Liquidator Concern On $8m Taken From Collapsed Broker

A Bahamian broker/dealer’s liquidator has voiced concern that its majority shareholder and then-senior management removed over $8m in the two-and-a-half years prior to its insolvency, The Tribune reported. Ed Rahming, the Intelisys (Bahamas) founder and managing director, in his second report to the Supreme Court hinted he was exploring the possibility of initiating legal action against Pacifico Global’s majority shareholder, Arturo Klein, to at least recover some of the $4.263m paid out to him. “The liquidator has noted... the significant related party payments to the shareholder and former management members. These payments exceed $8m in the reviewed period. Given the current insolvent position of the company, these payments are concerning,” Mr Rahming wrote. Read more