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Wednesday, March 18, 2026
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Ginn sale halt Order ‘small speed bump’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE developer behind an ambitious $6.5bn proposal for the former Ginn project yesterday branded the Supreme Court Order affirming the Government’s “undertaking” not to proceed with selling 59 percent of that property as “a small speed bump”, while asserting that a rival ownership claimant “doesn’t have a leg to stand on”. John McDonald, vice-president of Coakley International, told Tribune Business that LRA-OBB and Resorts Holdings, the two companies that hold the combined 1,931 acres that comprise the failed Ginn development in Grand Bahama’s West End, have failed to pay a cent towards the near-$10m real property tax arrears alleged to be owed to the Public Treasury on that land. With a portion of that sum said to have been outstanding for decades, he questioned how the rival ownership claimants could justify asserting “they want” to
But Supreme Court affirms Gov’ts pause ‘undertaking’ Treasurer can’t close sale until $10m tax dispute over retain this real estate when the Department of Inland Revenue (DIR) has now accepted the $26m offer by Coakley International’s affiliate, Bristol Pointe Ltd, to purchase 1,143 acres. However, the sales process has at least temporarily - been halted a Supreme Court Order, signed by Justice Franklyn Williams on March 12, 2026. This stipulates the Department of Inland Revenue and the Bahamas Treasurer take
Tropical Gyros chief: Employment law not matching the reality BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN restaurant entrepreneur yesterday argued this nation’s employment laws and regulations fail to match the realities businesses face in dealing with disruptive and non-performing staff after the Industrial Tribunal ordered him to pay $3,822 to an ex-employee fired for violating the company’s recipes. Chef Kevin Culmer, founder of Tropical Gyros, even told Tribune Business
RENDERING of the hotel/casino and mega yacht marina for Coakley International’s proposed $6.4bn development of the former Ginn project’s site in Grand Bahama’s West End.
$6.5bn developer: Rival ‘doesn’t have leg to stand on’
that the Government and employment dispute tribunals need to “stand with” legitimate businesses more and have their “back” as he pledged to appeal the sum awarded to Ricardo Jones, a former cook with managerial status, who worked at the now-closed Freeport restaurant. The Industrial Tribunal, in a February 17, 2026, verdict delivered by its vice-president, Helen Almorales-Jones, found in Mr Culmer and Tropical Gyros’ favour on two of three claims brought by Mr Jones. However, she ruled that the latter
SHANE COAKLEY
no further steps to close the deal with Coakley International, which is pledging to unleash a development creating 2,800 construction jobs and 6,000 permanent posts for Bahamians, until the challenge LRA-OBB and Resorts Holdings are mounting over the unpaid tax is resolved.
had been wrongfully dismissed because the restaurant chain, one of the two businesses successfully financed through the now-defunct ArawakX crowd-funding platform, failed to provide sufficient evidence to justify his summary termination. Ms Almorales-Jones ruled that Tropical Gyros had not conducted an extensive enough investigation, as required by the Employment Act’s section 33, to establish “reasonable grounds” for “an honest and reasonable belief” Mr Jones “continued to render unsatisfactory performance in the quality of food preparation by failing to adhere to the recipes and guidelines” following his return to work following suspension for this failing. And, besides failing to meet its “statutory burden”
The Order, which has been seen by this newspaper, mandates that the Department of Inland Revenue and Treasurer “do respectfully undertake not to complete the sale of the property…. until after the completion of the appeal proceedings lodged” by the two rival ownership claimants and their managing agent, Reunion Cay
Pledges to appeal $3.8k wrongful dismissal award Now-closed Freeport outlet cost restaurant $500k Manager pay cut 20% for 3 months on ‘serious theft’ on this issue, the Industrial Tribunal also faulted Tropical Gyros for dismissing Mr Jones - who had been with the company for less than one year - without one month’s termination pay with notice or in lieu or notice, and just under another’s salary representing his time of service.
VERDICT - See Page B4
Rosewood Exuma battle ‘drones’ on over construction gear arrival BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $200m Rosewood Exuma developer and its leading opponent yesterday renewed battle over Monday’s delivery of construction-related materials and equipment to the project site on Sampson Cay. Turtlegrass Resort and Island Club, which will be the development’s immediate neighbour, used the equipment’s arrival - by barge transportation - to press its case for a Supreme Court injunction that would block Miamibased Yntegra Group from undertaking any construction activity while its Judicial Review challenge seeking to overturn the project’s environmental approvals remains live before the courts.
