Bishop’s family wins on title over 3,205 Rum Cay acres
By NEIL HARTNELL Tribune Business Editor
An Anglican
Bishop and his family have fought off
multiple challenges to their ownership of 3,205 Rum Cay acres in a Supreme Court ruling billed as “cleaning up” much of the land speculation that has bedeviled the island for decades.
Bishop Gilbert Arthur Thompson, who has just celebrated his 90th birthday, and his family’s company, Mondevco Ltd, have seen the Certificates of Title affirming their ownership of ten separate Rum Cay land parcels upheld by Justice Simone Fitzcharles in a September 23, 2025, verdict.
* Court delivers 90th birthday present for Bishop Thompson
* Ruling viewed as ‘cleaning up’ decades of land speculation
* Judge: Challengers took too long to initiate adverse claims
A. Thompson told this newspaper. “It took almost two years for the ruling to come out, and it came out in favor of Mondevco Ltd.”
The family is now waiting to see whether either of its challengers will appeal the Supreme Court verdict, and has yet to determine what it will use the Rum Cay holdings for if their ownership stands.
And, in doing so, she rejected two “adverse claims” to ownership of the same land that appear to be linked to persons and corporate entities known to have been long involved in Rum Cay real estate transactions where property titles were viewed as dubious or questionable.
attorney who represented his family in the Supreme Court battle alongside Dwyan Rodgers of Meridian Law Chambers, told Tribune Business that the verdict - if there is no appeal - will “clean up a lot of the problems that have been created” by the years-long orgy of land speculation impacting Rum Cay.
Gilbert A. Thompson, the Bishop’s son and an
Asserting that the affirmed title certificates give the family ownership of around “one-third” of Rum Cay, he confirmed that the Bishop is a director and shareholder in Mondevco Ltd. “There were two adverse claimants,” Gilbert
“The good thing is this cleans up a lot of the problems that have been created,” he added. “This is essentially putting them to bed. All that stuff that was going on with Effie Knowles, that will now be null and void.”
Bank failure reform impact for depositors and creditors
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PROPOSED legal reforms will give Bahamian depositors “preferential treatment” while providing the Central Bank with “discretion to depart” from equal treatment of “similarly-ranked creditors” following a bank failure.
Stacey Benjamin, the Central Bank’s top legal counsel, told yesterday’s financial services industry briefing on the recently-unveiled legislative amendments package that the changes - if passed into law - would rank Bahamian depositors and their funds ahead of other “senior unsecured creditors” in any payout and recovery following an
institution’s liquidation. She also explained that the proposed “discretion” in creditor treatment, which would be a departure from long-standing international and local norms, will only be exercised if the Central Bank feels it is necessary to “prevent contagion” in the Bahamian financial system or maximize the “value” of a failed/collapsed institution and its assets.
“The proposed amendments also seek to ensure depositors receive preferential treatment and a mechanism to protect public funds during resolution,” Ms Benjamin said. “Depositor preference and flexibility in creditor treatment.”
Reform of the Banks and Trust Companies Regulation Act in 2020 had incorporated provisions
GOVERNOR: ‘THERE’S WORK TO BE DONE’ ON CONSUMER CONCERNS
By NEIL HARTNELL Tribune Business Editor
THE Central Bank’s governor yesterday asserted that its proposed reform package will “empower the regulator to address more holistically” Bahamian consumer concerns around bank fees, financial inclusion and access and payment services.
John Rolle, addressing a consultation with financial services executives on the planned changes to key industry legislation such as the Central Bank of The Bahamas Act and Banks and Trust Companies Regulation Act, conceded that “there’s work that needs to happen in this space” to resolve long-standing consumer grievances over
how banks treat them.
“The reform proposals also add clarity and the mandate that the Central Bank needs to have in pursuing issues such as access and inclusion to financial firms and services in the domestic banking and payment space, especially at a transactional level,” the Governor said.
“These are expected to, once fully fleshed out, to empower the Central Bank to begin to address more holistically, for example, consumer protection matters as they relate further to fee-setting and other [factors] relating to products and services that are used for payment.
“The products and services we are talking about
“for shareholder and creditor safeguards” should any of the Central Bank’s licensees fail, “and to allow for greater flexibility in developing resolution options in line with international standards”.
However, with the latest proposed changes, Ms Benjamin added: “These amendments will introduce provisions that will give the Central Bank discretion to depart from the pari passu (equal) treatment of similarly-ranked creditors either to prevent contagion in the financial system or to maximize the bank’s value.
“The proposed amendments also introduce depositor preferences that will place depositor funds in a more senior position than other unsecured creditor claims. That will
require an independent valuation of assets and liabilities to inform the Central Bank’s resolution actions”.
Ms Benjamin told financial services executives that proposed changes to the Protection of Depositors Act are designed to prevent ‘bank runs’, where depositors suddenly withdraw funds en masse for a particular institution because they perceive it is about to fail or collapse - an event that can turn belief into reality.
