06242016 business

FRIDAY, JUNE 24, 2016

business@tribunemedia.net

China pledged Baha Mar Bahamas finish for Chapter 11 end suffers 76%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chinese “assured” the Government one year ago that they would finance and complete the $3.5 billion Baha Mar project if its Chapter 11 bankruptcy protection was removed.

The pledges, by China Export-Import Bank, the development’s $2.5 billion secured lender, and China Construction America (CCA), are revealed in a June 20, 2016, memorandum sent to the Christie administration by its UK legal advisers.

The memorandum’s contents, perhaps unwittingly, will raise fresh questions about whether the Government fell for Chinese ‘promises’, and if these induced it to resist Baha Mar’s Chapter 11 move and facilitate the removal of Sarkis Izmirlian as developer.

Charles Russell Speechlys,

FDI fall-off

‘Assured’ funding, completion one year ago

Investment inflows ‘tumble to lowest in 13 years’

Admission by Gov’ts own legal advisers

$1.2bn drop likely due to Baha Mar slowdown

Promises not fulfilled, as Sarkis strikes back BAHA MAR the London-based law firm that acts as the Government’s UK attorneys, noted that both Chinese state-owned entities had opposed Mr Izmirlian’s Chapter 11 move, and argued that “they were not bound by it”.

The memorandum, which indicates it was crafted and sent in response to the Christie administration’s request the day before, states that the Govern-

ment - probably via the Attorney General’s Office - informed Charles Russell of the Chinese ‘completion’ promises.

“China Export-Import Bank expressed their support for the Bahamian provisional liquidation process, and (we understand from those instructing us) had provided assurances to the Government of the Bahamas that should the Chapter 11 pro-

Dingman: ‘Rampant theft’ caused restaurant failure

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JAMIE Dingman has blamed the collapse of his Nassau restaurant empire on “rampant theft and mismanagement”, and plans to call a former FNM Cabinet minister as a defence witness in his battle against a $1.113 million damages claim.

Legal papers filed in the federal New York courts yesterday, and obtained by Tribune Business, show that the son of world-famous entrepreneur and Lyford Cay resident, Michael, plans to call Tommy Turnquest as a potential witness in his defence.

Mr Dingman’s proposed ‘witness list’ includes a ‘Who’s Who’ of Nassau society and its business community, including Atlantis PR chief, Ed Fields, and Downtown Nassau Partnership (DNP) co-chair, Charles Klonaris.

Also named as possible witnesses for Mr Dingman’s defence to allegations from Bahamian corporate and individual creditors, who are seeking to recover sums owed by his collapsed restaurant ventures, are former Bahamas See PG B5

Plans to call Tommy Turnquest as witness Distances himself from empire’s collapse Denies ‘fleeing Bahamas’ and hiding with ex-girlfriend

TOMMY TURNQUEST

MP: Client now in 10 week-wait for its Licence

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A FORMER Cabinet minister said yesterday that “no government” has done a good job in improving the Bahamas’ ‘ease of doing business’, arguing that the bureaucratic challenges “straight up to the Churchill Building”.

Ryan Pinder, the former financial services minister, and current Elizabeth MP, echoed concerns over the impediments impacting the conduct of business in the Bahamas.

He told the Rotary Club of West Nassau: “If you want to be in the international business arena, you have to have an international business mindset.

You have to do ease of doing business and, no, I don’t think any government has done a good job at the ease of doing business.

“I have a client who has been waiting now 10 weeks on a Business License. I have a client who is a contractor of the government waiting now three months on a Business License.

They have a contract with the Government.”

The Graham, Thompson & Company attorney and partner added: “You have to get through the bureaucratic challenges in this country, and that’s on all levels. That’s from the cashier at Immigration, straight up to the Churchill Building.”

Prime Minister Perry See PG B3

Minister: ‘We need to be more skillful’ in getting FDI

And Gov’t contractor waiting three months Challenges go ‘straight up to Churchill Building’

RYAN PINDER

$4.15 $4.20 $4.21

$4.21

cess fall away, funding would follow, as would the resumption of work,” Charles Russell Speechlys’ memorandum said.

Neither of these two “assurances” has yet to materialise, with China Export-Import Bank, especially, seemingly reluctant to invest another cent in the Baha Mar project.

Prime Minister Perry Christie See PG B4

BOB independent director choice an ‘arduous process’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BANK of the Bahamas yesterday gave its 35 per cent minority shareholders just one week to select independent director candidates, who must comply with a strict qualifying criteria.

The troubled BISX-listed institution has also taken the 90-day window within which it will hold its promised Extraordinary General Meeting (EGM) to the maximum, setting July 14, 2016, as the date for voting on - and ratifying - two independent directors to its Board.

That date is exactly 90 days from when the proposed EGM was announced at Bank of the Bahamas’ annual general meeting.

Dionisio D’Aguilar, one of Bank of the Bahamas’ more outspoken minority shareholders, told Tribune Business yesterday that “not a lot of time” had been

35% minority given one-week to select candidates Bank takes EGM date to 90-day window limit Candidates must meet strict qualifying criteria given for investors to select qualifying candidates.

“It seems quite an arduous process. Let’s see who rises up,” he said.

The proposed election of two ‘independent’ directors is designed to help bring Bank of the Bahamas in line with modern corporate governance practices, and is also a response to calls from increasingly vocal minority investors to give them a voice on the Board.

See PG B4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas suffered a 76 per cent year-over-year decline in foreign direct investment (FDI) in 2015, as it “tumbled” to its lowest levels in 13 years.

The World Investment Report 2016, produced by United Nations (UN) agency, UNCTAD, found that FDI inflows into the Bahamas in 2015 declined by more than $1.2 billion compared to year-before levels.

“FDI flows into the Bahamas, the second largest FDI recipient KHAALIS ROLLE [among small island developing states] in 2014, tumbled by 76 per cent from $1.6 billion in 2014 to $385 million in 2015, the lowest in 13 years,” the UNCTAD report said.

“Inter-company loans to tourism-related construction projects, which supported FDI growth in 2013 and 2014, contracted by nearly $1 billion, and equity investment fell from $325 million in 2014 to $97 million in 2015.”

The UNCTAD report, which cited the Central Bank of the Bahamas as its data source, said FDI flows to other Caribbean nations - most of whom are classified as small island developing states - also fell in 2015.

