They are catching on.
As case after case goes awry in the Bahamas, the world is starting to see through the charade and is recognizing the Bahamas as the third world banana republic that it really is.
Now, a major international investor has written to Canadian trade officials suggesting that they have been “unfairly prejudiced” in the courts of the Bahamas.
The company has had a great deal of difficulty trying to execute a simple foreclosure on the $102 million loan secured on the South Ocean resort.
Attorneys for the Canadian Commercial Workers Industry Pension Plan (CCWIPP) wrote to Canada’s Jamaica-based senior trade commissioner in August, 2010, alleging that its foreclosure efforts were being hampered by the Central Bank of the Bahamas and Bahamian judicial system (aka corrupt Bahamian lawyer/politicians).
Aside from its South Ocean interests, CCWIPP also holds a $60 million investment in downtown Nassau’s British Colonial Hilton.
The pension plan attorneys say that legal corruption “may have a bearing” on the Bahamas’ application for full World Trade Organisation (WTO) membership, arguing that is “being unfairly prejudiced” as a foreign entity.
Foreign investors have been riped off in the Bahamas for decades.
It started with ship-wreaking back in the Colonial days and it lives on in the corrupt courts of the Bahamas today.
From Harry Oakes and other land owners, to insurance companies, grocery stores, restaurants and banks… corrupt Bahamian lawyers setup businesses for foreigners, only to steal what they can and sweep the mess under a rug.
Just like foreigners are denied justice in The Bahamas, they are also denied fair business practices.
One Bahamian lawyer stole over $500,000 from a Chinese man who was opening a restaurant in Nassau. That lawyer is now second in command of a major political party.
Another Bahamian lawyer, famously, stole an entire insurance company from a Caribbean firm. He was later made Governor General.
And it goes on and on.
Now, the Canadian pension fund isn’t content with sitting around and being dumped on, like other foreign businesses.
“This incident has severe and far-ranging financial implications for all international lenders conducting business in the Bahamas. As such, we thought it prudent to notify the Senior Trade Commissioner in the event that this matter may have a bearing on whether the WTO members vote to accept the Bahamas’ accession to the WTO,” the attorneys for CCWIPP said in their letter to the trade commissioner.