TXO ACQUIRES ADDITIONAL 6.54% SHAREHOLDING IN THE GRAND BAHAMA GROUP AND RECEIVES REPAYMENT OF SHORT TERM LOANS

The board of TXO Plc (“TXO”) is pleased to announce that it has completed a further investment in Grand Bahama Group Limited (“GBG”). The Company has purchased further ordinary shares for a consideration of £350,000. This represents a further 6.54% shareholding in GBG and takes TXO’s equity holding in GBG to 23.64%. The Company has also renegotiated the terms of an option to invest a further £2,615,000 in GBG in return for additional ordinary shares in GBG. The Option expires 31st December 2012 (the “Option”). If the Option is exercised, it would increase TXO’s total holding in GBG to 43.18%.

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A leading lawyer has told compliance professionals that their sector is becoming tougher, with international and domestic scrutiny ramping up in recent years.

Senior partner at law firm Delaney Partners, John Delaney (right), recently addressed members of the industry at an event hosted by the Bahamas Association of Compliance Officers (BACO).

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Prime Minister Perry Christie was on hand to give the keynote address at the opening ceremony of the $8-million Blue Marlin Cove in west Grand Bahama this week. Watch a ZNS news report of the opening here.
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Bahamas Agricultural and Industrial Corp executive chairman Arnold Forbes took a two-day trip to Grand Bahama this week to explore opportunities in agriculture and manufacturing. Watch an interview with Forbes here.
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The Ministry for Grand Bahama and the Bahamas Agricultural and Industrial Corp (BAIC) have committed to working together on agribusiness and light manufacturing, according to the Minister for Grand Bahama Michael Darville.

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Compliance within an organization is not restricted to one department, according to Scotiabank (Bahamas) Ltd managing director Kevin Teslyk, but impacts on every aspect of the business and can ultimately build stronger customer relationships.

He made the comments during the Bahamas Association of Compliance Officers (BACO) at the organization’s 11th annual Money Laundering Reporting Officers (MLRO) Day earlier this month.

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Hu Shan, Ambassador of the People’s Republic of China to The Bahamas, presented Minister for Education, Science and Technology Jerome Fitzgerald with a gift from the Chinese government of nine computers and two printers September 19.

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The Financial Services Minister’s visit to Brazil as part of the sector’s Bahamas Landfall promotional campaign and the Financial Services Industry Excellence Awards top the business news agenda this week. Watch the full ZNS report here.
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The US Foreign Account Tax Compliance Act (FATCA) is set to become law in January 2013 and experts are warning that the legislation, which calls for transparency of US accounts held outside of the US, could soon be followed by similar provisions from other jurisdictions.

Rowena Bethel (pictured), a consultant in financial regulation, international tax policy and eGovernment, says FATCA could be a precursor to other countries enacting similar legislation. “It is always an indication, when you see the US this busy, that it is not being done totally in isolation of other jurisdictions,” she said. “The US tends to surface first, it does not mean the others are not already looking at it themselves. Behind the scenes they are looking at the implementation aspects of these agreements.”

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Bahamas Speed Week Revival organizers announced last week that Pictet Bank and Trust will once again sponsor the Speed Week Ball and Auction of Promises to be held December 1, with proceeds of the auction benefitting four Bahamian charities.

“Pictet’s presence once again adds prestige to a series of events already promising to be the sporting and social highlight of the year, Bahamas Speed Week 2012,” said Jimmie Lowe, Speed Week president.

The Swiss private bank sponsored the event last year, when Bahamas Speed Week was revived after a 46-year hiatus. The Auction of Promises gala event raised more than $40,000 for four local charities.
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