NASSAU, Bahamas — FTX’s US chief has admitted his attacks on The Bahamas’ integrity were “misguided” by agreeing to work with the failed crypto exchange’s local liquidators, the Attorney General argued last night, The Tribune reported on Monday, January 9, in an article written by Business Editor Neil Hartnell.
Ryan Pinder, KC, speaking after John Ray put his name to a statement vindicating the Securities Commission’s actions in protecting assets belonging to clients of FTX’s Bahamian subsidiary, told Tribune Business this was further evidence that the regulator had undertaken “proper, lawful and responsible” measures.
“The negative comments about the jurisdiction from the Chapter 11 debtors were always false, misguided and aimed to discredit our jurisdiction,” Mr Pinder said, referring to Mr Ray and his team. “With or without a co-operation agreement, that type of action was never warranted, and clearly even the Chapter 11 debtors recognise [it was] misguided.”
His comments come after Mr Ray, who has oversight of 134 FTX-related entities under Chapter 11 protection in the federal bankruptcy court in Delaware, on Friday signed a “settlement and co-operation agreement” that will result in his team work co-operatively together with the Bahamian provisional liquidation trio who have responsibility for FTX Digital Markets, the collapsed crypto exchange’s local subsidiary.
The terms the deal, which was filed with the Delaware bankruptcy court over the weekend, will see “parallel proceedings” related to FTX’s insolvency continue before both the Delaware court and Bahamian Supreme Court. Mr Ray and his team will “co-ordinate” these in conjunction with the Bahamian provisional liquidators, Brian Simms KC, the Lennox Paton senior partner, and PricewatehouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves.
Unveiling their agreement, both Mr Ray and the joint provisional liquidators pledged to work together to verify and value the digital assets the Securities Commission transferred to its protection on November 12, 2022, for safe-keeping amid fears FTX was being hacked and these could be lost and/or stolen.
See complete article in The Tribune at http://www.tribune242.com/news/2023/jan/09/ftx-ceos-attacks-bahamas-misguided-attorney-genera/
