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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

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

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

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
Abaco power woes costing firms 50
July 22, 2010
Abaco power woes costing firms 50%

Brownouts, blackouts and fried equipment continue to plague Abaco, with one store owner Monday saying business had fallen 50 per cent because of the power issues, while one hardware store said commerce was flowing because of it.

Peter Bradley said his company, Conch Pearl Gallery, had lost half its business because of the consistent power cuts across the island, as tourists - his biggest customers - peer into the darkened store and subsequently leave.

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News Article

December 29, 2011
FOUR BAHAMAS FIRMS FIND WINNING WAYS

FOUR Bahamian businesses - a restaurant and three luxury retailers recently came up winners in the MasterCard-Ministry of Tourism 'Find Your Way' initiative, walking away with an early Christmas present of cash from the international credit and debit card company for being number one in the increase of MasterCard sales volume for the month.

The most recent winners were the Kafe Kalik restaurant at Lynden Pindling International Airport, Carlo Milano and Effy Jewellers of Bay Street, and A la Plage, Marina Village, Paradise Island. Each received international recognition and a cheque for $1,000, rewarding them for their performance.

"The outstanding performance of our winning merchant ...

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News Article
Int'l firms hit with 3.5 spike in cost of remitting profits
July 15, 2013
Int'l firms hit with 3.5 spike in cost of remitting profits

BTC, Commonwealth Brewery and international banks operating Bahamian subsidiaries are among those companies who will be subject to a 3.5 percent increase in the cost of remitting profits out of the country as a result of a new tax on the repatriation of profits imposed by the government.

Minister of State for Finance Michael Halkitis yesterday clarified an amendment to the Stamp Act highlighted by Guardian Business on Friday, which had caused considerable concern among practitioners in the financial, legal and real estate sectors who feared their transactions would be impacted...

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News Article

January 27, 2011
Freeport firms suffer 30-60 sales declines

By NEIL HARTNELL

Tribune Business Editor

With major Freeport businesses and wholesalers having suffered year-over-year top-line sales reductions of between 30-60 per cent for January, a leading attorney told Tribune Business that central government pressure meant that "the rule of law and governance under the Hawksbill Creek Agreement has nearly complete collapsed".

Fred Smith QC, the Callenders & Co attorney and partner, warned that various government initiatives, such as Customs' demand for a National Insurance Board (NIB) Letter of Good Standing before bonded letters were renewed, were in danger of "throwing the baby out with the bath water" and "could easily k ...

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