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| April 02, 2007 | COPYRIGHT 2007 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Colonial past

'THANK goodness they aren't Bahamians.'

That is the private opinion of most locals as they look on with a mixture of astonishment and horror at the very public squabble over ownership of the Grand Bahama Port Authority.

While Jack Hayward and the estate of the late Edward St George go to arbitration in an effort to resolve their shareholdings dispute, the Bahamas establishment is doing its utmost to distance the country from this reminder of its colonial past.

The young Caribbean nation has built its considerable economic success since independence in 1973 on three main industries tourism, financial services and shipping.

Any concern that the GBPA debacle could be scaring off inward investment and damaging the financial services sector is fading.

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