Search results for : affidavits
October 10, 2023
ArawakX defends valuation methods amid winding-up application battle
NASSAU, BAHAMAS- ArawakX, the country's first crowdfunding platform is defending its valuation methods as being based on "world-class standards" amid concerns by its regulator, slamming the winding-up application against it as "ill-conceived" and based on a false premise. In an October 6th affidavit, Winston Rolle, ArawakX's Chief of Equities contended that the company has at [...]
ArawakX CEO fires back
October 02, 2023
ArawakX CEO fires back
Firing back at the Securities Commission of The Bahamas (SCB), ArawakX CEO and Chairman D'Arcy Rahming Sr. argued that his company is not insolvent and there was never any commingling of client funds. The SCB is seeking to wind up MDollaz Ltd., which operates as ArawakX. In an affidavit filed last week, Rahming said there was never any "substantive ...
The post ArawakX CEO fires back app...
October 02, 2023
ArawakX rejects regulator's insolvency claims, slams winding-up "ambush"
NASSAU, BAHAMAS — ArawakX's chairman and chief executive has roundly rejected assertions by the Securities Commission that the crowd-funding platform was insolvent to the extent of $2.4 million and guilty of any regulatory breaches or irregularities. D'Arcy Rahming senior, ArawakX's chairman and chief executive, alleged in a September 27, 2023, affidavit that the regulator, following [...]
September 22, 2023
SBDC still exploring crowdfunding in wake of ArawakX closure
Crowdfunding for Access Accelerator/Small Business Development Centre (SBDC) clients is being explored, but will likely not be implemented in the next two years, the SBDC's interim Executive Director Samantha Rolle said yesterday. Rolle was speaking to the media on the sidelines of the SBDC's fifth anniversary event at Margaritaville, and explained that the center wants to ...
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CJ restricts ArawakX operations
September 21, 2023
CJ restricts ArawakX operations
Chief Justice Sir Ian Winder ordered that ArawakX cease all of its activities and not attempt to raise capital or investments in the company until after a October 13 winding up hearing has been completed. Sir Ian gave the verbal ruling in court last Friday but his written interim order was perfected and filed on Tuesday. MDollaz Ltd., trading ...
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September 20, 2023
Business-owners who raised funds on ArawakX tells shareholders their investments safe
Company owners who raised money through embattled crowdfunding platform ArawakX sought to assure shareholders yesterday that their investments are safe and that their businesses are growing thanks to the investments shareholders injected. Chef Kevin Culmer, owner of Tropical Gyros, and Dr. Danny Johnson, principal of Foot Care Rx, called into the talk show "Morning Blend ...
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SCB begins ArawakX winding up proceedings
September 19, 2023
SCB begins ArawakX winding up proceedings
The Securities Commission of The Bahamas (SCB) began winding up proceedings of Mdollaz Ltd., trading as ArawakX, after finding via investigations and interviews that the crowdfunding firm is insolvent, commingled company funds with investor money, and sold Mdollaz shares without SCB approval, according to an affidavit filed by the SCB's Executive Director Christina Ro...
September 19, 2023
"MORE THAN SUFFICIENT EVIDENCE" to shutter ArawakX, Securities Commission says
NASSAU, BAHAMAS — The Securities Commission is asserting that there is "more than sufficient evidence" to justify the winding-up of the country's first crowdfunding platform ArawakX, citing its concerns over the company's solvency as well as alleged governance irregularities and regulatory breaches. In a statement Monday evening, the regulator noted that on Friday September 15th, [...]
Judge unfreezes bank account of woman
August 24, 2023
Judge unfreezes bank account of woman
A judge on Wednesday denied to freeze the bank account of a woman who was previously accused of money laundering, pending a civil forfeiture hearing. The commissioner of police had sought a civil forfeiture order for the money held in a Royal Bank Account belonging to Leah Davis. The money laundering charge was withdrawn against ...
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July 22, 2023
Natl. Secu Min. To Testify In Prison Commissioner Case
NASSAU, BAHAMAS - National Security Minister Wayne Munroe has sworn an affidavit in the upcoming court case involving Prison Commissioner Charles Murphy.
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