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Jeff Bezos, the founder of Amazon, is in the Dominican Republic.

admin — Sat, 18 Jun 2022 07:50:01 +0000

Jeff Bezos, the founder of Amazon, is in the Dominican Republic.

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admin Sat, 06/18/2022 - 07:50

Sunday, March 13, 2022

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People – Dominican Today

Original Article

Jeff Bezos, the founder of Amazon, is in the Dominican Republic.

According to videos circulating on social networks, Jeff Bezos, the founder, and president of Amazon, is in the Dominican Republic.

One of the videos shows his yacht Flying Fox, which is 136 meters long and valued at approximately 485 million dollars.

While in another of the videos, the businessman is seen in a nightclub, supposedly in La Romana.

Jeff Bezos was in Amazonia
At the beginning of March, the richest man in the world, according to Forbes, Jeff Bezos, visited the Serranía de Chiribiquete National Natural Park, in the Colombian Amazon, together with the country’s president, Iván Duque.

“We traveled to the Serranía de Chiribiquete Natural Park with Jeff, founder of BezosEarthFund, and his vice president, Lauren Sánchez.¨

We will show them progress on commitments against the Climate Crisis and the declaration, this year, of 30% of the territory as protected areas,” Duque wrote on Twitter.

Caribbean

Living Standard

Deny K releases single “Saona Island”

admin — Sat, 18 Jun 2022 07:40:01 +0000

Deny K releases single “Saona Island”

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admin Sat, 06/18/2022 - 07:40

Wednesday, June 8, 2022

Original Publisher

People – Dominican Today

Original Article

Deny K releases single “Saona Island”

The urban artist Deny K has just released his latest single called “Isla Saona”, through which he seeks to promote tourism in the Dominican Republic, highlighting the beauty that the island contains. The artist born in Colombia and raised in Italy, is living in the Dominican Republic which he considers his new home.

“The Dominican Republic is a country full of musical diversity, cradle of urban music is for me something very great to be able to develop my music and at the same time contribute to the cultural and tourist development of an island that has me so in love,” said Deny K.

“Saona Island” is a fusion of rhythms with clean lyrics and content for all audiences, the single invites you to know the summer landscapes of Saona, its beaches and its splendor.

“The song was born from a visit I made with some friends to the island, being there I just started humming a lyric about the island and out of nowhere it became a song, together with the producer we added the music, and it was just incredible,” says Deny about his single.

The musical production was in charge of the genius of the music in Santiago DF Beatz, while the video was in charge of Victor Rangell and Carlos Spinelly, both creators of many artistic films for leaders of the genre such as Zion and Lenox, Chimbala, Mark B, J Quiles, Chimbala, Zion and Lenox, Yomel Meloso, among others.

Jhon Daniel Amorocho, stage name Deny K describes himself as mysterious, versatile, creative and daring, born in Colombia, since childhood he was cultivated music and singing, and has always liked to create new things, compose and learn.

“I want to send a message not only of composition but also of audiovisual concept, I always like to experiment with new things and that people enjoy what I like, that the public listens to what I cook in the studio with my team together with Joe my manager and that they capture the message behind each project” Deny K.

Caribbean

Living Standard

Dominican Republic in top 10 best places to retire

admin — Thu, 24 Feb 2022 10:20:01 +0000

Dominican Republic in top 10 best places to retire

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admin Thu, 02/24/2022 - 10:20

Sunday, February 13, 2022

Original Publisher

Local – Dominican Today

Original Article

Dominican Republic in top 10 best places to retire

According to Travel + Leisure Magazine

The travel magazine Travel + Leisure published a list of the best destinations after retirement, considering factors such as the ease of obtaining residence, the health system, the climate, and the cost of living, among others.

As global travel has increased over the years, many seniors want to continue the adventure of exploring the world by retiring abroad. Others move to new places to stretch their retirement income or enjoy new experiences.

According to recent data from the United States Social Security Administration, more than 700,000 Americans receive their payments abroad.

