business@tribunemedia.net
THURSDAY, APRIL 4, 2019
$4.70
Taxpayers paid corporate giant $1.2m for nothing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN taxpayers paid $1.2m to a global sporting and entertainment giant and got nothing in return, the auditor general revealed yesterday. The government’s financial watchdog, in a sixand-a-half year audit of the National Sports Authority (NSA) that was tabled in Parliament, said an entity it named as “Company A” received $1.192m “for services that were never performed”. While the Auditor General’s Office named none of the companies or employees referenced in its findings, Tribune Business’ research has established irrefutable proof that “Company A” is none other than US-based corporate giant, Anschutz Entertainment Group (AEG). This newspaper’s archives record the signing of AEG’s management and consultancy deal with the NSA as occurring on Friday, May 22, 2015. The Auditor General’s report states that NSA’s agreement with “Company A” was agreed on May 22, 2015, making the dates an exact match. The report said none of the “ten deliverables” that AEG was supposed
SEE PAGE 6
THE National Sports Authority (NSA) has pleaded with the Auditor General’s Office to “support” efforts to change its governance structure in the wake of damning audit findings. The NSA, in its response to the auditor general’s sixand-a-half year audit of its
$4.72
ZNS hit by $542,000 satellite breach claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Z
NS has been hit with a $542,000 damages claim for terminating a satellite leasing contract two years early, Tribune Business can reveal. Legal documents obtained by this newspaper reveal that the state-owned broadcaster is fighting a lawsuit initiated by New York-based Centrex Communications Corporation over the early severance of their five-year commercial deal that was agreed under the former
Christie administration. ZNS management, “citing budget cuts”, sought to exit the contract on November 30, 2018, but Centrex is
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NOT all web shop operators have signed up to the tax settlement with the government, a prominent QC revealed yesterday, suggesting legal challenges remain a possibility. Wayne Munroe QC, who represents the Island Game, Paradise Games and Asure Win chains, told Tribune
operations since inception, argued that its bid to address all identified weaknesses would receive a major boost if all its funding was based on an “approved budget” and received directly from the Ministry of Finance. “A further improvement in the governance structure could be achieved if all government funding for the
SEE PAGE 11
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‘We won’t destroy domestic aviation’
• US firm files lawsuit over deal’s early end • Claims ZNS ‘cited budget cuts’ for move • Broadcaster moving to switch courts refusing to release the lossmaking broadcaster from its alleged obligation to pay it $22,600 per month until the deal ends on December 31, 2020. Alleging “breach of contract”, it is urging a US court to order that ZNS pay it the remaining $542,000 balance owing plus interest, and reimburse its attorneys’ fees and other costs. With ZNS due to receive a near-$8m
subsidy this fiscal year, any judgment in favour of Centrex will likely have to be picked up by the Bahamian taxpayer - who is forecast to inject around $40m into the broadcaster over the five years to end-2020-2021. However, ZNS’ US attorneys have moved to switch Centrex’s claim from the New York State Supreme
WAYNE MUNROE
Business that “resolution wasn’t agreed” between his clients and the Minnis administration despite the latter trumpeting that agreement was reached in mid-February 2019. Speaking after the government yesterday tabled legislative and regulatory changes in the House of Assembly to give effect to the “settlement”, Mr Munroe said Sebas Bastian’s Island Luck and Ultra
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Games were the only two operators “as far as I’m aware” who had agreed to its terms. “Resolution wasn’t agreed,” he confirmed to Tribune Business yesterday. “We had discussions. They never concluded. They have tabled what they have tabled. I’ll arrange to get a package of what they’ve done, look at it and take
THE Bahamas’ aviation director yesterday pledged to resist pressure to open up the domestic aviation market to foreign carriers something he agreed could “destroy” local carriers. Algernon Cargill, pictured, affirmed that despite constant pleas, his department will not break cabotage rules and allow foreign carriers to transport passengers throughout The Bahamas’ multiple islands on domestic routes. Mr Cargill, who was addressing a meeting of The Bahamas’ Out island Promotion Board (BOIPB), said: “Our focus is not only heads in beds but heads in beds safely. I manage the air traffic licensing department, and we will not support any licensing that breaks cabotage laws or
SEE PAGE 4
SEE PAGE 10
SEE PAGE 7
Web shops split over tax ‘solution’
Sports Authority’s plea: Help change our governance By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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PAGE 2, Thursday, April 4, 2019
THE TRIBUNE
CENTRAL BANK RELAUNCHES FINANCE LITERACY CAMPAIGN THE Central Bank of The Bahamas yesterday said it has relaunched its national financial literacy campaign, Get Money Smart Bahamas, to coincide with Financial Literacy Month. The regulator has teamed with the Clearing Banks’ Association (CBA) to promote financial education and wellness throughout April with a focus on personal finance and banking. Participating banks include Bank of the Bahamas, CIBC
FirstCaribbean, Commonwealth Bank, Fidelity Bank (Bahamas), RBC Royal Bank, and Scotiabank Bahamas. The campaign aims to teach consumers more about banking topics that directly affect their financial well-being and preparedness, including cyber security, digital banking and the loan application process. It will highlight mortgages, providing the basic information on how to qualify; how to pay a
mortgage off quickly; and whether you should refinance depending on your circumstances during the mortgage journey. The campaign will also tackle debt management, offering tips and strategies about understanding debt, using it efficiently and liberating yourself from financial strain by becoming debt free. Social media users can ask questions about money-related concerns by connecting with Get Money Smart Bahamas on Facebook
and Instagram at @ GetMoneySmart242. “Financial Literacy Month is a great time to focus on financial education,” said John Rolle, the Central Bank’s governor. “As our economy evolves, it will become even more important for Bahamians to commit themselves to their personal financial freedom. “We need early and extensive financial education to permeate all communities, regardless of socioeconomic standing, so
that future generations are prepared to be responsible for their financial futures. “Take action, even if it’s in small ways. Visit getmoneysmartbahamas. com, start tracking your spending, take an online budgeting course, or decide to live on less than you earn and save the difference each month. By taking small, purposeful steps like these, you can control your financial life and gain more financial freedom.” In December 2018, the
Get Money Smart Bahamas campaign was recognised as the Platinum Winner of the Summit International Marketing Effectiveness Award for Education Marketing. The award recognises and rewards innovative and leading-edge creative work that creates solutions for today’s marketplace. The campaign was developed and executed by Blue Orchid Advertising & PR in partnership with Colina Financial Advisors (CFAL).
