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WEDNESDAY, APRIL 16, 2025
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$118m Bahamian funds ‘well positioned to ride out chaos’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN investment bank is reassuring local investors with up to $118m in exposure to the Trumpinduced global markets turmoil that their investments are “well-positioned to ride out the chaos”.
David Slatter, RF Bank & Trust (Bahamas) vicepresident of investments, told Tribune Business that its three international investment funds - created to offer Bahamian investors access to global stocks, bonds and other assets denominated in US dollars and foreign currency - “have a lot of dry powder” and are structured to minmise investor risk during market downturns.
While global stock and bond markets have somewhat stabilised, after the US president opted to pause his mass tariff hike for 90 days and impose a 10 percent “baseline” levy on all countries with the exception of China, the RF investments chief added that deciding one year ago to reduce the weighting of equities from 100 percent to 50
percent for one fund was now paying off. But, while the initial multi-trillion dollar market sell-off has eased, uncertainty remains, and Mr Slatter told this newspaper that he expects the Bahamian economy to “slow” and “wouldn’t be surprised” if it slipped into a recession during the 2025 second half. He forecast that
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DAVID SLATTER
• RF chief: ‘Lot of dry powder’ in US portfolio • Slashed equity exposure to 50% in advance • ‘Not surprised’ if Bahamas falls into recession
PI Crown Land fight receives ‘Legendary’ condo fight ‘poor final Privy Council go-ahead reflection on judicial system’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Judge blasts 12-year wait on Lucayan Towers South • Battle for control has led to ‘disastrous consequences’ • Orders $112,100 ‘diverted’ to attorney fees be repaid By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A “LEGENDARY” battle for control at a prominent Freeport condominium complex has been “a poor reflection of our judicial system” due to the 12 years taken by the courts to resolve it, a Supreme Court judge blasted. Justice Loren Klein, in an April 11, 2025, verdict asserted it was “regrettable... that it just now falls to me in 2025 to cut the Gordian knot of this protracted litigation” that has “wrought disastrous consequences” for governance, maintenance and financial stability at the Lucayan Towers South complex. He ordered that the second of the two competing Boards, which was purportedly elected at an Extraordinary Meeting on January 9, 2013, repay some $112,100 that was taken as maintenance payments from condo owners but
JUSTICE LOREN KLEIN “diverted” to pay the legal expenses that group was incurring in its battle with the rival Board. Justice Klein, ruling that legal action initiated by the Extraordinary Meeting Board was “stillborn”, said the group - headed by Douglas Prudden - were “not the legitimate Board” as determined by previous Supreme Court and Court of Appeal decisions and therefore incapable of acting on Lucayan Towers’
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THE Bahamian entrepreneur aiming to restore Paradise Island’s lighthouse yesterday said he feels “a lot more confident” of winning his lease battle with the Government after getting final Privy Council go-ahead. Toby Smith, confirming to Tribune Business that the Court of Appeal has granted him “final leave” to take his Crown Land lease battle before the highest court in the Bahamian judicial system, also disclosed the decision was handed down almost 14 years to the day that he began pursuing his ambition to develop a beach
break-type destination near Colonial Beach. Appeal justice Stella Crane-Scott, in a short April 8, 2025, verdict, affirmed the Court of Appeal’s unanimous decision to permit Mr Smith and his Paradise Island Lighthouse and Beach Club Company vehicle to take their case to London after the Government, via the Attorney General’s Office, raised no objections to the move. “Having regard to the matters set out in the affidavit of support, and having regard to the assurances of Mr Mackey that he has no objection to the motion being granted, the motion for final leave, dated February 17, 2025, is granted,” appeal justice Crane-Scott. Mr Mackey
BPL ‘came to their senses’ by ditching $600k payout appeal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamas Power & Light (BPL) executive director says he is glad the utility “came to their senses” by abandoning its bid to overturn his near-$600,000 termination payout award. Patrick Rollins, who alleged he was terminated because of his “perceived political affiliation” with the FNM and Desmond Bannister, told Tribune Business he hopes “to see the day come in this country” when changes in government no longer result in the
arbitrary, unjust dismissal of persons simply because it is believed they have connections to the former administration. Speaking after the Court of Appeal confirmed that BPL had withdrawn and abandoned its appeal against Sir Ian Winder’s Supreme Court ruling, where the Chief Justice awarded him 100 percent of his “breach of contract claim”, Mr Rollins said: “I’m just pleased they came to their senses and decided not to proceed with the appeal. I just hope this matter can be settled now and we can get back on with life.