Medical care, visa requirements, local culture, taxes, and living costs are all part of the decision to retire to another country. With so many considerations, it’s a good idea to get professional advice, and advisers recommend spending at least several months in a potential retirement destination before you make a move,” said the magazine’s travel specialists.

In that sense, 10 of the best places to retire in the world, according to Travel + Leisure, are:

1- Panama

2- Portugal

3- The Dominican Republic because it is considered one of the least expensive Latin American countries for retirees, according to data from the magazine. In Santo Domingo, the capital, the cost of rent is 90% lower than in New York, and the cost of living is 55% lower. Its location is another advantage for some retirees.

Most retirees purchase private health insurance as they are not eligible for government programs, and quality medical care at private hospitals is available at reasonable prices. Retirees can enter the country on a tourist visa and then apply for a retirement visa, which takes several months.

Most ex-pats live in the cities of Santo Domingo and Santiago, and there are beautiful resort towns like Punta Cana, Puerto Plata, and Boca Chica. However, certain areas are not considered safe, so do your research before moving.

The list continues with:

4- Spain

5- Costa Rica

6- Malt

7- Ecuador

8- Mexico

9- Colombia

10- United States

Caribbean

News

Massy now cross-listed on JSE

admin — Wed, 23 Feb 2022 05:50:01 +0000

Massy now cross-listed on JSE

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admin Wed, 02/23/2022 - 05:50

Thursday, February 3, 2022

Original Publisher

Business – Barbados Today

Original Article

Massy now cross-listed on JSE

Exactly five years after delisting from the Barbados Stock Exchange (BSE), Trinidad and Tobago-based conglomerate Massy has announced its cross listing on the Jamaica Stock Exchange (JSE), which was initiated on January 27, 2022.

Massy Holdings Limited, which is trading under the symbol MASSY and is listed on the Trinidad and Tobago Stock Exchange, opened share trades on the JSE with a listing prices of JA$2,463.08.

The cross listing represents a critical transaction for Jamaica and the region at large, according to the company in a statement announcing the listing on the JSE.

It pointed out that the company’s decision to crosslist, especially in this period of continued uncertainty related to COVID-19, was a major step towards building a more regional capital market, one that is far more intertwined and consequently more robust and beneficial to companies throughout the Caribbean.

“Since the announcement of its decision to crosslist on the JSE in May 2021, and appointment of Barita Investments Limited and First Citizens Brokerage & Advisory Services as advisors in August 2021, our teams have worked together to deliver to shareholders and potential investors in Jamaica an attractive opportunity to invest in one of the largest and most diversified companies in the region,” the

company said.
Pointing to future plans, Gervase Warner, Executive Director, President and Group CEO of Massy said: “We will continue geographic expansion in the Caribbean Basin as well as further investment in existing countries where growth prospects are most attractive.”

“Future investments will be focused on our three main portfolios and the Group is increasingly confident to start searching for global opportunities beyond the Caribbean Basin.

While we have a considerable cash reserve and significant borrowing capacity to fund our growth plans, the cross listing on the JSE enhances our prospects for raising additional capital in the future to support our most ambitious aspirations for growth,” Warner noted.

“What Massy presents to the Jamaican investor is an opportunity to widen their portfolio exposure to industries that are currently unrepresented or underrepresented on the JSE,” said Terise Kettle, Vice President of Investment Banking at Barita Investments Limited.

“These industries fall within Massy’s key industry portfolios which include Gas Products, Motors and Machines and Integrated Retail. Beyond industry diversification, Massy will allow investors on the JSE an opportunity to diversify their portfolios geographic holdings, as Massy operates in more than 15 countries in the Caribbean Basin with most significant contributions coming from Trinidad and Tobago, Guyana, Barbados, Easter Caribbean, Colombia, Jamaica and USA; offering investors an immediate foothold into these countries with the purchase of a single stock,” Kettle added.

Richard Look Kin, General Manager at First Citizens Investment Services, said “as Massy approaches the centenary of its founding, First Citizens is delighted to continue our long-standing partnership with Massy, as Co-Brokers and Advisors along with Barita Investments Limited, on the cross listing of Massy’s shares on the Jamaica Stock Exchange.”

