03162026 BUSINESS

Food stores face ‘nightmare’ on VAT exempt compliance

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FOOD merchants fear the “workload” created by new tax rules will make it “impossible to comply” with timely and accurate VAT filings, Super Value’s owner is warning, while asserting all would be “hunky dory” if the elimination of tax on uncooked foods is made “simpler”.

Rupert Roberts told Tribune Business it would be far easier for the Government to make uncooked foods ‘zero rated’, as opposed to VAT ‘exempt’, from April 1, 2026, onwards amid rising concerns over how his 13-store supermarket chain and other retailers will “manage our next VAT returns”.

And his concerns were echoed by Dionisio D’Aguilar, the former AML Foods chairman, who argued that

the Davis administration will create an administrative and compliance “nightmare” for the industry if it proceeds with the current plans and structure for its latest bid to ease cost of living pressures for Bahamian households. The Government’s decision to treat the elimination of VAT on uncooked foods as VAT ‘exempt’, as opposed to ‘zero rated’, has added fresh complexity to food stores’ monthly and

Briland operator: Meddling hits $700k tax debt pay-off

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BRILAND tourism operator is alleging that interference by its estranged former US business partner has left it struggling to generate sufficient revenues to survive and pay-off more than $700,000 in unpaid tax arrears owed to the Department of Inland Revenue.

Julian ‘Shaq’ Gibson, operator of the Conch & Coconut tour operator, destination management and visitor “concierge” business, in a February 11, 2026, affidavit filed with the Bahamian Supreme Court asserted that multiple trademark violation complaints

filed by Pablo Conde have been “extremely time-consuming and disruptive” to operations on Harbour Island because it has forced him to constantly search for new website and booking platform hosts. The documents form part of the latest battle in the pair’s increasingly acrimonious and messy business partnership break-up. Each is accusing the other of breaching court Orders on both sides of the Florida straits, and urging separate judicial forums to hold the other party in ‘contempt of court’ and impose sanctions upon them.

‘Cut losses’ over Rubis fuel leak damages case

By NEIL HARTNELL Tribune Business Editor

A BAHAMIAN homeowner’s $159,450 damages award over the 2012 fuel leak from Rubis Bahamas’ Robinson Road gas station has been overturned by the highest court in this country’s judicial system which has urged both sides to “cut their losses”.

The London-based Privy Council, while finding that the petroleum products supplier was liable for the 24,000-gallon leak of unleaded fuel, also ruled that both the Supreme Court and Court of Appeal failed to assess the evidence and determine whether Antoinette Russell’s property - located opposite the south-east corner of the Robinson Road and Old Trail Road gas station - was actually impacted by the 2012 leak. Her home had previously been contaminated by a 1994 gasoline leak from the same service station, but the Court of Appeal had already held that Rubis Bahamas could

Super Value chief warning over returns ‘workload’

Pleads for Gov’t meeting in bid to make ‘simpler’

D’Aguilar: VAT savings pledge ‘election gimmick

quarterly VAT filings by creating a new and separate category of goods they will have to break-out and account for in their submissions to the Department of Inland Revenue (DIR). Mr D’Aguilar, also an ex-minister of tourism and aviation, told this newspaper that merchants will now have to determine which products are VAT ‘zero rated’, ‘exempt’, or attract a 5 percent or 10 percent levy. He explained

that they will have to undergo this process for all of the hundreds, if not thousands, of products they carry on their shelves, thereby increasing both the time and money that has to be devoted to tax administration and compliance.

“I spoke to someone else in the food business, and they were of the view that this is really going to add an enormous amount

Top hotels targeting up to 10% revenue rise through Easter

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MAJOR resorts are forecasting a 5-10 percent year-over-year revenue increase for Easter and the remainder of the peak winter tourism season, it was revealed yesterday, amid optimism The Bahamas will “find a way through” the fall-out from the Middle East conflict.

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business that “forward bookings through Easter are very strong” despite the growing uncertainties associated with the war between the US and Israel and Iran. He added that there has been no “indication to-date” that the conflict, and its likely economic impacts, have affected bookings for Bahamian vacations. Energy and transportation costs are among the sectors likely to be most impacted, due to crude

oil prices spiking to $103 per barrel on Friday, with average jet fuel prices rising 58.4 percent last week to $157.41 per barrel according to the International Air Transport Association (IATA). However, Mr Sands said The Bahamas’ proximity to the US - its main tourist source market, accounting for 90 percent of visitors - means it will likely “not be hit as hard” by any surge in airline ticket prices.

And he acknowledged that the continued growth of cruise tourism, which generated some 10.6m visitors in 2025, is “another benefit to The Bahamas at

Corporate growth must recognise capacity limit

Growth may be the most celebrated metric in financial services. To achieve stronger performance, institutions expand into new markets, products and client segments. Yet for many companies, opportunity is no longer the defining constraint. It is capacity. As growth ambitions outpace an institution’s operational discipline, complexity increases, execution weakens and risk accumulates beneath the surface.

This article examines why capacity-conscious growth will define the next decade for financial services; how disciplined opportunity selection strengthens institutional resilience; and why pursuing fewer strategic wins often produces stronger outcomes.

Capacity is the hidden variable in growth Market opportunities often inspire growth strategies. Leadership teams identify attractive sectors,

product expansions or geographical reach. What is less frequently examined is a company’s ability to execute those ambitions consistently.

Execution research suggests that companies struggle not because of poor strategy but because they pursue too many initiatives simultaneously. Harvard Business School noted in its article, ‘How to prioritise strategic initiatives’, written by Catherine Cote, that when organisations spread

resources across numerous strategic initiatives, focus and accountability deteriorate, reducing the likelihood that any initiative will succeed. Capacity constraints reveal themselves gradually. Decision cycles are slow. Operational friction increases. Oversight functions become reactive rather than anticipatory. These signals are frequently interpreted as operational inefficiencies when, in fact, they are strategic warnings that company bandwidth has been exceeded.

Opportunity selection is a strategic discipline

Institutions that outperform their peers are not necessarily those that pursue the most opportunities. They are often those who select opportunities more carefully. Strategic focus enables leadership teams to align capital, talent and governance oversight around a small set of initiatives the company can execute well.

Industry research increasingly supports this approach.

McKinsey’s analysis of organisational performance, presented in its article, ‘Admit it, your investments are stuck in neutral’, shows that companies which reallocate resources aggressively towards their most

promising opportunities are significantly more likely to outperform their peers than those that distribute resources broadly across competing initiatives.

Selective growth requires difficult leadership decisions. Attractive opportunities must sometimes be declined because they stretch operational capacity, dilute strategic focus or introduce governance complexity. These decisions rarely generate immediate applause, yet they determine long-term performance.

Why fewer winners often produce stronger institutions

Selective growth does not signal caution. It signals discipline. Companies that align ambition with execution capacity are better positioned to maintain operational quality, protect stakeholder confidence and sustain governance discipline.

The alternative is over-extension. When too many initiatives compete for the same leadership attention and operational infrastructure, decision rights blur and accountability weakens. Performance then depends on individual effort rather than institutional design.

Derek Smith By

In contrast, selective growth produces clarity. Leadership focuses on the opportunities that matter most. Resources follow the strategy rather than dispersing across competing priorities. Risk management remains integrated into decision-making rather than reacting after execution begins.

In short, the next decade of financial services will reward institutions that treat growth as a disciplined strategic choice rather than a volume exercise. The real measure of leadership will not be how many opportunities a company can pursue, but how effectively it selects the few that it can execute exceptionally well.

This author posits that leaders must confront a simple question: Is your institution expanding faster than its foundations can support?

• NB: About Derek Smith Jr Derek Smith Jr has been a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified anti-money laundering specialist (CAMS) and holds multiple governance credentials. He can be contacted at hello@pineapplebusinessconsultancy.com

PM ‘trying to get head wrapped around’ NHI payment hold-ups

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Prime Minister has voiced frustration over delayed payments to doctors and others providing medical services to the National Health Insurance (NHI) scheme, and asserted he is “still trying to get my head wrapped around” what is causing the problem.

Philip Davis KC said there is “always some glitch in the bureaucratic process” as NHI providers continue to speak out about late payment frustrations as well as policy changes that impact their business with no notice of consultation. This has prompted a group of doctors to try and become a registered union to advocate and negotiate for themselves.

The Prime Minister, though, said there is no reason why payments should not be paid to physicians and laboratories in full and on time. “Well, I've just been hearing about this, so we're looking into it,” Mr Davis said. “I mean, I don't know why or what the reasons are for it, but we’re looking into it to see what it is.

“But these bureaucratic issues impacting issues of payment continue to plague the system. I'm still trying to get my head wrapped around it. It's frustrating

why payments are not being made, and there's no reason for it not to be. It’s always some glitch in the bureaucratic process.”

Last month, Mr Davis said that while he did not have all the facts, the Ministry of Finance had found issues in the billing process leading to the launch of an accounting reconciliation exercise to identify and address the problems. On Friday, the Prime Minister said he was unable to provide an update on the matter because he had not yet been updated as “they're still working on it”.

