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MONDAY, DECEMBER 4, 2017

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Investors: RBC account closures ‘utter nonsense’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

urious expatriates have slammed Royal Bank of Canada’s (RBC) closure of their accounts without warning as “utter nonsense”, amid fears it could harm the Bahamas’ reputation and second homeowner economies. Tribune Business can reveal that winter residents and second homeowners, together with condo

* Facilities shut with no notification * Owners can’t access thousands of dollars * Bank ‘working through’ issue with clients associations and others, have been unable to access funds amounting to thousands of dollars after they never received RBC letters and e-mails requesting they provide new Know Your Customer (KYC) information. RBC subsequently closed their accounts after

the verification deadline was missed, yet many beneficial owners only became aware several months later when they were unable to access their funds. Derek Hare, a worldrenowned landscape and marine artist, whose work - including scenes of the

Bahamas - has been purchased by royalty in both the UK and Dubai, told Tribune Business he had been unable to either re-open his account or retrieve the funds in it after discovering its closure

SEE PAGE 5

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RBC’s digital drive: Branch transactions may drop by 33% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Bank of Canada (RBC) believes its digital banking drive will slash inbranch transactions by up to one-third, reduce fraud and combat “all the noise in the marketplace” over bank fees. Nathaniel Beneby, RBC’s Bahamas managing director, said the elimination of multiple manual banking transactions come January 2018 would enhance “the customer experience” and

* BANK: MOVE WILL COMBAT RISING FRAUD * AND ‘MARKETPLACE NOISE’ OVER FEES * $15 CHEQUE CASH LEVY FAILED ‘DETERRENT’ boost security for both clients and the bank. In particular, RBC views its decision to stop cashing cheques for nonclients from January 2 as both helping to reduce

SEE PAGE 4

Bahamas ‘done everything possible’ to avoid blacklist By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister believes the Bahamas has “done everything we could possibly do” to escape the European Union (EU) ‘tax haven’ blacklist that will be issued tomorrow. K P Turnquest told Tribune Business that the Minnis administration “has no reason to think” this nation will be deemed a ‘non-cooperative jurisdiction’, given its efforts to comply with multiple international regulatory

* DPM: ‘NO REASON’ FOR EU TO INCLUDE US * EX-MINISTER WARNS OF ‘REAL, SUBSTANTIAL EFFECT’ * OXFAM: BAHAMAS SHOULD BE NAMED ON LIST

DPM KP TURNQUEST

initiatives. “We have done everything that has been asked of us, and we believe we have done everything we could possibly do at this point,” he said, referring to the Organisation for Economic Co-Operation and Development’s (OECD) latest tax transparency drive. The OECD’s Common Reporting Standard (CRS) forms one

of the foundations for the EU ‘blacklist’, and Mr Turnquest said the “compendium” of Bills set to be debated by Parliament this week will enable the Bahamas to adopt the multilateral approach for automatic tax information exchange. “That will give us the legislative authority to do what we need to do in terms of automatic

information exchange,” he added. “That’s the last thing we need to do.” Mr Turnquest said that once those Bills are passed into law, himself and Brent Symonette, minister with responsibility for financial services, will have the legal authority to travel to San Marino on December 11-12 to sign the Mutual Convention on Administrative Assistance in Tax Matters - thereby committing the Bahamas to the multilateral automatic information exchange

SEE PAGE 6

RBC SAYS DIGITAL SWITCH ‘NOT ABOUT DOWNSIZING’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Bank of Canada (RBC) says its move to become a Bahamas and Caribbean leader through digital conversion is “not about downsizing”. Nathaniel Beneby, RBC’s managing director for the Bahamas, Cayman Islands and Turks & Caicos, denied that the drive to push consumers towards mobile and Internet banking would result in further terminations, arguing: “This is not about shrinking our business or services.” Many social media postings over the

* TOP EXECUTIVE: ‘THIS IS GROWTH, NOT SHRINKAGE’ * EXPECTS PUSH TO SHORTLY DOUBLE MOBILE USERS * BANK’S HOME COUNTRY ‘ANXIOUS’ TO COPY APP weekend speculated that RBC’s digital switch was chiefly a cost-cutting measure that would allow the bank to lay-off staff and close more branches, with some even suggesting it was a sign the bank intends

SEE PAGE 7

DPM: ‘EARLY’ 2018 FOR BUSINESS EASE BOOST By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE private sector was yesterday urged to watch for business ease improvements “early” in the 2018 first quarter, with the Deputy Prime Minister revealing: “Nothing has been ruled out.” K P Turnquest told Tribune Business that the Bahamas needed the private sector to “kick in” and reverse a recent economic model that has relied heavily on the Government to generate economic growth.

* REVEALS: ‘NOTHING HAS BEEN RULED OUT’ * BUT ‘NO ONE-SOLUTION’ TO BAHAMAS’ ILLS * MUST REVERSE PUBLIC SECTOR-LED GROWTH Speaking after the Minnis Cabinet at the weekend discussed ‘ease of doing business’ improvements focused primarily on Bahamian-owned businesses, Mr Turnquest acknowledged there was no magical

SEE PAGE 9

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THE TRIBUNE

Monday, December 4, 2017, PAGE 3

DPM TARGETS 50% TOURISM GDP BOOST By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

* NEEDS HOTEL OCCUPANCIES AT 90% * REQUIRES 30 BASIS PT JUMP, EQUAL CRUISE SECTOR

THE Bahamas could increase tourism’s economic contribution by 50 per cent if it can drive hotel occupancies to an average 90 per cent, the Deputy Prime Minister believes. K P Turnquest told the Bahamas Hotel and Tourism Association’s (BHTA) annual general meeting that this meant a 30 percentage point increase in average occupancy rates to take care of the sector’s 7,000 empty rooms on any given night. He added this this also meant the Bahamian hotel industry matching the cruise ship sector’s typical 90

per cent average occupancy. “If we were to move hotel occupancy to 90 per cent with a solid average room rate, we would have increased tourism GDP by 50 per cent without another major hotel development,” said Mr Turnquest. He added that on an average night there were 7,000 vacant rooms in the sector, and said: “We have to ensure that we get conditions right to begin filling those rooms even while we look to new investments on the horizon.” Mr Turnquest said Government was also conducting a “long overdue”

exercise to examine the tax revenues generated by the tourism sector, and see what adjustments could be made to maximise revenues and reduce government subsidies. He said: “We, along with the Ministry of Tourism, are conducting an exercise in the Ministry of Finance that is long overdue. We are looking at the tax revenue from tourism and seeing what adjustments can be made to optimise tax revenue, employment in the sector, hotel occupancy, return on investment and reduce government subsidies to the industry.”

