National

PM Speaks Out on FTX Collapse

NASSAU, BAHAMAS – Days into the drama surrounding the collapse of FTX, Prime Minister Philip Davis has finally broken his silence on the issue.

Published

1 year ago

November 16, 2022

Berthony McDermott

NASSAU, BAHAMAS – Days into the drama surrounding the collapse of FTX, Prime Minister Philip Davis has finally broken his silence on the issue, saying he believes the country will emerge with an enhanced reputation, suggesting the matter should not be used to score political points.

Davis tells parliamentarians he gave directions that the investigation be done in the highest order.

The Securities Commission of The Bahamas froze FTX’s assets last week and applied to the Supreme Court to appoint joint provisional liquidators.

This after the company filed for Chapter 11 Bankruptcy in Delaware.

Police Commissioner Clayton Fernander said police had yet to meet with former FTX CEO Sam Bankman-Fried on the matter, but revealed it will be investigated.

Bankman-Fried lost his $16 billion in fortune in less than a week and resigned from the company.

The prime minister also insisting no deficiencies in the local regulatory framework were detected that could’ve avoided the company’s downfall.

In fact, he says it was because The Bahamas already had a regulatory framework in place for digital assets that the immediate steps were taken to protect stakeholders.

The PM was not the only one to comment on the issue.

Opposition Leader Michael Pintard also hit out at the prime minister’s statement on the issue, suggesting the prime minister’s comments came a bit late.