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QC predicts ‘shockwaves’ in GB Power buy-out fight By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
* Local shareholder bids to quash approvals * Action ‘strikes at root’ of Gov’t processes * Claims deal contrary to Electricity Act
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prominent QC yesterday predicted that his legal challenge to the GB Power buy-out will “send shockwaves through the foreign investor community”. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business his long-awaited Judicial Review action “strikes at the very root” of how the Government issues approvals and permits to overseas investors. Legal papers, filed with the Supreme Court yesterday on behalf of Mr Smith’s company, SeSaChe, are seeking to quash the approvals that gave Emera the go-ahead to buy-out GB Power’s minority Bahamian shareholders. SeSaChe, which has to obtain the Supreme Court’s
FRED SMITH permission to launch Judicial Review proceedings, is alleging that the Bahamas Investment Authority (BIA) and Central Bank approvals are “ultra vires, irrational and procedurally unfair”. The company, which holds $300,000 worth of shares in BISX-listed ICD Utilities, the holding vehicle for 50 per cent of GB Power’s equity, is also seeking court Orders to block the Government from approving the buy-out
BILL’S $250,000 THRESHOLD ‘INEQUITABLE’ FOR BAHAMIANS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Commercial Enterprises Bill must not operate “to the detriment of Bahamian businesses”, the Chamber of Commerce’s chief executive warned yesterday, while rejecting claims it undermines ‘Bahamianisation’. Edison Sumner told Tribune Business that the Government needed to ensure Bahamian-owned companies could compete on a ‘level playing field’ with foreign rivals, and be able to access the same incentives - especially the ‘fast track’ work permit approvals - provided for in the Bill. While backing the legislation’s progressive and innovative intent, Mr Sumner said the Minnis administration was looking for “volume and quality” in attracting foreign-owned businesses to domicile in the Bahamas through reducing the minimum investment threshold to $250,000.
* NEW LEGISLATION ‘CAN’T BE TO LOCAL DETRIMENT’ * BUT NOT UNDERMINING BAHAMIANISATION The Government is hoping it may attract an eventual Google or Microsoft-type technology firm to base themselves in the Bahamas as a start-up, but the Chamber chief executive warned that the $250,000 threshold may be “inequitable” when set alongside the challenges Bahamian companies have to overcome. The Bill’s passage through the House of Assembly has provoked near-hysteria in some political quarters, with former PLP chairman and Cabinet minister, Bradley Roberts, branding it “the death of Bahamianisation” amid fears that a wave of foreign workers and companies will push out
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without first consulting Bahamian shareholders and other “stakeholders”, such as the Grand Bahama Port Authority (GBPA). It is arguing that since the BIA is not created by law it has “no authority over the personal shares owned by Bahamian citizens”, and thus has “no power” to approve Emera’s purchase of SeSaChe’s shares. Mr Smith told Tribune Business that the Judicial Review was targeting the Government’s ongoing failure to follow statutory approvals processes, which he said it persistently bypasses through permits granted through the Office of the Prime Minister.
“It is going to create shockwaves in the foreign investor business community because it strikes at the very root of the foreign investor approval process in the Office of the Prime Minister,” he said. “The continued practice of creating these non-statutory bodies like the BIA and the Bahamas Environment, Science and Technology Commission (BEST) are just recipes for litigation.” Mr Smith added that Emera and GB Power executives had been “waving the approval from the BIA around as if it was a fait accompli” when they met minority ICD Utilities shareholders in late
October to discuss the proposed buy-out. “The Office of the Prime Minister is no lawful jurisdiction through which to be approving the sale of my shares, as a Bahamian, in a Bahamian company,” the well-known QC blasted. “This is why it is so important to ensure businesses operate in accordance with laws passed by Parliament, and not short-cuts created by the executive arm of government like the BIA. “We get foreign investors feeding into this alternative reality process, which just creates continued confusion and abuse,” Mr Smith continued. “They think they
SEE PAGE 5
Gov’t ‘fooling itself’ over Enterprises Bill By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is “fooling themselves” if they believe the Commercial Enterprises Bill is the magical solution to the financial services industry’s woes, a local entrepreneur warned yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that the Prime Minister and Brent Symonette were correct to brand the sector as “dying” - but only because they and their predecessors had failed to “shock it back to life”. Arguing that the Bill’s ‘fast track’ work permit approvals process would have little impact by itself, Mr Moss reiterated his belief that the Bahamas’ decline was rooted in its failure to shed its ‘tax haven’ image by adopting a low-rate corporate income tax.
