Excellent point BID. The fact remains that if the Bahamas Ship Registry in London registers a ship in the Bahamas then that ship's home, like a Bahamian Citizen, can not be denied entrance into the Country. So the British government, often very frustrated with banana republics with fly by night offshore companies, permanent residencies, zero income tax rates and ship registry flags of convenience told the ship to "go home".

"Many shipowners are allowed to remain legally anonymous in open registry systems, making it difficult to identify and prosecute legal actions (whether civil or criminal) against these individuals. Some ships with flags of convenience have been found engaging in criminal activity, offering substandard working conditions, and spewing pollution into the environment or illegally fishing. As a result, ships flying under these flags are now targeted by other nations for special enforcement when they make call in one of the host nation's ports." Source: Internet.

Now that we have 5 confirmed cases of Covid 19 at the dock where 10,000 tourist a day disembark, we have put the entire country at risk for a couple of ship registration fees. Greed at its worse.

Hmmm? I guess because this is a Bahamian ship and we have taken registration fees from them for decades we are obligated to help them when they are in distress.

This is the problem with the offshore flags of convenience. We have zero capacity to help.

This ship didn't even start off in the Florida.

27 Feb Departing from La Romana, Dominican Republic hotels
28 Feb Santo Domingo, Dominican Republic
02 Mar Cozumel, Mexico
03 Mar Belize City
06 Mar Puerto Limon, Costa Rica
07 Mar Colon, Panama
08 Mar Cartagena, Colombia
10 Mar Willemstad, Curacao Island, Dutch Antilles
12 Mar Arriving in Bridgetown, Barbados

Due to financial greed cruise ships which are the worse breeding ground for the virus will continue to be allowed to stop in Nassau and let 10,000 visitors mingle with the population on a daily basis.

If theme parks, basket ball games, restaurants, travel from China, travel to Europe and churches around the world have closed it would be logical to stop cruise ships for 30 days. Cruising is a non essential leisure activity.

Secondly, shanty towns in Nassau and Andros, along with many homes over the hill have no running water and electricity and a large undocumented population. Another breeding ground for the virus.

We live in ignorance because only one person has been tested in the entire Bahamas for Civid 19. We should have been proactive doing statistical random sampling of vulnerable groups throughout the country including old folk home, healthcare providers, undocumented shanty town residents, customs and immigration officers, airport workers, school children etc.

With zero testing the virus has the capacity to spread completely below the radar. By the time it is detected it could be too late. The last thing we need is for the boarder to be shut because it is deemed like Europe and China that we did not do anything.

Thanks Well mudda

No one has blogged on this?

I guess even the bloggers are exhausted at the lack of internal controls, independent audits and monthly bank reconciliations displayed by our incompetent leaders. Back in the day bank reconciliations were done daily. By the time a monthly bank reconciliation is done it will take up to 60 days to discover any irregularity. By that time them money is already spent.

As Turnquest laments that the government is broke its ironic that million dollar frauds go undetected for extended periods of time. If the government was truly broke these million dollar frauds couldn’t occur because the checks would bounce.

If there are over 100 government departments each being funded on an annual basis, this leaves large amounts of money sitting on government current accounts all over the place. With uneven internal controls and zero external audits and no one examining the big picture we can expect this waste which could be 20% of the revenue to continue. So no one is surprised, no one even cares anymore as it seems the modus operadi for our country. Why waste your breath complaining or being shocked...it will only make you sick.

Since we can’t decentralize government I recommend that all these department bank accounts get shut down and operate one central checking account. Please move from antiquated RBC, a simple way to stop check fraud would be to input all check numbers into a banking system which stops checks outside of approved numbers being approved.

But that’s what happens when you have a backwards and antiquated financial system for locals. And we call ourselves a financial center...don’t make me laugh.

Well_mudda, I think at the end of the day they will have to withdraw the Electricity Rate Reduction Bond Offering because the legal department of most institutional US investors will be unable approve the issue.

With the collapse of the stock market why would anyone take on BEC risk? A company that is badly run, never made a profit, has a challenged board, corruption in the past, in a banana republic....imagine having to deal with these guys on a business transaction and have them sitting across the table from you. You would be shaking your heads.

Besides no one is investing in fossil fuels except the Bahamas these days. Look at whats happening in Guyana ... BPC is next.

https://www.nytimes.com/2020/03/05/worl…

Well_mudda I guess the brilliant parliamentarians didn't take Corporate Law 101 in college because they forgot to give the BEC customers any "valuable consideration" for paying off the debts of someone they have no relationship with...in the case the SPV (lol, it ain even BEC). Dis a bunch a foolishness.

Like you said why would a subclass of Bahamians who consume electricity take on in their individual capacities $650 million repayment? What are they getting for "consideration"? Interest income? No. A debt position in BEC? No. An equity position in BEC? No? Electricity? No...they are paying for that separately from the "new line item on the bill".

I would be shocked if the courts agree with a break down in basic corporate law.

Good point Bahamianby choice. You can't sign off the audited financial statements because BEC is not a "going concern". It requires a Letter of Comfort" from the Bahamian Government to state that it will support the utility for 12 months after the financial statements have been issued.

The issue of "going concern" or a qualified financial statement for BEC did not arise in the past because the company was fully financed by the government.

With the rate bond the issue is cloudy at best and mismanagement of the the firms finances at worse.

In order for Investors to invest in the bond. BEC must be issued an unqualified audit report by the auditors. This can't happen without the guarantee. If the letter of comfort is signed then the bond issue is a nonsense. Why would any investor buy a bond that is not a Bahamas government bond? The letter of comfort only lasts for 12 months? Who will guarantee the bond payments after 12 months?

A simple lawsuit by one customer asking the court stay the bond repayment port of his bill on the grounds that he did not agree to lend BEC any monies should make the entire house of cards fall apart.

Parliament can commit the Bahamas to repay a debt but parliament can’t force an individual to incur a specific debt that individual didn’t agree to assume.

When customers open a BEC account they only agree to buy electricity, not debt. At the very least BEC should have all customers sign or notified that the terms of their electricity supply contract has changed and they are debtors to these new foreign masters.

First you start with light, then water, the. Post office then national insurance where do we stop when we directly saddle individual Bahamians with specifics debts.

There is zero precedent globally for such a bond.

Normally Bahamian sovereign debt is 2 to 3 times over subscribed, because they only have indications for 90% means that foreigner a lil afraid a BEC dem. Where are the up to date audited accounts? Where is the prospectus? Where is the road show for Bahamian investors? Where is the moody rating? Where are the exact projects for the funds raised? Where is the BEC tract record of collections ... lol, if Dey can’t turn off da lights of ppl on the protection list how can you collect bond interest from dem.

I ain know who Dey tryin to fool wit dis set a nonsense.

I assume opposition lawyers are just waiting for BEC to put the line item in a bill before bringing the litigation on behalf of one customer.

If one get set aside den ain nobody ga pay.

FNM need to stop harassing da people’s dem.

Yeah ThisIsOurs, da last Island name after a foreigner near Lyford Cay don’t look like it ga end well.