03212023 BUSINESS

‘Utter amazement’: Ex-PMs trade Oban blame

• Christie: $5.5bn deal was ‘dead’ when I left office

• Says principals never produced proof of financing

• Minnis: PLP left oil refinery ‘prepared, ready to go’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PERRY Christie says he is “utterly amazed” that Dr Hubert Minnis would blame his administration for flawed due diligence on the $5.5bn Oban Energies project given that the deal “was dead” when he left office in 2017.

The former PLP leader, in an interview with Tribune Business, said the controversial Grand

Bahama oil refinery and storage terminal project “never went anywhere” before his administration was voted out of office on May 2017 because its promoters could not provide proof they had assembled the necessary financing. He spoke out after Dr Minnis, repeating assertions he made in the House of Assembly late last year, said that while his administration took the blame it was its Christie-led predecessor that failed to conduct the necessary

due diligence and proper scrutiny on Oban and the background of its key principals.

The ex-FNM leader said the last Christie administration had left “Oban prepared and ready to go”, and all that was required was the Heads of Agreement to be signed, implying that his mistake was to rely on his predecessor completing the required checks via the Bahamas Investment Authority (BIA) and other government entities.

FTX US chief bids to cut-off Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s US chief yesterday shattered the temporary ceasefire with the Bahamian provisional liquidators by launching a legal bid to deny them access to any assets caught in the crypto exchange’s multi-billion dollar collapse.

John Ray, in a lawsuit filed in the Delaware Bankruptcy Court, made clear his intent to seize control of liquidation proceedings by describing FTX Digital Markets, the Bahamian subsidiary, as an “economic and legal nullity” that served merely as an “offshore front” to enable Sam Bankman-Fried and his closest associates to channel proceeds from their purported fraud away from US regulatory oversight.

Asserting that FTX Digital Markets “never earned a dollar of third party revenue”, the head of 134 FTX-related companies presently in Chapter 11 bankruptcy protection, is seeking declaratory judgments in the US that the Bahamian subsidiary and its liquidators have “no ownership” interest in or rights to the crypto/ digital assets, fiat currency and intellectual property claimed by those entities in his control.

• Ray aims to deny assets to local liquidators

• Bahamas entity ‘economic and legal nullity’

• Lawsuit attacks PM, AG and Commission

And, in a further attempt to cut the Bahamian liquidation proceedings off from any assets, Mr Ray also wants the Delaware Bankruptcy Court to find that all asset transfers to FTX Digital Markets “are voidable actual or constructive frauds” and that his team be permitted to recover them.

He also repeated previous attempts to tarnish The Bahamas’ integrity and reputation, asserting that Mr Bankman-Fried sought to “leverage” what was described as a “close, accommodating relationship” with Prime Minister Philip Davis KC, Ryan Pinder KC, the attorney general, and the Securities Commission to help “minimise his exposure” should FTX’s alleged

FTX: US interfering with $45m Bahamas recovery

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

JOHN RAY

fraud be uncovered. All three have vehemently refuted such allegations in the past.

The legal action, which names FTX Digital Markets as well as the three Bahamian joint provisional liquidators - Brian Simms KC, the Lennox Paton senior partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves - as defendants was seemingly filed in an attempt to head-off an imminent application by the trio to the Delaware Bankruptcy Court’s Judge John Dorsey.

For the Bahamian liquidators, who had submitted their legal filings

SEE PAGE B5

Tourism Bill withdrawn on consultation worry

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MULTIPLE tourism

industry stakeholders yesterday said they had not seen or been consulted on draft legislation that was pulled from House of Assembly debate amid fears it would spark a fall

in vacation rental room inventory.

The Bill to place the Tourism Development Corporation on a legal, statutory funding, and facilitate the creation of a Tourism Development Fund, was withdrawn at the last minute for further consultation after concerns were raised by the newlyformed Bahamas Vacation

Rental Association about its potential impact.

Theofanis Cochinamogulos, the Association’s interim president, in a March 19, 2023, letter that was addressed to House of Assembly speaker, Patricia Deveaux, along with Obie Wilchcombe, leader of government business, said the Bill had no support from his members because

FTX’s Bahamian liquidators are accusing their US counterparts of interfering with a $45m stablecoin recovery and failing to preserve the value of the collapsed crypto exchange’s $241m local real estate empire.

White & Case, the Bahamian trio’s US attorneys, in a March 13, 2023, letter to legal representatives for John Ray, the FTX US chief, asserted that the latter and his team have failed to live up to their obligations under the January 6 co-operation agreement that previously ended open hostilities between the two sides.

While battle recommenced yesterday (see other article Page 1B), those acting for Brian Simms KC, the Lennox Paton senior partner, and the PricewaterhouseCoopers (PwC) accounting duo

there had been no consultation with the industry.

“Unfortunately, the Bill scheduled for debate tomorrow, Monday, March 20, 2023, lacks the support of the hundreds of vacation rental hosts as there was no consultation with us,” he wrote. “We crave your indulgence, and that of the leader of government

SEE PAGE B2

FTX wind-up faces stall absent ‘claw back’ rule

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s Bahamian liquidators say they need the Supreme Court to determine who the local subsidiary’s customers truly are so they can “claw back” preferential payments and prevent the winding-up from “stalling”.

Brian Simms KC, the Lennox Paton senior partner, in a March 15, 2023, affidavit said it was

“crucially important” to the progress of himself and his co-provisional liquidators that the Chief Justice Sir Ian Winder be able to give “directions” on several “core fundamental issues”.

He and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves are presently seeking to ensure that any “directions” ruling does not violate the freezing order imposed by the

Delaware Bankruptcy Court when FTX’s nonBahamian entities were placed in Chapter 11 bankruptcy protection (see other article Page 1B), as any breach could result in sanctions and penalties being imposed on US-based assets belonging to FTX Digital Markets. That is the Bahamian subsidiary that Mr Simms and the PwC duo are winding-up under the Supreme Court’s supervision. Among the key issues

that Sir Ian will be asked to determine is which “terms of service”, which governed the relationship between FTX’s international platform and its customers, apply and on what date - as this is critical to working out when, and if, clients were migrated to FTX Digital Markets and became its customers.