Bahamian realtor attends key forum A BAHAMIAN realtor was an invited guest at The Crans Montana Forum on Africa and South co-operation, which was held for the fifth time in Morocco under the patronage of its king. William Wong, a partner in Darville-Wong Realty, attended the conference organised by a non-governmental organisation that was established in 1986. Working with governments and organisations such as the United Nations (UN) and European Union (EU), the forum aims to strengthen international co-operation by promoting good practices and dialogue between decision-makers. This year’s forum focused on building a powerful and modern Africa, and brought together heads of state, government ministers, regional and international organisations, MPs and businesses. Key topics included sustainable energy; security and environmental challenges; digital economy; public health; sustainable agriculture; and the promotion of youth entrepreneurship and women’s leadership. The Crans Montana Forum organises several events per year, with about 100 countries meeting to discuss political, social, economic and security challenges. Pictured from left: Mark AG Brantley, premier of the Nevis island administration and minister of foreign affairs and aviation, and William Wong.
THE TRIBUNE
Thursday, April 4, 2019, PAGE 3
DPM PLEDGES ‘FURTHER STRENGTHENING’ OF FIU By NATARIO MCKENZIE
forensic accountants, analysts and IT professionals to further strengthen the FIU. “We have invested already for the upgrade of the technology equipment and software that will facilitate the efficient management of suspicious transaction reports so that we can have a more efficient feedback to the reporting institutions, as well as a correspondent liaison with the police cyber crime unit.” The FIUs role is to
analyse the STRs received and determine whether there is sufficient evidence of money laundering, or some other form of financial crime, that warrants their forwarding to the police for further investigation and potential prosecutorial action. Mr Turnquest was speaking after the US State Department’s annual International Narcotics Control Strategy Report (INCSR) called for an improvement
in the FIU’s “product” so it could better assist Bahamian and international law enforcement agencies with probes into suspected illicit financial transactions. The same report also complained that too few STRs are being filed by Bahamas-based financial institutions when measured against the industry’s overall size. “Considering the size and character of the international financial sector, the number of filed STRs is low,” the US report said. “In 2018, the FIU (Financial Intelligence Unit) received only 332 STRs from both domestic and offshore entities, down from 446 in 2017.” It also implied that the number of money laundering-related prosecutions and convictions in The Bahamas was relatively low when measured against the financial services industry’s
DPM HAILS ‘PROGRESS’ IN TAX CRIMES BATTLE
ever-changing global landscape in which it operates.” Mr Turnquest added: “The Bahamas has always co-operated with its international partners in the area of tax transparency and the exchange of information for tax purposes via MLATs (Mutual Legal Assistance Treaties) and Tax Information Exchange Agreements (TIEAs). “The Bahamas intends to continue co-operating in this manner, showing that it will not be a place where persons or entities can evade taxes and or hide illegal or illicitly-gained wealth. The amendments to the Acts will not have a grave impact on the financial institutions and entities operating in The Bahamas.” “We are aware of the G-20’s mandate with respect to tax transparency and exchange of information for tax purposes; we are aware of the challenges adhering to international standards places on a country’s resources. However, the positive aspects
of co-operating with international partners and implementing international best practices will be reflected in The Bahamas’ effective financial regulatory regime and securing its seat as the major premier international financial centre.” Referencing the Automatic Exchange of Information Act reforms, Mr Turnquest said yesterday’s Bill enables The Bahamas’ Competent Authority to automatically exchange financial account Information with counterparts in a partner country. He added that the Automatic Exchange of Information Act (Amendment) Bill 2019 is intended to amend Section seven of the existing Act to change the period of time for which a reporting financial institution is required to keep records from a minimum five to six years to bring The Bahamas into line with the OECD’s Common Reporting Standard (CRS).
Tribune Business Reporter
nmckenzie@tribunemedia.net
T
HE deputy prime minister yesterday pledged that “further strengthening” of the Financial Intelligence Unit (FIU) is underway to improve its handling of suspicious transactions reports (STRs). K Peter Turnquest, pictured, told Tribune Business that the government was moving to further enhance the FIU’s skill sets and expertise, along with improvements to its technology and software to enable it to better analyse STRs submitted by Bahamian financial institutions. He said: “In terms of the FIU itself we have put in place a new director, Quinn McCartney. We have supplemented him with a forensic accountant, and we intend to recruit additional
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE deputy prime minister yesterday hailed the “great progress” The Bahamas is making in playing its part to fight corruption, financial crimes and tax evasion. K Peter Turnquest told the House of Assembly that this nation had to continue demonstrating its commitment to tax transparency and co-operation, along with tax information exchange. Addressing Parliament on changes to the Automatic Exchange of Financial Account Act and the Multinational Entities Financial Reporting Act, he said The Bahamas must continue to pay attention to both
“shifting goal posts” and recommendations from bodies such as the Organisation for Economic Co-Operation and Development (OECD). “We must bear in mind that our legislation will always come under scrutiny and assessment via international organisations and, in circumstances where The Bahamas is required or recommended to amend its laws to provide an enhanced regulatory framework for the country’s financial services industry, I am of the view that we should do so,” Mr Turnquest said. “This would demonstrate that The Bahamas, as a well-renowned, regulated international financial centre, understands and is able to adapt to the
size, adding: “In 2018, 32 investigations resulted in 34 persons being charged with money laundering offenses. There were 13 convictions in the same period. In 2017, there was only one prosecution.” The US report concluded: “The Bahamas needs to address recognised deficiencies in its AML/CFT (anti-money laundering/ counter terror financing) regime by demonstrating risk-based supervision of non-bank financial institutions, and ensuring timely access to adequate beneficial ownership information. “Increasing the quality of the FIU’s products would better assist law enforcement to investigate and prosecute all types of money laundering, lead to successful forfeiture proceedings related to AML cases, and address gaps in terrorism and proliferation financing frameworks.”
Mr Turnquest said the government had made, and was making, positive strides towards addressing all the concerns raised by the US. “In respect to the beneficial ownership registry we have already passed legislation with respect to that,” he said. “We are funding that now. “A $2.3m contract has been signed for the software. That should be up and running within a couple of months. With respect to the exchange of tax information, we have had the FATCA legislation in place since 2010, I believe, and that has been performing effectively as far as I am aware. “All of the legislation we put in last year, the agreements we signed with respect to the automatic exchange of information, the base erosion framework, we have signed up to.”
