The Bahamas Attorney General on the arrest of Sam Bankman-Fried

Attorney General of The Bahamas Sen. Ryan Pinder KC Statement on the arrest of Sam Bankman-Fried

On 12 December 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (“SBF”), former CEO of FTX.  SBF’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition.

As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act.

At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.

Responding to SBF’s arrest, Prime Minister Davis stated, “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.  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."
 

December 12, 2022
Office of The Attorney General &
Ministry of Legal Affairs
Commonwealth of The Bahamas

FTX’s Burst Bubble Is Very Bad News For The Ruling Progressive Liberal Party - PLP in The Bahamas

Actually, FTX is already becoming the daily topic of discussion of national focus in The Bahamas – and we have at least three solid years to go before the next general election.  It looks like a rough ride ahead on the FTX wave with ‘Brave’ – in my humble estimation. Like the song goes: Oh Sam – oh Sam, by damn – by damn. 

By Dennis Dames
Nassau, NP, The Bahamas

The full financial, social and political impact of FTX’s collapse is far from being known – in my view.  One thing is certain, and that is a multitude of ordinary hardworking folks throughout the world have lost their whole life savings – or a significant portion of it as a result of FTX’s burst bubble.

It’s the worst case of betrayal of public trust that I have seen in my lifetime.  Many of the clients concerned – are expressing their frank and honest emotions in social media circuits as the FTX saga plays out in bankruptcy court; and their sentiments are far from nice and pleasant. 

All of this is happening while the former loose cannon CEO of FTX continues to add fuel to the fire in the press and on social media platforms.  He simply cannot keep his friggin trap shut!

There are already reported cases of suicides and assassinations relating to the demise of FTX in countries around the world, and the situation is looking grimmer by the minute.  The complete fallout from FTX’s failure is unknown, but one thing if for sure, and that is many politicians – especially in the USA have a lot of questions to answer for the general voting public in regards to FTX failed crypto exchange.  

It will have a great influence on the next Presidential election in the United States and the next round of midterm congressional elections – in my opinion.  Trump is going to have the time of his life – I can imagine.  Wow wow we waa!

Politicians in The Bahamas will also have a lot of voters questions to answer, and FTX could be the main subject of concern moving in to the next general election season in The Bahamas.  This is totally bad and unwanted news for the ‘New day’ administration – no doubt.

Actually, FTX is already becoming the daily topic of discussion of national focus in The Bahamas – and we have at least three solid years to go before the next general election.  It looks like a rough ride ahead on the FTX wave with ‘Brave’ – in my humble estimation. Like the song goes: Oh Sam – oh Sam, by damn – by damn.  

FTX will adversely affect a good number of governments in our universe – as more and more horrific details of its internal operations are publicly revealed. It’s a budding international scandal of monumental proportions.  Let’s face it, as it’s not going anywhere soon.

The work of the Joint Provisional Liquidators (JPLs) in The Bahamas has been hampered by the JPLs' lack of access to FTX Digital's own books and records

The Joint Provisional Liquidators (JPLs) in The Bahamas are seeking to re-establish access to FTX Digital’s books and records

FTX Digital Markets Ltd. (in Provisional Liquidation)
Building 27, Veridian Corporate Center
Western Road
Nassau, N.P., The Bahamas
 
 

November 30, 2022

Contacts: Mike Davies, PwC Global Corporate Affairs and Communications Team
Telephone: +44 7603 974136
Email: mike.davies@pwe.com

 

Update by the Joint Provisional Liquidators of FTX Digital Markets Limited ("FTX Digital")

 

FTX Digital was placed into provisional liquidation by the Supreme Court of The Commonwealth of the ‘Bahamas (the "Supreme Court’) on 10 November 2022 (the “Provisional Liquidation Order’).  The ‘Supreme Court appointed Brian Simms KC, of Lennox Paton, Kevin Cambridge, of PwC Bahamas, and Peter Greaves, of PwC Hong Kong, as the Joint Provisional Liquidators (collectively the "JPLs’).

‘Since their appointment by the Supreme Court, the JPLs have been reviewing the financial position of FTX Digital, investigating the causes of the collapse of FTX globally and its impact on FTX Digital, ‘seeking to identify and secure assets, and investigating all paths available to the company with a view to realising the maximum possible value for FTX Digital stakeholders.  This work is ongoing, 

‘As previously disclosed, the work of the JPLs has been hampered by the JPLs' lack of access to FTX Digital's own books and records, particularly customer information, stored on cloud-based servers.  The JPLs are seeking to re-establish access to FTX Digita’s books and records.  This includes an application to seek recognition of the provisional liquidation of FTX Digital in the United States under Chapter 15 of the US Bankruptcy Code.  Additionally, the JPLs intend to enter discussions with the debtors in possession under the Chapter 11 proceedings in the U.S. in order to seek to agree a protocol whereby ‘amongst other matters, information may be shared.

‘The JPLs have been in communication with the Securities Commission of the Bahamas (the Commission”) and are cooperating fully with the Commission's investigations.  The JPLs also ‘acknowledge and appreciate the steps taken by the Commission to safeguard the digital assets managed by FTX Digital.

There remains significant uncertainty around the outcome of proceedings involving FTX Digital.  As of the date hereof, the JPLs confirm that they have not made any redundancies and that employees who remained in the employment of FTX Digital as at the date of Provisional Liquidation Order and had not resigned or indicated their intention to resign, will continue to be retained by FTX Digital until further notice.  The JPLs are focused on addressing FTX Digital employee issues and concerns, and would like to thank the employees for their ongoing understanding and cooperation.  Any employee who wishes to contact the JPLs’ team may do so by emailing bs_employees_ftx_fdm@pwc.com.  Please note that any discussions by the JPLs with employees of FTX Digital will relate to his/her role at FTX Digital, and not with respect to his/her employment, if applicable, by any other FTX entity.

The JPLs continue to work hard to carry out their duties including seeking to gain full access to FTX Digital's information.  The JPLs will communicate further updates as and when appropriate.

The Royal Bahamas Police Force (RBPF) Financial Crimes Investigation Branch Investigates FTX Digital Markets Ltd

Chrislyn Skippings

Public Affairs & Communications Department (PACD)

P.O. Box N-458

Police Headquarters

Nassau, The Bahamas

Email: rbpfpaco@ gmail.com

chrislynskippings@ gmail.com

RBPF NEWS RELEASE 6202

 STATEMENT REGARDING FTX

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.

       

Chrislyn Skippings — RBPF, PACO 13 November, 2022