She explained that the reforms will give the Deposit Insurance Corporation, which fully insures all deposits up to a maximum of $50,000 at its member institutions, access “to a dedicated
BANK - See Page B6
Many of those involved in the Rum Cay land speculation orgy have claimed their roots of title ownership derive from the estate of the late Effie Knowles, a Bahamian who pursed a legal career in Florida and died in the 1980s after purportedly becoming an associate of the former US president, Franklin Delano Roosevelt. Her name was again invoked by one of the rival claimants during the challenge to Bishop Thompson and his family, with Phillip McKenzie KC, the Davis & Co attorney and partner, asserting that his client through the Effie Knowles
estate held “superior title” to a 232.68-acre portion of another 745.202-acre tract claimed by Mondevco Ltd. The outcome has to be determined at a separate hearing but, if it goes in the latter’s favor, could result in the Anglican bishop and his relatives owning just shy of 4,000 Rum Cay acres at 3,951. Justice Fitzcharles’ judgment revealed that the 232.68-acre tract claimed by Mr McKenzie’s client, Atlantic Coast Development, was allegedly conveyed to it by another corporate entity, Newport
VERDICT - See Page B5
TOP EU OFFICIAL DENIES ‘UNFAIR PRACTICES’ TOWARDS BAHAMAS
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE European Union’s (EU) Bahamas representative yesterday asserted that the 27-nation bloc “has never imposed any sanctions or unfair practices” on this nation and other Caribbean states amid criticism of its regulatory initiatives targeted at international financial centers.
Dr Erja Askola, EU ambassador to Jamaica, Belize and The Bahamas, responded directly to complaints by Senator Barry Griffin, executive chairman of the Bahamas Trade Commission, that initiatives such as ‘substance reporting’ and the subsequent
‘blacklisting’ of this nation and others for purported non-compliance was anticompetitive and designed to drive rivals out of the financial services business. Speaking on a panel during Diplomat Week, Mr Griffin highlighted the negative impact that regulatory and trade restrictions - particularly in financial services - have on small nations such as The Bahamas. He argued that while these restrictions are often framed as efforts to address compliance gaps, they actually expose deep structural inequities in global governance.
Mr Griffin said that while small countries may struggle to fight back through
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BAHAMIAN credit unions yesterday pushed back on planned legal reforms that will eliminate the current VAT exemption they enjoy as the Central Bank’s Governor defended the move on the grounds of fairness.
John Rolle said that while all businesses are exempt from taxation on their profits, more clarity is needed in legislation regarding how credit unions pay VAT on their purchases. He added that there remain certain government taxes that may not apply to credit union operations, but that when these entities procure goods and services from the same suppliers as the general public, VAT
becomes more relevant.
“In the case of the Value Added Tax, it’s really dealing with the instances in which they are encountering that in their inputs to the operation, and making certain that there’s clarity in terms of how that is administered,” said Mr Rolle.
“I think there’s still some aspects of government taxes where, in transactions specific to the operations of credit unions, that the taxes are still not applicable. So those cases do not go away. It’s more reference to Value Added Tax in the context where these entities are procuring goods and services from the same providers as the general public.”A representative of a credit union said it currently only pays VAT on investment properties and
THOMPSON
Usher construction into 21st century by appointing Board
Dear Editor,
I am writing to draw attention to a concerning issue that has persisted since 2016.
Despite the legislation enacted to establish a licensing system for contractors in The Bahamas, there are currently no licensed contractors operating within the Commonwealth of the Bahamas. This lapse not only undermines the integrity of the construction industry but also raises serious concerns about safety, quality and accountability in our building practices.
LETTER TO THE BUSINESS EDITOR
The absence of licensed contractors leaves the public vulnerable to unqualified or unscrupulous operators who may put profits above standards, risking the safety of residents and the durability of their properties. It also hampers efforts to regulate and elevate industry standards, ultimately affecting the reputation of our nation’s development projects. It is imperative that authorities prioritize
the enforcement of this legislation and ensure that a licensing system is properly implemented and maintained. This will bring transparency, promote professionalism and protect the interests of all Bahamians. What I find most alarming is the length of time this administration has taken to appoint the Board that is required under the law to licence contractors. I am no attorney, and nor do I claim to be.
However, I am astonished by the complicity of successive governments in the face of this much needed policing.
I am alarmed by the cavalier tone of the conversations that surround this national topic.
Every day millions of dollars on construction activity are conducted in The Bahamas. Every day millions of dollars of construction activity leave The Bahamas because of the lack of regulation and registration of contractors in the construction industry.
I find it incredible that this administration, led by the previous sponsor of the legislation, has failed to act also. It is beyond my comprehension that the very piece of legislation that Philip Davis KC brought to Parliament more than nine years ago was not the very first thing he would have completed in his tenure as the Prime Minister of the Commonwealth of the Bahamas.
We are now in the final months of his first term in office as Prime Minister. One that has achieved some
notable successes for other industries. However, the construction industry, which is the third pillar of the economy, is yet to be ushered into the 21stcentury. In our last meeting with the Prime Minister, he lamented that he had to first settle the economy and bring some level of normalcy to the country post COVID-19 pandemic. We (the Bahamian Contractors Association) can accept that.
However, what we have been saying is the turnaround of the economy could have been even faster if nearly $1bn worth of projects did not walk out the door because the construction sector is unregulated.
To this end, we have lost hundreds, possibly thousands, of jobs and countless opportunities for contractors in The Bahamas.
Let me say that I stand ten toes down when I state time is drawing near for the belief that this legislation is important to this administration. We have waited and waited, and we have not seen actions that align with the words spoken to
us regarding this issue. As we approach the end of another administration’s five-year term in office, I wonder about the hundreds of contractors, thousands of construction workers and thousands of homeowners that have been affected by the lack of regulation of the construction industry.
