Posts

Caribbean Programmers Dumped Again As Another NY Radio Station Is Sold

By NAN Staff Writer

News Americas, NEW YORK, NY, Weds. July 5, 2023: In a move that seems like history repeating itself, yet another New York radio station that allowed Caribbean Americans to broker time and present radio programs, has been sold.

WVIP, a Westchester radio station that was founded by the late Bill O’Shaughnessy and which sold time slots to Caribbean American programs, was sold to Hope Media Group for $8.15 million by his descendants.

O’Shaughnessy died in May 2022 at the age of 84.

WVIP had been the station many Caribbean American radio hosts in the New York Tri-state pivoted to after the sale of WNWK 105.9 FM and then WWRL 1600. It has been one of the few places Caribbean programming could be heard and where issues germane to the community were discussed. Independent broadcasters on WVIP spent between US$500 to US$1,000 per hour for airtime on the station.

“This is sad news,” Bobby Clarke, founder of IRIE Jam radio, which had numerous hours of programming on the station for the past 30 years, told the Jamaica Gleaner: “This leaves a major void in the community… . We are hoping that there might be a way to continue our services to our community here, but right now we are not sure,” he shared.

Clement ‘Ras Clem’ Hume, Groovin’ In The Park executive and host of Groovin Radio, added to the Gleaner: “This is shocking news! I still cannot believe it,” he confessed.

100 Partial 50% Scholarships For Caribbean Engineers In Online Master’s Degree

News Americas, NEW YORK, NY, Mon. July 3, 2023: Structuralia, a leader in specialized online education for engineers, in collaboration with the Organization of American States (OAS), is proud to announce the opening of 100 new partial postgraduate scholarships covering 50% of the tuition fee of the selected online master’s degree.

The main purpose of this initiative is to facilitate access to high-quality education and academic excellence for professionals and students from Latin America and the Caribbean interested in expanding their knowledge and skills in areas such as civil engineering; industry, energy, and environment; architecture and building; leadership and management; and digital transformation.

The selection process of the beneficiaries is rigorously carried out, taking into account the ideal profile of the candidates for the chosen master’s degree, the fulfilment of the requirements (being resident in an OAS member country and writing a motivation letter) and the submission of the necessary documentation with their application (copy of identity card, CV/resume and university degree).

The application period for the postgraduate scholarships is open until July 14th, 2023. Those interested can obtain more information on everything related to these scholarships on this website: becasoea.structuralia.com

St Kitts and Nevis announces extension to Citizenship by Investment Programme Sustainable Growth Fund Limited Time Offer due to unprecedented demand

News Americas, Basseterre, St. Kitts, June 29, 2023: International investors have been clamouring to take advantage of one of the best deals in the investment migration industry this year – St Kitts and Nevis’ Sustainable Growth Fund (SGF) Limited Time Offer (LTO) which allows investors to gain approval for alternative citizenship in the country in as little as 60 days for a reduced fee. 

In December 2022, the St Kitts and Nevis Head of the Citizenship by Investment Unit (CIU), Michael Martin, announced the enactment of the updated St Kitts and Nevis Citizenship by Investment Regulations 2023, which included the introduction of the LTO for the SGF investment option effective 1 January 2023 – 30 June 2023.  

On 29 June 2023, Michael Martin made the following comment regarding the LTO: 

“We have received an overwhelming response and demand for our Sustainable Growth Fund investment option through the Limited Time Offer and felt that we had to extend the offering for another seven months until 31 January 2024. International investors continue to see the value of the world’s first and finest Citizenship by Investment Programme and this proves it”.  

The SGF remains the quickest and easiest route to alternative citizenship in St Kitts and Nevis and now until 31 January 2024, a main applicant can acquire alternative citizenship by contributing only US$125,000 to the SGF and receiving approval in principle within 60 days of acknowledgement by the CIU of submission of their application. 

