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MONDAY, OCTOBER 22, 2018
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GB airport must ‘fall in line’ for Sky return Govt urged: ‘Be decisive’ in your OECD defence
DIONISIO D’AGUILAR
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government must “act more decisively” to defend The Bahamas from the OECD’s attack on its key investment product, which is “not positive no matter how you spin it”. Paul Moss, pictured, president of Dominion Management Services, told Tribune Business that the Ministry of Finance needed to focus on securing The Bahamas’ removal from the Organisation for Economic Co-Operation and Development’s (OECD) 21-country list as rapidly as possible, rather than argue over whether or not it was a “blacklist”. Mr Moss, who heads one
REEPORT will not attract “new money” and a Grand Lucayan buyer until its airport costs “fall in line”, warns a Bahamian airline chief who stopped flying to the city two months ago. Captain Randy Butler, Sky Bahamas’ chief executive, told Tribune Business that the carrier had downsized its Freeport operations to a call centre and office presence as it bids to work out a deal with Grand Bahama Airport Company’s (GBAC) owners to facilitate its return.
SEE PAGE 6
Long Island MP assured on mega project’s funding By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LONG Island’s MP is “fairly confident” that a mega resort community will be revived, arguing that the developers would not release their plans without first obtaining the necessary financing. Adrian Gibson told Tribune Business he had been personally assured by the investors behind the stalled Port St George project, which has been frozen for almost a decade, that they
SEE PAGE 9
F
* Costs drive local carrier to halt flights * Reform ‘key’ for city to get ‘new money’ * Minister: ‘Don’t beat up on airports’; it’s airlines He revealed that Sky Bahamas suspended flights two months ago because it had simply become too expensive to operate flights into Freeport, due to a combination of cost and what he described as the advantages enjoyed by rivals such as Western Air and Bahamasair. But Captain Butler’s account was refuted by Dionisio D’Aguilar, minister of tourism and aviation, who told this newspaper that GBAC’s costs “are in no way different” from the charges imposed on airlines by the Lynden Pindling International Airport (LPIA) and other regional rivals. While “everybody always beat up on the airports”,
the minister argued that the airlines were just as responsible - if not more so - for the high costs on certain Bahamas routes that have been blamed for deterring tourists and investment. Besides monopolies on certain Family Island routes, Mr D’Aguilar said price hikes often occurred when airlines reduced seat capacity by a greater amount than demand. He added that the industry was frequently adding on fees for baggage handling and other services that also increased ticket prices. Still, Captain Butler cited holiday time as one charge Sky Bahamas had to pay in Freeport that was not faced elsewhere. He added that GBAC also charged for use
of passenger wheelchairs, and said his airline was not operating on a “level playing field” when set against competitors. “I don’t operate in Freeport any more. It’s too expensive,” the Sky Bahamas chief told Tribune Business. “The fees are not balanced. They charge one set of people one set of fees, and another set of people another. We’re using Freeport as a call centre and offices. In another monthand-a-half, if things don’t change we will pack up our bags completely. “It’s still up in the air. I like Freeport, have good customers in Freeport, and never want to say I’m not coming. I’m just working on it to make the experience
CAPT RANDY BUTLER better and more affordable. It’s the only airport you have to pay holiday time for, the parking you have to pay for. The other airline, with their own terminal, doesn’t have to pay for their parking. “I have to pay the airport for ground handling and airside services that the person across the street doesn’t have to pay for. Bahamasair is next door. How do you compete against two people sitting next door getting some kind of incentive and you’re not? You’re holding us hostage here.” The level of fees charged by GBAC, which is 50/50 owned by Hutchison Whampoa and the Grand
SEE PAGE 4
Bahamians must ‘raise hell’ over govt waste Striping group: Lease report a ‘professional assassination’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIANS must “start raising hell” over recent revelations of government waste, fraud and questionable contracts, a governance reformer urging: “We’ve got to move past this horrible era.” Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that The Bahamas desperately needed “to turn the corner” on practices that had caused “so many third world countries to go down in flames”. He warned that Bahamian society “cannot survive” unless it halts “the blatant waste of taxpayer dollars”, which is
ROBERT MYERS threatening “to drag all of us down with it” through ever-increasing taxes, inferior public services and the undermining of a meritocracy. Mr Myers’ comments came after the Auditor General’s report for the 2014-2015 fiscal year, tabled in the House of Assembly last week, revealed multiple incidents of fraud, corruption, waste of taxpayer funds and public
sector mismanagement resulting from the absence of weak controls and inadequate supervision. The report disclosed that the shredding of documents to cover up fraudulent activities was “a matter of routine” at the Department of Social Services, while the Post Office Savings Bank was possibly the world’s only financial institution not to know how much money it holds on behalf of depositors. The Auditor-General also cited missing funds that could not be accounted for at the Road Traffic Department, along with instances of licensing fee evasion, duplicated licence slips and fraudulent insurance certificates.
SEE PAGE 6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS Striping Group affiliate yesterday blasted its “professional assassination” over three apartment rental deals with the Ministry of Finance, insisting it did give “value for money”. Atillio Holdings, which chose not to comment when approached by Tribune Business last week, issued a lengthy statement yesterday in which it described itself as “shocked” and suggested it was being made “a scapegoat” for the Ministry of Finance’s own internal failings when it came to procurement and payment procedures.
