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MONDAY, JANUARY 9, 2023
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CLICO victims: Don’t forget our $35m need By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net VICTIMS of CLICO (Bahamas) implosion have made an impassioned call to the Government not to forget their continuing plight with an estimated $35m still required to make them whole. Bishop Simeon Hall, who was among those impacted by the life and health insurer’s 2009 insolvency, told Tribune Business that the present focus on FTX contrasts sharply with the attention paid to the financial fall-out for hundreds of Bahamians who still have to fully recover their life savings and retirement income. Agreeing that many CLICO (Bahamas) investors, especially those who
• Former Bishop contrasts with FTX focus • Cries: ‘We need champion of small man’ • And says: ‘Be more judicious on investors’ surrendered their policies, feel neglected and abandoned by society, he called for “a champion of the small man” given that the losses of expatriate millionaires and billionaires seem to take priority over those suffered by lower and middle income Bahamians. “I think the people in authority have forgotten it. On the list of priorities CLICO might not be in the top 30. That’s how low
on the list it has become because they have their hands full,” Bishop Hall, now retired, told this newspaper of the Government. “I just want to raise it again because every now and then I meet persons who say they have not got their monies; some got some of their monies, and some did not get anything at all. “It’s been such a long time. A lady in the drug store the week before last,
BISHOP SIMEON HALL she was literally in tears saying that she put all her money in CLICO, is now retired and can’t get what is owed to her. I lost thousands of dollars but I got a little something back. I’ve got about two-thirds of what was owed to me. This thing with FTX has
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‘Don’t be led like sheep to the digital slaughter’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday told “don’t be led like sheep to the digital slaughter” with a businessman arguing that the stance taken by some government agencies in not accepting cash was illegal. Ethric Bowe, who helped lead the private sector’s push for relief over the New Providence Road Improvement project more than a decade ago, asserted that the public sector as well as businesses must continue to accept cash payments given
ETHRIC BOWE that the Bahamian dollar remains legal tender. Pushing back against what he described as efforts to drive Bahamians into “a
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AG: FTX US chief admits attacks ‘misguided’ by deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX’s US chief has admitted his attacks on The Bahamas’ integrity were “misguided” by agreeing to work with the failed crypto exchange’s local liquidators, the Attorney General argued last night. Ryan Pinder KC, speaking after John Ray put his name to a statement vindicating the Securities Commission’s actions in protecting
RYAN PINDER KC assets belonging to clients of FTX’s Bahamian subsidiary, told Tribune Business this was further evidence that the regulator
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FTX’s Bahamian liquidators to to control $46m Tether assets By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX’s Bahamian provisional liquidators have gained control of $46m in Tether stablecoins as part of their “co-operation” deal with the crypto exchange’s US chief that creates a “path forward” to resolve all remaining disputes.
The agreement, which was filed in the Delaware federal bankruptcy court over the weekend, will also see the Bahamian trio “take the lead” in selling the $256.3m worth of high-end local real estate that FTX acquired prior to its spectacular implosion in early November 2022. They will be responsible for “arm’s length” marketing of these properties to
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