GOVERNMENT ACHIEVING SPENDING TARGETS By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Deputy Prime Minister says the Government is hitting its targeted spending cuts, adding: “We seem to be on track”. K P Turnquest said: “We think that we are meeting our targets. We seem to be on track. “We continue to be vigilant and manage carefully what we are doing.”

The Minnis administration is seeking a 10 per cent across-the-board cut in government spending beyond the 2017-2018 Budget allocations. Mr Turnquest added that the Government was also focused on other areas, such as real property tax. “I wouldn’t say we are doing any new initiative. We have been for a while now working on some initiatives to modernise the systems, and we have the revenue

enhancement project that encompasses real property tax to drive up collections, as well as to ensure we efficiently issue bills, assessments, reassessments and keep it current,” he added. Mr Turnquest said progress has been made in real property tax collections. “We have made progress. The success rate has been encouraging and we will continue to press forward in that regard,” he added.

BAHAMAS AIMS TO ‘STAY AHEAD’ OF BLACKLISTING By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Bahamas hopes to stay “ahead of the curve” and avoid any potential blacklisting by signing on to several parts of the OECD’s Common Reporting Standard (CRS) in the next few weeks. Brent Symonettte, minister of financial services, trade and industry and Immigration, told Tribune Business that he and Deputy Prime Minister, K Peter Turnquest, are expected to fly to Europe next week. “There is rumor out there that a number of jurisdictions may be blacklisted,” he said. “The Bahamas is, to the best of our knowledge, not on the list. The Deputy Prime Minister and I are flying to San Marino where we will be signing various parts of the Common Reporting Standard (CRS), so we hope to stay ahead of that curve and therefore will not be included. I have not heard the OECD or anyone saying the Bahamas is on the list. There are rumors that some countries may be, but for the moment we are not dealing with that issue.”

In the wake of revelations about alleged tax dodging, via the so-called Panama Papers or Paradise Papers, the European Union (EU) has discussed several measures to crack down on avoidance, including an EU-wide list of tax havens. As many as 36 countries could reportedly be ‘named and shamed’ in the list, which is due to be published by the European Union tomorrow. Back in April, Monica Bhatia, who leads the secretariat for the OECD’s Global Forum on transparency and tax information exchange, told Bahamian financial services executives that the Bahamas must “take quick action” to avoid being ‘blacklisted’, arguing that this nation’s image was that of “the last tax haven standing”. The Bahamas had initially sought to comply with the OECD’s CRS, the global standard for automatic tax information exchange, via a bilateral approach that would have involved sharing details on a country-by-country basis. However, it came under heavy media and international pressure, inspired by the OECD and its surrogates, to switch to the

JACARANDA HOMEOWNERS ASSOCIATION

Will hold its rescheduled AGM on Sunday, December 10, 2017 at 3:00pm in the park. Members are urged to be in attendance and have their accounts up to date.

multilateral approach which involves information exchange with all-comers. The Bahamas was also left exposed by the likes of Hong Kong, Singapore and the United Arab Emirates (UAE) switching from the bilateral to the multilateral method, resulting in this nation being branded the global ‘holdout’ amid thinly-veiled ‘blacklisting’ threats by the European Union (EU) and OECD. The Government has since decided to sign on to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

CUSTOMER SERVICE REPRESENTATIVE (CSR) Lending institution is seeking a candidate for the position of Customer Service Representative (CSR). POSITION SUMMARY: A CSR is required to ensure that both existing and potential clients receive prompt, efficient and courteous service that exceeds their expectations daily. CSRs must possess a broad knowledge of the various customer related services provided by the company, a pleasant personality and knowledge of the computer system, products, policies and regulations along with a thorough understanding of personal/consumer lending. DUTIES AND RESPONSIBILITIES: • Ensure that all transactions are completed correctly and consistently in accordance with the policies and procedures of the company. Transaction responsibilities include: o Ensure that clients complete loan application properly. o Properly evaluate client application and interview client in a courteous and friendly manner. o Always promptly follow-up on customer queries to ensure that their needs have been met. o None of the internal controls are bypassed in any circumstance unless the requisite authorization is obtained. o Enter then verify and save all client information from the application form into the company program. o Perform the duties of the Cashier as required. • Provide customer service in a manner that makes the customer feel welcome and shows that their business is appreciated. • Ensuring that all transactions are in compliance with the Anti-Money Laundering (AML) policies of Company and escalate all potential fraudulent transactions to Management. • Prevention of fraudulent transactions by following the Know Your Customer Principles. QUALIFICATIONS AND EXPERIENCE REQUIRED: • At least a five (5) BGCSE subjects. English and Mathematics are compulsory • Fluent in English (oral and written) • Working knowledge of Microsoft Office Suite • Excellent communication skills, oral and written • Experience in the Financial Service Sector will be an asset Salary will commensurate with qualification and/or experience. Suitable candidates should submit resumes to email:

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PAGE 4, Monday, December 4, 2017

