Bahamas

Battle to stop Bahamas government controlling liquidation of Gulf Union Bank

A fierce battle has been taking place behind closed doors in the Bahamas over the last month to prevent the government from controlling the winding-up of Gulf Union Bank (Bahamas) Limited.Depositors are concerned that a government-controlled liquidation will lead to a whitewash of the regulatory role in the bank's collapse of the Central Bank of the Bahamas.

Bahamas firms part of prime bank securities scam

Bahamas-based Loomis Ltd. has been ordered to pay $874,515 following a default judgement against it in the US District Court for the Southern District of New York.Loomis and other companies, including fellow Bahamas-registered Comcar International Ltd., fraudulently obtained more than $2.1 million through a scheme involving fictitious ‘prime bank' securities.

Insider Talking: January 30, 1998

OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation? 

Bahamas accounts used to pay share ramp bribes

Bank accounts in the Bahamas was used to bribe brokers who were paid to ramp up the share prices of small companies by promoting them to their unsuspecting clients.Details of the scheme emerged this month after two men pleaded guilty to various offences in the US, including conspiracy, wire fraud, commercial bribery and securities fraud.Leonard Ruge, a 40-year-old Canadian living in Florida, and Theodore Heitzman, 51, of California, each face up to five years in prison and a maximum fine of $250,000.

Russian banks banned from the Bahamas, says Central Bank Governor

Reports by a newspaper in The Bahamas that a Russian bank has been approved for a bank licence are inaccurate, said the governor of the Central Bank of the Bahamas, Julian Francis.The Punch newspaper had reported that the Alpha Bank had been given permission to set up in the Bahamas.But Francis said there had been no change in the Central Bank's position that Russian banks will not generally be allowed into the Bahamas because of difficulties in adequately regulating them.

Insider Talking: December 30, 1997

Former 'Acting CEO' of the Cayman Islands Stock Exchange applies to head Bahamas International Stock Exchange, Bermuda Government wants a Bermudian, not British, Governor' Cayman judge rebukes attorney F. Lee Bailey, First Cayman Bank liquidators may want to look at two properties in Florida that belong to the Quraeshi family, further evidence emerges of Cayman Islands Government incompetence in collapse of First Cayman Bank, the hypocrisy of Bermuda's Home Affairs Minister Quinton Edness, Euro Bank Corp. receives Class 'A' banking license in Cayman.

Caribbean hotels insurer goes into run-off

The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.

USA v. Lorne Banks et al: Criminal Indictment

Indictment in USA v. Lorne Banks, Michael Bell, Howard Bidloff, Kevin Bregman, Russell Bronson, Charles Courville, Howard Dick, Walter Fantin, Michael Hamley, Joe Kelley, Thomas Laquer, a.k.a. Wayne Arnold, a.k.a. Wayne Donaldson; Steve Millgram, a.k.a. Steve Louis; Gordon Orwin, a.k.a. Gordon Thomas; Marshall Alexander (Sandy) Reid, Martin Seagal, Marvin Simon, Walter Smolarek, a.k.a. Bob Winters, a.k.a. Walter Shaw; Victor Tomasicchio, a.k.a. Victor Thomas; Brian Wilson, John Doe #1, a.k.a. Andrew Barrington; John Doe #2, a.k.a. Bill Crandall; John Doe #3, a.k.a. Gordon Sinclair; and John Doe #4, a.k.a. Andrew Noble, at the U. S. District Court for the Western District of New York.

Battle for right to take BaTelCo private

An announcement is expected any day now on the winning bid for the lucrative contract to privatise the Bahamas Telecommunications Corporation.The thirteen original bidders for the BaTelCo contract down was whittled down to four earlier this month.

Bahamas stock offerings cancelled by regulators

Regulators in the Bahamas acted this month to prevent two public offerings from going ahead due to regulatory breaches by the companies selling the shares.Perhaps the most embarrassing postponement involved Caribbean Health & Fitness Ltd., the major developers of Gold's Gym in the Caribbean.

Werner Rey loses extradition appeal in the Bahamas

The Bahamas Court of Appeal this month upheld a lower court's decision to extradite businessman Werner Rey to face embezzlement charges involving millions of dollars in his native Switzerland.

Canadian kidnapped in the Bahamas

A 31-year-old Bahamian businessman has been charged with 25 offences following the kidnapping and robbery of five Canadian men in Nassau on October 13.

Gulf Union’s bank license suspended in the Bahamas

The Bahamian authorities have suspended the banking licence of the Gulf Union Bank (Bahamas) Ltd. following problems at the bank's financially troubled parent and sister companies in the Cayman Islands.Regulators are investigating allegations that suspiciously large amounts of money have flowed from the Bahamas bank to its Cayman affiliates and possibly on to foreign entities over the last few months.

PLP lose Pindling seat in Bahamas

The ruling Free National Movement party gained another seat in the Bahamian parliament when it won a by-election in the South Andros constituency, which the opposition Progressive Liberal Party had held for 41 years.The seat had been vacated by former Prime Minister and PLP leader Sir Lynden Pindling, who had represented South Andros for 30 years before retiring from politics after his party's humiliating defeat in the March 14 general election.

