05102023 BUSINESS

FTX chief: US charges violate Bahamas treaty

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SAM Bankman-Fried yesterday sought to dismiss multiple fraud, bribery and corruptionrelated charges stemming from FTX’s collapse on the grounds that the US has violated The Bahamas’ Extradition Act and treaty.

The embattled crypto currency exchange founder, in numerous legal filings with the southern

• SBF demands dismissal for breaching Bahamian extradition law

• Wants campaign finance, corruption and bank fraud thrown out

• Never mentioned in ‘surrender warrant’ signed by Fred Mitchell

Bahamas liquidators slam US FTX chief’s ‘underhand’ tactics

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s Bahamian liquidators yesterday accused their US adversaries of employing “underhanded” tactics to seize control of all the crypto exchange’s clients and assets - including those that fall under their winding-up process.

Brian Simms KC, the Lennox Paton senior partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves, are demanding that the Delaware Bankruptcy Court dismiss the March 20 lawsuit filed by the exchange’s US chief, John Ray, on the grounds

• Argue lawsuit ‘void’ and must be dismissed

• Bahamas court best to hear case if proceeds

• Blast Ray over his ‘inflammatory approach’

that it is “void” and cannot proceed.

And, if it is allowed to move ahead, the provisional liquidation trio are arguing that the action - and the questions that it raises - should be determined before the

Bahamian courts and not Delaware as the battle for control of FTX’s fate intensifies between themselves and Mr Ray.

Responding to the move by the FTX US chief to totally deny them access to any assets caught in the crypto exchange’s multi-billion dollar collapse, Mr Simms and his PwC colleagues accused Mr Ray and his team of “avoiding any meaningful discussion” on how critical issues facing both sides can be resolved without conflict.

This, they added, was why they had obtained the Supreme Court’s authorisation to approach the Delaware Bankruptcy Court for a determination on whether the automatic

BRIAN SIMMS KC

New York federal court, argued that charges involving breaches of US campaign finance laws and the Foreign Corrupt Practices Act (FCPA), plus bank fraud and operating an unlicensed money transmission business, should be struck out because they run afoul of key provisions in The Bahamas-US extradition treaty.

Mr Bankman-Fried and his legal advisers, in alleging that the federal authorities are doing an “end-run” around the treaty, are focusing their arguments on its Article 14. Known as the “rule of specialty”, this stipulates that someone being extradited from The Bahamas “may only be detained, tried or punished” in the US “for the offence for which extradition was granted”, while setting out other criteria.

They are arguing that this article has been breached by the US authorities adding the charges FTX’s founder now

wants dismissed AFTER he was extradited from The Bahamas in late 2022. Mr Bankman-Fried’s “warrant of surrender”, signed by Fred Mitchell, minister of foreign affairs and the public service, on December 21, 2022, makes no mention of any FCPA or US campaign finance law violations.

The warrant, which was among the documents filed with the New York court, stipulated that as far as the Bahamian authorities were concerned Mr Bankman-Fried was being extradited to face two counts of mail fraud; two counts of conspiring to falsify accounts; two counts of conspiracy to commit fraud by false pretences; and conspiracy to commit money laundering.

Mr Mitchell signed it within hours of the FTX founder waiving his rights to contest his extradition, and consenting to his transfer to US custody, a sign

SEE

Fears that Royal Caribbean ‘setting tone’ on PI project

worldwide asset freeze imposed by the Chapter 11 bankruptcy proceedings applies to FTX Digital Markets’ liquidation in The Bahamas and, if it does, for this to be lifted.

The Bahamian trio have consistently argued that key questions yet to be answered are the identities of FTX Digital Markets’ customers, and who was migrated to it from the crypto exchange’s international platform prior to the November 2022 collapse, and whether - and which

Crypto mining ban ‘begs explanation’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN digital assets entrepreneur says the Securities Commission’s decision to ban crypto currency mining in the revised Digital Assets and Registered Exchanges (DARE) Bill warrants further explanation.

Davinia Bain, Crypto Isle’s co-founder, told

Tribune Business that banning crypto-mining “definitely begs an explanation” from the regulator as the company continues to review the recentlyreleased proposed amendments to the existing DARE Act. She said: “There are people in The Bahamas mining not as an ancillary business or ancillary support to their regular business, which the Act speaks to, because there

• Cruise line, not DEPP, announces public consultation details

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ENVIRONMENTAL advocates yesterday voiced concern that Royal Caribbean is “setting the tone and beating the drum” after the cruise line - not the Government - unveiled the date and time for the public meeting on its Paradise Island project.

are people that have bought miners and have been earning crypto in one way or the next, and it is a great way for Bahamians to engage in the industry.”

A foundation for obtaining crypto currency is mining via the Internet. It was the primary mechanism for obtaining crypto currencies prior to many of the respective coins

SEE PAGE B4

GB Power solar rates ‘30% below Caribbean’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GRAND Bahama

Power Company says the solar power rate it has obtained from independent energy providers (IPPs) is “30 percent less than what you see elsewhere” in the Caribbean.

Dave McGregor, Caribbean chief operating officer for Emera, GB Power’s 100 percent owner, told Tribune Business that the nine cents per kilowatt hour (kWH) rate agreed

with both solar IPPs is also “significantly cheaper” than the 13 cents per kWH that the utility spends purchasing excess energy from businesses and residences with roof-top systems.

Describing the latest agreement with Bahamas Solar and Renewables, a subsidiary of BISX-listed FOCOL Holdings, as “a very good deal for the customer”, he added that the provider’s five mega watt (MW) plant when fully operational will give Grand Bahama a combined 14 MW of solar.

The Bahamas Solar and Renewables site will join the two locations, one for 4.5 MW and the other for 5 MW, already being developed by Lucayas Solar Power.

“It’s 14 MW altogether,”

Mr McGregor confirmed to this newspaper. “All three plants are at different places, different sites. They’re all about the same size - a 20-ace site. The locations were selected by a combination of land that didn’t flood during Dorian and we look to have them spread out so if

there is some cloud cover they don’t all lose production at the same time. We have a little geographic diversification.”

