The Bahamas Prime Minister, Philip Davis addresses The Community of Latin American and Caribbean States - CELAC on the growing challenges which threaten the safety, security and undermine the pursuit for economic dignity in the region

The economic and security challenges we face are great, and we welcome CELAC’s initiatives to strengthen cooperation in facing them.  Collaboration makes us stronger, and leads to faster and more durable solutions

Buenos Aires, Argentina - January 24, 2023 - Colleagues: Over the past several years, the Covid-19 pandemic compounded the complex problems we already faced, including climate change, economic inequality, and increasing threats to democratic values and human rights. 

These growing challenges threaten our safety and security and undermine our pursuit for economic dignity. 

Every one of our citizens deserves the right to experience the joys of family life, to do meaningful work, and to live lives full of purpose.

When we gather in regional meetings like this one, we must make sure that our debates and agreements concerning infrastructure and institutions always prioritize results that make a difference at the level of individual families.  People must come first.  And until doors of opportunity are open for all, we cannot rest. 

Climate Change 

Colleagues: Rising sea levels pose an existential threat to my country.  In 2019, a Category 5 storm devastated two of our main islands. 

We are not and have never been the polluters, yet we suffer from the greatest vulnerabilities caused by carbon emissions. 

Our debt burden remains high, in significant part due to these climate risks, including the need to regularly rebuild homes, businesses and infrastructure after devasting hurricanes.  Our cost of borrowing also prices in the risk of future hurricanes; we are already paying a high price for the intensifying weather patterns of tomorrow.

We urgently need the developed countries to honour their commitments to compensate for the Loss and Damage associated with climate change.  And in order to build resiliency, we urgently need finance and access to technology. 

Each of our countries must keep the pledges we’ve made, in this and other settings, to reduce our own emissions.  We have seen glimpses of a future we cannot survive; we must change course, or perish. It is that simple. 

Regional Peace and Security

Colleagues: Democracy cannot be taken for granted; it is a commitment that must be continually renewed.  Just over two weeks ago, a violent mob stormed government buildings in Brazil in an effort to overturn the outcome of free and fair elections. 

I reiterate the solidarity of The Bahamas, and CARICOM, with President Lula de Silva and the Government of Brazil, and our unwavering commitment to democracy and rule of law. 

The scenes in Brasilia uncomfortably echoed those just a few years ago in Washington, DC.  Political violence, in all its forms, must be condemned anywhere in the Americas. 

Haiti 

Colleagues: The crisis in Haiti is getting worse.  The tragic situation there continues to pose a substantial threat not only to Haitians, but also to The Bahamas and neighbouring countries, all of whom are experiencing a significant increase in irregular and often dangerous migration. 

With the support and leadership of Haiti, collectively, we can, through CELAC and other regional organizations, help Haitians build a path out of crisis.

We commend Haitian-led efforts to hold elections before the end of 2023, to arrest the threat to public security posed by violent gangs, to relieve hunger and malnutrition, and to alleviate the political crisis. 

Enhanced regional partnership can especially help to scale up capacity-building for the local police, and tackle trafficking, particularly in people, contraband and guns. 

These Haiti-led solutions provide promising alternatives to the usual inclination to carry out activities in Haiti without Haitian direction, and the preference for investing in the strengthening of the NGOs in Haiti, as opposed strengthening her public institutions. 

Extra-Regional Partnerships 

In terms of the wider region, the economic and security challenges we face are great, and we welcome CELAC’s initiatives to strengthen cooperation in facing them.  Collaboration makes us stronger, and leads to faster and more durable solutions.

International Obstacles to National Development 

And even while we pursue national development, other international partners pursue policies which harm our progress.  The Bahamas will continue to voice its displeasure with the discriminatory practice of the blacklisting of countries.  I invite you to join us. 

We will also continue to advocate against the unfair use of GDP per capita to determine how or if developing countries, in vulnerable developing regions, qualify for reasonable concessionary financing or grants.

The use of the Multi-Vulnerability Index in assessing eligibility for help, rather than the blunt, outdated measurement of GDP per capita is a fairer measurement.  I invite you to join us in advocating for mutual agreement of alternative eligibility criteria for international financing and Overseas Development Assistance.

Summit Declaration 

Colleagues: Dialogue is important; collaborative solutions cannot be built without it.  But talk is not sufficient.  The work we do here must translate into tangible benefits for our citizens.  Let us share a determination to make each meeting, and each conversation, a stepping stone to real progress for people.