I am reminded that the Prime Minister, at the time, called the legislation a “public protection Act”. I do not understand, if this is how he felt about it then, why leave the public unprotected for nearly five years? Today, the Bahamian Contractors Association advocates for swift action to finally make good on the intent of the legislation and uphold the integrity of our construction industry. We urge the Prime Minister of the Commonwealth of the Bahamas to make good on his promise to appoint the Construction Contractors Board.
Yours sincerely, Leonard Sands BSc., CIPM, ACIArb. President Bahamian Contractors Association
BTC URGES UNIONS: TALK TO US ON YOUR GRIEVANCES
THE Bahamas Telecommunications Company (BTC) yesterday urged the two trade unions that represent its staff to resolve their grievances through talks with management after they took their complaints to the Prime Minister.
Speaking after Bahamas Communications and Public Officers Union (BCPOU) and Bahamas Communications and Public Managers Union (BCPMU) leaders met with Philip Davis KC on Monday, the carrier pledged that it “remains committed to engaging constructively with our union partners and other stakeholders”.
It added in a statement:
“While acknowledging and respecting the unions rights to advocate in behalf of their members, BTC encourages continued dialogue through the appropriate and established industrial relations channels…
“As a company, BTC believes that collaborative engagement is essential to resolving matters holistically. Our focus continues to be on ensuring a safe, respectful and productive work environment for all employees - and we will continue to work with our
union partners to ensure that all viewpoints are articulated and considered”.
BTC spoke out after both unions told Tribune Business they “laid everything out on the table” in meeting with the Prime Minister over their grievances with how the carrier is being managed.
Kenny Knowles, the Bahamas Communications and Public Managers Union’s (BCPMU) president, told Tribune Business that Mr Davis had approached their encounter with “a very open” to the concerns raised regarding the recent terminations of five BTC staff - which have all been upheld on appealplus the working conditions employes are allegedly having to endure.
Sherry Benjamin, president of the Bahamas Communications and Public Officers Union (BCPOU), which represents BTC’s line staff, meanwhile urged both the Prime Minister and Liberty Latin America to take an “independent look” at the five terminations to see whether they were justified. BTC has defended its actions, stipulating that they took place after “a thorough investigation”, but Ms Benjamin said: “We got a good response from the Prime Minister. We were able to lay everything out on the table.
“He committed to reaching out to the executive team at BTC and getting back to us. He’s going to reach out to the senior executives at Liberty Latin America, Liberty Caribbean and CWC, and then he’s going to get back to us. He said our meeting today had confirmed some of the things he had heard anyhow.
“I am very pleased that we met, and very pleased with the assurance he gave. We’re looking forward to having some major changes in the way the company does business and the treatment of staff. He didn’t give a timeline for when he would get back to us, but we did let him know our members are at home and some are single family bread winners.”
That is a reference to the five recently-terminated BTC staff, whose dismissals have sparked the latest round of union uproar. Three were dismissed over an alleged credit card fraud involving the purchase of cell phones, but both unions are arguing their members have been treated unjustly, are not responsible and have been held liable for BTCs own system failings that failed to detect the scam.
Ms Benjamin, confirming that the five’s appeals against their terminations have all been heard and
dismissed, said: “We are appealing to the Prime Minister, we are appealing to the executives at Liberty Latin America, to have a look at it, have an independent look at it, and not go with what we are saying but to look at it and see if they were justified in terminating those persons.
“That was one of the main issues. We also discussed the treatment of staff and the environment staff have to work in. The fact the buildings they are working in are deteriorating. We provided him with some evidence of the deterioration in the buildings to show doors dropping off, mould in the place.
“We brought it for him not just to hear from us; we brought visual evidence, visual pictures for him to see what we are saying. Because we did not have it labelled we agreed to resend that information to him to see where these things are located. Some of this is in his own constituency, Cat Island, and we wanted him to see the conditions we are working in there.” BTC, in response to the union furore over the terminations, said it was justified in dismissing the five staff members “with cause” following what it described as a “thorough investigation”. While declining to give details on what led to the firings, it voiced confidence “in the integrity of the process”, adding that it had complied with all labour laws and the two industrial agreements.
Stephen Coakley-Wells, director of legal and government affairs, said: “BTC can confirm that, after a thorough investigation, five employees were terminated with cause. The terminated employees comprised members of both the BCPOU and the BCPMU. Both unions were aware of the issue, including the decision to terminate the employees.
“BTC wishes to emphasise that this decision was made in accordance with our established policies, the terms of our industrial agreements and in alignment with our commitment to fairness and compliance with the labour laws of The Bahamas. Due to privacy considerations and respect for all parties involved, BTC is limited in what it can share regarding the specifics of personnel matters.
“BTC values its positive and collaborative relationship with its union partners, and remains open to communication with the unions on this and any other issue affecting union members. BTC understands that situations like this can be challenging and is confident in the integrity of the process followed.”
Parent banks to be liable on agents’ ‘acts and omissions’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Central Bank yesterday warned that Bahamian banks and trust companies will still be held liable for all “acts and omissions” by agents they appoint to act as payment agents on their behalf.
Narissa Knowles, the regulator’s legal counsel, told a seminar on the Central Bank’s proposed financial services legislative reform package that
the amendments to the Banks and Trust Companies Regulation Act that will permit agency banking by law are designed to keep accountability with the parent institution.
Acknowledging that agency banking is designed to boost financial inclusion and consumer access to financial services, especially in the Family Islands, by allowing commercial banks to appoint agents to act for them and provide payment services, she said:
“The key objective here is
to introduce and modernize agency banking, [and] also allow for banks and trust companies to appoint agents to provide payment services. “This ensures Central Bank oversight as well as accountability from financial institutions.
