business@tribunemedia.net
Tuesday, May 5, 2026
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Ex-minister’s $30m-plus tax and loan ‘offset’: ‘You know more than me’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN EX-CABINET minister’s attorney yesterday joked “you know more than me” after documents appeared to show the Government has decided to “offset” his client’s $30.5m loan debt to the Bank of The Bahamas bail-out vehicle, plus millions in real property taxes, against outstanding lease monies. Damian Gomez KC, himself a former minister of state for legal affairs, told Tribune Business that negotiations remain ongoing and “we have not yet finalised” a settlement over the long-standing dispute involving the Government’s alleged breaches of multiple lease agreements for various public sector agencies to rent space in Leslie Miller’s Summerwinds Plaza complex off Tonique Williams Highway. He spoke after Tribune Business saw documents suggesting the Government has already taken concrete steps to initiate a deal where the rent purportedly due to Mr Miller and his Summerwinds Plaza companies will be used to “offset” - meaning to effectively repay - the $30m-plus owed to Bahamas Resolve, the bailout vehicle that removed $267m in toxic commercial loans from Bank of The Bahamas’ balance sheet, plus at least $2.1m in outstanding real property taxes.
Settlement for Miller’s Summerwinds Plaza ‘not yet finalised’ Documents signal Gov’t set to ‘offset’ debts via lease money Show $2.1m in real property tax already removed from books A internal government memorandum, dated June 27, 2025, said: “Having regard to Cabinet conclusion ICO (24) 44th meeting, regular conclusion one, the Cabinet authorised the offset of amounts owed by Summerwinds to Resolve Bahamas and real property tax against payments owed under the various lease agreements for Summerwinds.” The latest real property tax bills for a portion of the Summerwinds Plaza, which has been home to the Road Traffic Department since 2024, appear to show this “offset” may have already been implemented. While real property taxes due and owing on the now-closed Mario’s Bowling and Entertainment Palace were shown at $2.113m in 2025, with some of the arrears dating back to 2009, the present 2026 tax bill shows just $70,140
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A COURT of Appeal judge yesterday warned that delayed justice in legal malpractice cases “creates the perception that the ethical misconduct of the attorney is being condoned” and threatens to “undermine the rule of law” in The Bahamas if “left unchecked”. Appeal justice Vasheist Kokaram delivered his warning as the Court of Appeal, in a unanimous decision, rejected attorney Domek Rolle’s plea for more time to comply with the requirements for proceeding with his challenge to being struck off from the Bar Council’s roll and barred from practicing. This occurred after he misappropriated $167,722 in client
as owing - suggesting the prior multi-million sum has been wiped out. Several sources said that, as of 2025, total real property taxes due on Summerwinds Plaza - both past due and owing - amounted to more than $5m. Mr Gomez, confirming that such an “offset” between outstanding rents on one side, and the real property tax and Bahamas Resolve debts on the other, is the settlement
SETTLEMENT - See Page B4
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE head of the union representing Grand Bahama Power Company middle managers said staff “are used” to ownership changes ahead of today’s announcement where the Prime Minister and several Cabinet ministers will be joined by several executives from the utility’s Canadian owner, Emera.