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The Bahamas Prime Minister Philip 'Brave' Davis brings focus on Illegal migration and gun trafficking to meeting with US Vice President Kamala Harris

The United States reaffirmed their commitment to strengthening partnerships with The Bahamas, and the nations and peoples of The Caribbean

As Chairman of CARICOM, the Bahamian Prime Minister believes it is important for the United States and other partners in the hemisphere to support Haitian-led efforts to stabilize that country and find a path forward out of crisis

Washington, DC - January 17, 2023 – Prime Minister Philip 'Brave' Davis met earlier today with US Vice President Kamala Harris at The White House to discuss a number of issues facing The Bahamas and the wider Caribbean region.

The United States reaffirmed their commitment to strengthening partnerships with The Bahamas, and the nations and the people of The Caribbean.

In discussing items relating to our bilateral relationship, the Prime Minister and the Vice President emphasized the importance of both strengthening efforts to combat illegal maritime migration and reducing the flow of guns illegally entering The Bahamas from the United States.

The Prime Minister also raised the importance of reinstating pre-clearance facilities in Grand Bahama, a critical step to support the island’s economic recovery.

The discussion widened to cover a number of regional issues, including food and energy security, and efforts to combat climate change.

As Chairman of CARICOM, the Prime Minister believes it is important for the United States and other partners in the hemisphere to support Haitian-led efforts to stabilize that country and find a path forward out of crisis.

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What are the characteristics that distinguish Cuban vaccines against COVID-19?

How is the international recognition, and the evaluation by WHO, of Cuban vaccines against COVID-19 going?

Clinical studies showed the Cuban vaccines against COVID-19 have over 90% efficacy.

By Liz Conde Sánchez | internet@granma.cu

More than a year after the beginning of the massive anti-COVID-19 vaccination in our country, Cuban vaccines against the pandemic continue to prove to be safe, effective and capable of controlling the epidemic, even against the new highly contagious variants of the virus appearing in the world.

The sustained control of the incidence of the disease on the Island is a reliable proof of this.  Another one is the growing international recognition obtained by Cuban vaccines, regardless of the progress of the recognition process by the World Health Organization (WHO).

In an interview, with Dr. Eduardo Martínez Díaz, president of the BioCubaFarma business group, he listed the characteristics that make Cuban vaccines stand out, the evidence that proves their effectiveness, the international recognition they have obtained, and the evaluation process by the WHO.

- What are the characteristics that distinguish Cuban vaccines against COVID-19?

- Cuban vaccines against COVID-19 have several characteristics that make them stand out among others that have been developed.

"First, they have proven to be very safe.  After dozens of millions of doses applied, in Cuba and in other countries, it has been observed that adverse events are mild and with a very low frequency, even in pediatric population from two to 18 years old, which is a unique experience in the world to date.

"These are not casual results; the very nature of the technological platforms used and the design of the vaccines justify them.

"Secondly, these vaccines have high thermo-stability.  Unlike others that require special conditions for storage, at freezing temperatures, ours can be stored between 2 and 8 degrees Celsius.

"They have even been shown to maintain their quality characteristics at temperatures above 30 Celsius degrees for at least a week, making them attractive for use in poor countries where there are difficulties in maintaining the immunogen's cold chain.

"Thirdly, Cuban vaccines have proven to be very effective.

"In the clinical studies carried out, they have proven to have an efficacy of over 90 %.  However, the most important evidence of their effectiveness was the decrease in the transmission of the disease in Cuba, starting October 2021, when the population have been immunized in 60% using Abdala and Soberana vaccines."

- How effective have Cuban vaccines proven to be against the Omicron variant?

- Cuban vaccines have proven to be effective against the Omicron variant, the most infectious variant of this disease known so far.

"Epidemiological evidence proves it. In Cuba, unlike most countries in the world, the peak of infections with the Omicron variant and its subvariants have been lower when compared to the previous ones, including the peak with Delta.

"Undoubtedly, the effectiveness of the vaccines created by our scientists against these new SARS-COV-2 strains and the vaccination strategy have a lot to do with this behavior on the island.

"We have found, in laboratory studies done in Cuba and in other nations, that the antibodies induced by Cuban vaccines neutralize the Omicron variant.  While some vaccines report a decrease of up to 20 times in their capacity to neutralize the Omicron variant of SARS-COV-2, compared to the original, Cuban vaccines only decrease this neutralization capacity by two times.

"This phenomenon we are observing has its explanation in the nature of the antigen we use and the very design of our vaccines.