Clause six of the draft Bill deals with the appointment of agents. What clause six does is it repeals and replaces section 11 of the principal Act to allow for banks and trust companies to offer payment services via an agent.
“If a financial institution wishes to offer payment services via an agent, they have to do so first with written approval by the Central Bank.” Certain references and information will have to be provided to the regulator, which will then assess whether to approve an agent based on compliance with supervisory standards. As for where responsibility for any regulatory failings will lie, Ms Knowles said the Banks and Trust Companies
Regulation Act will be amended “to make it explicitly clear banks, and banks and trust companies, are to remain responsible for the acts and omissions of their agents.
“As long as agents deal with the business of banks, or bank and trust companies, even though you allow payment services to be utilized through an agent, you remain liable and responsible for that agent,” she added.
“What this does, it reinforces that delegation does
not reduce accountability. Accountability will remain with the bank and bank and trust company. What we are attempting to do is as service in this space expands, accountability and consumer protection remains.
“It introduces the framework for agency banking, it expands financial inclusion by expanding customer access, and all of which clearly keeps the liability with banks and trust companies to protect consumers.”
TOURISM PLAN DATA-DRIVEN AND NOT ‘PIE IN THE SKY’
“When
By FAY SIMMONS Tribune Business Reporter
THE Ministry of Tourism’s deputy directorgeneral is anticipating a “strong” finish to the year, with momentum building for 2026 as The Bahamas seeks to growth its stopover arrivals.
Valery Brown-Alce, speaking at the first annual Tourism Symposium yesterday, said the ministry has adopted a data-driven strategy to target key source markets.
She described 2025 as a “key” year and indicated that forward bookings and strategic partnerships have the country well-positioned
for continued growth.
“We’ve got a tight plan and strategy, but very targeted. All of this is data driven.
“We’re not looking out there like pie in the sky, it’s data driven. We’re on point, and we know how to get the business,” said Mrs Brown-Alce.
“Where we are right now is our partners are working with us, both in market as well as our hotel partners, and we see this being a key year.
“We’re moving forward and increasing stopover business. I think that’s the whole thing, the increase of stopover business. We’re going to finish strong in 2025 and we’re already looking great for first quarter 2026.”
Mrs Brown-Alce highlighted the critical role that collaboration between public and private sector stakeholders plays in the continued success and growth of the Bahamas’ tourism industry.
She said these partnerships have long been a cornerstone of the country’s reputation in the global tourism market, enabling a co-ordinated approach to marketing, service delivery and product development that benefits all parties involved.
“The Bahamas has always been known as the model for private and public sector collaboration, and to see us coming back together, we all understand the importance of delivery
of business at this time. There’s no other region that is greater than the islands of The Bahamas in delivering and knowing how to work together,” said Mrs Brown-Alce. “So we return to where we were before, but we’ve taken it a step higher. I think all of our partners are excited. They want to work together, and where there’s willingness, we know that we’re going to make things happen.”
Latia Duncombe, the Ministry of Tourism’s director-general, said the symposium serves as a vital platform to strengthen existing relationships, foster new partnerships and realign efforts to address emerging challenges and opportunities in the sector.
She noted the importance of cohesive collaboration in ensuring the successful delivery of tourism business to the destination.
Mrs Duncombe added that the goal is not only to attract visitors but to ensure that the economic benefits of tourism are broadly shared among Bahamians, and that all efforts to promote and grow the sector are strategically aligned and well-coordinated.
“This symposium has been all about bringing together leaders of the sectors. Everyone in the tourism space is here, learning more, understanding more. The discussions and the dialogue have been extremely engaging,” said Mrs Duncombe.
traditional means, they are not powerless, and he called for a shift in mindset, urging nations such as The Bahamas to think and act collectively, especially through regional bodies such as CARICOM. By uniting as a bloc, he said small states can more effectively advocate for fairer treatment on the international stage.
During the question and answer segment, Dr Askola, said the EU has never imposed any “unfair practices” on its Caribbean partners. She stressed that
the bloc operates under a rules-based trade framework while its approach to tax governance is rooted in the need to protect the integrity of its welfare systems.
Dr Askola explained that high levels of taxation across EU member states are essential to sustain their extensive public services, including free education, healthcare and social protection. Given this, she said it is critical that EU governments take steps to ensure that tax revenues are not eroded by individuals or corporations shifting profits to low-tax jurisdictions.
She maintained the EU’s tax governance mechanisms, including rules around anti-money laundering, tax evasion and avoidance, are applied equally to all jurisdictions, without targeting any specific countries or regions.
“I just wanted to react on your point on EU sanctions, EU unfair practices, because I want to clarify that the European Union has never imposed any sanctions or unfair practices on any of the Caribbean partners. We have an Economic Partnership Agreement which is a reciprocal, but asymmetric, free
trade agreement, and we are fully complying with that agreement,” said Dr Askola
“The European Union and its 27 member states have very high standards for welfare states. It means that we have a very high taxation in most of the countries, because we offer free education, free health care, free public services that are actually quite rare elsewhere, and we also offer a very high standard of social protection.
“So that means that we have high taxation and the kind of rules that you refer to, on anti-money laundering or tax evasion and tax avoidance. [They] are there to make sure that these high standards that we have are not evaded or avoided by transferring funds to tax havens or to countries which do not require, for instance, commercial presence or physical presence in the country.”