Under the LTO, the minimum SGF contributions are as follows: 

Single applicant – US$ 125,000 

Main applicant and a spouse – US$150,000 

Main applicant and up to three dependants – US$170,000 

Each additional dependant under 18 – US$10,000 

Each additional dependant over 18 – US$25,000 

Revenue from the SGF has facilitated economic development and social upliftment in the country. The SGF is used to provide financial support to educational institutions, and medical facilities, as well as support infrastructural development, increase tourism, preserve local culture and heritage and support sustainable growth initiatives in the twin-island nation. 

Discerning investors are seeing the benefits of being part of St Kitts and Nevis’ success story. Following upgrades to the CBI Regulations, the country now offers one of the most secure and best-regulated investment migration offerings in the world.  

This means that international investors looking to hedge their bets in a stable and growing economy should look no further than St Kitts and Nevis. 

This extension is a fantastic opportunity for investors to obtain citizenship through the LTO. This is a final extension and from 1 February 2024, the minimum SGF contribution will increase to the amounts prior to the LTO period. 

The country is making sure that it has only the best to offer international entrepreneurs and families who have realised that global powerhouses are no longer illustrious investment options due to security risks. Investors want to ensure that they can safeguard their families and wealth in a global economy that has been offering nothing but uncertainty since the onset of the COVID-19 pandemic in 2020. 

Smaller governments such as that of St Kitts and Nevis have found ways, through CBI, to protect themselves from global shocks, offer favourable business policies aimed at growing corporations in international markets and, by using international funds channelled to the SGF, can diversify and grow their economy to meet global needs. 

St Kitts and Nevis continues to create a name for itself as a financial nexus in the Caribbean with an attractive CBI programme underpinned by a sound legal framework and robust multi-layered due diligence.    

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry and those who recognise this are taking advantage of the LTO. 

St Kitts and Nevis continues to create a name for itself as a financial nexus in the Caribbean with an attractive CBI programme underpinned by a sound legal framework and robust multi-layered due diligence.    

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry and those who recognise this are taking advantage of the LTO. 

Sustainable Energy From Ideas To Projects-Part 2

By Dr. Lorraine Sobers

News Americas, PORT-OF-SPAIN, Trinidad, June 29, 2023: Guyana has launched into the energy sector at an historic time as the world begins the energy transition away from predominant fossil fuels to increasing renewable energy use. Starting in 2015, the country rapidly scored several large offshore oil discoveries and is now steadily increasing oil production to exceed 1 million barrels of oil per day by 2027. There is an underlying urgency to produce as much as possible before the demand and possibly price of oil declines. But it is not all about producing as much oil as quickly as possible. According to reputable technical reports from the United Nations Framework Convention on Climate Change (UNFCCC), the survival of the planet is at stake.

In the simplest terms “sustainable energy” refers to energy generation that does not compromise the survival of the environment.

The Energy Chamber of Trinidad and Tobago recently hosted the Caribbean Sustainable Energy Conference, (CSEC), to discuss sustainable energy under the theme, “Ideas to Projects”. In continuing the discussion from last week, I will discuss the advancement of hydrogen as an alternative fuel and Carbon Capture and Storage (CCS) to reduce CO2 emissions.

Hydrogen is a clean fuel suitable for long distance transportation and heavy industries where wind and solar are insufficient. It can be stored in liquid form and is lighter than batteries or fossil fuels. Hydrogen is referred to by colors such as blue, green, grey or purple due to its origin and manufacturing process. Green hydrogen is produced by water electrolysis powered by renewable energy. This form of hydrogen was the basis of projects featured by several companies at CSEC. Recently Deloitte estimated that the green hydrogen market will be worth USD 1.4 trillion by 2050 with the demand for global hydrogen growing six-fold by 2050. Along with this expansion, 2 million jobs can be supported annually worldwide.