“This transaction represents another step in Massy’s role in modelling a truly Pan-Caribbean Group. This is an opportunity for Jamaican investors to not only participate in Massy’s financial success, but also in the Group’s journey towards its purpose to be a Force for Good, Creating Value, and Transforming Life,” added Kin.

In the 2021 financial year alone, Massy provided shareholders with a dividend yield of 4.32 per cent and a share price return of 39.83 per cent. This came on the back of the asset sales as the Group restructured to shed assets that were returning less than Massy’s Weighted Average Cost of Capital (WACC) of approximately 9.60 per cent. (PR)

The post Massy now cross-listed on JSE appeared first on Barbados Today.

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Business

Arrested 11 members of the Latin gang Dominican Don’t Play in Spain

admin — Sun, 20 Feb 2022 23:10:01 +0000

Arrested 11 members of the Latin gang Dominican Don’t Play in Spain admin Sun, 02/20/2022 - 23:10

Thursday, February 10, 2022

Original Publisher

Local – Dominican Today

Original Article

Arrested 11 members of the Latin gang Dominican Don’t Play in Spain

Madrid, Spain

The Civil Guard arrested this Thursday eleven members of the Latin gang Dominican Don’t Play (DDP) based in the cities of Madrid and Toledo (center), three of them as alleged perpetrators of the murder of a 25-year-old man of Colombian origin last Saturday in the Spanish capital.

The operation served to dismantle the Coro (the name by which the territorially settled DDP groups are known) from the town of Seseña, in Toledo, which had links with the one from Madrid, sources from that armed body reported.

The three arrested for the crime of the young Colombian entered prison shortly after by court order.

In addition to the eleven arrests, there are another 13 people under investigation. Furthermore, searches were carried out in various locations in Toledo, Madrid, and Valladolid in which simulated weapons were seized, a large number of white weapons (machetes and knives), a significant amount of narcotic substances, cash and counterfeit money, and PDD-related material.

Last Tuesday, a judge ordered provisional detention for two other detainees, a 20-year-old Spaniard of South American origin and a 27-year-old Ecuadorian, for the alleged murder of that same young man, possibly in a brawl between members of the Dominican Don’t Play ( DPP) and the Trinitarians.

A 15-year-old minor was also killed by a machete blow to the chest last weekend after, apparently, another brawl between the same Latino gangs in the center of Madrid.

The Spanish Police assure that there is no rebound in the activity of these youth gangs, a problem that, in any case, always worries the Spanish security forces.

A total of 514 agents will integrate from this Thursday a particular device for the control of these gangs in eleven districts of the Spanish capital, the Government delegate in Madrid, Mercedes González, informed today.

The Civil Guard will also strengthen its presence in nine towns where these gangs’ activity has been identified.

The device will be permanent until this “escalation” of violence between the Dominican Don’t Play (DDP) and the Trinitarians ends.

Caribbean

News

Laptops given to students in the past administration are in disuse

admin — Sun, 20 Feb 2022 23:10:01 +0000

Laptops given to students in the past administration are in disuse

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admin Sun, 02/20/2022 - 23:10

Friday, February 11, 2022

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Local – Dominican Today

Original Article

Laptops given to students in the past administration are in disuse

Santo Domingo, DR

“They did not work” is how the students of Greater Santo Domingo described the electronic equipment delivered to them by the Ministry of Education (Minerd) to start the 2019-2020 school year.

Currently and as a measure to remedy the inconvenience, Minerd authorities are conducting a survey this week to determine which students have damaged computers and those who have never received them, all this to provide them with a new device.

Anthony García, a 14-year-old student at the Juan Pablo Duarte Educational Center, stated that the laptop he received in 2019 broke after five months, and he was never given another device. According to his director, Victorino Germosén, “hundreds of cases” similar to Anthony’s were registered on that campus.

“Those computers were damaged at once, we don’t know what happened, but of those that were given from that time to here, I think there are none left,” explained the educator, referring to the fact that the computers delivered in the past management of the Minerd did not have the quality that was presumed, a situation that, according to him, did not occur with those that were delivered at the beginning of this school year.