Another vital issue that Sir Ian will be asked to decide is whether FTX

SEE PAGE B5

of Kevin Cambridge and Peter Greaves, also accused Mr Ray’s team of denying the trio access to critical data and messages vital to progressing the winding-up of FTX Digital Markets, the Bahamian subsidiary. Brian Pfeiffer, of White & Case, cited four instances where Mr Ray and his team had breached their deal with his clients, as he wrote: “Regrettably, while the joint provisional liquidators have lived up to their obligations under the

BRIAN SIMMS KC

PERRY CHRISTIE

DR. HUBERT MINNIS

$5.70 $5.76 $5.72 $5.92

STEP’S CONFERENCE GAINS 200 DELEGATES

THE SOCIETY of Trust and Estate Practitioners (STEP) Bahamas branch recently attracted more than 200 attendees to its first-ever international conference in Nassau.

Held under the theme, ‘Succession through innovation’, it drew delegates from around the world, and featured presentations and panel discussions involving Bahamian professionals on a wide range of topics related to the financial services industry.

The Ministry of Economic Affairs was the conference’s presenting sponsor. Michael Halkitis, minister of economic affairs, told attendees: “STEP’s organisational goals of upholding high professional standards, informing public policy, promoting education and connecting financial services practitioners throughout the world are the ideal complement to the Government’s efforts to effectively legislate, regulate and promote our jurisdiction.

“I do not believe that we would have such vast talent before us today without the contributions of STEP and its commitment to the development of local and regional talent.” Mr Halkitis added that, with more than 375 members, The Bahamas has the largest STEP branch in the

Caribbean and Latin American region, as well as one of the biggest in the world.

“That is an accomplishment we should be proud of,” he said.

Among the many topics discussed at the two-day conference were ‘Building resiliency in a disruptive world’; ‘When things go

Realtor’s four agents join brand’s top 15%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN real estate company and its executives have been recognised during its brand franchisor’s 2022 Annual Global Performance Awards.

Out of more than

13,000 agents worldwide, Better Homes and Gardens MCR Bahamas saw four of its top performers receiving awards and recognition. Partner Timothy Smith received the highest

performance honour, the Emerald Elite- Founder’s Club Award, reserved only for the top 1 percent of all affiliated sales associates and teams in the brand’s network, and the highest distinction in the awards categories.

Mario Carey, Better Homes and Gardens MCR Bahamas founder, and managing partner and broker, Tim Rodland, both received the Emerald Elite Award, reserved only for the top 3 percent of the brand’s independent agents worldwide. The final winner, Livingston

Brown, received the Silver Award, a ranking awarded to only the top 15 percent of agents.

“The awards acknowledge the achievement of top performers within the franchise network based on stringent criteria in the categories of total closed units or sales volume,” said Better Homes and Gardens. The purpose of the annual event is to recognise and spotlight the successes of Better Homes and Gardens’ top agents across more than 400 offices globally.

wrong — problem solving for trustees’; “Small island nations — surviving the constant changing requirements of international bodies’; ‘Understanding blockchain’; “A masterclass in probate’ by Supreme Court Justice Camille Darville-Gomez; and an overview of the Bahamian

regulatory environment that included remarks by Attorney General Ryan Pinder KC.

The conference also saw the presentation of the first-ever John Lawrence Trailblazer Award, which was given to Wendy Warren, founder and managing director of Caystone Solutions, and former chief executive and executive director of the Bahamas Financial Services Board (BFSB).

“The Trailblazer Award was named in honour of John Lawrence, co-founder of the Windermere Group of Financial Services who has, during his extensive travels, enlightened the world regarding the fine talent, great financial institutions and expert regulators within The Bahamas,” said Theo Burrows,

current STEP Bahamas branch chair and the conference chair.

Mr Lawrence is a former STEP Bahamas branch chair, was the first-ever STEP Caribbean and Latin American regional chair, is a former STEP worldwide council member, and the only person from The Bahamas and within the entire Caribbean and Latin American region to become a deputy chair of STEP Worldwide.

“I am so pleased that this first award went to Wendy, who has played such a pivotal role in creating jobs and enhancing career opportunities within The Bahamas, and is viewed as a thought leader in our sector,” said Mr Lawrence. The next conference will be held in Nassau in 2024.

Better Homes and Gardens MCR Bahamas says it enjoyed a strong 2022.

“Our revenue grew by 60 percent year-over-year, and we broke many new price records,” said Mr Rodland. “I couldn’t be more proud

of our staff and agents, and the way they rallied and supported each other. Seeing our culture thrive through the volatility of the past year has motivated us even more as a company.”

“These awards are such an honour,” said Timothy Smith. “But when you look at what we’ve been able to accomplish here, compared to other regions of the world - The Bahamas is a fairly small country - this is a huge deal.”

Tourism Bill withdrawn on consultation worry

business, along with the leader of opposition business, and ask that you suspend debate until the recommendations of our membership can be considered.

“There are sections in this Bill that will result in rooms being pulled off the market at a time when there is a shortage of rooms for tourist visiting our country. We would be obliged to meet as early as this week with the relevant parties to collaborate and co-create a Bill that all stakeholders can lend support to.”

Mr Cochinamogulos declined to detail the vacation rental industry’s concerns, or say much more, when contacted by Tribune Business on the basis that the Association first wanted to develop a proper written position paper. “We’re just looking for some time to get something on paper, and will see how they respond to that,” he added. “They’ve been favourable in doing that and making room for our recommendations.

“We want to address this with the minister and the Tourism Development Corporation, and once we’ve come to a position where we’ve presented something formal we’ll share that with the media. We want to present this and have that discussion.”

The Bill, as presently drafted, would require vacation rentals and other tourism sub-sectors such as excursions, tour operators and heritage sites to register with the Tourism Development Corporation within six months of it becoming law. This would be a

second registration process for vacation rentals to undergo as they are already being asked to sign-up with the Department of Inland Revenue by end-April for tax-related purposes.

Vacation rentals were not the only tourism industry segment not consulted on the Bill. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business he had not seen the proposed legislation despite it being tabled in the House of Assembly several weeks ago.

“I’ve not seen a copy of it,” he said. “I will certainly see if I can get a copy, see what it’s all about and get back to you.” Andoni Lisgaris, president of the Bahamas Excursion Operators Association, said he, too, had “not had a chance to review the Bill, but several of my members said they were not consulted”. His Association would stand to be impacted by the legislation because, in section (2) (a), it appears that the Tourism Development Corporation will be charged with encouraging companies involved in such activities to become members of a rival group, the Bahamas Association of Shore Experiences (BASE) that would then also be promoted by the Government.

