NATIONAL NOTES
The licence of Gulf Union Bank was suspended by the Ministry
of Finance and Planning due to its inability to satisfy the statutory requirements
and the Central Bank of The Bahamas as to its affairs. The bank is owned
by Sheikh Al Thani of Qatar and has branches in Nassau and Freeport.
Prime Minister Hubert Ingraham returned from a 17 day tour of China
on 1st October. He also represented CARICOM at a Pacific Forum Leaders
meeting in the Cook Islands. Among the benefits accruing from this visit
was the promise to build a 600 room hotel in Freeport by Hutchison Whampoa
of Hong Kong and the signing of a grant of $3.6 million from China to The
Bahamas for the construction of a National Convention Centre.
A delegation of six Members of Parliament from the British branch of the
Commonwealth Parliamentary Association met with government officials and
other Bahamians on a fact-finding mission and were very impressed with
the level of investor confidence in the country's regulatory practices.
Commenting on the small parliamentary opposition, the group's leader Kevin
McNamara (Hull North) said it was important for the opposition to be vigorous
so the government does not become complacent and that all governments should
be subject to public scrutiny.
Due to the damage caused by Hurricane Andrew in 1992, stiffer rules
will be introduced into the Bahamas Building Code. Hurricane Andrew was
responsible for four deaths, $250 million in property damage and left 1,700
people homeless in North Eleuthera.