He added that, together, the three solar plants will each supply about 3 percent of GB Power’s energy needs over the course of a year, taking their collective contribution to around 10 percent. “It’s a start,” Mr McGregor said. “All three are saying they should be complete within a year. I think Lucayas is a couple

SEE PAGE B8

Eric Carey, the former Bahamas National Trust (BNT) executive director, who is to review the cruise line’s environmental submissions for Atlantis, told Tribune Business he was “somewhat taken aback” that details on the upcoming Royal Beach Club consultation had come from Royal Caribbean and not the Department of Environmental Planning and Protection (DEPP).

The cruise giant, in a statement yesterday, said the public consultation will be held “in conjunction” with the DEPP on June 8 at 6.30pm. “The consultation will provide the community the opportunity to ask questions regarding [the] 17-acre Royal Beach Club at Paradise Island as part of the process defined by DEPP,” Royal

ERIC CAREY

SAM BANKMAN-FRIED SEE PAGE B4

DAVINIA BAIN

$5.74 $5.74 $5.74 $5.71

BRITISH COLONIAL SET FOR PARTIAL SUMMER RE-OPEN

THE DEPUTY Prime Minister yesterday said downtown Nassau’s British Colonial hotel will partially re-open this summer ahead of a full return in November 2023.

Chester Cooper, also minister for tourism, aviation and investments, speaking ahead of the weekly Cabinet meeting said he had been advised that the developer, China Construction America (CCA), is making “steady progress” in renovating and refitting the property. It will also likely have to seek out a new brand and operating partner to replace the Hilton.

The British Colonial has been a landmark Nassau resort since the original version first opened in 1923, and progress on its re-opening comes as the Government pushes to have all closed resorts re-opened so that there is sufficient

room inventory to accommodate still surging visitor demand.

“It’s important to get all of the inventory we have back into circulation,” Mr Cooper said. “We have a room shortage, and therefore every room that we can provide for tourists to rent is a positive for tourism and continuing to grow our

stopover visitors. We look forward to this coming on stream. This will be a shortterm boost and we are having significant interest in terms of medium to longterm additions to the room inventory. So I’m looking forward to it.”

Mr Cooper added that the Government is working “very closely” with Nassau

Companies registry set to be ‘much improved’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE ATTORNEY General yesterday said The Bahamas’ new companies registry is ready for testing by the private sector as he promised “a muchimproved user experience”.

Ryan Pinder KC, speaking ahead of the weekly Cabinet meeting, said the contractor hired to overhaul the registry, which is managed and administered by the Registrar General’s Department, has been working diligently to overcome “supply chain issues” and deliver the project within an acceptable timeframe.

“That platform is getting ready to be tested by industry, and we’re moving into the data migration phase

of that,” he explained. “We have data on a number of different systems, and so the data migration part of it is going to take some effort to be able to get the information correct because you can’t have incorrect data.

“Some of that’s going to be required checking back on the actual physical files, and checking data, because it’s coming from multiple sources. But all of that is certainly in train, and we look forward to a much-improved customer experience with the company registry.”

The companies registry is where banks, law firms and financial and corporate services providers go to electronically reserve names and incorporate companies. Camille Gomez-Jones, the Registrar General, previously disclosed that the new registry will effectively merge five

different computer systems into one.

Apart from company name reservation and incorporation, another system is used to store all the data, and others track the payment of fees and record the images of scanned documents. Paper files serve as a back-up.

“When you want an update to your company I have to go into all these systems because they don’t talk to each other and make sure everything is considered so we can give an accurate report on the status of your company,” Ms Gomez-Jones said earlier this year. “What we are seeking to do is remove all of these systems and merge them into one. In doing that, we want to make sure that the data we are merging is accurate and error free.”

Cruise Port (NCP) ahead of its full opening on May 25-26, with the transformed facility set to attract “significant visitors”. He said: “This is going to cause an increase in the numbers of visitors per day that we are able to accommodate. It’s going to work wonders for the downtown area. There will be authentically

Bahamian products, additional restaurants.

“All of these will be accessible also by Bahamians. So this is going to be good for tourists but also good for locals as well. So I think whilst this celebration marks the opening of a $300m investment in the tourism infrastructure, it’s also good for the spirit and vibrancy of the downtown area.”

Vendors have already been given keys to retail and restaurant spaces at the Nassau Cruise Port, which has been 100 percent leased

already. Meanwhile, the US is set to drop its COVID19 vaccine mandate for all travellers entering that country on May 11, which Mr Cooper described as “positive” for tourism in The Bahamas. He said: “Americans can come to our country, The Bahamas, and go back without having to be vaccinated and without any restrictions in terms of COVID protocols and requirements. “The freedom and ease of travel for people everywhere is going to be extremely positive for The Bahamas. Persons coming from Europe who might wish to travel to the US and onward to The Bahamas, for example, or the other way around, no longer need to be concerned about this. This will cause significant seamlessness in terms of travel to the US, and I think this will be overall proof positive for The Bahamas. We’re looking forward to the amendment.”

Users of the companies registry have often complained that delays and inefficiency impact their experience. Paper documents are often misplaced, and the system also previously depended on a log book that was updated by hand. Every time details on a particular company were sought, users had to ask one of the office assistants to sift through multiple files and folders for the necessary information, while finding a specific company without

a reference number was almost impossible.

Public access to the civil registry at the Registrar General’s Department was restored last month after an “unexpected and inordinate delay” and disruption. The registry, known as CRIS, had to be “disabled” from last September to preserve the integrity of its data while the digital platform was redesigned.

Meanwhile, Mr Pinder yesterday said the company responsible for last year’s Exuma oil spill has paid the fine into an escrow account and those funds are now “immediately available” to the Government.