The group of doctors once known as the National Health Insurance Providers Association (NHIPA), but now operating under the name Physicians Provider Association (NPA), in a letter shared with the media and addressed to the Prime Minister said they were concerned with his comments last month that the Government found irregularities in how some NHI providers billed the state.

“We were concerned, however, by recent public statements suggesting that physicians have billed the National Health Insurance programme inappropriately,” the letter read. “Respectfully, this characterisation does not reflect how the system operates.

“Physicians within the programme do not submit traditional billing claims. Instead, the Authority controls and issues capitation payments based on enrollment reports generated within the system. Situations such as these highlight the importance of direct dialogue so that accurate information can guide public understanding and policy decisions.”

The letter, dated March 9, 2026, also requested that a meeting be held between NHI providers and Mr Davis to discuss late payments, policy changes, operational inconsistencies and the sustainability of the NHI framework. They also asked that confirmation be giving within two weeks whether a meeting can be arranged.

Speaking to the delayed payments, Dr Cyprian Strachan explained that initially NHI would pay the doctor the month before a patient was seen. But, currently, NHI is two months delayed in paying physicians and three months late in paying the medical laboratories.

“Our presence here now, the reason we are here now, is that over time the National Health Insurance, the Government, has been delinquent on paying the doctors,” Dr Strachan said. “And so instead of getting paid the month before for

Over 20 flights impacted by bomb threat to LPIA

BY FAY SIMMONS Tribune Business

Reporter jsimmons@tribunemedia.net

A BOMB threat at

Lynden Pindling International Airport (LPIA) delayed 11 domestic

departures and nine US-bound and international flights yesterday morning, while two aircraft were diverted before operations resumed shortly after 9am  The Nassau Airport Development

Bahamas ‘trying to close gaps’ over OECD review

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE BAHAMAS is “trying to close gaps” in its legislation to ensure a favourable review by the Organisation for Economic Co-operation and Development (OECD) over its compliance with global automatic tax information exchange standards, the Attormey General has revealed.

Ryan Pinder KC, speaking at the Society of Trust and Estate Practitioners (STEP) Bahamas conference, reaffirmed that fiinancial institutions operating in The Bahamas will face mandatory registration to address loopholes identified by the OECD during its peer review of this nation’s Common Reporting Standard (CRS) compliance.

He said the Government has tabled the Automatic Exchange of Financial Account Information Bill, which will require all financial institutions to register under the reporting regime - even if they do not have reportable account - in the House of Assembly.

“We have an amendment to the Automatic Exchange of Financial Account Information Act; the third amendment relating to CRS,” said Mr Pinder. “You would know CRS, and you may also know that we are at the end of a peer review with the OECD. The OECD has mentioned that there are some gaps, and we are trying to close those gaps in time for our assessment so that we are in a good position.”

He explained that the review highlighted concerns with how the current framework tracks financial institutions operating within the jurisdiction. “One of the

Company (NAD), LPIA’s operator, issued the all-clear at 9.13am after completing safety screenings of the terminal buildings. Officials from the Royal Bahamas Police Force and the Royal Bahamas Fire Services Department confirmed that

primary gaps brought to our attention relates to how our CRS framework is structured,” said Mr Pinder.

“Currently, you only have to register if you are a financial institution with reportable accounts. The concern raised was: ‘If you only register those with reportable accounts, how do you know how many financial institutions actually exist in your jurisdiction?’

“If you don’t know how many financial institutions you have, how can you properly enforce compliance with the Automatic Exchange of Information Act? That is a fair observation.”

To address that issue, Mr Pinder said the Government is moving to require mandatory registration for all financial institutions, regardless of whether they hold reportable accounts.

“We are now putting in mandatory registration for all financial institutions in the country,” said Mr Pinder.

“If you have clients that are financial institutions, regulated or unregulated, for CRS purposes they are a financial institution and they

the patient, the Government is now two months behind in payments.

“So we should have been paid on February 15 for March patients. We just getting paid for January. They just finished paying for January, so we're two months behind. The labs are three months behind. And so things have changed. We've signed contracts with them for this particular purpose, and now they want to make adjustments to whatever contracts we have. That's where the disagreement comes in now. We're not greedy doctors. We're not selfish.”

In the letter addressed to the Prime Minister, the group also sought formal recognition as a registered union, reiterating that they have been working towards that goal and going so far as changing the name of their group as requested by the Registrar of Trade Unions but have had no success.

Obie Ferguson, the Trade Union Congress (TUC) president, voiced his support for the group arguing that they have a constitutional right to form an association or a union.

“So don't let them come to you with all kind of garbage,” Mr Ferguson added.

“I call it garbage because the constitution of The Bahamas is the principal document

normal airport operations could resume.

Passengers and employees who had been evacuated as a precaution were allowed to return to the terminal, and incoming and outbound flights began processing again.  However, officials warned that some delays could continue as operations return fully to normal.

According to NAD officials, 11 domestic departures and nine US and international departures

will have to register with the board.”

He said the reforms will also introduce a “nil return” reporting concept for institutions that have no reportable accounts. “We are also introducing a counterpart ‘nil return’ concept. So, if you are a financial institution with no reportable accounts, you will still register, and then there will be a dropdown for the nil return,” the Attorney General added.

Mr Pinder said the amendment will be fasttracked once passed, with financial institutions expected to register by midJune, adding that corporate service providers should be able to comply because they are already familiar with the entities they administer.

“We are going to ask financial institutions to register their entities by the middle of June, so you will have to move on it,” said Mr Pinder. “Responsible corporate service providers should be able to comply. You all know what your clients do and what entities you manage here.”

that governs this country. I don't care what legislation you pass… So why you want to come to the doctors and try to give the doctors the impression that they can't have a union? “I'm here to support them. The TUC is supporting them. And I'm here in addition to support the president of this union, and even though they're trying to block us, we with her. And we, by extension, we with the doctors and the officers of this union.”

Dr Duane Sands, the Free National Movement’s (FNM) chairman, said yesterday of the NHI payment delays: “This is a pattern that has persisted for nearly two years, and it has one root cause: The Government did not budget enough money for NHI.

“The Government’s own National Health Strategy report, released just months ago, warned that the health system’s financing is on an ‘unsustainable track’ with a projected deficit of $24m by fiscal year 2026. And yet this administration responded by increasing NHI’s budget by a mere $2m to $48.2 million, a figure that was already being outpaced by demand before the fiscal year even began.

“What we are witnessing is fiscal gymnastics with real human consequences.

experienced delays due to the disruption, while two flights were diverted.

The Government has been boasting of a bBudget surplus while allowing the doctors who serve NHI patients to go months without payment, forcing them to personally finance a scheme the Government is legally and morally responsible for funding,” Dr Sands added.

“When the Prime Minister responded to this crisis by suggesting ‘irregularities’ in provider billing, without evidence and without specificity, he threw the reputation of Bahamian doctors under the bus to deflect from his own government’s failure. It was unworthy of the office, and it was factually indefensible. Physicians in the NHI capitation model do not even submit individual billing claims. The anomalies, if any exist, are within a system the Government itself built and manages….

“Let me be direct about what this government’s record reveals. For four years, the Davis administration has expanded NHI’s enrollment and broadened its benefits without adequately funding the programme to sustain those expansions.”

Travellers scheduled to fly on Sunday were advised to proceed to the airport for their scheduled departure times and follow instructions from airport personnel upon arrival. Passengers were also cautioned not to arrive earlier than the normal recommended check-in time.

Members of the travelling public were encouraged to contact their respective airlines directly for the most up-to-date flight information. The airport is the primary international gateway for the Bahamas

Minister affirms Gov’ts consumer safety pledge

A CABINET minister reaffirmed the Government’s commitment to protecting the safety and rights of Bahamian consumers during a ceremony marking World Consumer Rights Day.

The event, which included an exhibition featuring a cross-section of vendors such as food and beverage operators, utility and business service providers, and government agencies, was held on Friday at the Consumer Affairs Unit on Tonique Williams Highway.

Michael Halkitis, minister of economic affairs, and his ministry’s parliamentary secretary, Wayde Watson, were among those present. Held under the theme, ‘Safe products, confident consumers’, the event highlighted the importance of educating and protecting the public.

Mr Halkitis said The Bahamas joins millions of people around the world in reaffirming a simple but powerful truth: Every consumer deserves safety, transparency and confidence in the products they bring into their homes.

“A safe product is not a luxury. It is not a favour

granted by manufacturers or retailers. It is a fundamental right,” he said. “And when consumers can trust that the goods they purchase meet rigorous standards, confidence grows - not only in the marketplace but in the economy as a whole.”

Mr Halkitis said the exhibition was more than a showcase of products and information, adding: “It is a living classroom. It is a space where families, business owners and community leaders can learn to identify safe products, understand their rights and make informed decisions.

“It is also a reminder to businesses that consumer safety is not merely a regulatory requirement; it is a moral obligation and a cornerstone of sustainable economic growth.”

