business@tribunemedia.net
Thursday, April 16, 2026
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Bahamasair: Up to $51m aged debts ‘could not be quantified’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMASAIR’S “aged” debts, which peaked at $51m during the eight-year period to 2019, were deemed “unreconcilable” and “could not be quantified”, a former acting chief financial officer is alleging, while arguing this proves the airline was suffering “systemic accounting deficiencies”. Claudia Pinder, who is demanding $1.111m in total damages over claims she was forced out over exposing “significant financial governance concerns”, in legal documents filed with the Supreme Court yesterday disclosed papers detailing how the Government moved to “offset” tens of millions of dollars owed by the airline against similar sums due to it in a bid to “clean up” long-outstanding account balances.
Payables arrears never below $23m in 8 years The August 19, 2019, paper submitted by Ms Pinder to Bahamasair’s then-Board of Directors, disclosed that the national flag carrier’s “aged payables” - meaning pastdue debts and arrears owed to third parties - had ranged from $23m to $51m ever since July 1, 2012. A significant portion of this sum was owed to other government ministries and agencies, including $2m in unpaid National Insurance Board (NIB) contributions for the airline’s staff that
Gov’t undertook offset ‘clean up’; $2m owed NIB covered the last Christie administration’s term in office. On the other side, pastdue receivables due to Bahamasair - and on which it had failed to collect - had hovered between $6m to $12m for the decade covering 2009 to 2019. External auditors had repeatedly flagged concerns over whether these sums could be collected, and the paper warned that no provisions for monies deemed uncollectable had been made - the situation ultimately leading the then-Minnis administration to inject
Carrier denies ’whistleblower’ claim in dismissal bid $6.533m into Bahamasair to clean-up the airline’s finances. Ms Pinder, who is alleging that she was “marginalised” and undermined when she raised these and other financial governance woes, revealed the Board paper and other documents as evidence to support her arguments that the airline “was experiencing significant financial distress”. However, Bahamasair in its April 2, 2026, defence to Ms Pinder’s claim, vehemently denied and rejected all her
THREE-quarters of Eleuthera residents believe they are excluded from participation in their home island’s economic development, a survey unveiled yesterday has revealed, although there was a “polarised distribution” of mixed views on a US developer’s boutique casino plans. The Organisation for Responsible Governance (ORG), in a February 2026
survey of 401 Eleuthera residents that sought to gain their “perspective on sustainable development and tourism”, with particular focus on the $650m Governor’s Harbour project proposed by Jeff Jacobs, said the responses showed “low levels of trust” in the development details provided by both the Government and investor. While almost half, some 49.4 percent, said they had zero trust in the information released thus far, the ORG
‘It’s like someone flipped the switch’ By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A BIMINI resort and marina operator says revenue losses have reduced by between 50-66 percent as the two new short-stay cruising permit categories, together with lower fees, start to make a positive impact although the boating sector remains below potential. Stephen Kappeler, principal of the Bimini Big Game Club Resort and Marina, said recent weeks have shown some improvement, though revenues are still trailing prior performance. “I think so far this year
we’re maybe about $10,000 down compared to where we were,” he said. “That’s still a big number — it pays a lot of bills and supports marina employees. But compared to being $20,000 or $30,000 down, that’s the difference between operating favourably and profitably or not.” Mr Kappeler’s comments come as apartment and vacation rental owners on Bimini, one of the closest islands to south Florida, told Tribune Business that the boating fee reforms have produced a near-instant response through the receipt of calls and booking inquiries. “It’s like someone
SAILING - See Page B11
Fuel price threat to boating fee rebound BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net RISING global fuel prices could undermine recent gains in The Bahamas’ boating and marina sector, with operators yesterday warning that higher travel costs may influence visitor decisions in coming months ahead. Stephen Kappeler, principal of the Bimini Big Game Club Resort and Marina, said fuel price volatility is emerging as the next major uncertainty for the industry
even as recent boating fee reductions and the introduction of shorter-stay permits begin to improve conditions. “There’s another concern looming that we’ll soon find out more about — the impact of fuel prices on travel decisions,” said Mr Kappeler. “From our perspective, being just 47 miles away, it should work in our favour. Why go further south if fees have been lowered here? But fuel will be a key factor to watch.”
TRAVEL - See Page B12
Ex-ArawakX chair ‘living with Sword of Damocles’ after police interrogation Rahming ‘doesn’t know what will happen’ after grilling Voices hopes of regaining ‘carriage’ over BOB lawsuit But crowd fund liquidators say won’t give permission BY NEIL HARTNELL Tribune Business Editor nhartnell@ tribunemedia.net
development they want for their island. “The right of communities to be informed and meaningfully involved in decisions that affect their lives is a
GAMING - See Page B12
CAPITAL - See Page B6
AUDIT - See Page B7
RENDERING OF J RESORT PROJECT survey also uncovered that almost three out of every four Eleuthera residents feel they are cut-out of, and excluded from, having any meaningful say or role in helping to guide the sort of economic
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THE ARAWAKX crowd funding platform’s ex-chairman yesterday said revealed D’ARCY RAHMING he is “living with the Sword of Damocles” over his head after being “arrested and questioned” by Royal Bahamas Police Force investigators on Monday over its descent into liquidation. D’Arcy Rahming senior told Tribune Business that he is unsure whether the force’s Financial Crimes Unit will take any further action as he was released without charge after being grilled over purportedly failing to inform ArawakX’s regulator, the Securities Commission, that it was seeking investments in the crowd funding platform itself by other Bahamians. Pledging that he is innocent of any wrongdoing, despite the regulator successfully petitioning the Supreme Court to place the crowd funding platform into full judicial-supervised liquidation, the former ArawakX chairman asserted “you are not going to silence me” and he is “not embarrassed to speak the truth” while describing the timing of the police action as “peculiar”. Mr Rahming’s arrest, and interrogation, come almost two years after Sir Ian Winder, the Chief Justice, ordered ArawakX into full liquidation on May 23, 2024, while also coinciding with what he described as fresh hope that himself and his son, also a former
$650m project to ‘fundamentally alter’ feel of Governor’s Harbour BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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