* WON’T ‘SHOCK FINANCIAL SERVICES TO LIFE’ ALONE * BAHAMAS URGED: END ‘TAX HAVEN’ SCRUTINY * BILL TO ‘CREATE MORE HAVOC’ AT IMMIGRATION
PAUL MOSS He said he had been approached by many highend clients wanting to do business in the Bahamas, but who were deterred by the “scrutiny” they knew this would attract from home country regulators and tax authorities. And Mr Moss said the Bill’s requirement that work permit applications in targeted industries be approved within 14 days only threatened to wreak “havoc” on an already over-burdened Immigration
Department struggling to cope with its existing workload. Responding to assertions by Dr Hubert Minnis and his minister of financial services that the sector was “dying”, Mr Moss told Tribune Business: “I think that they are correct, notwithstanding what they think they’re doing with this Commercial Enterprises Bill. “It’s dying because we have yet to address the big issues this country requires to survive and get off life support. It ought to be about double taxation
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$4.46 WORLD DRIVES BAHAMAS TO INTRODUCE INCOME TAX * ‘A VERY DIFFICULT SELL’, SAYS EX-MINISTER * TAX ALIEN TO ‘CULTURE’, DOMESTIC INDUSTRIES * BAHAMAS NEEDS ‘PEAK AND VALLEY’ TARIFFS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER financial services minister yesterday said global regulatory initiatives appear designed to force the Bahamas to adopt a corporate/personal income tax alien to its culture. Ryan Pinder, who held this position in the Christie Cabinet from 2012 to late 2014, told Tribune Business that the likes of the European Union (EU) and OECD appeared intent on forcing the Bahamas and others to give up sovereignty over their national taxation systems. “It seems to be that these international institutions and multilateral institutions want us to withdraw our national sovereignty in choosing our own tax regime,” Mr Pinder said. “Differentiation of tax regimes is fundamental, and viewed worldwide as a sacred component of self-sovereignty. I certainly think these global pushes are done with a mindset to force countries that don’t have income tax into an income tax regime.” Many in the Bahamian financial services industry believe that forcing the Bahamas to abandon its ‘no tax’ platform, and implement either a personal income tax, tax on corporate earnings or both, has been the ultimate goal of the Organisation for Economic Co-Operation and Development (OECD) and its G-20 patrons since the former’s ‘harmful tax competition’ initiative emerged in the late 1990s. The OECD is now closer to achieving this objective than it ever has been, aided by the EU’s decision to use the existence of a corporate tax regime as one of the key
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URCA: MOBILE NUMBER TRANSFER ‘BREAKDOWN’ SHOULDN’T HAPPEN By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net
* WORKING TO RESOLVE ‘LINGERING CHALLENGES’ * BLACK FRIDAY WOES LASTED INTO WEEKEND
A SENIOR regulator yesterday conceded there were “lingering challenges” with mobile number portability following last Friday’s “breakdown of sorts”. Stephen Bereaux, the Utilities Regulation and Competition Authority’s (URCA) chief executive, said the regulator was working with the Bahamas Telecommunications Company (BTC) and Alive to resolve the problems highlighted by the ‘Black Friday’ porting delays. “Last Friday there was a significant technical difficulty experienced with customers trying to port from BTC to Aliv, which was particularly unfortunate because it happened on a fairly busy porting day,” said Mr Bereaux. “URCA started an investigation into the problem that continued into
Saturday, November 25. Our purpose at the time was to resolve the issues or ensure that the issues had been resolved by the operators concerned, and people were able to port their numbers. “I believe that we are now at a situation where all of the people who tried to port their numbers over the weekend have now been ported successfully, and I believe the porting systems are now working as they are supposed to,” said Mr Bereaux. He added: “There are some lingering challenges across mobile number portability that we are working with the operators to resolve. We, at this stage, without any suggestion of blame from URCA’s perspective in relation to the rules that govern mobile number portability in the Bahamas, think there
DAMIAN BLACKBURN clearly was a breakdown of sorts and it was inconsistent with how things are supposed to happen. “Whether that was a technical issue or process issue, how it would have been caused and what action we should take, we are doing our investigation and we expect to be able to give the public a little more information on the cause and where the problem
originated. If it turns out there has been a breach of one of the rules relating to number portability or otherwise, we would obviously take steps to deal with that. What we would want the public to understand is that with these systems occasionally there may be issues.” Damian Blackburn,Aliv’s top executive, told Tribune Business that the number portability system delays had “hugely” impacted Aliv’s promotional drive to grow its customer base on “the busiest shopping day of the year”. He declined, though, to comment on whether he felt the disruption - which primarily impacted BTC customers wishing to switch to Aliv and keep their existing mobile phone numbers - was more than a coincidence. BTC hit back at its mobile rival for insinuating that the system fault was