“At present, the current legislation is aligned with the FATF (Financial Action Task Force) requirement, but not in compliance with the Common Reporting Standard,” Mr Turnquest said. “The Bahamas is now in its second year of reporting under the Common Reporting Standard and the Automatic Exchange of Information Act, and we are under an obligation to ensure that The Bahamas’ legislation is consistent with the Common Reporting Standard and, secondly, The Bahamas’ reporting financial Iinstitutions are in full compliance with the Common Reporting Standard.” Turning to the Multinational Entities (MNEs) Financial Reporting Act 2018, Mr Turnquest said it provides for Bahamian entities that are a part of such a group to report to the Competent Authority (the Ministry of Finance) on aggregated accounting information.
“Section 5 of the principal Act sets out the finite details of the contents of the country-by-country Report in which MNEs are to report to the Competent Authority. Under Section 5(3) of the Act, the report shall be filed no later than 31 March, 2019, with respect to the reporting fiscal year that began on or before 31 May, 2018. This means that, for certain fiscal years, MNE groups may not be in a position to file a report since their fiscal year would not yet have ended,” Mr Turnquest explained. “The Multinational Entities Financial Reporting Amendment Bill 2019 seeks to amend the restrictive timeframe for the filing of a countryby-country report... By removing [a] portion of Section 5(3), all companies will be allowed to file the country-by-country report 12 months after their fiscal year end regardless of when the fiscal year ends, thus allowing equal footing under the law.”
PAGE 4, Thursday, April 4, 2019
THE TRIBUNE
Web shops split over tax ‘solution’ FROM PAGE ONE instructions to see what piece of it my clients may wish to challenge. “No, there was never a resolution. The only persons I know of which reached agreement with the government are those two, Island Luck and Ultra Games.” Tribune Business has frequently heard that web shop operators, other than those controlled by Mr Bastian, were unhappy
with the proposed settlement but apart from little hints none were prepared to speak “on the record” until Mr Munroe commented yesterday. Alfred Sears QC, who represented Mr Bastian’s businesses in negotiations with the government, had previously told this newspaper that the deal “may create a problem” for other web shops although he did not elaborate. He acknowledged at the time that the deal “will create some uncertainty
for some of the smaller operators”, adding: “That’s likely to happen. It may create a problem for some operators.” Mr Munroe’s comments yesterday indicate that a legal battle between the government and some elements of the web shop industry, namely the smaller operators, remains a distinct possibility. Such a scenario, should it arise, will result in the return of further uncertainty surrounding the sector’s taxation and business
model going forward. Tribune Business reported at the time that its analysis of the “settlement” showed the prime beneficiaries are Mr Bastian and Island Luck, as the largest web shop chain and market leader, and the government. Those likely to fare less well were the smaller web shop chains. This is because Island Luck, as shown by research from Christiansen Capital Advisors, the web shop industry’s own consultants, was virtually the only operator exposed to the higher tax rates under the government’s original “sliding scale” taxation structure. It was the sole web shop chain exposed to rates ranging from 30 percent to 50 percent on its gross gaming revenues, whereas five of the remaining six operators would only have faced the lowest 20 percent rate. Chances was the only chain, apart from Island Luck, which would have seen a 25 percent rate levied on a miniscule portion of its revenue. The government, in unveiling the agreement, said it would reduce its projected take from the “sliding scale” by $15m annually - from the initially projected $50m to $35m - as a result of shrinking the six rates to just two, lower levies of 15 percent and 17.5 percent, respectively. The latter rate kicks in for taxable revenue higher than $24m. While the bulk of Island Luck’s revenues will be taxed at 17.5 percent, this is much lower than the rates originally proposed in the 2018-2019 budget. As a result, it seems likely that much of the $15m revenue reduction will accrue to this web shop. While its six rivals will largely only attract the lower 15 percent rate, this still represents a 36.3 percent - or more than one-third increase - upon the 11 percent rate they
were originally paying. And the five percentage point reduction in the originally proposed 20 percent rate means they will likely see fewer benefits than Island Luck. The government yesterday tabled changes to both the Gaming Act and Gaming House Operator Regulations to give effect to the “settlement”, as well as amending the Stamp Act to eliminate the previously proposed five percent “patron tax” on customer deposits and over-the-counter lottery ticket sales. That has been replaced by a “winnings tax”, which was due to be levied from April 1 (Monday) on winnings associated with lottery bets. The changes, which confirm that the tax will only be levied on the actual winnings, provide for the “sliding scale” whereby winnings up to $1,000 will attract a five percent rate. Anything greater will attract a 7.5 percent rate, and the government expects this to generate $15m as opposed to the initial “patron tax” forecast of $25m. Web shops must submit monthly tax returns, and payment of the operator “sliding scale” and winnings tax, by no later than the 10th of the following month or “the next business day” if that is Sunday. The operator tax is due to take effect retroactively from January 1, 2019. The settlement, and the government’s position, has shifted much closer to that taken by the web shop industry in the immediate aftermath of the 2018-2019 budget’s unveiling, as the operator tax rates fall into the 15-20 percent range that the sector’s consultants argue represents the global gaming average. Dionisio D’Aguilar, minister of tourism and aviation, who has responsibility for gaming, previously told Tribune Business that the
government was now projected to earn $50m per annum - rather than the initially forecast $75m - as a result of the reforms. While this represented a one-third, or 33.33 percent, reduction from the 2018-2019 budget’s target, the government argued that it still represented a 127 percent increase in revenue generated by web shop taxation - thereby making for “an acceptable compromise”. Mr D’Aguilar, speaking after the government confirmed the settlement with the web shops, said the deal would enable the Public Treasury to claim “back taxes” to July 1 and have instant access to revenue rather than seeing an important income stream tied up in expensive and costly litigation. So-called “back taxes” for the first half of the 2018-2019 fiscal year from July 1-December 31, 2018 - are to be levied using the web shop’s old taxation rate of 11 percent of gaming revenues. Mr D’Aguilar estimated this will generate around $11-$12m for the Treasury based on previous fullyear collections of $21m, which is less than 50 percent of what the Ministry of Finance had projected to earn - $15m “sliding scale”, and $10m from the “patron tax” - during that period. However, he argued that the government will still achieve its twin main objectives - increasing revenues from a sector it felt was “undertaxed” and had the ability to pay much more, based on the multi-million dollar sums flowing through it, while also slowing the sector’s growth and potentially deterring Bahamians from unhealthy levels of gambling.
