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News Article

April 11, 2012
Russian corruption and laundering through Credit Suisse and other international firms

Astonishing brutality
and corruption in Russia and the laundering of criminal proceeds
through Switzerland, the British Virgin Islands, Dubai and Cyprus will
be analyzed at the upcoming OffshoreAlert Conference.

After
Moscow-based tax attorney Sergei Magnitsky blew the whistle on a $230
million tax fraud in which his client, UK-based investment advisory firm
Hermitage Capital Management, was one of the victims, he was taken into
custody by the officials he accused and held without bail in primitive
and deadly conditions until he died in his cell in 2009.

The OffshoreAlert Conference will look at evidence of corruption by the Russian...

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News Article

May 16, 2011
LAW FIRM HOSTS TOP GLOBAL ASSOCIATION

The International Bar Association (IBA), the 40,00-plus strong legal organisation, held its Management Board meetings at the Higgs & Johnson Ocean Centre office in the Bahamas.

The IBA is an organisation of international legal practitioners, bar associations and law societies. It influences international law reform and shapes the future of the legal profession worldwide. The Management Board represents the leading partners of major firms in countries around the globe, such as the UK, the US, Japan, Belgium, Germany, Ireland, Spain, Australia and the Bahamas.

IBA president Akira Kawamura, of Japan, said in a letter: "It was a delight to be in the Bahamas for the Management Board meetings, ...

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News Article

February 03, 2011
Call for safeguards against firms failing to pay their bills

A $250,000 loss incurred by a leading engineering company has sparked the principal of the firm to call for more safeguards for local businesses.
It’s important, said head of Islands By Design (IBD) Keith Bishop, for Bahamian businesses to be protected from companies they render services
to which are unable to pay their bills. The frequency of these occurrences, he said, counters the intent of foreign direct investment (FDI) in
increasing opportunities for local businesses.
“I fly all around The Bahamas and you see countless failed developments,” he told Guardian Business yesterday. “There is some level of due diligence of course, but if a guy comes in and flatt ...

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News Article

February 24, 2011
Three firms take legal action against Customs

FREEPORT, Grand Bahama - Three companies are taking legal action against the Department of Customs over its decision to require Grand Bahama Port Authority (GBPA) licensees to obtain a letter of good standing from the National Insurance Board (NIB) to receive authorization to purchase goods in bond over the counter.
An application for leave to bring judicial review proceedings against the comptroller of Customs was filed yesterday by Smith Point Limited, Callenders and Co., and Bahamian Outdoor Adventure Tours Limited on the grounds that there is no lawful basis on which Customs can impose such a requirement on a licensee before issuing an over-the-counter letter.
The application, filed by attorneys o ...

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News Article
Firms still suffering from road changes
July 08, 2013
Firms still suffering from road changes

The Coconut Grove Business League (CGBL) could be heading back to court within the next month, this time to the Privy Council.

Ethric Bowe, spokesperson for CGBL, confirmed to Guardian Business that the group has instructed its lawyer to take the matter to the Privy Council, as businesses have yet to recover as a result of the road changes...

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News Article

July 27, 2011
'Kiss Of Death' For 25 Firms

THE New Providence Road Improvement Project has proved to be "the kiss of death" for many small Bahamian-owned businesses in the Robinson Road and Market Street areas, a leading consultant to the sector telling Tribune Business "at least 25" had gone out of business.

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News Article

March 14, 2011
Prince Charles firms suffering 40-80 fall-off in business

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Robin Hood owner, Sandy Schaefer, has "indefinitely" delayed plans for a 44,000 square foot plaza next door to his Prince Charles Drive supermarket due to roadworks, which he and 13 neighbouring business owners yesterday blamed for business declines of between 40 and 80 per cent since they began last week.

Mr Schaefer and the group affected by the Prince Charles Drive roadworks, which have seen the major thoroughfare reduced to one lane heading west, surrounded by a jumbled collection of traffic cones and barricades, yesterday called on the Government and general contractor to "compromise" with them to reduce businesses losse ...

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News Article

February 09, 2011
BSE head hopes local firms have large role in Arawak Cay project

The head of the Bahamas Society of Engineers (BSE) is optimistic that Bahamians in the profession will have a good share of work in the $65 million Arawak Cay Port Development project, pointing out that local engineers are adept enough to take on the task.
Robert Reiss told Guardian Business yesterday that the work could be carried out by local engineers and the government doesn’t have to rely heavily on international contractors. “I would think that a large portion of [the Arawak Cay Port Development] if not the vast majority of that can be done by Bahamian engineers,” Reiss said. “The designing of buildings and structures, we have that handled wi ...

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News Article

September 27, 2010
Distributor:Misunderstanding by firms on Similac recall

By GENEA NOEL
Freeport News Reporter
Several stores in New Providence have insisted that all Similac products made by Abbott Labs be removed from their shelves despite confirmation that only certain Similac-branded products were affected by the recent recall.
The recall was made following an internal quality review by the company, which detected the remote possibility of the presence of a small common beetle in the product produced in one production area in a single manufacturing facility.
According to officials from the Nassau Agencies Limited, local distributors for Similac, since the recall of some brands of the product last week, major stores have been requesting that their entire supply be re ...

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News Article

January 31, 2011
Central Bank issues warning to unlicensed firms

The Central Bank of the Bahamas has issued its second warning against 66 unlicensed financial services institutions.
A statement from the bank said: “The entities listed are not licensed under the Banks and Trust Companies Regulation Act 2000 to conduct banking and/or trust business in or from within The Bahamas. Members of the public who transact business with these entities do so at their own risk.”
Governor of the Central Bank Wendy Craigg was unable to go into detail about the unlicensed companies, but told Guardian Business last week that “investigations are ongoing and information is being gathered.”
According to Section 3 of the Banks and Trust Companies ...

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