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FRIDAY, JUNE 13, 2025
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Deltec: FTX collapse used as $35m damages revenge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Argues payment provider tried to trash reputation A BAHAMIAN bank is accusing a payments provider • ‘Blatant attempt’ at of exploiting FTX’s collapse retaliation over $20m lawsuit and related unproven claims to trash its reputation in revenge for launching a $35m • ‘False information’ gives damages claim against it. Deltec Bank & Trust, in ‘valid defamation claim’ legal filings with the south Florida federal court this Wednesday, asserted that Ibanera and its principal, Michael Carbonara, have resorted to smear tactics and a campaign to undermine its integrity amid allegations that they have “unlawfully withheld” $20m belonging to the Lyford Cay-based institution and its clients. Arguing that it has “a valid claim for defamation” over allegations posted on the payment provider’s website, Deltec is claiming this was nothing more than a “blatant attempt” to undermine its business reputation by trying
to tie it to FTX’s November 2022 implosion as it continues to pursue the return of the “misappropriated” funds via the federal court system. While Deltec provided banking and other facilities for Alameda Research, the private entity owned by FTX’s now-jailed founder, Sam Bankman-Fried, no court has ruled that the Bahamian institution had a role in the fraud that led to the crypto exchange’s failure. And, while it has been named as a respondent/defendant in several class action lawsuits
launched by FTX investors, no wrongdoing has been proven. “Deltec alleges that Ibanera published a public statement on its website, purporting to be a response to this lawsuit against Ibanera, but which in fact was a blatant attempt to invoke the specters of ‘fraud’ (including ‘the FTX fraud’), ‘money laundering’ and ‘illicit financial activities’ with the intention of causing harm to Deltec’s reputation and business, resulting in damages to Deltec,” the Bahamian bank alleged.
“Deltec alleges that the statement contains false information and also juxtaposes and omits selected facts to create a false impression. Deltec has clearly put Ibanera on notice of the claim against it. Ibanera claims that the statement is ‘true’ or simply ‘opinion’ or ‘hyperbole’. “Yet the only explanation for Ibanera to mention FTX in a statement purporting to respond to Deltec’s entirely unrelated complaint against Ibanera is that Ibanera intended to retaliate against Deltec for filing this lawsuit by harming Deltec’s business operations,” it continued. “Damage to Deltec’s business and reputation is also the only plausible reason for repeatedly associating Deltec with ‘fraud’, ‘money laundering’ and ‘illicit financial activities’ when Deltec has engaged in none of these activities... Ibanera’s assertion that its statement is
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Court rejects claim Bahamas assisting ‘fishing expedition’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Supreme Court yesterday rejected assertions that The Bahamas’ provision of assistance to a global Internet and cyber fraud investigation is “an impermissible fishing expedition”. Justice Darron Ellis, in a June 12, 2025, verdict, rejected the targeted company’s demand for the Attorney General’s Office to provide
specific information to aid its defence on the basis that this “would transform these preliminary proceedings into a premature mini-trial” and create unnecessary extra costs and delay. His ruling was sparked by a request for The Bahamas to provide legal assistance to German prosecutors, who are seeking to trace the ill-gotten gains from a purported Internet-based cyber scam that defrauded several thousand victims.
Some $500,000 of these proceeds were alleged to have been transferred to an account with Bahamas-based The Winterbotham Trust Company on December 7, 2020. The account’s beneficial owner, Tubmanberg Ltd, and its director, Nathaniel Bosfield, are the two “respondents” in the case, and there is no suggestion that the well-known Bahamian financial services provider has done anything wrong.
The German request for legal assistance prompted the Attorney General’s Office to initiate proceedings under the Criminal Justice (International Co-Operation) Act on May 31, 2022. It obtained a Supreme Court Order just 14 days later requiring The Winterbotham Trust Company to hand over all documents and information related to the Tubmanberg Ltd account
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‘Under-explored’ TV, film targeted for tax breaks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday revealed the Government is crafting a package of tax breaks and other concessions aimed at stimulating the “underexplored” film and TV production industry; Chester Cooper, also minister of tourism, investments and aviation, told the House of Assembly during the 2025-2026 Budget debate that The Bahamas has been placed “at a serious disadvantage” and become “non-competitive” by failing to offer speciallytailored incentives to lure an industry it has sought to attract for decades.
CHESTER COOPER Pledging that legislation to create this incentive package will be tabled in Parliament “in the coming months”, he also voiced optimism that the opening of the Creative and Performing Arts School of The
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‘Reclaiming national identity’ in Downtown Nassau revival By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday said a “a major entertainment” project could serve as an anchor for reviving downtown Nassau - an objective he described as “reclaiming our national identity”. Chester Cooper, also minister of tourism, investments and aviation, speaking in the House of Assembly during the 2025-2026 Budget debate, disclosed that two hotel developments are also being considered as part of efforts to kick-start Bay Street’s revival as he warned that 30-40 years of
decay will not be reversed overnight. Suggesting that the cruise lines have voiced interest in staying in Nassau longer, “but the product has to be there”, Mr Cooper also asserted that the Davis administration has facilitated some $12bn worth of investment projects since taking office in September 2021 although no complete breakdown of these projects was provided. “Downtown Nassau is finally beginning to receive the transformation it has desperately needed for far too long. We are witnessing 30 to 40 years of decay. We are now doing something
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Seabed lease reforms in marina uncertainty • Questions over fee rates and other levies • Industry meets with Port Department today • Seabed ‘under-served Gov’t income stream’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN marinas were yesterday said to be uncertain over how and whether new charges and provisions for seabed leases will impact the sector ahead of today’s meeting with the Port Department. Peter Maury, the PETER MAURY Association of Bahamas Marinas (ABM) president, told Tribune Business that the industry is unsure whether it will now have to pay seabed lease fees in addition to dock licence fees - or if the former will replace the latter - as a result of reforms to the Port Authorities Act accompanying the 2025-2026 Budget. The Bill containing the amendments stipulates that the changes are designed “to strengthen the regulatory regime for the grant of seabed leases”, with all persons seeking “to construct an industrial, commercial or private pier, wharf, jetty, groin, mooring or abutment, or undertake any other activity on or affecting the seabed”, now having to apply to lease the seabed area that will be affected. Supporting documents, such as financial statements, a site plan and any other licences/ permits requited to operate the intended business will have to be provided to the Government, with the applicant also required to “demonstrate compliance with all applicable environmental and regulatory requirements”. And, while the “maximum term” for any seabed lease will be 25 years, the Port Authorities (Amendment) Bill 2025 does not specify what the rates and fees will be. Instead, these are left for the responsible minister, meaning the minister of transport, to “prescribe” by Order and regulations.
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