Dr Askola maintained that the EU’s tax rules are applied in a non-discriminatory manner, countering the suggestion that small or developing nations are being unfairly targeted. She emphasized that the regulatory frameworks developed by the EU are designed to ensure consistency and fairness across all partner jurisdictions, regardless of size or economic standing.
She also highlighted the EU’s commitment to working collaboratively with smaller countries, including those in the Caribbean, to help them meet international compliance standards.
“It’s not that these rules would be targeting any certain kind of countries, or any certain group of countries. It is they are applied in a non-discriminatory way to all our partners, and with The Bahamas and with many Caribbean partners, what we have done is that we have supported these countries to achieve compliance, and I have been very pleased to see that before I started my term one year ago The Bahamas was delisted, and it is no longer in any in either of those lists - anti-money laundering or non co-operative tax jurisdiction,” said Dr Askola She also highlighted The Bahamas’ removal from key EU watchlists as an example of successful collaboration,
and a demonstration of the country’s progress in meeting international standards. Dr Askola framed these regulatory processes as constructive tools, intended not to penalise but to promote improved governance and transparency in the global financial system.
“We have been able to achieve compliance with the large number of countries in the world, and so this is used as a tool to improve the transparency, improve the kind of requirements that will avoid tax evasion and transfer funds to countries where they can be in avoidance of taxes, evasion of taxes in our jurisdictions, okay. This is the purpose,” she added.
In response, Mr Griffin pushed back firmly against the EU’s assertion of fairness, arguing that the bloc and its affiliated institutions have applied tax and financial regulations in a discriminatory manner.
He maintained that while the EU promotes the appearance of uniform standards, in practice, a clear double standard exists, particularly when it comes to how EU member states and financial hubs are treated compared to small international financial centres such as The Bahamas.
“I think this is a matter that’s being heavily discussed across the world right now, and I think The Bahamas position on this has been particularly clear. So I note all of your points, but one very sharp example that I’ll give from what you said is that these rules are applied in a non-discriminatory way, across the board. And that happens to be one of the instances where The Bahamas and many countries in a similar position disagrees,” said Mr Griffin He argued that countries operating in the same financial ecosystem as The Bahamas, both within and outside the EU, are often not held to the same compliance requirements despite engaging in similar financial services activities.
Mr Griffin pointed to a pattern where EU member states and closely-aligned jurisdictions benefit from regulatory exemptions or more lenient oversight, while countries such as The Bahamas are placed under disproportionate scrutiny and pressure to reform.
“For example, there are many EU institutions that would have the various lists, whether it’s the European Commission, the Council of the European Union, etc. But one thing that is stable across the board is that EU member states do not have to comply with these rules, and so countries in the EU that do very similar work as The Bahamas and other international financial
jurisdictions do not have to comply with the same rules,” said Mr Griffin “In addition, there are select groups of countries across the world outside of the EU financial hubs, such as Singapore, Hong Kong, many states in the United States, again, that do very similar work, but do not have to comply.”
Mr Griffin reinforced The Bahamas’ position that global financial regulation should be consistent and equitable. He reiterated that the current framework allows powerful countries and regions to dictate rules that ultimately favour their own economic interests, while placing an unequal burden on smaller, developing jurisdictions striving to compete in the same global marketplace.
“I think The Bahamas’ position has been very clear. It is that if the rules are going to be promulgated around the world, it should be fair and really and truly in a non-discriminatory way around the world, and perhaps that we should move from a model where every single multilateral institution, group of countries, regional bodies, each have their own specific rules and regulations that they require different countries to comply with, which should perhaps move to a more global body such as the United Nations that would have the purview of the entire world and that can get widespread support from different organizations and bodies across the world,” said Mr Griffin.
Mr Griffin pointed to Prime Minister, Philip Davis’ continued advocacy at international forums, including the United Nations, as evidence of The Bahamas’ consistent stance on the issue.
He stressed that the country remains deeply committed to upholding international standards, particularly in financial services, but this does not prevent The Bahamas from calling out what it views as unfair practices.
“The point is noted, but I think our Prime Minister has been very open and clear, speaking at forums such as the United Nations on this matter.
“The Bahamas’ position is clear that we do think these practices are unfair,” said Mr Griffin.
“So on the one hand, while we continue to be one of the most compliant countries in the world, we will continue to comply, but that will not stop our advocacy… to have these rules and systems change for the betterment, not just of the Bahamian people, but to people around the world who are in similar instances.”
Bishop’s family have title to ‘one-third’ of Rum Cay
Harbour Ltd, on June 9, 2006. This was followed by two subsequent “deeds of rectification” agreed between the two parties in 2016 and 2021, respectively.
Tribune Business records confirm that both Newport Harbour Ltd and the other “adverse claimant” opposing the Thompsons’ title ownership, Sunward Holdings, were linked to and controlled by Billy Wayne Davis, who ran for the Republican nomination in Georgia’s 11th congressional district in 2016 and has enjoyed a colourful, and controversial, career in relation to Bahamian real estate sales on islands such as Rum Cay and Long Island.
Sunward Holdings, in particular, featured prominently in the case of Lawrence Foster who, in 2015, was sentenced to almost 13 years in prison for an $8.3m scam involving the sale of Rum Cay real estate that he did not own to unsuspecting investors. The land he was marketing was said during Mr Foster’s trial to be owned by Sunward Holdings.