"The Abdala and Soberana vaccines use the RBD antigen, that is, the spike (S) protein region, which binds to the virus receptor in the cell.

"The RBD antigen has been found to induce neutralizing antibodies against a conserved region of that protein among the different variants of the virus, possibly because of the importance of that region in the functionality of the virus; therefore, mutations in this area of the protein are not selected.

"However, when immunized with the complete spike (S) protein, this conserved region is not immunodominant, in other words, antibodies are preferentially induced against other areas of the protein, in which there is a high rate of mutations, and a process of selection of variants that escape recognition by neutralizing antibodies occurs.

"Most of the vaccines currently on the market use the spike (S) protein as antigen, which has generated the phenomenon of successive pandemic peaks resulting from the appearance of variants of the virus that escape the immunity generated by these vaccines.

"We defend the hypothesis that vaccines based on the RBD antigen may constitute a universal booster for the rest of the vaccines against COVID-19, amplifying a protective immunity against the different variants of the SARS-COV-2 virus, which have circulated or could appear in the future.

"Recently, several groups of scientists around the world have published papers supporting this hypothesis."

- How is the international recognition of Cuban vaccines advancing?

- All these results have been published in recognized scientific journals, which means, they have been reviewed by international experts, in a peer review process.

"To date, more than 20 scientific articles have been published in high-impact journals and other reports are being prepared.

"Cuban vaccines have also been evaluated by regulatory authorities in several countries, which have finally granted the Emergency Use Authorization.

"Eight countries have given this authorization so far and others are evaluating them.

"Not so long ago, a group of experts and scientists from prestigious institutions in the United States, the Caribbean and Africa visited our country and had access to all the information available on the results obtained, held meetings with specialists, doctors, scientists and technologists, both in health institutions and in biotechnological facilities, recognizing the work done and the quality of Cuban vaccines, and issued a public report".

- How is the process of evaluation and recognition of Cuban vaccines by the WHO going?

-The WHO recognition process started this year, and several steps have been taken in line with the established procedures.

"Information from the Abdala vaccine dossier has been sent and is being exchanged with those authorities.

"However, one of the components of the evaluation process is behind schedule.

-The delay is due to the visit of WHO experts to the plants where the vaccines are manufactured.

"We had prepared this visit to take place at the end of the year at the production facilities of the CIGB-Mariel biotechnology complex, where the production of the Abdala vaccine is being transferred.

"Although the production line, in which the formulation, filling and packaging operations of that complex are already active and producing, the line in which the recombinant products are manufactured has delays in its start-up.

"This delay is given because it has not been possible to make the payments to the company in charge of the start-up of the equipment and systems of that production line.

"We have been trying for nine months to make the payments, which have not been possible due to the refusal of several banks to make the transfer operation.

"Notwithstanding these difficulties, we’ve made progress and we hope that the WHO evaluation process will be completed in 2023."

Translated by ESTI

Source 

The Securities Commission of The Bahamas once again corrects material misstatements made by Mr. John J. Ray III, the representative of the U.S. FTX debtors (“Chapter 11 Debtors”), in both the press and court filings

Securities Commission of The Bahamas Corrects Material Misstatements made by Chapter 11 Debtors 

Nassau, The Bahamas, Monday 2 January 2023 – The Securities Commission of The Bahamas must once again correct material misstatements made by Mr. John J. Ray III, the representative of the U.S. FTX debtors (“Chapter 11 Debtors”), in both the press and court filings. 

On 30 December 2022, the Chapter 11 Debtors publicly challenged the Commission's calculations of the digital assets which were transferred to digital wallets controlled by the Commission on 12 November 2022 for safekeeping in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas. 

Such public assertions by the Chapter 11 Debtors were based on incomplete information.  The Chapter 11 Debtors chose not to utilize their ability to request information from the Joint Provisional Liquidators pursuant to a court order of the Supreme Court of The Bahamas that the Commission obtained in an effort to allow the Chapter 11 Debtors to obtain this information. 

The US Debtors’ continued lack of diligence when making public statements concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried. 

Previously, Mr. Ray made public statements alleging that the Commission gave instructions to “mint a substantial amount of new tokens.”  These statements were made in a court filing on 12 December 2022, without evidence, and then made again under oath, on 13 December, before the United States’ House Financial Services Committee. 

Statements suggesting that Bahamian officials directed FTX employees to mint USD300 million in new FTT tokens were widely reported by the international press.  Such unfounded statements have the impact of promoting mistrust of public institutions in The Bahamas. 

