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FRIDAY, JANUARY 31, 2020

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$130m VAT increase allays fears over hike By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $130m year-overyear increase in first half VAT revenues proves that the 12 percent rate hike has “not dampened” consumer spending, a top Ministry of Finance official argued yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that the 33.7 percent increase in VAT revenues during the six months to end-December 2019 showed fears voiced when the rate increase was announced had failed to “materialise”. Many observers had predicted the 60 percent hike in the VAT rate, from 7.5 percent to 12 percent, would cut consumer demand to the extent that The Bahamas would be thrown back into recession, but Mr Johnson said 2019-2020 first half performance demonstrated the economy had been “healthy

$187m lossmakers match fiscal deficit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE $186.7m in subsidies to loss-making state-owned enterprises (SOEs) over the six months to 2019 yearend almost exactly matches the government’s deficit for that period, it was revealed yesterday. The government’s “fiscal snapshot” for the first half of 2019-2020 shows that the $188.7m deficit, which measures by how much the government’s spending

MARLON JOHNSON enough to absorb the increase without a deterioration in consumption”. However, the government’s six-month “fiscal snapshot”, which was released last night, showed as much as $86.2m or two-thirds of the VAT increase may have resulted from the switch with stamp duty as the principal levy on real estate sales in this year’s budget. With VAT now acting as either the two percent or ten percent “transaction tax”, stamp duty from such deals fell by 82 percent. Still, the government’s total

SEE PAGE 6 exceeds its income, would have been virtually eradicated if all SOEs were transformed into “cost recovery” or break even entities. The Minnis administration has previously stated its objective to achieve just that over a three to fiveyear period, but the report showed it has seemingly made little headway to-date as total subsidies to nonfinancial public corporations jumped by 23.2 percent year-over-year. The Public Hospitals Authority (PHA) continues to be the main consumer of taxpayer financial assistance, with Bahamasair and the Water & Sewerage Corporation too far behind.

SEE PAGE 7

A UNION leader has voiced fears that Bahamas Power & Light (BPL) will be unable to meet repayments on its $580m bond as its largest, wealthiest customers race to adopt renewable energy. Paul Maynard, pictured, the Bahamas Electrical Workers Union’s (BEWU) president, told a Democratic National Alliance (DNA) Town Hall Meeting on energy reform that BPL would have

insufficient customers and revenue streams to repay investors if its best-paying, major clients reduced their consumption through the increasing use of solar and other technologies. He said: “What we’re not considering is the fact that Lyford Cay is now ten to 15 percent solar. Old Fort Bay is 20 to 25 percent solar, Albany is ten to 15 percent solar, Ocean Club Estates is now five to ten percent solar, and they are the big paying customers. They are BPL’s base customers. Paradise Island,

SEE PAGE 7

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Battle over The Pointe’s Margaritaville heats up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Renewable fear over BPL bond By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

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TTORNEYS for Margaritaville’s Bahamian franchisee yesterday said 79 percent of the brand’s defenses have been dismissed as their bid to block its tie-up with the $250m Pointe project heats up. Todd Levine and Adam Steinberg, who are acting for Boss Investments, said Palm Beach County’s 15th judicial circuit court had presently left the Margaritaville defendants with just seven of 34 defenses to their client’s “breach of

• PI franchisees attorneys hail court success • Want to depose top CCA Bahamas executive • Claim client used to establish local ‘foothold’ contract” claim following a January 16, 2020, order. The attorneys, in written replies to Tribune Business questions, said they were “very confident” in the merits of Boss Investments’ case as the two sides continue exchanging documents and interviewing witnesses ahead of a scheduled March 2020 trial. They added that Boss, whose principals are Peter Maury, the Association of Bahamas Marinas

(ABM) chief, and Mike Grandonico, planned to depose China Construction America’s (CCA) senior Bahamas-based executive, Daniel Liu, arguing that The Pointe’s developer is “at the centre of this dispute” due to Margaritaville’s branding of its resort. Boss Investments, which is the Paradise Islandbased Margaritaville franchisee, is alleging that the brand’s tie-up with The Pointe violates its contract

as the exclusive licensee for The Bahamas, and Messrs Levine and Steinberg yesterday warned that CCA would have to “remove everything related” to the brand should their client’s court case succeed. “This could result in the new resort being stripped of any branding associated with Margaritaville and/ or Jimmy Buffett,” they added, a development that

SEE PAGE 5

Island Luck co-founder a ‘fugitive’, says judge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FEDERAL judge has branded one of Island Luck’s co-founders a “fugitive” from US justice in rejecting his bid to have neardecade old human smuggling charges thrown out. District judge Denise Cote, in a January 27, 2020, verdict said she would not consider Adrian Fox’s claim that his constitutional rights to “a speedy trial” were being violated by the US government because he has remained in The Bahamas and not submitted himself to the court’s jurisdiction. She added that Mr Fox, who teamed with Sebas Bastian to create The Bahamas’ largest web shop chain by market share with over $100m in annual revenues, was effectively “flouting the

• Fox loses bid to throw out smuggling charges • Atty: ‘We firmly believe case should be dismissed’ • Web shop owner determined to ‘put it behind him’

ADRIAN FOX judicial process” through having been aware of the charges against him since at least 2014 but deliberately remaining outside the reach of the US authorities. “The court declines to consider the merits of Fox’s motion,” Judge Cote ruled. “Under the fugitive disentitlement doctrine, judicial resources need not

be expended on the motion of a defendant who is unwilling to submit to the court’s jurisdiction. “As a threshold matter, Fox is a fugitive... Fox’s argument - that a defendant becomes a fugitive only upon actual flight from the judicial district in which he was indicted - is unavailing.” The judge added that the “fugitive” term can also be applied to persons who know they have been indicted but refuse to return to the US to face charges. Noting that the current situation favours the Island Luck co-founder, Judge Cote said: “First, unless Fox appears he cannot be held to account on the indictment.

