The joint provisional liquidators of FTX Digital Markets – the company’s subsidiary in the Bahamas – have published a report on the company’s physical assets in the island country.
According to an affidavit filed by a PricewaterhouseCoopers partner in the Bahamas Supreme Court on February 8, FTX’s joint provisional liquidators, or JPL, asserted that the company had acquired 52 properties in the Bahamas, including units “in the names of individual employees or relatives of Sam Bankman-Fried, even though FTX Digital provided the funding.” These properties, which included FTX employee housing and business offices, were valued at approximately $255 million and were acquired by an FTX affiliate.
The Liquidators also identified “a fleet of vehicles” that FTX employees had used around the island worth about $2.4 million, $500,000 worth of office furniture and computer equipment, and 13 leased storage units whose contents have yet to be be evaluated. The liquidators stated that they will “initiate disposals” upon approval by the Bahamas Supreme Court.
It is not clear where many of the people who remained employed by FTX worked during the bankruptcy proceedings. FTX CEO John Ray testified in bankruptcy court on February 6 that the company no longer had physical offices, but rather operated in the metaverse, though it is possible that he was referring to FTX’s headquarters and not the offices. local subsidiaries.
According to the JPL report:
“Most employees were no longer reporting to work at the FTX Digital office in the Bahamas. Many key FTX Digital employees were expatriates who had come to the Bahamas on work visas, and it later emerged that many had physically left Bahamas around the date of the appointment”.
The report came after FTX debtors announced on January 6 that they had reached an agreement with FTX Digital to liquidate or dispose of assets linked to the Bahamas subsidiary. The Supreme Court of the Bahamas ordered on November 12 the transfer of all digital assets of FTX Digital to a wallet controlled by the Bahamas Securities Commission, one day after FTX filed for bankruptcy in the United States.
FTX’s bankruptcy proceedings are ongoing in the US Bankruptcy Court for the District of Delaware. The judge in the case ruled on February 8 that FTX debtors were authorized to issue subpoenas to certain individuals, including Bankman-Fried and his immediate family members.
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