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Wednesday, January 28, 2026
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Misgivings over Govt’s GB Power ‘acquisition’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• PM’s Office • Deal raises • PM says confirms concerns ‘60-90 days’ MISGIVINGS were Emera MoU given Gov’ts closing; last night voiced about the Government’s planned puris purchase ‘track more than chase of Grand Bahama Power Company after it ‘framework’ record’ regulatory was confirmed that the Prime Minister was referwith BPL ‘control’ ring to an “acquisition” as opposed to just taking regulatory “control” over the energy monopoly. Latrae Rahming, the Prime Minister’s communications director, in messaged replies to Tribune Business said the memorandum of understanding (MoU) with Emera that Philip Davis KC revealed yesterday “sets out the framework” for purchasing GB Power from the Canadian energy giant although
he did not provide further details. “This is an acquisition,” Mr Rahming confirmed in response to this newspaper. Asked how the deal is being structured, and how much the Government is paying for what appears to be a controlling interest in GB Power based on the Prime Minister’s comments, he added: “This MoU sets out the framework for the
acquisition to be completed. Once done you’ll have your answers.” Mr Davis himself, when asked how quickly Grand Bahama businesses and households would feel the benefits of lower energy costs and rates as a result of the deal, replied that the deal set-up by the MoU will likely take two to three months to close. “As soon as the transaction is closed,”
he promised, “and we estimate it will take about 60 to 90 days for the closing.” The Prime Minister, in his address on the Government’s plans to revive Grand Bahama’s economy, was not clear over whether the MoU deal represented an acquisition of GB Power or simply his administration gaining more regulatory control and oversight of the utility in a bid to harmonise
PHILIP DAVIS KC Grand Bahama’s electricity costs and future energy-related developments with the rest of The Bahamas. He touted the MoU as the “first time” that the Bahamian government has gained “control” of GB Power since the Hawksbill Creek Agreement,
PM unveils ‘Streamline’ digital $100m GB airport bank fees and KYC start, little on for real estate deals Grand Lucayan BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Prime Minister yesterday gave no meaningful update on the Government’s progress in closing the Grand Lucayan’s sale while unveiling a $100m first phase redevelopment of Grand Bahama International Airport that is now said to finally be underway. Philip Davis KC, after a Cabinet meeting in Grand Bahama, said this phase will include facilities for both international travel and US pre-clearance within a 100,000 square foot terminal capable of handling up to 500,000 passengers annually, with the option to expand capacity to one million. “Phase one of the Grand Bahama International Airport redevelopment represents a critical part of this growth strategy. With a capital expenditure of over $100m, phase one will deliver a new modern terminal designed to accommodate demand of up to 500,000 passengers annually with ability to expand to one million,” said Mr Davis. “The facility will include an international and US pre-clearance, with a terminal footprint of approximately 100,000 square feet alongside new taxiways, expanded apron space and upgraded roadways and parking.” Mr Davis said the project has now moved from the planning stage into actual construction, with the contractor, Polycon, hiring Bahamas Hot Mix (BHM) o begin site preparation. “Additionally the Government has mobilised Polycon, the construction company carrying out works for the Grand Bahama International Airport, and Polycon has engaged Bahamas Hot Mix to commence on-site preparation works,” said Mr Davis. “This marks an important transition from planning into physical activity on the ground, and it reflects our commitment to moving this project forward in a responsible and orderly way.” Tribune Business sources confirmed heavy equipment was present at the airport yesterday, with a worker seemingly conducting site inspection and surveying. Mr Davis said extensive environmental and flood mitigation work is also being carried out to prevent future flooding, and the airport is expected to be completed within the next 18 months.
CONSTRUCT - See Page B6
A BAHAMIAN realtor yesterday renewed calls to “streamline” the process for completing property purchases by creating a central Know Your Customer (KYC) database while also lowering bank fees related to electronic payments transactions. David Morley, Morley Realty’s owner/broker, told Tribune Business that fees for electronic payments are “a thorn in my side” as the fees incurred by both
parties appear to be creeping “higher and higher” despite the need for minimal human involvement. Warning that this could undermine the Central Bank and commercial banking industry’s drive to drastically reduce, if not eliminate, the use of paper-based cheques, he also urged The Bahamas to focus on making the process for completing real estate deals easier following the “extra steps” that were introduced with the 2025-2026 Budget. Mr Morley also called for The Bahamas to simplify, and
DAVID MORLEY make more efficient, the scrutiny that international and local real estate buyers must endure, as well as other investors, in complying with the Financial Transactions Reporting Act. He argued that this nation should follow other jurisdictions in establishing a central authority, or database, that is able to issue legitimate investors with KYC certificates that are valid for at least five years.