Thus, while a decision in Fox’s favour would grant him relief, a decision that the indictment should not be dismissed would be unenforceable... “He has been aware of the indictment since at least 2014, when counsel appeared on his behalf, but he has chosen to remain beyond the reach of the warrant issued for his arrest. Third, entertaining Fox’s motion would encourage similar flights from justice, which interfere with the efficient operation of the courts. “Fourth, if the defendant continues to remain a fugitive, the [US] government

SEE PAGE 4

PAGE 2, Friday, January 31, 2020

THE TRIBUNE

THE SCIENCE OF GOOD LEADERSHIP

IAN FERGUSON BY

EADERSHIP behaviours, and skills that contribute to superior performance, are known as the leadership competencies. Companies can help identify and develop next generation leaders by adopting a competency-based approach. Managers, aspiring managers, and top-level leaders are all concerned with developing the competencies they

need to become more effective leaders. We last week shared the first half of 20 leadership competencies required for 2020. Here are the remaining qualities of powerful leaders: 1. Social Intelligence (SI). This is not only one of the best predictors of effective leadership, but it is also poorly understood and under-researched. Social intelligence is quite broad but can best be seen in terms of understanding social situations and dynamics, and the ability to operate effectively in a variety of social situations. Our research suggests that social intelligence, which we define as a combination of social performance, sensitivity to social situations and role-playing skills, is critically important for effective leadership. 2. Interpersonal Skills. Interpersonal skills can be seen as a subset of social intelligence, but involve the

more relationship-oriented aspects of social effectiveness. We often talk about the “soft skills” of the leader, and these are best represented by interpersonal skills. 3. Emotional Skills/Intelligence (EI). A complement to social intelligence, emotional intelligence is our ability to communicate at the emotional level, understand emotions and emotional situations, and be in tune with our own emotions. These are especially related to leadership “charisma”. 4. Prudence. Prudence is one of Aristotle’s cardinal virtues. A synonym is “wisdom”, but it comes from being able to see others’ perspectives and by being open to - and considering - others’ points of view. We develop this wisdom by listening to others, and working to be more open and broader minded. Learn to ask for others’ opinions and

consider them as you choose a course of action. 5. Courage. A second cardinal virtue is “Fortitude”, or courage. This is having the courage to take calculated risks, and the courage to both stand up for what you believe and do the right thing. 6. Conflict Management. This is a “higher order” interpersonal skill that involves helping colleagues to avoid or resolve interpersonal conflicts. Leaders are often called upon to adjudicate when members are in conflict, but it also involves having the ability to either avoid or resolve your own conflict situations. 7. Decision Making. One of the core competencies for leaders is the ability to make good decisions or lead a good decision-making process. There are better and worse ways to make decisions, and a good leader understands when to make

BAHAMIAN REALTOR HAILS 75TH BIRTHDAY A WELLKNOWN Bahamian real estate firm is celebrating its 75th anniversary thanks to its founder spotting the island’s second home potential just after the Second World War ended. Nick Damianos, a descendant of Greek immigrants who arrived in Nassau in the late 1800s to set up a sponge exporting business, saw that the opening of Oakes Field, the Bahamas’ first airport, would open the country to tourism and increased visitors. Already established with straw, lobster and car businesses, his decision to expand into real estate led to the creation of what is now Damianos Sotheby’s International Realty.

“The post–World War II economy was creating a boom around the world, and even back then The Bahamas was on track to become a popular destination due to our proximity to the US and our status as a safe and financially-stable Commonwealth Country,” said George Damianos, the company’s current chief executive. Nick Damianos started the company with a small office at the top of Frederick Street in downtown Nassau, working alongside his long-time employee, Al Deleveaux. “My father was a people person. Wherever he went around Nassau, he knew everyone, and everyone knew him. He never met a stranger,” said George

GEORGE DAMIANOS AND LANA RADEMAKER Damianos. “So he didn’t need a huge staff to get the business rolling. He said that honesty and integrity were the key to his success, and he impressed that upon me when I entered the business myself in 1972.” By that time, Nick Damianos had moved the company’s office to Shirley Street, directly across from Princess Margaret Hospital (PMH). Its downtown office remains located there today. In 1985, George’s sister, Virginia, joined the family business and the two remained dedicated to following Nick’s business

philosophy of relying on relationship building to provide the best possible service to clients. “I’ve known some of my clients for over 40 years, and whether they are current clients or not, we’re in touch on a regular basis socially and professionally. They are a part of the fabric of our company,” said George Damianos. In 1995, Nick passed away and left the business to George and Virginia. Virginia’s daughter, Lana, joined her mother and uncle as an estate agent as did George’s son, Nick. The firm began to expand across New Providence and into the Family Islands, opening a total of nine offices throughout The Bahamas within 15 years.

a decision, when to consult subordinates or peers and bring them into the decisionmaking process, and when it is time to step back and let others decide. 8. Political Skills. Every group or organisation is, at its core, full of politicking. People will try to bend rules, gain allies, push their personal agenda etc in order to try to get ahead. An effective leader is a good political player who knows how the game is played, but can also manage political behaviour so that it does not lead to group or coporate dysfunction. 9. Influence Skills. At its core, leadership is about influencing others. A great leader is a master of social influence, and able to wield power effectively and fairly. Calling on your interpersonal (soft) skills can make you much more influential in a leadership role.

10. Area Expertise/Competence. Many people might list this first, but in today’s world, knowledge of all aspects of the job is not as important as it used to be. In high-tech industries, or creative firms, team members may have more relevant knowledge and expertise than leaders. Still, it is important that leaders develop their expertise in the particular situation, company or industry in which they lead. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

“My mother’s passion was this business and our team,” Lana Rademaker, Damianos Sotheby’s chief brokerage officer, added. “She was a stickler for professionalism and ethics. She always made decisions that were in the best interest of our clients, working tirelessly until her passing in 2014. Not a sales meeting goes by when someone doesn’t quote something Mum would say. Her spirit continues to inspire this team.” Damianos Realty purchased a Sotheby’s International Realty franchise in 2005 to take its current name, Damianos Sotheby’s International Realty. “Purchasing the Sotheby’s International Realty franchise was not a decision we took lightly,” said George Damianos. “At that point our business had been independently run and successful for 60 years. “So, ultimately, we together with our family came to the conclusion that being associated with a brand as distinctive as Sotheby’s International Realty and gaining access

to their wealth of contacts, partnerships and technology platforms would allow us to serve our clients that much better now and in the future.” Fifty-two names now feature among the company’s staff - a far cry from the mere two that occupied the Frederick Street office in 1945. “We consider our staff members to be a part of our family, and the true story behind our success,” Ms Rademaker said. “We are a tight-knit group. This is something my mother, Virginia Damianos, cultivated during her years as George’s business partner, and it’s a principle I strive to maintain in her stead. We sincerely care for one another, and I think people sense that when we’re out and about in the community. “We are fortunate to have been a part of this community for the past 75 years, and we’re proud of our family’s history and what we’ve accomplished together. We look forward to continuing to evolve over the next 75 years, and to adapting with the needs of our clients and colleagues.”