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PAGE 2, Tuesday, November 28, 2017
THE TRIBUNE
Value of BISX trades sees 44% increase THE Bahamas International Securities Exchange’s (BISX) AllShare Index continues to move in the opposite direction to major market indices, declining by 3.73 per cent for the year to end-September 2017. The All-Share Index, which measures only stock price movements and excludes dividends, fell by 72.33 points to 1,865.88 for the first nine months of 2017. This contrasts with the 6.79 per cent increase experienced in during the same period for 2016. The BISX All-Share Index’s decline also contrasted with major
world markets. The S&P 500 Index and FTSE 100 Index both appreciated by 12.53 per cent and 3.22 per cent, respectively, during the first nine months of 2017, while the MSCI Index Emerging Market Index jumped 25.45 per cent over the same period. While the value of shares traded over BISX increased by 43.9 per cent year-over-year, volumes for the year to end-September 2017 fell by 10.5 per cent. “Trading volume for the ninemonth period January 1, 2017, to September 29, 2017, was 3,414,260 securities for a value of
$36.445 million,” BISX said. “By comparison, trading volume for the nine-month period January 1, 2016, to September 30, 2016, was 3,813,602 securities for a value of $25.322 million. “Trading volume for the three-month period July 1, 2017, to September 29, 2017, was 1,063,957 securities for a value of $20.708 million. By comparison, trading volume for the threemonth period July 1, 2016, to September 30, 2016, was 852,915 securities for a value of $9.871 million.” Average daily trading volumes fell from 20,420
shares per day in 2016 to 17,811 shares this year, while the daily value jumped from $134,582 to $193,974. Colina Holdings (Bahamas) was the most widely traded stock, accounting for 23.9 per cent or 807,589 shares. It was closely followed by Commonwealth Bank, which enjoyed a 20.5 per cent share of market volume, and AML Foods at 18.7 per cent. Cable Bahamas was the fourth most widely traded stock for the nine months to end-September with an 11.8 per cent share.
Commonwealth Bank was the value leader, with shares worth $7.133 million traded during the nine months to end-September 2017. Meanwhile, two separate Bahamian government debt issues collectively accounted for 30.4 per cent of market value, generating more than $11 million worth of activity. BISX’s total market capitalisation at end-September 2017 was $4.75 billion. This includes its 20 listed stocks worth a collective $3.944 billion; 13 preference share issues valued at $327.25 million; and 19 bonds worth $579 million.
ARCHITECTS INSTITUTE ELECTS NEW PRESIDENT ACTUARIAL THE Institute of Bahamian Architects (IBA) elected Gustavas Ferguson to serve a two-year term as president during its 2017 General Assembly. Mr Ferguson, who has served as the IBA’s secretary/treasurer for the last three terms, said: “I am grateful for the opportunity to serve as IBA president as the Institute is strong. We are fully engaged with the FCAA, CAA, UIA and other world bodies. We are advancing national and regional policies, and programmes of real significance. “We must show the Bahamas how architecture can help to resolve the difficult issues facing
our community. At the same time, we will look to enhance our preservation efforts and pursue policy review and changes for the future. IBA is here to unify architects, influence built environment policies, practices and outcomes, and advance the power of architecture.” Mr Ferguson is a practicing architect and urban designer with Ferguson Associates, and an adjunct professor at the University of the Bahamas and instructor at the Bahamas Technical & Vocational Institute (BTVI). He received his professional degree from the University of Arkansas, and a Masters of Urban
Design Degree from the University of Toronto. Mr Ferguson plans to engage government departments and agencies on meeting national challenges through design and policies, while promoting cooperation among architects. “We couldn’t be more confident in the skills that Gus brings to IBA; members are proud to have an especially qualified representative in Gustavas Ferguson to lead the Institute,” said Amos Ferguson, FIBA. “Gus also brings creativity, proven leadership, unique perspective and experience, so I’m excited
for the Institute’s future in expanding the role it plays in improving the profession and helping us all share the power of architecture nationally.” Established in 1973, the IBA is recognised as a non-governmental organisation in the Bahamas. “As secretary of the IBA for the past three terms, Gus demonstrated strong leadership through a deep understanding of the national and regional architecture community, and a clear vision for unity,” said past president, Andre Braynen. “I look forward to the progress our community will make under his leadership.”
World drives Bahamas to introduce income tax FROM PAGE 1 determinants for whether it will include a country on its upcoming ‘blacklist’ set to be published on December 5. The Base Erosion and Profit Shifting (BEPS) initiative, another OECD demand that the Bahamas must comply with by year-end, is also creating particular problems for this nation due to the absence of a corporate income tax regime.
