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THURSDAY, JULY 6, 2017
$4.15 FYRE ORGANISERS BARRED MINISTRY’S OFFICIALS FROM SITE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas “is as much an unwitting victim” of the Fyre Festival fiasco as its attendees, the Minister of Tourism revealing that organisers kept ministry officials away from the event site. Dionisio D’Aguilar, in a recent interview with Tribune Business, acknowledged that the fall-out had created “a PR nightmare” for the Bahamas, but argued that his Ministry’s officials were not to blame. “The organisers of the festival, according to our people, were very reluctant to give them access to the site,” he revealed. “They were assured the organisers had it covered. “It was only on the day people arrived that they had access to the site and saw that the things promised were not in place. The Ministry then stepped into action to get those people out as quickly as possible, working at the airport.” Mr D’Aguilar, speaking just before the US federal authorities charged the Fyre Festival’s principal organis-
Dionisio: Bahamas ‘an unwitting victim’ Impacted vendors ‘amazingly resilient’ Should be compensated before Customs
DIONISIO D’AGUILAR er, William McFarland, with fraudulent misrepresentation based on allegedly false declarations of his personal and corporate assets, said the Ministry had seen its role purely as a facilitator. See PG B11
Minister: ‘I won’t issue contracts like candy’ By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minister of Works yesterday warned that he will “not issue construction contracts like candy at a child’s party”, emphasising that contractors must deliver ‘value for money’ to taxpayers. Desmond Bannister, addressing a Bahamian Contractors Association (BCA) luncheon, said Government construction contracts would only be issued to contractors who were “registered and qualified” to do the work required. Implying that the days of ‘political patronage’ were over, he said such practices would be “curtailed” See PG B4
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Govt to make $234m binge ‘near impossible’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DPM: Still ‘on track’ for $500m deficit
THE Deputy Prime Minister yesterday pledged that the Government’s planned Fiscal Responsibility legislation will make it “near impossible” to repeat its predecessor’s $234 million pre-election deficit spending binge. K P Turnquest, sticking by his $500 million deficit projection for the 2016-2017 fiscal year, said the Central Bank’s latest report “absolutely” showed the extent of the Christie administration’s efforts to ensure it retained power. He said anti-corruption and Fiscal Responsibility legislation will be the first two areas addressed when Parliament reconvenes in Septem-
Figures ‘absolutely’ show pre-election spend Fiscal Responsibility, corruption laws, priority ber, adding that the Minnis administration was “very serious” about following through on these initiatives. Speaking after Central Bank figures appeared to show $234 million was added to the fiscal deficit during this year’s second quarter, which included the general election, Mr See PG B9
DEPUTY Prime Minister Peter Turnquest.
DPM: BOB rescue vehicle must be ‘more aggressive’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BANK of the Bahamas’ bail-out vehicle must be “more aggressive” in liquidating the assets securing its ‘bad loan’ portfolio, the Deputy Prime Minister urged yesterday. K P Turnquest told Tribune Business that the Government was adamant Bahamas Resolve will “not
become another burden on the backs of the Bahamian people”, amid warnings it will soon be unable to service its obligations to the BISX-listed institution. “It is a reality we are aware of,” he said. “The fact of the matter is that Resolve has to do a better job, a more aggressive job of liquidating those properties it has to meet its commitments.” Mr Turnquest added that
the Minnis administration would “ensure we do everything in our power to make sure it does not become another burden on the backs of the Bahamian people. “Concern is not necessarily a word I would want to use, but we are aware of this and want to mitigate it”. Mr Turnquest, who is also minister of finance, was responding after Bahamas See PG B8
Resolve must ‘do better job’ on bad loans Can’t be ‘another burden on Bahamian backs’ Bail-out structure ‘not well thought-out’
Bannister emphasises ‘value for money’ Political favouritism to be ‘curtailed’
DESMOND BANNISTER
Contractors losing $100m annually as no Lien Law By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday estimated that local contractors were losing $100 million annually due to the absence of lien laws that would enable them to claim outstanding payments. “I would say that, conservatively speaking, it’s fair to say that $100 million yearly is not collected by good faith contractors,” Leonard Sands said. “That is because there is nothing
in place to force clients, developers or vendors to negotiate settlement on outstanding balances, and so many times contractors simply can’t get what is owed to them.” Mr Sands added that with 8,000 licensed contractors in the Bahamas, outstanding payments to the industry could easily hit half a billion dollars ($500 million) over a five-year period given his $100 million annual estimate, Desmond Bannister, minister of works, while addressing a BCA luncheon, confirmed the Government was See PG B12
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THE TRIBUNE
INSURANCE INDUSTRY ‘KEY PARTNER’ ON HEALTH REFORM THE Minister of Health has pledged that the Bahamas Insurance Association (BIA) will be among the Government’s “key partners” on healthcare reform. Dr Duane Sands called for meaningful input from the insurance industry during a recent courtesy call by the BIA, suggesting there were opportunities for its members to provide new products under the National Health Insurance (NHI) scheme. “I look forward to a mutually respectful relationship with the BIA, and
suggest regular meetings to maintain the dialogue,” said Dr Sands. BIA executives, led by chairman Emmanuel O. Komolafe, emphasised the insurance industry’s stability and contribution to the Bahamian economy. He added that gross written premiums were equivalent to about 9 per cent of the Bahamas’ GDP. Mr Komolafe highlighted the correlation between the Bahamas’ sovereign credit rating and those of individual Bahamian insurers. Dr Sands was also advised of the industry’s con-
cerns over exchange control restrictions, which limit its ability to invest outside the Bahamas, and the challenges life and health insurers in matching long-term liabilities to appropriate assets. Mr Komolafe said: “Overall, the BIA is optimistic about working with the Ministry of Health and the NHI Authority, once formally constituted, and looks forward to collaborating on the refinement of the NHI model and advancement of both the health and insurance industries.”
