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WEDNESDAY, MAY 7, 2025
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Bahamas bank threatened with ‘organised crime’ suit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN bank is seeking an urgent freezing of $20.674m “unlawfully withheld” by a global payments provider which is threatening retaliation using a law normally targeted at organised crime groups. Deltec Bank & Trust, in multiple filings with the south Florida federal court over the past two weeks, is alleging that Ibanera and its principal, Michael Carbonara,
have “made crystal clear” that t 1BZNFOU mSN they intend to keep the funds XBSOT PG 3*$0 belonging to the Lyford Caybased institution and its clients BDUJPO PWFS while also conducting a ‘scorched %FMUFD T N earth’ style campaign designed to shred the latter’s reputation. t "OE TJHOBMT JU And Ibanera’s attorneys, XJMM ESBH JO in an April 17, 2025, letter to Deltec’s legal representatives, are BOPUIFS #BIBNBT threatening to ensnare another CBOL PXOFS Bahamian financial institution in t %FMUFD VQT EBNBHFT that strategy. They warned that Britannia Bank & Trust, and its UP N TFFLJOH ultimate principal, Julio Martin DPVSU BTTFU GSFF[F Herrera Velutini, will also feature
in what is being styled by the payments provider as litigation based on the US Racketeer Influenced and Corrupt Organisations (RICO) Act. No explanation was given for why Britannia, which earlier this year completed the acquisition of Deltec’s private client business, should be dragged into the latter’s dispute with Ibanera. The letter also failed to provide any evidence that either Deltec, or Britannia, has done anything wrong or committed any violation of the RICO Act.
Deltec, which has now increased its damages demand against Ibanera to “no less than” $15m as opposed to the earlier $13m, said the latter’s threat to use this US law - which appears designed to intimidate and make it back-off - came after it requested that the global payments provider account for all the funds withheld and name the banks where they are located. “Instead, a third law firm representing Ibanera and Carbonara, this one in Puerto Rico, sent a letter on April 17, 2025. This time, these defendants threatened counter-claims against Deltec and untold others for defamation, tortious interference, RICO violations and other claims all “arising out of a complaint filed” in this action,” Deltec asserted. “Notably, that conduct - filing this lawsuit - is the only specific act of purported wrongdoing by Deltec that Defendants have ever identified. In short, defendants have made crystal clear that they
Crypto exchange labour complaints ‘Top ten’ captive investigation branded ‘a top priority’ managers eye Bahamas for business By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
t "TTFTT QIZTJDBM QSFTFODF BTTFU SF EPNJDJMF t $BO APQFO HBUFXBZ GPS OFX FDPOPNJD QJMMBS t 1MBOOFE "DU SFGPSNT UP AQSPWJEF GPVOEBUJPO By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net UPCOMING legal reforms could attract two of the world’s top captive managers to domicile “a good portion of their business” in The Bahamas and “open the gateway” for insurance to become a new “economic pillar”. Guilden Gilbert, principal of CG Captive Managers, yesterday told Tribune Business he has met with both entities, who he declined to name, and each has separately voiced interest in “redirecting a good portion of their book of business to The Bahamas” once the correct legislative, regulatory and enabling environment is in place Confirming that changes to the External Insurance Act are presently out for industry consultation, he added that their passage through Parliament will achieve just that and “help bring The Bahamas into line with the other progressive domiciles” by
“providing the foundation” required by the captive insurance sector. Backing the recent assertion by Ryan Pinder KC, the attorney general, that The Bahamas will be “very aggressive” in seeking to re-establish itself as a captive insurance domicile and “exponentially” grow the sector via reforms to the Act, Mr Gilbert told this newspaper that himself as well as the Insurance Commission and Bahamas Financial Services Board (BFSB) - have “made some inroads” towards achieving this. “It’s actually out now for consultation, and I’ve shared it with my contacts internationally,” he said of the revised Act. “We, CG Captive Managers, are one of the only domestic captive managers [in The Bahamas]. I have attended nearly every World Captive Forum and CICA (Captive Insurance Companies Association) conference since 2013, flying the flag for The Bahamas.