Senator Barry Griffin, the Bahamas Trade Commission chairman, encouraged attendees to download the newly-introduced Price Pal app. The application allows consumers to monitor the prices of products, helping them make more informed purchasing decisions.

Wedding planners tour GB attractions

THE Ministry of Tourism, Investments and Aviation has hosted ten wedding planners on a one-day excursion to Grand Bahama to showcase what the island has to offer their potential clients.

The ten were part of a 40-strong group of wedding planners who had travelled to The Bahamas for the ‘From The Bahamas With Love’ conference. They

met with industry partners and visited islands such as Grand Bahama, Eleuthera, Exuma and Abaco for a day.

The wedding planners who visited Grand Bahama enjoyed breakfast at Viva Fortuna, followed by a tour of the Garden of the Groves, Taino Beach and Flamingo Bay Resort and the Bahamian Brewery.

TEN wedding planners in The Bahamas for the

‘From The Bahamas with love’ conference were in Grand Bahama for a one-day excursion to experience all the island has to offe potential clients.

They were also treated to lunch at Pier One Restaurant at the Freeport Harbour; a dolphin encounter experience at Underwater Explorers Society; took tours of the Pelican Bay Hotel and the Port Lucaya Marketplace; and were treated to the Glass Blower experience and Bootleg Chocolates.

VACANCY NOTICE

WAREHOUSE ORGANIZER

Job Summary: A vacancy exists in our Company for a Warehouse Organizer. The Warehouse Organizer plays a critical role in ensuring that our warehouse is properly structured and maintained for optimal performance and efficiency. This position is responsible for creating and sustaining an organized environment where inventory flows smoothly, staff are guided effectively, and operations meet the highest standards of accuracy and safety.

Key responsibilities of the position include the following:

• Ensure the warehouse is organized and structured to maximize efficiency, safety, and productivity.

• Establish and maintain clear systems for inventory flow, storage, and product placement.

• Provide direction and guidance to staff to uphold high standards of organization and customer service.

• Oversee stocking and replenishment of inventory (windows, doors, tiles) in a systematic manner.

• Oversee the proper display and movement of products throughout warehouse areas

(upon management approval).

• Record, track, and manage impaired or damaged merchandise items to maintain accurate inventory records.

• Operate forklifts, trucks, and other warehouse machinery with a focus on safe and orderly operations.

• Continuously monitor and improve warehouse processes to support optimal performance

• Assisting in all areas of the warehouse.

Job Requirements:

• Minimum of 2 years’ experience in a similar role.

• Strong leadership skills with the ability to motivate and guide a team.

• Experience operating a forklift.

• Excellent attention to detail and problem-solving abilities.

• Effective communication and interpersonal skills.

• Must be over 35 years of age.

• Proficiency in Microsoft Office applications.

• Writing skills for documentation and reporting.

If you meet the above requirements, please forward your resume to chinainvestment1969@hotmail.com

Bahamas regulatory move is blockchain global first

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Bahamas’s bid to regulate decentralised autonomous organisations (DAOs) through new legislation could be a global regulatory first, the Attorney General has asserted.

Ryan Pinder KC, speaking at the Society of Trust and Estate Practioners (STEP) Bahamas conference, said the proposed Decentralised Autonomous Organisations Bill tabled in Parliament last week aims to create a legal structure for blockchain-based organisations that operate using smart contracts.

He said the Bill is a part of a series of reforms the Government hopes to pass in the coming months as it both seeks to strengthen regulatory compliance and expand The Bahamas’ financial

services product offering and competitiveness.

“The third piece we are moving forward with is in the FinTech (financial technology) space - the Decentralised Autonomous Organisations Bill,” said Mr Pinder. “A DAO is effectively.. I'll call it an entity, although they claim it is not, an organisation that is managed over the blockchain using smart contracts.”

He explained that such structures allow investors or participants to make decisions through blockchain-based governance mechanisms. “For example, if you were an investor through this vehicle, all the investors could have input through the blockchain, through smart contracts, on what that vehicle does,” the Attorney General added.

Mr Pinder said the Government believes the concept has matured enough to justify a formal legislative framework and is now putting it forward for

use by financial institutions. “This is the first attempt, I think, anywhere in the world to put a regulatory framework around a DAO,” said Mr Pinder.

“We think that structure is now mature enough, and used enough, that putting a legislative framework around it will help legitimise it and allow it to have more common uses within financial institutions.”

The Government has also tabled the Usufruct Interest Bill, legislation aimed at expanding The Bahamas’ financial services offering by introducing a concept widely used in civil law jurisdictions.

Mr Pinder said the structure, known as usufruct, is common in countries such as Brazil, Panama and Switzerland, and is also frequently used in France.

“Think of it in a context similar to a life estate in common law,” said Mr Pinder. “I may give you the economic benefits of

an asset, but you do not have full ownership of that asset.”

He explained that the concept is commonly used for estate planning and can provide certain tax and succession planning advantages in civil law jurisdictions. Mr Pinder added that the legislation was developed with input from industry participants in Europe, The Bahamas and Latin America.

“We had industry participants from Europe, from The Bahamas and from Latin American countries to help us develop it, and it is a very comprehensive piece of legislation now before Parliament,” said Mr Pinder.

Private sector must show anti-financial crime regime works

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMIAN financial institutions must demonstrate that compliance systems are not only in place but actively working to ensure this jurisdiction received a strong grade from the upcoming Financial Action Task Force (FATF) assessment of its anti-fnancial crime defences.

Ryan Pinder KC, the attorney general, speaking at the Society of Trust and Estate Practitioners (STEP) Bahamas conference, said evaluators will visit both government agencies and private sector institutions as part of the upcoming fifthround mutual evaluation.

“When the FATF assessors come in October, they will be visiting the private sector. They will be visiting your institutions and

testing whether you actually know what is going on; whether you understand the requirements and how to implement them,” said Mr Pinder.

He warned that the review will focus heavily on how institutions and authorities apply antimoney laundering and counter-terrorism financing rules in practice. “This is not the opportunity to say the Government is not doing its job. This is not the opportunity to say the regulators are too hard on you or that you let things slide,” Mr Pinder said.

“Your answer needs to be: We understand the requirements, we have implemented them, and here are the documents showing we are doing the right thing and working hand0in-hand with policymakers and regulators.”

EXAM - See Page B10

Website closure bid ‘worse than an insolvency petition’

Mr Gibson, in the Supreme Court, is accusing Mr Conde of breaching the November 14, 2025, Order by Justice Simone Fitzcharles which mandated that he and his US-domiciled companies be barred from interfering or intervening with Mr Gibson and the latter’s Harbour Islandbased operations until the full trial over the disputes created by the “messy dissolution” of their business partnership occurs.

But Mr Conde, for his part, is countering that Mr Gibson and the Briland-based business are also violating a December 22, 2025, order issued by the south Florida federal district court. In that case, which is dealing with exactly the same dispute and subject matter as the Supreme Court, Mr Conde is alleging that his former Bahamian partner breached the stipulation not to solicit customers, or market or promote its business to clients, who were previously secured by the US citizen when they were in partnership.

Both sides are thus pushing for sanctions to be imposed against the other on their ‘home ground’ - the judicial system of the countries where each is a citizen.

Mr Gibson is alleging that Mr Conde’s purported interference with the companies hosting Conch &

Coconut’s website began both immediately before and after the two sides met “face-to-face” in Miami for a meeting called in an effort to settle their dispute without further legal battles.

Mr Gibson claimed that, just 24 hours before the meeting, he was informed by GoDaddy that it would “suspend web hosting services” for Conch & Coconut with effect from 1pm the following day, February 3, 2026, after it received a “trademark infringement complaint” from Mr Conde and his US-based companies. This was despite the south Florida court’s December 2025 ruling that the latter had “not shown a substantial likelihood of succeeding” in such claims against the Briland-based tourism operator.

Conch & Coconut secured SiteGround as a web hosting services replacement for GoDaddy.

“During the afternoon of Tuesday, February 3, 2026, I had a face-to-face meeting with the first defendant [Mr Conde] for approximately two hours in Miami, Florida, for the purpose of exploring possible settlement between the parties herein,” Mr Gibson revealed.

“Despite that I thought the meeting was productive, and showed a good faith effort to resolve all of the litigation, the first and second defendants lodged another trademark infringement complaint, this time

with SiteGround, the new website host for [Conch & Coconut].” This gave Mr Gibson and his company 72 hours to respond, but the website remains online via SiteGround.

“The second infringement complaint that was submitted is further evidence of the defendants’ continued willful and malicious interference with the claimants’ businesses and continued defamation of the claimants’ business practice with that note that was put on the first page of the website controlled by the defendants,” he alleged.

“The clear intent of these repeated complaints is to disrupt and destabilise the claimants’ operations by depriving [Conch & Coconut] of an active website, which is integral to its business and its ability to serve customers….. Consequent to the second infringement complaint, my team and I had to immediately research and find another website service provider in case SiteGround ceased hosting [Conch & Coconut’s website.

“The defendants’ interfering actions have caused the claimants time and money trying to combat those actions and have taken my immediate attention away from building and maintaining the [Conch & Coconut] business and into crisis mode to keep it operational,” Mr Gibson continued.

“Also, on the afternoon of Wednesday, February 4, 2026, at 1.42 pm, I spoke with the first defendant [Mr Conde] by telephone and asked him why he submitted the second infringement complaint after we had agreed to start settlement talks. The first defendant admitted that he submitted a complaint to SiteGround and stated that he had to protect his own interests.”

While GoDaddy ultimately dismissed Mr Conde’s copyright complaint on February 5, 2026, and offered to host Conch & Coconut’s website once again, Mr Gibson asserted: “These continuous and repetitive trademark infringement complaints have been extremely time-consuming and disruptive to the second claimant’s [Conch & Coconut] business.

“While attempting to operate the second Claimant’s business, being a business which this court has ordered should not be interfered with, I have been compelled to incur additional costs and professional fees, and to divert time and resources away from generating revenue for the second Claimant.

of our revenue from 2018 to 2023. We need to earn the monies to pay to DIR whilst paying the 14 fulltime employees and other operating expenses, including the mounting legal fees in The Bahamas and the United States.

“The second claimant’s income is already less than it has been historically due to the defendants’ ongoing campaign to close our business down… The defendant’s conduct is plainly calculated to achieve indirectly what they have not yet achieved through court orders in this action or any of the defendants’ initiated Bahamian and American actions - putting the claimants out of business, which is amongst the businesses reserved for Bahamians when the defendants are not Bahamians.”

defendants submitted the second infringement complaint and we now must consider a third website host service provider just to stay in business.”

Mr Gibson urged that “the full weight of the law should be brought to bear” against Mr Conde, and added: “We, the claimants, would suffer irreparable harm if the Injunction Order is set aside because the defendants would then be legally free to put the claimants out of business before there is a final judgment in this action.

“If the injunction is maintained and expanded as requested herein, the defendants will not be put out of business because they are not allowed to legally operate or control a business reserved for Bahamians. The defendants claim they operate a booking platform, but this is not true. No booking platform retains the gross income of its service providers and pays the service providers based on the service provider’s expense reports.

The Public Worker’s Co-operative Credit Union Limited announces that its 46th Annual General Meeting will be held on Friday, May 29th, 2026, at the National Training Agency beginning at 5 pm.

Applications are invited from members in good standing who may wish to run for the following vacant positions: Board of Directors (2 vacancies); Supervisory Committee (1 vacancy) and Credit Committee (1 vacancy).

Nominations forms are available at our Nassau and Freeport offices or by emailing sthompson@pwccul.com & edavis@pwccul.com

Completed Nomination forms, along with a cover letter and resume must be submitted by 5 pm on Friday, May 1st, 2026, either by delivering to any of our offices or via the emails listed.

No nominations will be allowed from the floor.

“The second claimant and I still have a debt owing to Department of Inland Revenue (DIR) in excess of $700,000, and we are paying DIR $10,000 monthly to reduce the debt. The first and second claimants do not have access to the balance of the gross revenue/ profits collected by the defendants between 2018 to 2023, estimated in excess of $3m,” he added.

“This was due to the defendants’ mismanagement and misappropriation

Mr Gibson asserted that the attempts to shut down Conch & Coconut’s website “are worse than an insolvency petition and the effect is more immediate. If the defendants achieve their goal of closing down the website, they would not have to wait for a court order putting [Conch & Coconut] into insolvency since there would effectively be an immediate closure of the business without a live website.

“In this digital age, a business’s website is extremely important to obtaining customers and communicating with current customers, and any threat to take down or suspend the website is an immediate threat to effectively close down the business. We are blessed that we were able to get the second website host service provider, but then the

“This is what happened between the claimants and the defendants. The DIR fine is against the first and second claimants and not the defendants. so the Government does not recognise the defendants as the owners of a business reserved for Bahamians or as a booking platform associated with the claimants during 2018 to 2023.”

Mr Conde, though, has denied all these claims and has his own contempt of court action against Mr Gibson and Conch & Coconut in the Florida courts.

Roberts: Bahamas letting low rate, broad base VAT ‘unravel’

TAXATION - from page B1

of complexities and stress in the business of running food stores because you are now going to have items that are VAT exempt,” Mr D’Aguilar added.

“You are also going to have items that are ‘zero rated’, you are going to have items that are taxed at 5 percent VAT, and you are going to have items that are taxed at 10 percent. When you get your supplies in, that can be pages and pages of items, and thousands and thousands of SKUs (stock keeping units). This is a nightmare because you have to go through all of your invoices to determine what is what.”

The proposed ‘exempt’ treatment for uncooked foods, which is to take effect from April 1 as part of the Government’s move to eliminate the present 5 percent VAT rate attached to such products and slash this to zero, means food stores as well as pharmacies and gas stations - any business that sells them - will no longer be able to recover the tax they themselves pay on all input expenses related to these items.

Super Value’s Mr Roberts told Tribune Business it would be far better for

uncooked foods to be treated as ‘zero rated’, meaning no VAT would be paid at any stage of the supply chain and merchants would not be liable to pay the tax on their inputs, as a way to ease the cost and compliance burden for the Bahamian private sector.

Voicing similar concerns to Mr D’Aguilar, he said: “The way I see it, merchants have to accept they have a new tax and the public is going to have a savings on groceries. But it just creates such a workload that I don’t know how we’re going to be able to manage our next VAT returns.

“The merchants need to have another meeting to simplify VAT. If they [the Government] can do that, it will be hunky dory.” Mr Roberts, reiterating that merchants’ point of sale (POS) systems can be adjusted for the uncooked food VAT elimination “the night before, and the button touched on the appropriate day”, agreed that all food stores will now have to closely examine all their invoices to ensure products are placed in the right category for VAT returns.

Confirming that he has discussed the issue with Super Value’s management and Chad Sawyer, his business partner at Maxwell’s

‘Slim margin’ aviation warily eyes fuel spike

this point in time” because it will further help insulate this nation’s largest economic driver and jobs source from the effects of a prolonged Middle East conflict that may last for some weeks yet.

Mr Sands told this newspaper that New Providence’s resorts have enjoyed a strong 2026 winter season thus far, with revenues driven largely by solid room rates with occupancy levels flat to slightly ahead of 2025 comparatives. “They are very strong results, not only for Baha Mar but most of the major hotels for New Providence,” he said of January’s industry performance and “semi-official” figures for February.

“March remains very robust, and forward bookings through Easter are very strong. There are different dynamics that contribute to the results. Revenue is up, which is the product mostly of rates, and occupancies being very stable or slightly up. Most hotels are in a stabilised position and this is the height of the winter season, so there is not much wiggle room in terms of occupancy.”

Asked about Bahamian tourism’s prospects for Easter and the remainder of the 2026 winter season, Mr Sands added: “That’s always traditionally a very strong period. We’re going to see growth - slight amounts in occupancy, and reasonable amounts in revenue. The bottom line is revenue, and we should see revenues increase over last year - on average, from 5-10 percent. We have an extended winter period because Easter is in April.”

Mr Sands voiced optimism that Bahamas Power & Light’s (BPL) decision to hedge, or lock-in, the price of two million oil barrels at

around $70 in December 2025 may mitigate the worst impacts from an oil price shock on Bahamian energy costs in the near-term, adding: “We’ll see how far that takes us.”

As for airlines potentially hiking air fare costs to offset surging fuel prices, thus impacting access costs and potentially pricing travellers out of visiting The Bahamas, Mr Sands argued: “In terms of having some stability with the price of tickets increasing, the current indicators are that it’s very likely that destinations like The Bahamas - I don’t want to use the word benefit - may not be hit as hard as other countries because of our proximity and visitors travelling shorter distances.

“I’ve not had any indication to-date those dynamics are impacting booking trends. The new normal is travelling shorter distances, and The Bahamas as a two-and-a-half hour air travel destination [from major US source markets] captures a significant amount of market share in terms of tourism to the Caribbean.

“The other issue, which is something I don’t like to talk about, is that the cruise business continues to grow, and that’s a dynamic of proximity, distance and time. That’s another benefit to The Bahamas at this point in time.”

Other Bahamian resort operators, while voicing concern over the likely economic consequences of the Middle East conflict, nevertheless expressed confidence that this nation’s largest industry will find a way through.

Ben Simmons, the Bahamian developer and entrepreneur behind the boutique Little Island Hotels’ group on Harbour Island and Eleuthera, acknowledged the likely cost and inflationary

Supermarket in Abaco, Mr Roberts added: “What merchants fear is the workload. If they could make it simpler for everyone, everyone would be happier, and it would enable implementation so that we don’t fear the VAT returns - that we’d be late with them or it would be impossible to comply.

“I think [the Ministry of Finance] would give the merchants another hearing and see if we can simplify all this by making it zero rated in some kind of way… one way or another. The Government might not get as much tax, but the consumer doesn’t know anything except that they are getting savings. Everything that we do in the background does not affect them. Let’s work it so the consumer gets what the Government promised, the Government gets their revenue, and merchants get simpler VAT returns to put in.

“That’s the big problem everyone sees now. If we have all this computerisation [at Super Value] and it’s impossible to do it, what about Fox Hill Grocery and other smaller stores? It must drive them crazy. I wish they would give them another meeting and see if we can simplify this. I don’t see why [the Government]

pressures coming from increased crude oil prices but asserted that the resort industry will be able to adjust its room rates and pricing accordingly.

“Of course that’s going to be a concern,” Mr Simmons said. “It’s already expensive to get here and Harbour Island is already an expensive place. But we’ve kind of been here before. I don’t know if it’s different this time. We’ve gone through oil spikes and, provided the country doesn’t shut down, we have to make it work for everybody by lowering rates and price adjustments in other ways.

“I’d say I’m worried but optimistic. We’ll find a way through. I truly think that, provided the world doesn’t lock down again like it did in COVID, there will still be a fundamental need to travel and get away from the pressures of the world and, when there’s more uncertainty, the persons that can afford to do it will do it.

“If occupancies are low, prices can drop. If prices rise too high, we can make the adjustments on room rates,” Mr Simmons added.

“I fundamentally believe we’re here to provide a service to look after people when the going gets tough, and when they want to get away, we’re here. It’s like a bubble outside the chaos. There’s still a fundamental need for that.”

Mr Simmons said the weddings market, a strong component for his Ocean View and The Other Side properties, has proven to be relatively inelastic “even in COVID. There was demand for smaller weddings and

will not oblige and keep everyone happy.”

Besides adding to tax administration complexity and costs, applying VAT ‘exempt’ treatment to uncooked foods means merchants will be unable to reclaim a significant portion of the tax paid on their input expenses. If a food store’s sales mix features 60 percent uncooked foods, this means it cannot recover the same proportion of VAT that it pays out on its light bill, rent and other overhead expenses and running costs.

Debra Symonette, Super Value’s president, last week told Tribune Business this could cost the food store chain between $300,000$400,000 per month, or up to $3.6m to $4.8m per year.

Mr Roberts confirmed that the food store chain’s sales are split 80/20 in favour of food, with non-food products in the minority, while Maxwell’s is closer to 50/50 after it went into hardware after Hurricane Dorian.

“We’ve been going through that,” Mr Roberts told Tribune Business of Super Value’s calculations on how much VAT it will now be unable to recover.

“All of our rents, all of our BPL bills, all of our insurances. There’s so much that we couldn’t recover. We

just to get away. I think that market will not go away”.

The Bahamian aviation industry, meanwhile, is bracing for a near-term fuel price spike. This newspaper was told that aviation fuel prices at Jet Nassau, the fixed base operator (FBO), have already increased by between 10 to 15 cents per gallon since the Iran conflict started, and operators are now starting to receive “much more frequent fuel price revisions”.

One operator, speaking on condition of anonymity, said: “Jet fuel is far more sensitive. If oil goes from $50 per barrel to $100 per barrel, jet fue won’t double - it will triple. It’s more sensitive to changes in crude oil prices and it’s not a linear change. I’m sure everybody will complain, but they are typically interested far too late.

“In this instance the jet operators will be impacted more than the turbo prop operators, because their consumption is higher - particularly on shorter routes where the time component does not offset that. If Bahamasair is flying its 737 jets to Freeport and Exuma, for example, that will have a much higher cost impact than if it used its ATRs.

“If oil prices stay at $100 per barrel for longer, and up to $150, it will not just be local carriers but international ones. If the fuel price stays high for a long time, the shorter routes those jets fly or the less-densely populated ones, the ticket prices will go up or they will cut back. The Bahamas’ exposure on that side is on the

have to accept that. We don’t know how long this will last because it could change after the election.”

Mr D’Aguilar, meanwhile, added: “Making items VAT exempt means you have to calculate what percentage of your sales are tax exempt, and every you cut an invoice to pay your suppliers you have to reduce the VAT by the percentage those items make up of your food sales. You have to enter every invoice and adjust it by that percentage, reduce the VAT by the percentage of your exempt sales. That’s another nightmare.”

He argued that this converts VAT from the long-standing global concept that it is a tax fully paid by the end-consumer into a business expense.

In response, Mr D’Aguilar said of food merchants and other uncooked food sellers: “They are just going to have to jack up their prices. The consumer might think the price is going to come down by 5 percent, but the business has to compensate for the fact they can no longer deduct VAT paid to their suppliers in its entirety.

“That becomes a real expense for them, and the only way to recover that expense is to jack up their

fees and frequency from foreign operators.”

Anthony Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that the timing of any increased aviation fuel prices will depend on when existing stocks or inventory already purchased - and in transit to this nation - is exhausted. He confirmed that local operators and carriers have already discussed the likely impact, and possible need to raise ticket prices, as he warned the oil price fall-out will be felt “straight across the board” beyond aviation.

“The aviation industry operates with a slim margin. There’s no way that we’re not experiencing an impact with it,” Mr Hamilton said of the potential fuel price spike. “Once it comes down the channel, we have to respond to it. It’s a matter of responding to the data, but we have it in the back of our minds anyway that it creates an increase in the price of tickets. It’s a domino effect.”

He added that “the ability of persons to travel” could be impacted depending on how much airline ticket prices have to increase to

prices. You are reducing the tax by 5 percent on one hand, but then the business has to recover the VAT it pays to its suppliers that it now cannot recover, and the only way to recover those VAT expenses is to increase prices. I dont know who the brain surgeon is who thought that one up, but it’s going to result in increased prices.

“With this election coming up, you may want to stand on your bully pulpit and say we’ve made these items VAT free, but food stores will have to compensate for these increased VAT expenses by increasing prices. It’s an election gimmick. It may be a marginal decrease [in prices] for consumers, but nothing to justify the noise they are making. By making it exempt, you are only making it more complex for people in business.”

Mr Roberts, meanwhile, argued that The Bahamas was moving further and further away from the low-rate, broad-based VAT model that this nation first implemented in 2015. This, he said, went against the strategy to “never let it unravel in any shape or form”, and added: “Minnis was the first one that did it, and this government has now followed suit.”

offset any rise in fuel costs, while another factor is “what measures the Government may take to soften the blow”.

“The potential is a real potential,” Mr Hamilton added. “We all have to monitor and pivot as needed so we can have some kind of sustainable means of carrying the industry.” He added that aviation operator margins are as low as 2-3 percent, and called for all industry stakeholders to be involved in crafting a strategy to “weather this situation”.

“Collectively we have a responsibility to survive it, and not get dragged down to the extent that persons downsize and get out of the business. These are the realities,” Mr Hamilton said. “It can flip on a dime, but we know based on what has taken place that there’s a fall-out to come.

“We don’t know what that is at this juncture, but we expect it to happen. We can have a uniform response, or an erratic, ad hoc response, but it pays to have stakeholder engagement to determine how to respond.”

Non-profits are trained to detect ‘dirty money’

A veteran banker has partnered with the Bahamas Feeding Network (BFN) to provide financial compliance training with information on best practices and how to spot money laundering and illicit financial proceeds.

Shayne Davis, who has served as BFN’s treasurer since its inception in 2013, organised the training that was provided by Anthony Johnson, who has served in the banking and trust sector for more than 40 years.

Nicolette Fountain, the BFN’s executive director, said it wanted to invite its beneficiaries to learn what they did. “Our focus is constantly on how to raise funds so we can meet the needs of the member churches,

feeding centres who depend on us,” said Ms Fountain. “This workshop taught us to look at funds in a new light, making sure we are always on the right side of finance rules. It shed insight into laws to combat money laundering and terrorism, things those of us in the NGO (non-profit) sector really never think about, but now we realise we must. It was extremely helpful and eye-opening.”

Bahamas Feeding Network hosted the training session at its headquarters on Fox Hill Road. “The training was conducted for our staff and several organisations we invited, primarily focusing on antimoney laundering, terrorism

financing and proliferation financing,” said Ms Fountain. “This was a valuable opportunity to strengthen compliance knowledge and reinforce best practices within the non-profit sector, and it was our pleasure to be able to assist our partners. Our partners have helped us as we continue to strive to feed those in need in our country, so it was only right that we extend our help in return.”

Mr Johnson, who led the session, has been an active volunteer in a number of local non-profit organisations, including the Drug Action service, the National Drug Council and the Bahamas Beautillion Committee. During his service with the

compared to $4.5m for the same period in the prior year. We are pleased with our overall performance for the quarter. Despite the loss of two stores nearly a year ago, we have continued to deliver solid sales results and maintained strong operating momentum throughout our other stores. This performance reflects our continued investment in data-driven decisionmaking. The actionable insights generated are improving in-stock levels and refining our assortment to better align with customer demand. When combined with disciplined in-store execution standards, these efforts are contributing to higher customer satisfaction across all locations. Growth in same store transactions, along with increases in average basket size has allowed us to record comparable sales to last year, despite the loss of the significant sales volumes from our Old Trail facility. Shrink is now at its lowest level in many years. Leveraging data visibility and technology tools, our teams are taking a precise, targeted approach to areas of risk. This disciplined approach is strengthening profitability and operational execution. Looking ahead, we are excited to extend our customer experience to Hooper’s Bay in Exuma and Harbour Island Eleuthera in the coming months. These expansions align with our strategic objective to deepen our footprint in The Family Islands.

We are progressing through the permitting process for the Old Trail rebuild, and Cost Right remains on schedule to reopen in early 2027. These milestones represent important steps in restoring capacity and positioning us for sustained growth.

Recently our industry was informed of a change in the treatment of VAT inputs, which is expected to increase our non-payroll expenses and impact our cost of goods by several percentage points. We are reviewing how we will address these changes ahead of its April 1st 2026 implementation.

Based on the quarter’s performance the Board of Directors have approved an ordinary dividend payment of $0.06 per share and an extraordinary dividend payment of $0.03 per share payable on March 25, 2026, to shareholders of record as of March 20, 2026.

On behalf of the Board of Directors, I would like to thank our dedicated and hard-working associates for your commitment to our company and our customers for your loyal support of our businesses.

Sincerely,

Gavin Watchorn CEO & President

ANTHONY Johnson, centre, with attendees at the Bahamas Feeding Network training session on prevention of money laundering, terrorism financing and proliferation financing, show off their certificates.

Financial Intelligence Unit, he updated anti-money laundering guidelines for financial institutions in The Bahamas.

The Bahamas Feeding Network has served more than five million meals since it was founded 13 years ago

with a handful of ministries, sharing hot meals, groceries and food vouchers through a network of more than 100 churches, soup kitchens and feeding centres. The event was organised and partially sponsored by the network’s board

treasurer, Mr Davis, and attendees included representatives from Jehovah Jireh Ministries, Eljhay’s Hilltop Cottage Ministries and Kingdom Alliance Ambassadors.

Bahamas must promote perfect FATF compliance

Mr Pinder said the assessment will go beyond reviewing legislation and instead test how effectively the rules are implemented across the financial system.

“The fifth round of mutual evaluation goes beyond technical compliance. It looks at effectiveness,” said Mr Pinder.

“It looks at how you implement the requirements in law. How are you doing it as an industry? Are you meeting your

obligations?” The review will also examine whether law enforcement agencies and the courts are effectively pursuing financial crime cases.

“When the police and the Financial Crimes Unit conduct investigations and bring charges for financial crimes, are they also bringing money laundering charges where appropriate? These are the types of things that will be examined,” said Mr Pinder. He said authorities are now ramping up

Homeowner’s $159k award overturned by Privy Council

not be held responsible for that because - at that time - it was owned by Texaco, whose assets Rubis subsequently acquired. And any claim relating to the 1994 leak was time-barred by the Limitations Act, meaning Ms Russell had failed to bring a claim in time.

The Privy Council, though, ultimately ruled that the $159,840 damages awarded to Ms Russell - which represented just 77 percent of the initial $692,825 granted by the Supreme Court - could not stand and ultimately had to be overturned because the two Bahamas-based courts had not distinguished between whether her property had been impacted by the 2012 fuel spill or was still suffering from the 1994 event.

As a result, the Privy Council ruled that the dispute be sent back to the Supreme Court to decide this key issue. And, given that legal costs for doing so will likely exceed the damages that could be awarded, it encouraged both sides to save on expense and end their legal battle.

“The courts below were right to hold that Rubis is liable… for any damage caused to Ms Russell’s property by the 2012 leak. over and above any damage resulting from the 1994

leak,” the London-based court ruled. “But neither court assessed the evidence and made findings of fact based on the evidence about whether any, and if so what, damage was actually caused by the 2012 leak.

“The Board has concluded that the case should be remitted to the Supreme Court to decide that question. That said, the costs of this litigation must already far exceed the maximum amount of damages which could realistically be recovered if the claim succeeds. If the parties are well advised, they will cut their losses at this stage and bring an end to these proceedings by consent rather than incur yet more disproportionate expense.

“If no such voluntary resolution is reached, directions for the new trial of the outstanding issue will need to be given at a case management conference. It will be for the judge dealing with the matter to decide whether the issue should be determined solely on the evidence adduced at the original trial or whether to admit any further evidence bearing in mind that it is now over 13 years since the leak occurred.”

Rubis, according to the Privy Council, had argued that the outcome of the hearing would “have a significant impact on its business and dealings with

preparations ahead of the review, including expanding the Attorney General’s Office compliance capacity.

“In the Office of the Attorney General, we have doubled the size of our compliance team over the last year in preparation for this. I now have a compliance team of about 12 attorneys focused on this and the fifth round of the mutual evaluation,” said Mr Pinder.

He added that the Bahamas enters the process from a strong

the wider community in The Bahamas and the Caribbean at large”. It had alleged that the two other courts were wrong to find it was liable for the 2012 leak, arguing that the blame instead lay with the gas station operator, Fiorente Management and Investments, which was its tenant.

And it also argued that the “the storage of petroleum products in underground storage tanks is an ordinary use of land in present-day Nassau in The Bahamas and, for that reason, does not satisfy the requirement of ‘non-natural’ use which is a condition of liability for it to be held financially responsible for the leak. The Privy Council, though, rejected both these arguments.

However, it criticised the trial judge, retired Supreme Court justice, Keith Thompson, for an “inordinate delay” in delivering a 187-page verdict.

“Disappointingly, despite its prolixity, the judgment contains hardly any findings of fact or reasons for the decision,” the Privy Council said. “Much of it comprises documents, including the pleadings and witness statements, which have simply been photocopied and incorporated in the judgment in their original format, together with long passages from law reports and other documents which have been reproduced verbatim. What the judge actually decided is not always clear.” However, then-justice Thompson awarded Ms Russell a total $692,825 covering damages

technical compliance position. “Everybody in this room should know where we stand, because you should be trumpeting it from the sky,” said Mr Pinder.

“We are 40 for 40 on the FATF recommendations, compliant or largely compliant. We were the sixth country in the world, the second in this hemisphere, and we were again front of the class.”

Mr Pinder added that The Bahamas became the first country globally to achieve

from both the 1994 and 2012 gasoline spills.

The Court of Appeal stripped out the 1994 damages, but found Rubis was liable to compensate Ms Russell for the 2012 leak. “The evidence on this issue came, in the first place, from Ms Russell herself,” the Privy Council found. “She testified that, after the 2012 leak, ‘there was an appreciable difference in the level of fumes in the home. The odour was stronger and much more consistent and persistent’.”

However, the Privy Council said little weight and attention appeared to have been given to the environmental reports and analysis supplied by consultants for the Supreme Court trial. Black & Veatch, which was hired by the then-Bahamas Environmental Science and Technology (BEST) Commission, reported that the area affected by the 2012 leak included the former Cable Bahamas customer service centre and two residential properties on the northern side of Robinson Road.

And the pollution plume “did not extend as far as the Russell property”. Arcadis, the consultant hired by Rubis Bahamas, also found that motor fuel-related chemicals were “either not detected” or “in concentration so low as to be below the reportable limit” in samples taken from Mr Russell’s property. And John Bowleg, the consultant hired by Ms Russell, also obtained similar results to Arcadis.

compliance with FATF standards covering virtual asset service providers.

“We were the first country in the world to be compliant under the virtual asset service provider provisions of the FATF recommendations,” said Mr Pinder. “We achieved that in the middle of the FTX crash.”

Despite that progress, he stressed that both government and industry must demonstrate strong implementation of anti-money

The Privy Council, though, found the Supreme Court erred when it accepted arguments by Ms Russell’s attorney that the failure by Rubis Bahamas to cross-examine Mr Bowleg on whether the 2012 leak impacted her property meant both the oil company and court “were bound to accept” that it did.

“Mr Bowleg was not asked to express an opinion about whether the minute traces of [chemicals] detected in the sample taken from the Russell property were the result of the 2012 leak or were residues persisting from the contamination caused by the 1994 leak. But in his oral evidence he said that, in the absence of remediation, contaminants will remain in the groundwater and soil for ‘many, many years’,” the Privy Council said.

“The argument advanced by counsel for Ms Russell, which the judge accepted, was misconceived…. It sought to turn a flexible rule based on considerations of procedural fairness into a rigid weapon which can be used to wrongfoot or ambush an opponent who makes a technical misstep…. In this case the trial judge failed altogether to make the required assessment, so that no finding of fact based on evidence was made on the question whether fuel from the 2012 leak migrated to the Russell property.”

This was also missed by the Court of Appeal, and the Privy Council added: “This leaves the Board in the unusual position that neither of the courts below made a factual finding or undertook any evaluation of the evidence on a key factual issue.

“Counsel for Rubis have invited the Board to carry out this exercise itself and to find as a fact that the 2012 leak did not result in the migration of petroleum products to Ms Russell’s property; alternatively, to remit the case to the Court of Appeal with directions for it to consider the migration issue afresh.

“Desirable as it is to bring this long-running litigation to an end as soon as possible, the Board considers that the appropriate tribunal to resolve what is a pure question of fact, if it is necessary to do so, is the court of first instance.”

Finding that Rubis is liable for the 2012 leak, the Privy Council ruled: “What matters is whether or not Rubis

laundering rules during the upcoming review.

“We are preparing for that. We will have a lot of industry consultation, and we will have very direct engagement between industry and government to help with the messaging and preparation,” said Mr Pinder.

“The goal is to go in and help institutions make sure they are ready, and that they have the right governance and compliance frameworks in place. Preparation is always a success.”

was responsible for bringing the fuel which escaped onto the premises and for the conditions under which it was kept there. The Board has no doubt that it was. Two features of the arrangements between Rubis and Fiorente, taken together, lead to that conclusion.

“First, although the fuel stored on the site had been purchased by Fiorente, Rubis (as the lessor) caused the fuel to be brought on to and kept on the land by requiring the premises to be operated as a service station subject to strict operating requirements, and by requiring fuel supplied exclusively by Rubis to be stored, handled and dispensed at the premises.

“Second, although the ‘lessor equipment’ was leased to Fiorente, Rubis provided all the equipment and, under clauses 6 and 17 of the lease, retained the rights to inspect, test, install, repair, replace or remove any of it. Further, pursuant to clause 9(B) of the lease, Rubis was solely responsible for maintaining - other than by carrying out certain routine procedures - and repairing the tanks and other equipment. These arrangements gave Rubis a high degree of control over the integrity of the underground storage systems.”

And the Privy Council also ruled that the storage of petroleum products underground is not a “natural use” of land, adding: “Although storage of large quantities of petroleum products is an ordinary incident of using land as a service station, it is certainly not an activity carried on by a large proportion of persons. It is a specialised and dangerous activity which does not constitute an ‘ordinary’ use of land….

“The risks of harm in the event of leakage are of an entirely different order from the type of inconveniences which those living in the vicinity can reasonably be expected to bear themselves. Leaving nearby residents such as Ms Russell to bear the costs of damage sustained if fuel escapes unless they can prove negligence cannot be justified on the basis of reciprocity or the rule of ‘give and take’ between neighbours.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, OMAR JAMAL FAWKES JR. of Sunrise Drive, Victoria Gardens, P.O. Box SS-5567, New Providence, Bahamas, intend to change my name to OMAR JAMAL DEAL. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

WISE CAPITAL LIMITED LTD

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 1500146 IBC (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of March, A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. JUNIOR CESAR ALVES, whose address is AL ARINOS, 21 - QUADRA E - 78061410, ALPHAVILLE CUIABA 11, CEP: 78061-410, CUIABA, MT, BRAZIL, Any Persons having a Claim against the above-named Company are required on or before the 13th day of April A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 12th day of March A.D. 2026. JUNIOR CESAR ALVES LIQUIDATOR

A blow to Caribbean democracy as Stabroek News and Newsday papers fold after social media shift

By DÁNICA COTO, ANSELM GIBBS and BERT WILKINSON Associated Press

GROWING up in Trinidad and Tobago, Carlon Augustus remembers reading the newspapers his grandparents bought daily. Now 32, he says he turns to social media for the latest news. For him, it’s about getting news in real time.

“Everything is on social media now. Whatever happens today, you don’t have to wait to get the papers tomorrow,” he said.

Media owners point to shifting reading habits like Augustus’ as the primary reason two legacy newspapers have folded in the Caribbean so far this year: Guyana’s Stabroek News and Trinidad and Tobago’s Newsday.

Newsday’s closing is a ‘loss to the country, democracy’ Stabroek News printed its final edition on Sunday and halted its online publication. It was established in November 1986, a year after its founder asked Guyana’s then-president if he would accept the creation of an independent newspaper. At the time, Guyana was six

years away from its first free and fair elections in nearly 30 years.

Meanwhile, Trinidad and Tobago’s Newsday stopped publishing its print and online editions in January.

“That is definitely a loss to the country, to our democracy, where particularly in this age of social media, credible professional media houses are needed more than ever,” said Judy Raymond, Newsday’s former editor-in-chief.

Newspapers in the Caribbean, which have covered corruption, political upheaval, deadly natural disasters and the oddball story worthy of a short novel, have struggled to attract and retain readers — like print media worldwide — proving little competition to influencers and social media.

The closures of these two papers hit especially hard because they were independently owned, so they offered a variety of voices and were less susceptible to being influenced by advertisers or power players, said Kiran Maharaj, president and cofounder of the Media Institute of the Caribbean.

“You have now a narrowing of that,” she said.

NOTICE

NOTICE is hereby given that I LORENCEAY LOUIS of Wilson Track, P.O Box #4370, Nassau, The Bahamas, 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 16th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

A platform for free speech

Stabroek News became known for solid, independent journalism and set high standards emulated across the region. It drew literary giants to write its op-eds, including Guyanese poets Martin Carter and Ian McDonald, and covered the groundbreaking general election in October 1992, which ushered in democracy.

The paper also blossomed into a platform for free speech after years of authoritarian regime.

“Its letters page provided perhaps the most open and democratic public forum in Guyana,” wrote lawyer

Christopher Ram in a recent essay published by the paper.

“Over time that column became something of an informal national meeting place where academics, trade unionists, political figures, public servants, businesspeople and ordinary citizens debated, as equals, matters of public importance.”

Stabroek News was considered Guyana’s top newspaper. The country still has three other papers: one is state-owned and another is closely linked to the ruling party. The third one recently began asking its web visitors how willing

NOTICE

NOTICE is hereby given that I ISMATH MILFORT of Sunrise Road, New Providence, Bahamas, 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 9th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

WORKERS prepare the last edition of Guyana’s Stabroek News newspaper as it closes after 39 years in Georgetown, Guyana, Saturday, March 14, 2026. Photo:Bert Wilkinson/AP

they would be to pay to read online content.

Early Ward, a retired 76-year-old beverage company manager from Guyana, said he was depressed about the demise of Stabroek News.

“I have been reading newspapers since the 50s and prefer to have one in my hand to hold and to move around with and read anytime,” he said. Ward now relies on TV and social media for news.

Trinidad and Tobago’s Newsday made its debut in 1993, promising to reach the most remote communities on the twin-island nation where two long-established rivals still operate: the Trinidad and Tobago Guardian and the Trinidad Express.

The paper appealed to blue-collar workers and soon became a household name as journalists scooped other news outlets on stories and lawmakers referenced its articles in Parliament.

Newsday was known for its coverage of Tobago, the smaller, less developed of the two islands, and for amplifying voices of those struggling, said Raymond,

who served as editor-inchief from 2017 to 2022.

She said one of the most fulfilling roles at the paper was helping people because

“they are desperate and officialdom has not helped them and they don’t have anybody else to turn to.”

A status symbol

From the 1970s to the mid-1990s, newspapers in the Caribbean enjoyed solid financial backing and became a status symbol, said journalist Wesley Gibbings, vice president of the Jamaican-based Media Institute of the Caribbean.

“People would be seen walking with a physical copy of newspapers,” he recalled. “It was almost a prestigious thing to be the one with the newspaper.”

Then Big Tech platforms including Google began attracting advertising content and revenue while mining mainstream media content, Gibbings said.

“The danger signs have been up for a very long time,” he noted. “We are in a watershed period right now, and the crashes will continue.”

NOTICE

NOTICE is hereby given that I

of

south apt

The Bahamas, 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 9th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

French voters head to polls in early municipal test before 2027 presidential election

By JOHN LEICESTER Associated Press

VOTERS are going to the polls Sunday in the first round of municipal elections to choose leadership teams across France, from small villages to the biggest cities — a test for political parties’ electoral machines before next year’s presidential election for the successor to President Emmanuel Macron.

Although largely focused on grassroots concerns, the voting will be scrutinized for any early hints of how parties might fare in the presidential race of 2027, when Macron’s second and last term as president ends. The second round of voting is on March 22.

“It’s local, but it’s clear that it will have an impact on the presidential elections,” said voter Paul Mira, who cast his ballot in the Paris suburb of Garches.

Attention is particularly focused on key races in major cities, including Paris.

Incumbent Socialist Mayor Anne Hidalgo, elected in 2014 and reelected in 2020, decided against seeking a third term, having steered

the French capital through the trauma of extremist attacks in 2015 and the exuberance of the Paris Olympics in 2024.

In Marseille, France’s second-largest city, polls pointed to a tight race between incumbent leftwing Mayor Benoît Payan and the candidate of the far-right National Rally party, Franck Allisio, and his would-be municipal team. The Iran war and its impacts, notably on fuel prices, and other international concerns somewhat drowned out campaigning in the run-up to Sunday’s voting. Turnout in the first four hours was modest, with just under 20% of registered voters in mainland France casting ballots — higher than in 2020 during the COVID-19 pandemic but less than in 2014.