Calling on the Ministry of Finance to “quickly remedy the weaknesses” identified in the report by FTI Consulting, the Bahamian auditing and advisory firm, to prevent other private vendors suffering similar “public embarrassment”, Atillio demanded that several sections be retracted to prevent further damage to its corporate name. In particular, it said it was “perplexed” and “beyond bewildered” that the FTI Consulting report suggested it may have been acting as an unregistered leasing agent/broker - in violation of Bahamian real estate laws - when the Ministry of Finance knew that it
SEE PAGE 3
THE TRIBUNE
Monday, October 22, 2018, PAGE 3
Striping group: Lease report a ‘professional assassination’ FROM PAGE ONE owned the three apartments in question some five months before the document’s completion. Atillio released a March 13-14 e-mail exchange between itself, its attorneys, Davis & Company, and acting financial secretary, Marlon Johnson, dealing with differences over outstanding real property tax owed on the three apartments, as proof the Ministry of Finance knew it owned them. Questioning why this was not passed on to FTI Consultants, which said it was unable to confirm the apartments’ ownership, Atillio suggested there may have been ulterior motives behind the report’s release through its tabling in the House of Assembly last week. This theory was also advanced by Michael Halkitis, former minister of state for finance in the last Christie administration, who suggested in a statement on Friday that the report’s release - and that of a probe into a $1.46m computer contract awarded by the ministry - was designed to justify the Government’s decision to remove former financial secretary, Simon Wilson. “In my view, the timing of the release of these findings has less to do with wrongdoing and more to do with an upcoming legal matter between the Government of The Bahamas and one of the individuals and Mr Wilson,” Mr Halkitis said. He added that the computer contract report showed political pressure/ influence did not result
in its award to a company controlled by Island Game chief executive, Pete Deveaux, even though FTI Consulting confirmed the deal had its origins in a meeting three months’ prior that was attended by the web shop boss, Mr Wilson and an unidentified person described as an “elected official” who held ministerial rank in the Christie administration. Atillio, meanwhile, queried why FTI Consulting, which was working on behalf of the Auditor General’s Office to assess the Ministry of Finance’s procurement processes and contract awards, failed to interview its executives or request information from itself. It added that its incorporation as part of Bahamas Striping’s diversification strategy, just one month prior to entering into the lease deals with the Ministry of Finance for three Cable Beach-based apartments, was “not unusual”. FTI Consulting, which compared the rental rates offered by Atillio with those for similar properties in the same complexes, Vista Bella and Westward Villas, said the former’s appeared to be between 57 percent to 200 percent above market rate, raising questions of “preferential treatment” and “substandard value for money”. Atillio, which said the units were assessed by the Ministry of Finance prior to the lease executions, added that it had agreed to pay all utility costs for the apartments while charging the Ministry of Finance no service fee for doing so. It also agreed to take on responsibility for cleaning the units during the departure/
arrival of new consultants. “We maintain we provided value for money,” the Bahamas Striping affiliate argued. “When one considers these facts, it is grossly unfair to make the comparison to a standard online listing while knowingly ignoring all the relating factors that impacts the value proposition. Conversely, it begs the question as to why these facts were not included in the report. “[Bahamas Striping] does not engage in price gouging, and to make such assertions is not only reckless, but defamatory and egregious. It behooves us that such misleading propositions are being directly and subtly purported without Bahamas being afforded the professional courtesy of dialogue regarding the leases in question. “This is simply malevolent, and raises the question as to the intent of this report. Without objectivity and clarification of the facts, it is tantamount to professional assassination.” Questioning why it had seemingly been “targeted”, Atillio said it had provided the Government with documentary evidence that it owned the three apartments, purchased with help from a Royal Bank of Canada (RBC) mortgage, in the form of conveyances and real property tax payment receipts. It released an e-mail exchange where Dr Allen Albury, Bahamas Striping’s managing director, asked Philip McKenzie, attorney and partner at Davis & Company, to investigate a call from Marlon Johnson, acting financial secretary, who had advised that a total $28,500 in real property tax
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FOCOL HOLDINGS LTD. DIVIDEND PAYMENT FOCOL is pleased to announce a dividend payment of 3 cents per share to all ordinary shareholders of record as of October 31, 2018 payable November 12, 2018 through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.
“Fuelling Growth For People”
remained outstanding on the three units. Mr Albury said a $23,000 payment for Westward Villas “unit five” had cleared a week previously, while the other monies owed were the responsibility of the vendor who sold Atillio the three apartments. Robert Coakley, a Davis & Co attorney, confirmed that following day that he had obtained the correct sums outstanding from the Department of Inland Revenue (DIR), and that steps were being taken to settle what was owed. He added that the Government has included real property tax set to be levied later in the year in its calculations, producing an inflated figure. “In summary, we are perplexed [that] having worked with the Ministry of Finance staff, including the acting financial secretary, to ensure transparency after this government took office, and having met all the requirements of the Ministry of Finance under this agreement, why we would be targeted in such a manner,” Atillio said. “When one considers that the Department of Inland Revenue falls under the Ministry of Finance, it is beyond bewildering that the report questions Atillio’s ownership of these properties; a fact that can be easily proven by the Ministry whose report so speaks... To reiterate, if the Ministry of Finance knew Atillio owned the apartments from March 2018, why would the question of ownership arise in an August 2018 report? “Given the report’s flaws, defamatory, reckless and
egregious assertions, we are requesting these statements be retracted considering the potential damage to our name, brand and reputation, which we will protect at all cost. We are shocked by the auditor’s findings and seek to clear our good name.” Bahamas Striping was founded by Atario Mitchell in 2010 with a $5,000 “self-starter” grant from the Government. He, though, owns just 20 percent of Atillio with the 80 percent majority controlled by Dominic Sturrup, the group’s executive vice-president and head of business development. The group has been an enthusiastic participant in bidding on road, airport and parking lot paving contracts, many of which have been issued by the Government, and has taken a key interest in the Government’s formulation of a public-private partnership (PPP) policy. Bahamas Striping yesterday described the “most
noteworthy element” of FTI Consulting’s report as the “light it has shed on the lack of developed standards and guidelines which exist in the Ministry of Finance’s own procurement policies and procedures, particularly as it relates to leasing agreements”. It added: “We strongly urge the Ministry of Finance to take responsibility for its own institutional failures; what the auditor’s report refers to as ‘gaps and weaknesses in the procurement policies and procedures’. We will not be made the scapegoat for the root of the problem as identified by its own audit “External vendors are not to blame for internal problems. Vendors can change but the problems will persist unless the ministry moves quickly to remedy the weaknesses identified in the auditor’s report so as not to leave private companies acting in good faith, and its own hardworking employees, exposed to public embarrassment.”