BAHAMIAN planning authorities yesterday defended the public consultation meeting over the $200m Rosewood Exuma project as being fully compliant with all legal requirements while pledging to hold a second hearing to generate greater feedback. Jehan Wallace, acting director of the Department of Physical Planning, told Tribune Business in an e-mailed reply that the February 5, 2026, consultation
ANNOUNCE - See Page B4
• Realtor renews calls for central compliance authority • Brands creeping banking fees as ‘thorn in my side’ • Reforms add ‘extra steps’ to real estate closings “We keep battling with the ease of doing business in the country even for people buying real estate. It’s the same old ones,” Mr Morley told this newspaper. “If we could stop, get together as a group and figure out how to streamline the process. It’s a challenge with the Department of Inland Revenue, especially with the changes in
EASE - See Page B5
Police: Financial crime reports hit five-year high BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FINANCIAL crimes reported to the Royal Bahamas Police Force hit a five-year high in 2025, it was revealed yesterday, but a well-known forensic accountant suggested the increase was unlikely to have been driven by a surge in such offences. John Bain, of JSB Global Solutions, told Tribune Business there was no cause for Bahamian businesses and the wider public to panic or “worry” over the 55.3 percent increase in fraud and other financial crime complaints, which rose from 611 in 2024 to 949 last year according to police statistics unveiled yesterday. He argued that the rise was likely driven by “more reporting” of such offences to the authorities, rather than an increase in actual incidents of financial crime, with fraud by false pretences; stealing by reason of
employment; and stealing by reason of service all hitting postCOVID five-year highs in 2025. Reported frauds “by false pretences” increased by 38.5 percent year-over-year, growing from 382 in 2024 to 529, while “stealing by reason of employment” almost tripled from 35 the previous year to 90 in 2025. And “stealing by reason” of service reports more than-quadrupled from 41 in 2024 to 195 a year later. However, Mr Bain told this newspaper the figures likely reflect the fact that businesses are now “more comfortable” reporting employee theft and other financial crimes to the police having shed past fears of “reputational risk” whenever they fell victim to such crimes. And, with advances in technology, he added that the Royal Bahamas Police Force is “better prepared” and equipped to investigate and prosecute so-called ‘white collar’ crimes.
Planning authority: Rosewood project’s hearing followed law BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Freeport’s founding treaty, was signed in 1955 and pledged that it would end “the long-standing disparity” between electricity prices on Grand Bahama and the rest of the country. “This MOU reflects a shared commitment to explore a new path forward for energy in Grand Bahama. When completed, this would mark the first time the Government of The Bahamas could control the power company since the Hawksbill Creek Agreement was signed,” Mr Davis asserted yesterday. “This is important because it will result in universal electricity rates across The Bahamas, ending a long-standing disparity between Grand Bahama and the rest of the
at Black Point All-Age School complies with the 14-day notice that the Planning and Subdivision Act mandates must be given to the public of such an event. However, she promised that the Department will hold a second meeting on the East Sampson Cay project that has come under fire from neighbouring resorts and a collection of other Exuma-based businesses, plus others over its scale and perceived environmental impact - all issues that have been countered by the developer. Ms Wallace provided no details on the second
meeting, and it was subsequently unclear whether the planning regulator or the Rosewood Exuma’s developer is organising that consultation. Miami-based Yntegra Group, in a release, itself announced “a second public meeting as part of its site plan approval process to ensure greater community engagement”. Ms Wallace, responding to threats of fresh legal action by Turtlegrass Resort and Island Club, the immediate neighbour for the Rosewood Exuma project, unless next week’s site plan approval hearing was suspended for alleged
“procedural unfairness” and failing to comply with legal requirements, defended the Department’s compliance with the law. “It is within the right of the Turtlegrass resort and their attorneys to take whatever action they see fit,” she said. “However, according to the Planning and Subdivision Act 2010’s section 42, part seven: ‘The hearing of an application shall be held by the [Town Planning] Committee within two months after the complete application is received by the Department, and
MEETING - See Page B5
“There shouldn’t be a need to worry about the increase,” Mr Bain, who specialises in forensic, insolvency and information technology (IT) audit services, said of the financial crime data. “I would say that there’s probably been more reporting than an actual increase in incidents. “Nowadays, people are more inclined to report. There’s the technology and people feel more comfortable about reporting than in days past. Second, from a business point of view, there was once the fear of reputational JOHN BAIN
OFFENCE - See Page B4