Barbados suffered a year-over-year decline of 48 per cent to $254 million, a figure lower than what the Bahamas was able to attract. FDI flows to the collective grouping of 10 Caribbean states were off 37 per cent at $3.6 billion.

The sharp decline in the Bahamas’ numbers, though, will likely generate further concerns about this nation’s economic competitiveness and ability to attract FDI. See PG B4

PAGE 2, Friday, June 24, 2016

THE TRIBUNE

Methods to defuse workplace conflict THE workplace is often the scene of great conflict and tension. Truth is, conflict in the workplace is inevitable. In most cases, the tension exists between employees, or with employees and customer. In a few isolated cases, though, employees find themselves embroiled in major battles with their superiors.

Sometimes, the strain of manager-employee conflict is so intense that it becomes debilitating, and breeds a spirit of inefficiency. This conflict typically occurs when there is an incompatibility in work or communication styles, personal values or job performance expectations.

For a brief moment, then, we spend some time discussing the causes and implications of struggles

between employees and their managers. First, let us explore the many reasons employees find themselves at war with their managers.

The global phenomenon of ‘them versus us’ takes on new meaning in the Bahamian context. Somehow, we have become quite distrustful of leadership in the political, religious, civic and business world. The primary charge levied against those in authority is that they are self-serving, and more focused on making a name for themselves and building their own personal wealth and prestige. The lack of trust, and the lens of suspicion that we view our leaders through, leads us to negative thoughts and actions.

Sometimes, the competitive nature of the work

environment results in supervisors, managers and employees bidding for recognition from those at the top. Unhealthy competition at work often forces leaders to project excessive amounts of dominance, in order to set themselves apart as ‘top dog’. This happens naturally among every species in the animal kingdom. The strongest warrior takes charge, and has the privilege of leading the others. Every now and then, the leader is challenged by someone who feels their own strength, and the struggle continues.

Insecurity sometimes causes leaders to treat employees unfairly, resulting in discontent. When the manager has been bruised in some way or another, or they feel threatened by the

strength of the line staff worker, their immature reaction may create unsettling vibes for the employee.

Because we are products of our environment, many leaders manage based on how they have been managed themselves. When leaders use abusive tones and create an unhealthy and tense work environment, employees begin to withdraw, and walls are built between staff.

Conflict in the workplace is too costly to ignore. Setting clear expectations, and having a plan for action, can help to reduce manageremployee conflicts. Here are some quick tips for resolving such issues:

1. Identify the symptoms and source

Bahamasair makes first Orlando arrival SENIOR Bahamasair executives were among the 70 passengers to touch down in Orlando on the national flag carrier’s inaugural flight from Freeport.

Valentine Grimes, Bahamasair’s chairman, and Woodrow Wilson, its senior manager for sales, were among those welcomed by executives of the Greater Orlando Aviation Authority.

The flight arrived at 11am, using one of Bahamasair’s five new ATR aircraft purchased in November 2015.The Orlando service will initially operate two days a week, on Wednesday and Saturday, but frequency will increase in line with demand.

Mr Grimes said the service’s launch “signals our commitment to recapturing our competitive position as the preferred carrier of choice among the local market for travel to and from Florida”.

“Bahamasair’s decision to launch new service at Orlando International is a testament to our long-standing and successful 31-year relationship,” said Frank Kruppenbacher, chairman of the Greater Orlando Aviation Authority.

“This new twice-weekly Freeport service will provide our passengers with options to yet another desirable international island destination.”

Passengers travelling to Orlando during June will be able to take advantage of the introductory airfare of $232, and further packages will be offered by Bahamasair in conjunction with the Ministry of Tourism to encourage travel to Grand Bahama.

CELEBRATING this new non-stop service from Freeport, Grand Bahama to Orlando, Florida are from left Victoria Jaramillo, Senior Director of Business Development; Calvese Russell, Airport Manager; Valentine Grimes, Chairman of Bahamasair; Jerry Harris, Director of Marketing; and Garfield Johnson, Airport Manager.

issues 2. Find common ground 3. Listen to the conflict parties without emotion 4. Collaborate to identify solutions 5. Mutually agree upon steps and timelines to accomplish the goals 6. Schedule time to follow-up on progress • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international

IAN FERGUSON universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Management workshop targets leading speakers A STRONG speaker line-up is being formed for a three-day management workshop set to be held at Caves Village from July 1922.

Dr Vanessa Chase, president of the Caribbean Institute of Certified Management Consultants (CICMC), will be among those presenting at the ‘Highly Effective Role of Management – Strengthening BID Proposal Competitiveness Workshop’.The event will be held at the IBP Training Centre, Caves Village Professional Plaza.

Ms Chase brings many years of international management experience to the workshop. She is also managing director of Chase Consultants, located in St Lucia.

Gaydene McClain, head of International Business Professionals (IBP), and author of ‘Why Invest- Understanding Investing in the Bahamas’, has partnered with the CICMC Bahamas chapter head to host the workshop.

“I am extremely pleased to host this eorkshop along

with Don Demeritte, director of the CICMC Bahamas Chapter and member of the CICMC international organisation, and present this very important and timely workshop along with Ms Chase,” Mrs McClain said.

“Her standing in the proposal management field is well-established and widely acknowledged, both through the use of her training material and frequent engagement with company leaders globally.”

The workshop agenda consists of Part 1: ‘Writing accurate terms of reference’ (ToR) on July 19-20, and Part 2: ‘Guidelines for preparing responses for expressions of interest (ROIs) and Request for Proposals (RFP)’ on July 21-22.

“IBP training framework relates to individuals who are responsible for contract proposal management and implementation,” Mrs McMcClain said.

“IBP training practice is unique and relevant to many business leaders in respect of project technical inputs and outputs, measurements, analytics, and duration.”

THE TRIBUNE

Friday, June 24, 2016, PAGE 3

Miller blames Gov’t for power outages

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Electricity Corporation’s (BEC) former executive chairman denied that he and the former Board were responsible for Nassau’s current blackouts, instead blaming the Government for failing to sign-off on a maintenance contract last winter.

Leslie Miller said BEC was unable to do maintenance at its Clifiton Pier generation plant as a result, and said of the former Board: “We did what we were supposed to do.”

Mr Miller told Tribune Business yesterday: “When the Board was there we spent several million refurbishing Clifton. What they didn’t do, they didn’t refur-

Says it failed to sign-off on Clifton’s winter upgrade ‘No one wanted to make a decision’, ex-chair argues Backs $100m cost for BPL enhancements bish the engines at Clifton last winter, and they were supposed to.