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THE TRIBUNE
Thursday, April 4, 2019, PAGE 5
PELICAN BAY TO HOST ENTREPRENEURS AGAIN
E
NTREPRENEURS and start-ups will be able to interact directly with consumers at the second annual Spring Sip & Shop Soiree to be hosted by the Pelican Bay resort on Saturday, April 13. Pelican Bay created the Sip & Shop Soiree last year as a marketing promotion for local businesses to give them a platform to showcase their products and services to the community. Companies will be showcasing their products, services and treats to hundreds of consumers at one location from 3pm until 8pm. “We wanted to find a way to give persons who were trying to start a business, or already in business, a wider audience”, said Pelican Bay operations manager, Della Bridgewater. “Shopping brings people together, and the Sip & Shop Soiree was an affordable way for small businesses to meet a wider audience in one location. “We’ve added new features this year to make the experience more fun and interactive, such as live demonstrations, a mixology competition, a mixed drink bar by Phluid Phactory, wine and sushi options by well-known Sabor, and a very cool Hookah lounge.” The second annual Spring Sip & Shop Soiree will be held in the hotel’s Canal House, using the venue’s multiple floors and meeting rooms. “We want guests
to feel excited the moment they arrive, but most importantly, they need to be able to comfortably move around the venue to access the vendors and interact with business owners,” said Ms Bridgewater. “Our Canal House is perfect because it’s spacious, has many levels like a mall, has high speed wi-fi, presentation electronics, versatile lighting options, and comfortable climate control. This allows ourvendors to be innovative with their exhibitions and demonstrations, utilising all of the features to their advantage.” Entrepreneur Jennifer Major, owner of Essence of The Isles, an event planning and catering company, participated last year and
HUNDREDS of persons attended last year’s annual Spring Sip & Shop Soiree at The Canal House. Pictured from left are operations manager Della Bridgewater; event host Kerel Pinder; and reservations supervisor Dominique Smith. Photo: Pelican Bay Hotel/Barefoot Marketing is looking forward to introducing new products at this year’s event. “We have been in business for 30 years, and participating in Sip & Shop gave us an opportunity to meet new people, receive feedback on new product
samples, and showcase our full product line to our existing customers,” said Ms Major. “We specialise in international and local cuisine, comprising of organic, all natural ingredients. At the last Sip & Shop Soiree, we launched our new line of vinaigrettes and our signature white conch chowder. This year, we are giving guests samples of our delicious cocktail appetisers and dressings.” The event will be hosted by well-known MC and author, Kerel Pinder. Tickets for the second annual Spring Sip & Shop are priced at $10, and are available at the Pelican Bay reception desk and Phluid Phactory locations throughout Grand Bahama.
Family Guardian Insurance Company Limited
(Incorporated under the laws of the Commonwealth of The Bahamas) Statement of Financial Position As at 31 December 2018 (Expressed in Bahamian dollars)
2018 $
2017 $
3,636,178 19,504,021
10,564,683 18,714,734
18,626,391 11,638,032 143,960,140 92,844,096 267,068,659
18,179,718 12,860,400 137,880,900 83,717,605 252,638,623
5,172,056 25,146,639
6,520,948 24,113,540
320,527,553
312,552,528
213,300,445 19,027,437 232,327,882
207,261,508 18,072,481 225,333,989
12,542,173
16,437,742
244,870,055
241,771,731
EQUITY Ordinary shares (Note 14) Share premium (Note 14) Revaluation reserve (Note 13) Retained earnings
1,707,462 11,401,314 6,707,826 55,840,896
1,707,462 11,401,314 7,294,278 50,377,743
Total equity
75,657,498
70,780,797
320,527,553
312,552,528
ASSETS Cash on hand and at banks Receivables and other assets, net (Notes 7 and 22) Financial investment assets (Note 6) Fair value through profit or loss – affiliate mutual funds Available-for-sale Held-to-maturity Loans Reinsurance assets (Note 9) Property and equipment (Note 8) Total assets LIABILITIES Policy liabilities Reserves for future policyholders’ benefits (Note 9) Other policyholders’ funds (Note 10) Payables and accruals (Notes 11, 22 and 23) Total liabilities
Total liabilities and equity
These financial statements were approved by the Board of Directors on 27 March 2019, and signed on its behalf by:
Director
Director
The accompanying notes are an integral part of these financial statements.
Family Guardian Insurance Company Limited Statement of Comprehensive Income For the Year Ended 31 December 2018 (Expressed in Bahamian dollars)
2018 $
2017 $
INCOME Gross premium income (Note 15) Premium ceded to reinsurers (Notes 15 and 22)
107,631,768 (9,101,574)
103,090,427 (10,423,366)
Net premium income (Note 15) Annuity deposits Net premium income and annuity deposits
98,530,194 16,006,069 114,536,263
92,667,061 7,099,037 99,766,098
12,674,587 967,132 53,970
12,106,665 977,890 141,683
306,771 856,693
526,719 846,594
Total income
129,395,416
114,365,649
BENEFITS AND EXPENSES Benefits Policyholders’ benefits (Note 16) Reinsurance recoveries (Notes 16 and 22) Net policyholders’ benefits
84,982,050 (8,837,884) 76,144,166
67,832,963 (2,749,895) 65,083,068
7,387,828
7,427,838
Total benefits
83,531,994
72,510,906
Expenses Operating expenses (Notes 19, 20, and 22) Commissions (Note 22) Depreciation expense (Note 8) Bad debt expense, net (Notes 6 and 7)
20,120,806 15,000,830 1,311,143 624,705
20,483,553 11,688,318 1,499,524 572,086
Total expenses
37,057,484
34,243,481
120,589,478
106,754,387
8,805,938
7,611,262
Interest income (Note 6) Dividend income Net realised gain on sale of financial assets Net unrealised gain on financial assets – affiliate mutual funds (Note 6) Other operating income
Increase in reserves for future policyholders’ benefits (Note 9)
Total benefits and expenses Net income
The accompanying notes are an integral part of these financial statements. The complete set of audited financial statements are available on the company’s website at www.famguardbahamas.com.
