Only 2 people from the private sector. The rest are career politicians.

I am sure all matters brought before the Board will be held private and confidential with no transparency. So even if the person from the private sector objects he needs to keep his mouth shut in order to get his $40,000 a year director fee.

Also the Minister can over rule the Board, just like they overrule all the Boards of Bahamasair, Water and Sewerage, BEC, National Insurance etc.

Ain nuttin change.

A lot of hot air.

Just disclose in the Tribune the amount of money that the Peru trip costs the Bahamian taxpayer.

Once we know how much it costs we can make up our own minds if you are wasting our money or not. Simply telling use that you are responsible reminds me of the PLP and the former FNM government. Ain nuttin change.

But because we have no idea how much it costs, we can only assume it costs over $1 million dollars, that it was a joy ride, we will get absolutely no benefit from it and it will only make us more angry.

On second thought, don't tell us and let us live in blissful ignorance. So much for transparency.

Lol, we don't even care what you learned from the OAS meetings. We know nothing will be implemented to improve the country.

Not to mention the amount of fish and lobster they take out of Bahamian waters for “personal” consumption and the pollution from dumping thier waste in the water.

A net loss for sure.

Bahamians live giving away thier natural resources to foreigners while locals catch hell.

so true Tal.

Reece is 100% correct and should be applauded for standing up for his rights and for ceasing to tow the line.

Similar to the Oban approval I can't believe that experienced and successful businessmen like D'Agular and Symonette could have ever approve such nonsense. However, they have to keep quiet in case they are fired as well.

The problem is that Parliamentarians are wearing too many hats. MPs should write and approve laws, not run government departments. The job of running government on a day to day basis should be left up to persons appointed from the private sector and rotated every 5 years. Governments come and go but the true controllers have jobs for life.

Similarly Cabinet Ministers should come from the private sector and be devoid of politics.

We have created an untouchable breed of leaders who run the executive and legislature for 5 years with little accountability.

In a developed country you can incorporate a company online for about $100 and there is no need for a registered agent, registered office or a lawyer or accountant to get involved. Everything is done online within half an hour directly with the government. In the Bahamas it cost around $3,000 because you need a lawyer, accountant or registered agent to get involved and there is a massive amount of compliance work involved.

The issue with compliance is not at the incorporation stage or the collection of KYC. Its the ability to account quickly for the actions of a company as it goes about its day to day transactions in real time. What good is due diligence, suspicious transaction reports, tax exchange treaties and a host of ever evolving legislation if its almost impossible to figure out the activities of a company because the registered office just doesn't have the information or it takes forever to get the information from the banking system or through the courts?

Multilateral organization are talking to the heart of what makes the Bahamas non-competitive and it is the reason why GDP can't grow beyond 1.5% per annum. Its simply very difficult and costly to do business here and challenging to enforce policies and procedures.

Unless the government takes a holistic approach to income taxes, duties, financial statements, due diligence, equalization of foreign and domestic companies, and stop listening to those who oppose change to the current regime we will remain blacklisted.

KP says we have meet the requirements of the EU to get off the blacklist and he is just waiting for the EU's next meeting. Lol, the goal posts will move again and in 5 years we will be right back on the blacklist unless we open our economy to global trade. This appears to be just fine with the financial community. Move as slowly as possible just to keep the wolf from the door. By the time the wolf breaks the door down they will be retired and gone.

"What I've seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptional — and the countries that don't, don't." Tim Cook, CEO, Apple Computer.

Good idea to leave before the forensic team arrives. Hopefully, E&Y's mandate will cover all the loans transferred to Resolve and not just the good loans left at BoB.

"What I've seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptional — and the countries that don't, don't." Tim Cook, CEO, Apple (the worlds largest company).

It’s critical for the Bahamas to get off the black list and tax Bahamians and foreigners equally.

These guys advising the government not to ratify the Multinational Entities Reporting Bill are part of the problem and the past and not the future.

Why should foreigners using IBC’s be exempt from VAT, business license fees, stamp duties while hard working Bahamians have to pay these taxes?

Only a sliver of Bahamian elites benefit from IBCs while the rest of us proletariats pay through our noses.

Look at the Oban mess. These guys will pay no taxes while poluting our environment and destroying our national parks.

licks2, good to see you are actually doing some homework and arguing from a point of knowledge. Very impressive.

However, Drexel Hamilton is still not a bank, and Drexil Hamilton has still not given a loan to Oban, Drexil Hamilton is an intermediary and will need to raise the funds for the Oban project.

This means that there is no $5 billion letter of intent at present.

More importantly, no one in their right mind will lend $5 billion with no equity injection of at least 20%. So where is the $1 billion equity coming from. Who is equity guy behind this project? Why doesn't the equity guy come forward.

Also, because Drexel is a tiny firm, they then need to market to larger US firms, trust me, none of these US financial firms will touch a Bahamian project, our laws are too convoluted, and with the Baha Mar litigation no blue chip lender will come near the Bahamas. Indeed most international banks are trying desperately to get out of the Bahamas.

Last time I checked we were black listed by the EU. So an EU bank will do business in the Bahamas? I don't think so.