MONDAY, SEPTEMBER 26, 2016
business@tribunemedia.net
$3.78 OECD attacks like ‘unofficial blacklisting’ of the Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former finance minister says the recent OECD-inspired media onslaught against the Bahamas is akin to an “unofficial blacklisting” of its financial services industry, describing the situation as “a new form of international colonialism”. James Smith, also an ex-Central Bank governor, told Tribune Business that the well-co-ordinated, intense nature of the offensive against the Bahamas suggested more was at stake than just this nation’s chosen approach to implementing the global standard for automatic tax information exchange. He branded the sudden opposition to the Bahamas planned bilateral implementation of the Common Reporting Standard (CRS) as “ridiculous”, given that the OECD had itself allowed countries to select either this or the multilateral See pg b4
Ex-finance minister slams actions as ‘colonialism’ As OECD tax chief threatens real blacklisting Doubts Bahamas ability to meet CRS obligations
James Smith
Former foreign employees of Baha Mar have to wait until October 31 to see if they will recover what is owed to them, while their Bahamian counterparts have been reminded of the “take it or leave it” approach. Tribune Business can reveal that expatriates who submitted claims to the five-person Baha Mar creditor payout committee have been reminded of their status - they stand at the back of the creditors’ queue. An e-mail reply by the committee to one former overseas staffer, which has been obtained by this newspaper, emphasises that the staff payouts - set to begin tomorrow, and take place over a three-day period this
Told: Don’t bother showing up; you’re back of queue Bahamian workers reminded: ‘Take it or leave it’ week - are for former Bahamian staff only. “As previously indicated, the committee’s immediate goal is to settle the claims of former Bahamian employees by September 30, 2016,” the e-mail says. “As such, the payment instructions and upcoming cheque distribution dates recently published are applicable to former Bahamian employees only. “The committee has received your claim and will See pg b4
Sixty-day termination notice ‘recipe for woe’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The National Tripartite Council’s co-chairman has branded the proposed ‘60-day advance notice’ that employers must give of impending redundancies as “a recipe for putting your business in trouble”. Peter Goudie, one of the private sector’s See pg b5
Redundant staff may ‘make trouble’ Govt’s Sept 30 labour law reform target ‘impossible’ Private sector, unions still developing positions
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Liquidator targeting Govt’s $720k oil fee By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Some $720,000 in oil exploration license fees that were paid to the Bahamas Government are being targeted by a Cayman-based liquidator, who has written to two Cabinet ministers seeking their assistance in recovering the funds. Christopher Johnson, managing director of Chris Johnson & Associates, indicated to Tribune Business that the monies were
Seeks recovery help from AG, environment minister Applicant’s company in court-supervised liquidation Answers sought on licence fate, any more monies
potentially among the best recovery sources for investors in Ryan Bateman’s B & C (Bateman & Company) Ltd. He revealed that he has written to both Kenred Dorsett, minister of the environment and housing, and Allyson Maynard-Gibson, the attorney general, to obtain their help in recovering the funds for what is a court-supervised liquidation. Mr Johnson, in an emailed statement in response to Tribune Busi-
ness inquiries, said he was targeting the $720,000 paid to the Government by two companies, Atlantic Petroleum Ltd and Bahamas Exploration Ltd, to acquire the oil and gas exploration rights for an 848,630 acre site in water north of Grand Bahama. “As the court appointed joint provisional liquidator of Bateman and Company Ltd, I am inquiring as to what has become of monies invested by that company and several investors who See pg b5
Unions’ strike threat ‘like child’s tantrum’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar expat staff face October 31 wait
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Trade unions have been urged not to “throw a child’s tantrum” over the Sandals situation, the Chamber of Commerce’s chairman warning against any strike action that would “cripple” businesses. Gowon Bowe told Tribune Business that the Chamber, and wider private sector, would not support
Action would be ‘counter productive’ for workers Chamber against ‘crippling firms, productivity’ any industrial action that would “disrupt economic productivity”.
And he warned the trade union movement, and workers in general, to remember that there would be no need for either if businesses did not exist. Responding to union hints that they will launch widespread industrial action after the Attorney General blocked the private prosecution of Sandals Royal Bahamian, and its management, from proceeding, Mr Bowe See pg b6
Gowon Bowe