Picture of the Potaro River running across the Kaieteur National Park which sits in a section of the Amazon rainforest in the Potaro-Siparuni region of Guyana. (Photo by PATRICK FORT/AFP via Getty Images)

Natural gas can also be used to produce hydrogen by a process called steam reforming. However, this process emits CO2 which will have to be sequestered — stored in the subsurface or converted to useful products with carbon in permanent solid form — to be considered sustainable. With sequestering, the hydrogen produced is categorized as blue hydrogen, without it the hydrogen is labelled as grey hydrogen. Guyana has the potential to produce green, blue or grey hydrogen. Green hydrogen can be produced using hydropower or any other type of renewable energy. Either blue or grey hydrogen can be produced using excess natural gas brought to shore. As shipping vessels and possibly aircrafts begin to use hydrogen as fuel in the future, Guyana may be well positioned to supply green hydrogen for long distance transportation.

Carbon Capture Utilization and Storage (CCUS) is a large-scale solution for reducing CO2 emissions. Basically, CO2 is collected (captured) at the source of emissions. It can then be utilized in another process where the carbon atoms are integrated into a solid product such as concrete or plastic, permanently removing it from the atmosphere. Alternatively, it can be stored in the subsurface, deep underground by injecting it into saline (salt water) aquifers or depleted hydrocarbon reservoirs. This technology has been in use in the Sleipner Field, North Sea, offshore Norway for two decades. Continuous monitoring has shown that the injected CO2 is trapped within the rock pores. There is nothing new about CO2 being stored in the subsurface as this occurs naturally in Colorado and New Mexico, US for example. CO2 injection is not new to oil production operations; this process is used to enhance heavy oil recovery for over sixty years.

I was fortunate to be invited to speak on a panel at CSEC 2023. In my presentation I outlined three things Caribbean countries ought to consider before embarking on CCUS projects:

National Development Priorities

Developed countries, like Norway, which have energy, food and water security with adequate healthcare, education and infrastructure provided for citizens, are able to place CO2 emission reduction as a top priority. Typically, these countries also have decades of historically high emissions. It has been difficult for developing countries, with historically miniscule CO2 emissions, to fund climate adaptation projects and finance CO2 emission reduction projects. They are forced, however, to grapple with the effects of climate change as they face more extreme and frequent climatic events such as changing rainfall patterns, floods, drought and storms. Nevertheless, investing in CCUS technology and projects can increase revenue potential for offsetting carbon emissions or decarbonizing an activity or operation. In this way, CCUS can be viable and accepted in countries like Guyana.

 Public Awareness

Public awareness and acceptance are critical to the success of CCUS especially if pipeline transport on land is required. The general public and policy makers need to have a clear understanding of the science behind CCUS. They need to have confidence that CO2 can be safely captured, transported, injected and permanently stored. After conducting research on the engineering aspects of CCS, I spent almost 15 years writing and making presentations about CCUS to a wide audience that included economists, political scientists, investment bankers, social scientists, historians and project managers. I realized it was not enough to make technical presentations to engineers and geoscientists. I dedicated efforts to public awareness because I believe it is better to discuss the risks and rewards of CCUS before it becomes a contentious subject. In Guyana CCUS is not a front burner topic yet but it will come into focus as natural gas comes to shore.

Mission and Objectives for CCUS

A clear mission and objectives are needed for any project. It is important not to lose sight of the fundamental reasons for deploying CCUS in each particular national circumstance. CCUS can reduce CO2 emissions but in regions with a low carbon footprint, the emission reduction impact is negligible. Therefore, each project involving CCUS must be based on SMART (Specific, Measurable, Achievable, Relevant and Time-Bound) goals that tie into a broader vision and a clear mission that serves national interest. If this fundamental step is overlooked, and it can happen quite easily, projects may serve external demands with no real impact while jeopardizing urgent domestic needs.

Finally, in both developing and developed countries, hydrogen and CCUS projects are unique opportunities for the energy sector to establish new industries, create employment for environmentally conscious young professionals and provide impactful, innovative solutions for providing sustainable energy.

