The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

RECOVERING misappropriated assets remains a major challenge for Bahamian businesses, a leading private sector executive said yesterday, calling it “very disturbing” that the police were only able to recover close to 2 per cent of some $11.5 million worth of monies and goods alleged to have been stolen in 2012.

According to crime statistics released yesterday, a total of 449 financially-related, ‘white collar’ crimes were reported to the Royal Bahamas Police Force (RBPF). These matters involved some $11.5 million in misappropriated funds and goods.

The statistics revealed 138 reported cases of fraud; 135 cases of stealing by reason of service; 106 cases of stealing by reason of employment; 21 cases of forgery; 47 cases of forged documents; and one ‘major’ case of stealing.

But, while some $11.5 million worth of assets were reported to police as being misappropriated, only $207,775 was recovered - some 1.88 per cent.

“That’s very disturbing. That’s a very minuscule amount,” said Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, Winston Rolle.

“I think it’s a combination of whether the police have the proper resources,  skill sets etc, but it’s also timing as well. Obviously if you are finding out about these things four-five years late, the chances of recovery are slim, but if you are finding out about these things shortly after they happen, then your chance of recovery is much higher.

“You also have to look at the fact that most businesses have the approach that they want to deal with it appropriately, but nobody wants to have their name batted about negatively in the courts etc.

“That’s one of the challenges with it. Thereareis still  lots of business losses that relate to fraud and pilferage, and things of that nature. There are some businesses affected more so than others, like the food retail business ,where pilferage is a major challenge,” Mr Rolle added.

”Recovery is always a challenge. Usually, the persons that are caught doing it don’t have the means to pay back and that’s one aspect of it. With the process people have to go through and time it takes, most persons just prefer to bite the bullet, call it a loss and put measures in place to prevent it from happening again.”

Police also reported that a ‘notable trend’ developed last year was the use of fraudulent credit cards to purchase expensive jewellery and other luxury items by Colombian nationals.

Police said there were a total of 10 matters reported that resulted in the arrest of 23 Colombian nationals responsible for misappropriating $124,179 worth of goods.

These items included expensive and luxurious jewellery, watches and clothing. It was noted that almost all of these suspects arrived on Copa Airlines, which began service from Panama to New Providence in mid-2011.