PAGE 4, Monday, October 22, 2018
A boutique Offshore Bank is seeking a candidate for the position of
FINANCIAL CONTROLLER whose functions includes but not limited to the following:
KEY RESPONSIBILITIES: • Approve and sign income and expense accounts vouchers. • Monitor and review staff expenses and accounts payable. • Monthly preparation of management accounts and supplementary schedules. • Monthly/quarterly compilation of magnitude data and preparing reports. • Prepare weekly/monthly/quarterly financial statements and reports of the Group and submit same to Executive Management • Prepare and submit all financial reports to The Central Bank of The Bahamas, the Securities Commission and Department of Inland Revenue. • Prepare variance analysis. • Oversee and supervise the daily operations of the Finance department • Maintain effective cash flow management, time billing, client invoicing, accounts receivable and accounts payable systems • Assist in the preparation of Budget reports. • Assist in designated project reports. • Drafting Management Commentary • Assist in preparation of Board reports • Preparation of annual Financial Statements • Liaise with external auditors; accounting standards • Maintain Lease Agreement files and coordinate tenant issues REQUIRED SKILLS REQUIRED: • Accounting Designations (CPA/CA/ACCA) • Bachelor’s Degree in Finance/Accounts • 7-10 years’ experience in a managerial Finance position • Advanced knowledge of MS suite • Superior numeric, writing and communication skills • Understanding of investment and private banking processes • Proven ability to work with others in a multi-faceted financial services institution Salary and benefits will commensurate with qualifications and experience. Suitable candidates should submit resumes to: Human Resources c/o The Tribune P.O.BOX N3207 DA 109576 Nassau, Bahamas
THE TRIBUNE
GB AIRPORT MUST ‘FALL IN LINE’ FOR SKY RETURN FROM PAGE ONE Bahama Port Authority Group of Companies (GBPA), with the former having management control, have long been cited as an obstacle to attracting more airlift and investors to Freeport. They are perceived as far higher than other airports in The Bahamas and the wider Caribbean, although Mr D’Aguilar denied this was the case. Several observers, though, have suggested that the Government should have sought to acquire or gain control of GBAC to ensure it attracted potential purchasers for the Grand Lucayan. Captain Butler said private jets often flew to Nassau and Marsh Harbour to refuel rather than incur the higher costs in Freeport, and warned that the airport will be a “key first impression” for potential Grand Lucayan buyers and other investors. “If they want fresh money to come to Freeport they’re going to have to fix the airport, and prices at the airport, and fall in line with the rest of the world; international standard,” he told Tribune Business. “The airport is your living room, and gives the first impression of what the rest of the island is going to be like. Folks coming to Freeport for the first time must have a ‘wow’ experience in terms of how fast things
move. Start with the airport, fix the accommodation and then the leisure activities. “Freeport is in a bit of a depression; you can still see the tarp on the roofs. The airport is key because if any quality investor comes in they will likely come through the airport, and that makes an impression. The investor is coming to make money, not give away money. You don’t want to leave all the money at the airport; save some of it till you get up town.” Captain Butler said the Government would likely have to “bring pressure” on Hutchison and the GBPA over the airport, but he questioned “how motivated” the former will be to reduce airport fees and charges now that it has exited the Grand Lucayan - and did not act when it owned the hotel. “The companies that the Government has been begging to come in here, they’re pulling out,” the Sky Bahamas chief said of the recent Sunwing withdrawal. “That’s serious stuff. Crazy. It makes investors very nervous, and our international partners are looking at this and saying: Hmmm.” Mr D’Aguilar, though, argued that GBAC’s costs were not too different from LPIA’s. “The greater effect on cost is a supply [of airlift] reduction by a greater amount than demand,” he told Tribune Business, “and
then increasing the price. “There are certain airlines that operate monopoly routes to Nassau, Grand Bahama and the Family Islands, and that has a greater effect on the price of a ticket than fees at the airport. Everyone keeps on harping about fees at the airport, but it’s the supply of seats to a destination.” Mr D’Aguilar cited the $700 fare charged to fly between Miami and Marsh Harbour, and Christmas fares that went as high as $1,700, as empirical evidence to support his case. “Everybody always beats up on the airport, but no one beats up on the airlines to reduce their prices,” the minister reiterated. “They charge to seat alignment, baggage. All these fees are tacked on to make it more expensive. “I haven’t bought into the idea that costs at airports in The Bahamas have grown so substantially that they are deterring people from going to the destination. There are other factors involved. The cost at the airport might be a part of it, but they are not one or two on the list.” Mr D’Aguilar added that Freeport was “not out of whack at all” when it came to the cost of travelling to Caribbean destinations from Miami, and said: “Airlines are always quick to say it’s the cost of the airport. Hello. It’s all the fees you keep adding on.”