The Commission addressed the process by which it took possession of digital assets under the custody or control of FTX Digital Markets Ltd. (“FTXDM”) or its principals, both in a court filing and, its statement of 29 December 2022. 

The Chapter 11 Debtors have also alleged that the digital assets controlled by the Commission in trust for the benefit of customers and creditors of FTXDM were stolen, without providing any substantiated bases for such claims, particularly, as to their claims to ownership of the assets. 

Per US Debtors’ own court filings, they appear to recognise that there are disputed claims to those assets.  

As the Chapter 11 Debtors' own filings reveal, Ryne Miller, General Counsel of FTX US, stated "As long as it's custodied somewhere safe, we can sort it out as the time goes."  Mr. Miller correctly recognized what the Commission recognized at the time: that it was vital that assets be custodied somewhere safe to secure those assets, and allow any disputed claims to those assets to be resolved at a later date. 

Mr. Ray has not once reached out to the Commission to discuss any of his concerns before airing them publicly.  The Commission has still not received a response to its 7 December 2022 letter to Mr. Ray offering cooperation with Chapter 11 Debtors. 

The Commission is extremely concerned that its investigation (particularly the gathering of critical supporting evidence) is being impeded by the Chapter 11 Debtors’ insistence on not allowing the Court Supervised Joint Provisional Liquidators access to FTX’s AWS system. 

The Commission notes that proceedings being conducted by the authorities in relevant jurisdictions should have the dual aim of pursuing justice and ensuring that all customers and creditors of FTX be made whole, with the support and cooperation among supervisory authorities in each country. 

To this end, the Commission hopes that the Chapter 11 Debtors proceed with these matters in good faith and the best interest of customers and creditors of FTX. 

Prior releases issued by the Securities Commission of The Bahamas may be viewed at: https://www.scb.gov.bs/media/newsroom/media-releases/.

Securities Commission of The Commonwealth of The Bahamas Addresses Misstatements made by Mr. John J. Ray III, The Representative of the U.S. FTX debtors

Securities Commission of The Bahamas Addresses Misstatements in FTX's US Bankruptcy Case

Nassau, The Bahamas, Tuesday 13 December 2022 – Regrettably, the Securities Commission of The Bahamas must once again correct key misstatements made by Mr. John J. Ray III, the representative of the U.S. FTX debtors, which do not appear to be concerned with facts but rather, appear intended only to make headlines and advance questionable agendas.

To be clear, the Securities Commission of The Bahamas was the first regulator in the world to take strong, decisive action to protect the customers and creditors of FTX – regardless of where they may be located.  Every action taken by the Securities Commission of The Bahamas was in strict accordance with our country’s legislation and with orders made by the Supreme Court of The Bahamas.  These actions included securing the transfer of potentially commingled digital assets of FTX Digital Markets Ltd. and affiliates to a secure location under the authority of an Order issued by the Supreme Court of The Bahamas.  The Commission holds those assets as trustee only (under Bahamian Law), and they will be ultimately distributed, to creditors and clients of FTX, wherever they may be located, in accordance with the court’s direction.

Mr. Ray has referred to redacted email correspondence by and between Mr. Bankman-Fried and Bahamian officials.  Those redactions were designed to create a false impression of communications between Mr. Bankman-Fried and the Commission.  These redactions are disturbing as Mr. Ray is aware that the full email reveals Mr. Bankman-Fried’s acknowledgement that he had “not briefed the Securities Commission.”  The Commission has previously addressed improper distributions to Bahamian citizens in its statement dated 12 November 2022.  The Commission reaffirms its prior statement and notes that to the extent improper distributions were made to Bahamian citizens, such distributions will be subject to the appropriate claw back actions under the law.

The Commission also finds it disturbing that, either deliberately or through ignorance, Mr. Ray’s filings and communications continue to wrongfully confuse as one, the actions of the Government of The Bahamas, the Securities Commission of The Bahamas and the Court Appointed/Court Supervised Joint Provisional Liquidators. 

The Securities Commission continues to conduct a comprehensive and diligent investigation into the causes of FTX’s failure, working in cooperation with law enforcement and regulatory authorities both in The Bahamas and other jurisdictions.  The Securities Commission will make all appropriate findings and recommendations, in the appropriate forum, at the conclusion of its investigation.  Persons who are found to have engaged in misconduct will be held accountable in accordance with Bahamian law.  Unfortunately,  it has been necessary for the Securities Commission to make a request to Mr. Ray’s representatives to not obstruct that investigation.