PAGE 6, Thursday, April 4, 2019
THE TRIBUNE
Taxpayers paid corporate giant $1.2m for nothing FROM PAGE ONE to accomplish on the NSA’s behalf was ever completed, even though the sporting and entertainment giant received $468,000 in payments direct from the Ministry of Finance. AEG has ownership interests in multiple professional sports teams, including the Los Angeles Galaxy soccer team that once featured David Beckham, the Los Angeles Lakers basketball team and Los Angeles Kings in ice hockey. It is also involved with
European-based soccer and ice hockey teams, and owns sports, entertainment and convention facilities across the world. These include the Staples Center in Los Angeles, home of the Lakers, and PlayStation Theater in New York, while AEG also promotes multiple music festivals such as Coachella. It likely seemed the ideal partner for the NSA to the Christie administration, which agreed a three-year deal that paid AEG a “fixed fee” of $40,000 per month regardless of the end results. However, the auditor
general’s findings likely represent a major embarrassment for the former government, and especially Mr Christie, who so heavily touted the AEG deal when it was signed. The Tribune’s coverage at the time records the then-prime minister “teasing” that the Los Angeles Lakers could be lured to play the Miami Heat in The Bahamas. And Chuck Steedman, AEG’s chief operating officer, said then: “All great things are well worth waiting for. “We hope to combine our global brand and reach with this country’s already
world-class facilities, the already world-class destination that is The Bahamas and the opportunity to create and expand upon the great content that is already taking place here.” None of this ever materialised, according to the auditor general’s report, which suggested that the deal ultimately became another financial black hole draining an already-strained Bahamian taxpayer and Public Treasury. The auditor general’s report does not find that AEG or its employees did anything wrong, yet it indicates that the group may have been paid more than its fixed $40,000 per month by the time the newly-elected Minnis administration decided to terminate the deal on its two-year anniversary. While the contract sum suggests that AEG should have received $960,000 by that date, the auditor general found that it had received almost $232,000 more based on the report’s findings. “We noted that Company A (AEG) had entered into a consultancy agreement with the NSA on May 22, 2015, for a three-year period ending August 22, 2018, at a fixed fee of $40,000 per month and payable in quarterly installments,” the Auditor General’s Office found. “The Ministry of Finance made direct payments to the
company totalling $467,908. We further noted that the contract, both in terms of specifications and conditions, had shortcomings as all of the deliverables were never completed. “We noted that the NSA Board made recommendation to cancel the company’s service contract in a letter dated May 22, 2017. However, the company at this point had already received a total of $1.192 for services that were never performed.” The Christie administration provided no details on the AEG deal when it was signed, and no media questions were permitted at the press conference featuring Mr Christie and top AEG executives. However, the auditor general’s report reveals that the AEG agreement effectively involved the sporting and entertainment giant overseeing and plotting every aspect of the NSA’s operations - akin to a management/operating agreement. It was supposed to develop “a business plan” detailing potential growth areas for the NSA, which manages and operates the Thomas A Robinson Stadium, Queen Elizabeth Sports Centre and Baillou Hills Sporting Complex. AEG was also tasked with conducting a financial and operational review of the NSA, identifying areas for improvement;
“provide guidance” to management so that productivity and profitability were maximised; train NSA staff in all aspects of stadium operation and events management; develop an NSA website; create an annual maintenance and capital improvement plan and budget; help attract events; and advise on “the development of sports and entertainment content”. None of these objectives was achieved, the auditor general’s report found, adding that it was difficult to assess how well the NSA had managed the contract because “an appropriate file was not maintained”. The only documents contained were the contract and AEG’s invoices, with no details available on how it came to be selected. The AEG findings resulted in the auditor general recommending that the NSA “establish a contract committee” to oversee all future procurement, with different works values attracting different levels of scrutiny and approval. “The procurement process lacked levels of delegation of authority and, as a result, the activities under the contract may not have been properly monitored to ensure that deliverables were fulfilled before payments were given,” the auditor general’s report said.
THE TRIBUNE
ZNS hit by $542,000 satellite breach claim FROM PAGE ONE Court to the southern New York federal court, filing a “notice of removal” to achieve this on Tuesday this week. Mike Smith, chairman of ZNS’ parent, the Broadcasting Corporation of The Bahamas (BCB), declined to comment on the brewing legal battle yesterday although he acknowledged the broadcaster was seeking to move it from state to federal court. “We don’t wish to comment at this stage,” he told Tribune Business. When asked about the BCB’s efforts to switch the Centrex action to a new judicial forum, he replied: “That’s what the lawyers there are doing, but I don’t wish to comment further.”
Thursday, April 4, 2019, PAGE 7 Kayleaser DeveauxIsaacs, ZNS’ general manager, did not respond to this newspaper’s e-mail seeking comment before press time. However, the legal filings suggest that the state-owned broadcaster was seeking to extricate itself from a long-term deal that the Christie government effectively locked the Minnis administration into. Documents obtained by Tribune Business reveal that ZNS’s relationship with Centrex began under the last Ingraham administration when it agreed to lease satellite capacity from the US firm for transmission of its television programming. The deal, signed on ZNS’ behalf by then-general manager Edwin Lightbourn, featured a Master Service Agreement (MSA) that was accompanied by a Service Order setting out specifics of the agreement such as monthly rate, satellite and transponder bandwidth, and duration. The initial deal saw ZNS pay $30,920 per month, or close to $372,000 per annum, for a one-year deal. After the Christie government took office in May
2012, Centrex alleged that the lease agreement was renewed for three years at a lesser rate of $26,400 per month. “As a result of BCB failing to renew their contract at the expiration of the term ending December 31, 2015, the monthly rate increased to $33,000 per month, which was the applicable rate for a month-to-month agreement without a longer-term contract,” Centrex alleged. “In e-mails between the parties on or about February 9, 2016, Centrex presented various terms and payment options that BCB could choose from including a three-year term at $24,200 per month and a five-year term at $22,600 per month” or $271,200 annually. ZNS ultimately opted for the longer term fiveyear deal at a lower rate, agreeing that it be retroactive to January 1, 2016, and last until December 31, 2020. The agreement was signed by Mr Lightbourn’s successor, Diana Swann, but Centrex alleged that the first sign of impending problems came in late summer 2018. “On September 3, 2018,
the current general manager of the Broadcasting Corporation of The Bahamas, Kayleaser Deveaux-Isaacs, sent an e-mail to Centrex with a letter dated August 31, 2018, advising Centrex that BCB intended to end its contract for satellite services ‘effective November 30, 2018’, citing budget cuts,” the lawsuit alleges. “On September 4, 2018, Centrex sent an e-mail in response reminding BCB that the amount of $22,600 was still due and payable each month through the end of the current term on December 31, 2020.” BCB allegedly failed to make the payments due in October and November 2018, resulting in Centrex’ attorneys sending it a “notice of termination” and demanding it pay in full the outstanding $587,600 balance due under the contract
till year-end 2020. The US company claimed ZNS’ parent made two more monthly payments following receipt of the notice, the last of which was received on New Year’s Eve 2018. No payment was made for January, which was due in advance on December 15, 2018, despite the BCB allegedly promising it “intended to continue making monthly payments ‘until further notice’”. Centrex replied to the BCB on January 3, 2019, arguing that the two payments “did not cure the default” but offering to reinstate the contract if it received what was outstanding by mid-month along with a promise to resume timely payments until the contract’s end. “BCB never made any further payments, nor did they reaffirm the agreement
or comply with any of the other demands made by Centrex,” the US firm alleged. “As a direct result of defendant’s breach of their contractual duties and obligations, Centrex has actually been damaged in an amount not less than $542,400.” Centrex’s lawsuit makes clear why it may be especially eager to pursue its claim. For it reveals that it is a “middle man” or broker for ZNS, as it actually leases the latter’s satellite capacity on its behalf from another company, New Skies Satellites BV. Centrex itself is locked into the lease deal with New Skies until December 31, 2020, making it imperative for the New York company to obtain payment from ZNS otherwise it will be forced to cough up itself.