EDITOR’S NOTE: Dr. Lorraine Sobers is a Fulbright Scholar currently lecturing at The University of the West Indies, St. Augustine in the Petroleum Studies Unit. Dr. Sobers has 20 years’ experience in the energy sector specializing in Carbon Capture and Storage (CCS) and Enhanced Oil Recovery (EOR). She has a keen interest in using her technical expertise for the development of low carbon development policies. Dr. Sobers is a Fellow of the Caribbean Policy Consortium and a member of the Global Americans Global High-Level Working Group on Climate Change in the Caribbean.

More Oil Discovered In Guyana

News Americas, GEORGETOWN, Guyana, Weds. June 28, 2023: Guyana seems to be swimming in oil!

Oil and gas firms CGX Energy (OYL.V) and Frontera Energy (FEC.TO) today revealed that the Wei-1 well, located offshore Guyana on the Corentyne block, has resulted in a significant oil discovery. This development comes after the successful drilling of the Kawa-1 well in May of last year, which encountered light oil and gas condensate.

Guyana has emerged as a prominent player in offshore oil exploration following the remarkable discoveries made by a consortium led by Exxon Mobil Corp (XOM.N) in the past decade. With vast reserves of billions of barrels of oil, the South American country is now strategically focused on diversifying its oil resources and reducing the consortium’s monopoly.

The Frontera-CGX group is anticipated to become the next consortium to advance oil exploration projects in Guyana into the development phase. The companies have stated that the samples obtained from the Wei-1 well will undergo verification by an independent third-party laboratory over the course of the next two to three months, ensuring accurate assessment and confirmation of the oil discovery.

Furthermore, the joint venture has successfully concluded drilling operations at the well and is preparing to release the rig in early July. This milestone marks a significant step forward in the exploration and development of Guyana’s oil resources, further contributing to the country’s growing presence in the global energy landscape.

As CGX Energy and Frontera Energy continue their collaborative efforts, the oil industry will closely monitor their progress, eagerly anticipating the potential economic and energy benefits that could arise from these significant oil discoveries in Guyana’s offshore blocks.

The news comes as the Wall Street Journal reported that OPEC is wooing the CARICOM, South American nation to join the cartel but so far its leaders have resisted.

ibex Appoints Tamara Ricketts-Brown Jamaica Country Manager

News Americas, KINGSTON, Jamaica, June 28, 2023: ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced that Tamara Ricketts-Brown has been appointed Senior Vice President and Country Manager of ibex in Jamaica.

With more than 20 years of experience serving the Retail, Travel, Finance, and Insurance verticals and leading multiple departments, including HR, Recruiting, Facilities, Security, and Employee Engagement, Ricketts-Brown will lead ibex’s operations in Jamaica and report to David Wilkerson, EVP of Operations at ibex.

“We are delighted to welcome Tamara to the growing ibex family,” said David Afdahl, Chief Operations Officer at ibex. “A dynamic operations leader with deep CX experience and a proven track record of success in managing and developing large teams, Tamara is the ideal person to drive our continued growth and success in Jamaica.”

Prior to joining ibex, Tamara was with Sutherland Global Services for five years. Previously, she spent more than 13 years at Xerox in multiple senior-level roles, including Division Vice President. Tamara holds an MBA from the University of Sunderland.

“I am excited to join ibex and lead the company’s fast-growing operations in Jamaica,” said Ricketts-Brown. “ibex brings together the best talent, training, culture, and technology in Jamaica to deliver amazing customer experiences for many of the world’s leading brands. I look forward to applying my skills, expertise, and passion to build on ibex’s tremendous success by developing and implementing initiatives that create an even better experience for our employees and greater value for our clients.”

Since opening its first site in Jamaica in 2016, ibex has been recognized for its culture, employee experience and development, and service, having been selected as Best Place to Work for Women in Central America and the Caribbean by Great Place to Work, Nearshore Company of the Year by Nearshore Americas, and Central America and Caribbean Company of the Year by Frost & Sullivan.

