Grand Bahama Development Company (Devco)

The Grand Bahama Development Company (Devco) was created in 1961 by Wallace Groves and Louis Chesler to receive roughly 100,000 acres of Grand Bahama Port Authority land for the Lucaya resort development [S1]. It appears in the ICIJ Paradise Papers as a genuine, continuously operating entity — its leak-record address matches its current Freeport headquarters — making it one of only two entities in the circulating "Overworld Architecture" ICIJ table that survived entity resolution [S2]. Today Devco is a joint venture between Hutchison Development (Bahamas) of the CK Hutchison group and Port Group Limited, a GBPA company [S3]. See Offshore Finance Network (UAP Lore Audit).

Sources

[S1] "An Informal History of the Grand Bahama Port Authority, 1955–1985" | Grand Bahama Museum URL: https://www.grandbahamamuseum.org/images/pdfs/gbm-informal-history-port-authority-1955-1985.pdf Accessed: 2026-07-20 [S2] GRAND BAHAMA DEVELOPMENT COMPANY LIMITED, THE | ICIJ Offshore Leaks node 30004150 URL: https://offshoreleaks.icij.org/nodes/30004150 Accessed: 2026-07-20 [S3] The Grand Bahama Development Company Limited — DEVCO | LinkedIn URL: https://bs.linkedin.com/company/the-grand-bahama-development-company-limited-devco Accessed: 2026-07-20