The bloggers at Bahamas Press have stumbled onto something so big, even they have no idea what they’ve found.
While they admit their discovery is “shocking” it is not clear if the bloggers are aware of the behind-the-scene criminal activity that has been committed.
The irreverent bloggers say they can confirm the government of the Bahamas is being defrauded of millions of dollars annually.
Apparently they have reviewed scores of conveyances in the sale of land by a company call Airport Industrial Park (AIP).
Bahamas Press alleges that this company, Airport Industrial Park, started purchasing mass amounts of land from another company named New Providence Development Company Limited back in 2001. AIP purchased more land again in about 2002. When AIP purchased those properties, they obtained government subdivision approval, then started developing the land for commercial use.
But, the website claims, when later selling the land to companies such as Virgo Car Rental, Torway, Nine to Five, Global United and others, AIP failed to obtain a legitimate legal business licence that would have enabled them to carry out such business transactions as a corporate entity.
Without a formal business licence, to whom were the taxes on the sold land paid? Bahamas Press says they combed through records at the Ministry of Finance but could not find any payments to the public treasury for taxes due or for business license fees.
Business licence fees are payable annual and calculated on the previous year’s turnover.
The bloggers say that there are “some major players behind AIP Company many who we believe are the untouchables of this society.”
What they have touched on, but are unaware of, is the fact that these types of sneaky land deals are behind the vast wealth of many of The Bahamas’ top real estate companies and wealthiest citizens.
The titles to hundreds of acres of generation land in New Providence was stolen back in the 1970’s by a group of real estate brokers, who divided up the property and then sold it to unwitting investors.
Many of the top real estate companies and law firms in the Bahamas were involved in the transactions, with full knowledge that the land was stolen.
It is estimated that the land was valued at over $50 million at the time.
The discovery of “inconsistencies” in the sale of land by Airport Industrial Park are but a tip of an iceberg that, when fully uncovered, will shake the Bahamas real estate, legal and financial services industries to the ground.