“They were waiting on government to sign the contract and no one wanted to make a decision. They can’t blame us for anything. We

did what we were supposed to do.”

Mr Miller added that he backed the assessment by his predecessor, Michael Moss, who recently pegged the cost to overhaul the utility at under $100 million - not the $800 million suggested by Bahamas Electrical Workers Union (BEWU), president Paul Maynard.

“I agree with Michael Moss. All you need is $100 million. You certainly don’t need $700 million,” Mr Miller said.

“New people are there now, so let them do whatever they have to do. As Bahamians, the plan we had was as good as their’s or better.

The job we did was one that was appreciated by most Bahamians. We demonstrated that we were capable

of running our own affairs.”

The head of Bahamas Power & Light’s (BPL) managerial union earlier this week blamed Mr Miller and his Board for Nassau’s ongoing power blackouts.

Clinton Minnis, the Bahamas Electrical Utility Managerial Union’s (BEUMU) president, seemingly came to the defense of BPL and its manager, PowerSecure International, charging that they had inherited a mess from the Government and Mr Miller.

Mr Minnis said the protracted negotiations with PowerSecure over the outsourcing of BPL’s management had contributed to the current energy generation challenges plaguing New Providence, as maintenance was placed on hold.

LESLIE MILLER

Ex-minister eyes PM defends $100m GFS deficit estimate Freeport trade finance campus

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas must find new “value propositions” to help overcome the threats facing its financial services sector, a former Cabinet Minister urged yesterday, suggesting that this nation seek to attract more institutional business.

Ryan Pinder, the Graham, Thompson & Company attorney and partner, told the Rotary Club of West Nassau: “I do think we have value propositions. We have to find new ones and put them in place.

We have to recognise that where we were is not where we have to go.

“If we depend on a legacy way of doing business in the industry, we will collapse.

If we find new and innovative value propositions, I think we can differentiate ourselves from every other financial centre.”

Apart from seeking to attract ultra-high net worth individuals to the Bahamas, Mr Pinder also called for the pursuit of institutional business.

“If we can attract more institutional business to this jurisdiction, get pension funds, hedge funds, private equity funds, the high dollar premium type of business, these types of financial services that are more commercial and institutional, you get more revenues, a wider scope of industry and the correspondent banks would want to be here,” he added.

“I propose that we should set up a commercial and trade finance campus in Freeport, similar to what they do in Cayman. Bahamians have to be less xenophobic on this, but in this campus I want Goldman Sachs to come or JP Morgan to come and bring their trade finance, where they are financing international trade, doing short-term commercial paper, doing currency swaps, hedging, all the stuff that New York, London and Miami and everybody does.

Many Bahamians working in these industries stay in New York and London because we don’t have these industries in the Bahamas.”

Mr Pinder said there were three main threats to the financial services industry at present. “Historically, our value proposition has been that we are a jurisdiction that values, respects and ingrained in our law financial privacy to our clients,” he added.

“Ingrained in our law are very strict banking rules with respect to the disclosure of people’s financial information. That has historically been our value proposition, and that is where we have seen a lot of growth and development in

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

the industry.

“The international movement of transparency has effectively eliminated our value proposition as a jurisdiction in financial services almost overnight. Our value proposition has been effectively eliminated.”

The second threat, Mr Pinder said, relates to the operational viability of bank and trust companies.

“Historically, our banks not only operated as a bank but they managed client assets,” he explained.

“They managed the type of investments they were making and the growth of those portfolios. In those days, the banks were highly profitable. Today, a lot of that management of assets is done externally; outside the bank.

“The revenues of those banks are almost cut in half, and maybe in some instances more than half, which creates revenue and operational pressures on these institutions. Those institutions then said they were going to make their money on trading. They are not making as much money lending money, so they are making it on their fees. There are operational threats, revenue threats on our banks that need to be addressed.”

Mr Pinder continued: “The third major threat I see in our jurisdiction in financial services has to do with de-risking. If we are unable to process US currency in our banks, our entire economic platform collapses.

“The withdrawal of corespondent banking in the region and in the Bahamas threatens the economic survivability of not only the financial services but the economic platform by and large.”

PRIME Minister Perry Christie has sought to defend the Government’s $100 million deficit projection for 2016-2017, arguing that it would be “simply ludicrous and irresponsible” to suggest it was trying to fool Bahamians about the country’s fiscal position “It bears repeating that the GFS deficit in 20162017, at $100 million, will be at its lowest level since the turn of the millennium,”

‘Simply ludicrous’ to claim Gov’t fooling people

the Prime Minister said.

“And, on current plans, a GFS surplus is projected for 2018-2019, the very first such surplus in at least 40 years.”

Mr Christie expressed amazement at charges brought by Opposition Finance spokesman, KP Turnquest, over his administration’s deficit calculations.

MP: Client now in 10 week-wait for its Licence From pg B1 Christie, during his wrapup of the 2016-2017 Budget debate, took “full ownership” of this nation’s economic competitiveness decline.

“My government is committed to improving the business environment here in the Bahamas, but we do not seek to do this blindly.

We seek to be informed by the experts on the best course of action and the vision and desires of the Bahamian public,” said Mr Christie.

“My government is pre-

pared, no, dedicated to doing this and making the Bahamas the best country in which to do business.”

Mr Christie pledged to focus on “supply side economics” to boost the Bahamas’ weak GDP growth levels and competitiveness.

Turning to the Bahamas’ flagging ‘ease of doing business’ indicators, Mr Christie said the Government was seeking greater co-ordination between the Ministry of Works and Bahamas Power & Light (BPL) to reduce the time it takes for new businesses to

Clinton failed to hand over key email to State Department WASHINGTON (AP) — Former Secretary Hillary Clinton failed to turn over a copy of a key message involving problems caused by her use of a private homebrew email server, the State Department confirmed Thursday. The disclosure makes it unclear what other work-related emails may have been deleted by the presumptive Democratic presidential nominee.

The email was included within messages exchanged Nov. 13, 2010, between Clinton and one of her closest

aides, Deputy Chief of Staff Huma Abedin. At the time, emails sent from Clinton's BlackBerry device and routed through her private clintonemail.com server in the basement of her New York home were being blocked by the State Department's spam filter. A suggested remedy was for Clinton to obtain a state.gov email account.

