National

FNM Calls for Parliamentary Inquiry

NASSAU, BAHAMAS – The Free National Movement is calling for a closer look into the fallout of crypto giant FTX, as the party’s leader insists there remain too many unanswered questions.

Published

2 years ago

January 16, 2023

Berthony McDermott

NASSAU, BAHAMAS – The Free National Movement is calling for a closer look into the fallout of crypto giant FTX, as the party’s leader insists there remain too many unanswered questions.

Michael Pintard, FNM leader, is calling for a parliamentary inquiry into the collapse of FTX, saying there are still multiple questions that remain unanswered.

The Opposition has tried to raise the issue of FTX in Parliament on numerous occasions but was shut down by members of the government almost every time.

As the matter is before the courts, Pintard says the inquiry won’t interfere with proceedings.

The FNM believes the Davis administration was slow in addressing the rumors and accusations that began swirling internationally once the company went belly up.

When the government finally spoke out on the issue, Pintard says the Attorney General was the wrong person to do it.

FTX Digital Markets, the Bahamian-based brand of FTX, was placed into liquidation on November 10th after experiencing a liquidity crisis.

The Securities Commission of The Bahamas froze the company’s assets and provisional liquidators have been appointed by the Supreme Court.

The prime minister has said The Bahamas will emerge from this with its reputation unscathed and while Pintard agrees, he says that won’t happen unless the process is properly managed.