Kenneth Toppin, a former law firm partner of ex-FNM Cabinet minister, Desmond Bannister, and ex-Bar Association president and Supreme Court judge, Ruth Bowe-Darville, testified during the trial that Sunward Holdings was incorporated by former attorney general, Carl Bethel, although there is no suggestion that either of them had done anything wrong.
Mr Toppin, at the time was a director of Sunward Holdings, and US federal prosecutors at the time alleged that the company was owned/controlled by Mr Davis. It has now popped up again, this time to contest the Thompsons’ ownership to six of the land parcels for which they were previously awarded certificates of title by the Supreme Court. And Sunward Holdings’ latest challenge was again supported by a January 25, 2023, affidavit sworn by Mr Toppin.
Meanwhile, Mr McKenzie denied during the trial that Atlantic Coast Development was a corporate alter ego and front for Island Acquisitions and its principal, Jorge Diaz, whose names have also been linked with land speculation in southern Bahamian islands such as Rum Cay and Long Island. He acknowledged, though, that Davis & Co is the registered office for both companies, but asserted that their ownership is different.
One Bahamian attorney, family with the real estate wheeling-and-dealing that has occurred on Rum Cay over several decades, told Tribune Business: “It’s just amazing the meal ticket that these people have made with claims from the estate of the late Effie Knowles. It’s absolutely appalling.”
Hailing the Supreme Court verdict in favor of Bishop Thompson’s family as “good news”, they suggested that it might halt ongoing land speculation for “some portion” of Rum Cay, but added: “So much
of that island is in dispute. That island has got so far to go. It’s terrible.”
Justice Fitzcharles, in her verdict, dismissed the adverse claims of both Sunward Holdings and Atlantic Coast Development on the basis that they were “out of time” by failing to file and serve the necessary documents and pleadings within the deadlines stipulated by the Quieting Titles Act.
Mondevco Ltd and Bishop Thompson’s family, asserting that they were the rightful owners to “some 11 pieces, parcels or tracts of land situated on the tranquil island of Rum Cay” totaling 3,951 combined acres, had filed their petition requesting that the Supreme Court investigate title to these properties under the Quieting Titles Act - and issue them certificates of title - in early 2022.
Acting under an Order issued by then-justice Indra Charles, they advertised the petition as required by the Act on three datesApril 12 and 25, 2022, and May 6, 2022. The judge ordered that all adverse claims be filed within 30 days of the last date, setting this as June 5, 2022, but none were received by the deadline.
Both central and local government were also notified. An August 3, 2022, letter from the Attorney General’s Office “stated that the Department of Lands and Surveys and the Department of Housing have indicated that they do have some vested interest in some portions of the properties” but no details were provided. The trial of Mondevco’s claim began on October
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Doctors Hospital Health System Limited DHHS is The Bahamas leading private healthcare institution, dedicated to delivering exceptional, patient centered care. Accredited by oint Commission nternational, DHHS continually strives to improve the healthcare experience through medical innovation, community outreach programs, and strategic partnerships with regional and international organi ations. Our network includes 1 outpatient/retail locations and four hospitals, one of which is under construction. DHHS has a robust history of expansion and success, evidenced by a significant revenue increase to 12 million during the COV D 1 pandemic. Through initiatives such as the Myer Rassin oundation and health education workshops, DHHS reflects its unwavering commitment to transforming healthcare delivery in The Bahamas and the wider Caribbean.
The maging Technologist performs diagnostic imaging procedures, ensures patient safety, and supports healthcare teams. Must be licensed, skilled in radiography, CT, and ultrasound, and possess strong communication abilities. POSITION SUMMARY
26, 2022, and then-justice Charles conducted a “site visit” on the subject Rum Cay lands on December 3, 2022. However, four days later, when the trial resumed on December 7, 2022, a David Strachan appeared, accompanied by Glenda Roker, an attorney with Davis & Co, claiming he owned the properties sought by the Thompsons. Gilbert A. Thompson asserted that the land parcels were not part of any land belonging to the Strachan family. But, while Mr Strachan appeared when the trio resumed on December 15, 2022, Ms Roker said she had now filed an adverse claim on behalf of Atlantic Coast Development two days earlier. However, the claim was not physically served until six months later on June 22, 2023.
Finally, then-justice Charles on December 20, 2022, granted Mondevco certificates of title for ten of the land parcels - ranging in size from 16 acres to 1,185 acres - but excluded the remaining 745-acre tract due to Atlantic Coast Development’s claim to just over 232 or almost onethird of its acreage. The petition to determine ownership of this parcel was to be heard separately at a later date.
Then, on January 25, 2023, Sunward Holdings entered the fray seeking to set aside the title certificates granted to the Thompsons. While a “statement of adverse claim”, dated August 23, 2022, was attached as an exhibit to Mr Toppin’s supporting affidavit, Justice Fitzcharles said there was no evidence
that then-justice Charles was notified or the necessary supporting documents accompanied it.
Mr McKenzie, in his arguments on behalf of Atlantic Coast Development, asserted that former Supreme Court judge, Neville Adderley, had ruled on February 29, 2012, that the estate of the late Effie Knowles was a better ‘root’ of title than that of Moses Deveaux - the one claimed by the Thompsons.
He argued that the Bishop and his family were merely “seeking to rehash the issue and arguments” relating to the superior title of the late Effie Knowles”.
However, Justice Fitzcharles ruled that both adverse claims should be struck out. Sunward Holdings filed its proceedings “some 78 days out of time” on August 23, 2022, while Atlantic Coast Development was 190 days late on December 13, 2022. And she added that Sunward Holdings had “no proper adverse claim” because it was not supported by the necessary evidence and pleadings.