Adrian White, the St Ann’s MP and leader of opposition business in the House of Assembly, was told just minutes prior to the start of yesterday’s brief proceedings that debate on the Tourism Development Corporation Bill would not be proceeding as planned.

“I arrived a roughly ten minutes to 10am, and Obie

[Wilchcombe] came over, as leader of government business, and told me they would not be continuing with the debate today,” Mr White said. “There were a couple of reasons, and one was they felt further consultation was needed.”

He added of the present Bill: “It’s going to be a significant change to the tourism industry where a number of participants in the sector working in collaboration under the respective Promotion Boards.... this not only appears to take the funding being raised by the Promotion Boards, it also imposes registration requirements and criteria to meet certain standards; carry the banner, so to speak, a seal of approval.”

While acknowledging the need to ensure all Bahamas-based tourism operators provide products and services at a standard that aligns with the destination’s image and market positioning, Mr White queried if the Bill’s registration demands threaten to add another layer of government bureaucracy and red tape that will further burden local businesses.

“It’s not just registration, but you’d probably need to have your approvals from each agency on an annual basis so you can operate in a particular year,” he said. “Once you have established your business, and have a Business Licence in place, you want the Government to stay out of it.... The Government is now stepping in and that should be a last resort.”

Tribune Business sources, speaking on condition of anonymity, yesterday suggested that the Government may simply have picked up a draft Bill and brought it forward without the legislation undergoing the normal vetting procedures by parliamentary draftsmen and the like in the Attorney General’s Office.

PICTURED at the STEP Bahamas conference are (L to R): Senator Michael B. Halkitis, minister of economic affairs; Theo Burrows, STEP Bahamas branch chair; Wendy Warren, founder and managing director, Caystone Solutions; John Lawrence, chief executive of The Windermere Group; and Bruno Roberts, AIBT chairman. Ms Warren was presented with the first-ever John Lawrence Trailblazer Award.

$500M RESORT PROJECT TO DO ‘WONDERS’ FOR EXUMA

THE deputy prime minister yesterday said a $500m resort development targeted at Exuma’s Cave Cay project will “do wonders for the entire area” through creating one of the largest marinas in The Bahamas.

Chester Cooper, Exuma’s MP and also minister of tourism, investments and aviation, said during the Heads of Agreement signing with developer, Cave Cay Ltd, that the project will further the cays’ “renaissance” as the fifth development approved for the island since the Davis administration took office.

“This is a continuation of the renaissance that we are seeing in the Exumas,” he said. “It’s going to deepen and strengthen and enrich our already vibrant product. In addition, of course, to in excess of 200 construction jobs and entrepreneurial opportunities for persons living in the cays, and persons from Exuma who might be returning to the cays, we welcome this development.

“We anticipate that Cave Cay Ltd is going to build one of the largest marinas in the country. But I’m delighted to say there is going to be no dredging as this marina already exists. So this is a restoration, a revitalisation of what Cave Cay has been known for over the last decade or more, and this new investment of $500m - in excess thereof- is certainly going to do wonders for the entire area.”

Felipe MacLean, Cave Cay Ltd’s developer, said: “We believe that Exuma will be a global destination. Today, very few have been able to enjoy it, but with the efforts that your government has been doing in the past year, that’s definitely changing.”

The resort development will “probably” take eight years to complete, with the first phase scheduled to finish within the next two years. The project will employ “250 to 500 employees at full capacity”, and 80 percent of the workforce is expected to be Bahamian.

Mr MacLean said ground breaking will occur “pretty soon” because Cave Cay needs to be “activated” so potential customers and

real estate buyers can visit. He added that the villas will be priced at $2,000 per square foot. “We have cottages, we have villas, we have estates, so it’s a variety of products for the different customers,” he added. “We also have boat houses. That is one of our other products, but on average, most of them are $2,000 per square foot… The product goes from 3,500 square feet with air conditioning to probably 12,000 square feet with air conditioning.”

Prime Minister Philip Davis KC said his administration “enthusiastically embraces” the Cave Cay project as it will add more high-end rooms to the tourism product.

Food retailers await price control easing

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

FOOD retailers are eagerly anticipating next month’s end to the expanded price control regime as several smaller operators were yesterday said to be on the brink of closure.

Philip Beneby, president of the Retail Grocers Association (RGA), which represents more than 130 food store operators, told Tribune Business it was possible that several ‘Mom and Pop’ food stores may shut their doors after the

expanded price control regime imposed a further squeeze on already-thin margins and profits.

Speaking after Consumer Protection Commission officials said that ‘Mom and Pop’ food stores are the more frequent price control violators, Mr Beneby said he “does not have a clue what the CPC is talking about”. He added of the smaller food stores: “You may even see more of them in the same position [of closing], so it’s just a matter of time. Everybody’s waiting for April.”

The expanded price controls regime for pharmacies ended on January 17, but food retailers have to wait

until April to see if their equivalent will expire and the Government allows margins and mark-ups to return to October 2022 levels.

The Retail Grocers Association, in a previous statement, said the price control expansion will “affect more than 5,000 items to which inventory and price adjustments would have to be made.

To facilitate such changes would be a very expensive undertaking, and would mean that 40 to 60 percent percent of total revenues for local wholesalers and retailers would be controlled.

“Additionally, such a decision was made without prior industry consultation and at a time when businesses are faced with already slim profit margins, increasing electricity costs, increased operating expenses and theft. The sector employs some 4,000 persons, and the expansion of the price control basket will undoubtedly have a ripple effect which would prove detrimental, with mass store closures, particularly among the smaller food stores and the real potential for food shortage in the country.”

Food wholesale margins, or mark-ups, were capped at 15 percent for

all 38 product line items listed, while those for retailers are set at 25 percent across-the-board. Those goods impacted, some of which are already price controlled, are baby cereal, food and formula; broths, canned fish; condensed milk; powdered detergent; mustard; soap; soup; fresh milk; sugar; canned spaghetti; canned pigeon peas (cooked); peanut butter; ketchup; cream of wheat; oatmeal and corn flakes.

The remainder are macaroni and cheese mix; pampers; feminine napkins; eggs; bread; chicken; turkey; pork; sandwich meat; oranges; apples; bananas; limes; tomatoes;

Manpower concerns over Exuma investment surge

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

LABOUR shortages, and the tendency of major developers to rely on foreign contractors, has left Exuma businesses pessimistic over how much they will benefit from multi-million foreign direct investment targeted at the island.

