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Volume: 120 No.276, December 30, 2022
FTX’S $3.5BN HELD ‘FOR SAFEKEEPING’ THE PEOPLE’S PAPER: PRICE–$1
Value of assets controlled by Securities Commission is confirmed in statement By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net MORE than $3.5bn worth of digital assets from FTX Digital Markets have been transferred to digital wallets that are now under the control of the Securities Commission of The Bahamas “for safekeeping”, it was revealed last night. Although the transfer was previously disclosed, the local regulatory body revealed the value of assets under its watch in a statement issued to the press late yesterday following weeks-long speculation and after facing heavy criticism from US debtors over the issue. In yesterday’s press
release, SCB also revealed that it had applied to the Supreme Court seeking directions regarding access to FTX’s records. Bahamian joint provisional liquidators of the failed crypto currency exchange have been locked in a near two-month long battle with US debtors concerning the former’s inability to gain access to the company’s data. This latest action comes after liquidators, on December 9, filed an emergency motion with the Delaware bankruptcy court requesting that it order FTX’s new CEO John Ray to grant the necessary access that has been denied since November 12, 2022. SEE PAGE THREE
CHARITY ALARM AT BID TO TAKE BACK FTX DONATIONS By LYNAIRE MUNNINGS lmunnings@tribunemedia.net LOCAL charities are shocked to learn that the collapsed cryptocurrency exchange FTX has announced they are seeking the return of donations made by its former management. The FTX Trading Ltd, the US arm of FTX, is urging all recipients of contributions to voluntarily return funds for the benefit of customers. However, it is unclear whether donations received by local entities
are also required to be returned. “To the extent such payments are not returned voluntarily, the FTX debtors intend to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced,” FTX said in a statement last week. “Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of SEE PAGE THREE
READY TO TAKE ON THE UNIVERSE MISS Bahamas Universe Angel Cartwright left the country yesterday for Louisiana to prepare for the upcoming Miss Universe pageant. Ms Cartwright, a private banker who is passionate about climate change, will take the stage with other beauty queens on January 14 in New Orleans. Her platform “There is No Planet B” focuses on promoting conservation and preventing climate change. Photo: Moise Amisial
‘DIFFICULT DECISIONS’ MUST CALL TO DIGITISE NIB AND BE MADE, WARNS MINNIS RAISE AGE OF RETIREMENT By LETRE SWEETING lsweeting@tribunemedia.net FORMER Prime Minister Dr Hubert Minnis yesterday warned that the Davis administration will have to make some difficult decisions with the Bahamian public in mind, just as he did during the pandemic
two years ago with regard to the depleted state of the NIB fund. Dr Minnis’ comments followed those of Myles Laroda, minister of state with responsibility for the NIB, who on Wednesday said that the government’s decision regarding the fund SEE PAGE FOUR
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE National Insurance Board (NIB) must be digitised and the age of retirement raised to save the fund from collapse, a top insurance executive has warned. Larry Gibson, chief
operating officer of CG Atlantic Pensions, told Tribune Business that the problems at NIB are “no secret” and that it is time for action as he agrees with Myles Laroda, Minister of State with responsibility for the fund. FULL STORY - SEE BUSINESS
12 CREW EVACUATED AS CARGO SHIP STRUGGLES THE TRIBUNE WISHES A HAPPY NEW YEAR TO ALL OUR READERS TWELVE crew members had to be evacuated after a cargo ship began taking on water in the Abaco area yesterday. There were concerns about the possible environmental impact the incident could have, given the ship’s steel cargo and heavy fuel oil on board. Last night, the Ministry of Transport and Housing said the vessel — mv Onego Traveller — was in distress around Hole in the Wall,
AN AERIAL view of the stricken MV Onego Traveller in video reportedly taken by an Abaco pilot.
South Abaco. According to the Ministry of Transport, Onego Traveller, a general cargo ship registered in Antigua
and Barbuda that was built in 2002, reportedly began taking on water in the ballast water tank area. “Due to adverse weather conditions, attempts to beach the vessel to a nearby sandbank to remove fuel and conduct repairs proved unsuccessful,” the ministry said. “The ministry is advised that remaining cargo onboard is ferix in bulk and steel products. The fuel SEE PAGE SEVEN
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