He added: “One thing that we look to do is to establish an environmental

sustainability fund of sorts, and if you would read the Environmental Planning and Protection Act, it is actually a mandated function in that Act to establish this fund for the purposes of environmental matters and that fund to be funded by fines, penalties and permit fees.” While the fund’s creation was part of the Act passed into law under the former Minnis administration, it has never been properly established. But Mr Pinder said there is now Cabinet approval to proceed with the fund’s creation, and the Exuma oil spill fine will be held in escrow until it is established.

Mr Pinder said there are several pieces of anticorruption legislation on the Government’s agenda, including the recentlytabled Ombudsman Bill that has been updated to reflect the Paris principles on human rights and their protection.

The International Development Law Organisation (IDLO) is also helping The Bahamas to craft other pieces of anti-corruption legislation, covering areas such as whistleblower protection and a complete revamp of the Public Disclosure Act along with a code of conduct for civil servants.

N O T I C E

EXXONMOBIL EXPLORATION AND PRODUCTION RUSSIA (SEA OF OKHOTSK) LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 4th day of April 2023.

Dated the 10th day of May A.D., 20213.

Daniel Bates

Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION RUSSIA (SEA OF OKHOTSK) LIMITED

EMPLOYMENT OPPORTUNITY

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CHESTER COOPER

CHESTER COOPER

GOV’TS NORTH ABACO PORT PROMISE IS ‘INSUFFICIENT’

THE head of an advocacy group pressing for the full commercial opening of North Abaco’s port has called for the Government to provide more specifics on plans to outsource its development and operation to a private partner.

Pastor Marvin Mills, the North Abaco Pastors Association (NAPA) chairman, told a Monday night meeting seeking to create a petition advocating for the port’s full use that he had numerous questions following comments to Tribune Business earlier this week by JoBeth Coleby-Davis, minister of transport and housing.

She said the Government is “moving quickly” to put both of the island’s ports out to bid, and that the Attorney General’s Office is reviewing draft tender documents that will be issued as the Davis administration seeks a Private-Public Partnership (PPP) arrangement for the redevelopment and operation of both the Marsh Harbour and North Abaco ports. This would involve the winning private sector bidder financing, developing and managing the ports under a long-term lease with the Government. However, Pastor Mills called for “immediate” answers to what he described as several key questions.

“We acknowledge the statements made in a news article in this morning’s Tribune by the minister of transport and housing,” he said. “But those statements were not sufficient to answer the questions that we will put forward this evening.

“We are aware of various proposals that have been presented to the Government as it relates to public-private partnerships, PPPs, for the management and operation of the North Abaco Port development, so I have initiated six questions for the Government to respond to immediately. The minister in her statement said she will have a lot more to share in weeks to come. And we don’t know how many weeks that will be.”

Pastor Mills questioned the state of development plans for the North Abaco port, and the progress made in sourcing a PPP arrangement. “What are the current plans of the Government concerning the official opening, operation and advancement of the North Abaco Port,” he asked. “As it relates to the public-private partnership, PPP, has the Government decide on a private partner to facilitate the management of the port.” He further queried if Bahamians will be able to acquire shares in the port or its chosen operator, and if there will be job opportunities at the facility for North Abaco residents. “As for [any] IPO or initial public offering, what efforts are being made to create a distribution model that includes individual investors on a large scale and ensure that not just the very wealthy, but also average local Abaconians, will be given the opportunity to partake,” he asked.

“This initial offering that I’m talking about has to do with shareholdings. What is being done to ensure that local Abaconians have a stake in the day-today operation of this port development?”

BAHAMAS WASTE UNVEILS 50TH INDEPENDENCE TRUCK

BAHAMAS Waste has added a new Independencethemed sanitation truck to 60-strong vehicle fleet, marking the latest community cause it has featured.

The BISX-listed waste services provider, in a statement, said the truck with the official Independence logo design and national flag officially hit the streets this week and was unveiled during a ceremony at the company’s Gladstone Road headquarters. “We believe it is important to recognise and celebrate the achievements of our country,” said Bahamas Waste managing director, Francisco de Cardenas.

The unveiling ceremony was attended by the head of the Independence Commission, Leslia Miller Brice. The truck was a collaborative effort between Bahamas Waste and the Independence Commission.

Bahamas Waste has consistently used its branded sanitation trucks to support, raise awareness for and spark conversation around important issues such as breast cancer awareness.

“We are honoured to have been given the

The current channel into the North Abaco port needs to be dredged to accommodate larger vessels, and Pastor Mills questioned the timeline for this and other necessary upgrades to the facility. He said: “We are aware that the channel to the port needs to be dredged deeper; as much as 35 feet deep. The question is what timeline is there for the channel to be dredged?

“What timeline is there for the much-needed repairs to the port facility to be completed, and also has the Government raised the funds to do so as yet”

Pastor Mills questioned how involved North Abaco businesses, such as contractors and fuel providers, will be in the port’s development and operation. “As development continues with the port facilities, to what extent will the local contractors, engineers, business owners etc be engaged,” he asked.

“There are business owners in North Abaco who have, for generations, operated fossil fuel stations

opportunity to create this special design of our truck,” said Mr de Cardenas. “We hope our design promotes a sense of pride and unity among Bahamians and serves as a reminder of our country’s rich history and bright future.”

and we call those family businesses. How will the Government ensure that these family businesses are given the opportunity to have a stake in the provision of fuels, trucks that can pump waste and barge fuel from the ships, as well as waste from the ships?”

Pastor Mills said a fully operational port can drive the commercial market in North Abaco and facilitate economic growth. “What policies are being put in place to secure our stake and our protect interest as it relates to the port operation?” he asked.

“I believe that the full operation and advancement of the North Abaco port is a game changer for North Abaco residents who must now be empowered to facilitate economic growth for future generations. This North Abaco port investment will be the means to balancing the commercial market in Abaco.”

Citing major projects underway on the island, Mr Mills maintained that North Abaco’s port will improve business operations and create jobs.

He said: “Presently there is a major $800m investment or development set to take off at Hole in the Wall, South Abaco; a $352m development at Montage Cay just off Marsh Harbour in Central Abaco. The northern Abaco community needs its own economic boost, which can very well be facilitated by the full operation, opening and development of the North Abaco port.