Caleb Rolle, owner/operator of Rolle and Sons Air Conditioning, told Tribune Business that while developers typically hire his firm to perform the installation they then hand the maintenance work to foreign contractors. As a result, work has not been sustainable for him.

“Exumians aren’t benefiting,” he argued. “Those people get those cays finished and they bring in their own private people there.

Bahamians who have the jobs there are too scared to open their mouth to say to the people that we are not getting those jobs because they have already been given out to the American companies back in America.

“So this Sampson Cay deal, and all of those cay deals, they are no benefit to us; they are a benefit to the Government. They have a big show to put on the television to say something is going on, but when the election is over, that’s it. The cays may not even have a finished project. I have seen multiple projects start right before the election and they have all died out.”

The $25m Sampson Cay project announced last week is among multiple projects unveiled for the Exuma cays. The development, spearheaded by permanent resident and

philanthropist, Robert Coughlin, is to be completed by the end of 2024 with pledges that Bahamians will be employed throughout all phases of the project.

Questions have been raised over the manpower capacity on Exuma to manage all of these projects that is envisioned by the Deputy Prime Minister and Member of Parliament for the island, Chester Cooper that set to come on stream.

Mr Rolle, speaking of Exuma investments generally, added: “On these cays you would find the foreigners their working right now, and by the time the Immigration Department gets down to these cays, these people are long gone. So Exumians aren’t getting any jobs because those jobs are coming in from the US.”

Mr Rolle said he has worked on Sampson Cay

before for other clients to install air conditioning units, calling it the “biggest project” he has performed. However, he said he was promised the maintenance contract for the same units only to later discover it had been handed to a US company. “They never looked back at me,” he added.

Tracey Bowe, owner/ operator of Bowe’s Convenience Store, was equally as pessimistic over whether Exuma has sufficient

manpower capacity to meet the labour and skills needs of these projects. He said the entire country has a “major problem with workmanship”.

“I have about 13 people working here with me, and in another week I am looking for another 15 or 17, but it’s a rough situation. The money is not the issue, but it is finding people willing to work for it,” Mr Bowe said.

iceberg lettuce; broccoli; carrots; potatoes; yellow onions; and green bell peppers.

Mr Beneby said he has to continue to monitor the situation for his members. He added: “Time will tell, and you will see what happens over a period of time and it wouldn’t be overnight. I haven’t been notified by my members that warnings have been issued to them by the CPC. I wouldn’t say there is an uptick in inspectors in the stores either; they have been doing routine price checks. They are allowed to come into the stores and do their price checks.”

Another fear is that major development projects will suck up the best workers, leaving business owners such as Mr Bowe with employee shortages he will not be able to manage. “The Government is moving too fast with these projects, and if Sampson Cay comes off it will take half of my staff now,” Mr Bowe said.

HEADS of Agreement signing with developerm with Cave Cay Ltd for Exuma’s Cave Cay project.

‘UTTER AMAZEMENT’: EX-PMS TRADE OBAN BLAME

The two former prime ministers traded blows after Oban emerged into the spotlight once again.

Peter Krieger, the project’s former principal and nonexecutive chairman, last week agreed to be sanctioned and pay fines after being accused of defrauding investors in Oban Energies some $5.2m - more than one-third of the $15m they invested - to finance his lavish lifestyle.

That marked the third such occasion that Krieger has been accused of misappropriating, and misusing, investor monies entrusted to his care, and the second time he has agreed to the imposition of penalties against him “without admitting or denying” the allegations.

The south Florida federal district court now has to determine the appropriate punishment for Mr Krieger, but the episode again raises much questions about the level of scrutiny and background checks applied by the Government for what would have been a major multi-billion dollar investment project seeking significant land, tax and

other concessions from the Government and Bahamian people.

Dr Minnis, noting that his House of Assembly comments last year were the first time he has spoken on the matter, said his administration “took all the hits and blows” over the affair because “that’s what responsible leaders do”. He told Tribune Business: “When we came in Oban was prepared and ready to go. We brought it forth.

“Unfortunately, the Government didn’t do their due diligence,” the former prime minister said in relation to his predecessor. “It’s on record, because we were the Government and we brought it forth. We took the responsibility; that’s what leaders do. We brought it forth, and therefore we took the responsibility.”

Asked about the status of Oban’s negotiations with the Government when his administration took office, Dr Minnis said of the project: “It only needed to be signed to my knowledge, and we brought it forth.... We met everything in place; it’s just the fact, unfortunately, that the due diligence was not done

properly. However, because we brought it forth, we took responsibility.

“Government is supposed to be continuous. We took the responsibility; that’s what leaders do. You never try to throw others under the bus. We brought it forth because it was completed.”

However, Mr Christie refuted such assertions, stating that when he left office the Oban proposal was “dead” because its promoters could not show they had obtained the financing for a project of $5.5bn magnitude and the Government’s records would have reflected that for the incoming Minnis administration. He added that his recollection had been backed by Khaalis Rolle, who was minister of state for investments in the Prime Minister’s Office at the time.

“My initial view on that is utter amazement that Prime Minister Minnis can say that,” Mr Christie told Tribune Business upon hearing his successor’s position. “We [he and Mr Rolle] were both satisfied that when they made the application to us we requested proof of financial capacity

to execute the deal. They were never able to provide proof of financing to us.

“They made one or two efforts, letters that were never satisfactory. They just could not provide proof of financing. That must be the case. When Minnis took over, the records of applications to my government, he could have checked and easily found out that application never went anywhere. It was dead. Dead... They were never able to provide proof of financing. The record should reflect that.”

The Oban deal was halted almost immediately after the early 2018 signing of the project’s Heads of Agreement after this newspaper and other media revealed Mr Krieger’s questionable past along with concerns about the background and experience of other executives.

The Government’s normal practice is for the Bahamas Investment Authority (BIA) and National Economic Council to use Interpol and other established sources to conduct background checks on the principals involved in foreign direct investment (FDI) projects, ensuring

FTX: US INTERFERING WITH $45M BAHAMAS RECOVERY

FROM PAGE B1

co-operation agreement, the debtors [Mr Ray and his team] have not.” The stablecoins, in particular, are especially valuable because they are backed by, or pegged to, a tangible asset such as fiat currency and are thus readily convertible. Clause 4 in the January 6, 2023, agreement, which appears to have merely created a temporary ceasefire that lasted for

two-and-a-half months, saw both sides agree that the Bahamian provisional liquidators would “be primarily responsible for recovering value from” some $45m worth of US dollar-denominated stablecoins presently frozen in The Bahamas. However, Mr Pfeiffer’s letter accused Mr Ray and his team of meddling and interfering with that recovery effort.