Jérôme Fourquet, director of the opinion department at the IFOP polling institute, said U.S. President Donald Trump and other factors diverted the spotlight from mayoral races.

“We now live at the rhythm of announcements from Trump and of strikes

US-China trade talks open in Paris, paving the way for Trump-Xi summit

BEIJING Associated Press

REPRESENTATIVES

from Beijing and Washington began their economic and trade talks in Paris on Sunday, paving the way for U.S. President Donald Trump’s state visit to Beijing to meet Chinese leader Xi Jinping in about two weeks.

The delegations, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, convened in the French capital in the morning, China’s official news agency Xinhua reported. The White House has said that Trump will travel to China from March 31 to April 2, though Beijing has not officially confirmed it.

Bessent said on Thursday that his team will continue to deliver results that put America’s farmers, workers and businesses first. The U.S. Treasury Department said Bessent will meet He on Sunday and Monday.

China’s commerce ministry said Friday the two sides are set to discuss “trade and economic issues of mutual concern.”

Trump’s visit to China will be the first for a U.S. president since he went in his first term in 2017. It will come five months after the two leaders met in the South Korean city of Busan and agreed to a oneyear truce in a trade war that temporarily saw titfor-tat tariffs soar to triple digits before the two sides climbed down.

Still, trade remains a source of tensions. The commerce ministry on Friday hit back against the Trump

administration’s new trade investigation into 16 trading partners, including China. The investigation — which came after a Supreme Court ruling struck down Trump’s sweeping global tariffs that were imposed last year — could pave the way for new tariffs. Another issue that could be discussed is the Iran war, especially when global anxiety is soaring over oil prices and supplies. Trump said Saturday that he hopes China, France, Japan, South Korea, the United Kingdom and others will send warships to keep the Strait of Hormuz “open and safe.”

Before Sunday’s talks, Gary Ng, a senior economist at French bank Natixis and a research fellow at the Central European Institute of Asian Studies, said the Paris meeting is likely the most important bilateral one before the Xi-Trump summit.

The key issue is “whether China and the U.S. can agree on what is agreed and manage disagreement. Iran is a new factor, but Beijing is more concerned about the flip-flopping of U.S. policies,” he said.

Last week, Chinese Foreign Minister Wang Yi said it would be a “big year” for China-U.S. relations. While he did not confirm the state visit, Wang said that “the agenda of high-level exchange is already on the table.”

Bessent and He have led trade negotiations between the countries since last year, having met in Geneva, London, Stockholm, Madrid and Kuala Lumpur, Malaysia.

in the Middle East. In this context, there has been very little bandwidth for the municipals,” he said in an interview with Le Parisien newspaper.

The National Rally’s performances will be studied for possible indications

of whether the party of Marine Le Pen is gathering momentum in the lead-up to 2027, despite the possibility that she might be barred from challenging again for the presidency herself.

Last year, a French court convicted Le Pen of embezzlement and prohibited her from seeking public office for five years. She is the daughter of Jean-Marie Le Pen, the polarizing founder of the far-right National Front who was convicted multiple times of antisemitism, discrimination and inciting racial violence.

“We now live at the rhythm of announcements from Trump and of strikes in the Middle East. In this context, there has been very little bandwidth for the municipals.”

Jérôme Fourquet

More

A media-rating company says a Trump agency is threatening its livelihood

By DAVID BAUDER AP Media Writer

AS media organizations go, NewsGuard cuts a low public profile as it follows its mission of issuing credibility ratings about news outlets. The Trump administration knows about it, though, and the company has joined a lengthening list of journalism organizations to face the White House’s wrath.

A dispute between President Donald Trump’s regulators and the news monitoring service has spilled into court, with NewsGuard Technologies suing the Federal Trade Commission and its chairman, Andrew Ferguson, to shut down an investigation. The FTC accuses the company of trying to suppress conservative speech. NewsGuard says it is being forced to kneel before vindictive power.

Since Trump returned to office in January 2025, the Republican administration has fought The Associated Press in court over the outlet’s claim it is being punished for not adopting his preferred name for the Gulf of Mexico; settled with CBS News’ corporate parent in a dispute over “60 Minutes” editing; sued The Wall Street Journal for its reporting on Trump and Jeffrey Epstein; and is in a legal fight with The New York Times over Pentagon reporting restrictions.

NewsGuard’s lawsuit, filed last month in U.S. District Court in the District of Columbia, accuses Trump’s FTC of “brazenly using its power not for any issue concerning trade or commerce but rather to censor speech simply because it disagreed with NewsGuard’s judgments about the reliability of news sources.”

The FTC calls NewsGuard’s accusations “untethered from both law and fact.”

The FTC, normally lowkey, is busier under Trump Like the Federal Communications Commission under Brendan Carr, Ferguson’s FTC is a normally sleepy federal agency that has sprung to life to address issues of importance to Trump and his supporters, particularly involving the media. The FCC has launched investigations of media companies and this weekend Carr, responding to a Trump complaint about negative coverage of the Iran war, warned broadcasters “running hoaxes and news distortions” to correct course or see their licenses threatened.

Ferguson has made no secret about where he takes his cues. He said in an interview in July that “I am a law enforcer, and I will follow the law. But the policy priorities are set by the man the people chose to run this government.”

The liberal lobbying group Media Matters for America was one of his

Anti-war protests in Italy and Spain as highstakes referendum on Italian judges looms

By SILVIA STELLACCI and DEREK GATOPOULOS Associated Press

THOUSANDS of people protested Saturday against wars in the Middle East and judicial reforms proposed by Italy’s conservative government — linking international tensions with a growing domestic political battle before a national referendum.

The March 22–23 referendum on changes to the judicial system has become a major political test for Prime Minister Giorgia Meloni’s government, which faces an election next

year. The debate over legal reforms has escalated into a broader confrontation between the prime minister and her political opponents.

In central Rome, protesters waving red trade union banners and Palestinian and Cuban flags chanted “Meloni government, resign” before the rally ended peacefully.

“The United States and Israel are destroying any form of coexistence dictated by international law,” demonstrator Sandra Paganini said.

“They are dragging us towards a world war in which they are targeting completely innocent people

who have done nothing wrong, intervening and destroying nations,” she said.

Meloni said that the reforms are needed to tackle chronic delays in Italy’s courts and restore public confidence in the legal system. But opponents argue that the changes could weaken judicial independence and make judges subject to political influence.

The referendum has increasingly taken on the character of a political test for the prime minister. Meloni joined the campaign directly this week.

“If justice doesn’t work, if it’s slow, if it’s inefficient, if it’s unfair, then the whole machine gets stuck and everyone pays the consequences,” Meloni said at a campaign speech in Milan on Thursday.

Anti-war protests have surged since the launch on Feb. 28 of large-scale U.S. and Israeli air attacks on Iran targeting military sites and senior leaders, and triggering retaliatory strikes that have shaken global markets.

Demonstrations also took place across Spain on Saturday, where rallies were organized in dozens of cities by a coalition of civic

targets. A federal judge last summer halted an FTC investigation over efforts to promote advertising boycotts of companies the group opposes, saying the inquiry violated MMA’s free speech rights.

While NewsGuard may not be a big name, money is at stake for news outlets friendly to the president. The company began in 2018, started by Court TV founder Steven Brill and Gordon Crovitz, a former Journal publisher. NewsGuard uses journalists to examine thousands of news outlets and websites, giving them ratings based on the credibility and reliability of their journalism.

A monthly subscription costs $4.95. Much of its business comes from companies that advise advertisers where to hawk their products, showing them which news sites may be toxic to their brands, and artificial intelligence companies looking to see where they would be more likely to find information they could trust.

Making a powerful enemy in Newsmax

NewsGuard made an enemy of the Trumpfriendly television network Newsmax, giving its website a 20 on a scale where 100 is the best score. NewsGuard says “this website is unreliable because it severely violates basic journalism standards.” Newsmax has since repeatedly urged Republican lawmakers or regulators to do what they can to silence NewsGuard, the company said in its lawsuit.

“NewsGuard was started by Steve Brill to target conservative media and get ad agencies to deny them advertising revenue as a means of censorship,” Newsmax spokesman Bill Daddi said. “Brill is a Democratic Party activist and donor over many decades with a long history of advocating for liberal causes. He is not a respected journalist and in no way should be running a ratings service used by major ad agencies.” Brill said his only political activity was working for Republican John Lindsay, New York City’s mayor in the late 1960s and early 1970s, while a college and law school student. “I have been a journalist ever since,” Brill said, adding that he has not donated money to any politicians.

NewsGuard says its ratings are based on clearly defined criteria, such as whether or not an outlet publishes false or misleading material, whether it distorts arguments and uses multiple sources, whether it distinguishes between news and opinion and regularly corrects errors. To counter charges that it unfairly boosted liberals, the company noted times where Fox News scored higher in its ratings than the former MSNBC.