Grand Bahama Port Authority
Encyclopedia
The Grand Bahama Port Authority ( GBPA or "Port Authority") is a privately held corporation
that also acts as the municipal authority for Freeport
, Grand Bahama Island
, The Bahamas
. The GBPA was created by the Hawksbill Creek Agreement
.
The GBPA is horizontally integrated with property development, municipal services, airport ( world's largest privately owned airport) harbour operations, and shipyard concerns.
on the container port (through Hutchison Port Holdings
) and resort area at Lucaya. As of February 2008, the exact ownership structure of GBPA is currently under litigation between the principal partners Sir Jack Hayward and the estate of the late Edward St. George.
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
that also acts as the municipal authority for Freeport
Freeport, Bahamas
Freeport is a city, district and free trade zone located on the island of Grand Bahama of the North-west Bahamas. In 1955, Wallace Groves, a Virginian financier with lumber interests in Grand Bahama, was granted 50,000 acres Freeport is a city, district and free trade zone located on the island of...
, Grand Bahama Island
Grand Bahama
Grand Bahama is one of the northernmost of the islands of the Bahamas, and the closest major island to the United States, lying off the state of Florida. Grand Bahama is the fifth largest island in the Bahamas island chain of approximately 700 islands and 2,400 cays...
, The Bahamas
The Bahamas
The Bahamas , officially the Commonwealth of the Bahamas, is a nation consisting of 29 islands, 661 cays, and 2,387 islets . It is located in the Atlantic Ocean north of Cuba and Hispaniola , northwest of the Turks and Caicos Islands, and southeast of the United States...
. The GBPA was created by the Hawksbill Creek Agreement
Hawksbill Creek Agreement
The Hawksbill Creek Agreement was an agreement signed in 1955 between the Government of the Bahamas and Mr Wallace Groves to establish a city and free trade zone on Grand Bahama Island with an aim of spurring economic development in the region....
.
The GBPA is horizontally integrated with property development, municipal services, airport ( world's largest privately owned airport) harbour operations, and shipyard concerns.
Ownership Structure
The GBPA partners with Hutchison WhampoaHutchison Whampoa
Hutchison Whampoa Limited or HWL of Hong Kong is a Fortune 500 company and one of the largest companies listed on the Hong Kong Stock Exchange. HWL is an international corporation with a diverse array of holdings which includes the world's biggest port and telecommunication operations in 14...
on the container port (through Hutchison Port Holdings
Hutchison Port Holdings
Hutchison Port Holdings is a private holding company incorporated in British Virgin Islands, it is the subsidiary of Hutchison Whampoa. In April 2006 Hutchison Whampoa sold 20% shares to PSA International, Hutchison Whampoa still owned 80%....
) and resort area at Lucaya. As of February 2008, the exact ownership structure of GBPA is currently under litigation between the principal partners Sir Jack Hayward and the estate of the late Edward St. George.