"Let's get separate address or device but I don't want any risk of the personal being accessible," Clinton responded to Abedin.

Mr Christie said Mr Turnquest had assessed the fiscal results for only part of the 2015-2016 fiscal year, and then produced a forecast for the full year by assuming that the trends during the part-year would continue, leading to his full-year estimate of $446 million.

“The fiscal projections presented in the Budget Communication every year are subjected to careful and meticulous scrutiny, both at home and abroad. The international credit rating agencies, for their part, go over our fiscal numbers

with a fine-tooth comb,” Mr Christie said.

“Thus, the projections for the GFS deficit that are presented in the Budget communication this year are fully supported by, and fully consistent with, the projections for recurrent and capital expenditure, as well as recurrent revenue that are laid out in plain view in the communication.

“It is simply ludicrous and irresponsible to suggest that any Government could imagine it possible to try to fool anyone about the nation’s fiscal situation.”

be connected to energy supplies.

Acknowledging the Bahamas’ 183rd ranking, out of 189 nations, for the ‘ease of registering property’, the Prime Minister acknowledged this was largely driven by the challenges attorneys have in ensuring there is ‘good title’, and no encumbrances, liens and mortgage charges on real estate.

The recording of conveyances at the Registry of Records was another issue, and Mr Christie said: “Significant improvements can be made through the use of technology to facilitate full online searches of the registry, reducing the time to do a search from the current one to two months to a

few days.

“Improving the technology is only part of the answer, as we also need to improve the service provided by the various government departments. The initiative to strengthen the public service, to create more accountability and improve staff performance, will have long-run benefits as it will remove a number of the bureaucratic hindrances that adversely impact business in the Bahamas.”

Mr Christie said the Bahamas ranked 111th in the world when it came to protecting minority investors, adding that the Government was aware of the need to improve the Companies Act and related legislation.

Clinton never used a government account that was set up for her, instead continuing to rely on her private server until leaving office.

The email was not among the tens of thousands of emails Clinton turned over to the agency in response to public records lawsuits seeking copies of her official correspondence. Abedin, who also used a private account on Clinton's server, provided a copy from her own inbox after the State Department asked her to return any work-related emails.

That copy of the email was publicly cited last month in a blistering audit by the State Department's inspector

general that concluded Clinton and her team ignored clear internal guidance that her email setup violated federal standards and could have left sensitive material vulnerable to hackers.

PAGE 4, Friday, June 24, 2016 tation revealing duplicity, misconduct, and unquestionable failure to perform

by CCA - the very company that failed to deliver Baha Mar despite multiple promises, and whom the Government of the Bahamas supports instead of the developer.

“The Government of the Bahamas is reaping what it has sown. Baha Mar is not built. Baha Mar is not open. And, while China Export-Import Bank under the winding up/liquidation process has been able to protect its interest in Baha Mar, no Bahamian unsecured creditors have been paid, and many Bahamians remain shamefully unpaid and out of work.”

Charles Russell Speechlys, in its June 20 memorandum, said: “The Government’s key objective throughout was to expedite the completion of project and to see the resort open, whilst protecting the interests of Bahamian creditors.”

Whether the current process, which saw the Government successfully petition the Supreme Court for Baha Mar to be placed into provisional liquidation, subsequent to the Chapter 11 end, is best for achieving these objectives is open to question - especially since the Chinese have yet to follow through on their “assurances”.

Mr Izmirlian and BMD Holdings argued yesterday that the Government, by

uniting with CCA and the China Export-Import Bank to prevent the Chapter 11 process’s recognition by the Supreme Court, had paved the way for the Chinese to take complete control of Baha Mar’s fate.

The China Export-Import Bank subsequently appointed its own receivers to take control of Baha Mar, and initiate a formal sales process to find a purchaser that would make its $2.5 billion debt ‘whole’.

Mr Izmirlian said this had ensured “the interests of the Chinese enterprises were best preserved, even though this resulted in hundreds of unsecured Bahamian creditors not being paid and left without a voice in this process, unlike the Chapter 11 proceedings.

“Unlike the Chapter 11 process, in which the debtor is given the time to reorganise its business under the supervision of the court, China Export-Import Bank now has complete control of the potential completion of the Baha Mar property under the present winding-up/ liquidation process, while unsecured creditors are left twisting in the wind,” BMD Holdings.

“Under Baha Mar’s Chapter 11, the committee representing the interests of unsecured creditors supported the debtors’ plan of reorganisation (which proposed to pay Bahamian creditors of Baha Mar 100 cents on the dollar) and fought against the efforts by

the Chinese entities to have the Chapter 11 process dismissed. The Government of the Bahamas’ opposition of the Chapter 11 has now left unsecured creditors out in the cold.”

BMD Holdings said the Prime Minister had admitted, via a Tribune Business article on Monday, that the Chinese have no obligation to pay Baha Mar’s unsecured Bahamian creditors, which was why he was pushing so hard on this issue.

Yet the ‘framework agreement’ with the two Chinese state-owned entities deals with this issue in extremely vague language, which stops well short of a commitment to pay the Bahamian creditors anything - much less make them whole.

Mr Izmirlian and BMD Holdings described the timing of the memorandums from the Government’s US and UK legal advisers as “quite astounding”, given that it was almost one year after Baha Mar filed for Chapter 11. They argued that both documents were an attempt to justify the Christie administration’s “ready-fire-aim” actions, as it came under pressure over the continuing impasse and its relationship with the two Chinese entities.

The main justifications provided for the Chapter 11 opposition were that Mr Izmirlian had no realistic prospect for raising the $600 million necessary to complete and open Baha

Mar, and that his move was merely designed to strengthen his negotiating position.

And there was the ‘sovereignty’ argument, in that Bahamian courts should not be made secondary to foreign courts in dealing with winding-up/receivership matters where the companies and assets involved are domiciled primarily in this jurisdiction.

BMD Holdings and Mr Izmirlian did not directly respond to the ‘show me the money’ call by the Government’s two foreign law legal advisers, but argued that claims they could not raise the necessary financing were “completely at odds” with recent comments by the Prime Minister.

They quoted Mr Christie as saying on April 13, 2016, that “clearly Izmirlian comes from a family that isn’t short on money.”

BMD Holdings added: “It also runs counter to the fact that Mr Izmirlian has already invested almost $1 billion in the Baha Mar project.”

Tribune Business last year reported that Mr Izmirlian’s reluctance to provide additional financing, or enter into any new funding agreements, was due to CCA’s continued involvement.