Chamber Chief calls For More ‘Autonomy’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Exuma Chamber of Commerce’s president yesterday called for greater “autonomy” and local involvement in the sustainable development of Family Island economies, while lamenting the impact of high energy costs. Pedro Rolle, the Exuma Chamber of Commerce president, who addressed the Exuma Business Outlook conference, told Tribune
Business: “I believe that we are in this vortex and we are not having sustainable success, despite people looking from the outside and saying that we are doing well. “When we look at the fundamentals and what we need to grow a world-class economy, we have major problems because the decisions being made are not being made by Exumians or necessarily in the interest of Exumians.” Mr Rolle added: “I am saying this again; it’s the same verse, different song. We need to have more control
over the decisions that impact us who live here. We continue to talk about education. We have issues with healthcare and energy, for example. “It’s absolutely ridiculous that we have so much sunshine but there is no real solar presence here. The cost of energy is affecting every aspect of our economy. Everything is being impacted by the high cost of energy. Due to the fact that we don’t have the power to make decisions locally, it’s not important to anyone but us.”
THE TRIBUNE
Monday, October 22, 2018, PAGE 5
ROYAL CARIBBEAN GIVES MARITIME SCHOLARSHIPS ROYAL Caribbean Cruises has deepened its commitment to The Bahamas by donating two scholarships to the Lowell Jason Mortimer (LJM) Maritime Academy, the only tertiary education institution for the nation’s maritime industry. The donation of $28,000, which will fund two fulltime students, including one for a member of the Royal Bahamas Defence Force Rangers, was made at the first day’s session at the Maritime Conference Bahamas 2018. Royal Caribbean was the platinum sponsor for the conference, which brought together some 200 people in the maritime industry for meetings and workshops at the Melia Nassau Beach Resort. “We are impressed with what LJM Maritime Academy has to offer. Royal Caribbean recognises the vital role it can play; not just as a vehicle for higher education but also preparing graduates to be job ready and skilled for demanding and important roles in the industry,” said Royal Caribbean Cruises vice-president of government telations, Russell Benford.
ROYAL Caribbean’s senior vice-president of marine operations, Greg Purdy (centre), and vice-president of government relations, Russell Benford (fifth from left), presented Dr Brendamae Cleare, president of LJM Maritime Academy (fourth from right) with a $28,000 cheque to fund two student scholarships, including one for a Royal Bahamas Defence Force Ranger. Pictured are Royal Caribbean, LJM and Royal Bahamas Defence Force (RBDF) officials, including CocoCay island manager, Ginea Wilson; education minister; Jeff Lloyd (third from right); and Commodore Tellis Bethel (second from right). The idea of creating opportunities through scholarships at LJM Maritime Academy grew out of Mr Benford’s recent visit to the $30m facility that opened in 2014 on the grounds of the former Coral World marine park and beach resort. Touring the campus packed with nautical and marine equipment, sophisticated technology and
students eager to make their mark in the industry, he said RoyalCaribbean felt compelled to develop a strong relationship with the institution. “From the very first Royal Caribbean ship that ever left the port of Miami, and made Nassau its first port of call, to the relationship we enjoy today with The Bahamas, our commitment to The Bahamas has
remained indelible,” said Mr Benford. “Now, as we strengthen our resolve to provide training and career opportunities for Bahamians at every level from shipboard to top management, we are proud to deepen the relationship with a country we respect and a destination that our guests continue to seek. The scholarships signify Royal Caribbean’s commitment to the destination. “As we seek to create stronger connections, we recognise LJM students not only as future employees, but also future regulators and industry leaders; in short, our future partners.” When the academy, which developed from a grant by the Nassau-based Campbell Shipping, opened, officials hoped to keep tuition to $5,000 a year. However, operational realities dictated otherwise, forcing the school to raise tuition fees to $14,000 annually. Almost 180 students have entered LJM’s fully accredited programme. About one-third are female. Just over 40 students will graduate this year, many with jobs already lined up on bulk handlers, cargo
Insurance regulator gains major award THE Insurance Commission’s superintendent has been named as the 2018 Executive of the Year in financial services. The award will be presented to Michele Fields, pictured, at the Bahamas Financial Services Board’s (BFSB) Financial Services Industry – Excellence Awards, which is due to be held on November 2 at Baha Mar’s Grand Hyatt property. This honour recognises a senior executive in the
financial services industry who demonstrates leadership ability, reliability and creativity in the execution of their duties. Mrs Fields’ personal investment in the financial services industry as the country’s top insurance regulator is widely acknowledged by the sector and BFSB. She was educated in The Bahamas and the UK, earning a BA Honours in accounting at the University of Exeter before qualifying as
a chartered accountant with KPMG in London, England. Mrs Fields returned to Nassau in 1982 to continue her career in the accounting and auditing fields, before working in senior management at a major life insurance company, the former Global Life Assurance (Bahamas), for more than a decade. She has served as a member of the Insurance Commission of The Bahamas, the industry regulator, since its inception in 2009, and was appointed as superintendent of insurance in January 2012.
