business@tribunemedia.net
FRIDAY, JULY 19, 2024
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US says Gov’t ‘stalling’ on anti-corruption laws By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Cites Integrity Commission, campaign finance delays THE US has accused the Government of “stalling” the full enactment of anti- • ‘Complete disregard’ for Public corruption laws that would Disclosure Act by some accelerate improved transparency and accountability in • Questions if BIA conversion Bahamian governance. The US State Departto Bahamas Invest ‘priority’ ment, in its just-released 2024 investment climate report on The Bahamas, cited campaign finance reforms and the creation of an Integrity Commission as two initiatives that have been “delayed” to leave this nation exposed to the threat of corruption and undue foreign influence in policy-making decisions. In highlighted, in particular, what it described as the “complete disregard” by some Bahamian politicians and high-ranking public officials towards complying with the Public Disclosure Act, which
mandates that they meet an annual deadline to disclose their net worth through providing information on their income, assets they own and liabilities such as mortgage debts. The US report asserted that the Public Disclosure Commission, which oversees the filing of these financial declarations, has failed for the past 13 years to meet its legal obligation to publish reports on who complied and who did not. And it added that
the Commission’s last publication in the Government’s official gazzette, in 2011, only contained disclosures for 2008 - some 16 years ago. Noting the frequent allegations of some officials “accepting small-scale ‘bribes of convenience’, and favourable treatment given to wealthy or politically connected individuals”, the 2024 investment climate report on The Bahamas also queried whether reforming the Bahamas Investment Authority
(BIA) into a more proactive promotions agency remains “a priority” for the Davis administration. It repeated prior concerns of “bureaucratic impediments” in the investment approvals process, citing “significant delays”, and even asserted that some investor applications have never been responded to by the Government and its relevant agencies. No details or examples, though, were provided. While governance was again the US State Department’s area of greatest concern, it did acknowledge The Bahamas’ 64 out of 100 score in Transparency International’s corruption perceptions index as giving this nation a “notably transparent” ranking compared to all other 180 countries ranked. And The Bahamas was also branded “an excellent
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Bishop breaks with Christian Council on marijuana reform By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE CANNABIS Bill and associated reforms do not open up “carte blanche” marijuana use, a senior pastor asserted yesterday, provided the legislation is properly enforced and regulated. Bishop Simeon Hall, co-chair of the Governmentappointed commission that
examined legalising medical marijuana, told Tribune Business he “didn’t expect any less” after the Bahamas Christian Council mounted a last-ditch intervention to persuade MPs not to approve the legislative package passed in the House of Assembly on Wednesday night. A former Christian Council president himself, he described it as having “a rather
conservative approach to social issues”, and said its members were wrongly “afraid” that it creates “an open door” to increased recreational use of marijuana and the presence of more drugs on Bahamian streets. Emphasising that he was personally against legalising marijuana use for recreational purposes, Bishop Hall told this
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BISHOP SIMEON HALL
Taxi driver revolt on livery ‘hustling’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TAXI drivers at Lynden Pindling International Airport (LPI) were yesterday said to have “revolted” over complaints of unfair competitive practices that have come close to sparking violence. Wesley Ferguson, the Bahamas Taxi Cab Union’s (BTCU) president, told Tribune Business that a “near-stabbing” almost occurred this past weekend over livery drivers allegedly muscling in on his members’ business at Nassau’s major aviation gateway. He explained that yesterday’s protest was sparked
WESLEY FERGUSON by taxi drivers’ fears that Road Traffic Department officers are favouring their livery counterparts when it comes to calling up vehicles to transport tourists
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Bahamians paid $61m more for property coverage in ‘23 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN businesses and households paid an extra $56.3m for property and casualty insurance coverage in 2023 due to the “challenges” faced by local underwriters on reinsurance pricing. The Insurance Commission of The Bahamas (ICB), in its just-released 2023 annual report, revealed that total premiums paid for property, auto, marine and other liability coverage jumped by 12 percent year-over-year to hit a total $535.4m with the difficulty in obtaining reinsurance at affordable rates also
restricting the amount of new business local carriers could take on. Dr Keith Major said the regulator was “committed to finding sustainable solutions” given the threat increased reinsurance costs pose to the affordability of catastrophic coverage for both businesses and households, which could expose increasing numbers to more frequent and powerful hurricanes while lacking any or adequate insurance protection. “The challenge of rising property insurance costs and declining reinsurance availability in the region is ongoing,” Mr Major
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100-job PI resort project gets planning go-ahead By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A DEVELOPMENT that aims to create 100 permanent jobs through becoming Paradise Island’s “first new hotel for many years” has received approval from the Government’s planning authorities. The Town Planning Committee, in an e-mail, confirmed it recently approved the Paradise Island Yacht Club’s application to expand the existing site of the former Paradise Harbour Club and Columbus Tavern to a seven-storey, 101 unit resort. HotelConsult Bahamas, the developer, pledged that the project will also create a similar number of construction posts and generate up to 30 percent of its energy needs from renewable sources The Town Planning Committee’s decision also imposed conditions that the developer first obtain a Certificate of Environmental Clearance (CEC) from the Department of Environmental Planning and Protection (DEPP) before construction work can begin. And it must also receive approval from the Civil Design Section of the Ministry of Works regarding on-site drainage and internal driveways. During the public hearing for the development, residents voiced concerns over the extra traffic it will generate in a residential area of Paradise Island. They also expressed opposition to the proposed rezoning of one of HotelConsult’s land parcels, lot 13, from residential to commercial to facilitate a 74-space parking facility. The developers, however, later amended their application, removing the plans to convert lot 13 to a parking garage and opting to build a 100-space car park on land leased from Atlantis. The site will take up a portion of Atlantis’ laundry and utilities facilities, which is already commercially zoned. The Town Planning Committee, on granting its approval, said the proposed parking garage is to be built simultaneously with the renovation of the Yacht Club Building. The lease agreement between HotelConsult and Atlantis must be submitted to the Department of Physical Planning prior to it reviewing the building permit application.
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