About ibex   
ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of 34 operations facilities around the world, while deploying next-generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthtech, fintech, utilities and logistics. 

ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including its Wave X platform, to manage nearly 200 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

Ex-Google CEO Bags Russian Oligarch’s Superyacht At Antigua Auction

News Americas, NEW YORK, NY, Sat. June 24, 2023: Former Google CEO Eric Schmidt has made waves in the maritime world with his successful bid for the abandoned superyacht of Russian oligarch Andrey Guryev.

The captivating auction took place in the Caribbean island of Antigua and Barbuda, where Schmidt emerged as the victor, acquiring the luxurious 267-foot Alfa Nero yacht for a staggering $67.6 million.

Andrey Guryev, a Russian billionaire who had previously faced sanctions from the US Treasury, originally acquired the Alfa Nero yacht back in 2014. The Treasury Department claims that Guryev had purchased the vessel for a whopping $120 million, though he vehemently denies this allegation. Nevertheless, the yacht ended up abandoned and moored in Antigua, waiting for a new owner to seize its potential.

The sale came after the Us removed the Super Yacht Alfa Nero from its sanctions list, leaving the government of Antigua and Barbuda at its owner and therefore able to sell it.

Sir Ronald Sanders, Antigua’s ambassador to the United States, confirmed that Schmidt’s bid prevailed in a truly “open and competitive manner,” according to Bloomberg reports.

The Alfa Nero yacht, crafted by renowned manufacturer Oceanco, is widely regarded as one of the world’s most iconic and highly awarded vessels. Its opulent features and amenities offer an unrivaled yachting experience. From the grandeur of a baby grand piano to the indulgence of a swimming pool that ingeniously converts into a helipad, every detail of this superyacht exudes luxury and sophistication.

The decision to sell the Alfa Nero yacht in Antigua and Barbuda was driven by the mounting maintenance costs that accrued during its extended stay in Falmouth Harbor. With expenses amounting to approximately $112,000 per month, it became imperative for the local authorities to find a suitable buyer who could provide the vessel with the care it deserves.

Eric Schmidt, former CEO and Chairman, Google. (Photo by PATRICK T. FALLON/AFP via Getty Images)

Schmidt’s successful bid for the Alfa Nero yacht is yet another milestone in his illustrious career. Prior to his acquisition, Schmidt served as the CEO of Google from 2001 to 2011, overseeing a period of remarkable growth and innovation for the technology giant. His subsequent roles as the executive chairman of both Google and Alphabet further solidified his prominence in the business world.

The context surrounding this acquisition adds another layer of intrigue to the story. The international community imposed sanctions on several Russian oligarchs, including Andrey Guryev, following the invasion of Ukraine. This event had far-reaching consequences, leading to financial restrictions and altered dynamics among the global elite.

In a surprising twist, Guryev’s daughter filed a last-minute injunction claiming ownership of the Alfa Nero yacht. This unexpected legal maneuver added suspense and complexity to an already captivating tale. The involvement of legal proceedings is sure to draw attention as the story continues to unfold.

Ex-Google CEO Bags Russian Oligarch’s Superyacht At Antigua Auction

News Americas, NEW YORK, NY, Sat. June 24, 2023: Former Google CEO Eric Schmidt has made waves in the maritime world with his successful bid for the abandoned superyacht of Russian oligarch Andrey Guryev.

The captivating auction took place in the Caribbean island of Antigua and Barbuda, where Schmidt emerged as the victor, acquiring the luxurious 267-foot Alfa Nero yacht for a staggering $67.6 million.

Andrey Guryev, a Russian billionaire who had previously faced sanctions from the US Treasury, originally acquired the Alfa Nero yacht back in 2014. The Treasury Department claims that Guryev had purchased the vessel for a whopping $120 million, though he vehemently denies this allegation. Nevertheless, the yacht ended up abandoned and moored in Antigua, waiting for a new owner to seize its potential.

