By NEIL HARTNELL Tribune Business Editor BAHAMAS-based web shop boss, Craig Flowers, along with BISX-listed Bank of the Bahamas International, were both separately approached to rescue a bust Turks & Caicos bank that required a $27 million injection to recapitalise it, Tribune Business can reveal. The involvement of Mr Flowers, a well-known businessman and head of the FML Group of Companies, was disclosed in a report to the Turks & Caicos Islands' courts by the Bahamian liquidators for TCI Bank, Anthony Kikivarakis and Mark Munnings, the Deloitte & Touche (Bahamas) partners and accountants. The report, obtained by Tribune Business, said that "the following persons/entities were contacted or either made inquiries with regard to a rescue plan" for TCI Bank, listing those persons as "Bank of the Bahamas International" and "Mr Craig Flowers". Messrs Kikivarakis and Munnings added: "Unfortunately, after liaising and meeting with interested parties, reviewing proposals submitted by the above-mentioned individuals and entities, attending numerous court hearings and attending to other activities as deemed necessary, a rescue plan did not materialise." As a result, TCI Bank is now in the process of being wound-up and liquidated. Despite leaving numerous messages with his secretary, Mr Flowers did not respond to Tribune Business calls seeking comment on the matter yesterday. However, given that Bank of the Bahamas International said it was the liquidators that initiated the approach to itself, and the report refers to the two Bahamas-based parties as either being "contacted or making inquiries", it is possible Mr Flowers made contact with the liquidators. It would not have been hard for him to do so. Messrs Kikivarakis and Munnings are using former Attorney General, and current Fort Charlotte MP, Alfred Sears as their Bahamian attorney on the TCI Bank liquidation. Mr Sears is also Mr Flowers' attorney, having represented him in a recent trial. It is uncertain why Mr Flowers, whose involvement in the failed TCI Bank rescue seemingly occurred in late 2010, would be interested in a failed bank. But, as a wealthy businessman, he would certainly have the 'deep pockets' necessary to raise or attract capital. Mr Flowers is also understood to be a regular visitor to the Turks & Caicos, and have various business interests in the Bahamas' southern neighbour. His FML Group is said to employ around 200 persons in the Bahamas, and has its headquarters in its $8 million property on West Bay Street near downtown Nassau. In an unrelated matter, he was convicted last November in the Magistrate's Court of lottery promotion and allowing his business premises to be used as a lottery shop. Mr Flowers and his attorneys are appealing that ruling. Meanwhile, explaining Bank of the Bahamas International's involvement in the affair, Paul McWeeney, its managing director, said the BISX-listed institution had been approached directly by TCI Bank when it was still solvent, over a proposed joint venture/merger. That was at a time when the world and Turks economy were 'flying' but, as with the subsequent approach by the Deloitte & Touche (Bahamas) accountants post-collapse, "never went anywhere". "There were two facets," Mr McWeeney recalled to Tribune Business. "Well before they got into financial difficulties, we were approached by a member of the TCI Bank Board to consider whether or not we'd look at a joint venture/merger, something of that nature. "They needed more capital at that point in time. This was before the bank's demise. We went with a team down there and looked at it. It looked interesting at the time, but never got anywhere. It sort of died" He added: "Following their problems, we were contacted by the liquidators asking whether or not we'd be interested in looking at it. They sent us some information but it was incomplete, and never really went anywhere. We never got clear information to help us make an internal assessment." Mr McWeeney also disclosed to Tribune Business that Bank of the Bahamas International had been contacted multiple times by Turks residents urging the institution to establish branches and a direct presence there, but it was "not on the agenda" currently. "I've had several calls saying they'd like to see us down there, and feel we should be down there. I'm not sure whether they have a vested interest or not," the Bank of the Bahamas International chief said. "The better solution would be if the bank had a direct presence there, but it's not on the agenda at this time." The TCI Bank rescue attempts involved a heavy Bahamian flavour. Apart from Bank of the Bahamas International and Mr Flowers, another Bahamian, former Nassau Institute executive and Landfall Centre head, Dr Gilbert Morris represented the Altima group, while David Kosoy, chairman and chief executive of the Bahamas-based Sterling Financial Group, headed another offer. All ultimately proved unsuccessful. Messrs Kikivarakis and Munnings said in their report that $12 million was required in new share capital, plus a further $15 million in deposits locked-in for a two-year minimum, to make TCI Bank viable and solvent again.