But, while Jeffrey Clark, Turtlegrass’ chief financial officer, alleged that Monday’s equipment arrival was “consistent with ongoing works” even though Yntegra has not received preliminary site plan approval from the Town Planning Committee, the Rosewood Exuma developer asserted that the materials are “simply being stored” on Sampson Cay and “no activity is being conducted” prior to the Supreme Court’s decision on whether an injunction should be granted. Seemingly anticipating Turtlegrass’s complaint, Nicholas MacLean, head of operations for Yntegra Capital and its Sampson Cay Bahamas project vehicle, asserted in a Supreme Court affidavit: “On Monday, March 16, 2026, Sampson Cay Bahamas
CONSTRUCTION-related materials delivered earlier to Yntegra Group’s Rosewood Exuma development.
delivered equipment to its property at Sampson Cay. The delivery included a water truck, pipes, tools, fertilizer, a greenhouse, a generator, equipment service kits for the maintenance of equipment,
maritime and other general supplies. “The equipment delivered to Sampson Cay today will be necessary to conduct the geotechnical
COURT - See Page B5
Bimini marina’s ‘very scary zeroes’ for May BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net ROOM bookings for the traditional May start of The Bahamas’ summer boating season are “in the zeroes”, a Bimini marina operator revealed yesterday, backing concerns voiced by a government senator who is bidding to become the island’s MP.
Stephen Kappeler said Bimini Big Game Club Resort and Marina continues to suffer a decline in slip nights, which is also negatively impacting its food and beverage sales. “Remembering we're Bimini, and so what's happening in Bimini has to be happening at every other marina going forward,” he added. “There might be Staniel Cay or a couple standouts because I've heard like some in the
Exumas haven't been hurt that bad. “Because the slip nights are off renting, and we've had lower a rate as much as a dollar times every boat, times every foot, as you can imagine we had to run some two for one; stay one night, get the second night free. We're significantly down in our marina business. “The marina business, what everybody needs to understand is what brings
a room night. Most of these boats, if they have a sailboat they want to get off and sleep in a comfortable room and have real TV and what have you. When we don't get the dockage, we don't get the rooms. Then the food and beverage is impacted,” Mr Kappeler added. “And so, like, maybe already to the month we're $50,000, $60,000…. that's a
BOATS - See Page B6
Island Resort LLC, with the Tax Appeal Commission. Tribune Business had previously revealed that Justice Williams refused to grant LRAOBB and Resorts Holdings permission to proceed with their Judicial Review challenge to the
CLOSING - See Page B5
PM touts VAT elimination ‘solution’ but no specifics BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister last night said talks with major food retailers had found “a solution” to the industry’s fears over the imminent VAT rules change for uncooked foods although he provided no details on what has been agreed. Philip Davis KC, in a statement issued by his office on yesterday’s meeting with the Retail Grocers Association and its members, renewed his promise that Bahamians families will benefit from lower prices when VAT on all uncooked foods is eliminated on April 1 although he made no mention of any change in VAT treatment. Tribune Business exclusively revealed last week how Super Value had warned it could incur extra costs of between $300,000 to $400,000 per month, or around $3.6m to $4.8m per year, as a result of the Government’s decision to treat the uncooked food VA elimination as ‘exempt’ rather than ‘zero rated’. While the latter treatment would have eradicated VAT at all stages of the supply chain, using the ‘exempt’ approach would mean only the consumer, or end purchaser, is not
PHILIP DAVIS KC charged this tax. VAT will still apply at all levels in the supply chain, and ‘exempt’ treatment means businesses such as grocery retailers and wholesalers would have been unable to recover the tax paid on their input expenses associated with purchasing uncooked foods. For example, if uncooked foods account for 60 percent of a merchant’s sales, it would have been unable to reclaim or recover 60 percent of the VAT paid on its light bill, store rents and maintenance expenses. As a result, operating costs will rise, and retailers had warned they may have to increase prices to offset the impact, thereby negating the impact of the uncooked food VAT elimination. Merchants had also warned that introducing VAT ‘exempt’ treatment would make the tax much
TREATMENT - See Page B6