PICTURED L to R are: Dr Pearl McMillan, acting chief medical officer; Cardinal McCardy, treasurer, BIA, Hope Insurance; Tina Cambridge, Generali; Stuart Kelly, FG Insurance Brokers & Agents; Dr Rhonda Chipman-Johnson, co-ordinator, BIA; Emmanuel Komolafe, chairman, BIA; Duane Sands, minister of health; Felicia Knowles, Lampkin, Knowles & Co; Peter Deveaux-Isaacs, permanent secretary, NHI Secretariat; Dr Delon Brennen, project manager, NHI and deputy chief medical officer; Maisie Evans, permanent secretary, Ministry of Health; Sherrilyn Wallace, permanent secretary, Ministry of Health.
Scotiabank assists first Bahamian cross-listing SCOTIABANK (Bahamas) yesterday said it played a key role in facilitating the first cross-listing by a Bahamian company on a Caribbean stock exchange. The bank acted as the link between Cable Bahamas and its regional affiliate, Scotiabank Investments (Jamaica), to smooth the BISX-listed institution’s path to listing on the Jamaica Stock Exchange (JSE). Cable Bahamas listed two classes of preference shares, which were first issued in July 2016, on the JSE on June 2, 2017. The
listing involved 5,439 Series 11 fixed rate preference shares, carrying an 8 per cent interest coupon. The issue, valued at $14.7 million, matures on June 30, 2023. Scotiabank (Bahamas) said the cross-listing had paved the way for other Bahamian companies seeking access to international financing opportunities. “The partnership that Cable Bahamas and Scotiabank Bahamas enjoy was a natural synergy, as we were able to leverage our strength as a leading bank with the ability to deliver
unique solutions to our client,” said Greg Stuart, Scotiabank’s head of corporate and commercial banking for the northern Caribbean. Scotiabank (Bahamas) added that the Cable Bahamas listing can be used as “a blueprint” for other Bahamian companies seeking alternative avenues to access capital. It said accessing capital abroad, and listing shares outside the Bahamas, enhances a firm’s exposure to capital markets investors and potential customers.
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Thursday, July 6, 2017, PAGE 3
Aliv needs BTC network roaming for just 6 months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas’ second mobile operator yesterday said it will only need to roam on its rival’s network for six months, pledging that it will be ‘Aliv’ in three more islands by end-August. Damian Blackburn, Aliv’s top executive, told Tribune Business that progress on its national roll-out plan meant it would only require the Bahamas Telecommunications Company’s (BTC) infrastructure to carry its traffic - in islands where it does not operate - until Christmas 2017. Mr Blackburn was speaking as Aliv confirmed its services will be available in Andros, Bimini and Exuma by the end of August, bringing the total number of is-
Roll-out taking in all islands by Xmas Exuma, Andros, Bimini for August launch Financial performance ‘within tolerance’ lands where its services are available to seven. He added that the mobile operator was already “surveying” other Family Islands for tower and infrastructure sites, pledging that Aliv was moving “at record speed” to fulfill its license and regulatory commitments. ‘We’re heavily in the process of surveying the islands beyond those [three],” Mr
Blackburn told Tribune Business. “We’re going island by island. Our chief technology officer is in San Salvador today. “We’ve done Long Island, Cat Island. Once we’ve done with those three, it will be on to the next. It’s the usual Aliv; moving at record speed. The good people of Exuma, Bimini and Andros will have Aliv services and a network working very soon.” Mr Blackburn said Aliv and BTC had finally reached a national roaming agreement in May 2017. This will allow the voice and data traffic, generated by Aliv customers in Family Islands where their operator has yet to build-out its infrastructure, to be temporarily carried on BTC’s network. Aliv and BTC had differed sharply over how long this roaming arrangement
should remain in place, with the former seeking 36 months and the latter pushing for just 12 months. The sector regulator, the Utilities Regulation and Competition Authority (URCA), ultimately settled on 24 months as a compromise, arguing that Family Island residents should not be denied the same competition and choice benefits as their New Providence counterparts. Mr Blackburn, though, yesterday indicated that Aliv needed just 25 per cent of the time permitted by URCA. “We are in the very advanced stages of testing national roaming,” he told Tribune Business. “We’ve been testing phones in islands where we don’t operate. We’ll be done by Christmas; we only need national roaming for the next six months, according
