding marina ownership opportunities within Treasure Cay harbour. Founding marina owners receive priority selection for future Treasure Cay real estate offerings, based on the order in which slip contracts are received,” GreenPointe’s marketing
materials, obtained by Tribune Business, assert. “Treasure Cay Marina represents one of the few remaining opportunities to acquire newly-constructed marina ownership in the Abacos at true pre-construction pricing. Initial Phase One pricing begins at less than 50 percent of recent comparable marina slip sales within the region, allowing owners to secure their home port before values begin reflecting a completed destination… “As the first founding ownership opportunity within the redevelopment of Treasure Cay, the marina offers a limited collection of ownership opportunities within a protected harbour designed for vessels from 50 to 120 feet and beyond.” GreenPointe also promised “the return of the iconic Tipsy Seagull Bar & Grille” and a “future Marina Village”. Daphne DeGregory-Miaoulis, immediate past president of the Abaco Chamber of Commerce, told this newspaper that
while the deal’s fate - and future of Treasure Cay “sounds more positive than it has done in the past, I’m still not going to the bank on it”. She reiterated, though, that North Abaco especially and, by extension, the entire island needs the 1,400-acre destination to rebound and become the economic engine it once was to help further drive post-Hurricane Dorian recovery. Branding Treasure Cay’s revitalisation as “extremely important”, Mrs DeGregory-Miaoulis said: “That whole end of the island is dependent on that development. That end of the island is what put us on the map in the first place, and everyone in that area depends on it. “They have to come to Marsh Harbour now for work, and there aren’t enough jobs in Marsh Harbour to accommodate all the working workforce. It’s very important.” Mrs DeGregory-Miaoulis added that Treasure Cay has “stagnated” over the decades, and its rebirth could spark Abaco into rapid growth if executed properly. “We need it. We desperately need it,” she told Tribune Business. “I spoke to someone yesterday who said: ‘I understand Abaco is booming. I said: ‘Don’t believe everything you hear’. We are continuing to recover, and business is improving, but right now we are in ‘dead season’ like everyone else. “We are not booming. OK? We have made great strides in recovering, but I would not use the word ‘booming’ in any way to describe our economy. The quicker Treasure Cay gets operational, the quicker we will get back to the booming days of our development. Let’s hope it happens really soon. “I have to say it sounds more positive than it has done in the past, I’ll say that much, but I am still not going to the bank on it. We’re not counting our pennies until they are in.” Bill McLean, head of the 120-strong Beach Villas Owners Association, the largest homeowners group on Treasure Cay, yesterday told Tribune Business that “unobtrusive” signs that the Meister family, as owners through Treasure Cay Ltd, and Mr Burr and Green Pointe are inching towards closing the sale but
“that is as clear as the story gets”. “I haven’t had any direct contact with GreenPointe since the March/April timeframe while I was still in Treasure Cay,” he said, “and at that time they were routinely saying this deal is for real and the only question is us getting through the approvals process, with environmental permits, if you will, probably being the slowest of them to come forth.” Confirming that GreenPointe had released its ‘marina founders’ programme more recently, Mr McLean added: “Other than that, it’s what I call unobtrusive news. Nobody from Treasure Cay Ltd or GreenPointe is saying anything explicit other than they continue to work towards closing. “There’s evidence of that. It’s kind of unobtrusive stuff, nothing obtrusive. You can see Treasure Cay Ltd is doing everything it can do to have everything on their end organised. In Spring, GreenPointe had their golf course engineer here multiple times. Everything I have seen leads me to believe it’s imminent but, of course, we’ve felt that way for a long time. “This is a very complex deal in that it includes dozens and dozens and dozens of individual land parcels. It’s not like buying a single corporation and the papers get signed. There was title work to be done on many dozens of parcels.” Mr McLean added that existing Beach Villas and Treasure Cay property owners have enjoyed “very significant” increases in the value of their real estate assets as “demand for property is very high even before GreenPointe is able to offer any real estate for sale excluding boat slips. “The attitude of people around in Treasure Cay for a while is: ‘It will be nice when it happens. In the meantime, I will continue to enjoy what Treasure Cay has to offer’. Certain, both parties want it to happen,” Mr McLean said. Treasure Cay is thought to have around 1,200 home-owners, of whom 120 are Bahamian families. Ms James, in last year’s update on behalf of GreenPointe, said the prospective purchaser wanted to “do this the right way” with “the utmost respect for
