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Sweet & Savory Volume: 119 No.247, November 17, 2022 Mornings
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FTX INVESTIGATION ‘OF HIGHEST ORDER’
PM says effort will be coordinated with authorities in other jurisdictions By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net AFTER the collapse of FTX, Prime Minister Phillip “Brave” Davis said he has ordered that local investigations be of the highest order and given precedence, adding that investigations will be a coordinated effort with “duly appointed authorities” in other jurisdictions. He also said government officials have not identified any deficiencies
PRIME Minister Philip ‘Brave’ Davis speaking in the House of Assembly yesterday. PHOTO: Austin Fernander
FTX’s Bahamian provisional liquidators have yet to gain control of all its assets amid signs that “serious fraud and mismanagement” may have caused the group’s collapse, it has been revealed. Brian Simms KC disclosed
By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net PRIME Minister Phillip “Brave” yesterday defended his administration’s travel expenditure for the first quarter of the 2022-23 fiscal year, days after the Ministry of Finance reported a $2.3m increase in government’s travel spending when compared to the same period in the previous fiscal year. On Monday, the Ministry of Finance released its three-month report on the budgetary performance for the 2022-2023 fiscal year, which revealed SEE PAGE THREE
DRA REPORT HIGHLIGHTS ABACO DOME PROJECT ISSUES
in the nation’s regulatory framework that could have prevented FTX’s implosion. “As you know, the FTX group has one entity which is regulated in The Bahamas, FTX Digital Markets Limited,” Mr Davis revealed in the House of Assembly yesterday in his first public remarks on the ongoing saga. “This entity’s registration has been suspended and it was put in provisional liquidation. The FTX group and affiliates all now appear to SEE PAGE THREE
By KHRISNA RUSSELL Tribune Chief Reporter krussell@tribunemedia.net A COMPANY contracted by the former Minnis administration to construct 213 domes and the needed infrastructure on Abaco in the aftermath of Hurricane Dorian discontinued the project after receiving $4.6m of the total $6.4m required to complete the work, despite only completing about 16 percent of the structures. Following the 2019 monster hurricane, few homes remained intact on Abaco. Given the imminent need for housing at the time, Sebas Bastian’s Brickell Management Group’s (BMG) $6.4m proposal was accepted and a contract agreed. BMG, according to a new Disaster
BAHAMAS LIQUIDATORS DETECT ‘SERIOUS FRAUD’ SIGNS AT FTX By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PM DEFENDS GOVT TRAVEL SPENDING
in a November 15, 2022, affidavit filed with the southern New York federal bankruptcy court that the provisional liquidators presently cannot determine the financial position of FTX Digital Markets, the group’s Bahamian subsidiary, because they lack access to the necessary documents and other information.
SEE BUSINESS SECTION
SEE PAGE FOUR
POLICE CAN’T CONFIRM IF MCFARLAND RECENTLY VISITED By EARYEL BOWLEG Tribune Staff Reporter ebowleg@tribunemedia.net POLICE Commissioner Clayton Fernander said police are working to identify the complaints against Fyre Festival organiser Billy McFarland, adding they cannot confirm if he has returned to the country recently. TikTok posts with Mr McFarland have raised speculation by some that he probably is or has
BILLY McFarland been in the country. One video shows him telling two people they are going to The Bahamas next weekend. The video
continued with one person stating the individual is in The Bahamas with footage of beaches. However, it is not known when these videos were recorded. Commissioner Fernander was asked about the concern and if police were on the lookout for McFarland. “What I can say is we got that information that he may be here, that has not been confirmed and we are
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SEE PAGE FIVE
FRONT PORCH:
HUBRIS AND THE MARCH OF FOLLY
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