to our roll-out plan. A lot of customers are ringing us from islands beyond the four we’re operating in now, saying they can use their phones. “We’re being patient and doing extra testing to make sure it’s doing what it should. There will be a few further tests to make sure it’s perfect, but it’s all looking good.” Mr Blackburn said BTC and Aliv’s technical teams were also co-operating on co-location, the two rival carriers having reached an agreement on facilities sharing back on April 12. He added that the first co-locations took place on Grand Bahama in early June, where Aliv swapped temporary mobile tower sites and moved its equipment to BTC’s existing facilities. URCA mandates that the two cellular operators share and co-locate where technically and economically feasible, and Mr Blackburn said this was now being extended to Andros, Exuma and Bimini. “We’re ploughing forward with our roll-out plan,” he added. “We’ve been a little bit delayed, but we have four to five sites in Andros, eight towers all in in Exuma, and the equipment is being installed. Everything under our control we’re executing against. There’s always bumps in the journey, but I’m pretty confident the good people of Andros, Exuma and Bimini will
have service in the next few weeks.” Aliv’s top executive said the mobile start-up was “within tolerance of where we should be” on its financial performance, arguing that it produced “a phenomenal achievement” since going live in November 2016. Mr Blackburn said: “Todate we are proud to have more than 70,000 subscribers who can experience Aliv’s network and see its performance, which is constantly ahead of URCA’s key performance indicator requirements in terms of user speed and dropped calls. “We are looking to deliver the same super-fast speeds, clear calls and reliable service to the residents of Andros, Bimini and Exuma very soon. We are able to uphold our commitments due to vital steps taken to ensure financial viability, with funding of $135 million from shareholders and an investment of $120 million in our network system and infrastructure. We have also secured significant vendor financing from our technology partner, Huawei, which is more than $30 million.” Aliv currently has retail stores and authorised dealers on New Providence, Grand Bahama, Abaco and Eleuthera, and a total of 142 live sites throughout these islands. The operator is aiming to launch in all the major Family Islands, and throughout the entire Bahamas, by early 2018.
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Govt to create ‘landmark’ at Post Office site By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
A CABINET Minister yesterday said downtown Nassau is “overdue for a facelift” and “in need of a ‘renaissance”, pledging that the Government will lead by example and create a “landmark” at the current Post Office site. Speaking with Tribune Business following his presentation at a Bahamas
Contractors Association (BCA) luncheon, the Minister of Works said: “It’s going to be important to all of us as Bahamians. Downtown should not look the way it looks now. It doesn’t look inviting and it doesn’t look like a place you want to be or shop.” Desmond Bannister said city centres around the world featured properties as upscale condominiums, making them ‘living cities’. “We have got to start by building downtown. The
Government has to set the example,” he added. “We are going to implode the Post Office building. We are going to build something there that is a landmark for the Bahamas, and do some other things that will make downtown Nassau important again and make it a centre for commerce.” Mr Bannister told those present at the BCA luncheon that contractors, architects and other industry professionals will have the
opportunity to participate in rebuilding the city of Nassau. “The main Post Office will have to be imploded. Our Bahamian architects will have a wonderful opportunity to create a vision of a building that sits on the hill with a majestic view of downtown Nassau and the Harbour, and our skilled contractors will be the people who bring that building to life. It will be a monument overlooking our city,” he said.