Bahamian laws, culture and environmental standards”. She wrote: “Once all permits are approved by the Bahamian government and they receive a formal ‘notice to proceed’, GreenPointe will share detailed renderings with the community. “In the meantime, GreenPointe is holding off to make sure everything shared is accurate and truly representative of the future we all hope to see for our beautiful Treasure Cay. Their priority is doing this the right way - with care, transparency and respect.” The redevelopment plans, at that point, included a new 163-slip marina, Tipsy Seagull bar and restaurant, new Coco Beach Bar and a “pedestrian-friendly” retail village featuring amenities such as a beach bar and coffee shop. A wastewater treatment plant was also in the works, along with “a complete rebuild of the golf course, clubhouse and racket sports facilities, including tennis, pickleball and padel”, and “exploring options for medical care” and grocery store services. Tribune Business revealed earlier in 2025 how GreenPointe was seeking to raise more than 92 percent of its target $65m equity capital from other investors while only committing $5m of its own funds. An offering memorandum seen by this newspaper showed it was aiming to raise a total $121.406m to cover costs associated with the first two years of redevelopment work. The total $65m equity capital would have accounted for some 53.5 percent of this, with the balance generated from a combination of residential real estate and marina slip sales, plus operating revenue from Treasure Cay’s club. Apart from funding the $25m “acquisition”, GreenPointe’s offering document said it planned to split the proceeds between an $18.943m spend on “master infrastructure”; $12.59m on “residential infrastructure”; just over $20m on marina construction; $14.131m on a golf and racquet club; and $12.851m on the marina village and beach club’s first phase; with the balance committed to “soft costs” and a reserve “contingency”.
THE TRIBUNE
Wednesday, October 14, 2026, PAGE 5
Pintard: Watchdog probe unveils ‘treasure trove’ of key evidence PROBE - From Page B1 Investment Fund (NIF) controversies have unearthed a “treasure trove” of information on how the Bahamian people’s tax payments are being managed and spent “behind the scenes”. He spoke out after issuing a statement suggesting that the Committee, through its inquiries to-date, has uncovered “serious concerns” that the building materials vouchers acquired by the Ministry of Finance during the March and April 2026 run-up to the May 12 election were managed “through an informal arrangement outside the normal government processes”. The controversy, and Committee probe following Parliament’s post-election return, was sparked after it emerged that the vouchers were being issued carrying the the names and signatures of Progressive Liberal Party (PLP) election candidates and officials. This raised concerns - vehemently denied and disputed by the governing party that taxpayer monies were being employed to finance its campaign. Mr Pintard yesterday said the Committee has so far interviewed Simon Wilson, the Ministry of Finance’s financial secretary; Jerome Fitzgerald, the Prime Minister’s then-senior policy
advisor, and now minister of economic affairs; Carl Oliver, the Ministry of Finance’s director of public procurement; John Nixon, a Ministry of Finance consultant; Dwayne Ellis, a Ministry of Finance officer; and Whitney Kenny, deputy comptroller of Customs, over the vouchers affair. Five building materials suppliers on New Providence, Grand Bahama and Abaco who provided the vouchers have also been questioned, and the Opposition leader yesterday asserted that the evidence and testimony to-date suggest the initiative had operated outside the normal government checks, controls and oversight. “The officials interviewed have not provided the Committee with any indication that the programme was managed with the necessary and proper transparency, accountability, fairness or care for the public’s money,” Mr Pintard said. Tribune Business previously reported that the Government’s own procurement records showed the Ministry of Finance collectively purchased more than $1.5m worth of building vouchers during March and April 2026 in the general election runup. Some $663,437 worth were acquired in April, including $413,437 from Freeport-based Contractors Direct, with the $250,000
balance obtained from Premier Importers. Both purchases were made by the ‘direct award’ method, meaning there was no competitive bidding, and took place on April 13, 2026 - less than one month before the general election.The vouchers were acquired for the purpose of obtaining “building materials in Grand Bahama and Abaco” - seemingly to assist still-struggling residents with rebuilding and repairing their homes more than six-and-a-half years after Hurricane Dorian devastated both islands. Controversy, though, arose after Premier Importers revealed the vouchers had been purchased by the Ministry of Finance. But the vouchers, which were issued in “amounts of $200, $300 and $500”, carried the names and signatures of Progressive Liberal Party (PLP) election candidates and officials. The April 2026 purchases also added to the $900,000 worth of building materials vouchers purchased by the Ministry of Finance in March. Some $250,000 was sourced from 21st Century Building & Hardware, located on Palm Beach Street, along with a further $200,000 from Wulff Roadbased FYP. Some $150,000 was obtained from each of Cartwright’s Building Supplies, Pinder’s Enterprise and Hanson Building