“There are a lot of direct jobs and businesses that will become available through the operation of this port and North Abaconians must be thoroughly involved in its operation.”

RETAILERS SEE 'BOOMING' INDEPENDENCE SALES

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

RETAILERS yesterday said business is "booming" as sales of Independence Day-related merchandise accelerate in the run-up to The Bahamas' 50th anniversary celebrations.

Eldica Gittens, floor manager at Home Fabrics, said consumers began purchasing Independence Day items late last year in anticipation of low stock volumes prior to the holiday.

She said: “Independence sales are going extremely well. Bahamians are definitely gearing up for the 50th anniversary celebration. From Christmas we had persons purchasing decorations and things for independence because they thought that there would be a shortage when that time came.

"But we don't have any shortage. It's a good thing this kind of independence doesn’t come every year because we wouldn’t be able to stock the shelves. It's booming.”

Tamara Cargill, manager at Commonwealth Fabrics, also reported strong early Independence Day sales. She attributed this in part to the multiple events being held by the National Independence Secretariat ahead of the Golden Jubilee.

"Sales are going very well for us; we have no

complaints. Sales are also picking up a lot earlier. Actually from before CARIFTA, persons have been buying the flag-coloured fabric to wear," Ms Cargill said. "Because there are so many events they're not just buying one, and they're just not buying one time. They’re coming back to get another one and another one, just so they can have something different.”

Dr Cheryl Strachan, Beyond Flags' owner/operator, said that due to an increase in events in general it was hard to say if the sales rise is due to persons seeking Independencerelated items.

She said: “In our case, we sell these items all year-long and we cater to whatever's going on during the year. For instance, there are lots of graduations going on now. People are travelling and meeting with relatives in the United States or Canada; wherever they're going. And so they are buying items to take to their families and friends. So technically we cannot say that it is due to Independence.

“It's difficult to say at this time because we’re selling all year-long. We don't just do this for independence. Any time during the year, you're able to come into the store and purchase the same items that are available during the Independence period because we don't put dates on our items.

"But this year we have commemorative shirts and commemorative flags for the 50th... commemorative banners, things like that. But other than that, everything else is not dated.

So they sell all year-long.

So we are not your typical Independence store.”

Dr Strachan said some clients are coming in to purchase items earlier than usual in anticipation of empty shelves as the Independence holiday nears.

She added: “It was just one major Clifford Park event and the people's rush right after the flag-raising ceremony in years past. So

there are persons who are coming in early because they're saying they don't want to be a part of the rush or they don't want to be left out of a certain item. "They want to get it ahead of time to make sure that it's still available in case they come later and it's not available. We are a dedicated shop. This is all we do, all year-long, no matter the occasion. This is our core business. Maybe it will increase as we get nearer to the date. But so far it's really hard to tell because there's so many other things going on.”

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HEAD of the Independence Secretariat, Leslia Miller-Brice (centre), poses alongside executives of Bahamas Waste. Pictured (L-R) are Bahamas Waste operations manager, Ethelyn Davis; Bahamas Waste director, Robert V. Lotmore; Bahamas Waste chairman, Peter Andrews; and Bahamas Waste managing director, Francisco de Cardenas

Photos:Jason Cooper/Barefoot Marketing

DURING a recent ceremony at the company’s Gladstone Road location, executives of Bahamas Waste officially unveiled a new special 50th Independence-themed sanitation truck.

LEADERS OF NAPA

CAPT. Scott Bootle (left)_NAPA Chairman Pastor Marvin Mills (right).

RESIDENTS line up to sign petition.

Bahamas liquidators slam US TX chief’s ‘underhand’ tactics

FROM PAGE B1

- assets belong to the company or investors/clients.

However, they allege that Mr Ray, who controls 134 FTX entities in Chapter 11 bankruptcy protection, responded by initiating litigation.

“During a Zoom conference on March 15, counsel for FTX Digital Markets and the joint provisional liquidators indicated that FTX Digital Markets could no longer abide by the US debtors’ delays and would be seeking to lift the stay in the US Chapter 11 cases so that they could at least seek permission to invoke the jurisdiction of The Bahamas’ court to get the process rolling,” Mr Simms and his colleagues asserted.

“The US debtors’ response to this news was underhanded. Instead of attempting any form of consensus, the US debtors hastily cobbled together the complaint and filed it four days later - on a Sunday - admitting in the first paragraph that their preemptive filing is ‘about venue’. As is obvious from its face, the complaint patently attempts to seize venue and control over each and every customer and asset of the FTX group, including those

indisputably belonging to FTX Digital.” Noting that the co-operation agreement with Mr Ray and his team, signed on January 6, 2023, appears have ceased functioning, the Bahamian trio added: “Notwithstanding their execution of the co-operation agreement and the plain terms of the order recognising FTX Digital Markets’ Bahamian proceeding, the US debtors’ hope is that this court will, to the absolute exclusion of the Bahamas’s court, address a host of contractual interpretation issues critical to both proceedings.

“And, in an attempt to ensure that the process would be as extended, expensive and inflammatory as possible, the US debtors added several barebones claims arising under chapter five of the Bankruptcy Code, requesting that this [Delaware] court essentially void every purported ‘transaction’ in which FTX Digital Markets was ever involved without specifying any of the required elements of a properly pleaded avoidance claim.” Mr Simms and his colleagues argued that Mr Ray’s lawsuit “cannot move forward because it constitutes a direct and willful

violation of the automatic stay established in the order recognising FTX Digital Markets’ Chapter 15 proceeding” in the US. And the declarations sought over the contractual relationships between FTX and its clients “cannot stand” because none of the crypto exchange’s international clients have been joined as parties to the action.

“There may be, however, one silver lining to the complaint,” Mr Simms and the PwC duo argued. “It has forced the US debtors to finally realise that where, when and how issues relating to whose customers and assets are mapped to which entity in the FTX group must be decided in a court, as opposed to being assumed or dictated by the unsupported statements of their professionals.

“And, to the extent that the US debtors can find a proper procedural mechanism for addressing the rights of creditors under the [client] terms of service, or to the extent that the court determines that they need not do so, this court and The Bahamas court now have the necessary jurisdictional predicate to discuss, at the very least, the contours of a resolution process.

“To that end, the defendants respectfully request that, should this court allow the declaratory judgment claims to proceed, this court abstain from hearing those claims in favour of adjudication in The Bahamas, which is best suited to reaching a rapid, comprehensive and efficient result.”

The Bahamian provisional liquidators also pointed out that Sullivan & Cromwell, the US attorneys representing Mr Ray, as well as Peter Maynard & Company, his local counsel, both performed legal work for FTX prior to its collapse on “key transactions”.

The FTX US chief’s lawsuit made clear that he is engaged in a full-fledged battle for control of the crypto exchange’s fate. “If the FTX debtors succeed in this adversary proceeding, there will be 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.

“In this adversary proceeding, the debtors seek a declaratory judgment that FTX Digital Markets has no ownership interest in any of the debtors’

Crypto mining ban ‘begs explanation’

FROM PAGE B1

becoming denominated in hard currencies.

Ms Bain added: “We’re excited about the openness of the Securities Commission to have a conversation, and so very soon we will announce that we are in consultations with the Securities Commission so we can get explanations on this.

“The Securities Commission of The Bahamas has released proposed amendments to the DARE Act aimed at further strengthening the country’s already world-leading regulatory framework for digital assets and registered exchanges.

On Wednesday, May 3, Crypto Isle released a survey intended to gather feedback on those proposed amendments and aid in securing widespread private

sector input on the revised regulatory framework.

“’The digital assets space is a crucial frontier for innovation, with the tremendous potential to provide access to financial and economic advancement and inclusion to a broad cross-section of our community. It’s all about how we can innovate, and these amendments set the parameters within which we will be able to exercise our collective genius. That’s why we need to make sure our voices are heard,” Ms Bain said.

Crypto Isle’s release added: “The proposed amendments also include a prohibition on mining which has not been met with enthusiasm by Crypto Isle or the industry. Sector participants and enthusiasts are eager to understand the rationale behind this prohibition and how they can

advocate for adjustments to it. The position on privacy coins also comes as no surprise, but it is expected to draw spirited conversation in the space.”

The Securities Commission, in outlining the major reforms contained in the Digital Assets and Registered Exchanges (DARE) Bill’s 2023 version, listed the operation of digital assets exchanges as one area that will be strengthened, and referred to “lessons learned” from last year’s socalled ‘crypto winter’, but studiously avoided any link to FTX’s collapse.

Nevertheless, given the fast-paced evolution of the digital assets industry, the Securities Commission has constantly acknowledged that the DARE Act 2020 - the centrepiece of its regulatory regime - must be upgraded. It is hoping that

Parliament will pass the Bill into law by the end of the 2023 second quarter, which is just two months away at end-June.

“In light of lessons learned during the so called ‘crypto winter’ of 2022, the Commission identified aspects of the DARE Act that require further consideration,” it told industry stakeholders. “In April 2022, the Commission began consolidating its ongoing review of DARE for the purposes of addressing any legislative gaps, ambiguities and procedural concerns within the legislation.”

The international law firm, Hogan Lovells, was hired to draft the new Bill, and the Securities Commission promised: “The DARE Bill 2023 will establish new regulatory frameworks to ensure

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.”

Mr Ray 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,” he 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

the Bahamian legislative regime is current, proactive and compliant with international standards and best practices.

“The DARE Bill 2023 encompasses a comprehensive range of digital asset activities and establishes appropriate protection mechanisms for the registration and ongoing supervision of operators that align with prevailing international standards.

“The new DARE Bill represents an even greater focus on consumer and investor protection, robust risk management as well as market development and innovation. Furthermore, the DARE Bill 2023 explicitly addresses staking services in the context of international standards, making it among the first legislation of its kind.”

The Securities Commission described this as “a first-of-its-kind, dedicated disclosure regime that captures the activity of the staking of digital assets belonging to clients or the operation or management of a staking pool as a business.

“Under the DARE Bill 2023, authorised registrants must disclose certain information (where applicable), including a summary of the terms of the client agreement, details regarding the staking protocol, details of how the digital assets are staked (including how and for how long assets are locked up), details of rewards or interest to be earned, details of any penalties which may be imposed, and details of how staking participants are chosen to validate transactions,” it added.

Stablecoins will be regulated for the first time, with the issuance of algorithmic stablecoins prohibited.

“The amendments provide a clear definition for stablecoins, provide for the registration of existing stablecoins, specify acceptable forms of reserve assets and establish new requirements for custody and

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,” they added.

“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.

“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’.”

management, segregation, reporting and redemption of reserve assets,” the regulator added.

As for the issuance of digital assets, the Securities Commission added: “The DARE Act requires that issuers of digital assets in or from within The Bahamas must comply with several obligations aimed at protecting investors, primarily as related to initial token offerings.

“These include fit and proper requirements for the issuer, the requirement to prepare an offering memorandum unless an exemption applies, continuing disclosure obligations and purchasers’ rights to rescission or damages and withdrawal.

“Under the DARE Bill 2023, a voluntary registration regime will be established for persons who issue digital assets from outside of The Bahamas to persons outside of The Bahamas or otherwise not in the scope of the issuer requirements under the DARE Bill 2023. The Commission will keep a register of initial token offerings containing specified information.”

Christina Rolle, the Securities Commission’s executive director, said in a statement: “I am pleased to present for consultation the Digital Asset and Registered Exchanges Bill 2023, which will modernise and strengthen requirements for conducting digital asset businesses in The Bahamas, and for the protection of consumers, investors and the markets.