He added that the Clarence Bain Building must also be imploded, adding that several schools “have outlived their useful lives”, such as Government High, S.C McPherson; L.W Young; and R.M. Bailey. “Work will be tendered for many diverse projects throughout the country,” Mr Bannister said. “Some of the major works for which my Ministry has budgeted include construction of gymnasiums in South Andros, Abaco and
Minister: ‘I won’t issue contracts like candy’ From pg B1 as the Minnis administration “strictly adheres” to government tendering processes. Suggesting that this would “level the playing field” for competent contractors, Mr Bannister said: “Those contractors who invest in their business, and who present innovative solutions, will have every opportunity to prosper. “I have no interest in issuing contracts like candy at a child’s party. You are either registered and qualified to participate in the process or you are not. As partners working together, we shall elevate the public’s perception of construction contractors. Except where there is some compelling reason, major projects will be publicly tendered. “Unqualified and unregistered individuals will not be considered. All bids will be considered and properly evaluated, and the winning bidder will be the one that provides the best value for the people’s money. We are fully committed to transparency and accountability. This Minister will not interfere with due process. Nor will we tolerate shoddy work.” Mr Bannister added that the Construction Contrac-
tors Act would bring an end to the “chaos” that has plagued the industry as a result of unscrupulous operators, cost overruns and poor workmanship. Mr Bannister added that except for civil lawsuits, there was little recourse for those with complaints against contractors. “Chaos has been the customer experience for those who have been subjected to unscrupulous contractors, cost overruns, and poor workmanship. Except for civil lawsuits, there was little recourse for those with complaints against contractors. Many are the stories of the vulnerable, particularly single women, who have lost money and materials – paying deposits and seeing no work done by contractors who disappear,” said Mr Bannister. He said the Act’s provisions were meant to be a deterrent to unscrupulous conduct, describing it as “revolutionary” and “long overdue”. Mr Bannister added that the Act provides for registration and licensing through the Construction Contractors Board, which will be responsible for advising the Minister responsible for Works on matters
Eleuthera, construction of Family Island Airports in Deadman’s Cay, Treasure Cay, Cat Island, and Mayaguana; road construction in New Providence and Family Islands; completion of the Fishing Hole Road and Smith’s Point Seawall; repairs and upkeep of many docks, piers and harbours in New Providence and the Family Islands. In other words, there will be work for those who are sufficiently professional to earn it.”
relating to the construction industry. There will also be a register of licensed contractors, Mr Bannister said, adding that contractors must have all-risk insurance and public liability insurance in the amount of $1 million to supply services to the general public “Contractors will have to meet certain criteria before they are licensed to specific categories. Further, each contractor will have to demonstrate that he has successfully completed a project within the category of the license for which he is applying. These provisions will protect your customers and you,” the Minister said. He added that the Act also contains a Consumer Code for contractors, which sets mandatory requirements that all builders must meet in their marketing and building of homes. “The code seeks to ensure that clients are treated fairly; that they know what service levels to expect; that they are given reliable information upon which to make their decisions; and that they know how to apply to the builders’ defects compensation scheme. This scheme is set up to deal with cases of defective workmanship in relation to newly-constructed residential homes,” said Mr Bannister.
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Thursday, July 6, 2017, PAGE 5
BICA MAKES IMPRESSION AT CARIBBEAN CONFERENCE
BICA president, Gowon Bowe, with Sir Ronald Saunders, Ambassador to the US and Organisation of American States for Antigua and Barbuda.
THE Bahamas Institute of Chartered Accountants (BICA) represented this nation at the Institute of Chartered Accountants of the Caribbean’s (ICAC) 35th annual conference, held in Guyana from June 22-24. BICA’s contingent included Gowon Bowe, president; Darnell Osborne, immediate past president; Marva Winter, BICA executive director; Nerika Burrows, BICA council member; and Nadia Ellis-Rolle, CPD committee member. ICAC was formally established under the laws of Jamaica and incorporated in October 1988, bringing together accountants from the English-
Sterling names ex-minister to senior executive posting DAVID Kosoy’s Sterling Global Financial has named Khaalis Rolle, the former minister of state for investments, to an executive post with the $9 billion asset manager. Mr Rolle will become senior executive vicepresident, with responsibility for business development, at the private banking, asset management and real estate financing firm. “We are very pleased to announce that Khaalis Rolle has joined our dynamic team at Sterling Global Financial,” said Mr Kosoy, its chairman. “He brings a unique combination of skills and dedication – a firm and mature grip on business structure and processes, and a youthful, go-getter energy that is contagious. All of us at Sterling believe he will add immeasurably to the delivery of excellence our investors and clients expect and deserve.” Sterling’s focus is real estate and property development financing. Its current Bahamas projects include the Paradise Island condominium complex, THIRTY SIX; the rescue and transformation of the long-stalled Ocean Terraces on West Bay Street; funding for the redevelopment of the Marriott Courtyard on Bay Street, across from Long Wharf; the Sky Beach resort on Eleuthera and Matt
STERLING Global Financial has named former minister of state for investments, Khaalis Rolle, to senior executive post. Lowe’s Cay, Abaco. Sterling also financed and developed the infrastructure, and construction, of five private villas accessible only by boat at the western end of Paradise Island. “We had an opportunity to work with Mr Rolle while he was chairman of the Chamber, and as investment minister, and were impressed by his insight and productivity,” said Sterling’s president, Stephen Tiller. “We are very pleased that of all the offers I am sure he received since leaving office, he chose Sterling, and we look forward to the wisdom he will bring both in local and international markets.” Prior to his government service, Mr Rolle spent 16 years as chief marketing officer for Bahamas Ferries.