Noting that was not the only “flaw” with Sunward Holdings’ case, she added that it can only challenge Mondevco Ltd’s certificates of title if it can provide “sufficient grounds and cogent evidence”. As for Atlantic Coast Development, it was between 56 days and 83 days “out of time” in meeting the deadline set for it to submit supporting documents for its adverse claim.
“Unless remedied by the Parliament of The Bahamas, an adverse claim not filed and served within the time limits fixed by the
notices issued under… the Act operates as an absolute bar to that claim under the Act,” Justice Fitzcharles wrote. “The second adverse claimant [Atlantic Coast Development] is the author of its misfortune. It cannot now seek to have a third chance.”
And, setting out why the Government has introduced reforms to create a system of registered land in The Bahamas, the judge added: “Land is a precious commodity in The Bahamas. The Bahamas is one of the most desired countries and tourist destinations in the world. It consists of an archipelago of 700 islands and cays renowned for sun, sand and beautiful beaches.
“These factors, in part, contribute to the steady appreciation in the value of such land. The issues surrounding land are particularly compounded by the notorious fact that there exists no registered land system in The Bahamas. There exists no absolute ownership of land.
“Where issues arise as to the ownership of land in The Bahamas, the party who possesses the stronger and better title to the land will succeed notwithstanding that any other party may once have had a stronger or better title than that party claiming it.”
POSITION SUMMARY
he Physician provides expert medical care, diagnosing and treating patients across all ages. equires a Medical Degree, licensure, and knowledge of epidemiology, infectious diseases, and treatment principles. Strong diagnostic skills, communication, and familiarity with prescription systems are essential.
WHY JOIN US?
Competitive salary and comprehensive benefits package. ccess to state-of-the-art medical technologies and resources Opportunities for continuing education and professional development. Collaborative, patient-centered work environment. Strong support from administrative and clinical teams. ork-life balance and flexible scheduling options.
Physician • 1 - 3 years’ experience as a physician.
In depth knowledge of epidemiology and infectious diseases. Exquisite knowledge of diagnostic, treatment and rehabilitation principles and techniques.Support and manage organizational change activities.
Up to speed knowledge of drugs/medication appropriate for all ages and their side-effects.
Outstanding diagnostic and problemsolving abilities.
Excellent communications skills
Medical Degree
Licensed with the Bahamas Medical Council Mandatory QUALIFICATIONS
Bank failure reform impact for depositors and creditors
pre-arranged emergency credit line” from the Central Bank to ensure it has sufficient cash and liquidity to fulfill its obligations should a bank ever fail.
“The proposed amendments are intended to strengthen the framework and capacity of the Deposit Insurance Corporation,” the Central Bank’s in-house counsel explained, “by ensuring Bahamian depositors are always protected irrespective of the financial balance in the Corporation’s funds.
“This will facilitate confidence in financial institutions, the absence of which may lead to preemptive runs on weak but otherwise solvent institutions. To achieve this, the proposed amendments make provision for the Deposit Insurance Corporation to have access to a dedicated pre-arranger emergency credit line from the Central Bank that is sufficient to meet liquidity needs.
“These emergency funds will be supported by government guarantees and repaid to the Central
NOTICE
NOTICE is hereby given that
DESILENE JEAN-LOUIS of Nassau Village, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Bank from asset recoveries or levies on member institutions of the Deposit Insurance Corporation.”
John Rolle, the Central Bank’s governor, in March this year, revealed that 580,000 Bahamian bank accounts, representing 96 percent of the total, were fully protected against their institution’s possible collapse as at year-end 2024.
He suggested the Deposit Insurance Corporation would take another “two to three years” to reach its $130m target size, having amassed $101.5m at yearend 2024 - some $29.5m
shy of this goal. However, it was already well within international benchmarks, standing at 3.6 percent of insured deposit values after enjoying an average 11 percent growth rate over the previous five years.
“As at the end of 2024, the size of the Deposit Insurance Fund was $101.5m (3.6 percent of insured deposits’ values),”
Mr Rolle said on March 31, 2025. “There were approximately $2.8bn of insured deposits within 18 member institutions. In this regard, the number of fully insured accounts was approximately
NOTICE
NOTICE is hereby given that MARIE JOCELINE PIERRE SAINT-JUSTE of P.O.Box CR55963 Infantview Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why shouldregistration/naturalization not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
580,000, which is a coverage ratio of 96 percent of the accounts.”
Ms Benjamin yesterday said the reforms also include protections around the use of Bahamian taxpayer monies to address the fall-out from bank failures and collapses. “The proposed reforms will also place appropriate safeguards on the use of public funds for bank resolution,” she added.
“So the legislative proposals make provision for the Central Bank to make advances to the Deposit Insurance Corporation only for the purpose of maintaining financial system stability and supporting a resolution measure undertaken for a member of the Deposit Insurance Corporation.
“In doing so, the Government must guarantee repayment in writing and the Central Bank must be
satisfied that such loans are necessary to prevent systemic risk posed by a member of the Deposit Insurance Corporation.”
Ms Benjamin added that while the reforms will “empower” the Deposit Insurance Corporation to provide funding that supports “resolution” for troubled institutions as the Central Bank “may determine”, the sums involved will be limited to “the amount paid out to depositors in a liquidation” and there will also be a “maximum” on what can be used. She also disclosed that the changes planned by the Central Bank while also allow it to appoint a statutory administrator for a troubled bank’s holding company or affiliates - especially those that “perform critical functions or services for the bank” to ensure they continue to be provided.