“We invite the public to respond to this consultation process as we seek to develop and expand the legislative framework. Once passed, DARE 2023 will be among the most advanced pieces of digital asset legislation in the world and will align with The Bahamas’ commitment to facilitating development and innovation in a well-regulated environment.”

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 XVEST XCHANGE LIMITED

(IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of XVEST XCHANGE LIMITED is complete.

L. Michael Dean Sole Liquidator

Address: Equity Trust House Caves Village West Bay Street P. O. Box N-10697 Nassau, Bahamas

STOCK MARKET TODAY: STOCKS DIP AHEAD OF REPORT ON INFLATION

By STAN CHOE

Business Writer

AP

WALL Street dipped on Tuesday following some mixed earnings reports, as stocks remain roughly where they’ve been stuck for more than a month.

The S&P 500 fell 18.95 points, or 0.5%, to 4,119.17.

The Dow Jones Industrial

Average lost 56.88, or 0.2%, to 33,561.81, while the Nasdaq composite fell 77.36, or 0.6%, to 12,179.55. Paypal fell 12.7% despite reporting better profit and revenue for the latest quarter than expected. Analysts pointed to its forecast for how much profit it expects to wring out of each $1 of revenue, which may

NOTICE

NOTICE is hereby given that

NADIA TRACETTA DAVIS Jabal Avenue, Bamboo Town, New Providence, The 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 10th day of May 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that

HENRI-CLAUDE ST-VIL , P.O Box N356 #9 Bamboo Blvd, Pineroad Gardens, New Providence, The 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 10th day of May 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JOHN GIBSON LAGUERRE of Cowpen Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SHARON LAGUERRE of Cowpen Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JACKIE LAGUERRE of Cowpen Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

have disappointed some investors.

Electric automaker Lucid Group dropped 5.6% after reporting a worse loss than expected for the latest quarter.

Skyworks Solutions sank 5.2% after reporting profit for the first three months of the year that matched forecasts. The company’s

comments about weakness in demand from China for Android phones may have frightened investors.

On the winning side of Wall Street was Palantir Technologies. It soared 23.4% after reporting a stronger profit than expected and saying demand for its new artificial

PUBLIC NOTICE

INTENT TO CHANGE

NAME

BY DEED POLL

The Public is hereby advised that I, BENIESHA OLIVIA CECILE RUSSELL of #17 St. Lucia Road, Nassau, Bahamas intend to change my name to OLIVIA MARIA CECILE BAIN. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that

MYLIANE DALPHE ST-VIL , P.O. Box N356, Bamboo Town, Pineroad Gardens, New Providence, The 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 10th day of May 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RODLY REVOL of #10 Andros Avenue, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

intelligence platform “is without precedent.”

So far this earnings reporting season, which is approaching its final stretch, the majority of companies have been topping forecasts for first-quarter results. That’s largely because expectations were set quite low due to a slowing economy and high interest rates. Companies in the S&P 500 are still on track to report a second straight quarter of weaker profits from yearearlier levels.

“Companies have been able to do pretty well,” said Margie Patel, senior portfolio manager at Allspring Global Investments.

The better-than-feared results have given some support to Wall Street even as many other worries are weighing on it.

Key among them is what will happen to the U.S. banking system, which is under stress following three high-profile bank failures since March. Hurt by much higher interest rates, smaller and mid-sized banks are scrambling to reassure everyone that their deposits are stable and that they aren’t at risk of a sudden exodus of customers.

Stocks of regional banks under the heaviest scrutiny by Wall Street were shaky on Tuesday. PacWest Bancorp rose 2.3% after coming back from an earlier loss. Western Alliance Bancorp dropped 1.4% after swinging between losses and gains.

The next big milestone for the market will be Wednesday’s report on inflation at the consumer level.

NOTICE

NOTICE is hereby given that PAULETTE MCPHEE of P. O. Box CR-54111 of Alcuin Lane, Lou Adderley Estate off Bacardi Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JUNIOR JOSEPH, of P.O. Box CR-56492 Maize Court, Hampster Road, Nassau, The 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 3rd day of May 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New

NOTICE is hereby given that ASHLEY ESTINOR of Carmichael Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of May, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

FTX chief: US charges violate Bahamas treaty

of the Government’s eagerness to remove him from The Bahamas as swiftly as possible and resuce negative international media coverage in the aftermath of the crypto exchange’s collapse.

James Lewis KC, a UK barrister self-described as “an expert in the extradition law of The Bahamas”, and who was part of the legal team that helped infamous Czech financier, Viktor Kozeny, escape the US authorities’ clutches more than a decade ago, asserted that Article 14 remained in full effect even though Mr Bankman-Fried had consented to “simplified extradition procedures”.

“The minister of foreign affairs (Mr Mitchell) could not order Mr BankmanFried’s extradition unless he determined that the treaty incorporates the rule of specialty,” Mr Lewis alleged in an affidavit. “During the extradition proceedings in The Bahamas, it was the understanding of all parties in court, and the court itself, that the specialty provisions applied notwithstanding the use of the simplified procedure.

“There was no waiver of the rule of specialty. To the contrary, there was an express acknowledgment that it applied.” Jerone

Roberts, Mr BankmanFried’s Bahamian attorney, in hearings before the Magistrate’s Court had described Article 14 as “the most important aspect of these proceedings” as it meant “a person extradited under this treaty may only be detained, tried or punished in the requesting state for the offences for which extradition was granted”.

However, Mr Lewis said the ‘warrant of surrender’ signed by Mr Mitchell contained no mention of any charges related to US campaign finance law violations. As a result, he argued that the minister of foreign affairs had seemingly determined that this was “not an extraditable offence under Bahamian law” or there was insufficient information to make such a determination.

“Since extradition was not granted on [that count], detaining, trying or punishing Mr Bankman-Fried for campaign finance conspiracy violates Article 14 of the Treaty,” Mr Lewis said. As for the FCPA violations, which are tied to an alleged $40m bribe paid to Chinese officials, plus bank fraud and the unlicensed money transmission business, the UK KC said the treaty creates “a standing objection on behalf of The Bahamas”

to any new charges being added post-extradition.