He began his professional career as Family Island & Turks & Caicos manager for Esso Standard Oil, and his first civic appointment was as a director of the Nassau Tourism and Development Board. Mr Rolle became one of the youngest persons ever to be elected chairman of the Bahamas Chamber of Commerce in 2009, and he is credited with merging the Chamber and the Employers’ Confederation. Mr Rolle is the former Caribbean region president of the Organisation of American States InterAmerica Private Sector Organisation, and a part-time lecturer at the then-College of the Bahamas.
speaking Caribbean. The founding members of were the Bahamas, Barbados, Belize, Guyana, Jamaica, St. Lucia and Trinidad & Tobago. Since its establishment, ICAC has provided a forum for the advancement of the accountancy profession in the Caribbean. Its flagship event continues to be the annual xonference in June each year. BICA representatives showcased a Bahamianthemed booth, complete with video highlights of the islands and native treats. BICA has been selected to host the next ICAC annual conference, which will be held at Atlantis in June 2018.
BICA reps at the Bahamian-themed ICAC Conference booth.
PAGE 8, Thursday, July 6, 2017
DPM: BOB rescue vehicle must be ‘more aggressive’ From pg B1 Resolve’s former chairman, James Smith, again warned this week that Bahamas Resolve’s inability to collect on its ‘bad loan’ portfolio means it cannot fulfill its obligations to Bank of the Bahamas. Mr Smith, a former Central Bank governor and finance minister, had delivered a similar warning to Tribune Business in June 2016. He is now suggesting that the Public Treasury
may have to takeover interest payments on the bank’s bonds from Bahamas Resolve, further burdening an already-cash strapped Bahamian taxpayer. Bahamas Resolve is the special purpose vehicle (SPV) created in October 2014 to facilitate the rescue of Bank of the Bahamas. The ‘bail out’ saw a collective $45.2 million in ‘bad loans’, belonging to 13 delinquent borrowers, transferred from the BISX-listed institution to Bahamas Re-
THE TRIBUNE solve, with the subsequent ‘hole’ in the bank’s balance sheet plugged by $100 million worth of government bonds. The interest payments due to Bank of the Bahamas on those bonds were supposed to be serviced by the proceeds from Bahamas Resolve’s sale/liquidation of ‘distressed assets’ securing those loans - mainly high-end and apartment-style residential properties, together with some business premises. However, Mr Smith this week - as in June 2016 warned that the value of Bahamas Resolve’s loan ‘security’ was around 50
per cent less than what was considered to be its initial worth. This, combined with slower-than-expected property disposals, is impacting the SPV’s ability to service Bank of the Bahamas’ bonds. “In the beginning, we used proceeds of a sale to fund the interest,” Mr Smith said. “But going forward we said to government officials that you’re going to have to make this a line item in the Budget. “The yearly interest to the bank is about $2-$3 million. At first, proceeds came in from a Paradise Island property we sold; that was enough for a while. We sold
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a second property and that helped for a while as well. But the Treasury may have to kick in afterward. Even if we were to sell every property, it wouldn’t be enough to settle the debt and, at some point, you have to get money from somewhere to pay it.” Mr Turnquest yesterday told Tribune Business that Bahamas Resolve’s creation, and the structure of Bank of the Bahamas’ October 2014 ‘bail out’, had not been properly thoughtout by the former Christie administration. “It was a hastily puttogether arrangement,” he said, “and not necessarily well thought-out, but we have to deal with it.” Mr Turnquest said a new Board had been “designated” for Bahamas Resolve, but the Minnis administration had yet to officially appoint it. The Christie administration’s priority in rescuing Bank of the Bahamas was to bring the BISX-listed institution back into compliance with the Central Bank’s solvency and capital ratios, while simultaneously ensuring there was no negative impact for the
Government’s own finances and balance sheet. The implications for Bahamas Resolve, and its ability to service the interest payments due to Bank of the Bahamas, would not have been the primary consideration when structuring the bail-out. However, Mr Smith’s renewed warning indicates that Bahamas Resolve and Bank of the Bahamas are set to become a further liability that will have to be covered by long-suffering taxpayers. Apart from low valuations and a difficult real estate market, Bahamas Resolve’s former chairman has also warned that some of the 13 ‘bad borrowers’ are being uncooperative and denying the SPV - and its agents - access to the properties on which credit is secured. Bahamas Resolve is also having to pay fees to its manager, the Deloitte & Touche accounting firm, and the Higgs & Johnson law firm that is acting as its attorneys.