Due to the inconveniences these days, the dependency has had to resupply these teams to the registered affected.

As Germosén explained, students must return the broken device to the ministry as evidence to purchase a new computer. While those who will receive for the first time, their parents or guardians will have to complete a form.

Students from Liceo Excelencia República de Colombia also presented the same difficulty. Even the teachers indicated that the computers destined for them “are slow, of low quality and little storage.”

The Víctor Estrella Liz School served throughout the week as the stage for delivering thousands of laptops. Some 3,600 computers were provided yesterday alone.

The protocol was the same as explained above; the parents of various educational centers went with the required documentation to look for the device for their children, and representatives of the Minerd formally delivered it to them.

Among the educational centers that received laptops yesterday are the Juan Pablo Duarte School in Boca Chica, the Gregorio Luperón School at kilometer 27 of the Duarte Highway, the José Francisco Peña Gómez School, and the Salvador Hirujo Sosa School in Sabana Perdida.

Other equipment
Unlike the situation generated by computers, the Juan Pablo Duarte, Liceo Excelencia República de Colombia, and San Martín de Porras centers exhibited other electronic resources such as tablets and digital whiteboards, elements that teachers incorporate during the development of classes.

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News

AM Best Assigns Credit Ratings To Black Gold Re

admin — Sun, 20 Feb 2022 19:20:01 +0000

AM Best Assigns Credit Ratings To Black Gold Re

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admin Sun, 02/20/2022 - 19:20

Wednesday, February 9, 2022

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Bernews » Business

Original Article

AM Best Assigns Credit Ratings To Black Gold Re

AM Best has assigned a Financial Strength Rating of B++ [Good] and a Long-Term Issuer Credit Rating of “bbb+” [Good] to Black Gold Re Limited [BGRe] [Bermuda]. The outlook assigned to these Credit Ratings is stable. A statement from the ratings agency said, “BGRe is a captive reinsurer of Ecopetrol S.A. [Ecopetrol], a Colombian oil […]

(Click to read the full article)

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Business

Half of region’s households lose income since pandemic – survey

admin — Sat, 11 Dec 2021 11:20:01 +0000

Half of region’s households lose income since pandemic – survey

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admin Sat, 12/11/2021 - 11:20

Thursday, December 2, 2021

Original Publisher

Business – Barbados Today

Original Article

Half of region’s households lose income since pandemic – survey

At least half the households in the Caribbean and Latin American have not been able to recover income levels before the pandemic, leading to serious erosion in standards of education and health among other indicators, a survey released this week said.

The survey by the World Bank and the United Nations Development Programme (UNDP) analysed the current state of the region in six key areas, namely labour markets, income and food security, education, gender, health and digital and finance.

The “Phase 2 of the 2021 LAC High- Frequency Phone Survey” described as “an uneven recovery: taking the pulse of the Latin America and Caribbean following the pandemic,” also included such CARICOM countries as Antigua and Barbuda, Belize, Haiti, Jamaica, St. Lucia and Guyana.

Overall, the survey found that in the Caribbean and Latin American, while the employment situation had been showing signs of recovery over the past two years of the pandemic, the jobs were mainly generated by micro-companies and those engaged in self-employment.

“There has been huge unemployment as a consequence and one in every four persons across the region has not been to get their jobs back,” said Luis Felipe López-Calva, Regional Director for Latin America and the Caribbean, UNDP, adding that Colombia, Panama, Honduras and Haiti had been the most severely affected countries in the region.

He said women more than men had been more affected by the situation, particularly mothers of very small children and people “in vulnerable ages …and those with less levels of schooling.“Region-wise, there is still a long way to recover….(and) the quality of employment has degraded across the region in all countries… it has deteriorated significantly”.

He said that the survey had shown that formal employment “has diminished almost by five per cent region-wide (and) …we see people had to resort to selfemployment.

According to the data, 50 per cent of households have not been able to recover income levels before the pandemic whether through the labour market or even remittances and emergency transfers, leading to a situation of worrying food security levels n the region.

