Government could lay claim to a billion-dollar shipwreck industry, with an amendment to the Abandoned Wreck Act that sources claim could erase the nation’s sovereign debt and stop millions of dollars from leaving the country yearly in illegal salvages.
Acknowledging fears of the nation becoming a new “wild, wild, west”, Minister of Youth, Sports and Culture Charles Maynard confirmed to Guardian Business yesterday that recent studies done by experts in Florida estimate the total value of wrecks lying beneath Bahamian waters to exceed hundreds of millions of dollars. That’s no small appraisal, given it comes from the team of experts who were instrumental in ...

Click here to read more at The Nassau Guardian