As candidates vying for parliamentary seats in the Bahamas move to meet mandatory constitutional transparency rules, a comprehensive look at Sebas Bastian’s declared business interests has revealed an extensive network of over 20 active contracts and lease agreements with multiple Bahamian government agencies, as the aspiring Fort District MP positions himself for election.
The mandatory disclosures, required under Article 48 of the Bahamian Constitution, demand that all political candidates publicly declare any direct or indirect financial interests tied to government work to prevent conflicts of interest. Bastian’s filing is among a series of similar public releases from senior ruling party figures, including Deputy Prime Minister Chester Cooper, who is also standing for election.
Bastian’s declaration details both direct and indirect holdings spanning multiple core sectors of the Bahamian public sector. Direct arrangements include service agreements with Bahamas Power & Light (BPL), the Water & Sewerage Corporation, and the National Insurance Board for utility and employment-linked social insurance services. Beyond core service provisions, the filing outlines multiple commercial lease agreements that see Bastian-linked entities rent out office and warehouse space to major public bodies, including the Public Hospitals Authority, the National Insurance Board, and the Bahamas Bureau of Standards.
Among the most substantial contracts listed are vehicle lease agreements tied to Bastian-controlled EV Motors Ltd. The company holds multi-year leases of up to 60 months with three public entities: the Ministry of Finance, BPL, and Bahamas Telecommunications Company (BTC). The single largest contract is an agreement to lease 62 vehicles to the Ministry of Finance, a major commitment for the public finance body.
Insurance brokerage represents another key line of Bastian’s government-linked business, handled through his BMGIA Insurance Ltd. The firm acts as the broker of record for a range of public sector entities, from the Civil Aviation Authority and Ministry of Tourism to the Public Hospitals Authority, Nassau Flight Services, Sandilands Rehabilitation Centre, and the Bahamas Union of Teachers.
The declaration also includes a 2022 heads of agreement linked to Bastian’s Venetian Village Holdings Ltd and its affiliate entities, granting a 20-year concession for the $200 million Venetian Village development project in western New Providence, a large-scale commercial and residential development previously reported by local business media. The filing also references a separate construction contract with the Ministry of Works and Family Island Affairs to build a public access road connected to the development project.
In a rare added note to his declaration, included to reinforce his commitment to transparency, Bastian clarified that a large portion of assets connected to his family are held in pre-existing trusts valued at approximately $160 million, over which he holds no formal control. In his personal filing, Bastian declared a total of $28,945,545 in personal assets, $930,000 in annual income, and just $175,000 in outstanding liabilities, placing him among the candidates with the highest declared personal wealth in this election cycle. He explained that he is only a discretionary beneficiary of the trusts, holding no legal ownership or controlling interest over the assets, and thus is not required to include the $160 million in trust holdings in his personal asset declaration.
Turning to other senior candidates, Deputy Prime Minister Chester Cooper’s own declaration revealed holdings in office space rental agreements and insurance-linked arrangements with multiple public entities, including the Ministry of Foreign Affairs, Nassau Airport Development Company, the Education Loan Authority, and the Disaster Risk Management Authority. Cooper, who is a principal owner of BAF Financial & Insurance (Bahamas) — the rebranded former British American Insurance Company of the Bahamas — has declared a current net worth of $28 million, a sharp increase from his 2021 declaration of $14.8 million and 2017 declaration of $7.9 million.
Other candidates across the country have also filed their required disclosures, revealing their own government-linked business interests. Edward Whan II, the candidate for Marco City, has declared janitorial service contracts covering 14 different public locations, alongside warehouse and office rental agreements with Control Chemicals Freeport Ltd, Grand Bahama Health Services/Public Hospitals Authority, and the Ministry of Public Service. These contracts are set to run from July 2025 through June 2030. Whan II also disclosed a financial stake in Cash N Go Ltd, a company that holds debt collection service agreements with major public agencies including BTC, BPL, the Water & Sewerage Corporation, Bahamasair, Bahamas Immigration, and DigiPay.