“Despite agreement that FTX Digital is to be

responsible for recovering value from the Tether assets in The Bahamas, the debtors contacted Tether’s counsel, Michael Hilliard, and claimed that those assets belong to the debtors and not FTX Digital.

This has had the predictable and obvious consequence that Tether has refused to release the assets into the control of the joint provisional liquidators as agreed in the co-operation agreement,” he wrote.

Mr Pfeiffer, on the Bahamian liquidation trio’s behalf, also asserted that Mr Ray, who is responsible for 134 FTX-related entities currently in Chapter 11 bankruptcy protection in the US, was though inaction failing to preserve the value of a major recovery source for the crypto exchange’s investors and creditorsthe Bahamian real estate portfolio that was amassed during an estimated $256m spending spree.

Recent filings by Mr Ray’s team placed a $241m value on those assets, but Mr Pfeiffer wrote: “The cooperation agreement is clear that the value in properties owned by Propco (FTX Property Holdings) would be realised by a liquidation proceeding opened in The Bahamas.

“Despite this fact, the debtors have refused to cooperate with the joint provisional liquidators’ efforts to begin this process.

As a result, Propco’s assets in The Bahamas are devoid of management, and risk dissipation and depreciation in value.”

Some 35 properties owned by FTX Property Holdings, all located on New Providence, were identified in previous court filings. These included no less than 16 properties at Albany, 15 of which were condominiums, valued between $4.75m and $30m. A further seven units were acquired in the GoldWynn project at Goodman’s Bay, valued between $563,520 and $1.449m.

they have clean records and no criminal past.

However, under questioning from The Tribune, Krieger confirmed at the time when the Oban Energies’ Heads of Agreement was signed that he had been involved in two earlier lawsuits where he was accused of misusing investor monies. His latest run-in with the Securities & Exchange Commission (SEC) now marks the third such incident.

“From May 2016 through August 2020, Oban Energies, a Florida-based entity managed by Peter D. Krieger, raised approximately $15m from 23 investors,” the US capital markets regulator said in its latest filing. “Investors, some of whom were elderly, were told that their funds would be used to develop an oil refinery and storage facility in The Bahamas.

“In reality, from January 2017 through August 2020, defendant misappropriated approximately $5.2m of investor funds to pay for personal expenses, such as luxury cars, jewellery and vacations.” The SEC added that Krieger, 49, served as “Oban’s manager, ran its day-to-day operations

from 2017 through 2018, and maintained exclusive control over Oban’s bank account from January 2017 through August 2020”. When the Heads of Agreement were signed, questions were also raised about the backgrounds and experience of other Oban executives, including its its president, Satpal Dhunna; senior vice-president, Russell Erickson; and finance chief, Mark Michel. Mr Krieger admitted then that there were “clearly mistakes which need to be clarified” on Oban’s website.

“We did state Mark Michel was managing director, which is not correct,” he conceded. As regards Russell Erickson’s background, he said : “I believe once we have established he has extensive construction experience it will clarify any confusion we may have caused. We have disclosed everything to both governments (PLP and FNM) in order to get their approval. We have been upfront. We have hid nothing from anyone.”

Another four units, varying in value from $975,000 to $1.54m, were purchased in the One Cable Beach project developed by Jason Kinsale’s Aristo Development. Some $26.34m was spent on acquiring multiple units at the Veridian Corporate Centre developed by Sebas Bastian, with further outlays of $17.435m, $9m and $1.8m on property at Ocean Terrace, Old Fort Bay and Pineapple House respectively.

Meanwhile, Mr Pfeiffer’s letter also suggested that Mr Ray and his team have been less than fully co-operative in providing the Bahamian liquidators with total access to FTX Digital Markets’ cloud-stored data and records, which they control.

“Having agreed to share information, the debtors have failed to make available to the joint provisional liquidators What’s App, Slack, e-mails and other messages passing between employees of FTX Digital and others,” he wrote. “These communications are critical to fully understanding the parameters of FTX Digital’s estate.

“During our meetings on the co-operation agreement, the debtors expressly agreed to provide these communications, but now the debtors have inexplicably reversed their position to do so on the basis of privilege. The privilege in communications by employees of FTX Digital is clearly the privilege of FTX Digital, and not the debtors. Even if joint privilege exists with respect to certain documents the parties entered into a non-disclosure agreement to cover these exact situations.”

Mr Pfeiffer also alleged that Mr Ray and his team were in violation of both parties’ agreement, as set out in the co-operation deal, “to consult reasonably and in good faith” whenever either sought to initiate legal proceedings to recover assets related to FTX’s international platform that

KENTWELL INVESTMENT CO. LTD.

(In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 17th March 2023. Articles of Dissolution have been duly registered with the Registrar General’s Department. Brittany Investment Company Limited, Royal Palm Suite, The Islands Club, West Bay Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above-named company are required on or before the 17th April 2023 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 17th day of March 2023.

Brittany Investment Company Limited Liquidator

encompassed the Bahamian subsidiary. Citing three occasions where the Chapter 11 companies had failed to abide by this, he wrote: “Despite this, and knowing the joint provisional liquidators’ position that such recovery actions seek the return of FTX Digital customer funds, the debtors have not consulted with us on a single action that has been taken in the Chapter 11 cases for recovery of assets.” Mr Pfeiffer’s letter came during an exchange of correspondence with Mr Ray’s legal team over the Bahamian liquidators’ plans to seek “directions” from the Supreme Court on how FTX Digital Markets’ windup should proceed. As part of the process, they also intend to seek the Delaware Bankruptcy Court’s confirmation that such a move does not violate the asset freeze imposed by the Chapter 11 proceedings and, if it does, to seek the latter court’s relief.

This produced a negative response from Mr Ray’s attorneys, Sullivan & Cromwell, who on March 11, 2023, replied: “We were clear in the co-operation agreement that there could be no deference to Bahamian proceedings on FTX matters in which non-Bahamian stakeholders have an interest, especially in light of the history of why the founders went to The Bahamas in the first place and the harm they caused to nonBahamians while there.