THE TRIBUNE
Thursday, July 6, 2017, PAGE 9
Govt to make $234m binge ‘near impossible’ From pg B1 Turnquest said: “We’ve announced we’re going to be implementing a suite of Fiscal Responsibility legislation. “That is going to make it near impossible to do this kind of thing. We’re very serious about that, and we recognise that if we don’t get it right, and don’t get it right in the near term, that has significant consequences for the way forward.” Tribune Business revealed yesterday how the numbers in the Central Bank’s May report show a $234 million was incurred in the three months to endJune 2017, based on the new government’s $500 million full-year deficit projection. The report shows the former Christie administration actually contained the ‘red ink’ during the first three months of 2017, even posting a “small surplus” of around $10 million for its Budgetary operations over that period. But, given that the Central Bank pegged the ninemonth deficit at $265.9 million, the new administration’s $500 million full-year estimate suggests the Government spent $234 million more than it took in during the three months to endJune 2017. Mr Turnquest yesterday agreed that this was the only “conclusion” that could be drawn, especially since former prime minister, Perry Christie, had projected a full-year deficit of $350 million when delivering the mid-term Budget in late April. “If you look at their own statement in March [April], and compare that to where we are, you would have to come to that conclusion if you are to take them at their word,” the Finance Minister said of the former adminis-
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tration. “The reality is that if we continued the way we were going, we may have had some issues.” Some observers, speaking privately to Tribune Business yesterday, suggested the Central Bank data also called into question the Minnis administration’s $500 million deficit estimate for the 2016-2017 full year. They pointed to the Budget surpluses generated in March ($27 million), and for the first quarter as a whole, as evidence that the former government was clawing back some of the damage inflicted by Hurricane Matthew. However, Mr Turnquest said the Government was “still on track” to produce a $500 million deficit for the fiscal year that closed on June 30. He added that while the former Christie administration’s fiscal intentions and
plans may have been correct, “execution and a lack of discipline, particularly in the last period”, resulted in it adding $2.2 billion to the national debt during its five years in office. Bradley Roberts, the PLP’s chairman, was the only one to respond to Tribune Business’s revelations, describing them as a “bit of salacious nonsense” in a statement yesterday evening. However, he did not dispute the Central Bank’s figures or the meaning of their data. Neither Chester Cooper, the PLP’s finance spokesman, nor Philip Davis, the Opposition’s leader, returned Tribune Business’s phone calls and e-mails seeking comment before press time last night. Mr Turnquest, meanwhile, said the Minnis administration was relying on its promised Fiscal Responsibility legislation to prevent similar pre-election hiring and contract signing binges in the future, including by itself. “We have a lot of legisla-
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tion in the pipeline here that we’ll be developing over the summer,” he explained, “so beginning in the fall there’s a whole slew of initiatives we want to take. “The first part of the year, or latter half of this year, we will be focused on anti-corruption type legislation, and passing some laws to control corruption. Then we’ll move into this Fiscal Responsibility legislation and, moving forward, go into revenue enhancement and economic incentive legislation.” Mr Turnquest previously told the House of Assembly that the proposed Fiscal Responsibility legislation would target an annual GFS ‘balanced Budget’, meaning that the goal is to add no new debt to the exist-
ing $7-billion plus national debt. The Government’s other objective would be to maintain “a desirable and sustainable” debt-to-GDP ratio, Mr Turnquest said. To underpin this, the proposed law would require the Government to set out the assumptions underpinning its annual Budget, along with its longer-term fiscal targets. Explanations would also have to be provided if Budget targets for prior years were missed, while shortterm fiscal targets will have to be placed in the context of the Bahamas’ long-term objectives. Mr Turnquest suggested that targets could also be set for some components of the Government’s fixedcost spending, such as the
civil service wage bill, while plans and timelines for eliminating any deficits will also have to be laid out. The Central Bank, meanwhile, has also adjusted its position on the Bahamas’ fiscal outlook, warning that near-term prospects for reducing the deficit have become bleaker due to the bloated civil service wage bill. “Medium-term fiscal consolidation prospects remain dependent on the success of measures to enhance revenue administration and curb expenditure growth,” it said. “However, the near-term prospects of a deficit reduction have lessened, owing to increased expenditure commitments from salaries and ongoing recovery costs from Hurricane Matthew.”
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NOTICE is hereby given that CRISTAL CAMBRIDGE of P.O Box SP-61135, New Providence, 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 6th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
INTEGRATED MANAGEMENT SERVICES LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). INTEGRATED MANAGEMENT SERVICES LIMITED, is in Dissolution.”
THE TRIBUNE
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PERRY MICHAEL SANDS of Golden Meadows Subdivision P.O. EE-17035, New Providence, Bahamas intend to change my name to PERRY MICHAEL ROBERTS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P. O. Box N – 742, Nassau, Bahamas no later than Thirty (30)days after the date of publication of this notice. Legal Notice
NOTICE NEWFORT INC. (In Voluntary Liquidation)
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL. The public is hereby advised that I, ERMA VICTORIA CARTWRIGHT of 132 CHURCHILL AVENUE, P.O. Box SS-19652 intend to change my name to ERMA VICTORIA CAREY. If thereare any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later thanthirty (30) days after the date of the publication of this notice.
The date of commencement of dissolution is the 30th day of June, 2017.
JUAN FRANCISCO MUTIO, Address ROQUE GRASERAS 806/101, Montevideo, Uruguay Liquidator
Notice is hereby given that in accordance with Section (4) of the International Business Companies Act, 2000, NEWFORT INC. is in Dissolution. The date of commencement of dissolution is the 4th day of July, 2017. Aegis Corporate Services Limited Offices at Old Fort, Building Four, Western Road P.O. Box SP-63771 Nassau, Bahamas Liquidator
MARKET REPORT WEDNESDAY, 5 JULY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,863.80 | CHG 0.00 | %CHG 0.00 | YTD -74.41 | YTD% -3.84 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.50 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00
52WK LOW 3.62 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.31 5.80 7.55 8.56 7.90 6.35 11.92 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.47 10.00 2.54 1.56 6.00 9.75 8.10 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.91 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.47 10.00 2.54 1.56 6.00 9.75 8.10 9.75 6.90 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
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 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund 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
VOLUME
VOLUME
NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
P/E 9.6 17.0 N/M 9.4 N/M N/M -9.9 14.7 31.6 19.4 17.5 24.9 7.9 8.0 12.8 24.5 11.7 11.5 17.9 0.0
YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 2.25% 3.49% 3.67% 3.44% 5.70% 2.36% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%
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 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
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
OFFICE MANAGER Office Manager for small Professional Firm. Duties to include: • Supporting company President in daily office operation • Review of documents • Leasing with clients and venders • Collection of outstanding receivables • Reporting to management • Hiring of personnel Qualifications required: Bachelor’s Degree in either Marketing, Finance, Accounting or Management Able to work independently with minimal supervision Good working knowledge of Microsoft Office Interested persons can send resume to Bizcounselorscpa@yahoo.com
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
THE TRIBUNE
Thursday, July 6, 2017, PAGE 11
Fyre organisers barred Ministry’s officials from site From pg B1 “Obviously, this is a PR nightmare for the Bahamas, but if anybody comes to the Bahamas and wants to stage something, the Ministry puts forward its people to assist in getting all the requirements and permits in place for it to work,” he told Tribune Business. “They do this time and time again for many festivals and conferences down here. I don’t think anybody realised the fall-out would have such an effect on the Bahamas. The Ministry is as much a victim in this as the Bahamas is a victim in this and as the attendees. I’d like to think the Bahamas is an unwitting victim.” The Fyre Festival took place prior to the general election and Mr D’Aguilar’s appointment as Minister of Tourism. Tribune Business, though, has previously revealed how DeAnne Gibson, its manager of culinary tourism, was linked via her sister to the company that provided catering services to the event. That company, Cater Fyre, was created specifically for the event by two University of the Bahamas (UoB) culinary professors, one of whom was Mrs Gibson’s sister, after the organisers approached the Ministry of Tourism seeking advice on who they should hire as caterers. And Pedro Rolle, the Exuma Chamber of Commerce’s president, previously told this newspaper that the Ministry of Tourism chaired a meeting, with McFarland present, where Exuma stakeholders were encouraged to give their full support to Fyre Festival and ensure it worked. All this raises questions as to whether the Ministry of Tourism’s judgment was impacted by the involvement of officials seeking to profit from the Fyre Festival, and whether the involvement of its officials gave credibility to the organisers and induced Exuma-based vendors to provide services that ultimately left them out-ofpocket.
