Saturday, September 30, 2023

‘I Do Not Know’: Prime Minister Davis Addresses Governing Party’s Tie to FTX

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Following weeks of speculations on the governing party’s connection to FTX, the billionaire exchange headquartered in the Bahamas, Prime Minister Philip Davis addressed speculations that the Progressive Liberal Party received money from the exchange.

“Not to my knowledge,” he said when reporters asked whether or not FTX donated to the party’s campaign in 2021 or whether or not anyone in the party took any money from FTX.

He clarified, “I do not hold any wallets. In fact, I’m agnostic to it.”

Davis said he does not know if any Cabinet minister held digital wallets with the crypto giant.

“I do not know that.”

Why it matters

Former CEO Sam Bankman-Fried is known for his altruism and has given away millions of dollars to international and national charities.

US politicians have also received millions of dollars in campaign donations from ‘the crypto genius.’

Sam Bankman-Fried is thought to have close ties to the Progressive Liberal Party. The Opposition has questioned the governing party, asking, whether or not the PLP accepted donations from Bankman-Fried, did the party hold digital wallets with FTX, and whether it did its due diligence to screen the company before its operation in the Bahamas.

The big picture

FTX, valued at 32 billion dollars, filed for bankruptcy last week. And Sam Bankman-Fried stepped down as CEO.

John Ray, the man known for overseeing the Enron scandal in the US, is the new CEO of FTX.

The collapse has caused chaos in the financial market. However, Bankman-Fried, now a crypto villain, says he is still working to recoup customer funds, purported to be billions of dollars lost in the collapse.

FTX has a big hole in its balance sheet and owes its top 50 creditors alone, some 3.1 billion dollars.

State of Play

Davis’ expressions like “Not to my knowledge” and “I do not know” may not be outright denials as reported by some local media. It can mean that he is not completely certain or the information has not been officially presented to him.


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