The sale came after the Us removed the Super Yacht Alfa Nero from its sanctions list, leaving the government of Antigua and Barbuda at its owner and therefore able to sell it.

Sir Ronald Sanders, Antigua’s ambassador to the United States, confirmed that Schmidt’s bid prevailed in a truly “open and competitive manner,” according to Bloomberg reports.

The Alfa Nero yacht, crafted by renowned manufacturer Oceanco, is widely regarded as one of the world’s most iconic and highly awarded vessels. Its opulent features and amenities offer an unrivaled yachting experience. From the grandeur of a baby grand piano to the indulgence of a swimming pool that ingeniously converts into a helipad, every detail of this superyacht exudes luxury and sophistication.

The decision to sell the Alfa Nero yacht in Antigua and Barbuda was driven by the mounting maintenance costs that accrued during its extended stay in Falmouth Harbor. With expenses amounting to approximately $112,000 per month, it became imperative for the local authorities to find a suitable buyer who could provide the vessel with the care it deserves.

Eric Schmidt, former CEO and Chairman, Google. (Photo by PATRICK T. FALLON/AFP via Getty Images)

Schmidt’s successful bid for the Alfa Nero yacht is yet another milestone in his illustrious career. Prior to his acquisition, Schmidt served as the CEO of Google from 2001 to 2011, overseeing a period of remarkable growth and innovation for the technology giant. His subsequent roles as the executive chairman of both Google and Alphabet further solidified his prominence in the business world.

The context surrounding this acquisition adds another layer of intrigue to the story. The international community imposed sanctions on several Russian oligarchs, including Andrey Guryev, following the invasion of Ukraine. This event had far-reaching consequences, leading to financial restrictions and altered dynamics among the global elite.

In a surprising twist, Guryev’s daughter filed a last-minute injunction claiming ownership of the Alfa Nero yacht. This unexpected legal maneuver added suspense and complexity to an already captivating tale. The involvement of legal proceedings is sure to draw attention as the story continues to unfold.

Ex-Google CEO Bags Russian Oligarch’s Superyacht At Antigua Auction

News Americas, NEW YORK, NY, Sat. June 24, 2023: Former Google CEO Eric Schmidt has made waves in the maritime world with his successful bid for the abandoned superyacht of Russian oligarch Andrey Guryev.

The captivating auction took place in the Caribbean island of Antigua and Barbuda, where Schmidt emerged as the victor, acquiring the luxurious 267-foot Alfa Nero yacht for a staggering $67.6 million.

Andrey Guryev, a Russian billionaire who had previously faced sanctions from the US Treasury, originally acquired the Alfa Nero yacht back in 2014. The Treasury Department claims that Guryev had purchased the vessel for a whopping $120 million, though he vehemently denies this allegation. Nevertheless, the yacht ended up abandoned and moored in Antigua, waiting for a new owner to seize its potential.

The sale came after the Us removed the Super Yacht Alfa Nero from its sanctions list, leaving the government of Antigua and Barbuda at its owner and therefore able to sell it.

Sir Ronald Sanders, Antigua’s ambassador to the United States, confirmed that Schmidt’s bid prevailed in a truly “open and competitive manner,” according to Bloomberg reports.

The Alfa Nero yacht, crafted by renowned manufacturer Oceanco, is widely regarded as one of the world’s most iconic and highly awarded vessels. Its opulent features and amenities offer an unrivaled yachting experience. From the grandeur of a baby grand piano to the indulgence of a swimming pool that ingeniously converts into a helipad, every detail of this superyacht exudes luxury and sophistication.

The decision to sell the Alfa Nero yacht in Antigua and Barbuda was driven by the mounting maintenance costs that accrued during its extended stay in Falmouth Harbor. With expenses amounting to approximately $112,000 per month, it became imperative for the local authorities to find a suitable buyer who could provide the vessel with the care it deserves.

