Freeport, Grand Bahama — Bank of Bahamas has cut off its nose in an attempt to save a struggling business on Grand Bahama, which was operated by PLP Leader of Opposition Business in the House, Obadiah Wilchcombe. The bad investment we are told has officers in the bank putting a clampdown on all loans and has resulted in at least one casualty among its staff.
Bahamas Press stood shock to hear the news of this calamity unfolding in BOB and we are told more questions are being asked about the issuing of the funds to the MP and his now former business partner. Wilchcombe we know has a record of leaving creditors holding the bag and this latest development has left board members in a quandary.
We have learned Universal Distributors on Grand Bahama is now closed and has failed to pay Bank of Bahamas a hefty overdraft accumulated by its former operator ‘SNITCH’ Wilchcombe; MP for West End and Bimini. We’ve been advised the hefty bill has gone unpaid and now collectors at the bank are left holding a bag of debt.
Sources in BOB tell us, “We’ve advanced that company one ton a money. The funds we know were advance by a senior officer who is no longer with BOB. From what we know the amount owed is in the six-figure range and to this day the bank cannot collect on its investment. It is my guess we have to seize some of its assets to recover the losses.”
It was just a few months ago back in October last year when owners of the building leased to the wholesale company flew to the Freeport to have all the locks changed. To date no one knows the amount racked up by Wilchcombe.
Wilchcombe we are advised has ran clean away from the business and for a second time left his business partner devastated and in a heap a trouble.
We’ve always known the Snitch to washed his hands clean from a situation like Pontius Pilate did with Jesus. And again in this case he has washed his hands clean from his record of establishing failed businesses, this time leaving his business partner with a ton of sorrow.
BP feels extreme sorry for Pleasant Bridgewater, as she has become only the latest victim of the ‘Da Snitch’ however. Wilchcombe we know is plagued with a disease when it comes to running businesses. It’s called ‘da sticky hands syndrome’ of which doctors at medical university around the world say there is no cure. The best way to combat the virus is to never shake the carrier’s hand, avoid coming into contact and to run to the hills for your life!
Bahamas Press dusted off our stockpile cases – almost a mile high – on ‘Da Snitch’. We find them becoming extremely important and wish to share a few with the public at this critical time. We believe our cure will warn them and ward off any bacterial infection if they shook the hand of the man with the ‘da sticky hands syndrome’.
Wilchcombe you should know left ZNS on August 7th, 1997 to venture in his own public relations company located in a storefront at the British Colonial Hilton. That failed as one client told us the company didn’t even know how to achieve public relations for itself much less sell ideas to the public. That business failed.
Wilchcombe then arranged to lease the formerly named Ronnie’s Rebel Room at the formerly named Atlantis Hotel on Nassau Street. During this business venture he established a line of credit for liquor at Burns House. He also entered in to an agreement for Bahamian musicians [Baha Men and others] to play at the nightclub. But again being the reckless businessman he is, ‘Da Snitch’ ran that business into the ground while owing on a lease that was in default, owing for liquor and owing all of the Bahamian musicians.
Wilchcombe then went on to lease the Base Road Bar on Nassau Street. By the time he finished running that into the ground, he owed for a lease in default, the cook, the security, the workers, the food supply company and of course another credit line for liquor from Base Road Liquor outlet.
He started talk radio and that too failed. By the time Wilchcombe decided to try them sticky hands into politics he was broke busted and disgusted as was ready to become a tenant at the City Dump. He chose the PLP by calling the name of Pindling as if he could raise the dead. The PLPs bought into the trickster and took his every word hook line and sinker. This is just the beginning of what we will tell you about the rocky road now headed in the pathway of the PLP.
Christie as we warned you with Malcolm Adderley we once again advise you to remove Obie Wilchcombe.
BP has more to this story and we invite you to following this BREAKING DEVELOPMENT NOW UNFOLDING IN THE PLP, next week.