Materials to bring the total to $900,000 for that month. Mr Pintard yesterday argued that the Committee had not been provided with the criteria for determining who received the vouchers or “a proper paper trail” linking specific certificates to the persons receiving them. There was also the absence “of an open and advertised process” for persons to apply for the vouchers. “In simple terms, there appears so far to be no formal records showing who received the vouchers, why they qualified, who approved them and how the vouchers were tracked,” he added. “Another major concern is the level of involvement of private individuals and members of political parties.” The Opposition leader called no names, but added: “The testimony and documentary evidence suggest that private actors, with no official government role or responsibility, may in some cases have exercised control over public resources. Of course, our laws make clear that public money and public resources must be managed for a proper public purpose and under lawful public authority. “They cannot be placed under private or political control without clear authority, proper safeguards and full accountability.” Mr Pintard thus questioned
NOTICE
NOTICE
NOTICE is hereby given that I SONETTE JOSEPH of Cowpen Road, 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 6th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that I BAINSON PETIT-JEAN of Gladstone Road, 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 7th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that I TAVIA AKALIA THOMAS of Off east Street Burial Ground Corner, 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 7th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that I CLEEF NADAL LEMEUBLE of #44 Malcolm Road East, Chaprl Way, 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 twentyeight days from the 14th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE JEAPS LTD.
CORUNA HOLDINGS INC. (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of October, 2026. The Liquidator is Windermere Corporate Management Limited, 200 Sterling Commons East, Harbour Drive, Paradise Island, Bahamas. WINDERMERE CORPORATE MANAGEMENT LIMITED
Liquidator
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 211997 B
(In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 13th day of October A.D. 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MS. HELENA PASSOS whose address is Av Sete de Setembro 2152, Apt 703, Vitoria, CEP: 40080-004, Salvador, BA, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 12th day of November A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved. Dated this 13th day of October A.D. 2026. LEONARDO CARVALHO CARNEIRO LEAO LIQUIDATOR
how “private individuals and political party members” gained control of taxpayer-funded vouchers; the legal authority for this; what safeguards were put in place to protect taxpayers; and if funds were used for private or political purposes. The Opposition leader yesterday told Tribune Business that the Committee expects to have its probes into both the building materials vouchers and National Investment Fund “wrapped up” and laid in the House of Assembly “by the second week of November”. “We’re making tremendous progress,” he said, adding that the building materials suppliers “are pretty much co-operating and the Government officials we have called for interview with the voucher programme have provided a tremendous amount of information”. Mr Pintard described some of the evidence
submitted to the Committee as “startling, and I would even say from some persons, shocking”, but added that he is disclosing none of the details until witnesses have been shown its findings and report, and given a chance to confirm accuracy and provide a further response. Reiterating his disappointment that Patricia Deveaux, the House speaker, has yet to give permission for the Committee’s hearings to be televised, so Bahamians “can hear and decide for themselves on the accountability and truthfulness of all witnesses that appear”, Mr Pintard added: “We are going to continue to ask the questions and hold government organisations to account. “We have made it very clear in cases where persons thought their coming before the Public Accounts Committee is optional that it is not optional, and we are prepares to summons them if necessary.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, ALVADO BRENARD BAIN of Seabreeze Estates, Nassau, Bahamas intend to change my name to ALVADO BRENARD RUSSELL. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE OF APPLICATION (pursuant to section 23 of the Natural Gas Act, 10 of 2024, Statute Laws of The Bahamas) NOTICE is hereby given that RenugenPro Ltd. has made applications to the Utilities Regulation and Competition Authority (“URCA”) for licenses to: import liquefied natural gas (“LNG”) (commercial) and operate LNG terminals. The applications are made with the object of licensing and regulation of the Applicant’s activities for the import of LNG and the operation of LNG Regasification Terminals at (1) Cat Island (2) San Salvador and (3) Long Island. The applications can be inspected by appointment at the Applicant’s office at No. 138 Robinson Road, New Providence, The Bahamas. Any objections to the applications must be made on or before the 16th October, 2026 and shall be made by Affidavit and solemn declaration to be submitted exclusively to URCA’s office located at Frederick Street, Nassau, New Providence, The Bahamas. Dated the 14th day of September, 2026 Italia C. Chambers Attorney for the Applicant No. 36 Nassau Street New Providence, The Bahamas
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PAGE 6, Wednesday, October 14, 2026
THE TRIBUNE
Fund’s account under ‘sole control’ of Ministry of Finance and Treasury FUND - From Page B1 “National Investment Fund” even though the latter’s governing Act, passed by the first Davis administration itself in 2022, stipulates that such facilities can only be established by the Fund’s Board. That advice will have come from the Attorney General’s Office when it was headed by Mr Pinder, who since leaving the Cabinet and ministerial office has set up his own law firm, Pinder Commercial Chambers, described as a “high-end boutique commercial” practice. Mr Pintard told this newspaper that, among other issues, he wanted to identify who had provided the legal advice over the Fund. And he added that the Public Accounts Committee also wants to understand “the legal authority” that government officials in the Ministry of Finance and Treasury relied upon in making decisions relating to the monies placed with the National Investment Fund, including the near-$311m said to have been spent on improving airports, roads, water infrastructure and court complexes. Mr Pintard spoke after yesterday issuing a statement asserting that the Public Accounts Committee has yet to see a paper trail of documents that can “account” for, or confirm, that almost $700m in net government borrowings were deposited with the National Investment Fund as disclosed by Michael Halkitis, minister of finance, during the 2025-2026 Budget communication at end-May.
Disclosing that the Committee has yet to be provided with National Investment Fund documents requested from the Ministry of Finance and Public Treasury, the Opposition leader said it has seen “one correspondence” suggesting that the Fund’s Board - appointed in August 2025 - knew nothing of the $311m outlay and other transactions occurring on their watch. He revealed that, apart from John Rolle, the Central Bank governor, the Fund’s Board is supposed to comprise Sean Longley, founder and group chief executive of Leno Bahamas, as chairman, plus Dianne Bowe-Pindling; Brian Jones, another financial services executive; and Andre Rahming. However, they were never formally convened as a group to form the Board. Mr Pintard yesterday told Tribune Business that the Committee has already met with Simon Wilson, the Ministry of Finance’s financial secretary; Barbara Zonicle, the treasurer; Mr Rollle as Central Bank governor; and Danya Wallace, director of legal affairs in the Attorney General’s Office. He singled out the latter duo, in particular, for providing documents and “clear and helpful testimony”. “We should be interviewing the present and former Attorney Generals this coming Thursday if all goes well,” the FNM leader then revealed. “There are a number of critical matters raised by them, these very senior government officials. “Therefore, the present and former Attorney General will be able to fill in
some of the gaps that exist and answer some of the questions that have arisen by earlier testimony from their colleagues who have testified under oath.” Asked what the Committee will be seeking to obtain from both Mr Pinder and Mr Munroe, Mr Pintard replied: “Without question what was the legal authority that the persons who acted in the management of the funds relied upon when they made the critical decisions they made, and who provided the advice?” Mr Halkitis previously rejected Opposition charges, and concerns from others, by reiterating the Government had stayed within “the exercise of the law” in relation to the Fund and how its monies and other assets have been managed over the past year-and-a-half. While acknowledging the governance deficiencies, the minister signalled that the Government had acted in accordance with legal advice from the Attorney General’s Office that - until the National Investment Funds Act 2022 becomes fully activated - the Fund is governed by the Public Finance Management Act, and thus comes under the oversight and control of the Ministry of Finance and Public Treasury. Mr Pintard yesterday said the documents the Committee has requested, but is yet to receive, from the Ministry of Finance and Public Treasury are important to its inquiries into how the National Investment Fund - the equivalent of a sovereign wealth owned by the Bahamian people - have been managed, invested