He wanted the contractor removed, and was also unhappy at the terms and conditions the Chinese were seeking to impose upon him.

the end of its construction phase, and said it reflected an end to multi-billion dollar projects that had been in the Bahamas’ investment pipeline.

“I think that what the report is essentially reflecting is these major projects have peaked, Baha Mar and Atlantis’s Phase 2 and 3,” Mr Rolle said.

“If you go back over the timeline and look at the multi-billion dollar projects, they are all coming to a close. The major multibillion dollar projects have peaked.

“When you look at the level of transactions, Baha Mar and Atlantis represented a significant component of FDI, and they have reached their peak. We are

beginning to see FDI level off.”

Mr Rolle said the Bahamas’ FDI inflows had also experienced sharp peaks over the years from “oneoff transactions”, such as the Bahamas Telecommunications Company (BTC) privatisation and the sale of private assets, such as the BORCO and South Riding Point facilities.

He said that if these, too, were removed from the calculations, the FDI figure would smooth out at more realistic levels.

Mr Rolle said the multibillion dollar, mega resort projects were now being replaced by multiple smaller tourism-related developments, such as The Pointe adjacent to the British

Colonial Hilton; Albany; Baker’s Bay; and the proposed project at Children’s Bay Cay and Williams Cay in Exuma.

“Many of the smaller projects we have signed are in the design phase and moving through the pipeline,” the Minister told Tribune Business, suggesting that 2015 may have been a ‘pause for breath’ as the Bahamas waited for the next round of developments to come on stream.

Mr Rolle also cited the proposed Carnival Cruise Lines private port in eastern Grand Bahama, and the Mediterranean Shipping Company (MSC) redevelopment at Ocean Cay as examples of projects that will soon come to fruition.

“Eventually, well begin to start seeing those levelling off [as FDI sources],” he explained. “That’s why it’s important for us to be competitive and attractive as a jurisdiction.

“There are countries that recognise our competitive position as far as FDI, and are going to work hard to attract it. We’re going to have to do the same.”

Mr Rolle continued: “We’ve been blessed over the years, and we’ve lucky because of our location. We now need to be skillful...

“If you look at Cuba as a destination, evidently they’re going to become a competitor. We’re going to start splitting FDI with jurisdictions in the region and elsewhere in the world.”

qualified, as will persons holding more than three directorships in public and regulated companies without the Securities Commission’s prior approval.

Those with relatives and family members who have held executive posts, or received compensation from, Bank of the Bahamas within the last three years cannot stand for election.

Also barred are those who were employed by Bank of the Bahamas or any government-owned entity within the past three years, or people who obtained ‘special’ loans from the bank or who are in arrears.

Those connected to persons who control the voting intentions of more than 10 per cent of Bank of the Bahamas’ stock, or whose companies received pay-

ment from the bank for services rendered, representing more than 5 per cent of total revenues, are also disqualified.

The Government, which owns more than 51 per cent of voting rights via the Treasury and National Insurance Board (NIB), will not participate in the selection “to ensure fairness and transparency”.

It will only cast its vote once the two ‘minority’ directors have been chosen, as its majority interest means it is required to ‘ratify’ the election results.

The bank is finally moving to deliver on promises, made at its previous AGM in December 2014, to give minority shareholders more say and involvement with its governance.

However, much will depend on who the chosen

two ‘minority’ directors are, their expertise and independence, and how involved they become in Bank of the Bahamas’ affairs.

While minority shareholder representation on the Board of Directors implies more transparency and openness, this will only happen in practice if those selected do not become mere ‘rubber stamps’ for

decisions taken by the majority.

And the Government, through its majority equity interest (65 per cent, plus 51 per cent voting rights) will still control the Board through its ability to appoint the majority of directors, raising questions as to how much influence the ‘independents’ will really have.

China pledged Baha Mar finish for Chapter 11 end From pg B1 has repeatedly touted the so-called ‘framework agreement’ recently reached between the Government and the two Chinese companies, but this appeared to be nothing more than ‘an agreement to keep talking, and trying to negotiate an agreement’.

Mr Christie said on Wednesday, in wrapping up the Budget debate, that Deloitte & Touche, the court-approved receivers for Baha Mar, were currently in Beijing negotiating a ‘construction agreement’ with CCA and the bank.

However, no deal for remobilisation, and Baha Mar’s physical completion, has been sealed as the one-year anniversary of Mr Izmirlian’s defeated bid for Chapter 11 protection nears.

The ‘assurance’ revelations come as BMD Holdings, the investment vehicle controlled by Mr Izmirlian, yesterday said the Government had “reaped what it has sown” by successfully opposing the Chapter 11 protection, thereby setting in motion events that led to the developer’s removal.

It argued that the $3.5 billion project was ‘no further forward’ than when Mr Izmirlian filed for Chapter 11 on June 29, 2015, with no Bahamian creditors paid,

and 2,000 laid-off employees having no job to return to.

Mr Izmirlian and BMD Holdings again accused the Government of colluding with the Chinese to “sabotage” Baha Mar’s Chapter 11 bankruptcy protection, and claimed it had put CCA and China Export-Import Bank’s interests above those of Bahamian creditors.

Describing the hurried analyses by the Government’s US and UK attorneys as “flawed”, Baha Mar’s original developer said they ignored the main reason for the project’s failure to open and fall into Chapter 11 - the inability of CCA to complete construction on time, and on budget.

Mr Izmirlian branded the Prime Minister’s latest comments on the Baha Mar impasse as “headscratching statements”, and reiterated that unsecured creditors - including the Bahamian contractors owed a collective $74 million - had been left “twisting in the wind”.

Pointing out that the Baha Mar creditors’ committee had supported the continuation of Chapter 11, BMD Holdings said: “The public record since the Government’s ill-conceived opposition to the Chapter 11 has turned up documen-

Bahamas suffers 76% FDI fall-off From pg B1 Foreign investor capital is a vital ingredient for a healthy Bahamian economy, and this nation has relied heavily on it in past years to drive GDP growth and job creation.

While much of last year’s decline is likely related to the construction slowdown at Baha Mar, even prior to its fall into Chapter 11 bankruptcy protection, FDI’s drop to the “lowest level in 13 years” is further unwelcome news for a struggling economy.

