NASSAU, BAHAMAS- The Securities Commission is contending that the appointment of a court-supervised liquidator is ‘vital’ to seize control of Arawak X’s records and make a determination with respect to the directors and shareholders in the company.
Christina Rolle, the regulator’s executive director in her fourth affidavit, filed October 20th in response to the second affidavit of D’Arcy Rhaming Sr, dated October 12th stated, “The Commission is concerned that all of the information obtained during the course of the Commission’s investigation was only obtained as a result of requests made by and under the compulsion of the Commission. As a result, the Commission believes that the appointment of a court-supervised liquidator is vital to seize control of the respondent’s records, make a determination with respect to the directors, shareholders, and or subscribers, and account for all creditors.”
The Securities Commission has filed a petition to wind up ArawakX, citing concerns about solvency, governance issues, and regulatory violations. ArawakX’s Chairman and CEO, D’Arcy Rahming Sr.has alleged that there is a conspiracy to take control of the platform and called for an investigation into actions of the Securities Commission’s actions.
Rolle in her latest affidavit indicated that the regulator cannot clearly resolve the directorship of ArawakX.
“Particularly the Commission notes that the director’s resolutions were passed on October 4, 2023, citing that previous resolutions were illegal and hence void on the basis that they were not approved by the Commission. The position as stated in this October 4th resolution is not the position of the Commission. The respondent’s failure to apply for and obtain the Commission’s approval with respect to the January 10th resolution means that the respondent was then and still remains today in breach of its statutory obligations to the January 10th resolutions not that they were nullities,” Rolle noted.
She further noted that the regulator is concerned that ArawakX is “perversely seeking to benefit from its regulatory breaches.”
Rolle stated, “The commission is further concerned that it cannot appropriately make a determination with respect to the directorship of the respondent and the identity of the directors, as to do so would potentially inject the Commission into a commercial dispute which is outside of the Commission’s regulatory remit.”
According to Rolle, ArawakX has still not applied for approval for additional shareholders, and during the course of the Commission’s investigation, the regulator became aware of 130 plus subscribers.