DEPUTY Prime Minister and Tourism Minister Chester Cooper.
By LEANDRA ROLLE
Tribune Staff Reporter
lrolle@tribunemedia.net
WITH the arrest of former FTX CEO Sam Bankman-Fried dominating international headlines, Acting Prime Minister Chester Cooper gave an assurance yesterday that the government will continue to protect the country’s reputation, while expressing confidence in the nation’s judicial system.
Mr Bankman-Fried, a resident of gated community Albany, was charged in the Magistrate’s Court yesterday, a day after his arrest by the Royal Bahamas Police Force.
The arrest was made at the request of the US government that filed charges against the former billionaire. It was also the first concrete step taken by authorities in holding someone accountable for the crypto giant’s implosion.
Yesterday, Mr Cooper was asked to comment on what Mr Bankman-Fried’s arrest means for the future of the nation’s digital assets industry.
He replied: “Let me just say that I’m confident that the matter is in court, it’s going to run its course. I have confidence in the judicial system. Our main focus as a government will be to protect the ongoing reputation of The Bahamas but I don’t have any further comments (on) SBF (Sam Bankman- Fried) or FTX.”
FTX Digital Markets, which is headquartered in The Bahamas, is the Bahamian subsidiary of FTX Trading Ltd, the owner and operator of FTX.
It was incorporated in The Bahamas in July 2021.
The company came under heavy scrutiny last month following reports that it mismanaged customer assets.
FTX and its affiliated companies later filed a bankruptcy petition in Delaware on November 11 after facing a liquidity crisis.
The crypto currency exchange’s collapse is now the focus of investigations by local and international law enforcement authorities.
Yesterday, Mr Cooper addressed criticisms that local authorities have been too quiet on their investigations.
This comes after East Grand Bahama MP Kwasi Thompson of the Free National Movement attacked the issue in Parliament on Monday, saying the attorney general’s speech last month on the crypto giant’s collapse was not enough.
“I don’t follow up on political nonsense, really,” Mr Cooper responded. “The reality is that we focus as a government on business development and the brand of our country is very strong internationally. We see it as we make missions in tourism and investments.
“We expect that this is going to continue. Our focus isn’t to study Kwasi and the FNM and we’re going to continue on the path to build a strong country and that’s where we expect that our continued focus is going to be to continue to protect and enhance the reputation and we’re going to do it the best way we know how to.”
Local officials have already said that Mr Bankman-Fried is likely to face extradition to the United States.
However, this will not affect local investigations that officials have said will continue.
“The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law,” said Prime Minister Phillip Davis in a statement.
“While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”
Comments
Sickened 2 years ago
Now would be a very good time to start defending it in the Media. Maybe you could locate our Prime Minister... what's his name again, hopefully he keeps his phone on while he travels, and he can maybe come out with a positive statement or two.?
Maximilianotto 2 years ago
See this http://www.tribune242.com/news/2022/dec…
FTX was already bankrupt by July,2021.
Apparently the „vetting“ touted by the DPM didn’t apply in this case. He has the experience from Our Lucaya deal. Don’t worry the US will fix this.
sheeprunner12 2 years ago
What a tangled web we weave .... when we first seek to deceive.
The great SBF deception show will be played out for the world to see.
And our 242 political elite will be sitting front row .................
ThisIsOurs 2 years ago
Why did the SCB director have shovel in hand next to SBF at the FTX ground break ceremony. Its as if the SCB acted as a PR and marketing firm rather than a regulator. And now theyre busing putting on a digital assets conference with another crypto firm OKX as the lead sponsor. They need to distance themselves from "marketing" and focus on regulatory strengthening. In any event I suspect they sunk their own battleship with all this kissing up to Sam the billiinaire wiz kid. Neither the US nor Europe will allow the Bahamas to have any dominance in this space... ever. watch and see
killemwitdakno 2 years ago
Kissing up? I hope they didn't misdirect that guy. We know our yellow crew's history.
bahamianson 2 years ago
Nation for sale, it has always been for sale and will always be for sale.
TalRussell 2 years ago
The Colony's Deputy Prime Minister (DPM) is looked at as the popoulaces' holdout hope to restore integrity.
"FTX Bahamas exchange’s collapse is now the focus of investigations by local and international law enforcement authorities."
If the DPM truly believes such investigations are important, he can start by reading the integrity act to any politician or government official who refuses fully to cooperate.
Lots of questionable dirty, crooked acts went unnoticed (Given the blind eye) by Bahamian Regulators', or those above giving blind eyes ordering.
Ask any Bahamian, Bahamians aren't much known for doing anything much - without some form of payment, -- Yes?
birdiestrachan 2 years ago
They say we are a third world country and many bahamians buy into that the FNM party is doing their best to make their own country look bad. because they beleive this will help them regain power.
I say we are not a perfect people or Country, but compared to many we are among the best and not the worst.. All have sinned and come short. So we press on. We will never be perfect but we will strive for perfection . untill there is a new heaven and a new earth it has not happned yet.
Sickened 2 years ago
Why don't you do some research and show us the categories that we are near the the best at? I'll start you off... best beaches in the world, best fishing in the world
tribanon 2 years ago
Chester the Jester cannot even defend his own reputation let alone our nation's reputation. LMAO
rosiepi 2 years ago
Is this supposed to be funny??
ted4bz 2 years ago
How can you defend the reputation of a nation where party members are voted into Parliament or the senate with only hundreds of dollars in their LOCAL BANK ACCOUNTS? After serving just one political term, they leave with homes in affluent communities, wealthy businesses and possibly even millions of dollars in their OFFSHORE & LOCAL BANK ACCOUNTS. That’s a reputation, but it is not a transparent one.
ted4bz 2 years ago
The people in this country manning the justice system and jail should be the ones in jail. I am hoping these people around here are taught a very serious, hard lesson. There is no reason for all the greed and corruption in this small country.
killemwitdakno 2 years ago
He must have really still felt for that girl to be going about the place with all this 'the buck stops here'.
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