Khaalis Rolle, the minis-

ter of state for investments, told Tribune Business yesterday that while the UNCTAD report’s findings were no cause for panic, it reflected the need for the Bahamas to become more “skillful” in attracting FDI. With the competition between nations for FDI capital becoming increasingly intense, Mr Rolle said the Bahamas could no longer rely solely on its location to attract major investments from overseas.

The Minister agreed that FDI’s 2015 drop was largely due to Baha Mar nearing

BOB independent director choice an ‘arduous process’ From pg B1 The Government currently selects the entire Board, including the chairman, via its 65 per cent equity interest through the Public Treasury and National Insurance Board (NIB).

However, besides consenting to their nomination, the independent director candidates must meet strict criteria to be eligible for appointment.

Besides being nominated by two separate Bank of the Bahamas shareholders, each candidate must demonstrate their “management experience, relevant skills and expertise”, including knowledge of the

THE TRIBUNE

Bahamas’ financial services laws and regulatory requirements.

One minority shareholder, speaking on condition of anonymity, questioned whether all members of the current Board had to go through this process, and if they possessed the necessary knowledge and experience.

Other documents made public by Bank of the Bahamas also set out criteria that would disqualify potential candidates, including whether they had previously served on the Board of a failed public company.

Those serving on the Board of another commercial bank will also be dis-

VACANCY Major law firm is immediately seeking a detail oriented, hands-on individual to fill the position of Legal Secretary. The successful candidate must be an exceptionally motivated, hardworking and dynamic individual having at least 4 years previous legal experience within the litigation and real estate practice areas.

Required skills, knowledge: • Experience in drafting pleadings, originating applications and claims and other court documents; preparation of agreements for sale, conveyances and mortgages, and other relevant documents; • The ability to use initiative, multi task, work accurately under pressure, possess exceptional organizational and communication skills and be able to work overtime and weekends; • Computer literacy, including advanced proficiency in the use of Microsoft applications.

Compensation: Commensurate with qualifications and experience; excellent benefits; Only short-listed applicants will be contacted.

Reply in confidence to: vacancy50@gmail.com

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

THE TRIBUNE

Friday, June 24, 2016, PAGE 5

Dingman: ‘Rampant theft’ caused restaurant failure From pg B1 Chamber of Commerce executive director, Philip Simon, and public relations executive, Diane Phillips.

None of the persons cited

by Mr Dingman has done anything wrong, and they are not named as defendants in the lawsuit against him. They instead had roles in setting up his fiverestaurant business, were employed by it, or were touched in some way by the services they provided to it.

Mr Dingman, in an affidavit filed yesterday, said Mr Turnquest, the former minister of national security, was hired to obtain all the necessary approvals for the restaurants, which included the iconic Traveller’s Rest property on West Bay Street.

The former Cabinet Minister was also working with Christopher Wells, the Graham, Thompson & Company attorney, to gain the necessary permission for Mr Dingman’s parent company, Out West Hospitality, to issue equity stock

to two Americans who have are now among his main accusers.

“In order to deal with issues concerning the issuance of stock, Mr Wells, Mr Giunta and Mr Gordon were working with a former Bahamian MP and minister of national security, O. Tommy Turnquest, to help obtain any necessary approvals from the appropriate authorities,” Mr Dingman alleged. “I do not know what the status of those efforts were at the time the restaurants closed.”

He further said of Mr Turnquest’s role: “After leaving public office, he consulted with the venture and assisted in attempting to obtain the necessary permitting for Bahamian operations, as well as any necessary government approvals for the issuance of shares in the Bahamian companies.”

The issuance of those shares to the two non-Bahamians, Messrs Giunta and Gordon, has become a central issue in the $1.113 million claim against Mr Ding-

man, with the two alleging that they were fraudulently induced to invest in his business. There is nothing to suggest Mr Turnquest, though, has done anything wrong.

Elsewhere, Mr Dingman alleged that he “tried to hire” Mr Simon to run his restaurant and hospitality group. The former Chamber executive director, now head of New Providence Development Company, preferred to take up a consulting role, however.

This involved “assisting in setting up the restaurants and acting as an all-around taskmaster for the operations of the companies.

“As such, he can provide testimony as to the day-today operations of the group, as well as the long-term vision and plan, as well as where the failures occurred,” Mr Dingman said of Mr Simon.

He added that Mr Fields was “an early investor” in Out West Hospitality and its restaurants, and would be able to give testimony on the initial capital raising and launch, along with several other names he cited.

Mr Dingman also alleged that he bought out Frank Valdez, “an early investor

in the companies and who helped conceive the idea of re-opening Traveller’s, investing nearly $1 million in this venture”.

Mr Klonaris was named because his Elizabeth on Bay plaza was the landlord for several of Mr Dingman’s restaurants, which apart from Traveller’s Rest, also included 25 North Ltd, Island Smoke House Ltd, Out West Hospitality and Bahamex Ltd. The long list of potential Bahamian witnesses is designed to reinforce Mr Dingman’s argument that the action filed against him in the southern New York court should be dismissed before it even gets started, on the grounds that this nation is the better jurisdiction to here the case.

And, apart from the restaurants being Bahamianincorporated companies, Mr Dingman said their accounting books and electronic records were all located in the Bahamas.

“The books and records were kept in an office behind the bar at the Traveller’s,” he said, alleging that Mr Giunta and Jason Rolle, the former Bahamian manager for his businesses, had charge of these documents

and knew where they were located.

Mr Dingman also denied responsibility for the failure of the Nassau restaurant venture, arguing that he was merely an investor who was not involved in the daily operations and management.

“As an investor in these companies, I was not directly involved in their day-to-day operations,” he claimed, seeking to distance himself from their collapse.

“Rather, the managers and employees of Out West and the restaurants were in charge of day-to-day operations, all of whom ultimately reported to Mr Giunta, who was hired to oversee and manage this venture.”

Mr Dingman and his attorneys, in their bid to dismiss the action against him, then claimed: “This action concerns a failed business in the Bahamas in which several investors joined together to build a network of restaurants under the umbrella of a premium hospitality venture.

“Although the businesses saw initial promise, rampant theft and mismanagement before this action started forced the businesses to cease operations.”

The Bahamian companies involved as plaintiffs against Mr Dingman are FYP and Tile King, the People First (Bahamas) employment agency, IDNet, and Young Digerati (YNG).

The individual Bahamians suing Mr Dingman are Mr Rolle, who claims to be owed $46,113 in unpaid salary and benefits, plus Tyrone Adderley, a contractor due more than $2,000 for work on the Beach Club Cafe at Sandyport.