is Kirkland Mackey, the attorney representing the Attorney General’s Office. “It’s wonderful news,” Mr Smith told this newspaper of the final go-ahead. “We are looking forward to what the future brings. We are confident we shall be successful with a favourable ruling from the Privy Council despite the Government fighting us every step of the way. “I certainly have a lot more confidence about the outcome since Sir Michael Barnett’s ruling in the Court of Appeal, given his seasoned experience and calibre and simplification of the case. A deal was made, and the Government thought they could stick it to a Bahamian and walk away with it. Now they have met more than “I’d like to see the day come in this country, when the Government changes, and we realise this is one country and some people work in government service just to make the country better.” BPL’s decision to withdraw its appeal now paves the way for Mr Rollins to collect on his damages award. The former executive director, who earned an annual $180,000 salary prior to his January 21, 2022, dismissal alleged in his witness statement that he was warned by thenBPL chairman, Pedro Rolle, in December 2021 that unidentified members of the Davis Cabinet were pushing for both himself and former chief executive, Whitney Heastie, to be removed. Both men had been appointed to their posts by the former Minnis administration, and Mr Rollins had asserted: “Chairman Rolle informed me that ‘certain people in Cabinet
TOBY SMITH their match. This will be a good thing worth waiting for.” Sir Michael, thenpresident of the Court of Appeal, in his March 14, 2024, verdict split the court with a dissenting ruling that he would order “specific performance of the lease” by the Government as Mr Smith had “a binding agreement” to lease five Crown Land acres - split into two separate parcels - for a beach break-type destination.
SEE PAGE B4 were asking for your head and CEO Heastie’s head because, you know, you are Desmond’s boy’.” He added that Mr Rolle asked him what sort of compensation he was willing to accept as BPL would not pay the balance of his three-year contract. However, Sir Ian rejected Mr Rollins’ claim that his dismissal, and the reasons for it, were “unfair, unreasonable, unlawfully discriminatory and unconstitutional” by finding “there is no compelling evidence” that the Davis administration’s BPL Board permitted the Government to implement a “discriminatory practice” of removing senior management executives perceived to be FNM supporters. The BPL Board appointed by the Davis administration decided to terminate Mr Rollins at its first meeting despite one director, Cheryl Simms, an
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Space X landings halted for environmental study By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Deputy Prime Minister yesterday revealed that Space X will not be conducting any further landings in The Bahamas until a full Environmental Impact Assessment (EIA) has been completed. Chester Cooper, also minister of tourism, investments and aviation, said all the debris following the March 6 explosion of SpaceX’s Starship 8 rocket has been removed from the country and related
costs were completely covered by the company. He said that although there was a successful landing of SpaceX’s Falcon nine booster off the coast of Exuma last month, the company will be required to complete the EIA to ensure adequate safety of Bahamian residents and the environment. “We wish to advise that there will be no further Falcon landings in the Bahamas until SpaceX and its environmental agency has completed a full Environmental Impact Assessment. You may already be aware that any additional mandates, each
require a separate licence from the Civil Aviation Authority of the Bahamas (CAAB),” said Mr Cooper. “Regarding the debris from Starship 8’s tank, it was collected and removed outside of The Bahamas as a full expense of SpaceX. However, should any resident suspect space debris has washed ashore, please contact DEPP. “None of it will remain in our country and The Bahamas would incur no cost. We emphasise that The Bahamas will incur no cost as a result of the debris recovery. The cost and logistics of this effort
have been handled entirely by SpaceX in accordance with the international standards, and under Bahamian oversight to ensure compliance with safety and environmental standards.” Dr Rhianna Neely-Murphy, the Department of Environmental Planning and Protection’s (DEPP) director, said Space X has been told her agency will not approve any re-entry exercises until the post -launch report, which is expected before Easter, has been adequately
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