“The FTX debtors and many of the stakeholders with whom we consult also are concerned with statements by the joint provisional liquidators publicly, and to third parties and government officials outside of The Bahamas, that are uncoordinated and inconsistent with the positions of the FTX debtors, and in many cases appear to be intentionally misleading.

“The co-operation agreement was not intended to condone interference by the joint provisional liquidators with the Chapter 11 cases, almost the entirety of which involves non-Bahamian

creditors, non-Bahamian assets and non-Bahamian recipients of avoidable transfers.”

Sullivan & Cromwell did not identify the statements they and Mr Ray are complaining about, or to who they were made. Not surprisingly, Mr Pfeiffer pushed back hard, writing:

“With respect to your vague, unspecified and unsubstantiated claim that the joint provisional liquidators have made public statements and statements to third parties or public officials outside of The Bahamas that are somehow false or misleading, we refute this baseless allegation.

“All of the joint provisional liquidators’ statements have been true and correct. While it is certainly true that the joint provisional liquidators may have views that differ from those of the debtors, that does not make them false. This is not the first time that the debtors have made unsubstantiated and false statements about the joint provisional liquidators, the Bahamian court and The Bahamas.”

Mr Pfeiffer said the matters that the Bahamian liquidators were seeking “directions” on, namely exactly who are FTX Digital Markets’ clients among other key considerations, “fall squarely within the jurisdiction of the Bahamas court in relation to a Bahamas-incorporated company in provisional liquidation in The Bahamas”.

Noting that this did not interfere with the Chapter 11 cases, he argued that Mr Ray and his team “either misunderstand or ignore” the features of a Bahamian provisional liquidation including that both foreign and local stakeholders have equal standing. “FTX Digital cannot be forced to have matters that concern its estate to be determined by a foreign US court in a proceeding that concerns the separate estate of FTX Trading,” Mr Pfeiffer wrote.

LUNA VISTA CAPITAL MANAGEMENT LTD.

(In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 17th March 2023.

Articles of Dissolution have been duly registered with the Registrar General’s Department. Brittany Investment Company Limited, Royal Palm Suite, The Islands Club, West Bay Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above-named company are required on or before the 17th April 2023 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 17th day of March 2023.

Brittany Investment Company Limited Liquidator

FTX US chief bids to cut-off Bahamas

the Supreme Court some five days ahead of Mr Ray’s lawsuit on March 15, yesterday obtained an Order from chief justice Sir Ian Winder granting them permission “to seek confirmation and/ or approval” from Judge Dorsey that the “directions” they are seeking will not violate the worldwide freeze imposed on all FTX assets when the Chapter 11 proceedings started in the US.

And, should Judge Dorsey find that the Bahamian liquidators’ actions would breach the Chapter 11 freeze, Sir Ian’s Order allows them to initiate legal action in Delaware to seek relief from it. Mr Simms, in a March 15, 2023, affidavit filed with the Supreme Court, warned it was critical that the liquidators obtain much-needed “directions” from the Supreme Court otherwise efforts to windup FTX Digital Markets will “stall” (see other article on Page 1B). He added that it was especially vital the Supreme Court determine exactly who FTX Digital Markets’ customers are to enable the Bahamian provisional liquidators to “claw back” assets that were withdrawn from the crypto exchange both immediately prior to its collapse and after the imposition of asset freezes. Previous filings have alleged that some 1,500 “Bahamian” clients were able to recover a collective $100m in potential “fraudulent preferences” via this route.

However, before the Bahamian liquidation trio could approach the Delaware court, Mr Ray ended the two sides’ twoand-a-half month truce by

firing his legal salvo first. Acknowledging it is “a jurisdictional battle” for control between himself and this nation, he alleged that the lawsuit came “in response to serial threats by the joint provisional liquidators to attempt to relocate these global bankruptcy cases (the Chapter 11 cases) to The Bahamas.

“Lacking any basis to dismiss these Chapter 11 Cases or transfer venue, the joint provisional liquidators instead claim that FTX Digital Markets - a nondebtor—is the constructive owner of FTX.com’s property (including fiat and crypto currency, intellectual property and customer relationships) as a matter of non-bankruptcy law,” the FTX US chief and his attorneys alleged.

“Since FTX Digital Markets is the subject of proceedings in The Bahamas, the joint provisional liquidators insist that the question of ownership be resolved in The Bahamas. Indeed, they have claimed to the FTX debtors that it is their fiduciary duty under the laws of The Bahamas to do so. FTX Digital Markets did not succeed to any property owned by FTX. com.

“Yet the joint provisional liquidators’ assertions continue to balloon in size and volume (though never attaining substance), with the joint provisional liquidators making public statements, statements to third parties outside of The Bahamas, statements to government officials outside of The Bahamas, and filings in this court all asserting that FTX Digital Markets is somehow the owner of the entire FTX. com exchange.”

Tribune Business understands that the Bahamian joint provisional liquidators view Mr Ray’s lawsuit as a knee-jerk over-reaction, especially given that he was informed on March 9, 2023, of their plans to approach the local and Delaware courts. They feel he and his team, including the Sullivan & Cromwell law firm, are determined to control everything related to FTX, and their attitude to The Bahamas and others is “just sit back, do nothing and wait for us” to do it all.

Mr Ray, though, alleged that the Bahamian liquidation trio have also “threatened avoidance actions against even direct recipients of preferential payments” from Alameda Research, Mr BankmanFried’s former trading vehicle that played a central role in FTX’s collapse.

“Without this court’s prompt intervention, the joint provisional liquidators - fiduciaries with no constituency but themselves - will continue to assert baseless claims that will harm FTX.com customers and all other creditors of the FTX debtors,” the lawsuit claimed, asserting that “enough is enough”.

“In this adversary proceeding, the debtors seek a declaratory judgment that FTX Digital Markets has no ownership interest in any of the debtors’ property and that the transactions (and all documents and structures supporting such transactions) that Sam Bankman-Fried and his co-conspirators used in an attempt to hide assets behind the veil of FTX Digital Markets are avoidable as fraudulent transfers.

“If the FTX debtors succeed in this adversary proceeding, there will be

FTX wind-up faces stall absent ‘claw back’ rule

Digital Markets was holding assets, either digital, fiat or both, on trust for investors/clients in a fiduciary or escrow capacity. If it was, then assets treated in such a manner will belong to the client, but if they were not then such properties belong to the liquidation estate.