and maintained for the benefit of taxpayers. Amid the Fund’s governance deficiencies, the Opposition leader demanded that the Government explain why its Board’s appointments were never publicly disclosed and why the Board itself was not included in the recent list of public corporation Boards and committees unveiled by the second Davis administration. “Why was the Board never called together even after it was appointed a year ago?” Mr Pintard asked. “Money was apparently being allocated and transactions were taking place in the name of the National Investment to the tune of hundreds of millions of dollars. Government statements and reports referred to activity under the Fund. “Yet the evidence received so far indicates that the legally-appointed Board was not involved. Indeed, one piece of correspondence received by the PAC indicates that the Board members did not even know that these activities were taking place in the Fund’s name. That is a serious matter.” Mr Pintard said that while Mr Wilson and Ms Zonicle had “shared a lot of information” when they appeared before the Committee “we still do not have the full documentary record needed to understand what happened”. “Nor do we have answers to key questions regarding the National Investment Fund,” he added. “We also need the Ministry of Finance to point to the specific legal authority that allowed it to carry out transactions in the name of
the National Investment Fund without the involvement of its Board. “These are not minor technical details. They go directly to who controlled the money, who approved the transactions and what lawful authority they relied upon.” The Opposition leader also asserted that the Committee has “yet” to receive “the transaction details needed to account for”, or prove and confirm, that the $700m net government borrowing proceeds referred to by Mr Halkitis were actually deposited into the National Investment Fund. “We do not have a complete explanation of where the funds went, how they moved, what accounts were used or what transactions were carried out,” Mr Pintard said. “The Bahamian people deserve a clear accounting of that money…. “Indeed, the testimony and documents received so far suggest that the account was created and operated under a different arrangement and under the sole control of the Ministry of Finance and the Treasury. Public officials have not yet clearly explained the legal basis for creating and operating that account.” The NIF Act stipulates that it is the Board’s responsibility alone to “open and maintain” the Fund’s bank and investment accounts, as well as enter into agreements with financial institutions to act as custodian of its assets. Given that the Board has never been convened, the Opposition and others are questioning how a bank account could have been opened in the Fund’s name and monies transferred/invested from it. Mr Halkitis previously confirmed that the net $265.5m proceeds remaining from the Government’s $1.067bn foreign currency international bond issue, which took place in the 2025 first half, were deposited into an account at the Central Bank in the name of “the National Investment Fund”. However, given that the NIF Act states only the Board can open such an account, and it has not been convened, the Opposition is arguing that this facility was
under the Fund’s control in name only. As a result, Mr Pintard and his party are arguing that the Government has been using this account for so-called “off-the-books capital expenditure”. The FNM publicly, and other observers privately, have voiced concern that the Government has used the Fund’s Central Bank account as, in effect, a second ‘Consolidated Fund’. By treating its spending as investments, and the borrowing proceeds injected into the Fund as “equity”, they argue that the Government was able to prime the pre-election spending pump and keep the $311m outlay from impacting its deficit and blowing the revised $32m Budget surplus projection for 2025-2026. This would also enable the Government to avoid missing the 2025-2026 surplus target by more than 0.5 percent of GDP, which would force the Davis administration to submit a corrective action plan to Parliament. However, it could also disguise debt liabilities that Bahamian taxpayers may be required to repay in future years. Total public and taxpayer money placed into the Fund could be as high as $965m. Besides the $700m referred to by Mr Halkitis, the Davis administration had also previously placed the $265.5m net proceeds from the $1.067bn bond into the Fund during the prior fiscal period. Tribune Business revelations that most of that $265.5m had been removed from the Fund, leaving just a balance of $200,000 at end-March 2026, sparked the increased scrutiny that ultimately led to Mr Rolle’s disclosures about the Board not being convened, and the governance and operational consequences of this. Asked yesterday whether an “off-the-books” spending conclusion is where he and the Committee are heading, Mr Pintard said: “We’re going to let the public decide on that, but we think the testimony provides a clear picture. Persons have to make up their minds what the picture is, but it’s stated very clearly by the witnesses.”
