attorneygeneral

Attorney General and Minister of Legal Affairs Ryan Pinder was hit with harsh criticism on Twitter following a televised national address on the FTX fiasco.

On Sunday, Pinder attempted to defend the government of the Bahamas, and the country’s reputation after FTX Founder Sam Bankman-Fried was accused of mishandling billions of dollars at his exchange, which is headquartered in the Bahamas.

The collapse and questionable dealings have led many to ask whether or not the Bahamas government will hold Bankman-Fried responsible for any violations as customers grieve the loss of billions of their funds.

One Twitter user likened Pinder’s speech to “a campaign promise.”

“Twenty-three minutes long speech in defense of the Bahamas but no information as to the preliminary findings of FTX investigation apart that’s ongoing. This talk is like a campaign promise that does not move the needle. Bahamian government promo. We are nowhere closer to what happened with FTX.”

Another user attacked Pinder for praising the government in the midst of the debacle. “Patting yourself on the back at how great your regulations were when you let fraud and theft occur right under your noses, is grotesque.”

And CanCon said, “Bribery works better in the Bahamas,” adding “SBF bought all those nice Bahamian properties with stolen money and you guys are singing their praises? This will not end well for second-rate politicians running around in a banana republic acting like you’re God’s gift to modern finance. You blew it.”

Efraim Tepes said, “This speech is the definition of verbal farting.”

While Coin-Wee-boo stated, “This is as corrupt as it gets for the Bahamian authorities…And no mention of customer funds at all. We now have to wonder how much is the Bahamian government paid by SBF.”

Bankman-Fried known on social media as ‘SBF’ retweeted Pinder’s national address which surprised many users.

He donated millions of dollars to Bahamian charities in the name of altruism and is believed to have squandered millions of dollars on properties in the Bahamas.

It was revealed in a bankruptcy court filing, he owes his creditors 3.1 billion dollars.

Following the rapid collapse of crypto giant FTX and its founder Sam Bankman Fried’s questionable handling of millions of dollars of customer funds, Attorney General and Minister of Legal Affairs, Ryan Pinder sought to defend the Bahamas which is caught up in the middle of the fiasco.

“The Bahamas is a place of laws. The rule of law, and the exercise of due process, characterize the integrity of our jurisdiction.”

The Bahamas has hosted FTX’s headquarters since 2021 and when allegations surfaced that Bankman-Freid was engaged in unscrupulous financial dealings, many questioned how the country would execute its laws in regard to the exchange and its founder, who stepped down from the troubled company.

“The Securities Commission, Financial Intelligence Unit, and the Financial Crimes Unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances regarding FTX’s insolvency crisis, and any potential violations of Bahamian law.

“They will hold accountable any responsible companies and individuals, and act in cooperation with other regulatory agencies and law enforcement bodies, both here in the Bahamas, and in other countries affected,” Pinder said on Sunday night in a televised national address.

Bankman-Fried has since retweeted Pinder’s 23-minute remarks, which mostly recapped the fiasco.

Pinder’s speech was prerecorded which meant journalists could not ask questions.

As Pinder concluded, he said, “while new facts emerge every day, there is still much to discover.”

Pinder suggested that the Bahamas should not be entirely blamed for the fiasco as it is a complex matter.

“Any attempt to lay the entirety of this debacle at the feet of the Bahamas, because FTX is headquartered here, would be a gross oversimplification of reality,” he said.

“And it is deeply misguided to conclude that reluctance to communicate the details of an active investigation means that nothing is happening.”

It remains to be seen what actions if any, the Bahamas will take.

Attorney General Carl Bethel contends that Bahamian developer Toby Smith violated his privacy following Smith’s exposure of a WhatsApp message with Bethel.

Bethel released a press statement on Wednesday after the social media message was revealed to the Tribune where Bethel is shown telling Smith that Royal Caribbean was being “unreasonable” with its rival demands in its battle for a Paradise Island crown land lease.

Why it matters

The March 2020 social media exchange comes amid Smith’s fight in court in which he is seeking the assistance of the Supreme Court to validate the lease of the Paradise Island property and confirm that the crown land lease is legally binding.

The big picture

A Crown Land on Paradise Island is in dispute between Smith and Royal Caribbean Cruise Line which Smith wants to develop into a beach club but has since been approved for development by the government.

Smith is suing the government for violation of the agreement.

What the AG is saying

Bethel told the Tribune on Tuesday night that the exposure was a “grotesque” breach of his privacy.

“I have no comment on such a gross violation of privacy,” he said.

Bethel said he was asked by Cabinet to conduct negotiations, seeking to resolve the proposed lease of Crown Land on Paradise Island where a face-to-face preliminary meeting was held with Smith.

“Subsequently, Mr. Toby Smith contacted me via social media on the basis of privacy. Negotiations continued on that basis.

“Regrettably, Mr. Smith has breached the privacy that he himself indicated in his initial contact,” he said.

Bethel continued, “Negotiations are not usually assisted by arguing and telling the other party to the negotiations that he, himself, is completely unreasonable.

“Since that time, Mr. Smith has commenced a legal action in the Supreme Court.

“Informal contact accordingly ceased.

“It is interesting to know that the said legal action seems not to be going anywhere, and that Mr. Smith now appears to prefer litigating in the press, rather than in court,” Bethel said.