THE TRIBUNE

RBC’s digital drive: Branch transactions may drop by 33% FROM PAGE 1 long branch queues and potential fraud, along with associated Know Your Customer (KYC) due diligence demands. Mr Beneby said 33 per cent, or one out of every three in-branch transactions, involved persons who were not RBC account holders or clients, suggesting this was exacerbating the long lines and waiting times stemming from the bank’s network consolidation. He added that RBC also needed to protect itself and its clients from exposure to criminality, revealing that the bank had seen an increase in cheque and card-related fraud. And the RBC chief also suggested that moving customers to electronic and

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mobile banking, where fees are typically lower, would ease public concerns and pressure over ever-increasing bank fees. Mr Beneby revealed that RBC had introduced the $15 fee for cashing a non-customer’s cheque as a “deterrent”, hoping it would drive persons to use their own bank, but he acknowledged this had failed. “We see anecdotally from monitoring the branches it could be about 33 per cent,” Mr Beneby said, when asked how many branchbased manual transactions involved non-RBC clients. “We have seen the impact on the branches.” He added that this was “not helping” customer due diligence, and efforts to combat fraud and other forms of criminality such as money laundering, given that non-clients posed a greater security risk. While not possessing statistics, Mr Beneby said he could “confidently say” that cheque and card-related fraud was on the rise in both the Bahamas and the Caribbean. “I can only speak for our business; that it has increased,” Mr Beneby

NOTICE

HENIA GROUP LTD. Company No. 1799742

(In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that HENIA GROUP LTD. is in voluntary liquidation. The voluntary liquidation commenced on 20th November, 2017 and Arcangela Luongo of In der Hinterzelg 71, 8700 Kűsnacht, Switzerland, has been appointed as the Sole Liquidator.

said. “I can confidently say it has increased. It’s not unique to the Bahamas; it’s across the Caribbean, this increase in fraud activity with negotiating cheques in the banking system.” Kevin Darling, RBC’s head of business banking for the Bahamas and northern Caribbean, added that industry statistics showed fraud was more prevalent with manual transactions than the electronic variety. Mr Beneby, meanwhile, said the potential reduction in bank fees that could result from the digital banking switch was not the main “motivation”, but rather a spin-off benefit for Bahamian consumers. “By discontinuing the service of cashing cheques for non-clients, the $15 fee and all the noise in the marketplace goes away,” Mr Beneby said. “When we introduced that, it was intended as a deterrent to drive people” to use their own banks for such transactions. “Using fees for that purpose doesn’t really work,” he acknowledged. Mr Darling agreed that fees associated with electronic transactions were typically lower than those for manual ones, describing this as “a collateral benefit” from RBC’s move. RBC and other Bahamas-based commercial banks have come under increasing public fire over ever-increasing fees, which a Central Bank survey found had increased by up to 43 per cent within a sixmonth period. Many Bahamians view the increases as tantamount

to price gouging and exploitation in an alreadydepressed economy where wages are stagnant, and their protests were sufficient for the Government to announce the formation of a tripartite-style committee featuring representatives from the private sector, trade unions and government - together with the banks to investigate the issue. The fee increases are also a likely banking industry response to reduced interest income stemming from the industry’s near-$1 billion past due loan pile, as well as the 3 per cent ‘Business License’ fee that the former Christie administration imposed on the sector in the 2014-2015 Budget. RBC”s latest move to push customers towards Internet and mobile banking, something all the Canadian-owned banks in particular have been trying to achieve, is unlikely to be acclaimed by all Bahamians. The changes are: * January 2, 2018: RBC will no longer cash cheques, accept bill payments, take deposits or buy and sell foreign currency for noncustomers. It will only cash government cheques and pension cheques for non-clients Deposits and transfers to other RBC clients’ accounts will also not be accepted over-the-counter in branches, other than those for FINCO clients * January 15: TheFasDeposit service will no longer be available * January 31: Wire transfers will not be processed

NOTICE

Lerias Development Avia Inc. Company No. 1826624

Dated this 21st day of November, 2017 Sgd. Arcangela Luongo Voluntary Liquidator

Employment Opportunity Customer Service Representatives Needed

McDonald’s offers excellent benefits! Interested persons should submit their Resume along with the documents listed below to: Human Resources Department, McDonald’s Head Office, 111 East Hill Place, Market Street North, P. O. Box SS-5925, Nassau, N.P., The Bahamas. For further information, you may contact us at telephone 325-4444. Documents Required: • Three Reference Letters • Copy of Valid Passport • Current Police Record • Current Health Certificate • Copy of National Insurance Card • Three Reference Letters • Two Passport Pictures • Bank Account Information

be ongoing. “One of the statistics we looked at was you have about 395,000 people in the Bahamas, and 270,000 have access to the Internet,” Mr Darling said. “If you look at that percentage compared to the broader Caribbean, you’re a highly connected population. We believe the majority of clients have access.” Mr Beneby said RBC felt it had “given enough time” for clients to adjust to the electronic/mobile banking switch, which will start just over a month from now right after the Christmas season. Talking up RBC’s mobile banking app as “user friendly and seamless”, he added: “We feel definitely that they’ve had time to adjust.” Mr Darling said RBC’s business banking unit had worked with corporate clients to prepare them for the transition, and Mr Beneby said the bank felt there would be a “negligible” loss “target clients” from going digital. While not specifying who these clients were, Mr Beneby was likely referring to business customers who will likely be the main beneficiaries, since the costs and time associated with the sheer volume of transactions they conduct will likely be cut. “We are confident that any loss of our target market, target clients will be negligible,” he said. “The high volume transactors may not find this comfortable, but they have options.”

NOTICE

GEDEPE LTD.