Association president in VAT exempt worry VAT - From Page B1 businesses selling them cannot recover VAT paid on related inputs to the same extent as under zero-rating. The change has drawn similar concerns from food retailers, who have warned that losing the ability to recover VAT on expenses associated with unprepared food is adding to their operating costs and putting pressure on profits. Mr Carroll said fishermen previously benefited from being able to claim certain expenses, but that option is no longer available under the new VAT arrangement. He said operators are left to manage higher fuel and other operating costs while making less money, with little ability to change the prices they receive for their catch. Despite the cost pressures, Mr Carroll said the lobster season has been a good one, although he did not provide figures on the industry’s overall catch or earnings to-date. He estimated that only around 10
to 15 per cent of the country’s lobster catch remains in The Bahamas, with the majority shipped overseas. The industry relies heavily on exports, but fishermen still face operating costs that they have limited ability to control. “We had a good lobster season last year, probably only about 10 or 15 percent of the lobsters stayed in The Bahamas and everything else was shipped out,” Mr Carroll said. He added that local fishermen have adjusted to the increased US tariffs, rising from 10 percent last year to 12 percent this year, as they “have no choice”. “We don’t have no other choice. “If we come in, and bring our lobsters to the states and they say ‘Well, that’s you have to pay’, we have no choice but to sell,” Mr Carroll said. The concerns add to pressure on the fisheries industry, where fuel is a significant operating expense and rising costs can affect the profitability of fishing trips.
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THE TRIBUNE
Wednesday, October 14, 2026, PAGE 7
Arrow-words are like crosswords, but the clue inside squares on the grid. Write your an blank squares in the direction indicated by Solutio
WORDSEARCH JUDGE PARKER
CARPE DIEM
MARVIN BLONDIE
T H E P E R F E C T S T R T H E M I D N I G H T I J K X G Q D T I D P X A N E V E L E S N A E C E G T H G I S F O T U O H R R K H P Z J T V I F T A S D I K Y P S T I Q N V I T K M X D D N G N I I R S G N I K E E R H P T A T V Z C D P Y M F U Y L S X E A Q S L G X U M O N E Y M O N S T E V I S H A I L C A E S A N O T Y A L C L E A H C G X O F R M C I T S A T
GEORGE CLOON
HAGAR THE HORRIBLE
TIGER
Find all the terms listed below in the Solution tomorrow FANTASTIC MR. FOX ● GRAVIT HAIL, CAESAR! ● MICHAEL CLAY MONEY MONSTER ● OCEAN’S ELE ONE FINE DAY ● OUT OF SIGH SOLARIS ● SPY KIDS ● SYRIAN THE MIDNIGHT SKY ● THE PERFECT THREE KINGS ● UP IN THE AI
YESTE QUICK CROSSWORD Across: 1 Tremendous, 7 Chant, 8 Prosaic, 10 Evermore, 11 Calm, 13 Estate, 15 Reveal, 17 Alas, 18 Despotic, 21 Explode, 22 Night, 23 Persistent. Down: 1 Trade, 2 Estimate, 3 Expire, 4 Drop, 5 Unaware, 6 Accelerate, 9 Complicate, 12 Response, 14 Trample, 16 Recess, 19 Tight, 20 Boss.
CALVIN & HOBBES
DENNIS THE MENACE
WORDSEARCH
S D I A Y D U T S K O O S J G R G R B R J F G L C O G Q M R J B N C U M H L U N C H B O X H Q D O M E W L K C A P K C A O R L N C A L C U L A T L O B T O Z P K U P K S B F A P S T M T E N C B U I T O J T E K O S Y C S N E C R R I P L P N O O U M Y J T N E A E R L G H I H F J B A P D C S F B T C S A Q V E T S P V W F I L S R E N I A R I H M R Z G B G S S J U
TARGET
THE ALPHAPUZZ
THATCHING aching aitch chain chant chat chatting chin china chit ghat gnathic hang hatch hatching hath hating hatting high hint hitch inch itch natch nigh night tanh than that thatch THATCHING thigh thin thing tich tight titch
Across: Sick, Campaign, Uncouth, Veers, Needy (clu Lethal, Embody, Writhe, Cu Focal, Curio, Bandeau, Mod Grey. Down: Squander, Scam, Ca Blurred, Buoyed, Knoll, Aw Zombie, Pivot, Refine, Inex Cheer, Nest, Jealousy.
CRYPTOQUOTE AXYDLBAAXR is L O N G F E L L O W One letter stands for another. In this example, A is used for the three L’s, X for the 2 O’s, etc. Single letters, apostrophes, the length and formation of words are all hints. Each day the code letters are different. Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday
Yesterday’s Sudoku Answer
MICRO CROSSWORD
CHALLENGER
Yesterday’s Answers