The data showed that all countries had recorded a drop in access to food and that the countries that were already facing poverty levels before the pandemic “are the ones suffering the most”.

In the field of education, while countries such as Guyana, Belize had recorded 12 percentage points higher before the pandemic, other countries were now recording as high as 22 per cent of children not being able to attend classes.

“This is one of the big challenges of the pandemic,” said the panellists during a webinar on Monday when the results of the survey were released, with the data showing that virtual learning in some countries was so bad due to the lack of access to the internet, available technology and even children not wanting to participate in the new environment.

World Bank Vice President for Latin America and the Caribbean, Carlos Felipe Jaramillo, described as a “silent crisis” the events brought about by the pandemic in the field of education, especially for primary and secondary education.

Jaramillo said: “Schools have been mostly closed. In some countries, they have not reopened yet, at least not totally, and I think that is something that we said is that the alternatives that have been used are far from ideal.

“I think some countries have used education through the internet, some countries have used more traditional mechanisms such as education through TV and the radio, but the effectiveness of these alternatives is not very positive …and we are worried that there is not a system good enough so that most students can truly have an effective educational experience.

“The World Bank officials said “this is going to leave a very deep scar on this generation and we have to think about how countries can deal with what they have lost in terms of two years of learning.

‘Two years of silent crisis in education.”

The study also found that vaccination had become available in many Caribbean and Latin American countries and would in the future contribute to students returning to their classrooms. But in places like Haiti, vaccination is non-existent.

It was also discovered that in the region, one in five unvaccinated people do not want to be vaccinated and that situation could be found in rural areas, the elderly and people who just do not believe in vaccines.

The survey found that the pandemic had allowed for an increase in digital and financing with technology making a leap as much as 50 per cent, many homes were now using digital platforms to carry out their tasks such as banking and using mobile wallets.
Jaramillo told the webinar that going forward, the Caribbean and Latin America must deal with the digital gap, adding “the pandemic has made it clear that this is extremely serious and this has deepened social gaps.

He said: “I think this is also responsible for some of the…inequalities because those who had resources could work from home or go to school through the internet.

However, those who did not have access through the internet…have been very limited in their possibilities.

“I think the figures we have gained through the survey clearly show this and I think this is an urgent investment and it is not very costly. We need to give access to the internet to the 20 per cent of the poorest population. This is actually not a huge investment for most countries and it is urgent.” (BT/CMC)

Caribbean

Business

‘Pandora Papers’ data leak involves mostly VI firms

admin — Sat, 11 Dec 2021 11:10:01 +0000

‘Pandora Papers’ data leak involves mostly VI firms

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admin Sat, 12/11/2021 - 11:10

Wednesday, October 13, 2021

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Business – The BVI Beacon

Original Article

‘Pandora Papers’ data leak involves mostly VI firms

More than two thirds of the companies named in a massive new offshore data leak analysed by the International Consortium of Investigative Journalists were incorporated through the Virgin Islands, the ICIJ stated when rolling out its extensive coverage of the leak over the weekend.

The “Pandora Papers” — consisting of 11.9 million confidential files that name hundreds of high-level politicians, business leaders and other famous figures — hit the media on Sunday afternoon, resulting in headlines across the globe.

For the Virgin Islands, the leak is the latest and largest in a series of similar leaks involving the jurisdiction in recent years, and it is expected to amplify global calls for more transparency and speedier implementation of the public company register the VI government has promised to establish in 2023.

“It seems clear here that one of the aims of some of the ICIJ journalists right now is heavily aligned with the aims of transparency campaigners generally, like Oxfam, Global Witness and The Guardian newspaper,” VI asset-recovery lawyer Martin Kenney told the
Beacon. “And that aim is to encourage regulators and policymakers in places like the UK to compel smaller territories like ours to have, as soon as possible, open [beneficial ownership] registers.”

Media coverage

The news coverage resulting from the leak — which was a collaboration among more than 600 journalists around the world — ranged widely, but VI companies were often front and centre.