As a result, Mr Lewis argued that the US authorities needed to obtain The Bahamas “express consent” to add these new charges against Mr Bankman-Fried. This permission, he said, could only be given once Mr Mitchell determines that such conduct rises to “a Bahamian extradition offence”.

“My understanding is that the United States has not provided the information necessary to enable the minister to make the requisite determination,” Mr Lewis asserted, explaining that as a result all these charges - as well as the US campaign finance breaches - violate the BahamasUS extradition treaty and should be dismissed.

“To overcome this standing objection, the US must obtain The Bahamas’s affirmative consent to detain, try or punish Mr Bankman-Fried for the new counts by following the procedures set forth in the treaty and the Extradition Act. Moreover, the Treaty and the Extradition Act require the minister to determine whether the dual criminality requirement is satisfied before consenting on behalf of The Bahamas.”

Mr Lewis cited a February 22, 2023, letter to Judge Lewis Kaplan, who is presiding over Mr Bankman-Fried’s case, as evidence that the US authorities knew they had to obtain The Bahamas’ “consent” to bring additional charges post-extradition. The document, from the US attorney’s office for the southern district of New York, explained that a fresh indictment had been kept sealed until the necessary “diplomatic notifications” were given.

“As the court knows, the defendant was previously extradited from The Bahamas on an indictment returned on December 9, 2022,” the prosecuting authority said. “The [latest] indictment has been sealed so as to permit time for the Government to make the appropriate diplomatic notifications about the new charges.” This, Mr Lewis indicated, refers to “diplomatic notifications” to The Bahamas. Mr Bankman-Fried and his legal team, slamming the charges stemming from FTX’s implosion as “vague and non-specific”, asserted: “Armed with its vague pleading, the [US] government sought to extradite Mr Bankman-Fried from The Bahamas.

“But Mr Bankman-Fried had not defrauded anyone, nor intended to defraud anyone. And he had been a lawful permanent resident of The Bahamas for two years. Nevertheless, the government insisted that he be held in a Bahamian prison during the proceedings and then sought to end-run around the extradition treaty between the US and The Bahamas.

“After Mr Bankman-Fried properly consented to a simplified extradition procedure, the Bahamian government agreed to release him to US authorities and issued a warrant of surrender specifying that he be tried on seven of the eight counts in the original indictment - but not the count relating to alleged campaign finance violations. Despite this clear direction from the Bahamian government, the government now seeks to have Mr BankmanFried tried on that charge as well,” they added.

“And after Mr Bankman-Fried returned to this country, the government superseded the original indictment not once but twice, improperly adding several new, unrelated charges without first obtaining the express consent of the Bahamian government. The court

should not permit trial to proceed on the charges brought in violation of the extradition treaty and the rule of specialty.....

“In sum, the [US] government’s haste and apparent willingness to proceed without having all the relevant facts and information has produced an indictment that is not only improperly brought but legally flawed and should be dismissed. Mr Bankman-Fried’s written consent did not in any way suggest that he waived the protection of the rule of specialty or dual criminality; to the contrary, it indicated that he intended to preserve his rights thereunder.”

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GB Power solar rates ‘30% below Caribbean’

of months ahead, but FOCOL say they will be done in just about a year.

“We’re working on a couple more [solar IPPs].

I can’t say too much about them, and then we’ll be at the point where we need to look at doing some studies on battery storage. We need to store the excess of solar in the day so we can use it at night. That’s the next step.”

Turning to the economics of the Bahamas Solar and Renewables tie-up, Mr McGregor added: “It’s exactly the same contract as Lucayas. I would say it’s an average nine cents per kWH. It’s a little higher in the early years, and a little lower in the later years, but it averages out at nine cents per kWH over a 25-year power purchase agreement (PPA).

“It’s a good price for plants of this size, 3 MW

to 10 MW. I would say the rate is about 30 percent less than what you see in the region, and significantly cheaper than roof-top solar in Grand Bahamas. That is around a rate of 13 cents per kWH. Do the math. It’s a very good deal for the consumer. It’s clean, green energy, it’s less pollution, it’s less dependency on fossil fuels. It’s got so many benefits.”

Mr McGregor said GB Power was targeting 30 percent of its energy mix to come from renewable sources from 2030, in line with the National Energy Policy, and plans “to keep going as long as its economical for customers. As we put batteries in it becomes a little more expensive, but there are still significant savings on plant maintenance...

“We’ve got a firm eye on maintaining stable prices for customers, so at the end of the day we will go in as

hard and fast as we can as long as it does not negatively impact customers,” Mr McGregor said. “It’s just continued execution of our plan and continued stability of electricity prices for consumers. They’ve been relatively stable since 2015, never higher than 12 cents per kWH on the fuel side in the last seven years, and we want to continue that enviable record.”

Dexter Adderley, FOCOL Holdings president and chief executive, said his company’s agreement will increase educational and employment opportunities for Bahamians. He added that 20 FOCOL employees are currently being trained in the maintenance of renewable energy apparatus.

“We are thrilled to be working with Grand Bahama Power Company as we expand opportunities for Bahamians to access training and develop new

Fears that Royal Caribbean ‘setting tone’ on PI project

FROM PAGE B1

Caribbean said, noting that the Government’s National Economic Council (NEC) has approved the project ‘in principle’ subject to a favourable assessment.

Mr Carey, though, told this newspaper that he remains concerned over the “vagueness” caused by the lack of details surrounding the public consultation. He added that this “again begs the question: Who should be providing the public this information - DEPP or Royal Caribbean? My view is that this should come from the Bahamian regulators, not the developer, otherwise it appears that they are driving the process and not DEPP”.

While acknowledging that the “commitment to a date” was positive, the ex-BNT chief said he was “hearing this for the first time” as a result of Royal Caribbean’s statement.

Given that the environmental groups had followed the request by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, to communicate all their concerns to the DEPP, Mr Carey said he “assumed” that all updates would have come from the agency and not the cruise line.