While the Bahamas is preparing to commit to the minimum compliance threshold for BEPS, its ability to meet this is threatened because the OECD considers a corporate tax rate of 10 per cent or less to be a so-called ‘harmful tax practice’. As a result, some in the financial services industry, including Bahamas Financial Services Board (BFSB) chief executive, Tanya McCartney, and others have said this nation needs
to consider implementing a corporate income tax - both to shed the ‘tax haven’ label and enable it to participate in ‘double taxation’ and investment treaties. Mr Pinder, though, yesterday warned that the implementation of any kind of income tax would “be exceptionally difficult” in the Bahamas - both for cultural reasons and the wider economic impact it would have. “If you thought VAT was difficult, an income tax
regime in the Bahamas will be exceptionally difficult,” he told Tribune Business, “as it’s contrary to the way we operate and who we are. From a cultural viewpoint, I think it would be a very difficult sell. And there’s a whole host of other considerations.” Mr Pinder suggested that implementation of an income tax regime would have negative ramifications for domestic industries, especially Bahamian-owned manufacturers and producers, while also causing uncertainty for a significant proportion of the financial services industry. “When you have an income tax, you will have to significantly lower import duties across the board,” he explained. “How does domestic industry compete if they don’t have tariffs. “They can’t compete. We’re too close to Florida, and it’s easy to import a container at relatively low cost. There’s a whole host of domestic issues. There’s this whole list we have to take into consideration with the development of tax policy, and tax policy is one of the bedrocks of a sovereign country.” Removing import duties on rival imports, Mr Pinder
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argued, would expose Bahamian-owned producers in industries such as water, drinks, cleaning materials and paints to rivals with entrenched competitive advantages especially cheaper costs and price. This, in turn, would affect thousands of Bahamian jobs plus local entrepreneurs who had been able to build their businesses through such protection. Tax reform will likely be imposed on the Bahamas in any event; if not by the OECD and its surrogates, then the Government’s plan to accede to full World Trade Organisation (WTO) membership by 2019. Existing import duties will have to be significantly reduced or eliminated as they are seen as ‘barriers to trade’ by rules-based regimes such as the WTO, but Mr Pinder yesterday said the Bahamas’ negotiators still have an opportunity to protect domestic producers. The Graham, Thompson & Co attorney and partner, who also had responsibility for trade in the Christie Cabinet, suggested that the Bahamas needed to adopt the approach of “peak and valley tariffs”. “You can bring your average tariff rate relatively low, but keep higher tariff rates to protect domestic industries, otherwise you will have a significant impact to your economy,” Mr Pinder told Tribune Business. “We can’t run from the fact we’re a country sitting in the middle of global trade and commerce; we
CONFERENCE HOSTED BY ATLANTIS ORGANISERS yesterday said they expect more than 170 actuaries and financial services professionals to attend the Caribbean Actuarial Association’s 27th annual conference, which is being held at Atlantis from November 29-December 1. The annual event brings together actuaries from across the Caribbean and beyond, enabling professionals in the insurance and pensions fields to enhance their knowledge, exchange ideas with their peers and meet their continuing professional development obligations. The conference committee is led by Bahamian actuary, DeAndrea Lewis. The committee features four other local actuaries, and several actuarial students who are pursuing their actuarial credentials. Speakers at the conference include former Cabinet minister, Zhivargo Laing; Marla Dukharan; and Sir Ronald Sanders. Registration for the conference remains open and prospective attendees can get more information about the programme, speakers and how to register for the conference at the Associa-tion’s website: www.caa.com.bb.
can’t deny we sit in the middle of a global economic environment, but we have to protect out domestic industries.” Mr Pinder added that implementation of a corporate income tax would also raise questions as to whether the Bahamas could ‘ring fence’ the economy’s international segment from such a tax, levying it only on domestic businesses. “If you’re going to implement corporate tax on International Business Companies (IBCs) holding assets in the Bahamas for non-residents, of which there are thousands, that industry will go away overnight and it’s a significant part of the financial services industry,” he explained.
The Ministry of Social Services & Urban Development Department of Gender and Family Affairs in Conjunction with the Pan American Development Fund
Invites You To Attend for One Night Only...
TALK Men Speak On Violence Against Women: Real or Imagined?
Ladies have you ever wondered what men talk about in Barbershops?
