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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

August 25, 2010
CLICO liquidator targets 77 firms

By NEIL HARTNELL

Tribune Business Editor

CLICO (Bahamas) liquidator is attempting to obtain records on 77 companies he believes are connected to the insolvent insurer's Trinidadian boss, Lawrence Duprey, as he continues his asset hunt on behalf of Bahamian policyholders and creditors, Tribune Business can reveal.

Attorneys representing Craig A. 'Tony' Gomez, the Baker Tilly Gomez accountant and partner, have issued subpoenas seeking numerous documents from US-based companies that acted as bankers/registered agents to entities that formed part of Duprey's Florida-based empire, but these are being resisted by his Florida-based law firm.

In a motion filed with the Florida cour ...

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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

May 05, 2014
DPM: Two firms in running for BEC reform

The government has narrowed the number of potential companies that submitted proposals for the Bahamas Electricity Corporation (BEC) restructuring deal down to two, according to Deputy Prime Minister Philip Brave Davis.
In March, it was reported that accounting firm KPMG had made recommendations and given the government an assessment of all bidders.
However, it remained unclear how many bidders had been forwarded to Cabinet for consideration.
Davis, whose portfolio includes BEC, said in a recent interview with The Nassau Guardian that he hopes to reach a decision on the matter before the government begins debate on the new budget.
The government is expected to begin debate on the 2014/2015 budget at the end of this month.
However, Davis said, "We are not going to rush to that decision."
On March 30, Davis said negotiations had been completed.
He said at the time, that Cabinet was expected to deliberate on the bidders and "know whether the government has accepted any of the options" within two weeks.
Davis previously said the government may not select any of the bidders.
He has also suggested that the government may only engage one company to assist reforming the energy sector.
Asked whether the two companies before Cabinet is any indication of the government's intentions, Davis did not respond directly.
"That proposition is still under consideration, whether we go with one or two," he said on Wednesday.
It also remains unclear whether BEC will remain unified or be split into two companies as originally indicated.
Some observers have said the deal and reform process is four months overdue.
Last August, Prime Minister Perry Christie revealed the government's plans to engage private companies to offer power generation for BEC and gain a management contract to take over transmission, distribution and customer billing.
At the time, Christie said the contract with prospective companies would be signed by the end of last year.
Both Davis and Christie have pledged that the deal will be transparent, amid criticisms from the Free National Movement and Democratic National Alliance about the transparency of the deal.
Davis has promised that government will consult the public before any decision is made.
"The word transparency is a political appendage that one seeks to pull out of the hat whenever there is need for attention, that's what I see," he said in March.
"I mean at the end of the day, the Bahamian people will be fully informed about what is happening and has happened and the timeline."

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News Article

May 21, 2012
Prime Minister Harper confirms firm end to Canada's military mission in Afghanistan

Chicago, Illinois - Prime Minister Stephen Harper today confirmed
that Canada's military mission in Afghanistan will come to a firm and
final end once the current training mission concludes on March 31, 2014.
The Prime Minister made the announcement at the North Atlantic Treaty
Organization (NATO) Summit in Chicago.

"For more than a decade, the brave men and women of our Canadian
Armed Forces, the RCMP, and many dedicated public servants and civilians
have made enormous sacrifices to assist the Afghan people," said the
Prime Minister. "Canada will honour its commitment and complete its
current training mission but our country will not have any military
mission in Afghanistan after March 2014..."

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News Article

August 18, 2011
Ministry unsure how many Self Starter-funded firms still in business

The Ministry of Youth, Sports and Culture still does not know definitively how many of their Self Starter grant recipients are still in business, despite shelling out more than $1.7 million over three years to fund the program, according to minister responsible for the program Charles Maynard.
However, Maynard said his ministry is actively attempting to reach out to the more than 500 people who received grant money, and so far have contacted at least 75 percent of them.
Former minister of youth, sports and housing under the previous Progressive Liberal Party (PLP) administration Neville Wisdom told The Guardian yesterday that the government should have been able to offer something tangible to the public regarding the Self Starter program by now.  He said a list of all of the businesses that benefitted from the scheme should have been created a long time ago.
Wisdom contended that it is important for people to know who these grant awardees are, so that Bahamians can patronize their businesses.
Maynard lamented that many of the people who received the Self Starter grant money have changed phone numbers since receiving their awards and have thus far been unreachable.
He said, however, that of the 75 percent his ministry has been able to contact, a "vast majority" boast successful businesses because of the program.
"The vast majority still claim to be in business as we do our spot checks," he said. "They seem to be holding up."
Maynard admitted that some people have reported to the ministry that their businesses failed and that they had to sell the equipment they purchased with their grant money.
And despite giving out more than $1 million, he said there have been no reports that the money has been used for anything other than business start-ups.
"Up to this point we have not experienced any fraud," Maynard said.
"Some people may have gotten it and just given up the ghost after a short while, but we haven't gotten any reports of any fraud, where somebody would have gotten the money for themselves."
Maynard said several unique businesses have been born out of the program, including Bahamas Striping, which continues to grow and expand.
He also mentioned that several beauty salons and eateries started on Family Islands with the grant money have been successful.
Wisdom suggested that the government has to provide the list of companies started through the Self Starter program in order to show that the program has been fair, transparent and successful.
However, Maynard said he is not sure when those figures can be produced, as a field team from his ministry continues to gather data on the more than 500 recipients.

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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

May 02, 2011
Fashion firms rush to copy the royal gown

NEW YORK

Associated Press

SECONDS after Kate Middleton emerged from her car outside Westminster Abbey in a ball gown with lace sleeves, designers around the U.S., glued to their TV sets, were sketching her look, setting in motion a mad rush for mass-produced versions that are expected to be in stores as early as late June.

For brides-to-be who can't wait even four weeks, David's Bridal, the largest U.S. bridal chain, was already trumpeting a strapless look from Oleg Cassini, paired with a lacey bolero jacket, on its website as an already available stand-in as it scrambled to push out modified knockoffs of the real thing to stores by September.

Meanwhile, the television home-shoppin ...

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News Article

March 29, 2011
1 in 10 reverse mergers of Chinese firms on US stock exchanges fraudulent

At
least 10% of Chinese companies that have gone public on stock
exchanges in the United States are engaged in fraud. The deals often

involve establishing offshore holding companies in the British Virgin
Islands, Cayman Islands, Samoa or another offshore jurisdiction in
order to conceal illegal conduct.

The startling claim, following extensive research, was made to OffshoreAlert by Sharesleuth.com, an investigative news web-site controlled by well-known American businessman Mark Cuban.

"Upwards of 400 Chinese companies have gone public on U.S. exchanges through reverse mergers," says Chris Carey, Editor and President of Sharesleuth.com. "We've identified at least 40 deals - or fully 10 percent - that have involved some degree of fraud or deception...

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News Article

September 08, 2010
Technology firms donate to school

Bahamas WiMax, the wireless Internet Service Provider, has partnered with Nassau-based Lignum Technologies to donate a state-of-the-art computer laboratory to Every Child Counts in Marsh Harbour, Abaco.

Bahamas Wimax's chief executive, Matthew Carey, said: "Computer skills have become required learning

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