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

CHINA CELEBRATES ITS 75TH ANNIVERSARY

China marks National Day with light shows, #fireworks, drone displays #PRC75Years

Fireworks illuminate the sky in Macao, south China on Oct. 1, 2024. Various events and activities were held to celebrate the 75th anniversary of the founding of the People’s Republic of China.

*Tourists visit the Senado Square in Macao, south China*

International

Wang Yi calls on Global South to jointly advance peace and development

Wang Yi, director of the Office of the Central Commission for Foreign Affairs, on Wednesday called on the Global South to work actively and contribute to building a world of lasting peace and universal security.

Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a dialogue session between high-ranking officials responsible for security matters and national security advisors from BRICS and Global South countries in the Russian city of St. Petersburg.

Noting the international security situation is becoming increasingly complex with fierce geopolitical competition and emerging hotspot issues, Wang said the aspiration of people of all countries for peace and security has become stronger and the call for unity and cooperation has become more urgent.

Global peace and development cannot be achieved without the support and participation of all progressive forces, Wang added.

Gaining momentum in the new century, Wang said, the Global South should stand ahead and make positive contributions to building a world of lasting peace and universal security in the face of a turbulent and interwoven world.

Wang called on the Global South countries to adhere to dialogue and cooperation and share the development opportunities and fruits to safeguard their legitimate rights and interests, realize common prosperity and gain a greater voice in the international arena.

Wang said, being an ex-officio member of the Global South, China has always stood firm with southern countries to jointly safeguard international fairness and justice and promote world peace and development.

BRICS countries and the Global South share a natural emotional bond and extensive common interests, Wang noted, and China supports BRICS in pursuing development with an open door and promoting cooperation with open arms.

China welcomes more like-minded Global South countries to join the BRICS family and work together as a force for stability and peace, a backbone for open development, a force for global governance and a force for mutual learning among civilizations, so as to build a community with a shared future for mankind, Wang added.

Caption: Wang Yi, a member of the Political Bureau of the CPC Central Committee and director of the Office of the Central Commission for Foreign Affairs, attends a dialogue session between high-ranking officials responsible for security matters and national security advisors from BRICS and Global South countries in St. Petersburg, Russia, September 11, 2024.

International

The Authority of UN General Assembly Resolution 2758 Cannot Be Challenged

Article by H. E. YanXiusheng, Ambassador of the People’s Republic of China to Barbados

The 79th United Nations General Assembly opened on September 10 in New York. At present, there are still a handful forces that have been deliberately distorting and challenging UNGA Resolution 2758 adopted in 1971, trumpeting the notion that Taiwan’s status is undetermined, and advocating support for Taiwan’s participation in UN meetings and activities, in an attempt to challenge the international community’s consensus on the one-China principle. I believe that such actions, which go against the tide of history, will undoubtedly end in failure.

On October 25, 1971, the 26th UN General Assembly adopted Resolution 2758 by an overwhelming majority, deciding to “restore all its rights to the People’s Republic of China and to recognize the representatives of its Government as the only legitimate representatives of China to the United Nations, and to expel forthwith the representatives of Chiang Kai-shek from the place which they unlawfully occupy at the United Nations and in all the organizations related to it”. The Resolution resolved once and for all politically, legally and procedurally the issue of the representation of the whole of China, including Taiwan, at the United Nations. The resolution also made clear that there can only be one seat representing China at the UN and precluded the possibility of “two Chinas” or “one China, one Taiwan.”

UNGA Resolution 2758 is based on historical facts and has a legal basis. Taiwan has been part of China since ancient times. Before the adoption of Resolution 2758, it was already a historical fact and an international consensus that Taiwan is part of China. This was a significant political precondition for the UN General Assembly to adopt Resolution 2758. The 1943 Cairo Declaration and the 1945 Potsdam Proclamation clearly stipulated that Taiwan, a Chinese territory stolen by Japan, shall be restored to China. These documents with international legal effect formed an integral part of the post-WWII international order and also established the legal foundation of Taiwan’s status as China’s inalienable territory.

The one-China principle adopted by UNGA Resolution 2758 is a widely accepted international consensus. For over half a century since the resolution’s adoption, the UN system has always observed Resolution 2758 and upheld the one-China principle in dealing with Taiwan-related issues. UN Secretary-General António Guterres has repeatedly reaffirmed that the UN’s position is very clear, which is to observe the Resolution and uphold the one-China principle, and that all UN actions are based on this. To date, 183 countries, representing over 93% of UN member states, have established diplomatic relations with China on the basis of the one-China principle. These facts fully demonstrate that the one-China principle reflects the will of the people and represents the trend of the times and the course of history.

Barbados is one of the earliest countries in the eastern Caribbean to establish diplomatic relations with China, and is also a good friend and partner of China in the region. Over the past 47 years, the bilateral relations have steadily advanced based on the one-China principle, mutual respect, and mutual benefit. China highly appreciates Barbados’ firm adherence to the one-China principle and is willing to work with Barbados to continue implementing the important consensus reached by the leaders of our two countries, deepen political mutual trust, strengthen cooperation in various fields, continue to understand and support each other on issues concerning our core interests and major concerns, constantly expand and enrich the friendly relations between our two countries, and build a closer China-Barbados community with a shared future.