Then Join Us Tuesday 5th December 2017 at 7:00- 9:00 pm Harry C. Moore Library Auditoirum, University of The Bahamas With Host Julian Reed from the Reid Factor This Barbershop talk is the first of a series of pop-up Barbershop settings in Commemoration of the International Day to End Violence Against Women Admission is FREE OF CHARGE | *Refreshments will be provided*
THE TRIBUNE
Tuesday, November 28, 2017, PAGE 3
BPL consumer protection feedback ends this week By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net PUBLIC consultation on Bahamas Power & Light’s (BPL) Consumer Protection Plan will close this week, sector regulators said yesterday. Stephen Bereaux, the Utilities Regulation and Competition Authority’s (URCA) chief executive, said: “BPL is required to put forward its proposed
standards for consumer protection for customers of BPL. URCA is required to consult on the standards with the public, and eventually approve the standards. “These are the standards that BPL; of its own accord; its own extent, chooses to put in place for its customers. The consultation on the BPL plan closes on Thursday.” URCA has conducted a series of public meetings on various Family
Islands to educate consumers about the content of Bahamas Power and Light’s (BPL) consumer protection plan. “As part of that process we did sort of a road show, and I think that was very well received. A lot of people came out to express their views,” said Mr Bereaux. “The next step, once the period closes, is for URCA to combine and respond to all the comments, at which point we will publish a
Caribbean nations urged to embrace information technology sector By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net CARIBBEAN nations must embrace the ICT sector if they are to improve their growth and development prospects, the Caribbean Telecommunications Union’s (CTU) chairman said yesterday. Speaking at a press conference to highlight ICT Week-The Bahamas, which is being held at the Atlantis, Philip Dalsou said: “ICT is really the most dynamic sector, and we in the Caribbean must embrace the sector if we are going to move forward and improve our development and growth prospects. We have all witnessed first hand how ICT has transformed the economies and our behaviour.” He added: “We know that many of our traditional sectors are under threat, such as the offshore banking sector, and it is really incumbent upon us in the
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Caribbean to embrace ICTs and other technologies and move forward.” Mr Dalsou said one of CTU’s biggest issues is the implementation of an ICT single space. “We do have a road map, and our focus must be on how we implement this ICT single space because we believe it will bring tremendous benefits,” he added. Around 100 participants, inclusive of policy
makers and ICT experts from throughout the Caribbean are participating in ICT Week- The Bahamas, the highlight of which is the 16th Caribbean Ministerial ICT seminar. The Caribbean Telecommunications Union (CTU) is an intergovernmental organisation dedicated to supporting the development of the Information and Communications Technologies (ICT) sector across the region.
RELOCATION NOTICE
statement of results and, based on that, we will go back to BPL and they can issue their final consumer protection plan.” BPL’s draft consumer protection plan was challenged by engineers,
including Debbie Deal, head of the Chamber of Commerce’s energy and environment division, who suggested that its title was a misnomer and that it should be renamed given the restrictions on consumer
compensation for damaged electronic equipment. Mr Bereaux noted that regardless of the BPL Consumer Protection Plan, the regulator will have its own rules to govern the energy provider.
AMMC REQUEST FOR PROPOSALS FOR AUDIT SERVICES The National Museum of the Bahamas; The Antiquities, Monuments and Museum Corporation, hereinafter referred to as “AMMC”, is hereby soliciting Proposals from qualified and experienced firms (“Respondents”) to provide auditing services. The Respondent shall provide a narrative description (relevant experience, qualifications and past performance) of the company and the service. Please submit: • One (1) Original Proposal, • Five (5) Copies Of The Original Proposal • One (1) Digital Copy on Compact Disk (CD) or USB Flash Drive Proposals are to be submitted in a sealed envelope bearing the name of the company, and the address as well as the number and title of this solicitation no later than 5:00p.m., December 7, 2017. Interested professionals meeting the above qualifications should submit their proposal to: The Secretary to the Corporation The National Museum of the Bahamas Antiquities, Monuments and Museum Corporation Centerville House, Collins Avenue & Shirley Street, P. O. Box EE-15082 Nassau, Bahamas Email: kburrows@ammcbahamas.com Please clearly mark Proposals: “IMPORTANT, AUDIT SOLICITATION ENCLOSED” (ABSOLUTELY NO PHONE CALLS PLEASE) Only applicants having the above attributes will be contacted
Dr. Bimal Francis Cardiologist Will now be working from
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Deputy Director, Information and Communications Technology Reporting to the Managing Director, the Deputy Director, Information and Communications Technology (ICT) will be responsible for leading the overall ICT strategy, policy and implementation for the NHIA. This position is a member of the Executive Management Team of the NHIA and as such, collaborates and seeks advice and input from the other executives concerning organizational-wide initiatives. The Deputy Director, ICT must be a dynamic leader with extensive experience in managing ICT functions. The Deputy Director will have deep expertise in ICT trends, technologies and practices acquired through related educational degrees and working experience, as well as a solid understanding of the laws that govern ICT in The Bahamas. The Deputy Director, ICT will establish an effective working relationship with the Managing Director, other Deputy Directors and outsourced IT providers.
To view the full job posting, please visit www.nhibahamas.gov.bs/careers/.
PAGE 4, Tuesday, November 28, 2017
THE TRIBUNE
BILL’S $250,000 THRESHOLD ‘INEQUITABLE’ FOR BAHAMIANS FROM PAGE 1
Bahamian professionals and entrepreneurs. The Minnis administration, though, has argued that the Bill largely targets high margin, technology and financial services-based businesses that are largely not present in the Bahamas, and Mr Sumner said he did “not see that as undermining Bahamianisation”. “I think it’s primarily a case where we’re focusing on international companies to come in, but it should not be to the detriment of Bahamian businesses,” he told Tribune Business. “The Bahamian business still represents the bedrock of the economy, and we have to do
everything to ensure they thrive and, where they’re having challenges, they overcome them so they make meaningful contributions to the growth of the economy.” Arguing that the Commercial Enterprises Bill’s incentives should also be available to Bahamian-owned businesses in the same industries, Mr Sumner suggested the sectors under the legislation should “be looked at again to ensure they are finetuned and cover the areas we think will help us to diversify and bring in new jobs, industries and innovation and ideas”. The Government has said the Bill’s provisions apply to Bahamian-owned firms and joint
ventures, although the language does not specifically say so. Mr Sumner revealed that the Chamber and private sector had not been consulted or seen the legislation before its tabling in the House of Assembly, although they had been made aware a Bill was coming. He added that the timelines and legal obligations imposed on the Department of Immigration for the granting of work permits should be extended “across the board” to other government departments and services, such as those that dealt with Business License fees and real property taxes. “I’m hopeful we can see a similar situation and timelines applied
on other government agencies and services as well,” Mr Sumner told Tribune Business. “The Bill is being introduced to assist with the ease of doing business on one hand, but it’s also to attract more foreign companies into the Bahamas to establish commercial enterprises. “We think $250,000 [as a minimum investment threshold] is reasonable for Bahamian businesses, but may be undervalued for foreign ones. The Government is looking for volume and growth. They’re looking for companies that might find business in other jurisdictions too restrictive, and if they lower the capital requirements hopefully they will come in. “Putting the Bahamian business on the same
level, having to come up with the same $250,000 to get the same benefits, we think is inequitable. That’s because the Bahamian business is already here trying to do business in the economy. We think the amount for foreign investors and Bahamian investors should be different, as we’re trying to incentivise Bahamian businesses as well.” Mr Sumner suggested that the Government “reconsider” and impose a lower investment threshold for Bahamian businesses, which were already at a competitive disadvantage against their foreign counterparts when it came to capital access and cost, and “struggling to make ends meet” in a sluggish domestic economy.
Gov’t ‘fooling itself’ over Enterprises Bill FROM PAGE 1 agreements. The IMF has been saying that we need to adopt a low-rate corporate or income tax, but it’s something they [the
Government] refuse to address themselves. “They can fool themselves all they want with this Bill, thinking it’s going to fix a dying industry,” Mr Moss continued. “It’s not going
to happen. This Bill has not moved us in any way. It requires real surgery, a technocrat or surgeon, who understands what needs to be done. “The Bahamas is saying somehow that this
Bill is going to be the ‘be all and end all’ for rescuing the industry. That is not the case. If the Bahamas wants to save this industry, it’s not about relaxing the rules for work permits.”
Mr Moss said that of the multiple challenges facing the financial services industry, the key was to shed the ‘tax haven’ label created by the Bahamas’ clinging to its ‘no tax’ platform. “We continue to hold ourselves out as a ‘tax haven’, and that is what the world is against,” he added. “If they want people to come and headquarter here, they need to have arrangements for taxation so that companies from the US and Europe are not scrutinised by their regulators back home. “No serious businessman is going to come here for his business to be scrutinised by his home country because of ‘tax haven’ status. Until that is addressed, they’re ‘whistling Dixie’. We have to get into the taxation business; we have to reposition for double taxation agreements. “People won’t do business in countries where they can’t get tax benefits in their own country. I’ve had people wanting to conduct business in the Bahamas but, because there are no double taxation agreements, they don’t come here.” Mr Moss continued: “When you attract worldclass clients they want to be doing serious business; they want to come to a jurisdiction that is transparent and out in the open, and where scrutiny does not follow them. “But now scrutiny follows the Bahamas, and that is why the Bahamas is
dying. It’s comatose, and they’re [the Government] not doing anything to shock the patient back to life. “They’re assisting in the euthanasia of the industry by failing to address the issues with respect to taxation.” Mr Moss said the Government’s lack of attention to the financial services industry was highlighted by the fact it was still trying to pass legislation to give effect to the Bahamas’ commitment to the multilateral approach on automatic tax information exchange as set out in the Common Reporting Standard (CRS). Returning to the Commercial Enterprises Bill, Mr Moss said the provision requiring that work permit applications be processed within 14 days otherwise they will be deemed ‘approved’ threatened to “create more havoc” at an already-struggling department. Pointing out that the Immigration Department was hindered by staff shortages, its physical office conditions and the absence of information technology (IT), Mr Moss questioned why the Government still refused to tackle “the big elephant in the room” - the Department itself. “They cannot deal with what they have in front of them now,” Mr Moss added, recalling how many one-day work permits for persons flying into the Bahamas to attend Board meetings were only approved after they had left the country.
URCA: MOBILE NUMBER TRANSFER ‘BREAKDOWN’ SHOULDN’T HAPPEN FROM PAGE 1 part of a deliberate effort on its part to undermine the latter’s promotional campaign and efforts to pinch its subscribers. Mr Bereaux stressed the importance of carrying out a proper investigation, adding: “At the end of the day these operators are both trying to do a business. It’s a very vibrant,
competitive business. For the long-term success of the market it is important that people are able to switch when they choose.” Mobile portability is vital to Bahamian consumer choice and market competition, as it enables customers to retain their existing numbers when transferring to either BTC or Aliv - a huge benefit to individuals but, especially, business persons.
IMPRESSIONS DENTAL CENTER A progressive dental practice that offers world class service and care in a state of the art facility. We are seeking to have a General Dentist join our dynamic team (full or part time). Job Description: Preferred applicants should have a minimum of one years’ dental experience and be committed to excellence. Please e mail resumes to
careers@impressions-bahamas.com
THE TRIBUNE
Tuesday, November 28, 2017, PAGE 5
QC predicts ‘shockwaves’ in GB Power buy-out fight FROM PAGE 1 can go to the Prime Minister’s Office and get these approvals to forcibly take my shares. Hopefully, the courts will rule that in the Bahamas we don’t live in a dictatorship.” Mr Smith’s Judicial Review was filed on the same day set by Emera/ GB Power as the deadline for Bahamian shareholders to decide which buy-out option they will take - the all-cash payout; exchanging their ICD Utilities shares for Emera Depository Receipts (DRs); or a mixture of the previous two options. The GB Power buy-out was approved by 89 per cent of Bahamian minority investors at a November 8 shareholders’ meeting but, despite the seemingly overwhelming vote in favour, Mr Smith and SeSaChe are arguing it should not deprive them of their GB Power equity interest. The buy-out is scheduled for completion this month, and it now remains to be seen whether Mr Smith’s latest Judicial Review action will disrupt Emera’s plans. “Notwithstanding
that a majority of the other minority shareholders of ICD Utilities may have approved the transaction, SeSaChe does not accept that it should be forcibly divested of its shares in ICD Utilities or made to take a payment for its shares,” the company alleged. “SeSaChe resists being forced to divest itself of its ownership in ICD Utilities, and the indirect ownership in GB Power, and to be thus prevented from capitalising on the future potential growth in value of GB Power as the Freeport and Grand Bahama economy grows, especially given the current government administration’s commitment to dramatically spur economic activity and resurrect the economy of Grand Bahama. “If Emera or GP Power, as they say they do, wish to simplify their corporate structure, it is just as feasible - and, in fact, far simpler to exchange SeSaChe’s shares in ICD Utilities with an equivalent value of direct shares in GB Power. GB Power has already issued many millions of preference shares directly to Bahamians.”
NOTICE
NOTICE is hereby given that JOHN LEONCE of Johnson Road, P.O. Box N-10026, 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 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that WYLKINNE LAURENT of Rocky Pine, P.O. Box N-1256, 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 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JESSICA THERESA TELUSMA of P.O. Box N-8693, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)
Rooke Latam Opportunity Fund Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that Rooke Latam Opportunity Fund Ltd., SAC (IBC №. 175937 B) is in dissolution. The date of commencement of the dissolution is 23rd November, 2017. The Liquidator of the Company is Guillermo Frontado of Urb. La Floresta, Av. Tropical, Qta. Chaparral. Mun. Chacao, Caracas 1060, Venezuela. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 22nd December, 2017.
Guillermo Frontado Liquidator
Archibald Collins, GB Power’s chief executive, previously conceded to Tribune Business that issuing GB Power shares in exchange for the ICD Utilities shares held by Bahamians was an option, but this was never considered in determining the buy-out’s structure. While Emera and GB Power are likely to dispute Mr Smith and SeSaChe’s claim that they are being “forcibly divested” of their shares, the latter’s Judicial Review reiterates that the buy-out’s effect - if it is completed - will be to make Grand Bahama’s monopoly energy provider 100 per cent foreign-owned “with no Bahamians having any direct or indirect stake”. Moving to challenge the Government approvals, SeSaChe is alleging that the buy-out is contrary to the Central Bank’s mandate to protect the Bahamas’ external reserves and balance of payments because “it will result in 100 per cent of GB Power’s distributable profits going offshore”. Branding the Central Bank’s ‘approval in principle’ as “irrational” on this aspect alone, SeSaChe added that the buy-out of all Bahamian
ownership also countered the Electricity Act’s mandate that the energy sector provide “investment opportunities for citizens of the Bahamas”. GB Power has challenged the Utilities Regulation and Competition Authority’s (URCA) ability to regulate it via the Electricity Act through the courts, and some are likely to see the irony in Mr Smith and SeSaChe using that legislation as one pillar of their case. However, they are arguing that it was “imperative” for the Electricity Act and its provisions to be considered by the Central Bank when making its decision on whether to grant approval. SeSaChe is also claiming that the exchange control approval was ‘procedurally unfair’, as shareholders and stakeholders should have been consulted beforehand given that the former were “in danger of being stripped against their will of their stake” in GB Power. “In these circumstances, the protections offered to minority shareholders by the Companies Act (dissenting shareholders’ right to fair value for their shares) are insufficient, and shareholders have
an interest in the decision being taken by the Central Bank/ Minister of Finance and a concomitant right to and expectation of consultation,” Mr Smith and SeSaChe alleged. Turning to the BIA, they added: “The BIA’s decision is ultra vires because the BIA as an entity has no statutory foundation, no regulatory jurisdiction and as such has no authority over the purchase of personal shares owned by Bahamian citizens. “The BIA is the administrative arm of the National Economic Council (NEC), operates from the Office of the Prime Minister and is an unofficial gatekeeper of foreign investment in the Bahamas. It has no power to grant approval
NOTICE
for Emera’s purchase of SeSaChe’s shares.” SeSaChe and Mr Smith are also asking the Supreme Court to Order that the BIA and Central Bank produce the approvals granted to Emera if their Judicial Review challenge proceeds. The McKinney, Bancroft & Hughes law firm, acting for Emera and ICD Utilities, had told them to approach the Government for details on the approvals. “It is curious that Emera and ICD Utilities have refused to supply a shareholder with copies of the approvals issued to Emera, and upon which Emera/ICD Utilities relies so heavily in the press release, circular and proxy statement,” SeSaChe alleged.
NOTICE
NOTICE is hereby given that PETER GUILLAUME of Carmichael Road, 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 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JEAN PIERRE ALEXIS of Garden Hills, 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 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that JASON DESMOND CRISPIN HENFIELD of #73 Pioneer’s Loop, Freeport, Grand Bahama, 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 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that RODNEL ODEUS of Carmichael Road, 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 21st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that KENDSON METELLUS of Woods Alley, off Market Street, 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 28th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT MONDAY, 27 NOVEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,071.32 | CHG -0.05 | %CHG 0.00 | YTD 133.11 | YTD% 6.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.60 6.30 5.30 13.50 2.59 1.60 6.01 10.55 11.00 4.50 7.25 12.51 11.00
52WK LOW 4.06 17.43 8.19 3.50 1.13 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.75 3.35 6.61 12.01 10.00
1000.00 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
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 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 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.65 1.51 6.01 10.55 6.29 4.49 7.01 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 1.00 LAST SALE 100.00 100.00 100.00 108.16 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.59 1.51 6.01 10.55 6.29 4.49 7.01 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 -0.06 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 1.00
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 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.08 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
700
VOLUME
NAV 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08
EPS$ 0.444 0.932 -0.223 0.540 -1.220 0.000 -1.462 0.611 0.583 0.196 0.631 0.102 0.392 1.217 0.729 0.484 0.310 -0.668 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 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 0.000
P/E 9.7 18.7 N/M 6.9 N/M N/M -2.5 14.1 10.5 25.2 14.3 25.4 3.9 4.9 14.5 13.0 14.5 -10.5 23.0 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 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% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017
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 1.86% 6.48% 0.00% 6.22% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.32% 3.31% 4.83% 4.74% 0.00% 2.67% 2.00% 4.64% 0.00%
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
PAGE 6, Tuesday, November 28, 2017
THE TRIBUNE
THE TRIBUNE
Tuesday, November 28, 2017, PAGE 7
NOTICE Vendome Invest Ltd. (In Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 17th, day of November 2017. The Liquidator is Dillon Dean of Nassau Bahamas.
Dillon Dean (Liquidator) NOTICE GREEN VALLEY INTERNATIONAL S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GREEN VALLEY INTERNATIONAL S.A.. is in dissolution as of November 23, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LIQUIDATOR ______________________
YANKA Holding LTD. Company No. 684099 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that YANKA Holding LTD. is in voluntary liquidation. The voluntary liquidation commenced on 22nd November, 2017 and MONIKA SUTER of Tรถdiweg 6, 8802 Kilchberg / ZH, Switzerland, has been appointed as the Sole Liquidator.
Dated this 22nd day of November, 2017 Sgd. MONIKA SUTER Voluntary Liquidator NOTICE KIMPER ENERGY FUND CORP. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KIMPER ENERGY FUND CORP. is in dissolution as of November 23, 2017
International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LIQUIDATOR ______________________
NOTICE Polar Bear Peaks Inc. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Polar Bear Peaks Inc. is in dissolution as of November 23, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LIQUIDATOR ______________________