Mr Rolle yesterday told Tribune Business that it was impossible to determine the total financial loss for contractors, vendors and individuals whom the Fyre Festival had failed to pay because no “central registry” of sums outstanding existed. Expressing fears that the debacle and its impact will be ‘swept under the carpet’, the Exuma Chamber chief added: “I can’t give a number. I’ve heard of no effort by anybody to say how these debts will be paid, and if it will be done on an individual basis.” Mr D’Aguilar earlier this week said it was highly unlikely that the Fyre Festival’s Bahamian unsecured creditors would receive what was due to them, given that there were little to no assets in this nation to claim against. Neither Mr Rolle nor K P Turnquest, minister of finance, were yesterday able to confirm the fate of the Fyre Festival assets seized by Customs over non-payment of import duties and other taxes by the organisers. These assets included $10 million worth of music sound stage equipment that had been leased by McFarland’s Fyre Media. Mr Rolle said he thought everything had been moved to Nassau, while Mr Turnquest was unsure of their status. Mr Rolle, meanwhile, said Exuma residents and businesses were “refusing to dwell” on their Fyre Festival losses and moving on with their lives, despite the huge financial hit taken from not being paid five to six-figure sums. “For the most part, these people are amazingly resilient in terms of accepting what is that has happened, and moving on,” he told Tribune Business. “On the Family Islands, people don’t have a whole lot and work hard for what they have. The mood is never to dwell on the negative. There’s been no bitching and moaning. “I think for the most part people feel they got into this and it didn’t work out, so where do we go from here?
That’s in a way good, but it’s unfortunate they find themselves in this position to begin with.” Mr Rolle said five and six-figure losses on the Fyre Festival “represents a significant portion of the year’s earnings for these small businesses; that’s not a small sum. “To be owed $50,000 means you went all in on this and expected to do well,” he added. “If you went into debt or lost a year’s worth
of work to do this, it’s not a pleasant thing.” The Exuma Chamber chief suggested that if the Government was still in possession of assets belonging to the Fyre Festival organisers, the proceeds of any sale or auction should first be used to compensate Bahamians vendors and creditors, rather than the Government. “Customs is losing a portion of its revenues, but these people are losing money where they expended
hard cash,” Mr Rolle explained. “In some cases, the Government should not be the first to be compensated for losses. “People on the ground should be factored in as well. They’re out of pocket real monies. I think they should be number one, and Customs number two.” Mr Rolle acknowledged that the Government would likely say all relationships with the Fyre Festival organisers were commercial
ventures, where Bahamian entrepreneurs knew they were taking a risk. However, he argued that it was not the private sector’s job to vet organisers of such festivals coming into the Bahamas - arguing that this was the Government’s responsibility. And he suggested that the Ministry of Tourism’s role would have provided Exuma businesses “with a level of confidence” to provide products and services.
PAGE 12, Thursday, July 6, 2017
THE TRIBUNE
Contractors losing $100m annually as no Lien Law From pg B1 working to develop a Contractors Lien Bill. “Over the next fiscal period, my Ministry will continue work on the Construction Contractors Lien Bill, which will, among other things, protect professionals from the risk of not being paid for services rendered. Too often, particularly sub-contractors, are left with no avenue to claim against a property after supplying labour or materials for work on that property. This legislative proposal provides a remedy,” said Mr Bannister. Mr Sands told Tribune Business in response: “We see this legislation as a way
to bring an end to what has been happening, and allow us to be able to close out our books, get our outstanding payments and ultimately be more profitable.” He added that the BCA has already been provided with a draft of the Bill, which it is assessing and will provide feedback on to ensure it moves through Parliament. Stephen Wrinkle, a former BCA president, previously told Tribune Business that a Contractors Lien Bill will ‘level the playing field’ and ensure all parties to a construction contract enjoy equal protection. He added that the legislation would ‘complete the circle’ by safeguarding con-
tractors, sub-contractors and building materials suppliers against non-payment. While the recentlypassed, but not enacted, Construction Contractors Bill is intended to protect consumers from ‘cowboy contractors’ and shoddy workmanship, the Lien Bill will do the reverse. “If a customer fails to pay a bill that’s due and payable, for the contractor there’s currently no protection,” Mr Wrinkle told Tribune Business. “If the Lien Bill was in effect, then the contractor would have the right to place a lien on the customer’s assets or the project at hand to collect the money due to them. No everyone has the protection they’re supposed to have in hand.” Mr Wrinkle said problems had often occurred when banks and other Ba-
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hamian lending institutions released financing for newbuilds to their client, the mortgage borrower, who then failed to fully compensate the contractor. “It’s just as liable to happen as the contractor not finishing the job,” he told Tribune Business. “There’s no protection on either side of the fence. It’s an equal problem. “Many, many times the contractor gets to 90 per cent completion, and the homeowner gets the occupancy certificate and does not pay the contractor the balance. “The industry is fraught with crevices, holes and ambiguities. Both the customer and the contractor currently have no reasonable protection other than the courts and judicial system, which is absolutely horrible and a long, arduous process,” Mr Wrinkle continued. “This will clean that up, level the playing field, and
LEONARD SANDS ensure all interested parties have an equal footing. “The Lien Act needs to be passed. We have discussed and pushed for this for many years. It will mean additional security,
paperwork and protocols, but it is nothing that the construction industry is not using around the world. It needs to be addressed right now while all this is on the table.”