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Wednesday, July 8, 2026
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frontier’? Don’t let fees distract ‘New 10,000 acre from bank ‘elephant Long Island site seeks buyer in the room’ for $25m BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIANS must not let concerns over 20 percent-plus fee increases distract them from the true banking “elephant in the room” - the “tremendous untapped potential” for job and business creation from the near-$3.5bn locked in the country’s financial system. Rupert Pinder, assistant professor of economics at the University of The Bahamas (UoB), told Tribune Business that citizens must “not overlook that the banks’ primary function” is to serve as the intermediary between savers and borrowers. In this crucial function, they prudently advance the former group’s funds to the latter as loans for home purchases, construction, business start-ups and expansion and other productive purposes that grow the economy. Warning that the controversy over rising bank fees threatens to become a sideshow, or distraction, from The Bahamas’ main banking issue - the $3.456bn in excess liquid assets, representing funds available for productive lending purposes but which remain stuck in the banking system - he urged the commercial banks to “find more creative ways” to unlock this and drive greater growth by extending credit to worthy borrowers.
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
RUPERT PINDER
Economics professor: $3.5bn surplus liquidity is real priority System’s ‘tremendous untapped potential’ must be unlocked Fidelity chief: Lending ‘squeeze’ means no subsidy for fees Mr Pinder also called on the banks, both the Canadian-owned trio of Royal Bank of Canada (RBC), CIBC Caribbean and Scotiabank, as well as BISX-listed Commonwealth Bank, Bank of the Bahamas and Fidelity
A LONG-touted 10,000acre development for Long Island has been listed for sale at $25m with a Bahamian realtor suggesting that airport upgrades, improved connectivity and existing infrastructure can make the destination “the new frontier”. Mario Carey, president and chief executive of Better Homes & Gardens Real Estate MCR Bahamas, confirmed to Tribune Business that his firm has secured the listing to market the Salinas project to potential buyers after long-standing title issues associated with the property, part of the former Diamond Crystal salt mining site, were resolved and cleaned-up. He added that, with the Deadman’s Cay airport upgrades now underway, the prospect of increased airlift and improved connectivity - especially to international destinations
GOWON BOWE Bank (Bahamas), to strike a balance where fees are not seen as a profit-earner but adjusted to cover the costs involved in providing services to customers. Speaking after the Central Bank’s semi-annual banking fee survey found some customer categories suffered 20 percent-plus increases during the 2025 second half, the UoB professor told this newspaper that his focus on ever-growing excess surplus liquidity as The Bahamas’ main banking issue has not shifted. “It’s consistent with what I’ve said all along,” Mr Pinder said. “It goes right back to this excess liquidity that the banking system has above its statutory reserve requirements.” While acknowledging that the excess liquidity figure may be closer
CREDIT - See Page B5
Abaco resort’s marina off 20% as boating still suffers
‘Abuse of process’ rejected in Rudy King-linked case
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Court of Appeal yesterday ruled that a “substantial overlap” between separate legal cases cannot by itself be “an abuse of process” as it overturned the removal of a multi-million dollar asset freeze imposed on proceeds from a fraud allegedly involving flamboyant “philanthropist”, Rudolph Kermit King.
MARINA operators yesterday confirmed they are still suffering the fall-out from previously-increased boating fees despite subsequent reforms with one Abaco resort reporting business is down by as much as 20 percent this summer. Molly McIntosh, the Bluff House Beach Resort & Marina general manager, said that while hotel rooms, restaurants and vacation villas continue to perform well, boating traffic has yet to recover to expected levels despite the Government’s April 1 creation of two new cruising permit fee categories designed to regain lost market share among short-stay visitors to the northern season. "Our marina business is down about 15 to 20 percent. I've checked with some other marinas in Abaco and they're experiencing the same thing. That's a little concerning, but overall things are going well,” Ms McIntosh said. Her comments echo concerns raised by Stephen Kappeler, Bimini Big Game Club Resort & Marina’smanaging director, who said operators continue to see the effects of uncertainty created by last year's fee changes despite the Government later revising some of the increases following widespread backlash from the boating community. "The fee changes came too late," sad Mr Kappeler. "They made some improvements, but the damage had already been done. People were bothered by it, or they used it as an excuse to go somewhere else." Ms McIntosh said there does not appear to be a single explanation for the softer marina business, but believes several factors have combined to discourage some from making the crossing from Florida. "I think it's a combination of things," she said. "We heard all the social media posts from people saying they weren't coming to
SAIL - See Page B6
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Appeal justice Bernard Turner, in a unanimous verdict backed by his two colleagues, reversed then-justice Cheryl Grant-Thompson’s now seven year-old decision to discharge an asset freeze sought by US federal prosecutors over a purported $2.289m fraud perpetrated against multinational aerospace giant, Boeing. A portion of the fraud proceeds were alleged to have ended up in various accounts at Royal Bank of Canada
BAHAMIAN doctors yesterday challenged assertions by the National Health Insurance (NHI) Authority’s deputy chairman that only a minority are complaining about delayed reimbursement as they revealed an Association has now been formed to negotiate with the scheme. Doctors who care for the Government-run healthcare scheme’s patients confirmed the Provider Physicians Association has officially been registered, and will now seek recognition as the negotiating body for NHI providers. Dr Denotrah Archer-Cartwright, its president, reiterated that chronic payment delays and a lack of transparency are threatening the sustainability of smaller medical practices. She said the Association was created
Salinas project owner eyes Diamond Crystal exit Land title issues resolved, build-out strategy exists Realtor: Island ‘where Exuma was 20 years ago’ - could help Long Island’s economy to take-off while also aiding his efforts to “tee up” a buyer for the Salinas site. Comparing the island to “Exuma 20 years ago”, he added that its property and
DEVELOP - See Page B6
Mr Gomez yesterday said he was unable to comment when contacted by Tribune Business as he had yet to (RBC) Bahamas in fully read the Court the names of Celof Appeal’s verdict. ebrating Women However, the deciInternational RUDOLPH sion reaffirms the (CWI) and CelKERMIT KING overturning of Jusebrating Women International Investments. tice Grant-Thompson’s June CWI and Mr King, who are 19, 2019, ruling that removed both named as defendants, the asset freeze obtained by were represented before the the Attorney General’s Office Court of Appeal by Damien at the request of US prosecuGomez KC, the former mintors under the Mutual Legal ister of state for legal affairs, and Monique Gomez. REVERSAL - See Page B4
Doctors deny only minority protesting NHI pay delays BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
MARIO CAREY
to give doctors a collective voice after repeated concerns over delayed reimbursements failed to produce meaningful change. “Our association is now registered,” she said. “We are officially a physician’s union, and we will be moving to be recognised as the negotiating body moving forward for the NHI physicians and looking to empower physicians so that they can speak out.” Her comments came after NHI deputy chair, Dr Robin Roberts, argued that the programme’s financial pressures should not overshadow what he described as a healthcare initiative performing “well beyond any expectations”. While acknowledging the Authority is running one to two months behind on provider payments, he argued that only “a small portion” of physicians were making the issue appear larger than it is and pledged NHI would never default on its obligations.
COMPENSATE - See Page B5