Bahamas

PLP lose Pindling seat in Bahamas

September 29, 1997

The ruling Free National Movement party gained another seat in the Bahamian parliament when it won a by-election in the South Andros constituency, which the opposition Progressive Liberal Party had held for 41 years.The seat had been vacated by former Prime Minister and PLP leader Sir Lynden Pindling, who had represented South Andros for 30 years before retiring from politics after his party's humiliating defeat in the March 14 general election.

Ansbacher fires its New York correspondent bank

September 29, 1997

Ansbacher (Bahamas) Ltd. has fired its New York correspondent bank for providing confidential information about its account to the IRS without notifying the offshore bank first.And Ansbacher itself has been reprimanded by the Central Bank of the Bahamas for failing to inform the body quickly enough that the IRS was seeking information about its clients.

First Cayman Bank and Gulf Union in financial trouble

September 29, 1997

The future of First Cayman Bank and its parent, Gulf Union Bank, which also has a Bahamas subsidiary, has been subject to speculation over the last month after the Cayman Islands Monetary Authority blocked the appointment of a new general manager, forced through its own choice and alluded to "problems" at First Cayman.

US Security Alert on Bahamas is lifted

August 28, 1997

A US Security Alert warning Americans of the dangers of being in The Bahamas was lifted after several days, much to the relief of the tourism industry.

Bahamas by-election called for Pindling’s seat

August 28, 1997

A by-election will be held in South Andros on September 5 to choose a replacement for former Prime Minister Sir Lynden Pindling.

Bermuda jeweller ‘steals’ name of Caribbean jeweller

June 27, 1997

In an extraordinary move, a Bermuda jeweller has set up an operation in the name of a leading Caribbean jewellery chain in an apparent bid to disrupt the chain's attempt to muscle in on its territory.The action by HS & JE Crisson Limited is likely to lead to a complicated dispute with Bahamas-based Colombian Emeralds International, which had not trademarked its name in Bermuda.

Werner Rey hearing postponed

May 28, 1997

The Bahamas Appeal Court has postponed a hearing into the appeal by Swiss businessman Werner Rey against his extradition to Switzerland. Proceedings had been scheduled to begin on May 26.Rey is appealing a Bahamas Supreme Court decision in April to extradite him to his homeland, where he is wanted on charges of fraud, forgery and bankruptcy offences in connection with the Omni group, which collapsed in 1991 with losses exceeding SwFr1 billion.

Bahamas ditches Taiwan for China

May 28, 1997

The future of Taiwan's economic link with the Bahamas has been jeopardized after the Bahamas broke its eight-year diplomatic relationship with Taiwan in favour of China, the Nassau Guardian reported.The policy shift followed the opening of an $80 million container port in Freeport, in which Hutchison Port Property, a subsidiary of Anglo/Sino firm Hutchison Whampoa, has a 50 per cent stake, reported the Guardian.

Bermuda gains telecommunications edge over offshore rivals

April 27, 1997

Bermuda has gained a significant competitive edge over rival offshore domiciles in the Caribbean by ending the telecommunications monopoly of Cable & Wireless and introducing a second long-distance carrier.International rates from Bermuda were already the lowest of rivals such as the Cayman Islands, the Bahamas and Barbados, according to a survey conducted by Offshore Business News & Research, which publishes Offshore Alert.But, since Bermuda's government granted a second international licence in January to TeleBermuda International - which has yet to begin offering a service, Cable & Wireless has answered the threat of competition by lowering rates to many countries, some by almost a third.

Bahamas telecommunications nightmare

April 27, 1997

Featrure on State of Bahamas Telecommunications IndustryIf you like hissing noises, line echoes, unreadable faxes, disconnected conversations and high rates, the Bahamas is the place for you.E-mail has been known to take three days to arrive, telephone lines can take several months to be installed and you may well be restricted in the number of lines you can have, even in the business centre of New Providence.

