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Tuesday, December 2, 2025
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Fugitive ex-judge’s ‘iconic’ status challenges receiver By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Caused ‘undesirable delay’ on Lockhart assets THE “iconic” status of a • Attorney ‘embarrassment fugitive ex-Supreme Court of riches’ swiftly cut judge among Bahamian attorneys created an “enor• ‘Pivotal stage’ in recovery mous challenge” for the for ex-MP victims receiver charged with seizing his local assets when it came to securing legal representation. Darron Cash, the former Free National Movement (FNM) chairman and Senator, who is the Supreme
Court-appointed receiver for assets identified as owned by Elliott Lockhart KC, disclosed that his initial “embarrassment of
Air arrivals drop in eight of ‘25’s first nine months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AIR arrivals to The Bahamas fell against 2024 comparatives in eight of the first nine months this year, Central Bank of The Bahamas data released yesterday reveals, although total numbers are up due to the continued growth and expansion of cruise tourism. The banking industry regulator, unveiling its monthly economic developments report for October 2025, disclosed in data close to the bottom of the back page that April is the only month to enjoy a year-over-year air arrivals increase with numbers up 9 percent, or 14,300 persons, at 173,000. That, though, is likely to have been at least partially driven by the peak Easter holiday weekend this year falling in April whereas it occurred in March in 2024. All other months have experienced year-over-year declines, albeit by relatively modest numbers and
percentages. The greatest drop-off was in August, when air arrivals fell by 6.3 percent or 7,700 yearover-year to116,300, while January was down by 6,600 or 4.66 percent at 134,500. Air arrivals is not the same as stopover visitors, as the latter only includes persons who remain in The Bahamas for 24 hours, while the former also includes those who are transiting through this nation and do not spend a full day here. Nevertheless, the raw figures unveiled by the Central Bank suggest relative softness in stopover tourism - a category whose visitors typically spend 28 times more than their cruise passenger counterparts. For the first nine months of 2025, the Central Bank data said air arrivals were only off by 1.9 percent or around 27,800 against prior year comparatives at 1.319m. Total arrivals to The Bahamas were ahead of 2024 at 9.116m as opposed
FLY - See Page B4
Graycliff unveils sixth factory experience with Batik launch By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net GRAYCLIFF yesterday further expanded its operations by launching its new Batik Factory in the nearby Mountbatten House. Paolo Garzaroli, president of Graycliff Cigar Company, said its latest attraction will help preserve a core part of Bahamian heritage while allowing the company to capitalise on the growing tourism market seeking interactive, authentic and cultural experiences. Speaking at the opening yesterday, Mr Garzaroli said visitors to the Batik Factory can participate in hands-on experiences by creating their own shirts, tableware and decorative items, which they will be able to take home. The factory will also
offer production runs for private companies and special events. “We always wanted to have a lot of hands-on experiences here at Graycliff, and this really fits into the heartbeat of The Bahamas. We are all about authentic Bahamian experiences, and Batik is literally one of the fibres of the Bahamian economy,” said Mr Garzaroli. “You can come here and have a full experience, where you make your own shirt, you make your own sort of tableware, scapes and that kind of stuff, and you're able to take it with you. So that opens up an avenue for cruise ship passengers; sustainable passengers. We also do production runs for private companies and events.”
PRODUCE - See Page B3
riches” in terms of attorneys available to represent him swiftly shrank due to the “long-standing relationships” many held with the
ex-MP and possible “conflicts” if they accepted the assignment. Mr Cash, in a September 29, 2025, update to the Supreme Court on his progress in identifying, securing and auctioning-off Mr Lockhart’s assets to recover sums owed to his victims and creditors, asserted that “no core element of my work… was impeded” by the lengthy search for legal representation although he described it as an “undesirable period of delay”.
Elliott Lockhart KC
Darron Cash
He added that he had “reached a pivotal stage” in the receivership and was set to seek the Supreme Court’s approval for “the sale of three major properties” formerly owned by Mr Lockhart. These were not identified in the update sent to Justice Darron Ellis, and well-placed sources - speaking on condition of anonymity - said it was
unclear whether the necessary approvals had been granted, sales completed and proceeds received. However, Tribune Business previously reported that, in late April 2025, Mr Cash advertised and sought offers on the former offices of Lockhart & Company, Mr Lockhart’s former law firm, located at 35 Buen
SECURE - See Page B4
Businesses being ‘taxed to the point of stagnation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday voiced fears that businesses are “being taxed to the place where they stay stagnant” after it was revealed there is no escape from having to pay VAT on construction-related expansion projects. Leonard Sands, speaking out after the Department of Inland Revenue (DIR) confirmed no business will receive an exemption from reforms that accompanied the 2025-2026 Budget, reaffirmed his view that it amounts to a direct 10 percent tax on investment since it will now cost a company an extra $1m to undertake a $10m expansion of its physical premises.
• BCA chief fears construction hit from VAT policy • FNM finance head: 10% tax to ‘stifle investment’ • Opposition: Reverse ‘major construction’ VAT With the tax authorities adopting the stance that no Bahamian enterprise will be able to deduct, or reclaim, VAT paid on building materials used in expanding or constructing new facilities worth over $1m, he warned the Government that it “cannot collect tax if businesses don’t exist” amid its desire to obtain every cent and dollar possible to ease fiscal and cash flow woes. Dionisio D’Aguilar, Superwash’s president, said on Monday he was sounding the alarm for all
Bahamian businesses after the laundromat chain was told by the Department of Inland Revenue it had ““misinterpreted” the VAT Act reforms. While the language employed in the amendments gave him the impression that bona fide companies undertaking legitimate construction-related expansion would be granted an exemption if they applied, the tax authority said this is not so. Kwasi Thompson, the Opposition’s finance spokesman, told this newspaper his party’s position
Leonard Sands
Kwasi Thompson is that the elimination of VAT deductions, or refunds, on construction materials used for business expansions should be reversed. While he stopped short of committing the Free National Movement
TAXATION - See Page B2
Atlantis reveals projects to create 350 permanent jobs ATLANTIS yesterday announced that the planned upgrades to its Cove property, as well as the addition of fresh retail, restaurant and amenity offerings, will create 350 full-time jobs when all these projects are completed. The Paradise Island mega resort, did not place a dollar value on the level of investment it is making, although a Ministry of Tourism, Investments and Aviation release earlier this year said the property was about to embark on $475m worth of capital upgrades. Atlantis reaffirmed that The Cove will undergo a full renovation, including all 600 guest rooms, beginning in Spring 2026. The Cove pool, public spaces, dining venues and other guest amenities will also be involved, and the property will remain open to guests throughout the project. The Paradise Island mega resort added that
Audrey Oswell it will build on its “recent transformation of The Royal [Towers] and Atlantis casino” through further refreshing its product with new guest experiences during 2026. New full-service restaurants, which were not named; a Beach Club; and the return of the Imperial Club at The Royal were among the projects identified. An expanded sports facility and renewal of the Mandara Spa will also be undertaken
REFRESH - See Page B5