In Voluntary Liquidation

(In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Lerias Development Avia Inc. is in voluntary liquidation. The voluntary liquidation commenced on 29th November, 2017 and ADELHEID SCHULER of Basteiplatz 7, 8001 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 29th day of November, 2017 Sgd. ADELHEID SCHULER Voluntary Liquidator

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GEDEPE LTD. is in dissolution as of November 30, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

NOTICE

For Leading Fast Food Franchise Requirements: • High School Graduate • Friendly and Customer Service Driven • Excellent Oral and Written Communication Skills. • Ability to work flexible hours including late nights, weekends and holidays. • Applicants must be in excellent health.

over-the-counter, and standing orders for credit cards will be discontinued RBC wants clients to deposit cash and cheques to their accounts via ATMs, and use its digital channel or mobile banking app to pay bills, transfer funds, pay credit cards, send wire transfers and make payments to other RBC clients. The Canadian-owned bank’s digital push is designed to push clients towards “the future of banking”, and is consistent with the Central Bank of the Bahamas’ desire to increase the penetration of electronic transactions throughout the Bahamas. However, the Bahamas remains very much a cash-based society, and RBC’s move is likely to be received negatively by a significant segment of the market - especially the elderly, poor and indigent, and those who either lack mobile/Internet access or are attached to traditional forms of banking. Asked by Tribune Business whether RBC was pushing some clients to ‘run before they could walk’ when it came to electronic banking, Mr Beneby and other RBC senior executives defended the move by pointing to the Bahamas’ higher Internet and mobile usage penetration rates. Arguing that this showed a significant proportion of their customer base already had digital access, they added that RBC had conducted a “consistent education” campaign to educate clients on the move, promising this would

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WESTRAY INTERNATIONAL BUSINESS LTD. Company No. 1028562

(In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that WESTRAY INTERNATIONAL BUSINESS LTD. is in voluntary liquidation. The voluntary liquidation commenced on 28th November, 2017 and QUERUBE C. DE NUÑEZ of MMG Tower, Ave. Paseo del Mar, Costa del Este, Panama City, Rep. of Panama, has been appointed as the Sole Liquidator.

Dated this 28th day of November, 2017 Sgd. QUERUBE C. DE NUÑEZ Voluntary Liquidator

NOTICE

NUEVA PERRY LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, NUEVA PERRY LTD. is in dissolution as of November 28, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

THE TRIBUNE

RBC ACCOUNT CLOSURES FROM PAGE 1

more than a month ago. Mr Hare, a 30-year RBC customer and UK citizen, who owns a condo in Abaco’s Treasure Cay and typically spends twothree months per year in the Bahamas, said he had provided the bank with updated KYC details just two-three years ago. He added that his efforts to resolve the issue, both with RBC in the Bahamas and its Trinidad-based call centre, had proven fruitless to-date with his inquiries producing no reply. Mr Hare said expatriate friends in Treasure Cay had been unable to access sums ranging from $10,000 to $15,000 in accounts that were now closed, with the problem also involving Nassau-based residents - some of whom have “been here for generations”. He added that condominium associations had also seen their corporate accounts closed by RBC without warning. Besides the reputational fall-out, Mr Hare expressed concern about the impact the situation would have on Bahamian workers and companies reliant on business generated by second homeowners and winter residents. “Many condo association or resort accounts, for example, used to pay gardeners, pool cleaners, management etc, not to mention any ongoing maintenance jobs where the individuals are dependent on this regular income, are no longer operational,” Mr Hare told Tribune Business. “This type of situation, where the income for many people is generated largely by non-Bahamians, must be very widespread and the consequences of RBC’s actions will affect those Bahamians most likely to suffer considerable hardship as a result of not being able to get paid.” Nathaniel Beneby, RBC’s managing director for the Bahamas and northern Caribbean, told Tribune Business the bank was “working through” issues associated with the failure of some clients to provide the requested KYC information by the bank’s deadline. He indicated that the problem related to persons who did not have “significant economic ties” to the Bahamas, such as owning a business or local real estate, but promised that the bank was addressing each case

Monday, December 4, 2017, PAGE 5 once contacted by the relevant client. Emphasising that the money in affected accounts was safe, Mr Beneby said: “That has more to do with clients conducting accounts here in the Bahamas who don’t have any economic ties to the country. “It’s more around compliance and KYC risk. We did send out a notification to the last known address of those clients, and have been receiving feedback from clients who did not receive their’s. “There were deadlines to provide us with the information we requested. Where the deadlines were not met, we closed the account, and as customers contact us we are working through to regularise the situation,” the RBC chief continued. “We are working through that. In these cases, we are working through with the clients once they contact us. It’s more those clients with no ties here at all, no business relationship.” Mr Hare told Tribune Business he had learnt RBC sent out notifications in June to non-Bahamian account holders, listing KYC and customer due diligence information requests that had to be complied with. “Nobody received the letter they sent,” he said. “One person, who has lost $15,000 at the moment, they told him: ‘Oh no, we didn’t send you a letter; we sent you an e-mail’. He told them: ‘I don’t turn on a computer’. “This is really utter nonsense and quite alarming. It’s just quite extraordinary this whole thing. I discovered it at the beginning of November, when the monthly statements are posted over to the UK. Three came all at once for August, September and October. October only went till the middle of the month, and when I looked closer it had a very strange thing: It said: ‘Debit override’.” Mr Hare said the ‘debit override’ matched his account balance, which would normally be around $3,000-$4,000, but this time was only around $650 due to certain expenses requiring payment. “We’re about to send over more money for the beginning of the year, rang up RBC and couldn’t get through to anybody,” he added. “It was just ringing and ringing, or stopped at the answer machine. It was quite something. Nobody was being co-operative.” Mr Hare said that he quickly realised he was not the only RBC customer affected after he began

NOTICE ORAT INTERNATIONAL HOLDINGS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) ORAT INTERNATIONAL HOLDINGS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 30th day of November, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 30th day of November A.D., 2017. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