Lynden Pindling quits politics

March 24, 1997

Sir Lynden Pindling has announced he is stepping down as leader of the opposition Progressive Liberal Party after 32 years, including 25 as Prime Minister, and is also quitting politics following his party's comprehensive defeat in the Bahamas General Election on March 14.Pindling was one of only six PLP MPs to keep hold of their seats as Hubert Ingraham's Free National Movement party won a record 34 of the 40 seats available. The PLP will meet soon to elect a replacement.

Mexico acts to curb offshore money transfers

March 24, 1997

The Mexican government has amended the country's tax laws to try to curb the massive outflow of capital being lost to the world's tax havens.

Interamerican Asset Management Fund allegedly used in multi-million dollar fraud

March 16, 1997

A Bahamas-based mutual fund was used by one of Ecuador's best-known business families to defraud investors and the Central Bank of Ecuador out of approximately $160 million, it has been claimed.And the scandal has extended to the United States where the Federal Reserve Board has taken steps to safeguard the financial position of the Pan American Bank, in Miami.Both the Bahamian mutual fund - the Interamerican Asset Management Fund Limited - and the Pan American Bank were set up by the powerful Ortega family of Ecuador.

Cayman banker Syed Bilal Ahmed still missing

February 28, 1997

Cayman Islands resident Syed Bilal Ahmed, the vice-president of Cayman-based Gulf Union Bank Ltd. and First Cayman Bank Ltd. is still listed as missing in the Bahamas after he disappeared from the Radisson Cable Beach Resort in Nassau on September 5, 1996.

Pindling accused of inciting Bahamas General Election violence

February 28, 1997

Bahamian opposition leader Sir Lynden Pindling, who all but destroyed his country's international business sector when he was Prime Minister from 1967 to 1992, has been accused of inciting gang members to murder a member of the government in the run up to a General Election on March 14.Housing Minister Chuck Virgill was shot to death just one day after Pindling appeared to incite members of drugs gangs who support him to take violent action against the government.

Isle of Man: Neville Michael Gothold

August 14, 1996

Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud and theft by Neville Michael Gothold through Nimrod Investments Ltd.

Richard Nossen v. International Institute Companies, Inc. et al: Nossen’s Proposed Findings of Fact and Conclusions of Law

February 14, 1996

Richard Nossen's Proposed Findings of Fact and Conclusions of Law in a complaint filed by Richard Nossen against International Institute Companies, Inc., Concept Publishing, Inc., Robert C. Reid, Thomas Azzara, and Eden Press, Inc. at the U. S. District Court for the Eastern District of Virginia.

Richard Nossen v. International Institute Companies, Inc. et al: Amended Complaint

November 24, 1995

Amended Complaint filed by Richard Nossen against International Institute Companies, Inc., Concept Publishing, Inc., Robert C. Reid, Thomas Azzara, and Eden Press, Inc. at the U. S. District Court for the Eastern District of Virginia.

International Institute Companies, Inc. et al v. Eden Press, Inc.: Amended Third-Party Complaint

October 24, 1995

Amended Third-Party Complained filed by International Institute Companies, Inc., Concept Publishing, Inc., Robert C. Reid and Thomas Azzara against Eden Press, Inc. at the U. S. District Court for the Eastern District of Virginia.

Richard A. Nossen v. International Institute Companies, Inc. et al: Complaint

February 21, 1995

Complaint filed by Richard A. Nossen against International Institute Companies, Inc., Concept Publishing, Inc., Robert C. Reid and Thomas Azzara at the U. S. District Court for the Eastern District of Virginia.

Mark Hardy goes into bankruptcy in the UK

June 10, 1993

Focus Insurance chief Mark Hardy was yesterday adjudged bankrupt by an English court.However Mr Hardy, who has long claimed he would not receive justice until a suit for negligence started against him in Bermuda by Focus liquidators was brought before an English judge, warned last night that his legal battle was "far from over".

USA v. Kenneth Rijock et al: Superseding Indictment

July 12, 1990

Superseding Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, a.k.a. Tico Rodriguez, a.k.a. Herberto Castellano; Michael Clinton Gruener, a.k.a. Michael Rossi, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.