EXPAND - See Page B5
Appeal justice: Legal misconduct can appear ‘condoned’ Warns threat to justice system if hold-ups ‘left unchecked’ Court dismisses struck-off attorney’s appeal for more time
DAMIAN GOMEZ KC
GB Power staff ‘used’ to ownership changes
THE Central Bank is forecasting a slowdown in economic growth over the remainder of 2026 as higher oil prices and Middle East uncertainties start to weigh more heavily on the outlook despite a strong start to the JOHN ROLLE year. John Rolle, Central Bank governor, yesterday said that while the economy continues to expand, the pace of growth is expected to moderate as external pressures intensify and begin to filter through to domestic conditions. “As to the economic outlook, the Central Bank still projects growth in the economy over the remainder of 2026, but at a somewhat slower rate than forecasted for the first half of the year, as more of the impacts of geopolitical risk materialise,” he said. The Governor pointed out that the year began on a solid footing, with key sectors driving broad-based gains across the economy. However, those gains are now being impacted by rising fuel and transportation costs plus heightened global uncertainty linked to Middle East tensions. “The Bahamian economy maintained its growth momentum during the first quarter of 2026 when compared to the same period in 2025. This was led by strength in tourism output in both the stopover and cruise segments, alongside continued foreign investment activities which benefited the construction sector,” Mr Rolle said. “However, inflation firmed in the latest indicators due to higher import costs in fuel and other goods and services from
Justice delays on attorney abuses ‘undermines law’s rule’ in Bahamas
LESLIE MILLER
Central Bank forecasts 2026 growth slowdown
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Kendal Culmer, president of the Bahamas Industrial Engineers, Managers & Supervisory Union, told Tribune Business that the union and GB Power staff are “assuming” that the Davis administration and Emera, which owns 100 percent of the utility’s shares, have “come to a final agreement or are signing a Heads of Agreement” for its $200m acquisition by the Government. “We were supposed to meet with management today,” he
disclosed. “Nothing has happened, nothing has capitalised yet. We’re hearing the same as you guys.” Mr Culmer said “not a thing” has been heard from management about the Government’s proposed GB Power purchase since the union last sought an update on what will happen to members’ jobs, benefits and working conditions under the terms of their industrial agreement. Asked about current employee concerns, Mr Culmer told this newspaper: “They are more so concerned about wanting to know if there’s going to be any change in management structure. We are assuming Bahamas Power & Light (BPL) or FOCOL
Governor issues warning on Bahamas energy costs BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Central Bank’s governor yesterday warned that Bahamian energy costs could rise once Bahamas Power & Light’s (BPL) existing fuel hedge expires given ongoing Middle East uncertainties that saw crude oil prices hit $114.4 per barrel last night. John Rolle, speaking at the regulator’s 2026 first quarter briefing, said the domestic outlook for electricity and fuel-related costs remains highly dependent on how global oil markets evolve in the coming months given the ongoing geopolitical instability in the Middle East. Oil prices, as measured by the Brent crude index, yesterday jumped by $6.27 per barrel or 5.8 percent. “There’s still a lot of uncertainty out there as to how the values will be impacted. And once we get beyond the fuel
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BAHAMAS POWER & LIGHT (BPL) HQ
hedge, you would appreciate that how things look at the point when the fuel hedge is reset is going to be dictated by what the current state of play is in the energy market,” he added. BPL in December 2025 hedged, or locked in, two million barrels of oil at a fixed $70 per barrel price - a timely move that has, to-date, shielded Bahamian energy consumers from the worst volatility. BPL relies on fuel hedging strategies to smooth out volatility
PRICES - See Page B4
funds, representing the proceeds from a real estate sale, and only repaid the monies “after a protracted period of time”. Citing “serious non-compliance with the rules and orders of the court” as one of several grounds for why Mr Rolle’s ‘extension of time’ bid was rejected, Appeal justice Kokaram wrote: “Attorneys are charged with the sacred duty to act at all times with integrity, honesty and probity. In the ethical discharge of their roles as gatekeepers of justice, they inspire the public’s trust in the legal profession, the administration of justice, and reinforce the rule of law.” As a result, any “ethical breaches” of the Bahamas Bar’s code of professional conduct “must therefore
VERDICT - See Page B5 want to bring someone in to manage from their end. Plus their benefits. That’s what they are concerned about. “This is the third time in 15-20 years that the ownership has changed, and that’s something we are used to. The only difference now is it’s the Government or FOCOL, and possibly both.” Majority control and ownership of GB Power has, since the turn of the century, switched from Southern Energy/Mirant to the Marubeni/Taqa combination and, finally, to Emera which also bought out the Bahamian minority shareholder investors to assume 100 percent charge.
UTILITY - See Page B4