Mr. Ray has not once reached out to the Securities Commission to discuss any of his concerns before airing them publicly.  He, however, has been informed, by letter dated 7 December 2022 to his counsel, that –  “… to the extent the Commission is able to assist in the efficient and mutually respectful conduct of the several pending proceedings without impairing the conduct or confidentiality of its ongoing regulatory investigation, including by participating in a meeting with your clients [i.e. FTX US Debtors represented by Mr. John J. Ray III], the Joint Provisional Liquidators and/or their respective counsel, they [i.e. the Commission] are prepared to do so.  An appropriate and necessary part of any arrangement reached during such meeting, would be your clients’ assurance that they will take no further action to interfere with the Commission’s investigation and other regulatory measures.”

(Emphasis Added). 

Mr. Ray has not responded to the Commission to date. 

Editor’s Information:

1. The Securities Commission of The Bahamas (the Commission) is a statutory body established in 1995 pursuant to the Securities Board Act, 1995.  That Act has since been repealed and replaced by new legislation.

2. The Commission’s mandate is defined in the Securities Industry Act, 2011 (SIA, 2011).

3. The Commission is responsible for the administration of the SIA, 2011 and the Investment Funds Act, 2019 (IFA), which provides for the supervision and regulation of the activities of the investment funds, securities and capital markets.

4. The Commission is responsible for the administration of the Financial and Corporate Service Providers Act, 2020.

5. The Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act, 2020.

6. The Commission is responsible for the administration of the Carbon Credit Trading Act, 2022.

7. The functions of the Commission are to: advise the Minister on all matters relating to the capital markets and its participants;

•  maintain surveillance over the capital markets and ensure orderly, fair and equitable dealings in securities;
•  foster timely, accurate, fair and efficient disclosure of information to the investing public and the capital markets;
•  protect the integrity of the capital markets against any abuses arising from financial crime, market misconduct and other unfair and improper practices;
•  promote an understanding by the public of the capital markets and its participants and the benefits, risks, and liabilities associated with investing;
•  create and promote conditions that facilitate the orderly development of the capital markets; and
•  perform any other function conferred or imposed on it by securities laws or Parliament (SIA, 2011, s.12).

The arrival of Venezuelans seeking better lives has strained the economies—and societies—of Latin American host countries

Venezuela’s Migrants Bring Economic Opportunity to Latin America

By Marco Arena, Emilio Fernandez Corugedo, Jaime Guajardo, and Juan Francisco Yepez

By promptly integrating migrants, the economies of host countries stand to increase their GDP by as much as 4.5 percentage points by 2030

More than 7 million Venezuelans have fled the country since 2015, with 6 million settling in other Latin American countries.  The region’s largest migration episode in history is driven by the collapse of the country’s economy, which has left Venezuelans struggling to meet their basic needs.

Between 2013 and 2021, Venezuela’s gross domestic product is estimated to have declined by more than 75 percent, the most for a country not at war in the last 50 years.  The COVID-19 pandemic compounded the country’s economic and humanitarian crisis, and in 2020 more than 95 percent of Venezuelans were living below the poverty line.

The arrival of Venezuelans seeking better lives has strained the economies—and societies—of Latin American host countries that are already balancing tight budgets, especially since the pandemic.

Colombia, which has received the most Venezuelan migrants, estimated spending about $600 per migrant in 2019.  This covered humanitarian aid, healthcare, childcare, education, housing, and job-search support.  With more than 2 million arrivals, this translates into $1.3 billion in assistance.  In 2019, this cost peaked at 0.5 percent of Colombia’s GDP.

In the long term, however, this investment has the potential to increase GDP in host countries by up to 4.5 percentage points by 2030, as we find in our latest research on the spillovers from Venezuela’s migration.

To reap the benefits from migration, host countries need to integrate the new arrivals into the formal labor force—and society—by promptly offering them work permits and access to education and healthcare.

Migration flows

After a brief interruption during the pandemic, when many countries closed their borders, migration from Venezuela has resumed and is expected to continue in the coming years, although at a slower pace.

We estimate that Venezuelan migrants will number around 8.4 million by 2025—more than 25 percent of the country’s population in 2015.

 

The characteristics of migrants have evolved as the economic crisis intensified.  The first wave of migrants were mostly professionals with high levels of education.  The second consisted of middle-class young people with a university degree.  Since the economy collapsed in 2017-2018, migrants have tended to be from low-income households and with lower levels of education.