Their original lawsuit, filed early in the New Year, claimed that Mr Dingman has effectively abandoned his creditors and investors and “fled the Bahamas altogether”, refusing to pay what he owes.

Mr Dingman, though, has denied this, saying: “Although my former girlfriend did have an apartment in New York, our relationship ended last year, and at no point did I ‘flee’ the Bahamas or ‘hide out’ in her apartment.

“To the contrary, as stated, I live in and spend most of my time on the outer islands in the Bahamas.”

Asian stocks plunge as UK results challenge forecast SEOUL, South Korea (AP) — In volatile trading, Asian stock markets fell sharply on Friday with Tokyo stocks, U.S. futures and oil prices plunging as the early results in Britain's referendum challenged the earlier anticipation that Britain would remain in the European Union.

Stocks and currencies took a wild ride amid mixed indications about the Britain's vote results.

Polls had suggested a "remain" victory but initial results were showing a tight race, causing the British pound to seesaw wildly. With one-third of results in, voters seeking a British exit, or Brexit, from the European Union were leading the voters who supported remaining in the union.

Tokyo's Nikkei 225 finished the morning session 3.1 percent lower at 15,742.40.

Seoul's Kospi sank 1.7 percent

at 1,950.99. Australia's S&P/ ASX200 slipped 1.9 percent to 5,178.70. Hong Kong's Hang Seng index fell 1.6 percent to 20,537.10. Stocks in Shanghai and most Southeast Asian markets were lower.

U.S. futures indicated investor jitters. S&P futures plunged 2.4 percent while Dow futures sank 2.4 percent.

Wall Street closed with rallies on Thursday before early results came in.

"The contest looks to be more closely fought than thought," Mizuho Bank Ltd. wrote in a daily commentary.

"Given the pattern of voting, we think a surprise 'Brexit' outcome is a very real possibility at this moment."

The first results, from England's working-class northeast, showed a smaller-than-expected "remain" win in Newcastle and a bigger-than-expected "leave" vote in nearby Sun-

derland. The "leave" side also outperformed expectations in other areas of England.

As vote counts progressed, the "leave" side gained strength. The first four results from Wales have shown majorities for the "leave" camp, flagging further warning signs for the "remain" camp.

Analysts expected increased volatility in currency markets.

The dollar weakened sharply to 100.86 yen from 104.80 yen while the euro slipped to $1.1095 from $1.1318.

Crude oil prices tumbled as the "leave" side led the "remain" camp. Benchmark U.S. crude lost 3.8 percent, or $1.92, to $48.18 per barrel in New York. Brent Crude, the benchmark for international oil price, fell 3.9 percent, or $1.99, to $48.98 per barrel in London.

THE NEW York Stock Exchange. U.S. stocks are rising early Thursday, June 23, 2016, as investors grow more optimistic that Britons will vote to stay in the European Union.

Investors are buying stocks and selling bonds, sending banks higher. Energy companies are up with the price of oil. (AP Photo)

Career Opportunity The Bank of Nova Scotia Trust Company (Bahamas) Limited

is seeking the services of a

Senior Associate, Fiduciary Services Position Summary: The Senior Associate, Fiduciary Services is responsible for maintaining the high quality administration of a portfolio of trust, foundation, insurance, fund, company, and agency solutions of varying complexity in a manner that deepens relationships and enhances profitability. The incumbent also contributes to the effective operation of Relationship Management through the maintenance of effective Risk Management and Compliance controls. He/she participates as a part of a team of 4 – 5 individuals and is expected to contribute to the overall success and harmonious working environment of the group.

Key Accountabilities for this role: • Ensure quality relationship management communicating with Designated Persons and their advisors in a prompt and efficient manner with regard to operation of wealth structures serviced by the team.

• Liaising with attorneys, accountants, brokers, insurers, property managers, and other professionals for advice and recommendations as appropriate.

• Conducting detailed checks of annual administration and risk reviews.

• Reviewing internal management reports and ensuring necessary administrative actions are taken.

• Acquiring and maintaining a good knowledge of Designated Persons and their needs to effectively identify value added solutions.

• Ensuring prompt and accurate fee billing and collection of resulting income.

• Contributing to the effective operation of the team by ensuring compliance at all times with internal procedures, policies and practices.

• Meeting Regulatory Compliance, Anti-Money Laundering/Anti-Terrorist Financing and Bank Policies and procedures for Customer transactions.

Educational Requirements: • University undergraduate and/or equivalent degree/diploma in Trust Administration or related discipline.

• 5 – 10 years of experience in the area of Trust Administration and related functions.

• Spanish fluency is desired.

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Functional Competencies: • The Senior Associate must have the ability to communicate confidently, effectively and diplomatically at all levels, both verbally and in writing.

• He/she must have the ability to work with minimal supervision and possess good interpersonal, analytical, and organizational skills.

• A detailed understanding of local laws is required as they apply to the administration Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before June 30, 2016 Please note that only those individuals short-listed for an interview will be contacted.

®Trademark of The Bank of Nova Scotia, used under licence (where applicable).

PAGE 6, Friday, June 24, 2016

THE TRIBUNE

EgyptAir recorders to go to France after data downloads fail

DEMONSTRATORS hold a banner reading No during a demonstration in Paris, yesterday. Unions are holding a short march Thursday around the Bastille plaza to protest government plans to make workweeks longer and layoffs easier. Similar protests against the legislation in recent months have degenerated into clashes between riot police and radicals. (AP Photo)

Paris labour protest takes place without violence; govt firm PARIS (AP) — Tens of thousands of workers marched peacefully Thursday in Paris to protest the government's planned labor reforms, joining a demonstration that authorities had considered banning due to fears of violence.

Other protests also took place in France's major cities to oppose the government's bill to make France's 35-hour workweek longer and layoffs easier, which is currently being debated in the Senate.

French President Francois Hollande vowed in a speech Thursday he will

not give up on the labor reforms.

"It's crucial to help businesses hire more and allow more training for people who are least likely to find a job," he said.

No clashes were observed in the capital as the protest ended, but a small group remained on the Bastille plaza, encircled by police.

Security was high and Paris police took at least 85 people into preventative detention, most for possessing objects that could be used as projectiles.

Similar protests against the legislation in recent

NOTICE

months have degenerated into clashes between riot police and radicals.