Mrs Fields is a member of the executive committee of the International Association of Insurance Supervisors, having been elected to represent the offshore and Caribbean regions on the international standard setting body responsible for insurance supervision. She is the immediate past president of the Caribbean Association of Insurance Regulators. Michele is an Anglican and a member of St Christopher’s Church. She is married to Edward Fields and they have a daughter, Candace.
container ships and cruise ships. Their starting salary will more than compensate for their education, but first they have to find funds for a learning process that includes a year at sea. Dr Brendamae Cleare, LJM Maritime Academy’s president, said donations such as Royal Caribbean’s full one-year scholarships for two students are essential to the academy’s continued success. “We would love for more corporate entities, particularly those affiliated with the maritime industry, to
follow in Royal Caribbean’s footsteps and play a significant role in the institution’s development,” said Dr Cleare who noted pressing needs for endowments. “We would love to offer even more scholarships to our deserving students, many of whom are in need, but we are very much on our own to financially sustain ourselves, so we are delighted that Royal Caribbean has decided to do this and we look forward to a mutually beneficial relationship.”
NOTICE In the Estate of HYLTON SHERLIN SEYMOUR late of No. 33 Premier Avenue, Blue Hill Estates in the Southern District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 26th day of November, 2018, after which date the Executrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas.
Attorneys for the Estate of Hylton Sherlin Seymour
A boutique Offshore Bank seeks to hire a
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PAGE 6, Monday, October 22, 2018
THE TRIBUNE
GOVT URGED: ‘BE DECISIVE’ IN YOUR OECD DEFENCE FROM PAGE ONE
of the few Bahamian-owned entities in the international financial services sector, said the inclusion of The Bahamas’ economic permanent residency product among regimes deemed potentially harmful to the fight against global tax evasion could drive away the very business this nation is desperately seeking to attract. Calling on the Government to “get serious” over its response to avoid “our lunch continually being taken”, Mr Moss said the extra scrutiny economic permanent residents will attract as a result may lead them to minimise “their use of The Bahamas”. Revealing that worried high net worth clients had already contacted him to understand the implications of the latest OECD listing, he explained of the fall-out: “It means people coming from this jurisdiction are going to be scrutinised. It makes it more difficult for people wanting legitimate privacy to come to The Bahamas. “I don’t know why they’re [the Ministry of Finance] saying it’s not a ‘blacklist’ when, in fact, the ultimate effect is a de facto ‘blacklist’. I can tell you so much so that I have got e-mails and international calls from clients in Europe. Some asked me if it was a ‘blacklist’, and some asked me for clarity on what it all meant. “If it’s reached the eyes and ears of clients, it should be of sufficient concern for the Government to go out and defend our position, but not by trying to pacify the
local populace politically by saying it’s not a ‘blacklist’. The reality is that as a nation you cannot have this stigma attached to you.” The OECD caught the Government, as well as the financial services industry and wider private sector, off-guard last week by listing this nation’s economic permanent residency offering among the investment incentive regimes of 21 countries that it says jeopardise “the integrity” of its Common Reporting Standard (CRS) automatic tax information exchange initiative. While the OECD’s list, and accompanying report, did not mention the imposition of sanctions or penalties against The Bahamas and 20 other countries, it did call on financial institutions to apply greater scrutiny to persons benefiting from their investment-related residency and citizenship programmes when it came to determining their tax compliance. Although the Ministry of Finance conceded this point, it devoted most of its response to refuting and attacking international media reports describing the OECD listing as a “blacklist”. It said officials from the Paris-based body, which represents the world’s most powerful economies, had assured them it was nothing of the kind, and that this nation is under no obligation to alter its economic permanent residency regime. The OECD, which allowed reports of a “blacklist” to persist for two days, eventually moved to clarify the situation by stating the “sole objective” of
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SOPHONIE BASTIAN of Tyler Street, P.O. Box CB-12401, Nassau, Bahamas, intend to change my name to SOPHONIE BASTIEN. 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 the publication of this notice.
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its “high risk” citizenship by investment/residency by investment list was to provide financial institutions with “guidance” on detecting persons exploiting them to evade due taxes. Many in the Bahamian financial services industry, though, are unconvinced by the Ministry of Finance’s efforts to minimise the implications for an investment products whose benefits touch virtually every corner of the economy. One executive, speaking on condition of anonymity, told Tribune Business that The Bahamas’ inclusion on the OECD list would increase the “risk rating” financial institutions attach to this nation’s economic permanent residents regardless of whether it is considered a “blacklist” or not. This, they explained, would result in The Bahamas’ high net worth clients facing greater scrutiny and due diligence over their tax affairs - a situation that will “raise concerns sooner rather than later” in this small but extremely valuable community. “I don’t care how you spin it; ultimately it’s not positive. Our efforts should be focused on being taken off that list,” the executive said of The Bahamas’ inclusion. “When institutions do anti-money laundering and PEPs (politically exposed due persons) from a CRS perspective, this will factor into the risk rating for these clients. “It’s nothing positive. I don’t understand why they’re seeking to downplay it. As long as The Bahamas remains on that list, the risk
profile of these clients will increase. And as long as financial institutions continue to view our economic permanent residents that way, it will raise concerns in that community sooner rather than later, when they start dealing with financial institutions and they start applying those ratings. It’s important the Government does something to get us off that list.” The executive added that Monaco would not have responded as rapidly as it did to secure its removal if the OECD list was of no concern, and had no economic implications. “Maybe we should pick up the phone to Monaco and ask what they did,” they added. Mr Moss agreed, telling Tribune Business: “It’s going to have the effect where clients are going to try and mitigate as best they can their use of The Bahamas if it’s going to mean extra scrutiny. “You have people coming from high crime jurisdictions, Brazil and parts of Latin America, and they seek to avoid that at all costs. They don’t need the extra scrutiny. We need to do the things necessary to go there and get removed from that list. To leave it hanging out there is foolish. “When I do a transaction, everything is about timing and efficiency. When I make it I want some predictability, and for it to be done within the hour or end of day, When there’s a delay it throws everything out of whack.” The Bahamas’ inclusion on the OECD list, at the very least, will plant “seeds of doubt” and uncertainty in
the minds of investors as to the benefits of holding/seeking economic permanent residency given that they will likely be subjected to greater scrutiny. This will be especially unwelcome for investors who have legitimate privacy concerns, such as those from high-crime and politically unstable countries in Latin America, increasingly a key source of business for The Bahamas, who may fear that information extracted by greater CRS scrutiny could fall into the wrong hands. As a result, the OECD listing threatens to negatively impact a wide cross-section of the Bahamian economy, not just the hard-pressed financial services industry. Besides attracting high net worth clients and their assets to this nation, economic permanent residency drives lucrative business for real estate developers, realtors and attorneys, and produces spin-offs affecting virtually all industries. The Paris-based body is arguing that all the investment-related residency/ citizenship products identified “can be potentially misused” to enable individuals to “hide their assets offshore by escaping reporting” requirements under the CRS. It suggests that beneficiaries of this regime can manipulate products such as Tax Residency Certificates to say they were in low or ‘no’ tax jurisdictions for longer than the reality, and that such products should not be taken at face value. Mr Moss, though, urged The Bahamas to respond aggressively to the latest
OECD move rather than “capitulate” as it has done in the past. “I thought that the Ministry ought to have come out and be more decisive to say it doesn’t matter what the OECD or any other organisation says,” he told Tribune Business. “This is a product, an investment tool, we use. It’s one of many used around the world. We’ll hold on to what we have. It’s been huge, no question about it. We still do quite a bit of it, the 10 percent Stamp Duty that goes into the Treasury [on property sales] is incredible. They need to be seen to be defending the position, and not trying to pacify Bahamians in The Bahamas to say we’re not blacklisted.” Mr Moss said the process for accelerated permanent residency, which is granted to foreign purchasers of property worth $1.5m or more, contains numerous safeguards including Interpol checks, police certificates and copies of passports and numerous other official documents. Calling on the Government to explain such protections to the OECD, he said he remained concerned that it may one day “pull the plug” and announce The Bahamas is exiting the financial services industry. “I think this is very serious. Having been in this business from 1994, I can tell you that every time there’s a blacklist, grey list or white list, our response has been to capitulate and not defend,” Mr Moss added, describing the financial services industry as having been placed “on a life support system”.
BAHAMIANS MUST ‘RAISE HELL’ OVER GOVT WASTE FROM PAGE ONE That report’s release followed the tabling of two assessments in the House of Assembly that questioned whether the Ministry of Finance obtained “value for money” on a computer supply contract and deal to rent three apartments to house foreign consultants (see other article on Page 1B). FTI Consulting, the Bahamian accounting and advisory firm that investigated the Ministry’s procurement processes
and contract awards on the Auditor General’s behalf, said neither deal was put out to competitive bidding with the Government’s Tenders Board is routinely bypassed in the awarding of contracts that should go before it. While not commenting on the specifics of all these findings and the Auditor General’s report, Mr Myers said successive governments - as well as the public service generally - needed to be held accountable for the way in which they have used
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, WILTON ELIAS ISAIAH DORAMA of Boatswain Hill, Carmichael Road, Nassau, Bahamas, intend to change my name to WILTON ELIAS ISAIAH DORAMA-RAHMING. 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 the publication of this notice.
taxpayer monies. He also called on the Ministry of Finance to “answer” why the contracts analysed by FTI Consulting had not been put out to competitive tender via public bidding, and why it had seemingly failed to follow its own rules over the awards. “It’s the people’s money. Where’s the accountability and responsibility of the public sector to the people and the people’s money?,” Mr Myers asked. “It’s our money they’re spending. If you didn’t do your job back then you should be held accountable. “We’ve got to move past this horrible era of governance. It’s our money that they’re spending and throwing away. It’s sickening. The only way we’re going to return to the equitable enforcement of the rule of law is if this is done. There has to be a line in the sand that can’t be crossed. They should be held to task. It’s just ridiculous.” Mr Myers said Bahamians must demand accountability from present and former governments, regardless of political leanings and whether they were FNM or PLP administrations. He emphasised that it was in every citizen’s interest to demand higher standards from politicians and the public service, otherwise their financial well-being will be directly impacted - as it already has been - through higher taxes to pay for excessive and wasteful government spending. “We’ve got to get this out of the system,” Mr Myers told Tribune Business last week. “It’s just killing us. This is why
so many third world countries go down in flames: The blatant waste of taxpayers’ dollars. It drags countries down. “Bahamians need to be starting to raise hell. We’ve got to turn the corner. The country cannot survive. It will drag us all down with it. Those benefiting from it don’t care.” Mr Myers agreed that the reports exposed the need to strengthen, and “beef up”, proposed legal reforms to overhaul public procurement processes throughout the Government. It also, he added, highlighted why the Government needed to push forward with other legislation to protect so-called “whistleblowers”, and create an Integrity Commission and Ombudsman’s office. “These matters highlight the need for greater transparency in the public procurement process, as well as the even greater need for a State Sectors Act that would prohibit ministers meddling in the affairs of the public sector process,” the ORG principal said. “The management and administration of each government ministry must be the business of the executives of the ministries, and they are to be held accountable to run these ministries in accordance with establish budgets and specific protocols. It is the job of the minister to establish the overall objectives to be carried out and then see to it that they are done. This being similar to a board and the management team within the private sector.”