In one of the more prominent stories, the ICIJ alleged that the King of Jordan used VI structures to secretly buy millions of dollars’ worth of properties in central London. Another story alleged that the president of Azerbaijan and his associates used VI companies in a way that shielded his property transactions from public view, at one point registering a building in the United Kingdom to his then-11-year-old son.

Other UK property transactions also loomed large in the reporting as well, with the BBC alleging that more than 1,500 UK properties were bought by clients using offshore firms.

Some of the buyers, according to the BBC, have been accused of corruption.

The leak also exposed information about companies linked to other famous people, most of whom are not accused of any wrongdoing, including former UK Prime Minister Tony Blair, German supermodel Claudia Schiffer, and Colombian pop singer Shakira.

The files name several jurisdictions across the globe, including Switzerland, the Cayman Islands, the Bahamas, and South Dakota in the United States. But out of the 14 financial services firms whose files formed the basis of the leaks, the two most prominent — Trident Trust
Group and Alemán, Cordero, Galindo & Lee — have offices in the VI.

The source of the leak has not been identified, and the legal implications for the firms whose data was compromised is not yet clear. The VI passed a Data Protection Act this year, but has yet to name a regulator.

The VI government, meanwhile, has remained mum on the leak, and the Financial Services Commission and the Premier’s Office did not immediately respond to requests for comment. BVI Finance CEO Elise Donovan, however, told the Beacon, “We remain confident not only of the high-quality services that BVI firms provide, but also of the strength and efficacy of the BVI’s regulations. Together, these play a vital role in helping organisations to operate efficiently, generating growth and jobs around the world.”

For the VI, the leak is the latest in a string of blows to the territory’s financial services industry, which brings in more than half of government revenue each year. The ICIJ’s 2016 Panama Papers leak, for instance, included millions of documents about offshore companies set up by Panamanian law firm Mossack Fonseca, which was later forced to close its offices here and abroad.

However, this week’s investigation involved more than three times as many public figures as the Panama Papers, according to the ICIJ. The
organisation said its analysis identified 956 companies linked to 336 politicians, as well many other companies linked to hundreds of other
public figures.

“The findings by ICIJ and its media partners spotlight how deeply secretive finance has infiltrated global politics — and offer insights into why governments and global organisations have made little headway in ending offshore financial abuses,” the organisation wrote on its website.

However, the ICIJ also said it’s not possible to know how much of the world’s $1.3 trillion in wealth it says is held offshore is linked to tax evasion or other crimes. Owning an offshore company is not a
crime, the organisation noted, and those named in the leak who responded to the ICIJ’s requests for comment denied any wrongdoing.

Though the ICIJ did not hint at the source of the leak, Mr. Kenney said the Pandora Papers differ from previous leaks in the number of firms affected. In the previous leaks, data typically came from just one firm at a time. This time, the leak includes data linked to 14 firms.

“We’re being told it happened concurrently,” he said. “There were a lot of resources poured into this by someone. Now, the only person[s] with
those resources to infiltrate into 14 systems are large, wellfunded government intelligence agencies like the [US National Security Agency]. Or other foreign governments agencies, or one or more high-net-worth individuals with a lot of resources have a political
agenda.”

Caribbean

Business

Ingraham defends Cotton Bay approach

admin — Fri, 10 Dec 2021 16:30:02 +0000

Ingraham defends Cotton Bay approach

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admin Fri, 12/10/2021 - 16:30

Wednesday, December 8, 2021

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The Nassau Guardian

Original Article

Ingraham defends Cotton Bay approach

In a rare public rebuke, former Prime Minister Hubert Ingraham yesterday shot down allegations by Sir Franklyn Wilson that “bad public policy” by his administration in the late 1990s was the reason the Cotton Bay Resort in South Eleuthera failed to proceed.

On Monday, the Davis administration signed an amended heads of agreement with Cotton Bay Holdings for the development of the $200 million resort – which is expected to create 500 jobs.