Pointing out that their “directions” application relates solely to FTX Digital Markets, its clients, assets and creditors, and not the entities in Chapter 11 in the US, Mr Simms asserted: “All of the issues raised in the directions application are core fundamental issues arising from the provisional liquidation of FTX Digital and which can only be resolved by this court. The requirement for directions has become urgent.

“Until the joint provisional liquidators have some certainty as to who FTX Digital’s customers are, the governing law of various agreements and the effect of such agreements, the provisional liquidation will in effect and substance stall. The further and efficient progress of the provisional liquidation is crucially important because there are various parties who withdrew digital assets and fiat from FTX Digital in the days immediately before the commencement of the provisional liquidation in respect of whom there may be actions to claw back those withdrawals.

“The resolution of the issues which are the subject of the directions applications will determine the incidents of the claw back claims. The appropriate causes of action for clawing back withdrawals are dependent on whether assets were held on trust, making FTX Digital’s customers beneficiaries of assets held, or whether assets were owned absolutely by FTX Digital with the consequence that FTX Digital’s customers are creditors,” Mr Simms added.

“In each case there are different claw back remedies which are dependent on the basis on which the assets were held. For obvious reasons the determination of these issues is

fundamental to the provisional liquidation and until they are resolved the provisional liquidation of FTX Digital cannot satisfactorily progress.”

Previous filings have alleged that some 1,500 “Bahamian” clients were able to recover a collective $100m in potential “fraudulent preferences” that were withdrawn in violation of asset freezes imposed by both the Supreme Court and Chapter 11 processes. it is these withdrawals that Mr Simms and his colleagues will be targeting.

However, John Ray, the FTX US chief in charge of the 134 entities in Chapter 11 bankruptcy in Delaware, is understood to be alleging that an earlier “terms of service” apply and, as result, no international, non-US customers were migrated to FTX Digital Markets before the crypto

no property of FTX Digital Markets for local proceedings in The Bahamas to resolve,” Mr Ray warned ominously, then seeking to downplay and diminish the Bahamian subsidiary’s role in the crypto exchange’s corporate structure.

He argued that “nothing could be further from the truth” when it came to the Bahamian liquidators’ argument that FTX Digital Markets “was the centre” of the group. “FTX Digital Markets was no more than a shortlived provider of limited ‘match-making’ services for customer-to-customer transactions on the crypto currency exchange built, owned and operated by debtor FTX Trading, its immediate corporate parent,” Mr Ray and his team alleged.

“Over 90 percent of customers who used the FTX. com exchange were customers before FTX Digital Markets even became operational in May 2022 and, once operational, FTX Digital Markets never earned a dollar of third-party revenue. FTX Digital Markets was an economic nullity within the FTX group.

“FTX Digital Markets was a legal nullity as well. The peculiar history of FTX Digital Markets is a classic example of abuse of the corporate form. It was created as a front to facilitate a conspiracy to defraud the debtors’ customers - a conspiracy to which three individuals have already pled guilty and for which a fourth, Mr BankmanFried, is under indictment - rendering any and all transactions related to FTX Digital Markets avoidable.

“FTX Digital Markets was part of the mature phase of that conspiracy. It

was formed and functioned as an offshore haven for a continuous fraudulent scheme, as well as a conduit through which the fruits of that fraudulent scheme could be channelled to insiders and third parties outside of the reach of any independent and effective regulatory authority,” Mr Ray continued.

“Fortunately, Mr Bankman-Fried and his cohorts were unable to spirit away all of the debtors’ property, both practically and as a matter of law, because these Chapter 11 cases were commenced and Mr. Bankman-Fried and his Bahamian supporters lost the first stage of what Mr Bankman-Fried described as the “jurisdictional battle versus Delaware”.

Mr Ray alleged that the Bahamian liquidation trio had merely “inherited the corporate shell that Mr Bankman-Fried and his co-conspirators built to harbor their fraudulent enterprise in The Bahamas, and now use it to continue the jurisdictional battle. In doing so, they continue to cast confusion over the true ownership of the debtors’ property and waste the debtors’ assets in the process”.

He argued that the former FTX co-founder and is inner circle created the Bahamian subsidiary to “funnel FTX Trading customer deposits and other valuable property and rights to The Bahamas, out of the reach of American regulators and courts”.

“Mr Bankman-Fried, and others at his direction, maintained a close, accommodating relationship with Bahamian law enforcement agencies, including, among others, the Commission, and with the attorney

general and Prime Minister of The Bahamas,” Mr Ray asserted. “Indeed, Mr Bankman-Fried aimed to leverage that relationship to minimise his criminal and civil exposure should the massive fraud be discovered.

“To accomplish the fraudulent scheme, Mr Bankman-Fried (and/or others acting at his direction) planned to transfer property and rights from FTX Trading to FTX Digital Markets, ostensibly regulated by The Bahamas. At no time were the co-conspirators authorised to do so by the law of any jurisdiction or the corporate charters of either FTX Trading or FTX Digital Markets.”

The lawsuit gave examples of such transfers, including $143m in fiat currency that was placed in US bank accounts in FTX Digital Markets’ name, which has presently been seized by the US Justice Department. Seeking to show the minimal importance of the Bahamian subsidiary to a multi-billion dollar crypto exchange, the action said it generated just $604,000 in net income for 2021 and some $5.17m for the first three quarters in 2022 prior to the collapse.

Mr Ray and his team also alleged that more than half of FTX Digital Markets’ operating expenses for the first three quarters in 2022, some $40m out of $73m, related to “other expenses”. And, of that $40m, some 37.5 percent or $15m covered “accommodation” costs paid to Albany ($5.8m); the Grand Hyatt ($3.6m); and Rosewood ($807,000).

exchange imploded in early November 2022. Therefore, they are customers of his Chapter 11 entities, not the Bahamian provisional liquidation proceedings.

The importance of the “directions” hearing, though, was spelt out in a March 9, 2023, letter from the liquidators’ US attorneys to Mr Ray’s legal representatives. Brian Pfeiffer, an attorney with White & Case, wrote: “The requirement for the joint provisional liquidators to seek directions in the application has become urgent.

“Until the joint provisional liquidators have some certainty as to who their customers are, the governing law of various agreements and the effect of such agreements, its provisional liquidation cannot progress. This is crucially important because there are various parties who withdrew sums

JOB OPPORTUNITY

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from FTX Digital in the days immediately before the commencement of the provisional liquidation.

