ROLLE SAYS COMMISSION ACTED IN BEST INTEREST OF FTX CLIENTS
NASSAU, Bahamas — The Securities Commission of The Bahamas (SCB) is holding $3.5 billion worth of digital assets it recovered from FTX Digital Markets (FTXDM) with the help of FTX founders Sam Bankman-Fried and Gary Wang in the days after FTX’s collapse in early November, SCB Executive Director Christina Rolle said in a court document, The Nassau Guardian reported on Friday, December 30, in an article written by Travis Cartwright-Carroll.
In a 500-page affidavit filed yesterday, Rolle asked the Supreme Court whether the commission should provide representatives of FTX’s US debtors, which are in Chapter 11 bankruptcy, with information about the digital assets the SCB holds.
According to a statement from the SCB, the court ruled that the commission may “only lawfully provide assistance to a domestic regulatory authority, or overseas regulatory authority”.
“The order further indicated that the JPLs (joint provisional liquidators) may cooperate with, and provide information to the US debtors by sharing with their representatives, in a highly confidential manner, certain information respecting the digital assets being held in the secure digital wallets established by, and under the control of, the commission,” the SCB said.
FTXDM is not a part of the Chapter 11 proceedings. It is being liquidated in The Bahamas under the oversight of court appointed joint provisional liquidators who have been sparring with FTX’s new CEO John Ray III over access to data from the company.
Ray accused the JPLs and the SCB of working with Bankman-Fried to undermine the Chapter 11 proceedings.
In her affidavit, Rolle defended the work of the commission and denied Ray’s assertions.
“The commission has at all times acted in its capacity as regulator in good faith, in the public interest, in compliance with the orders of the Bahamas Supreme Court under the supervision of the Bahamian Supreme Court and in accordance with its fiduciary duties, as confirmed by the Trusteeship Order,” Rolle said. See complete article in The Nassau Guardian at https://thenassauguardian.com/scb-has-3-5-bil-of-ftxs-assets/