Sir Franklyn, who owns the Jack’s Bay development in South Eleuthera, told The Tribune that the owners of Cotton Bay were ready to go but “bad public policy and governance, this is what derailed this thing in 1996 and 1997 and, in my humble opinion, triggered the recession Eleuthera has not come out of”.

But Ingraham, who oversaw the first HOA between Cotton Bay’s owner Dr. Carlos Sarmiento Angulo and the government in 1996, fired back.

Ingraham explained that Sarmiento, with the approval of his government, purchased the former Cotton Bay property from Sir Franklyn.

“He subsequently converted the old Keizer residence into his private family retreat in Eleuthera and commenced plans to redevelop the old Cotton Bay resort and golf club,” he said in a statement.

“Those plans to renovate, upgrade, and expand the Cotton Bay Resort have disappointedly not moved forward during the past 25 not due to any action on the part of FNM governments.

“I was surprised therefore to read, and I take exception to, reports that Sir Franklyn Wilson spewed misguided accusations that my government’s bad public policy in the late 1990s were largely to blame for lack of action on this project.

“I have long expressed frustration with slow progress in invigorating the South Eleuthera economy which was a goal of every government led by me. Contrary to Mr. Wilson’s allegations, FNM governments have consistently acted to marry their interests in providing increased economic and employment opportunities and hence better living conditions for ordinary Bahamians with those of attracting desirable investors to our country.

“With specific regard to South Eleuthera, my government, in an effort to facilitate Dr. Sarmiento’s redevelopment plan for the Cotton Bay property, acquired and redeveloped the Rock Sound Airport, much to the chagrin of its owners from the Franklyn Wilson Group. Thereafter, a new airport terminal was constructed. And we put in place plans to expand and increase electricity and water supplies to accommodate the development and to provide services to residents of South Eleuthera.

“In office, the FNM always sought to protect the interests of all – public and private. Where conflict between the two arose we always came down on the side of public interests as opposed to personal private interest.

“So, we did not approve Cotton Bay Holdings Ltd.’s application to buy substantial additional land from the Franklyn Wilson group prior to the commencement of development on the large acreage already owned by the company for the expressed purpose of touristic and upscale residential development.

“We were satisfied that additional land was not required for the size development proposed and further, we did not agree that foreign entities or persons should be approved by the government to purchase large tracts of vacant land without specific approved development plans.

“At all times Dr. Sarmiento, with whom I met at his invitation at his office and at his home in Bogota, Colombia, was fully aware and accepted that the government that I led would not approve further purchases of large acreage of land in South Eleuthera by him until and unless he progressed the agreed development.

“From the point of view of Sir Franklyn, this may be called bad public policy. From my point of view, it is the exact opposite.”

Ingraham said that Sarmiento “has always come to the table to negotiate his agreements for development in The Bahamas with FNM administrations”.

“It suggests that Dr. Sarmiento is satisfied that FNM administrations would deal with him fairly and transparently,” he said.

The former prime minister said it is instructive that the development did not proceed under either of the two last PLP governments.

“The outcomes of general elections in 2012 and 2021 resulted in two of the Sarmiento Groups’ agreements, approved by FNM governments, being signed by PLP administrations,” he said.

“Notably, that meant to bring the Four Season’s Hotel chain to South Eleuthera in 2015 was agreed during my third term in office as I announced ahead of the 2012 general elections.

“At the time of the general election details concerning road deviations, zoning and land use changes were being discussed with the developers as well as processes for dealing with construction permits, work permits, supply of power, water and communications and custom duties exemptions under the Hotels Encouragement Act.

“That project, while signed by the Christie administration, did not move forward as anticipated.

“Similarly, it appears that the negotiation of the agreement now signed by the Davis administration was negotiated by the last FNM administration.

“I wish the development great success and look forward to its beneficial impact on the people and economy of South Eleuthera.”

In his comments to The Tribune, Sir Franklyn said, “The way they treated Sarmiento, the father, there was no explanation for it. It was terrible public policy.

“Those people were ready and willing to go, but bad public policy, bad public policy and governance, this is what derailed this thing in 1996 and 1997 and, in my humble opinion, triggered the recession Eleuthera has not come out of.

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