CHAMBER EXECUTIVES VISIT LABOUR MINISTER EXECUTIVES from the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) met with Senator Dion Foulkes, minister of labour, and his officials during a Wednesday courtesy call. Mr Foulkes is

pictured (centre) with, from left: Ricardo Deveaux, acting deputy permanent secretary, Ministry of Labour; Patrenda RussellBrice, deputy director, Department of Labour; John Pinder, acting director

of labour; Reginald Saunders, acting permanent secretary, Department of Labour; Khrystle Rutherford-Ferguson, Chamber chair; Peter Goudie, Chamber executive; and Nadine Frazier, Chamber executive. Photo: Ministry of Labour

THE TRIBUNE

Friday, January 31, 2020, PAGE 3

Opposition slams $120m non-Dorian spending hike By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE opposition’s shadow finance minister has slammed the government’s decision to increase non-Dorian spending by $120m, branding it a “farce designed to mislead the Bahamian people”. Chester Cooper, also the Progressive Liberal Party’s (PLP) deputy leader, said in a statement that the Minnis administration’s supplementary appropriations announcement in Parliament was used “to push through spending the government neglected to put in its substantive 2019-2020 fiscal budget”. Questioning why an additional $120m in “totally unrelated” Dorian spending was being “heaped upon the taxpayer

at this time”, Mr Cooper said he was “alarmed that this government is engaged in record borrowing” with a “good chunk of it having nothing to do with” the storm. “We see that we are being asked to rubber stamp $76m in spending that has absolutely nothing to do with Hurricane Dorian,” he added, referring to the recurrent or fixed-cost borrowing element. “This proves the last budget exercise was a farce designed to mislead the Bahamian people on this administration’s lip-service effort at fiscal responsibility and transparency. “Of the $590m being borrowed, we see that $27m has been spent on a generator for the Blue Hills plant. This is in addition to the $95m in borrowed money BPL spent on Station A, and the $70m in

borrowed money BPL plans to spend on Station D at Clifton before selling these assets to a foreign company in a less-thantransparent process.” Mr Cooper also criticised the government’s “botched” lump sum payment to civil servants in December, and said: “The government also spent $23m on a lump sum payment to some public service workers in a botched and widely-criticised exercise last month.” “There has also been the sinking of another $16m of hard-earned taxpayer dollars into the failed Grand Lucayan hotel, a seemingly bottomless pit, which the government was warned not to buy. We now learn of another $37m in spending for upgrades to the Princess Margaret Hospital. It beggars belief that the government somehow

Energy ‘band aids’ won’t combat climate change CHESTER COOPER learned of the need for these upgrades since the last budget was passed.” Mr Cooper also questioned the government’s intent to spend an extra $7m on the Public Parks and Beaches Authority when his party was “not aware of any exigent need for upgrades on our beaches to this extent”. He also called for a breakdown of the $8.6m in extra spending being funneled to the Prime Minister’s Office, and added: “If it is to be used for the ill-advised Disaster Recovery Authority and the new bureaucracy in the Ministry of Disaster Recovery, the taxpayer should receive full disclosure.”

CONSUMERS URGED: TAKE CHARGE OF ENERGY REFORM By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RENEWABLE energy advocates are urging Bahamian consumers to “take charge” of their consumption and become more “independent” if they are to lower costs and be more environmentally-friendly. Philip Feller, general manager of SuperGreen Solutions, speaking at a Democratic National Alliance (DNA) organised meeting on ‘energy reform’, said: “You have to take charge of your own energy reform by becoming energy independent. We use a lot of energy every single day, whether it’s in our home or whether it’s in our business. “Energy is a resource that is invisible, and many times we don’t know how much we use until we get the bill at the end of the month and we think that the meter has got to be wrong. This may be true in some cases, but many times we just don’t realise where we use energy and how much we use.” Mr Feller added: “Let’s say you are in the process of getting a mortgage, or planning a renovation or doing an addition in your house. Don’t go for the maximum square footage of home that you can

build or renovation that you can complete, or putting in the fanciest, finest European finish. “Think about energy efficiency. Talk to your contractor, architect, engineer and ask the tough questions. What do you want your electricity bill to be when you’ve done your project? If you already have a high electricity bill and you want to look what can I do to reduce my electricity bill, here are some examples.” Mr Feller explained: “Install attic installation. Install solar attic fans. Get rid of that heat that’s trapped in your attic. That kind of heat means that you are going to be more uncomfortable. It means you are going to have an AC running more often, which means you power bills are going to be higher. “Integrate shade covers over windows. Align your house and windows with the wind-sill that we have in the Bahamas. A big south facing window is beautiful, but unless it’s covered that’s going to be a lot of extra heart in your house. “LED lighting. That’s a simple thing. LEDs are ten times more efficient than your regular light bulb. Replace them all. Hot water. Why do we keep a body of water hot

NOTICE

NF FUND SAC LIMITED (In Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 28th, day of January, 2020. The Liquidator is Dillon R. Dean of Nassau Bahamas.

Dillon R. Dean (Liquidator)

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for 24 hours a day if we only use it for ten minutes? Go to a tank-less, go to a solar hot water heating. Much more efficient.” Mr Feller also advised consumers to “look for energy star appliances. That’s going to be your best buck right there. The money you spend on efficiency right now will translate to more money in your pocket instead of on your electricity bill”. Turning to solar power, he warned: “One thing about solar is reduce before you produce. Don’t go producing solar power if you have an inefficient house. Get your house or your business efficient and then talk about solar and talk about batteries. “Solar is an excellent clean energy source for us in The Bahamas because it is very predictable. We know exactly how many hours of sun we’ll get in January down to December. We can size a system based on your electricity bill, based on the installation angle, to tell you exactly what your electricity bill will be like with a solar system installed. “So if you want a solar system for your home, we have to ask a couple of questions: Are you going to be home during the day time? If no one is at home during the

day time then it makes no sense to install a solar system because the power will just go back to BPL. “Can I shift some of the loads in my home to run in the day time? Think of things like a pool pump. If you have a pool that runs, and it should only run in the day time, can you programme an air-conditioner to make your house nice and cool so when you come home after work it’s already cool from solar power. Laundry, do it in the day time. Cleaning, do it in the day time.” “The other thing is do you need batteries. Do you want back-up power when BPL goes off? Of course we want back up power,” said Mr Feller. “If you want to reduce your bill by more than 50 percent you have to add batteries so you can store your power and use it for yourself at night. “As a business it’s a little different. Many businesses operate in the day time. So you can, without using any batteries, grid-tie a solar system and eliminate 75 to 100 percent of your bill, because when everyone goes home at night a 5pm or 6pm, you shut the lights off and shut the AC off and there is hardly any energy use. For businesses it’s a great opportunity to go solar.”

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamas needs a “long-term plan” to fix its energy woes, a Chamber of Commerce executive is arguing, adding: “Band aids only cover the wound.” Debbie Deal, head of the Chamber’s energy and environment division, told a Democratic National Alliance (DNA) organised meeting on “energy reform” that “short-term fixes” will not address the country’s long-standing reliability and high-cost problems. She argued that cheaper fossil fuel energy, as promoted by Bahamas Power & Light (BPL) as a result of its new 132 megawatts (MW) in new generation capacity, is a temporary economic fix that will not aid the fight against climate change - particularly rising sea levels and temperatures. “We need long-term plans and not short-term fixes. Band aids only cover the wound, they don’t heal it,” said Ms Deal, suggesting that the “private sector can be the driver for this” long-term fix. “We need to create a climate for alternative energy to grow,” she added. “I think that as long as we are reliant as a country on fossil fuels, the promotion of being self-sufficient in our own energy and off-thegrid will be a harder sell to government. “Globally, carbon emissions and methane are the biggest contributors to greenhouse gases. Climate change, through longterm record keeping, has shown direct correlation between climate change due to global warming. As we witnessed first-hand this past year, climate change is alive and living in The Bahamas. We experienced the most powerful hurricane ever recorded in the

Atlantic Ocean. “We cannot let this happen again. We must do everything in our power to sustain ourselves prior to the next storm. As we are one of the countries that will be the first to disappear under water, we must set an example and move away from fossil fuels to alternative energy. We can’t be upset when other countries refuse to stop burning coal and Bunker C for energy if we don’t stop ourselves.” Ms Deal added: “Here in The Bahamas, the inconsistency of energy supply and the cost of energy is a heavy burden on our country for economic growth. The cost of energy is not just the per kilowatthour fee, but the additional costs for businesses to provide back-up generation to fill the gap and provide for themselves a consistent supply of energy to operate. “Think about hotels, restaurants, gas stations, airports, malls, hospitals etc. The additional cost of purchasing their own generators, maintaining and fueling them. UPS systems to back up their IT systems must be considered in their cost of doing business, and increases in the price of their services or goods trickles down to us, the consumer.” Promoting that solar power’s economic and environmental benefits compared to fossil fuels, Ms Deal added: “Think about this. Generators are only allowed to be used when the energy company cannot provide power. They are noise pollutants and use fossil fuels. Solar, on the other hand, can be used any time, makes no noise and uses no fossil fuels. “This past summer showed just how difficult and expensive that is for us and for guests coming to our country. Hotels add an energy cost to guests’ bills.”

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PAGE 4, Friday, January 31, 2020

THE TRIBUNE

Island Luck co-founder a ‘fugitive’, says judge FROM PAGE ONE

Bahamas featured at Lauderdale art show THE Bahamas was prominently featured at the four-day Art Fort Lauderdale fair, where one luxury home featured Junkanoo pieces and other cultural selections including music. The home designated “Bahamas Haus” was co-sponsored by the Ministry of Tourism and Argus Advisors, a legal, financial and corporate services provider based in Freeport. “Our participation in Art Fort Lauderdale has been an event we have been working towards since last year when we were presented with the

opportunity. But now to be a part of it, proudly showcasing the variety of creative expressions from our artists in The Bahamas, I have to say I was truly thrilled,” said Betty BethelMoss, director of marketing for the Bahamas Tourist Office in Florida. “It took a lot of planning. However, much thanks to curator Jennifer Nayak Feldman, a resident of Florida and The Bahamas; Andre Feldman, Argus Advisors; Andrew Martineau and Evan Snow, co-founders of Art Fort Lauderdale, and The Bahamas marketing

team members who joined me in the efforts - district marketing manager, Tina Lee-Anderson, and senior marketing representative, Phylia Shivers. They all saw it as a labour of love and an opportunity to get the message out that we are open for business.” Bahamas Haus was used to highlight The Bahamas’ recovery efforts following Hurricane Dorian. Ten percent of the proceeds from the event were donated to the Grand Bahama Children’s Home to aid its rebuilding and provide educational supplies and resources.

will be prejudiced by further delay in its ability to prosecute this case. In the exercise of its discretion, the court finds that Fox is a fugitive who is disentitled from consideration of his motion to dismiss.” Alex Spiro, Mr Fox’s US attorney, yesterday told Tribune Business in an e-mailed statement that the charges against the Island Luck cofounder “can and should be dismissed”. He added that the southern New York federal court’s determination was based on a technicality, and said his client was focused on his business and philanthropic activities. “We firmly believe the indictment can and should be dismissed,” Mr Spiro said. “The ruling was based on a technical issue; that Mr Fox is not present in the United States. He remains committed to his business and philanthropic efforts, and looks forward to this issue being behind him.” Judge Cote did leave the door open to Mr Fox renewing his dismissal bid - but only if he submits to the New York court’s jurisdiction. The Island Luck co-founder had argued that the charges should be dismissed because the US government’s near ten-year failure to launch extradition proceedings against him had breached his “right to a speedy trial” It remains unclear whether the US government will now launch extradition proceedings against Mr Fox in The Bahamas. The federal authorities have to-date declined to exercise this

LEGAL NOTICE

NOTICE

Keen Portfolio Limited

MONET PORTFOLIO INC.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Keen Portfolio Limited is in dissolution as of January 16, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MONET PORTFOLIO INC. is in dissolution as of January 28, 2020

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

option even though the charges against Mr Fox are two months’ shy of being ten years-old. He was charged in a sealed April 4, 2010, indictment that was subsequently revealed three months later after his alleged co-conspirator, fellow Bahamian citizen, Mario Bowe, was arrested by US law enforcement. Bowe, the son of the late Sir Lynden Pindling’s confidant, Felix “Mailman” Bowe, ultimately pled guilty in September 2010 and was sentenced to 33 months in prison in early 2011. While he is understood to have been released from prison and returned to The Bahamas, Mr Fox has remained outside the US judicial system’s reach ever since. The pair were accused of masterminding a three-year human smuggling operation that involved bringing Chinese and other migrants into the US, arranging “transportation and safe houses” for them in The Bahamas while they waited to travel to New York Via Miami. Legal papers previously obtained by Tribune Business disclosed US government accusations that Mr Fox only sought to dismiss the allegations against him after efforts to negotiate a “deferred prosecution agreement” with the southern district of New York attorney’s office stalled. The documents also revealed that legal representatives acting for the Island Luck co-founder had been talking to the authorities in a bid to settle the case since at least 2014. A deferred prosecution deal, which would

essentially be a contract between Mr Fox and the US government, would typically result in the case being closed in return for the former complying with certain conditions. Such conditions often involve making charitable contributions, community service and paying restitution if victims are involved. However, Mr Fox’s attorneys challenged their client’s labelling as “a fugitive” on the basis that he had never “set foot” in New York or the US when committing the alleged offences. “The government has done nothing to bring Fox to justice other than reject every one of his efforts to negotiate a voluntary selfsurrender,” they blasted. “The government had a constitutional duty to extradite Fox yet took no steps to do so for over nine years. It has offered no excuse for this apparently flagrant violation of Fox’s constitutional rights.” Mr Fox was Mr Bastian’s 50/50 partner in Island Luck’s rapid expansion prior to the industry’s legalisation, regulation and taxation by the former Christie administration. He has remained in the public spotlight through the charitable activities of his Fox Foundation, which for last Christmas financed an extensive neighbourhood clean-up in the Kemp Road area/Freetown constituency. The foundation traditionally holds an annual Christmas block party and gift/food giveaway for residents in the same area, but switched its giving to a beautification project in 2019.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

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NOTICE

ROSEBUD CORP.

RAMP INVESTMENT MANAGEMENT INC.

In Voluntary Liquidation

SANID BUSINESS TRADING CORP.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ROSEBUD CORP. is in dissolution as of January 28, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RAMP INVESTMENT MANAGEMENT INC. is in dissolution as of January 24, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SANID BUSINESS TRADING CORP.is in dissolution as of January 28th, 2020.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

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Jzyaz Investment Inc.

LEGACY INVESTMENT HOLDINGS LTD.

UCP INVESTMENTS LIMITED

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Jzyaz Investment Inc. is in dissolution as of January 24, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LEGACY INVESTMENT HOLDINGS LTD. is in dissolution as of January 22, 2020

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, UCP INVESTMENTS LIMITED is in dissolution as of January 22, 2020

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

In Voluntary Liquidation

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

In Voluntary Liquidation

LEGAL NOTICE

In Voluntary Liquidation

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

In Voluntary Liquidation

THE TRIBUNE

Friday, January 31, 2020, PAGE 5

Battle over The Pointe’s Margaritaville heats up FROM PAGE ONE

could significantly disrupt both CCA’s plans and The Pointe’s opening should it occur. Leslie Pindling, spokesman for The Pointe and its Newworld One Bay Street holding vehicle, declined to comment when contacted by Tribune Business yesterday as neither is named as a defendant in the lawsuit and nor is CCA. There is no suggestion they have done anything wrong in relation to the dispute. He referred this newspaper to Larry Magor, a Margaritaville representative. When Tribune Business

rang the number for Mr Magor that was provided by Mr Pindling, a different name was given on the voice mail and the message was not returned before press time. Pledging to continue the attack on Margaritaville’s defenses to their client’s claim, Messrs Levine and Steinberg said they planned to interview the brand’s key executive and employee witnesses over the next two months. “Boss also intends to commence taking the deposition of Daniel Liu, senior vice-president of China Construction America,” they added. “China Construction and its affiliate are at the center of this dispute due to their contract with Margaritaville to open the Margaritaville at the Pointe in violation of the exclusive license that Margaritaville already granted to Boss for the same intellectual property throughout

The Bahamas.” The two attorneys alleged that Margaritaville had used Boss Investments to establish a “foothold” in The Bahamas for the lifestyle brand created by Jimmy Buffett only to then turn around and give the same rights to downtown Nassau’s The Pointe development. “We are very confident in Boss’s position that Margaritaville clearly and intentionally violated the license that grants Boss the exclusive rights to the Margaritaville-branded property, and the exclusive rights to use Jimmy Buffett’s name, image, likeness, song titles and other Buffett-related intellectual property for the entire Bahamas, in connection with the development, décor, name, promotion and operation of one or more combined restaurants, bars, live-entertainment and retail establishments,”

Position Available A newly formed Accounting & Audit firm is seeking the following person: Senior Accounting & Audit Manager with • College graduate, with CPA designation • Minimum of 10 years’ experience in the financial services industry • Responsible for Clients with very complex investments • Experience with Fund Accounting (NAVs) • Experience with Auditing financial services entities • Experience in reviewing NAV and Audit Files • Supervised Managers and Accountants • Possess superior Problem Solving skills • Possess excellent “People” skills • Possess Foreign Language skills - optional (Portuguese/ Spanish) Please submit resumes via email to: infohrcfsg@gmail.com

Messrs Levine and Steinberg alleged. “It is also Boss’s position that Margaritaville used Boss to bring the brand to The Bahamas, and once Boss established the brand and gave it a foothold in The Bahamas for the first time, Margaritaville unlawfully leveraged Boss’ successful efforts to provide China Construction or its affiliate with the same intellectual property rights that Margaritaville had already licensed exclusively to Boss. “Margaritaville thwarted Boss’s attempt to open a second location in a prime location near the port, which turns out to be steps away from the soon to be opened Margaritaville at the Pointe. The Pointe project will also divert Boss’ customer base away from Boss’ existing Margaritaville facility,” the duo continued.

“This has caused, and will continue to cause, Boss to incur substantial damages. It is our position that Boss is also entitled to receive royalties that will be paid to Margaritaville for the Pointe project. Boss also anticipates being awarded additional damages.” Asked about the consequences if their client’s claim was to succeed, Messrs Levine and Steinberg added: “Boss’ damages include lost revenue and royalties from the Margaritaville at the Pointe project. “In addition to damages, we believe Boss is entitled to injunctive relief to cause China Construction and/ or its affiliate to remove everything related to Margaritaville, Jimmy Buffett and the related intellectual property. This could result in the new resort being stripped of any branding associated

with Margaritaville and/or Jimmy Buffett.” Boss Investments was forced to re-file its action with the Florida state court in late 2018 after the southern district federal court said it had no jurisdiction to hear the matter. It is alleging that Margaritaville’s tie-up with CCA’s downtown Nassau resort development, adjacent to the British Colonial Hilton, violates its own exclusive right to use the brand’s trademarks and intellectual property within Bahamian territory. Boss Investments and its principals, in their original lawsuit, said their expansion plans have been “completely shattered” as a result, with staff morale undermined because “they “now believe their jobs are in jeopardy” due to the competitive threat posed by The Pointe’s Margaritaville brand.

PAGE 6, Friday, January 31, 2020

THE TRIBUNE

$130m VAT increase allays fears over hike FROM PAGE ONE income for the 2019-2020 first half increased by almost $92m or 9.1 percent compared to the same period in the prior fiscal year even though Hurricane Dorian’s devastation on Abaco and Grand Bahama took around 20 percent of the economy off-line for almost four of those six months. Revenues received a boost from the government’s taxation settlement with the web shops even though the tax on patron winnings has yet to take effect. “Receipts from gaming taxes nearly doubled to $19.4m (53.5 percent of the budget) vis-à- vis the comparable period of fiscal year 2018-2019,” the “fiscal snapshot” said. “This reflected the implementation of the revised tax regime agreed to by the government and gaming operators of 15 percent on revenues up to $24m, and 17.5 percent on revenues greater than $24m. The regime also featured a five percent tax on winnings up to $1,000, and 7.5 percent on all winnings of over $1,000 - although this is not yet in effect.” Some $515m in VAT revenues accounted for 52 percent of the government’s first half income, with collections aided by the fact that the hotel and construction industries were paying the full 12 percent rate. Both sectors were granted a six-month transition period at the old 7.5 percent rate during the 2018-2019 fiscal year, meaning the total effect of the increase was not felt in the prior year comparative period. Revealing that the government had been anticipating a “banner” fiscal year in 20192020 after cutting the deficit by more than 60 percent since taking office, Mr Johnson said the first half revenue performance indicated “the broader momentum in the economy is still holding notwithstanding Dorian”. “What I feel comfortable saying is that it’s allayed the concerns expressed at the time [of the rate increase] that it may dampen economic consumption,” Mr Johnson told Tribune Business of VAT’s performance. “There were quite a number of commentators pointing to that possibility. “What we’ve seen is the

INTENT TO CHANGE NAME BY DEED POLL

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,215.36 | CHG: -16.39 | %CHG: -0.73 | YTD: -16.24 | YTD%: -0.73 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 11.01 3.24 5.06 10.57 7.90 16.99 9.40 3.80 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.45 2.53 1.76 8.00 6.30 12.38 6.80 3.01 13.50

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.80 11.61 6.00 4.40 6.49 3.52 4.60 11.14 7.60 15.05 9.33 3.80 15.20

CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.80 11.61 6.00 4.40 6.49 3.49 4.60 11.02 7.60 15.05 9.33 3.44 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.12 0.00 0.00 0.00 -0.36 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 2,936

2,805

10,625

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.0 18.7 N/M 18.1 N/M N/M -8.7 16.1 13.4 23.9 46.4 34.2 9.9 17.1 10.4 18.4 9.9 16.9 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.73% 0.00% 12.44% 1.30% 2.98% 3.16% 3.59% 2.14% 3.49% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Dec-2019 31-Dec-2019 27-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019

MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.29 4.37 2.09 195.13 166.73 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

$385.3m to $515.3m, accounting for 46.8 percent of the full-year’s projected revenue. While the switch from stamp duty to VAT as the principal real estate transaction tax may have accounted for up to $86m of the $130m increase, this revenue source still enjoyed at least a $44m year-over-year rise. And, either way, VAT was a major part of the total $91.8m rise in government income year-over-year. “Revenue receipts for the first half of fiscal year 2019-2020 stood at $1.104bn or 42 percent of the budgeted amount, representing a gain of $91.8m (9.1 percent) over the previous fiscal year,” the government’s “fiscal snapshot” said. “Tax receipts - at 42.5 percent of the budget - advanced by $95.3m (10.6 percent) to $995.2m, while non-tax revenue decreased by $5m (4.5 percent) to $106.8m for 37.4 percent of the budget.” Breaking the government’s revenue performance down, the report added: “Taxes on goods and services - comprising 72.8 percent of total tax receipts - improved by $72.2m (11.1 percent) to $724.6m and represented 42.4 percent of the budget. “VAT receipts strengthened by $130m, or 33.7 percent, to $515.3m to register at 46.8 percent of the annual target. This performance reflected the full application of the 12 percent VAT rate on hotel bookings and construction sector activities compared with the year earlier concessions at the old VAT rate. “Reflecting a combination of the transition from a Stamp tax to a VAT regime and timing-related developments in financial transactions, collections from stamp tax on financial and realty transactions fell by $86.3m (80.2 percent), representing only 21 percent of the budget.” The government’s “fiscal snapshot” added that Excise taxes increased by $14.7m, or 12.5 percent, year-over-year to hit $132.5m or 46.8 percent of the budget. And taxes on international trade, despite the Dorian-related breaks and relief granted under the government’s various “exigency orders”, beat prior year comparatives by $25.3m or 12.3 percent to hit $231.8m.

PUBLIC NOTICE

MARKET REPORT THURSDAY, 30 JANUARY 2020

overall economy was healthy enough to absorb the VAT increase without a deterioration in consumption. That’s the lesson so far: That the momentum of the economy was sufficient to sustain the VAT increase. “The economy is still in expansion. Tourism arrivals are still high, foreign direct investment is continuing. Those fears about a deterioration in economic growth have not materialised so that’s one of the takeaways so far.” Mr Johnson added that the first full year of 12 percent VAT, with no transition periods for the likes of the hotel and construction industries, had been a “significant element” in the increased collections during the 2019-2020 first half. “Particularly in the month of July, which was the first full assessment, we saw a substantial uptick; a significant jump in there year-over-year in the first month of the year,” he confirmed. “That really is attributable to the first full year of implementation.” Acknowledging what might have been, the acting financial secretary told Tribune Business: “From 2017 to now we’ve seen a more than 60 percent decline in the deficit, and we were optimistic that this year was going to be a real banner year, but we have Dorian to deal with. “It’s [the revenue yields] signalling to us that the broader momentum in the economy is holding notwithstanding Dorian. But, as the tax concessions continue and reconstruction accelerates, we will see a widening of the deficit.” Mr Johnson said increased deficits would “hopefully be short-term”, and he suggested that the start of the next fiscal year will see a resumption of the “trend” back towards the government’s consolidation plan. “We’ve got to roll with the punches,” he added. “We’ve revised the plan, but still with a long-term view to fiscal consolidation. That benefits from the Fiscal Responsibility legislation, as we have to explain how we will move to fiscal consolidation and keep focused on moving in that direction.” Total VAT revenues for the first-half jumped from

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

The Public is hereby advised that I, CHRISTINE RAHMING of New Providence, Bahamas, Parents of ALECIA RAHMING intend to change my child’s name from ALECIA RAHMING to ALECIA ELLIS . If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice. LEGAL NOTICE

NOTICE

Surely Corporate Limited N O T I C E IS HEREBY GIVEN as follows:a)

Surely Corporate Limited is in voluntary dissolution un der the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said company commenced on the 29 January, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is OCTAGON MAN AGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 31 day of January, A. D. 2020 _________________________________ OCTAGON MANAGEMENT LIMITED

Liquidator

LEGAL NOTICE

NOTICE Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that ALBERTVILLE COMPANY LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 21st day of January, 2020.

ENERVO ADMINISTRATION LIMITED LIQUIDATOR MONTAGUE STERLING CENTRE, EAST BAY STREET, NASSAU, THE BAHAMAS TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Friday, January 31, 2020, PAGE 7

Renewable fear over BPL bond FROM PAGE ONE Atlantis and Baha Mar are now in talks to bring in LNG in order to run their borders and stuff.” “So you don’t have to be a mathematician to see that a lot of the money that is supposed to go to pay this rate reduction bond (RRB) is now going to be missing. So at this juncture you have to think to yourself: Why would I pay? “The average light bill is at least $600 in the summer. They say it’s $180 but that’s foolishness. The average light bill is $600 in the summer. Why would I continue to pay $600 and I can go to the bank and I can get $20,000 to $30,000 and totally solarise my house and come off of BPL’s grid anyway? And that is what’s going to start happening.” The legislation supporting BPL’s planned $580m bond refinancing suggested that renewable energy users would still have to pay monthly fees to service this debt like all other consumers, which would go some way to addressing Mr Maynard’s concerns. The union leader, meanwhile, called on the government to sell a 45 to 48 percent equity stake in BPL to Bahamian institutional and retail investors, warning it against following the same structure as the Bahamas Telecommunications Company (BTC) privatisation. He added: “The government must believe in Bahamians. We went down this road years ago with BTC. Once we go down this road and Shell takes over, and they take over generation and now we’re buying generation from them, and now we have this $580m rate reduction bond that we have to meet every month, I believe that we’re going to be in big trouble.”

Dr Donovan Moxey, BPL’s chairman, told the recent Bahamas Business Outlook that Bahamians will be given an opportunity to own an asyet-undetermined piece of the new Shell majority controlled power plant via an initial public offering (IPO). He added that institutional investors will also be allowed to buy into the liquefied natural gas (LNG) terminal that will supply fuel to the plant. Meanwhile, Judson Wilmott, an engineer and environmental consultant, told the meeting that the availability of generation plant at Clifton Pier had ranged from 40 percent to 65 percent over the past ten years compared to an industry standard of 90-95 percent. He added: “We need fuel flexible equipment. The equipment that we have in this country today in the Clifton Pier area, they can burn Bunker C and they can burn diesel, number 2 diesel oil, which is 25 percent to 30 percent more expensive than number 6 diesel oil, which is Bunker C. “Let me tell you something else about Bunker C. If you get 100 gallons of Bunker C and you bring it in to generate electricity, out of every 100 gallons of Bunker C you have to throw away eight to 15 percent because it’s not usable to produce electricity. “Then you have to heat it up and add an auxiliary piece of equipment that adds to the cost. So when you add up all of the numbers, it looks cheap, but when you have all of these added costs to this it’s not as cheap as we say it is. Then you have the number 2 diesel oil, which is very expensive. It’s a killer. That’s what we get in the case of Clifton Pier.”

NOTICE NOTICE is hereby given that RODNEY SAINFLEUR of Pine Dale , Freeport, Grand Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that GERTRUDE ALCEST GERARDof Pinewood, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JEAN SIMON ALCE of Pinewood, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DIANNA JOSEPH of Fort Lauderdale, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

$187m loss-makers match fiscal deficit FROM PAGE ONE “Subsidies to public nonfinancial corporations were boosted to $186.7m from $151.6m in the comparable period of fiscal year 20182019,” the “fiscal snapshot” revealed. “Of this total, $120.1m was directed to the Public Hospital Authority (PHA) - an increase of $9.6m over the same period of the last fiscal year, to assist with renovations at the critical care block of the Princess Margaret Hospital (PMH). Subsidies to the national airline carrier and the Water and Sewerage Corporation stood at $11.8m and $24.5m, respectively.”

Total subsidies were up by $29m or 17.2 percent yearover-year at $197.8m, with the Government’s total expenditure climbing to $1.292bn or 46.7 percent of the fullyear budgeted amount due to the cost of relief and recovery efforts associated with Hurricane Dorian. Salaries and benefits paid to public servants jumped by $27.5m or 7.8 percent yearover-year to $380.2m largely due to the $22.8m lump sum payment made pre-Christmas 2019. “Wages and salaries firmed by $26.5m to $339m, buoyed by the $22.8m lump sum payment awarded to eligible public service employees in December 2019,” the report added. “Higher payments of housing, hardship and other allowances to public staff in

the hurricane affected islands boosted allowances by $3.8m (15.5 percent) to $28.6m. In the first six months of fiscal year 2019-2020, the government settled more than half ($53.7m) of the budgeted $100.9m in arrears payments, which are spread across several expenditure categories. “Since fiscal year 20182019, the government has extinguished approximately $238.3m in arrears. Public debt interest payments increased by $5.9m (3.7 percent) to $165.4m. Of this total, $94.9m (57.3 percent) was in respect of Bahamian dollar debt, while the remaining $70.6m (42.7 percent) was for foreign currency obligations.” The “fiscal snapshot” also revealed that the government provided a further $5m in “capital support” to Lucayan

Renewal Holdings, the holding vehicle for the Grand Lucayan resort, as sale talks dragged on. And the two loans made to Bahamas Power & Light (BPL), totalling $30m, which had been due for repayment by year-end 2019 were extended to March 2020 due to the delay in placing the state-owned utility’s $580m bond refinancing. “Over the review period, the government contributed an additional $13.9m to the sinking funds established to retire future debt obligations,” the report said. “As at December 31, 2019, the three arrangements earmarked for scheduled retirement of external bonds held a cumulative value of US$169.3m, while funds set aside for the two local arrangements stood at $11.8m.”

PAGE 8, Friday, January 31, 2020

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

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Commerce secretary: China virus could bring jobs back to US WASHINGTON Associated Press COMMERCE Secretary Wilbur Ross suggested yesterday that the viral outbreak in China might offer an unexpected benefit for the US economy: It could encourage American manufacturers in China to return to the United States. “I think it will help to accelerate the return of jobs to North America. Some to US, probably some to Mexico as well,’’ Ross told Fox Business Network. The new virus, from the coronavirus family, has paralysed business in China. The industrial hub of Wuhan and other Chinese cities are on lockdown. China has reported more than 7,700 cases and 170 deaths. The crisis has also begun to ripple through US companies with operations in China. Apple CEO Tim Cook has said that the company’s suppliers in China have been forced to delay reopening factories that closed for the Lunar New Year holiday. More than half of Starbucks’ stores in China are now closed. McDonald’s has closed several hundred restaurants in China. Ross emphasised that he didn’t “want to talk about a victory lap over a very unfortunate, very malignant disease’’. He added, though, that “the fact is, it does give businesses yet another thing to consider when they go through their review of their supply chain.’’ Even before the viral outbreak, many US and other foreign companies had been rethinking their presence in China and considering their options for relocating elsewhere, possibly elsewhere in Asia. That is partly because President Donald Trump has imposed tariffs on $360bn in Chinese imports in a war over Beijing’s economic policies and partly because Chinese labour and other costs have been rising.

COMMERCE Secretary Wilbur Ross listening to President Donald Trump speak during a Cabinet meeting in the Cabinet Room of the White House in Washington last year. Ross suggested yesterday that a viral outbreak in China could offer an upside to the US economy by encouraging manufacturers to move back to America. Photo: Pablo Martinez Monsivais/AP But skeptics doubt that and other Asian countries many American companies such as Vietnam. with deep roots in China “Companies that are leavmight abandon the country ing China are not coming to purely over the virus. For the US,’’ said Coates, who is one thing, no one knows how also executive director of the long the viral outbreak will Reshoring Institute, a nonlast or how much damage it profit that researches issues may inflict. And it takes sig- surrounding corporate decinificant time for companies sions on whether to return to to choose suppliers or loca- the United States. “They’re tions for their factories. going to other Asian counRosemary Coates, whose tries .... If low cost is the only Blue Silk Consulting firm goal, then the US is not the helps companies make such answer.’’ decisions, said it was “ridicAfter Ross’ comments ulous’’ to think the viral drew criticism, the Comoutbreak would result in a merce Department issued significant return of business a statement: “As Secretary to the United States. Ross made clear, the first “You can’t snap your fin- step is to bring the virus gers,’’ she said. “It can take under control and help the 18 months or two years to victims of this disease,” it find another supplier. It isn’t said. “It is also important to easy. It’s complicated.’’ consider the ramifications of Wuhan, a centre of China’s doing business with a counsteel industry, has attracted try that has a long history of General Motors and many covering up real risks to its other foreign manufacturing own people and the rest of giants. the world.’’ “You can’t just say GenAsked about Ross’ comeral Motors is going to pick ments, Larry Kudlow, up and move away,’’ Coates Trump’s top economic said. “They have a manu- adviser, declined to endorse facturing plant there and the notion that the US econexpertise there. Their supply omy stands to benefit from chain runs through there.’’ China’s health crisis. In fact, US direct invest“This is not about trade, ment in China, which jobs or any of that,’’ Kudlow includes factories, continued told reporters. He added: to rise even after the SARS “The president has a lot of outbreak disrupted the Chi- compassion for the Chinese nese economy in 2003. And situation. The threat of large labour costs will continue numbers of people dying is a to remain far higher in the terrible thing. We just want United States than in China to help.’’