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‘I WON’T FIGHT EXTRADITION’
FTX founder’s lawyers say he will not resist legal efforts by US By EARYEL BOWLEG and PAVEL BAILEY Tribune Staff Reporters AFTER a confusing day in court, Sam BankmanFried has decided not to fight extradition to the United States, his attorneys announced yesterday. “He has decided to waive his right to fight the extradition and he is going to go to the United States freely,” Krystal Rolle, KC, who represents Bankman-Fried on non-criminal matters, told The Tribune. She said part of the reason the 30-year-old has
agreed to be extradited is he believes he can be more helpful in the US in his quest to make FTX customers “whole”. “I think the core issue is the fact that he wants to be as useful as he can in his pursuit to make customers whole and that is his ultimate objective and he wants to make sure that he can do all that he can to make that happen,” Ms Rolle said. “The extradition and the fight to a large extent would become the issue.”
BAHAMIAN insurers yesterday voiced relief that there is “light at the end of the tunnel” after the government said it would drop plans to move the industry to a business licence fee regime. Anton Saunders, RoyalStar Assurance’s managing
director, said both sides have made “significant progress” in resolving concerns stemming from the May Budget announcement that the Davis administration planned to ditch the existing 3 percent premium tax in favour of a switching to a 2.25 percent business licence. FULL STORY - SEE BUSINESS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SARKIS Izmirlian would so far have “lost more than $3bn” in potential profits alone if the Baha Mar resort from which he was ousted hit his financial projections, an analyst’s report has calculated. David Bones, the HKA partner and co-lead of its commercial damages practice, in an analysis filed with the New York State Supreme Court on Saturday revealed that he used more “conservative” indicators to calculate the loss of profits and damages suffered by the Cable Beach mega resort’s developer after he was removed from the project in late 2015. Meanwhile, contractor China Construction America has accused Mr Izmirlian of xenophobia and trying to “inflame antiChinese sentiment”. FULL STORY - SEE BUSINESS
WARNING OVER SEVERE WEATHER
SEE PAGES FOUR & FIVE
RELIEF FOR INSURERS AS GOVT DROPS LICENCE MOVE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
IZMIRLIAN BAHA MAR REMOVAL ‘COST HIM OVER $3BN’
SAM Bankman-Fried outside court yesterday.
Photo: Austin Fernander
GROUND BROKEN ON $250M LONG ISLAND PORT By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net
AZUL Destinations broke ground yesterday for the construction of a $250m resort and cruise port for south Long Island. The multimillion-dollar project, called the Calypso Cove, will consist of a 200-bedroom hotel, mega yacht marina facilities, interior pools, casinos, a cruise port, cruise pier and 18-hole golf course.
THE GROUND breaking ceremony yesterday. Photo: Moise Amisial Other features will include a zip line, rock climbing wall, sporting
activities, excursions, among other amenities. Some 300 people are expected to be employed during the project’s construction phase that will take place over a two-year period. A heads of agreement for the project’s development was signed between the government and Azul Destinations and Calypso Cove Destinations Ltd in October.
Nassau & Bahama Islands’ Leading Newspaper
SEE PAGE THREE
SEVERE weather is expected in the northwest Bahamas tomorrow due to a passing low-pressure system. The Department of Meteorology said thunderstorms, torrential rainfall, possible tornado and funnel cloud activity is expected in Bimini, Grand Bahama and Abaco. Residents in these islands are advised to exercise extreme caution while going about their daily routine as flooding in coastal, low-lying and flood prone areas is possible. SEE PAGE TWO
FACE TO FACE:
REACHING OUT TO STOP PATH TO VIOLENCE
PAGE EIGHT