The Securities Commission of The Bahamas (SCB) released a statement late on Jan. 2 seeking to correct “material misstatements” by John Ray III, who was appointed CEO of FTX following founder Sam Bankman-Fried’s resignation in November.

In its statement, the SCB took umbrage with three points in particular: Ray’s statements challenging its calculation of the value of the digital assets transferred into its custody on Nov. 12; Ray’s allegations that the regulator instructed FTX to mint $300 million in new FTT tokens; and statements suggesting that FTX assets held by the SCB were stolen.

The SCB said in its statement that the challenge to its calculations was based on incomplete information, that claims it instructed FTT minting were “unfounded,” and that allegations of theft were made “without providing any substantiated basis for such claims.”

“The US Debtors’ continued lack of diligence when making public statement concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth and towards The Bahamas that has been displayed by the current officers of the Chapter 11 Debtors from the date of their appointment by Sam Bankman-Fried,” the SCB said.