MONDAY, NOVEMBER 7, 2016
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$7m sale impasse holds up Gulf Union closure By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Raymond Winder
A frustrated purchaser has accused Gulf Union Bank (Bahamas) liquidators of repeatedly stalling the $7 million sale of its largest remaining asset - a charge they vehemently deny. Joe Moore, a partner in US-based Mountain West Investments LLC, told Tribune Business he “can’t understand the thinking” of the insolvent institution’s liquidators, accountants Raymond Winder and Graham Garner. See pg b7
Buyer: Liquidators ‘dragging out’ 1,400-acre deal Claim refuted: Hung up on $700k deposit payment End close for two-decade process if Cat Island deal’ Winder: Recoveries have ‘exceeded expectations’
Free trade push ‘irresponsible’ with exchange controls ‘No way we can compete with ‘antiquated’ measures Bahamas ‘in desperate and dire need of growth’ Governance reformer raises ‘dollarisation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A governance reform advocate yesterday argued it would be “irresponsible” for the Government to commit the Bahamas to rules-based trading regimes unless local companies enjoyed equal access to credit. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Bahamas’ “antiquated” exchange control restrictions were out of place in a liberalised global economy dominated by free trade and markets. Praising the Central Bank for at least starting discussions about placing Bahamas-based businesses on ‘a level playing field’ when it came to accessing capital, Mr Myers said this was essential if local companies were to survive in a liberalised global economy. He added that the current regime “seriously impedes” the ability of Bahamian companies to compete with foreign rivals, able to access capital far more easily and on better terms/costs, with this nation ranked alongside the likes of Cuba when it See pg b4
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Port Dept’s $600k tug boat repairs are ‘exorbitant’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Auditor General has urged the Port Department to assess alternative options for its tug boat fleet, branding the over $600,000 spent on repairs as “exorbitant” and not necessarily providing taxpayers with ‘value for money’. Terrance Bastian and his staff, in their examination of the Port Department’s accounts for the two-year period to end-June 2016, suggested that it either purchase new vessels or outsource tug boat services to the private sector. They also pointed out that one of the boats, the Snapper, had been out of service for a six-month period. “During the period under
Auditor General: Look at outsourcing service Prince George, PI lacking sufficient security staff Dept gets fee rise approval; must upgrade docks first review, it was noted that in excess of $600,000 was spent to repair the Amber Jack and the Snapper tug boats,” the Auditor General’s report said. “This is rather exorbitant - to continue to make repairs to the tug boats. Further, we have been advised that the Snapper has been See pg b4
Fishermen blast Matthew ‘doubles’ building $2.1bn China deal
The solar rooftop system at FYP Builders mall.
supplier’s solar enthusiasm By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known building materials supplier’s enthusiasm for its solar photo voltaic (PV) system, which has slashed energy costs by up to two-thirds, “doubled” after it survived Hurricane Matthew intact. Mark Roberts, principal of FYP, Builder’s Mall and Tile King, told Tribune Business that his system survived the Category Three/Four storm “in top shape”, and would have allowed him to run his Wulff Road business entirely off renewable energy in Matthew’s aftermath. “It’s one thing for it to work, and one thing for it not to get broken,” Mr Roberts told Tribune Business. “It was like: ‘Man, I have to clean-up solar panels in the front yard and it’ll be down for six months’. “I came back and it was in top shape. I love it. That’s when my enthusiasm for the system doubled. During the hurricane I was: ‘Uh oh.’ But there was not one loose wire, not one panel out of place. “I turned on one of the inverters to see if it could work, and I could have run
‘Not a loose wire’ on FYP’s rooftop system Slashing summer energy costs up to two-thirds Investments ‘makes all the sense in the world’ the building on solar power while we waited for BEC. Especially after the hurricane I was like: Damn, I
love this thing.” Mr Roberts said the solar PV system, which occupies 40 per cent of the space on FYP’s roof, had proven invaluable since it was installed two-and-half years ago. Despite the high sixfigure outlay, he told this newspaper: “I would do it again five times’ over. “My electricity bills are down by an average of between 48 per cent to 67 per cent. And for the last 20 days the weather has been wonderful, so I’m hoping for a major reduction in my See pg b6
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamian fishermen have slammed the proposed $2.1 billion Chinese agricultural and fisheries investment on Andros, describing it as “very worrisome” and something they cannot support. Bahamas Commercial Fishers Alliance (BCFA) president, Adrian LaRoda, told Tribune Business that based on the feedback he had received, fishermen will not support foreign participation in the commercial harvesting of fish in the Bahamas. “We have always long
Will not support foreigners in fish harvesting ‘Grave concerns’ over ‘very worrisome’ proposal Plan too ‘open ended’and open to ‘abuse’ suspected that the Chinese wanted fishing rights in the Bahamas. That has long been a concern for local See pg b6
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