NOTICE TARO INTERNATIONAL HOLDINGS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) TARO INTERNATIONAL HOLDINGS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 30th day of November, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 30th day of November A.D., 2017. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

investigating the situation. “It’s quite wide. Several of my friends in Treasure Cay have been affected,” he told Tribune Business. “One chap went down to Marsh Harbour and tried to withdraw money and they said: ‘No, you can’t, the account’s closed’. There was $15,000 in there. People in the US transferred $10,000, and they said: ‘Sorry, the account’s closed’. The people asked for their money to be transferred back, but it hasn’t. “This morning I’ve learnt from a group of condos that they have a collective bank account; a savings account used for maintenance, such as paying the gardener and pool cleaning. That account has been closed, and there

was $20,000 in it,” Mr Hare continued. “Another friend of mine, who has a place in Lyford Cay and been there generations with quite large interests, their account was closed until they got a couple of New York lawyers and it was re-opened. I know people in Nassau have had the same thing happen to them. How many, I don’t know. It’s not just Abaco.” Mr Hare said he had sent RBC’s Trinidad call centre a request to transfer the remaining balance in his account back to him two weeks ago, but no response had been received yet. He added that while “we still love the Bahamas”, the experience with RBC

meant he had decided not to have a bank account in this nation any more. “I’m making other arrangements,” Mr Hare said. “I think people will want to deal with other things. People don’t trust the banks down there. Certainly, from the point of view of being a financial services centre, which the Bahamas largely depends on, this could be very damaging indeed.” A Bahamas-based financial services provider, who handles the financial affairs of several expatriates impacted by the RBC account closures, warned that the situation would negatively impact perceptions of this nation at a time when it needs all the business it can get.

Speaking on condition of anonymity, they warned: “This will have an impact, I’m sure, because people will wonder whether they should still keep their second home here or go somewhere else more friendly. “This is not the only place in the Caribbean where there’s sun and sand. The problem is they can’t even get to see the people to find out what’s going on. You leave a message for anyone in the bank and they never call back, even head office. “These people are going to tell everybody else where they come from about this, and it doesn’t help. They help employ a lot of people, like maids and repairmen, on a trickle down basis.”

PAGE 6, Monday, December 4, 2017

THE TRIBUNE

Bahamas ‘done everything possible’ to avoid blacklist FROM PAGE 1 approach. “We have signalled our co-operation with the OECD, and have been very proactive in demonstrating that,” Mr Turnquest told Tribune Business. “We have no reason to believe there’s any reason for putting us on a noncooperative listing. I’m fairly confident we will not be. All things being as equal as they can be, I don’t expect to be on that list..... I think we’re good.” International media reports last week suggested that the EU had cut its potential ‘blacklist’ from 92 countries to just 20,

with states such as Panama, Tunisia, Serbia, Armenia, the Cook Islands and the Marshall Islands said to have been included in a November 21, 2017 draft. There was no mention of the Bahamas, or its likely fate, but the recent ‘Paradise Papers’ revelations - which followed the ‘Panama Papers’ variety of a year earlier - have created fresh impetus for the EU and its 28 members (still including the UK) to advance their crackdown on so-called ‘tax havens’. While the ‘Paradise Papers’ largely disclosed legal tax avoidance/ mitigation strategies by multinational companies

and high net worth individuals, their publication only increased public pressure for governments to combat practices viewed as deepening poverty and inequality, and depriving governments of much-needed tax revenues. Ryan Pinder, the former financial services minister, while slamming the EU’s blacklist tactics as “archaic”, warned that inclusion could result in Bahamian financial institutions and their clients suffering loss of European market access and having transactions impeded. “I think that blacklists are a thing of the past, and should be regarded as a

www.ub.edu.bs

ADMINISTRATION Suitably qualified persons are invited to apply for the following position: Assistant Director, External Communications, responsible for developing dynamic content and media initiatives to externally promote the brand and narrative of University of The Bahamas (UB), ensuring that the message is consistent, relevant and timely. A key consideration for this position is the ability to lead and execute multiple projects simultaneously involving multiple teams, competencies in writing for diverse media and leveraging external contacts to further UB’s communications goals and objectives. Among the duties and responsibilities are collaborating with constituents to promote milestones, innovations and outreach initiatives; developing and executing strategies for short and long term communications, marketing and branding; liaising with media outlets to create opportunities for UB narratives; monitoring and evaluating media coverage to increase and maximize opportunities for further message penetration; developing and implementing content for UB broadcast programming; and marketing and promoting profit-generating operations. The required qualifications include a baccalaureate degree in Media, Communications, Journalism or a related field; at least seven (7) years of experience in the media and/or a communications field; and at least three (3) years’ experience at the supervisory level. The complete position announcement is available at: http://www.ub.edu.bs/about-us/career-opportunities/administration/ . Interested applicants should submit the following to the Human Resources Department by Thursday, 7th December 2017 by emailing hrapply@ub.edu.bs: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo • identification and expiration date; • Copy of N.I.B. Card; • At least three (3) written, professional references. A UB application form is accessible online at: http://www.ub.edu.bs/wp-content/uploads/2017/01/Application-forEmployment-Staff.pdf.

