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THURSDAY, AUGUST 10, 2023
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Ex-DPM: ‘Disgraceful’ failure to improve BPL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
t #BOOJTUFS UP AGVMMZ EFGFOE 4UBUJPO " BDUJPOT THE Government was yesterday accused of a “disgraceful” failure to build t A/JHIU BOE EBZ EJGGFSFODFT on prior upgrades at BahaTJODF FMFDUJPO mas Power & Light (BPL) with an ex-deputy prime minister asserting he will “fully t A/P DSFEJCJMJUZ UP NBOZ defend” what was done under 8BSUTJMB BMMFHBUJPOT his oversight. Desmond Bannister, who had ministerial responsibility for BPL under the former Minnis administration, told Tribune Business that the Clifton Pier power plant’s Station A - which houses the seven Wartsila engines that meet New Providence’s baseload energy demand - was
“almost a new building after we finished” its overhaul. Speaking after Alfred Sears KC, minister of works and utilities, said the results of a forensic investigation into Station A’s implementation will be eventually be made
public, he argued that the real issue is whether the Davis administration has enacted any changes at BPL that have “made a difference to the Bahamian people” since it took office in September 2021.
A BAHAMIAN developer yesterday disclosed it has generated “well over 500 verified leads” for potential purchasers in its south-western New Providence community just over a week after launching its sales drive. Robert Myers, principal of the former Adelaide Pines project, which has been renamed Windsor Lakes, told Tribune Business that the project is now only waiting on the Ministry of Works to review its performance bond submission before it can convert
WINDSOR LAKES ARTIST RENDERING ‘reservations’ into actual sales agreements. With this final approval though to be imminent, he estimated that the developers will invest at least $35m-$40m in building-out
all the roads, common areas, gated entrance and other infrastructure required for the project as they eye a “substantial” completion date of end-2024.
DESMOND BANNISTER Mr Bannister told this newspaper that comparing BPL’s present performance to what was achieved in the latter years of the Minnis
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Mr Myers, who has partnered with Bahamas resident, Michael Huttman, to develop Windsor Lakes, also disclosed that Park Ridge Securities, the entity that developed Albany, is no longer involved with the project. Documents filed with the National Economic Council (NEC) previously showed it as holding a minority 20 percent interest in the 179 residential lot community that will be located across the street from its own existing development. “We gave all the permits in place,” Mr Myers told this newspaper. “We have started work, putting in roughing for
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Fresh oil contamination ‘tragic’ for GB’s tourism By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FRESH oil pollution was yesterday described as both “tragic” and “treacherous” for Grand Bahama’s tourism industry and wider economy with environmental activists estimating that up to 25 miles of beach could be contaminated. Magnus Alnebeck, the Pelican Bay resort’s general manager, told Tribune Business that the situation is “very, very concerning” for the hotel and tourism sector given that The Bahamas’ waters, beaches and overall environment are a prime attraction that draws visitors here.
“I haven’t had any complaints from guests staying in the hotel, but I have seen all the chatter on social media,” he said. “Of course it’s very, very concerning. It really is. One of the greatest things we have is our beaches. Let’s hope we can get it quickly cleaned up and make sure it doesn’t happen again. It’s never nice if people go to the hotels and get covered in oil, but I just hope we get it under control.” Tribune Business contacts yesterday suggested that the latest pollution is not connected to the recent spill at the Buckeye Bahamas terminal, which involved just five to ten barrels, and
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North Andros demands ‘answers’ over BPL woe By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net NORTH Andros residents and business owners yesterday protested over their energy woes and the frequent power outages suffered since a fire destroyed Bahamas Power and Light’s (BPL) power plant last month. Lisa Sweeting, owner of 20 restaurant and Snack Supplies, said her grocery store is operating on generator power most of the week to ensure inventory remains fresh. She added that the costs of frequently replenishing the generator’s
fuel have significantly impacted her business. She said: “Right now, I’m operating the gas generator and that is costly. I have to fill that probably three or four times a week. I just went yesterday, now this afternoon. We have to call the truck back so they can fill it up again. I have a wash house that is run on the generator also, and I have to fill the generator to operate that because, even though I might say we close because of the electricity, people still made the trip to come and I don’t want to turn them away.”
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FTX consumes 21% of Commission costs t 3FHVMBUPS TQFOU PWFS N EFBMJOH XJUI DPMMBQTF t 8BOUT UP SFHBJO N TPNF N ASFDPWFSBCMF t A6OQSFDFEFOUFE DIBMMFOHF GSPN FYDIBOHF T GBJMVSF
Developer sparks ‘500 leads’ with community’s sales start By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FTX’s implosion consumed 21 percent of the Securities Commission’s near-$15m operating expenses last year as it raced to preserve client assets and tackle the legal and regulatory fall-out. The capital markets CHRISTINA regulator’s just-released ROLLE 2022 annual report disclosed that it incurred some $3.15m in costs dealing with the crypto currency exchange’s collapse as fraud and other multiple corruption-related allegations were levied against Sam Bankman-Fried, its founder, and his closest associates. However, with Chief Justice Ian Winder subsequently ruling that the Securities Commission is entitled to recover “reasonable costs” associated with actions such as securing, and safeguarding, FTX customer assets, the regulator has estimated that 82 percent of its $3.15m costs - some $2.57m - is recoverable and has included this in its accounts receivables. “The Commission experienced a major test of the DARE (Digital Assets and Registered Exchanges) legislation in November 2022 with the collapse of FTX Digital Markets,” the 2022 annual report said. “The Commission exercised its regulatory powers to seize the entity’s assets for the protection of its customers and creditors. “Asset custody, legal and other expenses incurred for the seizure of the assets and the associated liquidation proceedings totalled $3.15m, representing 21 percent of operating
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