business@tribunemedia.net
FRIDAY, JULY 25, 2025
$5.48 $5.09
$5.63
$5.56
$5.49
April’s $137.5m swing ‘shakes confidence’ in Gov’t fiscal data
KC’s alarm over ‘death knell’ for development
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
t 4PVOET BMBSN PWFS DPWFOBOU FOE CJE t A%BOHFSPVT QSFDFEFOU JG HPFT BIFBE t "SHVFT 5PXO 1MBOOJOH MBDLT BVUIPSJUZ
THE Government’s $137.5m April reversal to a modest deficit “certainly shakes confidence” in the fiscal data it releases, a banker asserted yesterday, but “doesn’t impact The Bahamas’ financial situation”. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business he would “expect heads to roll” at the Ministry of Finance if the Prime Minister’s initial announcement of a $135.4m April Budget surplus had been caused by “a significant error in calculation” or faulty data that was used to derive that figure. The Ministry of Finance’s monthly fiscal performance report for April 2025, released on Wednesday, revealed that the rosy surplus figure unveiled by Philip Davis KC was somewhat off the mark as the actual outcome was a modest $2.1m deficit. The
GOWON BOWE
PHILIP DAVIS KC
MICHAEL PINTARD
t #BOLFS AFYQFDUT IFBET UP SPMM EFQFOEJOH PO DBVTF t (PW U CMBNFT AMBUF JOUFSFTU QPTUJOHT CZ UIF 5SFBTVSZ t 1JOUBSE TMBNT FYQMBOBUJPO BTTFSUT AUIFSF T OP XBZ
Government yesterday struggled to explain the slide from projected surplus to actual deficit, which occurred in less than two months since the Budget’s unveiling. The Davis administration yesterday sought to take cover behind the word “preliminary”, which the Prime Minister had used in referring to the forecast $135.4m April surplus when he disclosed it during the 2025-2026 Budget communication. It also blamed the significant difference between that figure and the $2.1m deficit
outcome on “late postings by the Treasury, particularly related to interest expenses on Treasury Bills”, and suggested that it was “normal” for reconciliations between preliminary and final monthly fiscal data to occur. Latrae Rahming, the Prime Minister’s communications director, said in a statement: “In the 2025-2026 Budget communication, it was made clear that the fiscal data presented for April 2025 was
over Mr Gentile’s Bahamas activities. A south Florida jury last year found Mr Gentile and Mintbroker International liable for violating US securities laws by actively soliciting American clients despite not being registered with the SEC. And, Mr Gentile, in an e-mail reply to Tribune Business inquiries, confirmed he will be challenging the penalties and disgorgement recommendations. Asserting that the “entire case” against him “won’t survive the light of day on appeal”, the Mintbroker
AN attorney yesterday warned that permitting the “ad hoc” removal of restrictive covenants will be “the death knell for orderly development in The Bahamas”. Gail Lockhart Charles KC, who is representing New Providence Development Company and Old Fort Bay Company, told Tribune Business a “complete breakdown of the planning process in The Bahamas” will occur if the Town Planning Committee approves the joint request from five property owners to extinguish the “restrictive covenants” governing the development of their Western Road land parcels. Speaking after Wednesday night’s public consultation on the application, she argued that the Committee is only empowered by law to extinguish such covenants via the Zoning By-Law process where changes have to be approved by the minister responsible for planning. As a result, it has no powers or authority to grant such requests from individual applicants such as these. But, should the committee approve the application by Llan-Y-Rafon Investments, Lorishill Ltd, BRAM, New Hope Investments and Michael Symonette, all of whom own parcels of between five to 5.053 acres, Mrs Lockhart-Charles told this newspaper it will set “an exceptionally dangerous precedent for the entire Bahamas”. She explained that it would pave the way for land and property owners, wherever they are located, to simply apply to the Town Planning Committee to extinguish covenants restricting different forms of development for their real estate regardless of the impact on neighbours or the public interest. As an example, Mrs Lockhart-Charles said a decision in favour of the five would effectively open the door for residents in all New Providence gated communities to follow suit and seek land use changes that allow them to open a restaurant or commercial venture
REPORT - See Page B5
PRECEDENT - See Page B4
POSTINGS - See Page B5
Ex-Bahamas broker chief hits ‘flawed’ $15.5m fine proposal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE principal of a former Bahamian broker/dealer has slammed recommendations that he be ordered to pay $15.537m in fines and disgorged profits as “flawed” and “punitive and political”. Guy Gentile, head of Mintbroker International, which was placed into full liquidation by the Bahamian Supreme Court in December 2021, hit out after Judge Edwin Torres on Monday recommended that he “disgorge” $13.13m in profits/revenues
GUY GENTILE earned by his former Nassaubased business. The judge found Mr Gentile, a one-time FBI informant whose Elizabeth on Bay plaza-based business was used
Atlantis agrees to 70 voluntary separations By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net ATLANTIS has accepted just one-third, or 70, applications for voluntary redundancy by its middle management staff, the Government’s labour chief has confirmed. Howard Thompson, the director of labour also voiced no concerns over the Paradise Island’s planned temporary closure of its Coral Towers complex from August 17 - a move that could last for up to eight weeks. He added that no staff redundancies or terminations are planned.
Describing the closure as a “yearly routine exercise”, Mr Thompson said: “My understanding is that this is a yearly routine exercise approaching the slow season. I understand that there will be no termination or downsizing, but that employees will be taking their usual vacation leave during the time. “My understanding is that both the union and executives at Atlantis have been in constant communication with the company regarding this matter.” Mr Thompson also revealed that 70 managerial employees took voluntary separation
TEMPORARY - See Page B6
Opposition urges disclosure over $61m ‘short-term loans’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to provide full disclosure over almost $61m of “shortterm advances” provided to five unnamed “government business enterprises” during the 2024-2025 third quarter. Kwasi Thompson, the Opposition’s finance spokesman, argued that the failure to name the entities who received the financing, the nature and terms
of the funding, and what it was used for represented “a startling lack of transparency” after the transactions were unveiled in the Ministry of Finance’s fiscal report for the 2024-2025 third quarter and nine months to end-March 2025. “The Government provided short-term advances totaling $60.8m to five government business enterprises (GBEs),” was as much as the report disclosed. “In financing activities, the balance
ADVANCES - See Page B6
by US law enforcement to ensnare securities fraudsters, “jointly and severally liable” to pay the $13.13m because he was in charge of Mintbroker when it was found to have violated US securities laws. He also recommended that the ex-Mintbroker chief “disgorge” a further $520,000 personally, plus pay a “firsttier” civil penalty worth $1.887m. However, the combined penalties and disgorgment recommended are almost 23 percent, or some $4.6m, less than the $20.151m punishment that had been sought by the US Securities & Exchange Commission (SEC)
By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters