business@tribunemedia.net
MONDAY, FEBRUARY 21, 2022
$5.37
$5.37
Bahamas provider in $77m fraud recovery By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial institution and its clients are awaiting a $77m recovery after falling victim to an alleged fraud involving an investment fund whose “chairman” is a Freeport accountant. Mosaic Financial and its investors are awaiting a significant payout that depends on courts in the US and the Cayman Islands approving an agreement between US financial regulators and the Income Collecting 1-3 Months T-Bills Mutual Fund’s liquidators, one of whom is Bahamas-based EY (Ernst & Young) accountant and partner, Igal Wizman. The $111.591m in total financial penalties sought by the Securities & Exchange Commission (SEC) will “be deemed satisfied” if the fund’s liquidators return $76.945m to Caves Village-based Mosaic Financial, and its clients, “no later than 20 days” after a final judgment is entered by
• Mosaic Financial waiting on SEC deal • Accused fund’s chair is local accountant • Claims his actions ‘contributed’ to scam the southern New York federal court or by some other agreed deadline. Should such “a timely distribution” not occur by this deadline, then the full financial penalty - $106.53m in disgorgement, and $5.061m in prejudgment interest - will be enforced by the SEC. Tribune Business understands that Mosaic Financial’s regulator, the Securities Commission of The Bahamas, was last week
formally informed of the situation and its present status. Mosaic Financial, which used to be known as Old Fort Financial, and its clients are alleged to have fallen victim to a fraud perpetrated by the Income Collecting 1-3 Months T-Bills Mutual Fund’s after becoming its largest investor. Their recovery, though,
SEE PAGE SIX
Ex-Bacardi plant in ship repair potential By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A MULTI-MILLION dollar New Providence boat/yacht repair facility is just one of the investments that can be unlocked by a property “that doesn’t exist anywhere else in The Bahamas”. Mario Carey, principal of Better Homes and Gardens Real Estate MCR Group, which currently has the former Bacardi plant in south-west New Providence listed for sale at $37m, argued that features such as its 1,300 feet of waterfront and industrial zoning provide the platform for the
MARIO CAREY capital to develop multiple new industries. Suggesting that the total 62-acre site could be split between buyers, and that $10m could be sufficient to
SEE PAGE 10
PI investor ‘pressing on’ with $3m raising By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian entrepreneur locked in a legal battle with the Government over his Crown Land lease on Paradise Island is “pressing on regardless” with efforts to raise $3m to fund his ambition. Toby Smith, the Paradise Island Lighthouse and Beach Club head, told Tribune Business that reaction to-date has been “favourable” with the institutions and high-net worth individuals he has approached viewing the proposed lighthouse restoration and
beach club as “an attractive proposition”. Acknowledging that no investor was likely to fully commit until his Crown Land lease is assured, and the court battle with the Government has ended, he nevertheless pledged to forge ahead in a bid to find what will likely be “a single investor” whose financing can bring his vision for Colonial Beach to life. Optimistic that the change in government to the Davis administration will help bring resolution to a long-running battle that also involves Royal Caribbean’s Royal Beach club
SEE PAGE EIGHT
$5.09
KIMSLEY FERGUSON
$5.16
FRED MITCHELL
Minister ‘disavows’ $7m warning to civil servants By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister was yesterday said to have “disavowed” a Ministry of Finance statement that warned that last week’s sickout by finance officers could cost their fellow civil servants some $7m. Kimsley Ferguson, the Bahamas Public Services Union’s (BPSU) president, told Tribune Business that Fred Mitchell, the senior
minister responsible for the public service, had sought to distance himself and the Government from a statement that threatens to damage labour relations with its civil servants. Speaking after the Ministry of Finance warned of potential consequences from last week’s “coordinated sick-out” by an estimated 100 finance and accounting officers, which it asserted has cost the
SEE PAGE SEVEN
PAGE 2, Monday, February 21, 2022
THE TRIBUNE
ANTI-FINANCIAL CRIME REGIME STRENGTHENS BAHAMAS’ HAND M ORE than $30bn in sanctions have been levied against financial institutions by regulators across the US, Europe, Asia and Latin America since 2008 for violations of anti-money laundering, Know Your Customer (KYC) and other laws and regulation. In the Caribbean, as recently as February 18, 2022, the Cayman Islands Monetary Authority imposed discretionary administrative fines totalling $314,496 on Lions Brokers for failing to comply with the legislative requirements of that island’s anti-money laundering rules. To succeed in today’s increasingly competitive and regulated environment, institutions must not only
focus on making profits but also ensure they can identify their business partners, clients and employees correctly, and make their anti-money laundering controls effective and robust. Some executive leaders, and risk and compliance practitioners, may argue that with an ever-changing regulatory environment that features laws, regulations, guidance notes and advisories, just to name a few, institutions that are encountering ever-greater compliance costs are sometimes handicapped when faced with completing urgent priorities. Moreover, other executives and practitioners within the financial services space may posit that ambiguity - and the apparent inconsistency in
By
Derek
Smith regulatory regimes within both a single jurisdiction and across multiple jurisdictions - adds several layers of complexity, especially as
it relates to multinational groups. Against this backdrop, I will address over this two-part series why The Bahamas has an effective anti-money laundering/counter-terror financing framework that not only positions our country to attract new and worthy clients, but also establishes the country as a pacesetter when compared to more developed nations such as the US. Clarity surrounding an effective anti-money laundering/counter-terror financing/anti-proliferation financing programme The Bahamas 20192020 anti-money laundering/counter-terror financing report noted that The Bahamas had developed a three-year (2017-2020) National Identified Risk Framework Strategy (NIRFS). This provided an effective system for the prevention, detection and deterrence of money laundering; terrorist financing; the financing of proliferation of weapons of mass destruction; and other identified risks”. The six strategic themes of the strategy provided clear objectives from which were born a plethora of enhancements for our anti-money laundering/counter-terror financing/anti-proliferation financing space. And, through the new Financial Transactions
Reporting Act (FTRA) 2018, applicable financial institutions received clear guidance on what was considered an effective anti-money laundering/ counter-terror financing/ anti-proliferation financing programme. To ensure consistency within our jurisdiction, the Securities Commission completed amendments to the Securities Industry (anti-money laundering/counter-terror financing) Rules 2015 and the Financial and Corporate Services Providers (anti-money laundering/ counter-terror financing/ anti-proliferation financing) Rules 2019 to incorporate various international developments and ensure compliance with the FTRA and the Proceeds of Crime Act 2018 (POCA). All other members of the group of financial services regulators (GFSR) worked collectively to enhance The Bahamas anti-money laundering/counter-terror financing/anti-proliferation financing space. I applaud all stakeholders for their efforts. The Bahamas’ approach is not always seen in other jurisdictions. For example, on February 14, 2022, the Wolfsberg Group, which is an association of 13 global banks founded in 2000, requested clarity from the US Financial Crimes Enforcement Network (FinCEN) on
what is considered an effective anti-money laundering/counter-terror financing programme. The group admonished the US government to make two significant regulatory changes, one of which was to “establish a definition for an effective anti-money laundering/counter-terror financing programme”. Conclusion In short, The Bahamas’ decision to remove a siloed approach to enhancements of our anti-money laundering/counter-terror financing space by the GFSR has positioned our country well for growth and will further assist with our position as a premier financial services jurisdiction that is adaptive, responsive and suitably regulated. Jr
NB: About Derek Smith
Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.
Farmers told to ‘stagger’ foods as cruise line chance beckons THE BAHAMAS Agriculture and Marine Science Institute’s (BAMSI) executive chairman says farmers are being urged to “stagger” their produce cycles
to meet rising demand for local foods. Senator Tyrel Young said mandated crop planning, the introduction of processing facilities throughout the Family Islands, and farmer training will help generate a significant upswing for Bahamian agriculture. His comments came during a recent meeting with Sysco Bahamas Food Services’ principal, Karen Casey, who indicated that the Gladstone Roadbased wholesaler is in talks with a major US cruise line to create a number of menu items featuring local produce.
“We are focusing the farmers, basically organising which island we want to grow what products, based on unique characteristics like soil content, water levels etc,” Mr Young said, “so we know exactly what’s coming out of Eleuthera, what’s coming out of Long Island. We know the timeframe, we know what stock is going to be available, when it’s going to be available. “As a training institute in agriculture, BAMSI’s going to be training the farmers. What we’ve found is we need to get them
SEE PAGE FOUR
BAMSI’s chairman and his team toured Sysco’s Gladstone Road storage facilities to see the technology used to store and maintain food. It was an opportunity to educate junior staff members on proper food handling and storage procedures.
TYREL YOUNG, the Bahamas Agriculture and Marine Science Institute (BAMSI) executive chairman, recently met with Sysco Bahamas Food Services principal, Karen Casey. She said the wholesaler was in talks with a major US cruise line to create a number of menu items featuring local produce.
THE TRIBUNE
Monday, February 21, 2022, PAGE 3
WHOLESALER: ‘NOTHING CAME OUT’ OF PM MEET By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A BAHAMIAN wholesaler says last week’s meeting with the Prime Minister yielded little in terms of concrete measures to combat surging inflation as the situation is outside The Bahamas’ control. Gregory Pickering, Island Wholesale’s sales and marketing manager, told
Tribune Business the meeting at the Prime Minister’s Office was enlightening but it was determined that there was “very little” that could be done about the increasing cost of consumer goods as The Bahamas imports virtually all it consumes. “These prices are brought into the country. We wanted to let Prime Minister Davis know that it is not us raising our margins or artificially inflating the prices,” Mr Pickering said.
“The question he asked us was: What can we do as wholesalers to try and mitigate some of the price increases off of the backs of Bahamians, and if there was anything the Government could do to intervene and help wholesalers? We told him that with the rising price of shipping, and freight prices increasing the way they are, it is what it is. “Most price increases are coming from the suppliers and the people that
manufacture because raw materials have gone up for them, and another thing along with the price increases is supply and demand because a lot of products are now in short supply. When there are product shortages prices increase” All wholesalers are doing at this point is passing on prices charged by their suppliers. “Our margins have not gone up,” Mr Pickering added. “This is just one of
the things we have to ride out as a country because there is very little wholesalers can do about the price increases at this point. “Just for an example, our freight for one container, we used to pay $5,000, but now we are paying $11,000 for the same container. That is more than double the price in the space of a year. Unfortunately we cannot eat those prices or else we would go out of business.”
NO COVID SLOWDOWN FOR DODGY FINANCIAL DEALINGS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COVID-19 did not slow down questionable activities within the Bahamian financial services industry, it has been revealed, with suspicious transaction reports increasing by 26 percent in 2020. The Financial Intelligence Unit’s (FIU) annual report for that pandemicravaged year, tabled in the House of Assembly last week, disclosed that 663 suspicious transaction reports (STRs) were submitted to it during those 12 months as opposed to just 525 in 2019. The FIU, which analyses these reports to determine if
they merit further investigation by law enforcement or regulatory authorities, credited the increase - which has seen annual STR volumes more than double in five years compared to the 306 submitted in 2016 - “to the increased effort by all partners” to combat money laundering, fraud and other financial crimes. With 86 percent of 2020’s STR volumes submitted by banks, the FIU acknowledged: “There was also a substantial increase in submissions from one particular financial institution in reporting cases related to a trend peculiar to them, and that no doubt affected the numbers.” “The figures show that the COVID-19 pandemic
did not have a noticeable impact on the number of STRs that were filed by the banks.” However, the number of STRs filed by Bahamian casinos saw a “significant decline” of almost two-thirds, dropping from 48 in 2019 to just 18 in 2020, because the facilities at the likes of Atlantis and Baha Mar were shut by COVID for much of 2020. As with previous years, the most likely factor to trigger an STR report from a financial institution to the FIU were transactions inconsistent with the account’s usage as stated by customers during the Know Your Customer (KYC) due diligence process that saw them accepted as clients.
KANOO ‘CONFIRMATION’ ONE DAY BEFORE VISA’S LAUNCH By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN digital payments provider says it received “written confirmation” from the Ministry of Tourism to open an account for the Health Travel Visa just one day before tourism’s re-opening. Kanoo, in a statement, says it received authorisation from the ministry to open the “digital merchant services account” on October 31, 2020, which was only 24 hours before The Bahamas again fully opened its borders to visitors on November 1, 2020. “Kanoo was selected, authorised and instructed in writing by the Ministry of Tourism to process payments for The Bahamas Health Travel Visa programme,” the provider said, which included handling all debit and credit card fee payments as well as those made in Sand Dollars, the
KEITH DAVIES Central Bank-backed digital currency. “Kanoo established the merchant account consistent with our regulatory requirements for account opening standards. The monthly subscription cost of the merchant account with Kanoo is $69, which was our standard published rate for a platinum subscriber on the Kanoo platform.”
Keith Davies, Kanoo’s chief executive, explained that the digital merchant services account it opened for the Ministry of Tourism was not the equivalent of a commercial bank account. Instead, Kanoo is mandated by law and the Central Bank of The Bahamas to have a custodial non-interest-bearing bank account with a licensed Bahamian commercial bank for the purposes of settlement. Kanoo’s settlement account is with Bank of The Bahamas, and “all merchants” settle their financial transactions from that facility. Reiterating that only clients such as the Ministry of Tourism, not Kanoo, have control over the funds in their accounts, Mr Davies said: “The Ministry of Tourism established an account with us in accordance with our laws and regulations. As far as this matter is concerned, we followed the
SEE PAGE EIGHT
This accounted for 254 of the 663 total STR reports. “In 38 percent of the transactions, the financial institution reported that the activity was not in keeping with the information supplied by the subject in their Know Your Customer (KYC) documentation,” the FIU’s 2020 annual report added. “The other major reason was that the transaction involved cash, which was again inconsistent with what was expected with the account. There were 141 (21 percent) of these transactions.” Some 63 percent, or 389 of the 615 subjects of STR reports, were Bahamian. Suspected fraud accounted for 325, or almost half, of all
STR reports while tax matters, drugs and corruption all featured prominently among the reasons that sparked their submission to the FIU. Of the 663 STRs received in 2020, just 46 were deemed to have been “closed” by year-end. Of the 102 and 72 requests received from other Bahamian regulators and foreign FIUs, respectively, in 2020, some 47 and 18 were also brought to a close in 2020. However, the FIU also resolved a total of 297 outstanding matters from previous years in 2020. These included 227 STRs, some 41 requests from other Bahamian financial services regulators, and 29 submissions by overseas
Mr Pickering suggested the situation might be eased if the Government would “slash 40 percent off of Customs duties”, but the Public Treasury needs every cent of revenue it can get and can ill-afford to cut taxes. “Nothing came out of that meeting because there is nothing that can be done from our perspective. We just have to wait until this subsides,” he added. FIUs. Together with the 111 cases from 2020 that were resolved in the same year, the Bahamian FIU said it had brought more than 100 to a successful conclusion. “Despite the reduced working hours for the first half of 2020, the FIU was able to close a total of 408 matters inclusive of matters submitted in 2020 and those submitted in previous years,” the FIU annual report said. “Focused efforts were placed on reducing the number of backlogged matters (matters received in 2018 and before), which was one of the areas that the Caribbean Financial Action Task Force (CFATF) highlighted in the 2017 Mutual Evaluation Review” of The Bahamas and helped to place this nation on the parent FATF’s enhanced monitoring list.
PAGE 4, Monday, February 21, 2022
ALIV UNVEILS MOBILE SHOPPING PLATFORM ALIV has unveiled its online shopping platform that allows Bahamians to purchase any mobile device and have it delivered to their homes “within a few hours”. “This is one of a few e-commerce platforms in The Bahamas, and the first of its kind in the Bahamian
telecommunications industry, so we anticipate that the convenience and accessibility of online shopping will benefit our customers,” said Aliv’s senior director of commercial, Amber Carey. “This comes at a critical time with COVID, so we’re happy to offer another safe
shopping experience for our customers.” The e-commerce platform is designed to diversify Aliv’s customer retail experience, which already includes concierge, physical retail locations and community-based mobile vans. Many of the mobile operator’s employees are working
AGRICULTURE’S REVIVAL GAINING MOMENTUM
from home, while those who are in-person are following regulations through vaccination, consistent testing and other COVIDrelated protocols. “I’m extremely proud of the way that our Aliv team actively listens to customer and industry needs to provide superior and effective
customers with truly unique retail experiences.” Customers can shop online through Aliv’s website (bealiv.com) or directly on the e-commerce website (shop.bealiv.com). All existing ALIV customers will receive 5 percent off all online purchases.
FARMERS TOLD TO ‘STAGGER’ FOODS AS CRUISE LINE CHANCE BECKONS FROM PAGE TWO
PHILIP SMITH, executive chairman of the newly-formed Agricultural Development Organisation (ADO), joined farmers and interested parties at Hatchet Bay, Eleuthera, when Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, visited the former dairy farming capital of The Bahamas to announce the re-opening of its long-shuttered packing house. Launched with a $1.1m donation from Bahamas-based FTX, the world’s second largest cryptocurrency exchange, ADO is supporting the Government’s efforts to bolster food security by aiding farmers with technology.It plans to work with the Bahamas Agriculture and Marine Science Institute (BAMSI), Bahamas Technical and Vocational Institute (BTVI) and other agencies involved in beefing up the agricultural sector.
solutions that diversify the local industry,” said Aliv chief executive, John Gomez. “With the launch of our highly-anticipated e-commerce website, we’re continuing to chart our own course in the Bahamian industry while providing
THE TRIBUNE
modernised so we can have crops staggered, so we can make sure we have foods grown all year-round. “What we don’t want is an influx of produce, but we’re having the same issue now with sweet potatoes because we have a heavy influx of sweet potatoes. The market can’t sustain all of them. So we need them [farmers] to understand that staggering is very important in sustainability and in moving forward. You can’t grow everything one time and then you flatline for the rest of the year.” Ms Casey, who agreed with Mr Young perspective, said the cruise industry wants to purchase Bahamian produce and has agreed to create a number of menu items. She added that Sysco is currently determining what items will be used, but a big concern for the cruise line is whether the consistent volume of produce it requires will be in place over the long-term. During previous discussions with Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, she urged him to collaborate with the farming community to create a crop planning/rotation system that will maximise the economic impact felt by farmers. “We don’t want anybody to grow something and then they can’t sell it because everybody grew the same thing,” Ms Carey added.
The goal, she said, was to make farming as profitable as it can be for those in the sector which, in turn, will attract more people in to the industry. The Sysco Bahamas principal said it was her belief that, if the Government can work with the farmers to put in place a crop schedule, then opportunities such as those with the cruise industry can move forward successfully. Mr Young, meanwhile, disclosed the Government’s intent to create processing facilities across the Family Islands. “For islands that have more than one packing house, we are looking at doing processing facilities at one,” he added. “We’ll have the machines under one roof, and we’ll have the rotation and schedule where farmers and processors come and process their raw products and get it to whatever point they need it to be. “It will bring a lot of substance to manufacturing because the problem is resources and funds. We know a lot of our people, they don’t have it. They have the knowledge on how to do, but they don’t have the means to do it,” the BAMSI executive chairman continued. “So, if we could provide these [facilities] around the islands, we’d have a whole assortment of products that are grown and manufactured locally. The problem is getting the facilities available to these folks.
Mr Young headed a team of BAMSI officials as they toured Sysco’s Gladstone Road storage facilities to see the technology employed to store and maintain the foods supplied by the wholesaler. Besides educating junior staff members on proper food handling and storage procedures, the tour came as the Institute scouts for a new location for both its corporate office and distribution centre. Sysco Bahamas Food Services’ team leader, Eddie Williams, led the tour, explaining how a single ammonia-based air conditioning system is used to cover a wide variety of foods such as fruits and vegetables, meats and frozen goods. All these require different temperatures to retain optimal value. He explained that while items such as strawberries, mushrooms, watermelons and zucchini should ideally be kept at 40 degrees, frozen items and meat must be stored at zero to negative 10 degrees to be safe for consumption. Mr Williams added that items such as peanuts and nuts must be stored away from other foods to avoid contamination by allergens. He advised on preparing produce for export, and the importance of handling items correctly once they are boxed together so that no items are damaged. He also gave tips on shipping items correctly.
THE TRIBUNE
A dangerous stand-off
Monday, February 21, 2022, PAGE 5
By Ricardo Evangelista
T
he last couple of years certainly have not been boring, at least in the sense implied by this old Chinese proverb: May you live through interesting times. COVID killed millions, disrupted long established orders, and left behind a legacy of economic problems whose scale we are only starting to appreciate. Debt levels have gone through the roof, while inflation, after a decades-long hibernation, is once again rearing its ugly head. As the acute phase of the pandemic fizzles out, a new economic paradigm is starting to take hold, with central banks around the world moving to tighten monetary policies in efforts to control spiking inflation. If that was not enough, another crisis is brewing in Eastern Europe, threatening to disrupt the geopolitical balance of that continent and even further afar, for that matter, throwing a massive spanner into the works of the global economic recovery. Russia’s menacing accumulation of troops and military equipment on the border with Ukraine looks ominous, with Western powers warning that Moscow is about to unleash an attack that may ultimately lead to complete control over Ukraine. Such a scenario, at the time of writing, is yet to be confirmed, as the Russian president continues to hold his cards guardedly without revealing his true end game, maintaining doubts over whether he is bluffing or not. Moscow demands guarantees that NATO will not further expand eastwards, leaving Ukraine ultimately unable to escape Russia’s sphere of influence. According to some analysts, this is what the conflict boils down to: Vladimir Putin sees the full embracing of
western-like democracy by Ukraine as an existential threat to his regime and wishes to avoid it at all costs. Whether or not such an assessment is fair and correct, only the Russian president can say. One thing is certain: Europe is experiencing the most serious military buildup since at least the end of the Cold War, and, should the stand-off evolve into full-blown armed conflict, the consequences will be serious. Repercussions are difficult to quantify but will surely include an array of undesirable economic outcomes for all side. As soon as the first Russian soldier crosses the border, the European Union (EU), the US and others will impose an economic blockade on Russian exports, as such a move is one of the few nonmilitary retaliatory tools available to the West. However, Russia is among the top three global exporters of oil, natural gas, wheat, iron and several other commodities and, if the imposition of such sanctions would be very damaging for the economy of the Eurasian giant, it would also, in a strictly economic sense, be an act of self-harm for the West. The ongoing commodities super-cycle would intensify,
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394
with record price levels recently reached likely to climb even higher. Energy costs would almost surely spike, compounding the rise in the cost of living faced by families and denting the confidence of businesses to invest. Potentially, we may be heading towards a new recession. The stakes are high. So far, diplomatic efforts have proven fruitless, with both sides unwilling to step back. The next days and weeks will determine if, as we finally see light at the end of the COVID tunnel, another crisis awaits. Let’s hope not.
MOTHERLAND MONUMENT IN KIEV, UKRAINE
PAGE 6, Monday, February 21, 2022
BAHAMAS PROVIDER IN $77M FRAUD RECOVERY FROM PAGE ONE if the full $77m is realised could be significant. Court filings by the SEC allege that the Bahamian financial services provider and its investors, between March 2019 and February 2021, pumped a total $191m into the Income Collecting fund which was supposed to be invested primarily in US Treasury debt securities and other relatively safe, liquid investments. However, the Income Collecting fund’s two principals, Israeli citizen, Ofer Abarbanel, and American, Victor Chilelli, have been accused by the SEC of misappropriating the monies invested by Mosaic Financial and its clients through instead diverting them via “unauthorised”, unsecured transactions into “nominee shell companies” that the duo controlled. Some $106m invested by Mosaic Financial and its clients was still retained by the Income Collecting Fund when it was placed into voluntary liquidation in June 2021, the other $85m having
already been redeemed. By that time, Abarbanel and Chilelli had been repeatedly stalling for more than a month on the Bahamian financial provider’s request for the return of the remaining $106m. Mosaic Financial’s Nassau managing director, Robert Jensen, and Shameka Fernander, its chief executive, were both said to be travelling on business in Asia and unable for comment when Tribune Business tried to contact them on the matter. Mr Wizman and his fellow EY liquidator, Keiran Hutchison, also did not respond to this newspaper’s questions before press time. However, a further Bahamian connection is provided by the Income Collecting fund’s chairman. Multiple court documents name him as Boisy Roberts, a Freeport-based accountant and partner at Independent Solutions Bahamas, which the fund’s offering prospectus describes as a firm that “specialises in financial reporting and improved business performance”.
Mr Roberts, who signed the resolution placing the Income Collecting Fund into then-voluntary liquidation in June 2021, has not been charged by either the SEC or the US federal authorities who have brought criminal proceedings against Aberbanel. However, the SEC has alleged that Mr Roberts’ actions enabled Aberbanel to perpetrate the fraud. “During all relevant times, the Fund’s director and chairman of the Board, Boisy Roberts, who oversaw the appointment of the joint voluntary liquidators, also signed numerous documents on behalf of the fund that the SEC alleges caused or contributed to the ability of the fund to engage in its fraudulent course of operations,” the US capital markets regulator claimed. These documents included “a Board resolution signed by Mr Roberts giving Mr Abarbanel authority to ‘represent the Fund in all matters’”, and “a lending agreement between the fund” and one
of Aberbanel’s shell companies that was signed by Mr Roberts. When contacted by Tribune Business, Mr Roberts, a former income audit supervisor at the Grand Lucayan resort, initially denied his role with the fund, asserting: “I wasn’t the chairman.” However, this is contradicted by multiple documents filed with the southern New York federal court and obtained by Tribune Business. Besides the Income Collecting fund’s offering prospectus, which describes him as “director, CIO (chief investment officer), general manager and chairman”, of the fund, the June 22, 2021, resolution agreeing to windup the fund is signed by Mr Roberts in his capacity as “director and chairman of the Board of Directors of the company”. When this contradiction was pointed out to Mr Roberts, he told this newspaper he would have to call back and ended the conversation. Mr Roberts did call back, but asked Tribune Business to produce a judgment
THE TRIBUNE that does not exist because the case against the Income Collecting fund has not yet reached that stage. He declined to comment further, even though he said “of course, of course” when it was pointed out that the situation may not reflect well upon him without a further explanation of his actions. “I’m going to take your phone number now so that when I’m able to make a comment I can give you a call,” Mr Roberts said before ending the conversation. The SEC, in its court filings, described Mr Roberts and the other Income Collecting fund directors as “nominees” who merely did Aberbanel’s bidding. “Abarbanel arranged for nominee personnel in The Bahamas and British Virgin Islands (BVI) to serve as directors of the Income Collecting Fund, leaving Abarbanel free to control the activities of the Income Collecting fund without meaningful hindrance or oversight,” it claimed. “Abarbanel controlled all aspects of the Income Collecting fund. A March 2020 letter signed by the fund’s director and chairman (Mr Roberts) describes a motion by the Income Collecting fund’s Board ‘authorising Ofer Abarbanel to represent the fund in all matters, and that Interactive Brokers LLC is allowed to disclos[e] all fund information to Mr Ofer Abarbanel’.” The SEC alleged that Aberbanel and the fund “immediately transferred at least $104m worth of the investment made” by Mosaic Financial and its clients into the nominee shell entities he controlled - transactions that were not permitted by the Bahamian financial services provider, and which were not secured by any form of collateral. Once he became aware in February 2021 of the SEC’s probe into himself and the Income Collecting Fund, Aberbanel allegedly forced all investors to redeem their funds with the exception
of Mosaic Financial and its clients. The SEC documents, which refer to them as ‘Investor Group A’, allege: “On or around May 21, 2021, ‘Investor Group A’ independently learned of the SEC’s investigation and requested a full redemption of its shares in the Income Collecting fund pursuant to the prospectus’ redemption terms. “At the time ‘Investor Group A’ requested a full redemption, its total investment in the Income Collecting Fund was approximately $106m.” However, this was not honoured, and Mosaic Financial and its clients were repeatedly stonewalled in efforts to recover their funds by Aberbanel insisting on anti-money laundering “protocols”. At one point, the Israeli even offered to set up a new investment vehicle domiciled in The Bahamas “under which ‘Investor Group A’ could redeem its shares in the Income Collecting fund and immediately reinvest its funds with Abarbanel in a different investment vehicle, rather than obtaining a full return of its investment in cash”. The SEC documents went to great lengths not to mention Mosaic Financial by name, even extending to the point of redacting the e-mail addresses for Ms Fernander, the Nassau-based chief executive, and fellow executive, Cira Davis, in correspondence where they were demanding that the Income Collecting fund return monies the SEC said were “unlawfully withheld”. However, Mosaic Financial’s identity and involvement is confirmed by court documents filed in the Cayman Islands, which describe it as the Income Collecting fund’s “only shareholder” that is “registered with the Securities Commission of The Bahamas”. The Securities Commission said it was aware of the Income Collecting fund court case but did not comment further.
February Point Resort Estates in picturesque Great Exuma is seeking applications for the following positions: -Experienced Landscaping Manager -Irrigation Technician Qualified persons are asked to send their resumes to the following email address:
teneeshia@februarypoint.com
THE TRIBUNE
Monday, February 21, 2022, PAGE 7
MINISTER ‘DISAVOWS’ $7M WARNING TO CIVIL SERVANTS FROM PAGE ONE
Government some $7.5m in lost revenues and efficiency, the BPSU chief said he viewed the statement as both “a threat” and an effort to divide the civil service. Confirming that he spoke to Mr Mitchell on the matter over the weekend, Mr Ferguson told this newspaper: “He called me yesterday [Saturday] and indicated that he spoke to the Prime Minister and disavowed any knowledge of the release, and the release had nothing to with the Government. That’s what I was told by the minister of the public service.” Mr Mitchell could not be contacted for comment before press time last night, despite calls being made and messages left, but Tribune Business was told by wellplaced sources speaking on condition of anonymity that both himself, the Ministry of Public Service and others in the Davis administration had been “taken aback” by the Ministry of Finance’s tone and content. It is understood that the Government is trying to avoid comment on the matter for fear of further inflaming the situation after the sharp, spiky statement effectively sought to pit the finance and accounting officers against the rest of the civil service. “Finance and accounting officers throughout the public service withdrew their service between 14-18 February, 2022, through a co-ordinated sick out. The impact of this action on the delivery of services was severe,” the Ministry of Finance’s statement said. “No payments to vendors or employees were processed and, more importantly, the accounting and collection of revenue were impacted. The estimated financial impact of this coordinated sickout to the Government was $7.5m due to revenue lost or foregone and lost efficiency.” Then, in an ominous warning, the Ministry of Finance suggested that the actions of the few may negatively hurt the many. “The immediate impact of this co-ordinated sick-out would be that promised payment of increments for the fiscal year 2020-2021 to public officers could be delayed further,” it said. “The Prime Minister had indicated in the supplementary Budget that a decision on reinstating those increments would have been made around the mid-year budget, which would cost the Government an additional $7m. Given the losses experienced by the sick-out, this reinstatement in all likelihood would be deferred.” Mr Ferguson, responding yesterday, said: “In my view, it’s a threat to public servants. In my view, that’s
PHILIP DAVIS
KWASI THOMPSON
a tactic to try and turn public officers against their colleagues for whatever reason.” He also rejected the Ministry of Finance’s assertion that he had effectively disappeared when the finance and accounting officers staged their sick-out. “As this was not industrial action authorised by the Bahamas Public Service Union, the bargaining agent for this group of employees, the Government is not aware of any grievance,” the release added. “The president of the BPSU, Kimsley Ferguson, was also unavailable to meet with public officials for the entire week of the sick-out. However, Mr Ferguson had previously been in contact with Ministry of Finance officials concerning matters related to finance and accounting officers. “The Government is steadfast in its belief that no one group of employees should hold the entire public service hostage and treat all public officers fairly. It is unfortunate that this selfish act has impacted so many other public officers through the possible continuation of increment deferrals, and also vendors of the Government.” Tribune Business understands that Mr Ferguson and the BPSU had been speaking to Simon Wilson, the Ministry of Finance’s financial secretary, and a team of officials to try and address the accounting and finance officers’ concerns. The BPSU chief, though, said he had spoken to Prime Minister Philip Davis on Tuesday and Mr Mitchell at the House of Assembly in Wednesday. He added that the latter “did not have any questions relating to the sick-out”. Mr Ferguson added that he also spoke to Mr Davis “last week Friday”. He said: “When I asked about the increment payments, the Prime Minister indicated that the public service made a total mess of what he intended. While payment was made, his instructions” were not followed. The civil service union head said he was speaking about increments for “every public servant whose increments have been withheld”, and added that it was unclear whether those giving or executing the
payment instructions were to blame. Suggesting that wider civil service grievances have yet to be addressed, Mr Ferguson said he had provided Mr Mitchell, Pia GloverRolle, minister of state for the public service, and their team with papers detailing the concerns of the finance officers and others when they met in January. “These documents refer to the career paths, the salary scales and the different variances that the finance officers were concerned about,” Mr Ferguson said. “I placed them in Mr Mitchell’s hands personally. He’s quite aware of what the concerns actually are. “I will be seeking an update. We were advised they will get back to us. I’m disappointed at this particular juncture that, from the first time we met, nobody has called us back to apprise us of any issues presented to them. It was all the issues, not just the accounting officers’ issues. We’ve to-date never received a response. “I will pursue a written response some time this week so that we have something on the record indicating we did meet and have not received a response.” Meanwhile, the Ministry of Finance’s statement is threatening to also ignite a political firestorm by pointing the finger of blame at the Minnis administration for the situation concerning the accounting officers. It alleged that the matter had been “complicated” by unnamed “senior public officials” granting unauthorised promotions and pay increases in February 2021. “The matters pertaining to issues of promotions and allowances are longstanding matters, and their resolution has been complicated by a decision by senior public officials in the Ministry of Finance and the Treasury to give these same officers an unauthorised pay increase and promotions in February 2021,” the Ministry of Finance said. “Finance and accounting officers received an average salary increase of $5,000 during this exercise, although no approval was ever granted by the Public Service Commission. This lack of approval from the Public Service Commission means that these officers
can’t receive job letters reflecting their new salaries, and their retirement benefits would also not reflect their new salaries. “Work started in October 2021 to correct this situation. Still, some finance and accounting officers apparently believe that they should be exempt from the public service’s financial rules. Through this co-ordinated work stoppage they felt they could have coerced the Government to accept this unauthorised pay increase,” the statement continued. “The Government is committed to continuing the exercise to regularise this unauthorised pay increases received by these officers. The Government would also take steps to minimise future disruption in its services by the illegal withdrawal of labour from this class of employees.” However, Kwasi Thompson, minister of state for finance under the former Minnis administration, rejected the assertion
that the pay increases and promotions were “unauthorised”. He added that they were approved by both the Public Service Commission and the Ministry of Public Service and, subsequently, the Cabinet. “I am advised that the career path and salary scale for accounting and audit officers were approved by the Ministry of Public Service and the Public Service Commission. This was done prior to me [being appointed] in November 2020,” he told this newspaper. “I am not aware of the Ministry of Finance or Treasury making any increases not properly authorised. I am also advised that the Cabinet approved the accounting and audit officers’ salary scale and career path as well.” A source familiar with the situation, speaking on condition of anonymity, said public officials would never have made a move on pay increases and promotions
without a Cabinet conclusion to support it. And Ministry of Public Service and Public Service Commission approval was obtained, they assured, which is required before the matter can go to Cabinet. “The finance officers’ pay was so out of whack with the private sector that the Government had to do something to retain accountants and get new ones,” the source said. “The Government was on a mission to get new accountants into the public sector. “In implementation the Treasury may have inappropriately put certain people in certain salary scales. There were anomalies, but it’s not unusual. There were some issues, but they were isolated. I think they [the Ministry of Finance] are frustrated with the finance officers. I think it’s going to get real messy. You need to be dealing with this inhouse. You need to pull the troops together and get them of one accord.”
PAGE 8, Monday, February 21, 2022
PI INVESTOR ‘PRESSING ON’ WITH $3M RAISING FROM PAGE ONE
project, which wants two of the five acres he is seeking, Mr Smith confirmed: “I’ve been dealing with this administration, working with them, and have no doubt we’re on the right track. “One avenue that I’m continuing to pursue, while working with the Government, is to find the right investor, which will likely be a single investor. The response has been favourable in asking to participate in the project. I’m targeting quality, sophisticated institutions and individual investors. “It’s very professional what I am doing. It’s not begging for $10 here and there; it’s so we can narrow it down to a single investor
to convert their interest into participation in the project. The response has been favourable, and they wish the court matter to be behind us so we can push ahead,” he continued. “While investors agree it is an attractive proposition, they’d like to see the matter of the lease resolved sooner rather than later. I’m pressing on regardless, and am receiving good responses from people I have spoken to on it. I have a good network of potential investors who have given me positive feedback, and all sides are being reasonable and realistic.” Mr Smith spoke after Tribune Business was informed that he was moving ahead with efforts to raise $3m via a private placement. One contact
Kanoo ‘confirmation’ one day before Visa’s launch
THE TRIBUNE
even expressed surprise that he was seeking to raise financing given that he had previously said the necessary funding was in place. Royal Caribbean has steadily amassed around 13.5 acres on Paradise Island’s western end by buying out private landowners in the area, but it is also seeking to lease some ten acres of crown land in the Colonial Beach area to complete its Royal Beach Club development as part of a total $110m investment billed as creating $26m in annual local spend and 200 full-time jobs. This has brought it into potential conflict with Mr Smith, who is seeking himself to lease two crown land parcels at Paradise Island’s western end, one of which involves two acres around
the lighthouse and another three acres for the “beach break” element of his own $2m project. Two of the acres sought by Mr Smith are included in Royal Caribbean’s Crown Land lease. Mr Smith’s court action is alleging that he was granted a valid crown land lease over both parcels, including the lighthouse and the area at Colonial Beach for his “beach break” destination, which is now legally binding. The case is based on a January 7, 2020, letter from Richard Hardy, acting director of Lands and Surveys, that was headlined “approval for crown land lease” over the two tracts he wanted. The Government, or at least the former Minnis administration, is disputing this. However, the former
prime minister urged his investments chief to give a Bahamian entrepreneur “all the assistance necessary” to ensure his success only to snub him 12 months later for Royal Caribbean. Tribune Business has seen e-mails showing that Dr Hubert Minnis was extremely keen for the Paradise Island Lighthouse and Beach Club project to succeed when he contacted Candia Ferguson, thendirector of investments at the Bahamas Investment Authority (BIA), in early 2019. Responding to Mr Smith’s request for meetings with multiple government agencies, including the Department of Lands and Surveys and Antiquities, Monuments and Museums Corporation
(AMMC), in an effort to move his project forward, Dr Minnis wrote: “Candia, kindly ensure Toby receives all the assistance necessary... He must be assisted to ensure success.” That e-mail was sent on January 22, 2019, which is almost exactly one year prior to the then-Minnis administration’s decision to hold-off signing Mr Smith’s Crown Land lease for a total five acres - one two-acre parcel around the Paradise Island lighthouse, and another three acres further east - after Royal Caribbean expressed its interest in obtaining the latter parcel for its Royal Beach Club.
FROM PAGE THREE
General’s Office that the Ministry of Tourism did not have a contract with Kanoo was akin to “splitting hairs”, and may result from its internal inspection of the ministry’s own processes and procedures - something to which he cannot speak. “As far as the law, as far as our written contract, we have one pursuant to the merchant contractual agreement with them,” Mr Davies said. “Issue closed, matter over from our standpoint. We did everything right. We have to. We followed our rules and regulations.” Those laws are the Payments Act 2012 and
the Payment Instruments (Oversight) Regulations 2017. Kanoo has disputed the Auditor General’s findings that no contract between itself and the Ministry of Tourism was “officially executed” over the Health Travel Visa initiative. Nicholas Rees, its chairman, argued last week: “Our opinion is we did have a legal contract. The business was conducted legally. “There were contractual terms and an agreement that was made, and it was agreed. Our position was that we had a legally binding contract. There were
negotiated legal terms that the ministry wanted in place, and we had written instructions and notifications to proceed on that basis. “We also subsequently notified in writing by the Ministry of Tourism that they wanted an addendum to the contract. We were instructed in writing or notified in writing. It was agreed and we were instructed to proceed, and were advised on paper as to use of the account. KYC (Know Your Customer) due diligence was provided in accordance with the law.”
concerned, we followed the law and are providing the services.” He suggested that the assertion by the Auditor
THE TRIBUNE
Monday, February 21, 2022, PAGE 9
EXPLOSIVE DUMPING CASE: 3 OWE $140K TO $34.8M RESTITUTION By JANET MCCONNAUGHEY Associated Press NEW ORLEANS (AP) — Three of the men who pleaded guilty in connection with what a prosecutor called the nation's worst dumping of explosives still owe substantial restitution — one for nearly all of the $34.8 million he was ordered to pay, federal prosecutors say. Two others have paid all they were assessed. Explo Systems Inc. coowner David Alan Smith, director of support technology Charles Ferris Callihan, and program manager Kenneth Wayne Lampkin were among five company officials who pleaded guilty after an investigation of a huge explosion in 2012 at a rented bunker on Louisiana National Guard property. The blast shattered windows 4 miles (6.4 kilometers) away from Camp Minden and prompted evacuation of nearby Doyline. Officials said
IN this Feb. 11, 2016, file photo provided by the Louisiana National Guard, a controlled burn chamber arrives at Camp Minden in Minden, La. Three of the men who pleaded guilty in connection with what a prosecutor called the nation’s worst dumping of explosives still owe substantial restitution — one for nearly all of the $34.8 million he was ordered to pay, federal prosecutors say. The two others have paid all they were assessed. Photo:Noshoba Davis/AP
it consumed 21 tons (19 metric tons) of M6 artillery propellant and 62 tons (56 metric tons) of nitrocellulose igniter. Explo Systems had an $8.7 million Army contract to "demilitarize" more than 1.3 million artillery charges and safely store and get rid of the components. The company went under in 2013, leaving 7,800 tons (7,100 metric tons) of M6 artillery propellant and 160 tons (145 metric tons) of igniter, much of
it outdoors or otherwise stored unsafely. It all had to be moved safely to bunkers. Then, after years of debating how to get rid of the M6 and other materials, the National Guard hired Explosive Service International of Baton Rouge for $32 million to design a chamber to capture any pollution and to burn the materials. U.S. District Judge Elizabeth Foote ordered the five in 2018 to pay a total of $35.4 million, which
includes the cost of the contract. Smith, one of the company's two owners, was ordered to pay nearly $34.8 million. He has paid about $11,000, Vicki Chance, spokeswoman for the U.S. attorney's office in Shreveport, said in an email Tuesday. "His outstanding balance is $34,787,792.66," she wrote.
Foote signed garnishment papers on Monday for Callihan's pension account and for his community interest in his wife's 401(k) account, with the money to go toward his $197,000 remaining debt, online court records show. He also has paid nearly $11,000, with most of it coming from Social Security, Chance said
Program manager Kenneth Wayne Lampkin, of Haughton, has paid about $6,700 and still owes more than $142,000. Inventory control manager Lionel Wayne Koons, of Haughton, and Vice President of Operations William Terry Wright, of Bossier City have paid their restitution assessments, Chance said.
PAGE 10, Monday, February 21, 2022
EX-BACARDI PLANT IN SHIP REPAIR POTENTIAL FROM PAGE ONE acquire the 20 acres immediately adjacent to southern New Providence’s coast, he added that a $20m-$50m investment could be sufficient to kickstart a facility that would draw business from the thousands of vessels passing through Bahamian waters annually. Disclosing that he has been working informally with a naval engineer and architect to flesh out his vision, Mr Carey said the former Bacardi factory was strategically located in close proximity to communities with marina facilities such as Albany, Venice Bay and South Seas as well as the Royal Bahamas Defence Force base at Coral Harbour. Their presence, he added, indicates water depth would
be no impediment to a boat repair facility at the former Bacardi site. “People in the industry that own shipyards and luxury boats say they like the idea,” Mr Carey said. “Anybody in marine would love to have a facility like that. “For super yachts to be on that side of the island, they can come around from Andros and go straight to and from Exuma. I think the site is excellent, the land is excellent, and I think the country can capture an industry like this rather than have the boats come from Florida and go back to Florida for repair. “When these boats hit a reef or other structure, they have to go back to Florida. If they have a place here that caters to them, think of the jobs. Think
of the boat captains that would live here, the spin-off businesses they bring in an industry that spins off into so many different things,” he added. “We are a water-based nation. I’ve gotten a lot of very good calls from various people, some saying scale it down and grow into it. I’ve been working exclusively with a naval engineer and architect. He sees the vision. I’m getting a lot of support from individuals, which is a good sign. “Nobody says it’s a bad idea, that is not going to work, the location is not going to work. They’re saying it could work..... The only thing in Nassau is Brown’s Boat Basin. We have limited service capacity in Nassau.”
The Bahamas already has Freeport-based Bradford Marine in the yacht/ boat repair business, which would represent significant competition for any Nassau-based business. But Mr Carey said an investment ranging from $20m-$50m could be sufficient to launch a similar venture in Nassau, adding: “Someone called me and said you don’t have to spend that much to get going for that type of business.” Mr Carey said a similar property, which is zoned for industrial use and located on the waterfront, does not exist on New Providence. He added that some 300,000 square feet of warehouse space is also present at the site, together with capacity to store up to 1.2m gallons of fuel or other commodities, a fuel dock and water plant operations. “You have a highlyengineered site built by the Bacardi family,” the realtor said. “I don’t think there’s one single site in The Bahamas that has 300,000 square
feet of warehouse space. I don’t know if it exists anywhere else. It doesn’t exist anywhere else; not in The Bahamas.” Besides the presence of bottled water suppliers, Echo and Nautilus, the site already boasts a furniture and upholstery manufacturer and the Government’s Standards Bureau as a tenant. A company that made biodegradable plastics for the hotel sector closed during COVID, leaving truckloads of product behind. The Bacardi plant’s vendor is The Source River investor group, which was headed by the late exCabinet minister Tennyson Wells, who acquired the property from the global drinks manufacturer. “I’m very bullish on this site for multiple businesses - from manufacturing to a shipyard and disaster relief,” Mr Carey told Tribune Business. “Everything is here. It has it all. It’s all engineered due to Bacardi. It’s waiting to
THE TRIBUNE
come to life. It could either work together or separate into two buyers that co-exist with each other - 20 acres for the waterfront and 42 acres to develop.” Mr Carey even suggested that the site and surrounding area be declared a “special economic zone” by the Government with tax concessions designed to attract new industries, such as manufacturing and ship repair, to that location. “The beauty of all this is that the Government should make it a free economic zone to attract industries to thrive on that side of the island,” he argued. “What it would do for the whole area is that there would be so much commerce, selling fuel at comparable prices with Florida and bring in items that cater to the yachting business. We have to be creative to make it happen, and that could change the dynamics of that area for years to come.”
THE TRIBUNE
Monday, February 21, 2022, PAGE 11
USDA HEAD: US FARMERS TO HELP IF UKRAINE EXPORTS THREATENED By ISABEL DEBRE Associated Press
DUBAI, United Arab Emirates (AP) — American wheat farmers will boost production and prevent supply chain problems in the event that a possible Russian invasion of Ukraine chokes off agricultural exports from the global grains powerhouse, the U.S. secretary of agriculture said on Saturday. During a trade mission to the United Arab Emirates, U.S. Secretary of Agriculture Tom Vilsack told The Associated Press that a conflict in Ukraine would present an "opportunity, obviously, for us to step in
and help our partners, help them through a difficult time and situation." "We'll obviously continue to look for opportunities to expand those (export) markets," Vilsack said from a sprawling fruit and vegetable market in Dubai, which he toured with a delegation of American business owners. "That's the beauty of our system now." U.S. President Joe Biden said late Friday he was now "convinced" that Russian President Vladimir Putin had decided to invade Ukraine in the coming days. A Russian invasion and blockade of Ukraine could jeopardize the country's crucial wheat exports,
U.S. Secretary of Agriculture Tom Vilsack poses for a photo at the Fruit and Vegetable Market in Dubai, United Arab Emirates, Saturday, Feb. 19, 2022. A possible Russian invasion of Ukraine that threatens to cut off agricultural exports from the global grains powerhouse offers American farmers a chance to boost production and prevent supply chain problems, the U.S. secretary of agriculture said Saturday. Photo:Isabel DeBre/AP
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KAHLEA ELROYNIQUE ALEXEA SANDS of Rost Street Foxhill, intend to change my name to KAHLEA ELROYNIQUE ALEXEA BRICE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that EVESHA WILLIAMS of West Bay Street, 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 14th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Legal Notice
NOTICE
Ludwig Fund ICON NOTICE IS HEREBY GIVEN as follows:
(a) Ludwig Fund ICON has been dissolved on the 17th day of February 2022 under the provisions of the Investment Condominium Act, 2014
Shareece Scott Liquidator LEGAL NOTICE International Business Companies Act (No. 45 of 2000)
LMR Investments Ltd. (the “Company”)
In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), LMR Investments Investment Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 17th February, 2022. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonso Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 18th March, 2022. Luciane Ribeiro Moreno Liquidator
which account for 12% of the world's total, according to the U.S. Department of Agriculture. Ukraine is also estimated to supply 16% of the world's corn exports this year. Its grain production has boomed over the last decade. Last year, the state harvested nearly 33 million metric tons of wheat, the USDA reported, a stark increase from the previous year.
The mounting tensions and militarization along the Russia-Ukraine border, along with pandemic-induced supply chain backlogs and spikes in fertilizer and farm equipment costs, helped push wheat prices to their highest level in nearly a decade last year. A bushel of wheat was trading in Chicago at over $8 on Saturday — just below the multi-year high hit last year. The price of a bushel
of corn climbed 0.5% on Saturday to exceed $6.50. The disruption in commodity markets wrought by an invasion would most directly impact the biggest buyers of Ukrainian wheat in South Asia, Europe, Africa and the Middle East. Many countries, like Egypt, depend on wheat imports to provide subsidized bread to impoverished populations. That raises the risk of political and economic turmoil if
those countries have to pay more to ship in wheat from the U.S. or farther afield. "We certainly hope that doesn't happen," Vilsack said of a potential conflict driving up wheat prices. "I wouldn't expect and anticipate that American consumers are necessarily going to see a direct impact, but European consumers, I think that's a different story."
PAGE 12, Monday, February 21, 2022
THE TRIBUNE
KRYSTAL GUERRA, 32, poses for a picture outside her apartment, which she has to leave after her new landlord gave her less than a month’s notice that her rent would go up by 26%, Saturday, Feb. 12, 2022, in the Coral Way neighborhood of Miami. Guerra, who works in marketing while also pursuing a degree part-time, had already been spending nearly 50% of her monthly income on rent prior to the increase. Unable to afford a comparable apartment in the area as rents throughout the city have risen dramatically, Guerra is putting many of her belongings into storage and moving in with her boyfriend and his daughter for the time being. Photo:Rebecca Blackwell/AP
RENTS REACH ‘INSANE’ LEVELS ACROSS US WITH NO END IN SIGHT By R.J. RICO Associated Press
CALL 502-2394 TO ADVERTISE TODAY!
KRYSTAL Guerra’s Miami apartment has a tiny kitchen, cracked tiles, warped cabinets, no dishwasher and hardly any storage space. But Guerra was fine with the apartment’s shortcomings. It was all part of being a 32-year-old graduate student in South Florida, she reasoned, and she was happy to live there for a few more years as she finished her marketing degree. That was until a new owner bought the property and told her he was raising the rent from $1,550 to $1,950, a 26% increase that Guerra said meant her rent would account for the majority of her take-home pay from the University of Miami. “I thought that was insane,” said Guerra, who decided to move out. “Am I supposed to stop paying for everything else I have going on in my life just so I can pay rent? That’s unsustainable.” Guerra is hardly alone. Rents have exploded across the country, causing many to dig deep into their savings, downsize to subpar units or fall behind on payments and risk eviction now that a federal moratorium has ended. In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms. And nowhere was the jump bigger than in the Miami metro area, where the median rent exploded to $2,850, 49.8% higher than the previous year. Other cities across Florida — Tampa, Orlando and Jacksonville — and the Sun Belt destinations of San Diego, Las Vegas, Austin, Texas, and Memphis, Tennessee, all saw spikes of more than 25% during that time period. Rising rents are an increasing driver of high inflation that has become one of the nation’s top economic problems. Labor Department data, which covers existing rents as well as new listings, shows much smaller increases, but these are also picking up. Rental costs rose 0.5% in January from December, the Labor Department said last week. That may seem small, but it was the biggest increase in 20 years, and will likely accelerate. Economists worry about the impact of rent increases on inflation because the big jumps in new leases feed into the U.S. consumer price index, which is used to measure inflation. Inflation jumped 7.5% in January from a year earlier, the biggest increase in four decades. While many economists expect that to decrease as pandemicdisrupted supply chains unravel, rising rents could keep inflation high through the end of the year since housing costs make up onethird of the consumer price index. Things have gotten so bad in Boston, which has nearly overtaken San Francisco as
the nation’s second-most expensive rental market, that one resident went viral for jokingly putting an igloo on the market for $2,700 a month. “Heat/ hot water not included,” Jonathan Berk tweeted. Experts say many factors are responsible for astronomical rents, including a nationwide housing shortage, extremely low rental vacancies and unrelenting demand as young adults continue to enter the crowded market. Whitney AirgoodObrycki, lead author of a recent report from Harvard University’s Joint Center for Housing Studies, said there was a lot of “pent-up demand” after the initial months of the pandemic, when many young people moved back home with their parents. Starting last year, as the economy opened up and young people moved out, “rents really took off,” she said. According to the U.S. Census Bureau, rental vacancy rates during the fourth quarter of 2021 fell to 5.6%, the lowest since 1984. “Without a lot of rental vacancy that landlords are accustomed to having, that gives them some pricing power because they’re not sitting on empty units that they need to fill,” said Danielle Hale, Realtor.com’s chief economist. Meanwhile, the number of homes for sale have been at a record low, contributing to ballooning home prices that have caused many higher-income households to remain renters, further upping demand. Construction crews are also trying to bounce back from material and labor shortages that at the start of the pandemic made a preexisting shortage of new homes even worse, leaving an estimated shortfall of 5.8 million single-family homes, a 51% leap from the end of 2019, Realtor.com said. And potentially compounding all of this is the increasing presence of investors. A record 18.2% of U.S home purchases in the third quarter of 2021 were made by businesses or institutions, according to Redfin, as investors targeted Atlanta, Phoenix, Miami, Charlotte, North Carolina, and Jacksonville, Florida — popular destinations for people relocating from pricier cities. Hale said the increasing presence of investors is a factor in rent hikes, but only because they have pricing power due to low vacancies. “I don’t think that’s the only driver,” she said. Most investors aren’t tied down by rent control. Only two states, California and Oregon, have statewide rent control laws, while three others – New York, New Jersey and Maryland – have laws allowing local governments to pass rent control ordinances, according to the National Multifamily Housing Council. And laws in some states like Arizona actually restrict local jurisdictions from limiting what landlords can charge tenants.
PAGE 14, Monday, February 21, 2022
THE TRIBUNE
NOTICE
MARKET REPORT www.bisxbahamas.com
FRIDAY, 18 FEBRUARY 2022
BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.05 10.05 3.60 9.02 3.10 7.01 13.00 2.71 10.10 11.06 10.75 15.00 4.00 10.00 16.50
52WK LOW 4.50 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.00 9.75 1.99 6.50 9.50 8.40 13.10 3.42 8.00 15.50
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 1.00
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
CLOSE
CHANGE
%CHANGE
YTD
YTD%
2245.97
1.93
0.09
17.73
0.80
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.80 100.00 100.00 100.00 90.73 96.72 95.40 95.40 98.65 100.71
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.00 89.00 90.76 90.73 96.10 95.40 95.40 98.65 100.44
MUTUAL FUNDS 52WK HI 2.48 4.59 2.19 207.86 207.68 1.72 1.83 1.81 1.05 8.92 10.81 7.44 16.64 12.76 10.57 10.00 10.43 14.89
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS69024 BGRS FX BGR125238 BGRS FX BGR131249 BGRS FX BGR134150 BGRS FX BGR136150 BGRS FX BGR138240 BGRS FX BGR138250 BGRS FX BGR139150 BGRS FX BGR141350 BGRS FL BGRS77026
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS690249 BSBGR1252380 BSBGR1312499 BSBGR1341506 BSBGR1361504 BSBGR1380405 BSBGR1381502 BSBGR1391501 BSBGR1412505 BSBGRS770264
LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 3.19 7.99 2.82 7.00 13.00 1.97 10.06 11.31 10.75 15.00 3.93 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.10 100.00 100.00 90.73 96.10 95.40 95.40 98.65 100.71
CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 3.30 7.99 2.82 7.00 13.00 1.94 10.06 11.28 10.75 15.00 3.93 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
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
VOLUME
14,175
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.10 100.00 100.00 90.73 96.10 95.40 95.40 98.65 100.71
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 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
MARKET TERMS
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.00 0.00 0.00 0.00 (0.03) 0.00 (0.03) 0.00 0.00 0.00 0.00 0.00
(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.070 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
DIV$ 0.170 1.260 0.020 0.110 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.62% 5.00% 5.60% 5.69% 5.69% 5.60% 6.05% 6.10% 6.35% 4.56%
NAV 2.48 4.59 2.19 204.67 199.97 1.72 1.83 1.81 1.01 8.92 10.81 7.44 16.64 12.73 10.57 N/A 10.43 14.89
YTD% 12 MTH% 3.60% 4.38% 3.43% 3.47% 2.22% 2.69% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% 5.11% 6.98% 7.77% 9.88% 2.28% 3.71% 19.64% 29.95% -0.81% -0.62% 5.19% 2.28% N/A N/A 3.00% 25.60% 7.90% 48.70%
P/E 22.2 42.9 N/M 34.1 N/M N/M 25.7 -7.5 57.1 15.3 15.6 18.0 19.0 21.5 17.5 14.8 18.4 19.4 10.5 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
YIELD 3.21% 3.15% 0.98% 4.60% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.14% 5.54% 22.37% 0.60% 2.91% 2.23% 3.60% 3.05% 2.03% 3.93% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 9-Feb-2024 15-Oct-2038 15-Jul-2049 17-Jan-1950 21-Apr-2050 15-Jun-2040 15-Jun-1950 15-Sep-2050 17-Nov-2050 4-May-2026
NAV Date 31-Oct-2021 31-Oct-2021 29-Oct-2021 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021
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
NOTICE is hereby given that VILNAIRE DESTINE of General Delivery, Dundas Town, Abaco, 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 14th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that MACCULEUSE DESTINE of General Delivery, Dundas Town, Abaco, 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 14th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE International Business Companies Act (No. 45 of 2000) CAPRICE ASSET MANAGEMENT LTD. Registration No. IBC 196528 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that CAPRICE ASSET MANAGEMENT LTD. has been dissolved and struck off the Register of Companies with effect from the 17th day of January, 2022. Galnom Ltd. Liquidator
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 16, Monday, February 21, 2022
THE TRIBUNE
LEAK GIVES DETAILS ON OVER 30,000 CREDIT SUISSE BANK CLIENTS BERLIN (AP) — A German newspaper and other media on Sunday said a leak of data from Credit Suisse, Switzerland’s second-biggest bank, reveals details of the accounts of more than 30,000 clients — some of them unsavory — and points to possible failures of due diligence in checks on many customers. Credit Suisse said in a statement that it “strongly rejects the allegations and insinuations about the
bank’s purported business practices.” The German daily Sueddeutsche Zeitung said it received the data anonymously through a secure digital mailbox over a year ago. It said it’s unclear whether the source was an individual or a group, and the newspaper didn’t make any payment or promises. The newspaper said it evaluated the data, which ranged from the 1940s until well into the last decade, along with
the Organized Crime and Corruption Reporting Project and dozens of media partners including The New York Times and The Guardian. It said the data points to the bank having accepted “corrupt autocrats, suspected war criminals and human traffickers, drug dealers and other criminals” as customers. Credit Suisse said the allegations are “predominantly historical” and that “the accounts of these
matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.” The bank said it had reviewed a large number of accounts potentially associated with the allegations, and about 90% of them “are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015.”
THE LOGO of the Swiss bank Credit Suisse is seen on a building in Zurich, Switzerland, Oct. 21, 2015. A German newspaper and other media say a leak of data from Credit Suisse, Switzerland’s second-biggest bank, reveals details of the accounts of more than 30,000 clients — some of them unsavory — and points to possible failures of due diligence in checks on many customers. Photo:Walter Bieri/AP
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 81° F/27° C Low: 61° F/16° C
TAMPA
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
Mostly sunny and breezy
Partly cloudy
Sunshine with winds subsiding
Breezy in the morning; mostly sunny
Partly sunny, breezy and pleasant
Pleasant with clouds and sun
High: 79°
Low: 69°
High: 80° Low: 70°
High: 81° Low: 68°
High: 80° Low: 71°
High: 81° Low: 69°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
80° F
68° F
82°-69° F
84°-67° F
82°-68° F
84°-68° F
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
almanac
E
W
ABACO
S
N
High: 75° F/24° C Low: 70° F/21° C
8-16 knots
S
High: 79° F/26° C Low: 70° F/21° C
8-16 knots
FT. LAUDERDALE
FREEPORT
High: 78° F/26° C Low: 71° F/22° C
E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 83° F/28° C Low: 64° F/18° C
N
| Go to AccuWeather.com
High: 77° F/25° C Low: 67° F/19° C
MIAMI
High: 79° F/26° C Low: 71° F/22° C
6-12 knots
KEY WEST
High: 79° F/26° C Low: 72° F/22° C
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 73° F/23° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 78° F/26° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.31” Normal year to date ..................................... 2.47”
ELEUTHERA
NASSAU
High: 79° F/26° C Low: 69° F/21° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
High: 78° F/26° C Low: 72° F/22° C
N
High
E
W
7-14 knots
S
8-16 knots
Low
Ht.(ft.)
10:50 a.m. 11:26 p.m.
2.5 2.8
4:53 a.m. -0.1 5:07 p.m. -0.3
Tuesday
11:39 a.m. -----
2.3 -----
5:46 a.m. 0.0 5:55 p.m. -0.3
Wednesday 12:21 a.m. 12:36 p.m.
2.7 2.2
6:47 a.m. 0.2 6:51 p.m. -0.2
Thursday
1:24 a.m. 1:40 p.m.
2.7 2.1
7:55 a.m. 0.3 7:54 p.m. -0.2
Friday
2:31 a.m. 2:51 p.m.
2.8 2.0
9:06 a.m. 0.2 9:03 p.m. -0.2
Saturday
3:40 a.m. 4:02 p.m.
2.9 2.1
10:15 a.m. 0.1 10:11 p.m. -0.3
Sunday
4:44 a.m. 5:06 p.m.
3.0 2.3
11:17 a.m. 0.0 11:15 p.m. -0.4
sun anD moon Sunrise Sunset
6:40 a.m. Moonrise 6:08 p.m. Moonset
11:04 p.m. 9:50 a.m.
Last
New
First
Full
Feb. 23
Mar. 2
Mar. 10
Mar. 18
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 78° F/26° C Low: 73° F/23° C
High: 79° F/26° C Low: 74° F/23° C
N
High: 77° F/25° C Low: 70° F/21° C
E
W S
LONG ISLAND
tracking map H
Ht.(ft.)
Today
High: 78° F/26° C Low: 73° F/23° C
N
S
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
tiDes For nassau
CAT ISLAND
E
W
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
High: 80° F/27° C Low: 73° F/23° C
8-16 knots
MAYAGUANA High: 79° F/26° C Low: 75° F/24° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 79° F/26° C Low: 75° F/24° C
GREAT INAGUA High: 83° F/28° C Low: 74° F/23° C
N
N E
W
E
W
H
High: 79° F/26° C Low: 74° F/23° C
S
S
8-16 knots
10-20 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS NE at 8-16 Knots E at 10-20 Knots NE at 7-14 Knots E at 8-16 Knots NE at 8-16 Knots E at 10-20 Knots NE at 8-16 Knots E at 12-25 Knots NE at 8-16 Knots E at 10-20 Knots ENE at 8-16 Knots E at 10-20 Knots NE at 8-16 Knots E at 10-20 Knots NE at 10-20 Knots ENE at 10-20 Knots ENE at 7-14 Knots E at 12-25 Knots ENE at 8-16 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 8-16 Knots E at 12-25 Knots NE at 8-16 Knots E at 10-20 Knots
WAVES 4-8 Feet 4-8 Feet 1-2 Feet 1-2 Feet 4-8 Feet 4-8 Feet 3-5 Feet 4-7 Feet 4-8 Feet 4-8 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-5 Feet 3-6 Feet 2-4 Feet 3-5 Feet 4-8 Feet 5-9 Feet 1-3 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 75° F 75° F 77° F 77° F 78° F 77° F 78° F 78° F 76° F 76° F 80° F 80° F 78° F 78° F 80° F 80° F 80° F 80° F 76° F 76° F 80° F 79° F 80° F 80° F 77° F 77° F