THE TRIBUNE
Monday, October 22, 2018, PAGE 9
Long Island MP assured on mega project’s funding FROM PAGE ONE had obtained “new funding from a variety of sources” to move the development forward. Suggesting that it could “set Long Island on the path” that the likes of Abaco, Exuma and Eleuthera have enjoyed in terms of development, Mr Gibson added that he “truly believes” it is his constituency’s time to enjoy long-elusive economic development. “I think it’s a good opportunity and investment that’s much-needed,” he said of the Port St George project, which is located in north Long Island in the Stella Maris area. “I’ve known one of the principals, Richard Keyworth, for a while, and he and I were discussing it over the last few days. “Richard was sharing with me they have new funding. He indicated to me they have attracted new funding via a number of sources, including major financial institutions, and are ready to move forward with the project.” When the Port St George project was unveiled in 2008, it was touted as creating over 300 jobs on a 951.4-acre site in northern Long Island. It featured plans for a boutique hotel with 146 suites/villas; 60 boutique villas; more than 300 residential lots and 331 multi-family lots; and marinas with numerous boat slips; plus golf courses, a town centre and other resort/community amenities. The project was projected to have an annual economic impact of between $54m to $90m, and at the time the developers had also signed a
ADRIAN GIBSON 25-year management agreement with Langham Hotels International. Some 875 construction workers were forecast to be employed over the build-out phase. Port St George, though, became a casualty of the 2008-2009 “credit crunch” and subsequent global recession, which dried up all potential sources of funding. In 2014 the original developers, Ian Moorcroft and his business partner, Jon Houghton, were said to be hunting for a joint venture partner to move the proposed $110m development forward. It is unclear whether they have found that partner in Star Resort Group, the USbased developer, marketer and vendor of resort-based real estate, in whose name last week’s statement announcing Port St George’s $500m revival was made. Clairfield International, which advertises itself as “mid-market” mergers and acquisitions specialist working on transactions up to 500 million euros in value, was said to have “arranged funding”. Acknowledging scepticism over whether Port St
George’s rebirth is for real, Mr Gibson said: “I’m fairly confident the project will come to fruition. I believe these persons, who are businessmen of merit, would not issue a press release if they did not feel confident that they have the money in hand to proceed with the project.” While Dionisio D’Aguilar, minister of tourism and aviation, last week said he was unaware of the revived Port St George project, Mr Gibson said the investors told him they had informed the Government of their intentions through an e-mailed letter sent to the Bahamas Investment Authority (BIA) through their attorney, Sean B. Callender. Explaining that Port St George had obtained “approvals in principle” prior to the recession, the Long Island MP added: “I am ever-cognisant of the need for a boost to our economy in Long Island; the need for this kind of development, or any kind of development, to come to Long Island, and the spinoff effects and the resulting infrastructure that comes before, during and after this kind of development. “I’m hopeful for this development and what it means to Long Island and what it means to Long Island in terms of employment and the overall progress of Long Island. I believe these and other development will turn the fate of Long Island around, and set Long Island on the path of Abaco, Exuma and Eleuthera in terms of progress. “I always say it’s Long Island’s time, and I truly believe it’s Long Island’s time.”
PAGE 10, Monday, October 22, 2018
THE TRIBUNE
MOST UK FIRMS TO TRIGGER BREXIT SAFETY PLANS ‘BY CHRISTMAS’ LONDON Associated Press
chains outside the UK, stockpiling goods and relocating production and services BRITISH Prime overseas. Minister Theresa May The warnwalks off the podium after ing comes a media conference during amid growan EU summit in Brussels on ing fears Thursday. EU leaders met for a that Britsecond day to discuss migration, ain may cybersecurity and to try and crash out move ahead on stalled Brexit of the EU in talks. Photo: Alastair March withGrant/AP out a deal on the future relationship. That could see tariffs placed on British exports, border checks reinstalled, and restrictions imposed travelers and workers — a potentially toxic combination for businesses. “The situation is now urgent,” said Carolyn Fairbairn, the CBI’s director general. “The speed of negotiations is being outpaced by the reality firms are facing on the ground.” Discussions between the two sides have hit an impasse largely over how to maintain an open border between EU member Ireland and Northern Ireland, which is part of the United Kingdom. A summit of EU leaders last week failed to yield a breakthrough. December is now the next scheduled EU summit, leaving the Brexit process tight ahead of Britain’s official departure date on March 29. Even if a divorce deal is forged, there are doubts over British Prime Minister Theresa May’s ability to secure
THE vast majority of British firms are poised to implement their Brexit contingency plans by Christmas if there isn’t greater clarity over the country’s exit from the European Union, a leading business group warned yesterday. The Confederation of British Industry said these plans could include cutting jobs, adjusting supply
the necessary majority in Parliament, given bitter divisions on the topic. “Unless a Withdrawal Agreement is locked down by December, firms will press the button on their contingency plans,” said Fairbairn. “Jobs will be lost and supply chains moved.” Fairbairn’s warning was based on a survey of 236 member firms tilted toward small and mediumsized companies with up to 500 employees, undertaken from Sept 19 to Oct 8. The survey found that 82 percent of firms will have started to implement contingency plans by December if the Brexit process isn’t any clearer. The CBI also said that 80 percent of firms say Brexit has already had a negative impact on their investment decisions, more than double the 36 percent recorded a year ago. The survey found that 66 percent of businesses said Brexit has had an impact on the attractiveness of the UK as a place to invest, while 24 percent said there had been no impact. Some big companies are becoming increasingly vexed by the impasse in the Brexit talks. Last week, ahead of the summit in Brussels, pharmaceuticals giant AstraZeneca and carmaker Ford issued statements raising doubts about their investments in Britain. “Uncertainty is draining investment from the UK,” said Fairbairn.
To advertise in The Tribune, contact 502-2394
NOTICE MARKET REPORT THURSDAY, 18 OCTOBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,984.03 | CHG -0.08 | %CHG 0.00 | YTD -79.54 | YTD% -3.85 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.19 3.92 9.26 6.60 5.30 12.50 2.74 1.77 8.21 6.30 13.20 7.00 4.50 13.50
52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 8.60 6.09 3.54 9.00 2.30 1.40 7.25 6.00 9.75 5.67 3.25 12.50
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 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
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 ##########
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
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)
LAST CLOSE 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.86 12.42 2.60 1.75 7.33 6.29 13.20 6.35 3.65 13.01
CLOSE 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.86 12.42 2.57 1.75 7.26 6.29 13.20 6.35 3.65 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.07 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 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
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
VOLUME
1,403 1,992 5,000
VOLUME
EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.719 0.277 0.631
DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590
P/E 18.0 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 25.1 19.8 25.2 8.4 N/M 9.4 18.8 8.8 13.2 20.6
YIELD 2.60% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.68% 3.57% 3.11% 4.99% 2.33% 4.00% 1.16% 4.45% 3.79% 3.15% 3.29% 4.53%
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%
MATURITY 19-Oct-2022 ############### 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
MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
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
NAV 2.17 4.15 2.01 180.30 155.10 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20
YTD% 12 MTH% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 0.90% 3.44% 1.11% 6.05% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A
NAV Date 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Jun-2018 30-Jun-2018 30-Jun-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
Notice is hereby given that RECHARD CHARLES of Ellis St., Dundas Town, Abaco, Bahamas, is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 15th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.
NOTICE BELLE LIMITED
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Belle Limited has been completed and the company has been struck from the Register on the 29th day of December, 2017.
Shareece E. Scott Liquidator
TUARTHA UNIVERSAL S.A. Company No. 539498 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TUARTHA UNIVERSAL S.A is in voluntary liquidation. The voluntary liquidation commenced on 10th October, 2018 and OLGA HASANJI of Habsburgerstrasse 5A, 6003 Luzern, Switzerland, has been appointed as the Sole Liquidator. Dated this 11th day of October, 2018 Sgd. OLGA HASANJI Voluntary Liquidator
THE TRIBUNE
Monday, October 22, 2018, PAGE 11
Climate fund approves $1bn for projects in poor countries BERLIN Associated Press A UN-BACKED fund has approved more than $1bn for 19 new projects to help developing countries tackle climate change, officials said yesterday. During a four-day meeting in Bahrain that ended late Saturday, officials overseeing the Green Climate Fund also agreed to start seeking fresh money next year as its initial capital of about $6.6bn will soon be used up. The South Korea-based fund, considered a key vehicle for climate-related development programmes, was originally meant to receive over $10bn from rich
countries by 2018. But US President Donald Trump’s decision to withhold $2bn of the $3bn pledged by his predecessor, Barack Obama, has contributed to a shortfall in its projected assets. Funding approved at the meeting in Manama includes projects linked to geothermal energy in Indonesia, greener cities in Europe and the Middle East, and protection for coastal communities in India. But delegates sparred over a request from host country Bahrain to receive funding to protect its freshwater resources. Environmentalists had pointed out that the Gulf nation could pay for the project itself using money it has
made off its vast reserves of oil and gas. The project was eventually approved, but with only $2.1m of the $9.8m requested by Bahrain. Decision on a funding bid by China was postponed after concerns from Japan and the United States about the possibility that the money could be used to subsidise research into new technology. Debates within the fund have sometimes split Western countries and large emerging economies such as China, Egypt and Saudi Arabia. The fund’s last director, Howard Bamsey, resigned in July after what officials described as a “very difficult and disappointing” meeting.
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
OFFICE MANAGER A vacancy exists in the Company for the position of Officer Manager, Eleuthera. The incumbent will achieve Company objectives by: • • • • • • • • • •
Monitoring goods and services procurement to ensure value for money; Developing short and long term objectives and plans; Maintaining asset register; Preparing and submitting financial reports to area Managers, Directors and Chief Financial Officer; Managing the office staff for efficient and effective operation of the Accounts Office; Reviewing consumer accounts functions; Investigating consumer grievances; Reviewing accounts payable and receivable functions; Performing reconciliation of bank and general ledger accounts; Monitoring inventory control.
Job requirements include but not limited to: • • • • • • • • •
A Bachelor’s degree in Accounting with CPA certification or equivalent qualifications; A minimum of 5+ years’ experience; Management accounting skills; Good time management skills; Knowledge of GAAP; Good analytical and reporting skills; Good customer relations skills; Knowledge of accounting software packages and computer accounting systems; Knowledge of reconciliation process including bank and general ledger.
Interested persons should apply to Afuture@bplco.com on or before: October 31st, 2018. Only candidates meeting the criteria will be contacted. Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com
Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER