$160m trust revelation thrusts Bastian into center of election controversy
NASSAU, BAHAMAS — Financial disclosures ahead of the May 12 general election have placed PLP Fort Charlotte candidate Sebas Bastian at the center of public discussion, after he voluntarily provided details of trust arrangements linked to an estimated $160 million in assets. While Bastian’s official declaration lists a net worth of $28.9 million, his decision […] The post $160m trust revelation thrusts Bastian into center of election controversy first appeared on Bahamas National.
Black News 
NASSAU, BAHAMAS — Financial disclosures ahead of the May 12 general election have placed PLP Fort Charlotte candidate Sebas Bastian at the center of public discussion, after he voluntarily provided details of trust arrangements linked to an estimated $160 million in assets.
While Bastian’s official declaration lists a net worth of $28.9 million, his decision to go beyond standard reporting requirements by outlining beneficial interests in Bahamian trusts has drawn attention and, in some quarters, scrutiny over the nature and disclosure of such holdings.
According to his filing, Bastian reported total assets of just over $29.1 million, including $17.3 million in real estate, $4.9 million in securities and $3.9 million in other personal property. His annual income was listed at approximately $930,000.
He also disclosed a beneficial interest in trusts valued at approximately $160 million, noting that the assets are independently administered. Under established legal practice, assets held in trust are not considered the personal property of beneficiaries and are therefore not required to be declared as part of an individual’s net worth.
A trust is a legal structure commonly used for estate planning and asset protection, in which trustees manage assets on behalf of beneficiaries in accordance with specific terms. While beneficiaries may receive financial benefits, they do not exercise direct control over the assets.
Bastian’s additional disclosure, though not mandated by law, has fueled broader discussion about transparency standards among political candidates, particularly as voters examine the financial backgrounds of those seeking public office.
Despite the attention surrounding his filing, the Parliamentary Commissioner has confirmed that Bastian’s nomination is fully compliant with all legal requirements.
The disclosures come as part of a wider release showing a candidate field that includes a significant number of high net worth individuals. Among them is FNM Garden Hills candidate Rick Fox, who reported the largest declared wealth at $469.8 million, driven largely by securities investments.
Other senior political figures also reported millionaire-level holdings, including Prime Minister Philip Davis with $4.5 million, Opposition Leader Michael Pintard with $3.9 million, and Coalition of Independents leader Lincoln Bain with $1.5 million.
Deputy Prime Minister Chester Cooper reported $28 million in net worth, reflecting a notable increase since the last election.
Several sitting members of Parliament also recorded significant gains in wealth over the past five years, including Leslia Miller-Brice, Keith Bell and Clay Sweeting.
Former Prime Minister Hubert Minnis, now running as an independent candidate in Killarney, reported $19 million in assets, up from $14.8 million in 2021.
At the lower end of the disclosures, House Speaker Patricia Deveaux reported $474,240, while candidate Maria Daxon declared $507,000.
With the campaign season intensifying, Bastian’s expanded disclosure has added a new dimension to the conversation, raising questions about how wealth, transparency and legal reporting standards intersect in the electoral process.
The post $160m trust revelation thrusts Bastian into center of election controversy first appeared on Bahamas National.