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THE Government’s labour director last night confirmed that an investigation into complaints about hiring practices at a Bahamas-based crypto currency exchange is “a top priority”. Howard Thompson, when contacted by Tribune Business, confirmed that concerns raised with the Department of Labour about OKX Bahamas are genuine and the watchdog has already moved to address them with the western New Providencebased exchange and Fintech (financial technology) company. He spoke out after this newspaper received a letter addressed to Mr
Thompson, dated March 31, 2025, from a whistleblower calling themselves ‘A concerned citizen’. They alleged that OKX Bahamas is pushing Bahamians out from senior management positions, and overlooking them for executive roles despite being fully qualified and available, and preferring to recruit expatriate workers. The letter, which has been seen by this newspaper, told Mr Thompson: “I urge you to conduct a thorough investigation into the labour practices at OKX and collaborate with your counterparts to ensure compliance with all Bahamian labour laws.” OKX Bahamas representatives could not be reached for comment before press time last night despite Tribune Business
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sending e-mails to both executives and PR agents. When this newspaper tried to call the phone number listed on the Securities Commission’s website, where the crypto exchange is included among its Digital Assets and Registered Exchanges (DARE) Act licensees, it was informed it had a wrong number. An e-mail chain, seen by Tribune Business, saw Mr Thompson respond to the whistleblower’s complaint on April 6, 2025, by stating: “Received and duly noted. Thanks for bringing this to my attention. The Department of Labour will be taking immediate steps to investigate those complaints.” The March 31 letter was also copied to Pia Glover-Rolle, minister of labour and the public
SEE PAGE B5 service, and Alfred Sears, minister of Immigration. “That is entirely accurate,” Mr Thompson replied when contacted by this newspaper, confirming both the authenticity of the whistleblower’s letter and the Department’s response. “We have received other complaints with respect to OKX. That has been brought to our attention. That’s a top priority as well. “I’ve been in discussion with some of their key personnel. We’re well aware of it; the complaint you referred to, I am well aware of it. We have received four to five such complaints. It’s a priority of mine because of the nature of these complaints.” Mr Thompson said some of the concerns related to OKX have been resolved, and he added that “a particular application was withdrawn”. He did not elaborate on what that meant, but it appears likely to be for a labour
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‘Bypass the bureaucracy’ to drive stopover visitor growth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
VERSANI PROJET RENDERING
PI development targets construction start in ‘25 By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A PARADISE Island project’s developers last night said they plan to start construction at the presently-vacant site opposite both Comfort Suites and the Atlantis employee parking lot this year. Alex Haley, senior project manager at Versani Properties, told last night’s public consultation that the developers plan to deliver the first phase within 12-18 months once the necessary approvals have been secured. “Right now, it’s proposed at 90 [units]. But this is, again, still in development. We’re still working through concepts,” he said. “From the developer’s perspective, obviously pending all necessary approvals, we have some targets to begin towards the end of 2025, and we would be working to deliver some phases of this within 12 to 18 months.”
Versani Properties’ principals were not identified at last night’s meeting. However, a Google search located a Bahamas Real Estate Association (BREA) website link. While that link appeared to be no longer working, it seemed to name Sebas Bastian, the Island Luck co-founder, as the project’s principal. Paradise Island residents who attended the Department of Environmental Planning and Protection (DEPP) public consultation raised concerns about traffic congestion during the construction phase as the Ocean Club Four Seasons is also undergoing construction work. Mr Haley said while there currently is no a traffic mitigation plan in place, the developers are willing to implement adjusted work hours to minimise congestion. “I cannot say that we have at the moment, but it’s something that we can definitely look into. Maybe we can stagger the times that we set up our shifts to allow some relief so we’re not adding to the congestion. But this is something that we definitely would put forward with the operations as well and construction,” said Mr Haley.
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THE Opposition’s finance spokesman yesterday urged the Government to “bypass the bureaucracy” and speedup approved hotel projects amid fears a room shortage is contributing to the stopover visitor decrease. Kwasi Thompson, also the east Grand Bahama MP, told Tribune Business that his party is “very concerned” at the near-4 percent drop in stopover tourists during the 2025 first quarter given that they represent “the lifeblood” of this nation’s largest industry. Hinting that the Opposition will seek to call out the Government’s plan “to bolster stopover arrivals” during the House of Assembly’s next sitting, he argued that its agencies must create a ‘one-stop shop’ to ensure that hotel developments move more swiftly from approval to actual construction and thus reduce the room inventory shortage frequently cited by Chester Cooper, the deputy prime minister and tourism minister. “We had raised this issue some time ago,” Mr Thompson told this newspaper. “We in the Opposition are very
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KWASI THOMPSON
LATIA DUNCOMBE