thing of the past,” he told Tribune Business. “It’s a ‘name and shame’ game, and unfortunately the EU wants to continue to use it as a platform to ‘name and shame’ countries. Despite his opposition to the EU’s methods, Mr Pinder acknowledged that the fall-out from inclusion on its ‘blacklist’ would go beyond mere reputational impact by having an adverse effect on the Bahamian financial services industry and wider economy. “There’s a real, substantial impact to blacklistings,” he warned, “as they give a negative name to a country.” Mr Pinder said his chief concern was for the “custodial and correspondent banking relationships” that Bahamian institutions enjoyed with their counterparts in the EU and elsewhere, as the latter may “rush to judgment” on this nation if it is listed. “If we start to have challenges with custodial and correspondent banks in Europe, there will be a significant impact - not only on financial services, but all sectors of the country,” Mr Pinder said. He added that it was “hard to say” whether the Bahamas would escape the EU listing, given that “the determinants are going to be more subjective than objective”. The EU has yet to reveal what sanctions/counter-measures it plans to deploy against ‘blacklisted’ nations, and concerns are already being expressed that the UK will ‘protect’ Crown dependencies such as Bermuda, the Cayman Islands, British Virgin Islands (BVI) and Turks & Caicos - who just happen to the Bahamas’ main international financial centre (IFC) rivals in the region. UK media reports have also suggested that territories devastated by Hurricanes Irma and Maria, which include BVI and Turks & Caicos, will be given more time by the EU to fall in line. The Bahamas, as an independent sovereign nation that largely avoided the two ‘super storms’, will enjoy neither of these benefits.

Mr Turnquest, besides expressing confidence that the Bahamas will not be named on the EU list, said the Government had also proposed ways for the Bahamas to comply with the OECD’s Base Erosion and Profit Sharing (BEPS) initiative without this nation implementing a corporate income tax. Compliance with BEPS is one of the three key criteria being employed by the EU to determine whether a nation merits inclusion on its ‘blacklist’, and Mr Turnquest said the Government had already confirmed to the OECD that the Bahamas will meet the ‘minimum standard’ it is demanding. “We are looking at, and suggesting, some ways we may be able to provide the information they are requesting even in the absence of having a corporate income tax,” the Deputy Prime Minister told Tribune Business. “We are being very proactive, and are having an open dialogue with them [OECD]. We are already compliant and have committed to the minimum BEPS standard, complying with four of the 15 actions.” Tribune Business previously reported that BEPS compliance had created both uncertainty and concern within the Bahamian financial services, given that it seemed to require that this nation implement a corporate income tax. The four standards that the Bahamas will likely select are: (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution. Financial services industry sources told Tribune Business that compliance with Action 5 was especially problematic for the Bahamas, given that BEPS is designed to counter tax avoidance by large multinational companies. The OECD considers a corporate tax rate of 10 per cent or less to be a ‘harmful tax practice’, but the Bahamas - with no income

taxes of any kind - has an effective corporate tax rate of ‘zero’ because it simply does not have this system. The Government’s confidence comes despite Oxfam, the non-governmental organisation (NGO) dedicated to poverty eradication, producing a report last week that said the Bahamas would be included on the EU’s ‘blacklist’ if the latter applies its criteria “objectively”. It argued that the Bahamas had failed two meet two of the EU’s three ‘blacklisting’ criteria, namely ‘fair taxation’ and compliance with anti-BEPS measures, while conceding that it did meet ‘tax transparency’ requirements through the CRS. While the Bahamas’ move to meet BEPS’ minimum standards might meet one of the EU’s criteria, this still leaves open ‘fair taxation’. The latter was defined by Oxfam as having “no harmful preferential tax measures” and not offering structures/arrangements “aimed at attracting profits which do no reflect real economic activity in the jurisdiction”. Many observers will argue that ‘fair taxation’ is a concept in the eye of the beholder, and that this undermines the sovereignty of jurisdictions such as the Bahamas to introduce a taxation system that works for them. The Oxfam report said a 0 per cent corporate tax rate was only an “indicator”, and only those countries offering ‘offshore structures’ as well should be looked at for inclusion by the EU. It identified the Bahamas as one of 14 nations with no corporate or income tax, and based its analysis on whether “profits in a jurisdiction are out of balance with real economic activity”. Using this determinant, Oxfam argued that the Bahamas failed the EU’s ‘fair taxation’ criteria. It pointed out that the Bahamas’ balance of services trade with the EU was equal to 219.9 per cent of this country’s GDP, based on European data.

THE TRIBUNE

Monday, December 4, 2017, PAGE 7

RBC SAYS DIGITAL SWITCH â€˜NOT ABOUT DOWNSIZINGâ€™ FROM PAGE 1

to pull-out of the Bahamas. Mr Beneby, though, said RBC saw the move as growth enhancing, as it would provide clients with extra â€œaccess, convenience and securityâ€? by enabling them to conduct regular banking transactions from their homes or workplaces without needing to visit branches. Pointing out that this would reduce the long queues and wait times experienced in many RBC branches, as a result of network consolidation and mergers with FINCO branches, Mr Beneby said the digital initiative would enhance the client experience and â€œput them at the centre of everything we doâ€?. He added that the elimination of numerous manual, in-branch transactions would free-up RBC staff to better interact with clients and understand their needs, as well as enabling them to focus more on selling products and services. Many Bahamians swiftly equated a reduction in inbranch transactions with further downsizing, but

Mr Beneby said: â€œThese changes are not about downsizing. These changes are about enhancing the client experience, and creating more access, convenience and security. â€œRBC has been in the Bahamas for 109 years. These change is not about reducing or shrinking our business or services. This is more about growth. RBC continues to be fully committed to the Caribbean and the Bahamas. â€œWe enjoy long-standing relationships. We have clients with over 70 years of service with RBC. These changes, and all the changes we are making, we want the Bahamian community to understand this is not about shrinking our business but itâ€™s about growth.â€? Some sceptics are likely to be unconvinced, and Mr Beneby conceded that banks did not necessarily need a physical presence to conduct financial services business. He also acknowledged that the increased use of technology to improve productivity and efficiency could lead to jobs becoming redundant. â€œAs companies leverage technology, it affords the

opportunity for greater efficiency, and quite naturally the number of persons you need need, labour, tends to reduce as a result of leveraging technology,â€? he said. â€œBut I repeat: This exercise is not about that. Itâ€™s about enhancing the client experience. This is about transforming our business to better service our clients, efficiently and effectively, through access and convenience. â€œPhysical stores are always part of a holistic review and assessment. One does not have to be in a physical bank to provide or deliver banking services, and less physical presence does not mean less people. You need an expanded sales force, more people to grow your business. Itâ€™s about keeping our clients at the centre of our business; everything we do.â€? Mr Beneby said around 25-33 per cent of RBCâ€™s client base, some 25,000 clients, were now using RBCâ€™s Bahamas mobile banking app some 13 months out from its November 2016 launch. Disclosing that RBCâ€™s mobile banking users had more than doubled, from

Celebrate Savings

11,000 to 25,000, since its launch, Mr Beneby said this growth rate combined with the bankâ€™s digital push meant he â€œfully expectedâ€? to be at 50,000 â€œvery soonâ€?. Kevin Darling, RBCâ€™s head of business banking for the northern Caribbean, added: â€œOne of the things weâ€™re very proud of is this app... is better than what we what we have in Canada, and my Canadian colleagues are anxious to get it on their system. â€œEvery two weeks itâ€™s updated, feature are added, and thereâ€™s fine tuning. This is something we will continue to develop. It will the future of this industry, not just RBC.â€? Mr Beneby said the Bahamas and northern Caribbean wereÂ leading

RBCâ€™s digital drive in the wider region, with the bank believing it was now the local market leader in embracing technology. â€œWe are very proud of that; to be leading the transformation to digital and mobile,â€? he added. â€œUndoubtedly the rest will follow. Thatâ€™s where the world is going.â€? Royal Bank of Scotland (RBS), one of the UKâ€™s largest banks, and which is 71 per cent owned by the British taxpayer, last week unveiled a similar strategy with the announcement it will close one-quarter or 259 of its 1,0003 branches, together with the loss of 680 jobs, as a result of its clients switching to electronic banking channels. RBC, meanwhile, believes

the switch to digital banking will save business clients significant sums from not having to deal with multiple cheque and manual transactions. Its conversion also fits with the Central Bankâ€™s drive to reduce reliance on cash-based financial transactions, and for electronic banking services to take the place of physical branches on Family Islands. Mr Beneby said RBC would continue to cash government, pension and social security cheques at its branches for non-clients, given how many persons depended on them. He added that the bank was working with government to develop â€œalternative optionsâ€? for such payments.

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PAGE 8, Monday, December 4, 2017

THE TRIBUNE

N O T I C E

KERZNER GLASGOW LEISURE PROPERTIES LIMITED ________________________________________________

KERZNER GLASGOW HOTEL PROPERTIES LIMITED ________________________________________________

KERZNER INTERNATIONAL TIMESHARE LIMITED ________________________________________________

N O T I C E IS HEREBY GIVEN as follows:

(a) KERZNER GLASGOW LEISURE PROPERTIES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(a) KERZNER GLASGOW HOTEL PROPERTIES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 1st day of December, 2017

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 21st day of December, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 1st day of December, A.D., 2017.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

N O T I C E

NOTICE

N O T I C E

KERZNER GLASGOW LEISURE PROPERTIES LIMITED _________________________________________________

KERZNER GLASGOW HOTEL PROPERTIES LIMITED ________________________________________________

KERZNER INTERNATIONAL CARIBBEAN LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows:

(a) KERZNER INTERNATIONAL CARIBBEAN LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 1st day of December, 2017

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

NOTICE

N O T I C E

KERZNER INVESTMENTS SINGAPORE LIMITED ________________________________________________

KERZNER INTERNATIONAL CARIBBEAN LIMITED _________________________________________________

N O T I C E IS HEREBY GIVEN as follows:

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 21st day of December, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

(a) KERZNER INVESTMENTS SINGAPORE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

Dated the 1st day of December, A.D., 2017.

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

(b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 1st day of December, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

THE TRIBUNE

Monday, December 4, 2017, PAGE 9

‘Early’ 2018 for business ease boost, says the deputy prime minister FROM PAGE 1 solution or ‘one-shot silver bullet’ to the obstacles impacting commerce in this nation. Declining to go into specifics on what was discussed, the Deputy Prime Minister said: “We’ve already agreed a few things. We’re going through, and have to go through, a series of modernising efficiencies to improve the business environment, and get startups and those in existence to grow. “It’s unfortunately not a one-solution kind of situation. We will be rolling out a series of initiatives to, one, address the ease of doing business and the business environment, and second, to provide tangible direct support to those entrepreneurs as we encourage growth and diversification of the economy. “There’s nothing off the drawing board. All options we will look at and consider. We’re always looking at potential improvements and issues we can take on to make a difference.” Asked when the Bahamian business community could expect to see the rollout of these ‘ease of doing business’ initiatives, Mr Turnquest replied: “I would

look to early in the first quarter next year. “We hope to consult and partner with the private sector, and that we will introduce some meaningful changes and initiatives that will make a difference.” The Deputy Prime Minister told Tribune Business that improving the ‘ease of doing business’ was “critical” if the Bahamian economy and private sector were generate the GDP growth necessary to slash unemployment and reverse the over-reliance on government and the public sector. “One of the issues we have as a country is that we have primarily public sector-driven growth, and that can’t be the way we address joblessness and the expansion of growth,” Mr Turnquest argued. “We need the private sector to kick-in and grow independently of government. To the extent we can provide the facilitative environment so businesses can trade more with each other, more so than government, we will strengthen the economy and absorb more of the capacity and have the employment funnel turned upside down in the opposite way, with most of the employment being generated by the private sector than the public sector.”