Ansbacher fires its New York correspondent bank

Ansbacher (Bahamas) Ltd. has fired its New York correspondent bank for providing confidential information about its account to the IRS without notifying the offshore bank first.And Ansbacher itself has been reprimanded by the Central Bank of the Bahamas for failing to inform the body quickly enough that the IRS was seeking information about its clients.

First Cayman Bank and Gulf Union in financial trouble

The future of First Cayman Bank and its parent, Gulf Union Bank, which also has a Bahamas subsidiary, has been subject to speculation over the last month after the Cayman Islands Monetary Authority blocked the appointment of a new general manager, forced through its own choice and alluded to "problems" at First Cayman.

US Security Alert on Bahamas is lifted

A US Security Alert warning Americans of the dangers of being in The Bahamas was lifted after several days, much to the relief of the tourism industry.

Bermuda jeweller ‘steals’ name of Caribbean jeweller

In an extraordinary move, a Bermuda jeweller has set up an operation in the name of a leading Caribbean jewellery chain in an apparent bid to disrupt the chain's attempt to muscle in on its territory.The action by HS & JE Crisson Limited is likely to lead to a complicated dispute with Bahamas-based Colombian Emeralds International, which had not trademarked its name in Bermuda.

Werner Rey hearing postponed

The Bahamas Appeal Court has postponed a hearing into the appeal by Swiss businessman Werner Rey against his extradition to Switzerland. Proceedings had been scheduled to begin on May 26.Rey is appealing a Bahamas Supreme Court decision in April to extradite him to his homeland, where he is wanted on charges of fraud, forgery and bankruptcy offences in connection with the Omni group, which collapsed in 1991 with losses exceeding SwFr1 billion.

Bahamas ditches Taiwan for China

The future of Taiwan's economic link with the Bahamas has been jeopardized after the Bahamas broke its eight-year diplomatic relationship with Taiwan in favour of China, the Nassau Guardian reported.The policy shift followed the opening of an $80 million container port in Freeport, in which Hutchison Port Property, a subsidiary of Anglo/Sino firm Hutchison Whampoa, has a 50 per cent stake, reported the Guardian.

Bermuda gains telecommunications edge over offshore rivals

Bermuda has gained a significant competitive edge over rival offshore domiciles in the Caribbean by ending the telecommunications monopoly of Cable & Wireless and introducing a second long-distance carrier.International rates from Bermuda were already the lowest of rivals such as the Cayman Islands, the Bahamas and Barbados, according to a survey conducted by Offshore Business News & Research, which publishes Offshore Alert.But, since Bermuda's government granted a second international licence in January to TeleBermuda International - which has yet to begin offering a service, Cable & Wireless has answered the threat of competition by lowering rates to many countries, some by almost a third.

Bahamas telecommunications nightmare

Featrure on State of Bahamas Telecommunications IndustryIf you like hissing noises, line echoes, unreadable faxes, disconnected conversations and high rates, the Bahamas is the place for you.E-mail has been known to take three days to arrive, telephone lines can take several months to be installed and you may well be restricted in the number of lines you can have, even in the business centre of New Providence.

Lynden Pindling quits politics

Sir Lynden Pindling has announced he is stepping down as leader of the opposition Progressive Liberal Party after 32 years, including 25 as Prime Minister, and is also quitting politics following his party's comprehensive defeat in the Bahamas General Election on March 14.Pindling was one of only six PLP MPs to keep hold of their seats as Hubert Ingraham's Free National Movement party won a record 34 of the 40 seats available. The PLP will meet soon to elect a replacement.

Interamerican Asset Management Fund allegedly used in multi-million dollar fraud

A Bahamas-based mutual fund was used by one of Ecuador's best-known business families to defraud investors and the Central Bank of Ecuador out of approximately $160 million, it has been claimed.And the scandal has extended to the United States where the Federal Reserve Board has taken steps to safeguard the financial position of the Pan American Bank, in Miami.Both the Bahamian mutual fund - the Interamerican Asset Management Fund Limited - and the Pan American Bank were set up by the powerful Ortega family of Ecuador.

Cayman banker Syed Bilal Ahmed still missing

Cayman Islands resident Syed Bilal Ahmed, the vice-president of Cayman-based Gulf Union Bank Ltd. and First Cayman Bank Ltd. is still listed as missing in the Bahamas after he disappeared from the Radisson Cable Beach Resort in Nassau on September 5, 1996.

Pindling accused of inciting Bahamas General Election violence

Bahamian opposition leader Sir Lynden Pindling, who all but destroyed his country's international business sector when he was Prime Minister from 1967 to 1992, has been accused of inciting gang members to murder a member of the government in the run up to a General Election on March 14.Housing Minister Chuck Virgill was shot to death just one day after Pindling appeared to incite members of drugs gangs who support him to take violent action against the government.

Isle of Man: Neville Michael Gothold

Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud and theft by Neville Michael Gothold through Nimrod Investments Ltd.

Mark Hardy goes into bankruptcy in the UK

Focus Insurance chief Mark Hardy was yesterday adjudged bankrupt by an English court.However Mr Hardy, who has long claimed he would not receive justice until a suit for negligence started against him in Bermuda by Focus liquidators was brought before an English judge, warned last night that his legal battle was "far from over".

USA v. Kenneth Rijock et al: Superseding Indictment

Superseding Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, a.k.a. Tico Rodriguez, a.k.a. Herberto Castellano; Michael Clinton Gruener, a.k.a. Michael Rossi, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.