Overall, the demographic profile of Venezuela’s migrants is like that of the local population in host countries.  Almost two-thirds are of working age and almost half are female.

Most have settled in other Latin American countries, while some have migrated to North America and Europe, mainly the US and Spain.

While Colombia remains the main destination, Chile, Ecuador, and Peru have also received sizable flows, with their combined number of migrants exceeding 2 million, more than 3 percent of the local population on average.

Effect on labor markets

Our research finds that Venezuelan migrants—many of them more educated than the local populations—face higher unemployment, are more likely to initially work in the informal sector, and earn less than the local workers. 

We didn’t find evidence that migrants are displacing domestic workers, although we have seen downward pressure on wages in the informal sector.

The wage gap between domestic and migrant workers grows with the level of education, which suggests a misallocation of human capital—workers’ skills, knowledge, and expertise—as educated migrants tend to only find unskilled jobs.  On average, domestic workers earn about 30 percent more than migrants.

Cost and benefits

Our analysis finds that providing migrants with humanitarian assistance and access to public services carries a sizable fiscal cost and puts pressure on the budgets of host countries, as the Colombia example shows.

 

But the analysis also identifies large medium-term gains in productivity and growth resulting from an increase in the labor force and better alignment of migrants’ human capital with jobs.  These gains are greater for countries that receive larger and more educated migrant flows relative to the domestic population.

We estimate that, with the right support and integration policies, migration from Venezuela has the potential to increase real GDP in Peru, Colombia, Ecuador, and Chile by 2.5 to 4.5 percentage points relative to a no-migration baseline by 2030.

 

We also project that the cost of integrating migrants would narrow over time as migrants join the labor force, increasing economic activity and expanding the tax base.

Continued support

Early in the migration crisis, countries in Latin America welcomed Venezuelan migrants and provided support in the form of visa waivers, mobility cards, and access to humanitarian assistance, healthcare, education, and childcare.  Migrants also received work permits and credentials to help them integrate into the labor market.

However, in 2018 and 2019, we saw a shift in policies as migration flows intensified.  While some countries introduced new programs to facilitate the integration of migrants, others made it harder for Venezuelans to enter by requiring additional documentation.

Countries should continue supporting migrants and helping them integrate into the formal sector so they can find jobs that are in line with their human capital and increase productivity in the economy.

This will require improving transitional arrangements and asylum systems, bringing in migrants into the health and education systems, and formalizing migrant workers by giving them work permits and accelerating the accreditation of skills and education.

To cover the costs of implementing these policies, countries should seek help from donors and international institutions.  The IMF is analyzing the impact of migration and coordinating with the United Nations High Commissioner for Refugees and other relevant agencies to help countries access funding sources.

Countries in the region should also agree on a coordinated response to the migration crisis, in which each one contributes its fair share to the support and integration of migrants.

Source

The FTX Customers of Our World

Viewing The Global Distribution Of FTX Clients

By Dennis Dames

I have seen the pie chart from, https://twitter.com/whalechart/status/1595384133827854336... – about the global distribution of FTX customers as of “The Petition Date”. It was noted with great interest that one third of the FTX global customer base is stationed in two small Caribbean countries – namely: Cayman Islands, and Virgin Islands. Cayman Islands have 22% and Virgin Islands have 11% of the total FTX worldwide customer base – as of the (Bankruptcy) petition date.

Interesting, isn’t it? Take note, that China with a population of more than one billion people – accounts for 8% of FTX customer base – while India with a population of more than a billion people also, accounts for zilch percent of the FTX customer base – and the US and Great Britain together only account for 10% of FTX Base.

The following Barack Obama quote from more than a decade ago comes immediately to mind: "You've got a building in the Cayman Islands that supposedly houses 12,000 corporations. That's either the biggest building or the biggest tax scam on record."

The Cayman and Virgin Islands corporations business Links, tranactions and connections with FTX will be interesting to unravel no doubt.

Additionally, when we add the FTX customer bases of two Small Island Nations in the North Atlantic Territory – namely Bermuda with 5% and The Bahamas with 4%, we have a total of 42% of FTX customer base registered in four Small Island Nation of the world! That’s 4.2 out of 10 FTX customers; while at the same time, the following countries combined - account for 2.8 out of 10 of FTX clients: China, Hong Kong, Korea, Singapore, Taiwan, India and Japan. It’s indeed a very fascinating picture about, ‘money goes – where money lies.’