NOTICE
NOTICE is hereby given that JACKSON SEJOUR of Sandilands Village Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that LAUREEN SINGH of Cable Beach West, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that FLORANCE DORCEUS of Prison Lane off East Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Reforms to strip ministers of bank failure intervention
PROTECT - from Page B1
would be like your savings, checking account, mobile wallets used in payment, as well as instruments such as credit and debit cards which are also used in payments. There’s work that needs to happen in this space to address all the concerns and consumer-related issues.”
Consumer protection featured prominently in the Central Bank’s rationale for the regulatory changes. Stacey Benjamin, the regulator’s in-house legal counsel, added that amendments proposed for the Payment Services Act and Payment Instrument Oversight Regulations will boost Bahamian trust
in digital and electronic payments by giving the Central Bank an “explicit mandate” to ensure the interests of consumers are paramount.
“The amendments will also strengthen consumer protection measures, which will lead to increased public trust by users,” she explained. “So, for example, the amendments to the Payment Services Act introduce an explicit mandate for the Central Bank to have regard to the interests of consumers when exercising its powers.”
Ms Benjamin added that reforms to the Protection of Depositors Act “are designed to increase the speed, efficiency and effectiveness of the Deposit Insurance Corporation in
the pay-out process” when it comes to compensating Bahamians unable to access or withdraw their money because a bank has failed or collapsed.
“The proposed amendments will clarify that the decision to intervene and close an institution rests solely with the Central Bank as the resolution authority,” she said. “The amendments will reverse current provisions that require depositors to file claims with the Deposit Insurance Corporation, slowing down the claims pay-out process, and also the provision that empowers a minister to reverse a decision that an institution is no longer viable.
“These provisions will be amended and
facilitate a smoother, more efficient pay-out process for member institutions… The changes will make the deposit insurance scheme more operationally streamlined and ensure compliance expectations of member institutions are clear.”
Mr Rolle, meanwhile, reminded financial services executives they have until end-October 2025 to submit feedback to the proposed reforms. He added that the amendments also seek to strike a balance between enhanced regulation, and a strengthened supervisory framework and resilience, for credit unions and their “unique” nature as co-operatives.
“Just to say, with regard to the credit unions, they
are all members of deposit insurance as well as the credit bureau,” the Governor said.
“What the Central Bank is pursuing is reforms that put more emphasis on strengthening governance mechanisms, increased emphasis on the risk management framework in credit unions, and more oversight with the recruitment and appointment process of persons at the helm of these institutions at either Board level or senior management.
“These sorts of reforms are similar to the mechanisms already in place for banks.
“While these reforms are being put forward it is still recognizing that there are some characteristics
that are unique to these financial co-operatives that have to be present notwithstanding the enforcement of the prudential approach to their operations.”
Mr Rolle added that enhanced “consistency” in regulation, as strengthened oversight of the payments system “and money services in general will also provided an enhanced framework to push on financial inclusion”.
He added that money transmission businesses and payment services providers will now be licensed and regulated under one regime, the Payment Services Act, rather than the present framework which oversees the former via the Banks and Trust Companies Regulation Act.
Governor concedes law requires greater clarity
that since the industry “fought” for its VAT exemption it should not be taken away.
“That that was something that we fought for, having VAT removed from our members, not necessarily no place else. The only thing we pay that on now is our investment properties, nothing else. And so I don’t see how that should be taken back from us,” they said.
Mr Rolle conceded that more clarity is needed in legislation to determine which transactions should be subject to VAT and which should be exempt.
He explained that while the current wording in the Cooperative Credit Union Act outlines certain tax privileges, the language could be more precise to eliminate ambiguity.
“There’s more clarity that can be brought to this, but the way the provisions are written in the Cooperative Credit Union Act, I think they need to be expressed cleaner so that you remove any confusion as to whether, if you purchase say office supplies, or you’re paying your utilities bill, and/or some of those other instances, whether the same applies you,” said Mr Rolle
“You’re referring to Value Added Tax in the context of real estate. That’s basically replacing what
used to be the Stamp Tax. So I can understand if that provision was intentionally kept. And those are examples where I think the clarity could be better, and some of the clarity might even be expressed in the Value Added Tax Act to help.”
The proposed Bill also introduces significant reforms to the structure of credit union committees, aiming to align governance practices with international standards. One of the main changes is the transformation of several existing committees into Board-level committees.
The Audit Committee is being formalized as a Board-appointed body, comprising two directors
- one of whom must be a financial expert with recognized expertise in accounting or auditing, and who is not a member of the cooperative credit union. While these reforms promote stronger Boardlevel oversight, the Central Bank has decided to retain the existing supervisory committee structure for now, even though it no longer aligns with international best practices. The
supervisory committee, which reports to shareholders, will continue to operate as an oversight body, but the Central Bank plans to enhance its effectiveness through new regulations.
A participant noted the importance of the supervisory committee while raising concerns about the committee’s role and independence.
“A lot of persons, they don’t realize that the
supervisory committee, they have a lot of power. If they do what they’re supposed to be doing, they are very powerful.
“They can remove Boards. They could call special call meetings for the AGM, because they are an elected body. So that’s what we have to look at.
The strengthening, and like across the board, for our supervisory committee member,” she said.