“It is surprising,” he told Tribune Business. “They seem to be driving the process. It’s unfortunate and surprising. It should come from the DEPP. The DEPP is the agency responsible, and the public has asked questions to the DEPP. I would have expected a response from the DEPP, and not the developer. I would not have expected the developer to be setting dates and how they expect dialogue to take place.

“There is a bit of a concern this comes from them, and not the DEPP. It’s a bit surprising, and a little bit more concerning the more I think about it. I’m pleased there are timelines for the consultation, but I am somewhat taken aback that it is coming from Royal Caribbean and not the DEPP. I’m confident that the DEPP is still in charge, and this is not Royal Caribbean directing the process.

“This must just be interpreted as a mishap. I still have confidence in the DEPP, and our laws and regulations, and that due process will be followed, but it’s a little bit concerning that Royal Caribbean

seems to be setting the tone and beating the drum.”

Royal Caribbean’s $110m Paradise Island project has faced renewed controversy ever since the Davis administration announced that the project has been approved in principle subject to obtaining a favourable environmental review. While direct hostilities with Bahamian entrepreneur, Toby Smith, have ceased after the cruise line withdrew its competing demands for the same twoacre Crown Land parcel, other concerns remain.

Atlantis has been among the leading voices raising questions about the potential environmental impact to western Paradise Island. Its concerns, and those of others, have ranged from how solid and waste water will be disposed of and managed to whether the 17-acre site can properly accommodate the average 2,750 visitors it will take per day. There are also fears that the Royal Beach Club will suck tourist spend away from Bay Street and other local businesses.

Mr Carey yesterday said it will be “key” for Royal Caribbean to release more details of its plans to the public in advance of the consultation so that all interested parties have sufficient time to review them, and develop questions and opinions ahead of time.

Royal Caribbean, meanwhile, in yesterday’s statement said it is “eager to address the environmental questions raised” by Bahamians and promised that further details regarding the public consultation meeting will be announced “in the coming days”.

Jay Schneider, Royal Caribbean’s chief product innovation officer, said questions already raised by the community will be addressed. He added that any discussions before the NEC’s conditional approval would have been premature.

Once the public consultation period has closed, according to the DEPP process, Royal Caribbean will publish a detailed Environmental Management Plan (EMP) that outlines how the cruise line will “restore the long-neglected stretch of land on the western end of Paradise Island”.

“The majority of the 13 acres we have purchased is far from pristine. There are remnants of abandoned

skills in the renewable energy sector,” Mr Adderley said. “This rapidly growing industry requires a workforce with the necessary skills and knowledge to meet the demands of this sector.

“Already at FOCOL, 20 staff members are enrolled in international training programmes so that they are equipped with the necessary skills and certifications to ensure our operations are conducted safely and efficiently. Again, this reflects our commitment to creating a more sustainable, cleaner future for The Bahamas. Bahamas Solar and Renewables is fully committed to delivering jobs, and clean renewable energy, for the people of Grand Bahama “We recognise that our actions have a direct impact on the environment. And we are devoted to harnessing the power of the sun and other renewable sources

to minimise our carbon footprint. This ambitious project will not only serve as a symbol of our commitment to renewable energy, but also as an opportunity to stimulate economic growth and create much needed jobs for the community,” he continued.

“By investing in clean, sustainable energy, we are actively working to preserve the environment for generations to come while empowering our community with new employment opportunities.”

Ian Rolle, the Grand Bahama Port Authority’s president, said the agreement between GB Power and FOCOL Holdings further positioned the island as a local leader in renewable energy development. He added: “This project is an exciting step towards cleaner and greener energy sources that reduce our carbon footprint. Not only that, but it is the

second project of its kind announced within the past 30 days positioning Grand Bahama as the leader in renewable energy development for The Bahamas.

“The significance of this project extends beyond Grand Bahama as it contributes to The Bahamas’ efforts to combat climate change. Apart from that, investing in renewable energy is a critical step towards building a more resilient future for the country.

“The new solar farm project on Grand Bahama will significantly impact the island’s energy landscape. It will generate clean, renewable energy, reduce carbon emissions and improve the island’s energy security. It will also create jobs, boost economic growth and promote sustainable development across the length and breadth of our island.”

PARADISE ISLAND LIGHTHOUSE

and neglected buildings and houses — many built more than half a century ago with no restrictions on infrastructure. Today, what remains are crumbling structures, protruding rusting metal rebar, broken glass, furniture that has been tossed out and exposed to the elements, and debris and trash along with overgrown invasive vegetation,” said Mr Schneider.

While clearing and cleanup will be one of the first steps taken, Royal Caribbean promised it “will go above and beyond the requirements of the environmental management process related to land use and marine life by monitoring bird activity, noise levels and regular reporting of coral reef health”.

“We are looking forward to creating a beach experience that will be a beautiful, environmentally conscientious experience owned in part by Bahamians and operated and enjoyed by Bahamians.

The Royal Beach Club will dramatically restore and enhance the western stretch

of Paradise Island and we invite others who seem concerned to follow us on our journey of restoration and inclusion,” said Mr Schneider.

Royal Caribbean said it has already released its “six environmental pillars” for the Royal Beach Club, which it added “go above and beyond any other landbased tourism development in The Bahamas”. These include zero waste-to-landfill, 100 percent renewable

energy by 2030, best-inclass wastewater treatment, no dredging and no overwater cabanas, protecting the surrounding habitat and local environmental monitoring.

The Government and private Bahamian investors will own up to 49 percent of the Royal Beach Club via a public-private partnership (PPP) model. The project also will create opportunities for local businesses and entrepreneurs to manage

the vast majority of the experience, as well as hundreds of jobs for Bahamians across its construction and long-term operation.

The 17-acre beach club will be made up of 13 acres of land owned by the cruise line and four acres of Crown Land. The Crown Land will be contributed as the Government’s equity in the new venture to ensure a share of the profits return to the Public Treasury.

AN ARTIST’s impression of the Royal Caribbean project.