One of the major criticisms of the former Christie administration is that it sought to solve the Bahamas’ unemployment woes by expanding the civil service and public sector hiring, which resulted in a bloated size of government that became too big for the private sector and its workforce to support through taxes. “I don’t know if that was the intent, but that’s what happened,” Mr Turnquest said of the previous government. Meanwhile, Dr Hubert Minnis yesterday came to the defence of his government’s Commercial Enterprises Bill, arguing it would provide Bahamians with good-paying jobs that were secure for the long-term. He added that companies accessing the Bill’s ‘fasttrack’ work permit process and other incentives will be required to establish training programmes for Bahamians, and set timelines for when they would replace expatriate workers. This is not clear in the original Bill, as Dr Minnis sought to address concerns the legislation holds no benefits for Bahamian workers. “Industries taking advantages of this Bill will be required to establish training programmes

for Bahamians, and agree to strict timelines for the upward mobility of Bahamians within the enterprise,” the Prime Minister said in a statement. “Limits will also be placed on Immigration permits, which are issued under the provisions of this Bill. The long-term objective is to ensure that all positions within these companies become available to Bahamians as and when they are trained.” Explaining the Bill’s rationale, Dr Minnis said: “We must grow the economy and expand employment opportunities so that our students will find higher paying jobs with long-term job security. It is therefore time for the naysayers to stop saying ‘no’ and start working on behalf of the Bahamian people. “Creating better paying jobs that provide longterm job security in new industries will motivate our young people to stay at home, which in turn will help our country grow and prosper. I am proud of this Bill and I am happier with the fact that it is going to help grow our economy, expand employment opportunities, and provide Bahamian families with higher paying jobs which will lead to a better quality of life.”

NOTICE

NOTICE is hereby given that BEVENIQUE SABRONYA THOMPSON of Shawanna Close, Yellow Elder, 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 4th day of December, 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 NADIA JEAN of PINDER’S POINT, GRAND BAHAMA 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 27th day of November, 2017 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

N O T I C E

KERZNER INTERNATIONAL TIMESHARE LIMITED ________________________________________________

KERZNER GREENWICH HOTEL PROPERTIES LIMITED ________________________________________________

N O T I C E IS HEREBY GIVEN as follows:

(a) KERZNER INTERNATIONAL TIMESHARE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(a) KERZNER GREENWICH HOTEL PROPERTIES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 1st day of December, 2017

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

N O T I C E

KERZNER MANCHESTER HOTEL PROPERTIES LIMITED ________________________________________________

KERZNER MANCHESTER LEISURE PROPERTIES LIMITED ________________________________________________

KERZNER GREENWICH LEISURE PROPERTIES LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows: (a) KERZNER MANCHESTER HOTEL PROPERTIES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 1st day of December, 2017

(a) KERZNER GREENWICH LEISURE PROPERTIES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 1st day of December, 2017

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

N O T I C E

KERZNER MANCHESTER HOTEL PROPERTIES LIMITED ________________________________________________

KERZNER MANCHESTER LEISURE PROPERTIES LIMITED ________________________________________________

KERZNER GREENWICH LEISURE PROPERTIES LIMITED ________________________________________________

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

N O T I C E IS HEREBY GIVEN as follows:

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

(a) KERZNER MANCHESTER LEISURE PROPERTIES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 24th day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 1st day of December, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

PAGE 10, Monday, December 4, 2017

THE TRIBUNE

NOTICE

NOTICE is hereby given that JEAN MARC JOSEPH of Ross Corner, 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 27th 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 BELLEVUE DORMEUS of Dundas Town, Abaco, The 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 27th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WALTAIRE CHARLES of Blue Hill Road, 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 4th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DAVID NOREUS of Carmichael Rd., 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 27th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE ADVANCE ERA INTERNATIONAL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ADVANCE ERA INTERNATIONAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 30th November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 04th day of December, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE SAYEED VENTURES LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SAYEED VENTURES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 30th November, 2017 when theArticles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT THURSDAY, 30 NOVEMBER 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas FinancialCentre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

BISX ALL SHARE INDEX: CLOSE 2,070.61 | CHG -0.82 | %CHG -0.04 | YTD 132.40 | YTD% 6.83 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 1.09 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

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 2.72 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 100.00 100.00 100.00 108.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.70 1.09 0.15 3.70 8.60 6.10 4.93 9.01 2.71 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 -0.12 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 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

108.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.06 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

1,000

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

P/E 9.7 18.7 N/M 6.9 N/M N/M -2.5 14.1 10.5 25.2 14.3 26.6 3.9 4.9 14.5 13.0 14.5 -10.5 23.0 0.0

YIELD 1.86% 6.48% 0.00% 6.22% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.21% 3.31% 4.83% 4.74% 0.00% 2.67% 2.00% 4.64% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 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 - 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

Dated this 04th day of December, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE ZUBAT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ZUBAT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 30th November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 04th day of December, A. D. 2017

________________________________ Bukit Merah Limited Liquidator NOTICE FYRA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) FYRA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 30th November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 04th day of December, A. D. 2017

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

_________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Monday, December 4, 2017, PAGE 11

CVS EXPANDS INTO INSURANCE WITH $69 BILLION AETNA BID By TOM MURPHY AND DAVID KOENIG Associated Press CVS will buy insurance giant Aetna in a roughly $69 billion deal that will help the drugstore chain reach deeper into customer health care and protect a key client, a person with knowledge of the matter said yesterday. CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc., according to the person, who spoke on condition of anonymity because the deal has not been announced publicly. That represents a 29 per cent premium to the price of Aetna shares on October 25, the day before The Wall Street Journal first reported about the possibility of a deal. The mammoth acquisition pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering around 22 million people. CVS Health Corp. is also one of the nationâ€™s biggest pharmacy benefit managers, processing more than a billion prescriptions a year for insurance companies, including Aetna. The deal could help feed a steady stream of customers to CVS stores, many of which now offer a growing menu of medical services in addition to the usual fare of prescriptions and cold and cough supplies. That could help fuel a push by CVS to become more of a one-stop-shop for health care, a place where patients can get blood drawn, then see a nurse practitioner and pick up prescriptions.

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