PAGE 10, Thursday, April 4, 2019
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
‘We won’t destroy domestic aviation’
FROM PAGE ONE
SENIOR FINANCE OFFICER
compromises the safety of persons coming to The Bahamas. “You may get 100 heads in beds now but lose millions later on, and that is certainly is not an even exchange. We want to grow the numbers and do so safely. Once we break cabotage rules we open up cabotage in The Bahamas to the whole world.” Mr Cargill continued: “Under our guidelines, we - and certainly the Department of Aviation - is not going to approve any foreign airline to transport passengers throughout The Bahamas. It destroys the local airline industry, and it destroys opportunities for Bahamians. “We say we will approve them, but partnered with a local airline and codeshare. Despite all the cry and pleas we keep getting for cabotage, to allow foreign airlines to come to The Bahamas and transfer passengers up and down, I am not a politician but I can tell you that would be political suicide. “We would have so much issues coming about as a
result. We have to think about what is best for the local airlines, earth’s best for tourism, and how we can safely expand and achieve more heads in beds.” Cabotage, according to the Department of Civil Aviation is “an operation involving flights in commercial air transport which enplaned passengers at one aerodrome in The Bahamas and deplaned those same passengers at another aerodrome in The Bahamas”. According to its guidelines for foreign operators “no foreign person or operator may conduct commercial air transportation operations involving cabotage between aerodromes in The Bahamas”. It also states that “no foreign person or air operator may conduct commercial air transport operations from an aerodrome in a foreign country to and from aerodromes in The Bahamas unless those operations are authorised by the authority, and in accordance with the five freedoms specified in the International Air Transit Agreement or as provided in applicable bilateral agreements”.
Sterling Global Financial an international financial services corporation is looking to hire a Senior Finance Officer. The Senior Finance Officer will have overall responsibility for the Finances of the Company including financial reporting, billing and accounts payable. Responsibilities will include: •
• • • • • •
• •
Perform financial analysis to assist in profitability measurement and participating in the development and implementation of the Company’s short term and long-term strategic plan; Coordinate the annual statutory audits with external auditors for multiple legal entities (including the consolidated financial statements); Implement and maintain proper control over the company’s accounting and financial procedures; Prepare and post general ledger entries; Supervise Staff Accountant; Manage Accounts Payable process; Review, update and prepare financial statements (audited and unaudited) for a portfolio of private client trusts, unit trusts and their related entities as and when required; Oversee management and reporting of Fund of Fund Custody services; Maintain proper records of all positions and prepare monthly position reports for Fund Manager
Required experience: • • • • • •
•
Bachelor’s degree in accounting or finance; A professional accounting designation such as C.A., CPA or ACCA; Public accounting experience (ideally Big 4); Minimum of 3 to 5 years post qualification experience is essential (ideally with strong exposure to the financial services industry); Sound working knowledge of Quick-books or an equivalent software package and Microsoft Office products and its associated packages; Excellent analytical and problem-solving skills; Excellent verbal and written communication skills.
If you feel that you are a good fit for the job, please send resumes to hr@sterlinggloballtd.com by Friday, April 12th, 2019. Only applications received to this e-mail address will be accepted. Only those shortlisted will be contacted. Please no phone calls.
Mr Cargill, meanwhile, also spoke to the need for upgrades of several Family Islands airports, which he noted were in disrepair. “We have a huge problem in many of our airports. North Eleuthera, for instance, is in a state of decay, falling below international standards and can’t meet the demand,” he added. Mr Cargill also described the Marsh Harbour airport as “bursting at the seams” with regard to capacity, and in need of proper management. “We hired a consulting group that came in and recommended $5m more in upgrades for that airport,” he revealed. “We’re finding the money to get it done. We have to get it done. We’re looking at a separate, varied management structure for that airport because we have a $35m airport, that in the opinion of the Department of Aviation, is being neglected. That airport in Marsh Harbour needs focus in the short-term.” Mr Cargill, though, stressed: “We’re not giving any airports away. They will be owned by the government. They may be operated differently but we’re not giving away any gateways to The Bahamas.” He said the cost of Family Island airport upgrades will result in increased ticket prices to finance the work. “Every expansion has to be paid for. When you expand an airport as we did with LPIA, we saw the ticket prices go up in terms of taxes built in to the tickets,” Mr Cargill explained. “Now in the Family Islands they don’t this add-on to the tickets, but once we spend this money it’s going to happen. Investments have to be paid back. It’s not a social programme but a business programme that we are managing here.”
Career Opportunity Scotia Wealth Management is seeking the services of a
Senior Manager – Regional Anti-Money Laundering (AML) / Anti-Terrorism Financing (ATF) and Sanctions Position Summary: The Senior Manager, Regional Anti-Money Laundering/Anti-Terrorism Financing and Sanctions is part of the Compliance and AML/ATF 2nd Line of defense team located in The North District (Jamaica, The Cayman Islands and The Bahamas) that provides oversight of the Wealth Management business in the North District which includes Trust, Private Banking, Brokerage and Investment. This position contributes to the success of the Compliance, AML/ATF Enterprise and Ethical Conduct programs by ensuring specific AML/ATF support, reporting, testing, training, and other initiatives are executed/ delivered in support of business strategies and objectives and that all activities conducted are in compliance with governing regulations, internal policies and procedures.
