Arbitration: A New Way To Screw Foreign Investors

Thursday 30th, January 2014 / 09:24 Published by

The Tribne newspaper reports that the Bahamian private sector is planing to launch a domestic arbitration centre this year which, they say will position the Bahamas as “one of the innovators” in the Caribbean, and prevent companies throwing money “into a black hole” legally.

Come on, that’s all one does when dealing with any aspect of the legal system in The Bahamas… throw money into a black hole.

The judicial system in The Bahamas is so corrupt and so dysfunctional that even open-and-shut criminal cases takes years to resolve and almost always end up with the criminal being set free.  Even is a murderer is convicted, he later gets off on an appeal, usually based on some ridiculous technicality that smacks of bribes and corruption.

And now, The Bahamas wants to bring that sort of perversion to arbitration.  probably because the world has grown tired of the corrupt Bahamas judicial system, so they figure this can be the new way to fool people into thinking they are getting a fair shake.

But the same corrupt people who rig the judicial system will be behind any arbitration system.

“Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business that establishing a local Alternative Dispute Resolution (ADR) centre would “have a significant impact” on both individual businesses and the wider Bahamian economy.”

Here’s the line that kills me…

“The Bahamas has long been viewed as a natural arbitration centre, given its well-established professional cadre of 1,000-plus attorneys and accountants; strong common law legal system; US proximity and North/South America bridging location; and legislation recognising international arbitraral awards.”

Is Mr Sumner living in the same Bahamas that we are?

We do have over 1,000 lawyers, but the vast majority are corrupt or involved in scandalous business practices, ripping off foreign investors or skewing the local legal landscape.   And it is no better with the accountants, many of who will verify whatever financial results their crooked clients wants.   It’s a joke, really.

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