SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

RE: FINANCE CORPORATION OF THE BAHAMAS (FINCO)

March 24, 2004

The Commission met with representatives of FINCO at its offices March 23, 2004 to discuss reports in various news publications regarding certain extraordinary expenses incurred by FINCO in respect of a potential investment.  The meeting was held to obtain clarification of the nature of those negotiations and whether any monies had ‘changed hands’ between the parties to the transaction and thus, whether there had been a failure by FINCO to disclose material information to the Commission and/or the public, as required by Section 64 of The Securities Industry Act, 1999. 

As a result of the discussions held yesterday the Commission is satisfied that no material change occurred requiring FINCO to make any disclosure either to the public or to the Commission as monies expended in respect of the negotiations related to normal business expenses, incurred during the preliminary stages of negotiations.  The Commission is therefore satisfied that all necessary actions were taken by FINCO and thus there was no breach of Section 64.

For more information please contact: Hillary H. Deveaux

Telephone: (242) 356-6291/2

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