Key Accountabilities for this role: • Acts as the Money Laundering Reporting Officer (MLRO) for Scotiatrust Bahamas and gives support to other MLROs in the region on AML/ATF and Sanctions issues impacting the Group’s Wealth Management Business, as required. • Oversees and monitors the Regional Wealth Management businesses’ AML / ATF and sanctions programs to identify areas of regulatory compliance or controls risk, with the view to implementing the necessary enhancements. • Provides support to the Director AML Program and Head of the CFIU and District Compliance Directors, to monitor the businesses’ AML/ATF and Sanctions operations to ensure that AML/ATF risks are managed effectively and efficiently and in accordance with the firm’s Risk Appetite. • Assesses and provide effective challenge over the management of AML / ATF and Sanctions risks including but not limited to the acceptance of new business, relationship management and relationship monitoring, independently and collaboratively by actively participating in various committees (e.g. New Business Committee (“NBC”), where applicable. • Provides advice and counsel to the Regional Wealth Management businesses with respect to AML/ATF and Sanctions, products, programs, policies and procedures. • Identifies trends and/or gaps across Regional Wealth Management businesses and reports findings with recommendations on how to improve the effectiveness of first line controls to AML/ATF and Sanctions program across the English Speaking Caribbean. • Identify and investigate any systemic issues and trends; determining solutions; preparing writings to Senior/Executive Management and monitoring to ensure approved solutions are implemented. • Pro-actively identifies potential violations of AML / ATF and sanctions requirements, internal policies and procedures, in a timely manner and makes recommendations to mitigate business, compliance and operational risk, in order to minimize risk of financial loss, damage to reputation, regulatory sanctions fines or penalties. • Maintains deep knowledge & understanding of industry issues and practices, AML / ATF and Sanctions requirements and associated changes, as the Wealth subject matter expert for the region. • Supports the development of internal policies aligned with applicable industry regulations and reflective of rule changes from various regulatory bodies. • Provide guidance, support and training to the businesses on emerging issues, AML / ATF and Sanctions trends, and industry best practices.
Educational/Competency Requirements: • Post-secondary education with relevant experience in the financial services industry, preferably within a regulatory compliance, audit or risk management function • Extensive knowledge of securities trading, money-laundering and settlement risks would be an asset. • Strong analytical skills, results orientation and data driven approach in decision making (via KPIs and Metrics); • Ability to drive success in a high performing, flexible and small team environment; • Excellent knowledge of Wealth Management business and regulatory compliance requirements; • Strong analytical and communication skills, results orientation and data driven approach in decision making; • Experience with providing insights to and interacting with the business; • Experience using analytics to identify areas of risk and opportunities for improvement.
Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before April 5, 2019. Please note that only those individuals short-listed for an interview will be contacted.
™Trademark of The Bank of Nova Scotia, used under licence (where applicable).
THE TRIBUNE
Thursday, April 4, 2019, PAGE 11
Sports Authority’s plea: Help change our governance FROM PAGE ONE NSA is directly from the Ministry of Finance based on an approved budget,” the NSA management’s response to the Auditor General’s findings said. “We continue to lobby for this change so that we can carry on operations as provided for in the Sports Authority Act. In light of your audit findings, your support of this change in the way the NSA is funded could be helpful.” The Government, meaning Bahamian taxpayers, injected a total $7.167m subsidy into the NSA over the six-year period between July 2011 and June 2017 to fund its operations as well as cover essential maintenance and capital improvements associated with the staging of events such as the IAAF World Relays. However, the Auditor General’s report, which was tabled in Parliament yesterday, detailed the alltoo-familiar issues with a state-owned enterprise (SOE) - lack of taxpayer “value for money” on funds spent; political interference; inadequate controls; the absence of proper procedures; poor transparency and accountability; and breaches of both its own Sports Authority Act 2011 as well as the Financial Administration and Audit Act. While none of the companies and employees referenced in the Auditor
General’s report were mentioned by name, it referred to a $193,548 contract awarded to an entity called “Company B”. “We noted that a contract was signed by a senior government official on October 8, 2014,” the report said. “We observed that no document on file giving approval to pay the above amount other than a copy of an invoice. “We further noted that neither the Board nor the executive team seem to have been made aware of the engagement. Additionally, the deliverables in the contract were vague and provided no timeline for completion. As this expenditure seemed not to have been budgeted for, it could have placed a strain on the finances of the organisation to meet its fixed operation cost.” The Auditor General’s report also pointed to $1.03m paid to “Company G” over a three-and-a-half year period to January 24, 2018, with “none of the works put out to tender” for competition with rival vendors. As a result, the Government’s financial watchdog said it was “not satisfied that proper value was obtained”, adding: “Because of the number of services the company performed, the risk involved of not having contracts for each job was high and NSA could have found itself paying additional cost. “It is recommended that all works be accompanied by an
official contract. It is further recommended that the practice of approving payments without going through the proper channels be ceased immediately.” The Auditor General’s report added, in relation to a “Company H”, that NSA management “may have over-extended their authority to have” three cheques totalling $109,471 signed on the same date. This was seen as a way of getting around the requirement that all payments worth $50,000 or more must be signed by a Ministry of Youth, Sports and Culture official. And “Company K” was paid $33,500, or 12.13 percent more, than the $275,000 contracted amount to install fencing at the National Stadium. Turning to governance, the Auditor General said a Ministry of Youth, Sports and Culture official served on the NSA Board between July 2015 to June 2016, and July 2016 to June 2017, receiving $12,283 for their services even though the Authority’s own Act makes no provision for senior civil servants to occupy such a position. As for employee matters, the report referenced an “Employee E” who signed an employment contract with the NSA to be paid $5,000 per month, or $60,000 annually, from October 1, 2012, to June 30, 2015. Over the total contract, this would amount to $165,000. However, the Auditor
General’s report said: “We observed that invoice were submitted in Employee E’s company’s name. Prior to the start of VAT, Employee
E requested to have cheques written in the company’s name. “As payment of government taxes (VAT) was mandatory at the beginning
of January 1, 2015, the total amount paid to Employee E during the period January 1, 2012, through January 6, 2016, was $333,398.”
NOTICE
Re: Supreme Court Equity Action No. CLE/qui00269/2016
The Petition of Craig Andrew Symonette respecting (9,500) square feet situate on the western side of a road reservation known as Vinspen Road 360.44 feet North of Cow Pen Road and bounded on the North by subdivision known as “Calf Subdivision”, and Thence running thereon for a distance of Eighty-Seven and Sixty-Seven hundredths (87.67) feet by a road reservation known as Vinspen Road Thirty (30) feet wide; and Thence, run thereon along a tangent curve concrete to the East having an arc distance of One Hundred and Seventy-Six and Thirty-Eight hundredths (176.38) feet South by land a portion of the Estate of Baldwin Symonette; and Thence, running there for a distance of Three Hundred and Forty and Eight-Seven hundredths (340.87) feet NORTHWEST by land the other portion of the Estate of Baldwin Symonette and THENCE running thereon which said piece parcels or lot of land which has such position boundaries shape marks and dimensions as are show on the attached plan. Craig Andrew Symonette claims to be the legal owner of the unencumbered free simple estate in possessions of the above parcel of land and has made application to the Supreme Court of the Bahamas under the Quieting Titles Act, 1959 to have his title to the land investigated. The filed plan may be inspected during normal working hours at: a) The Registry of the Supreme Court, George Street, Nassau, N.P., Bahamas; or b) The Chambers of Gregory S Armbrister & Co. Sapodilla House Market & Cameron Street, Nassau, Bahamas. NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognized in the Petition shall on or before the 10th May, 2019, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before 10th May, 2019, will operate as bar to such claim.
Job Opportunity Project Management
A local financial institution is seeking the services of a project management consultant with the experience and expertise in technology and innovative projects required for strategic evolution. The Consultant will be a strategic partner with responsibility for developing effective working relationships and influencing the development and delivery of products, services and process strategies and improvement through innovative technology solutions. Consultant Responsibilities: • Provide Project Management consulting services using program and project management best practices • Function as a consultant delivering Project Management: Program Planning and Integration, Project Release / Execution, System Performance Reporting, Risk Management, Project Scheduling, and Organizational Change • Provide oversight and strategic input to the development of new processes and redesign of existing processes based on an understanding of the tools and systems utilized by the business. Conduct pilot tests of proposed operating and product changes to ensure material issues are address before launch. Participate in post-audit of business case after implementation is complete. • Review progress of third-party providers, negotiating and reviewing and proposing architectures and processes and researching market opportunities. • Work with the business as a strategic partner, to solve problems through creativity and innovation, balancing the irreverent with the responsible, the flexible with the details and the fun with the strategic. • As a strategic partner, partake in strategic business discussions, supporting executives and change stakeholders in their technology innovation / technology change explorations. • Establish, monitor, measure, assess and evaluate program requirements and research market opportunities • Provide ongoing support and counsel for innovation initiatives, including planning and facilitating engagements, balancing creative and strategic excellence with disciplined project leadership / management to deliver sustainable innovations with pace. • Examine and identify opportunities for innovation across the company and the customer journey. • Work across multi-disciplinary project teams to bring innovation expertise wherever needed. • Adhere to corporate policies and procedures, including code of conduct, security and audit procedures and any control related responsibility for financial and personal data entered, stored, or reported via business systems within employees’ control (list not exhaustive). Requirements: • Proven experience as consultant and experience in project management • Knowledge of data analysis and research techniques • Knowledge of business software and IT systems • Ability to develop details plans and proposals • Certification in project management, consulting or field of experience is an advantage • Able to work well under stress with the ability to manage projects in an environment with tight deadlines • Must be fluent in Spanish and Portuguese All interested persons should apply before April 6, 2019 to: P.O. Box c/o The Tribune DA108369 Nassau, New Providence, Bahamas
PAGE 12, Thursday, April 4, 2019
THE TRIBUNE
BILL INTRODUCED TO HELP PUBLISHERS BARGAIN WITH TECH GIANTS NEW YORK Associated Press NEWS publishers would gain greater power to negotiate terms with Facebook and Google under terms of a bill filed yesterday in the House of Representatives. The proposal aims to give newspaper and digital publishers who have been struggling financially the right to bargain collectively with the tech giants. The publishing group says revenue has plummeted by $31 billion since 2006, due primarily
IN VIEW: THE US CAPITOL BUILDING. to the disappearance of advertising. Publishers are more optimistic about the legislation,
which has failed in the past, because it now has bipartisan support. Congress in general has been taking a
greater interest in the tech giants’ operations. The bill is being sponsored by Rhode Island Rep David Cicilline, a Democrat, and Rep Doug Collins of Georgia, a Republican who is ranking member of the Judiciary Committee. The News Media Alliance, which represents the publishers, say the right to work together would give them a better chance to negotiate licensing fees for use of their stories. They also want access to data collected by Facebook and Google about who reads their work.
Legal Notice
Legal Notice
NOTICE
NOTICE
KOGSOR MANAGEMENT LTD.
KAINZ COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) KAINZ COMPANY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 3rd April, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.
NOTICE IS HEREBY GIVEN as follows: (a)
KIGSOR MANAGEMENT LTD. has been dissolved on the 27th day of March, 2019 under the provisions
(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
of the International Business Companies Act, 2000.
Dated this 4th day of April, A.D. 2019 Shareece E. Scott Liquidator
NOTICE NOTICE is hereby given that NASTAYCIA McPHERSON of Golden Gates #2, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT WEDNESDAY, 3 APRIL 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,156.82 | CHG 34.36 | %CHG 1.62 | YTD 93.52 | YTD% 4.52 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.15 1.15 3.50 10.50 6.60 4.64 12.50 2.74 1.81 9.02 6.46 15.60 7.25 4.47 13.85
52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
LAST CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.15 9.85 6.16 4.50 10.64 2.55 1.79 9.16 6.40 15.57 7.25 3.54 13.85
CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.15 10.50 6.16 4.50 10.64 2.55 1.79 9.26 6.40 15.57 7.25 3.54 13.85
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.65 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME 100
900 5,000
400
VOLUME 100
EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631
DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600
P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.2 17.0 25.0 8.6 N/M 13.3 18.7 12.5 17.3 21.9
YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 6.76% 3.57% 2.67% 5.83% 2.35% 3.35% 0.91% 3.75% 3.21% 2.76% 2.54% 4.33%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.74 1.69 1.12 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79
YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 0.76% 4.39% -0.03% 2.04% 0.51% 3.65% 1.03% 3.78% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
They want the companies to give better exposure to the news organisations that produce articles on their sites and notice of when the companies change algorithms that suddenly make certain work less visible, said David Chavern, president and CEO of the News Media Alliance. The publishers say that
Facebook and Google is now responsible for 90 percent of all digital ad revenue growth. The Computer and Communications Industry Association, which advocates in Washington on behalf of the internet companies, said they had no immediate comment on the proposal.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, GIVENCHY DAVIS of Poppy Avenue, Garden Hills #3, of Nassau, Bahamas, intend to change my name by Deed Poll to GIVENCHY LOCKISHIA AMANDA JOHNSON. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.
NOTICE NOTICE is hereby given that TELLER BELFORT, of Marsh Harbour Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.