Eric Schmidt, former CEO and Chairman, Google. (Photo by PATRICK T. FALLON/AFP via Getty Images)

Schmidt’s successful bid for the Alfa Nero yacht is yet another milestone in his illustrious career. Prior to his acquisition, Schmidt served as the CEO of Google from 2001 to 2011, overseeing a period of remarkable growth and innovation for the technology giant. His subsequent roles as the executive chairman of both Google and Alphabet further solidified his prominence in the business world.

The context surrounding this acquisition adds another layer of intrigue to the story. The international community imposed sanctions on several Russian oligarchs, including Andrey Guryev, following the invasion of Ukraine. This event had far-reaching consequences, leading to financial restrictions and altered dynamics among the global elite.

In a surprising twist, Guryev’s daughter filed a last-minute injunction claiming ownership of the Alfa Nero yacht. This unexpected legal maneuver added suspense and complexity to an already captivating tale. The involvement of legal proceedings is sure to draw attention as the story continues to unfold.

Ex-Google CEO Bags Russian Oligarch’s Superyacht At Antigua Auction

News Americas, NEW YORK, NY, Sat. June 24, 2023: Former Google CEO Eric Schmidt has made waves in the maritime world with his successful bid for the abandoned superyacht of Russian oligarch Andrey Guryev.

The captivating auction took place in the Caribbean island of Antigua and Barbuda, where Schmidt emerged as the victor, acquiring the luxurious 267-foot Alfa Nero yacht for a staggering $67.6 million.

Andrey Guryev, a Russian billionaire who had previously faced sanctions from the US Treasury, originally acquired the Alfa Nero yacht back in 2014. The Treasury Department claims that Guryev had purchased the vessel for a whopping $120 million, though he vehemently denies this allegation. Nevertheless, the yacht ended up abandoned and moored in Antigua, waiting for a new owner to seize its potential.

The sale came after the Us removed the Super Yacht Alfa Nero from its sanctions list, leaving the government of Antigua and Barbuda at its owner and therefore able to sell it.

Sir Ronald Sanders, Antigua’s ambassador to the United States, confirmed that Schmidt’s bid prevailed in a truly “open and competitive manner,” according to Bloomberg reports.

The Alfa Nero yacht, crafted by renowned manufacturer Oceanco, is widely regarded as one of the world’s most iconic and highly awarded vessels. Its opulent features and amenities offer an unrivaled yachting experience. From the grandeur of a baby grand piano to the indulgence of a swimming pool that ingeniously converts into a helipad, every detail of this superyacht exudes luxury and sophistication.

The decision to sell the Alfa Nero yacht in Antigua and Barbuda was driven by the mounting maintenance costs that accrued during its extended stay in Falmouth Harbor. With expenses amounting to approximately $112,000 per month, it became imperative for the local authorities to find a suitable buyer who could provide the vessel with the care it deserves.

Eric Schmidt, former CEO and Chairman, Google. (Photo by PATRICK T. FALLON/AFP via Getty Images)

Schmidt’s successful bid for the Alfa Nero yacht is yet another milestone in his illustrious career. Prior to his acquisition, Schmidt served as the CEO of Google from 2001 to 2011, overseeing a period of remarkable growth and innovation for the technology giant. His subsequent roles as the executive chairman of both Google and Alphabet further solidified his prominence in the business world.

The context surrounding this acquisition adds another layer of intrigue to the story. The international community imposed sanctions on several Russian oligarchs, including Andrey Guryev, following the invasion of Ukraine. This event had far-reaching consequences, leading to financial restrictions and altered dynamics among the global elite.

In a surprising twist, Guryev’s daughter filed a last-minute injunction claiming ownership of the Alfa Nero yacht. This unexpected legal maneuver added suspense and complexity to an already captivating tale. The involvement of legal proceedings is sure to draw attention as the story continues to unfold.