business@tribunemedia.net
Wednesday, December 24, 2025
$5.30 $4.90
Up to 1,500 jobs ‘at risk’ but boating fee progress • • •
Marina chief: Cut boat entry time from eight hours to one Tourism, private sector in second meeting on fee reforms ‘Movement’ by Ministry of Finance but negotiation ongoing
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN marinas have warned the Prime Minister that up to 1,500 Bahamian jobs are “at risk” from the 40 percent decline in boating traffic amid signs of progress towards an acceptable compromise for both PETER MAURY the Government and private sector over the Budget fee hikes. Peter Maury, president of the Association of Bahamas Marinas (ABM), in a letter to Philip Davis KC’s office that has been seen by Tribune Business, called for reforms that will slash the time taken for visiting vessels to clear Customs and Immigration by up to 87.5 percent as he urged “swift corrective action” to maintain this nation’s competitiveness. Asserting that more than 60 percent of visiting yacht captains surveyed by the ABM said they were choosing alternatives to The Bahamas because of “the complexity and length of the clearing process”, Mr Maury argued that this nation needs to cut the time required to complete this from up to eight hours down to one by “simplifying and digitising” its systems. The Association weighed in amid ongoing negotiations between the Ministry of Finance and tourism industry over adjustments to the new and increased fees, as well as cruising permit changes, that accompanied
DISCUSSIONS - See Page B7
$5.35
$5.33
Gov’t owing BISX $1m in unpaid fees By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• Listing and trading levies not paid for three years
THE Government owes the Bahamas International Securities Exchange (BISX) a “material” $1m in unpaid fees for the listing and trading of its debt securities dating back over the past three years, Tribune Business can reveal. Keith Davies, BISX’s chief executive, in response to this newspaper’s inquiries confirmed that the Bahamian stock exchange was forced to record “a significant loss” in its most recent audited financial statements due to having to “write down” over $700,000 of what the Government owes to comply with global accounting standards.
• Exchange forced to take $700,000 ‘write down’
BISX’s expansion coming ‘out the gate’ in early ‘26 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange (BISX) is aiming to bringing two key projects “out of the gate” in the 2026 first half with its chief executive yesterday conceding that these had been delayed after “getting a little sidetracked”. Keith Davies told Tribune Business that the exchange is seeking to launch its longawaited “private listings market” towards the end of next year’s first quarter, with its crowd-funding platform already under construction - set
• ‘Material’ sum causes ‘significant financial loss’ Voicing optimism that the outstanding sums will be settled by the Davis administration in “a timely and orderly manner”, he nevertheless warned that it “could impact” BISX’s operations if the matter remains unresolved and is dragged out over a long period of time. The BISX chief to swiftly follow in the second quarter as it seeks to execute on plans to grow, broaden and deepen the Bahamian capital markets. “We are still working to deliver on things we talked about last year,” he conceded. “The one we are shortly issuing for consultation is going to be the private listings market. We’ve essentially completed work on that. There are a few minor things we want to tweak on it, but there’s nothing preventing us from putting it out there and moving forward with it. “We’re going to take steps to release it to market participants for comment. I’m hoping to release it before the end of the year. That’s going to be the private listings market. That is allowing private companies to create separate tradable private markets for their securities
GROW - See Page B5
Keith Davies
said the issue has been raised with “a senior level” of government as well as privately. Attempts by Tribune Business to obtain comment from the Government before press time were unsuccessful, but this newspaper understands the unpaid listing and trading fees were discussed at both
Andrew Mountbatten-Windsor
$5.46
BISX’s recent annual general meeting (AGM), which was attended by representatives of its 40-plus shareholders, and at the exchange’s most recent Board of Directors meeting. Besides being BISX’s largest shareholder, owning 40-plus percent of the exchange’s equity via the Central Bank, the Government is also the exchange’s largest participant in terms of market capitalisation and the number of debt securities that are listed and traded. The last available data, for the 2024 first quarter, showed that some 242 Bahamas government registered stock (BGRS) issues worth a collective $4.4bn were listed on BISX.
PAYMENT - See Page B7
Peter Nygard
FBI sought to grill UK royal on ties to Nygard Cay owner By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net US law enforcement wanted to interrogate the UK’s now-former Prince Andrew over potential links to convicted sex offender Peter Nygard, especially any women he had met at the disgraced Canadian fashion tycoon’s Lyford Cay property in The Bahamas. Documents revealed as part of US Justice Department disclosures related to fellow sexual predator, Jeffrey Epstein, reveal that the Federal Bureau of Investigation (FBI) and US attorney’s office for southern New York sought legal assistance from their UK counterparts in grilling the fallen British royal, now known as Andrew Mountbatten-Windsor, as part of a
probe into “an international sex trafficking ring” involving Mr Nygard. The request, which was made on April 3, 2020, just weeks after the COVID19 pandemic forced most of the world’s major economies to close, saw US federal law enforcement authorities invoke the provisions of their mutual legal assistance treaty (MLAT) with the UK and request that Andrew be “compelled” to answer questions under oath if he declined to submit to a voluntary interview. No interrogation by the FBI is reported to have taken place, but the US request stipulated: “The US authorities are investigating Peter Nygard, a Canadian citizen, and other
LINKS - See Page B5