International

A Criminal probe of FXT has started

“In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd, a team of financial investigators from the Financial Crimes Investigation branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” a brief statement from police said.

This comes after local regulators moved last week to protect clients of The Bahamas’ flagship crypto currency investor by “freezing” its assets, and seizing control of the company, amid reports it acquired $74m in local real estate this year alone.
On Thursday, the Securities Commission said the Supreme Court had approved Brian Simms, KC, as joint provisional liquidator with powers to take control of the crypto exchange’s Bahamian company and affiliate entities.

In a press statement yesterday, Mr Pintard said the opposition is dismayed at the turn of events regarding the apparent collapse of FTX that held so much promise for the future of digital asset management in The Bahamas.
AP reported the crypto exchange giant, its hedge fund Alameda Research, and “dozens of other affiliated companies filed a bankruptcy petition in Delaware”.

“We are all shocked by the daily revelations that are now becoming known nationally and internationally and call upon the government to provide the investing public a clear and cogent statement on the matter and the steps being taken to guard against the jurisdictional fall out and to shore up investor confidence,” Mr Pintard said.
“We also call upon the government to outline to the public what financial exposures exist for the government, if any, and indicate if there are any implications for the national budget. We call upon the government to confirm whether the land intended for the FTX commercial complex was private leased land. In the event that it was public land, what steps have been taken to secure the land and have it returned to its original state?”

In July, Prime Minister Philip “Brave” Davis said his administration is exploring the idea of establishing a carbon exchange in The Bahamas with FTX, “where we will trade our carbon credits”.
“The government’s much touted proposed carbon credit trading platform was announced to be facilitated through FTX’s exchange platform. Given current events, what impact will this development have on the potential for carbon trading, what alternative arrangements are being made and when will we see the first trade and benefit from this activity, if any?” he asked.

“Has the government begun to estimate the loss exposure of the private sector as a result of FTX’s apparent collapse and the personal losses of Mr Bankman-Fried and his colleagues? “What measures are being taken to protect Bahamians from any anticipated loss?

“The opposition continues to have complete faith in the Securities Exchange Commission and other relevant regulators to conduct a full and transparent investigation into what has gone wrong at FTX and to ensure that the public and investor interest is protected to the extent possible. “In light of the fact that there are likely other companies operating in the digital assets space in this jurisdiction, what steps, if any, has the government taken to allay any concerns which may have arisen. Given the enormity of this situation and turn of events, there is an urgent need for the government to speak to this issue clearly and transparently,” Mr Pintard said.

FTX’s founder, Sam Bankman-Fried, is said to be weathering the storm in The Bahamas, reportedly holed up at the luxury western New Providence community of Albany.

In addition to the SEC probe, the US Justice Department is also investigating FTX.
According to Tribune Business, the probes are said to be focusing on whether Mr Bankman- Fried and FTX used customers’ deposits to fund bets and trading activities at his hedge fund, Alameda Research. Client funds are supposed to be kept separate from company assets, and there were suggestions the FTX founder has committed the “ultimate sin” by tapping into FTX’s custodial assets to fund Alameda Research.

International

Chinese Government Offers Scholarships For 2025

The Government of China is providing full scholarships to Barbadian students to pursue undergraduate and postgraduate degrees in that country, for the academic year commencing September 2025.

To be eligible for a scholarship, applicants must be citizens of Barbados in good health; high school graduates under the age of 45 when applying for general programmes; be 25 years old if pursuing undergraduate studies, and under 35 years old if pursuing a master’s degree – applicants must already possess a bachelor’s degree and graduated with at least Lower Second Class Honours.

Applicants must also be under age 40 if pursuing a doctoral degree and must have a master’s degree, or hold a master’s degree or that of an Associate Professor (or above) and be under age 50 when applying for senior scholarship programmes. Applications, procedures, and the relevant rules are available from www.campuschina.org or www.csc.edu.cn/studyinchina.

For more information on the scholarships for 2025, interested persons should contact the Tertiary Section of the Ministry of Education, Technological and Vocational Training at 535-0863, or visit www.mes.gov.bb. The deadline for the submission of applications is Friday, January 17, 2025. (PR/GIS)

International

People Of African Descent Take Centre Stage At UN

The start of the Second Decade for People of African Descent was proclaimed as January 1, 2025, by the United Nations General Assembly, yesterday.

The theme of the Second Decade is “People of African descent: Recognition, Justice and Development”.

The decade will mobilise United Nations agencies and the international community more broadly to focus on the challenges faced by people of African descent around the world and to promote the respect, protection, and fulfilment of all of their human rights and fundamental freedoms.

During the course of the first decade, which ran from 2015 to 2024, the UN and its member states took a number of steps to address the challenges faced and promote the contribution of people of African descent around the world.

At the national level, Barbados has been pursuing reparatory justice through the work of Special Envoy Trevor Prescod. The University of the West Indies has established a partnership with the University of Glasgow that has led to the creation of a joint master’s programme on reparatory justice.

At the regional level, CARICOM has been pursuing reparatory justice through its reparations commission, chaired by Sir Hilary Beckles and through the Prime Ministerial sub-committee on reparations chaired by Prime Minister Mia Amor Mottley.

Upon the adoption of the resolution by the UN General Assembly, Barbados’ Ambassador to the UN, François Jackman, noted: “The facts surrounding the challenges faced by people and societies of African descent are increasingly well-known and well-understood – in part due to the higher profile these issues have assumed as a result of the proclamation of the First Decade.

“This welcome proclamation of a second decade will, however, inevitably lead to disappointment if we do not provide it and its programme of activities with the support that is required. It will therefore be essential for the international community to mobilise the necessary human and financial resources to realise the promise of this second decade.” (PR/GIS)

International

PRESIDENT XI JINPING CALLS FOR AN OPEN WORLD ECONOMY

During meeting with the leaders of major international economic organizations, President Xi Jinping noted that as each economy faces its own set of challenges, it is imperative to build an open world economy through cooperation, drive development through innovation, seize the important opportunities of the digital economy, artificial intelligence and low-carbon technology, foster new sources of economic growth, and support the cross-border flow of knowledge, technology and talent. Building “small yard with high fences,” decoupling and disrupting supply chains bring harm to others without benefiting oneself. China always believes that the world does well when China does well; and when the world does well, China will do even better. For countries, economic interdependence should be seen as a good thing that enables all to draw on each other’s strengths for mutual benefit and win-win results. It should not be taken as a risk.