A $25,000 settlement was made between the Securities Commission and Bahamas Supermarkets Limited (BSL) for the company's alleged failure to file its certified annual report — a delay that haunted the company last year.

It's a deal that was struck last month in an effort to settle a formal complaint dated November 26, 2009, issued by the Commission's Executive Director Hillary Deveaux against the public-traded company BSL, whose shares are traded over the counter.

"Without admitting or denying the allegations in the Formal Complaint, Bahamas Supermarkets Limited agreed to settle the action against it," a statement from the Securities Commission sent to Guardian Business confirmed. "[BSL] executed a Settlement Agreement requiring it to. . . pay the amount of $15,000 to the Commission in settlement of the Formal Complaint against it dated November 26th, 2009 and an additional $10,000 for the settlement of Bahamas Supermarkets Limited alleged failure to produce to the Commission its Audited Financial Statements for 2009."

The Commission's official complaint alleged that BSL was in breach of Section 65 of the Securities Industry Act, Chapter 363 which required that Bahamas Supermarkets Limited file with the Commission its certified annual reports. At the time the Formal Complaint was issued, Bahamas Supermarkets Limited Audited Financial Statements for 2008 and 2009 were past due. On October 27, 2009 BSL submitted its 2008 audited financial statements to the Commission and posted it on its website.

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