“The joint provisional liquidators need confirmation that FTX Digital has standing to claw back those payments and needs to take action quickly. Moreover, a determination of the aggregate amount and nature of creditor claims that may be properly asserted against FTX Digital is critical to the progression of the liquidation process in The Bahamas, and to the joint provisional liquidators’ ability to make reasoned and well-informed business decisions related thereto.”

ACCURAD IMAGING CONSULTANTS SEEKING RADIOLOGIST

STOCKS RISE ON WALL STREET AFTER BANK DEAL, REGULATOR MOVES

By STAN CHOE AP Business Writer

STOCKS rose on Wall Street Monday after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry.

The S&P 500 climbed 34.93 points, or 0.9%, to 3,951.57. The Dow Jones Industrial Average gained 382.60, or 1.2%, to 32,244.58, and the Nasdaq composite added 45.02, or 0.4%, to 11,675.54.

Much attention has been on banks because they may be cracking under the pressure of much higher interest rates. Swiss banking giant UBS said Sunday it would buy its troubled rival Credit

Suisse for almost $3.25 billion in a deal quickly put together by regulators. Credit Suisse has been battling a unique set of problems for years, but they came to a head last week as its stock price tumbled to a record low.

A group of central banks stretching from the United States to Japan also announced coordinated moves on Sunday meant to ease strains in the financial system. They should allow banks more access to U.S. dollars if needed, in an echo to a practice widely used in prior crises. The moves don't mean the banking industry's crisis is over, but "it's taken one of the troublesome aspects off the table," said Ryan

Detrick, chief market strategist at Carson Group.

The late Sunday announcements by regulators may be reminiscent of the 2007-08 financial crisis that wrecked the global economy, but many investors see big differences between then and now.

"The market is trying to digest: Is this just a few bad financial companies that have really made some bad decisions, or is the whole thing a house of cards?" Detrick said. "We're optimistic that it's multiple banks in a bad situation but not the entire system."

In the U.S., most of the attention has been on smaller and mid-sized banks on fears that falling trust could push their depositors

IMF

APPROVES

By KRISHAN FRANCIS Associated Press

THE International Monetary Fund said Monday that its executive board has approved a nearly $3 billion bailout program for Sri Lanka over four years to help salvage the country's bankrupt economy.

About $333 million will be disbursed immediately and the approval will also open up financial support from other institutions, the IMF said.

"Sri Lanka has been facing tremendous

NOTICE

NOTICE is hereby given that

ABIGALE NATASIA PERSAUD of P.O. Box SS-6542, Jean Street, Hillside Park, New Providence, 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 21st day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

to pull their money all at once. That's what's called a bank run, and such a move could topple them.

First Republic Bank has been at the center of investors' crosshairs in the hunt for the industry's next victim following the secondand third-largest U.S. bank failures in history. Its shares fell 47.1% after S&P Global Ratings cut its credit rating for a second time since Wednesday.

S&P said it could lower the rating even further despite a group of the biggest U.S. banks announcing last week they would deposit $30 billion in a sign of faith in First Republic and the larger banking industry.

While that money certainly helps, "it may not solve the substantial business, liquidity, funding, and profitability challenges that we believe the bank is now likely facing," the creditratings agency said. Stocks of other smallerand mid-sized banks, meanwhile, were much stronger.

New York Community Bancorp jumped 31.7% after it agreed to buy much of Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. Signature Bank became the industry's third-largest failure earlier this month after regulators seized it.

Much of the rest of the U.S. stock market also

pushed higher, but how long that lasts is a question mark. A huge decision is looming on the calendar by the Federal Reserve. The U.S. central bank will announce its latest move on interest rates Wednesday. For a while, Wall Street was betting it would reaccelerate its hikes because of how stubborn high inflation has remained. Higher rates can undercut inflation by slowing the economy, but they raise the risk of a recession later on. They also hurt prices for stocks and other investments. That was one of the factors hurting Silicon Valley Bank, which earlier this month became the second-biggest U.S. bank failure in history.

CRUCIAL $3B BAILOUT FOR BANKRUPT SRI LANKA

economic and social challenges with a severe recession amid high inflation, depleted reserves, an unsustainable public debt, and heightened financial sector vulnerabilities," its statement quoted IMF Managing Director Kristalina Georgieva as saying.

"Institutions and governance frameworks require deep reforms. For Sri Lanka to overcome the crisis, swift and timely implementation of the EFF-supported program with strong ownership for the reforms is critical."

NOTICE

NOTICE is hereby given that GREGORY JOHN COFFEY of P.O Box SP 63158 8C Honey Comb Suite, New Providence, 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 21st day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

The approval will unlock financing of up to $7 billion from the IMF and other international multilateral financial institutions, President Ranil Wickremesinghe's office said.

Earlier this month, the last hurdle for the approval was cleared when China joined Sri Lanka's other creditors in providing debt restructuring assurances.

"From the very start, we committed to full transparency in all our discussions with financial institutions and with our creditors," Wickremesinghe said in a statement from his office. "I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda."

Wickremesinghe said he has made some tough decisions to ensure stability, debt sustainability and

to grow an inclusive and internationally attractive economy.

Sri Lanka increased income taxes sharply and removed electricity and fuel subsidies, fulfilling prerequisites of the IMF program. Authorities must now discuss with Sri Lanka's creditors on how to restructure its debt.

"Having obtained specific and credible financing assurances from major official bilateral creditors, it is now important for the authorities and creditors to make swift progress towards restoring debt sustainability consistent with the IMF-supported program," Georgieva said.

"The authorities' commitments to transparently achieve a debt resolution, consistent with the program parameters and equitable burden sharing among creditors in a timely fashion, are welcome," she said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, BRANDON LEE MATHEW ELDON BULLARD Lewis Street, Nassau Village, New Providence, The Bahamas, intend to change my name to BRANDON LEE MATHEW ELDON HARRIS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that KETTLY STENOR of Cox Way, New Providence, 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 14th day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that NIXON LEON JOSEPH of Mason Addition, New Providence, 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 14th day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that STANLY BLANC of Cowpen Road, New Providence, 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 14th day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

SRI Lankans shout slogans during a protest against the government increasing income tax to manage day to day expenses amid an unprecedented economic crisis in Colombo, Sri Lanka, on Feb. 22, 2023.

Photo:Eranga Jayawardena/AP