The Paris protesters marched along the 1.6 kilometer (1-mile) route, singing and shouting slogans like "No amendment, no negotiation!

Withdraw, withdraw the law." Unions estimated the crowd at 60,000, while police put the number at around 20,000.

"There was no damage.

There were no clashes.

There wasn't a single tear gas grenade lobbed," Interior Minister Bernard Cazeneuve noted.

Police say some union

members have participated in and cheered the recent violence at other protests.

But the head of the influential CGT union, Philippe Martinez, insisted on BFM television Thursday that, "we are not accomplices of the troublemakers. We condemn them firmly."

New street protests are planned for Tuesday, when the conservative-led Senate is to vote on the bill. The law will have to be debated again in July in the lower house of parliament, which has the final say.

NOTICE

NOTICE is hereby given that GINA PIERRE of #30 Eden & Foster 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 24th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

BISX ALL SHARE INDEX: CLOSE 1,947.14 | CHG 6.79 | %CHG 0.35 | YTD 123.19 | YTD% 6.75 BISX LISTED & TRADED SECURITIES 52WK HI 3.62 17.43 9.09 3.50 4.70 0.18 8.34 8.35 5.84 10.60 15.50 2.57 1.60 5.80 8.00 11.00 7.50 6.90 12.25 11.00

52WK LOW 2.21 17.43 9.09 3.00 4.70 0.12 5.32 7.25 5.50 6.85 14.49 2.25 1.27 5.51 6.00 9.85 6.01 5.25 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

LAST CLOSE 3.40 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.60 14.49 2.63 1.45 5.80 7.98 9.98 7.50 6.36 11.93 10.00

CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.60 14.49 2.65 1.44 5.80 7.98 10.48 7.50 6.36 11.93 10.00

CHANGE 0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 -0.01 0.00 0.00 0.50 0.00 0.00 0.00 0.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

114.78 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

114.87 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 14,000 115

600 2,401

22,850

2,450 1,300

95 232

4,138 15,198 VOLUME 270 151

50 96 63 657

59

based in France.

The black box memory units typically provide investigators with critical data, including the pilots' conversations, details about how the plane's engines, navigation systems, and auto-pilot were working, and even information about smoke alarms.

The pilots made no distress call before the crash, and no group has claimed to have brought down the aircraft.

Radar data showed the aircraft had made violent moves after cruising normally in clear skies, plummeting from 38,000 feet (11,582 meters) to 15,000 feet (4,572 meters). It disappeared when it was at an altitude of about 10,000 feet (3,048 meters).

Leaked flight data indicated a sensor had detected smoke in a lavatory and a fault in two of the plane's cockpit windows in the final moments of the flight.

Egypt's civil aviation minister, Sherif Fathi, has said that terrorism is a more probable cause than equipment failure or some other catastrophic event.

NOTICE

NOTICE is hereby given that ROSS OMAR DOWNES of King’s Court, Marshall 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 twentyeight days from the 17th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE LIBECO ASSET MANAGEMENT LTD.

NOTICE is hereby given that STEPHANIE MILFORT of Butler’s Way off Carmichael Rd., P.O.Box CR-55647, 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 24th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THURSDAY, 23 JUNE 2016

CAIRO (AP) — Initial attempts to download information from the flight data and voice recorders of an EgyptAir plane that crashed into the Mediterranean last month have failed, and key parts of the recorders are being sent to France for repairs, according to Egyptian and U.S. officials.

The "electronic boards" of the recorders are being flown next week to the offices of the French aviation accident investigation bureau near Paris, authorities said. After the boards are repaired and salt removed, they will be sent back to Cairo for data analysis, Egypt's Investigation committee said in a statement late Thursday.

The recorders, also known as black boxes, were extensively damaged when EgyptAir Flight 804 traveling from Paris to Cairo plunged into the sea on May 19, killing all 66 people on board.

French and U.S. investigators have overseen the effort to extract information from the recorders.

The recorders were made

by Honeywell, a U.S. company. The plane, an A320, is made by Airbus, which is

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 11.9 11.7 8.4 15.9 N/M N/M 35.5 15.2 11.5 19.6 27.4 28.2 8.7 11.4 13.0 10.9 11.5 9.0 15.8 0.0

YIELD 2.49% 6.31% 0.00% 4.57% 0.00% 0.00% 2.85% 3.11% 3.42% 3.40% 4.21% 2.26% 2.78% 4.14% 3.45% 0.00% 3.73% 1.89% 5.36% 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

0.000 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%

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

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Libeco Asset Management Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 02nd day of June, A.D., 2016.

Dated the 21st day of June, 2016 Beatus Limited Liquidator NOTICE CONSTELLATION ORION LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Constellation Orion Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 31st day of May, A.D., 2016.

Dated the 21st day of June, 2016 Beatus Limited Liquidator

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.43 1.64 1.53 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.37 1.51 1.45 1.03 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.97 3.83 1.91 164.74 133.64 1.43 1.64 1.53 1.05 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 1.35% 4.06% 1.43% 6.57% 0.70% 3.23% 1.67% 5.13% 0.66% -3.41% 1.23% 3.88% 0.55% 8.17% 0.86% 5.37% 1.07% 1.61% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Apr-2016 30-Apr-2016 29-Apr-2016 31-Mar-2015 30-Sep-2015 30-Apr-2016 30-Apr-2016 30-Apr-2016 30-Apr-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016

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

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

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@100JAMZ242 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

THE TRIBUNE

Friday, June 24, 2016, PAGE 7

Sanders says his revolution is ‘just getting started’ NEW YORK (AP) — Bernie Sanders told a roaring crowd of supporters Thursday that his campaign is "just getting started" fighting economic inequality, changing the Democratic Party and bolstering Democrats running for Congress.

Speaking to a packed hall in Manhattan, Sanders took something of a victory lap as he reviewed the states he won and the fact that many young people flocked to his campaign over presumptive Democratic candidate Hillary Clinton's. He did not mention her name, let alone endorse her as leading Democrats have urged.

"Our goal from day one has been to transform this nation and that is the fight we are going to continue,"

Sanders, his voice hoarse, told supporters who packed a venue called The Town Hall near Times Square.

"We have got to make sure that (Republican presidential candidate Donald) Trump is not president. But that is not good enough."

The independent senator got standing ovations as he reviewed his campaign positions, from free health care and college tuition to campaign finance reform.

Sanders urged his supporters to keep fighting inequality and insisting on "forcing open the door" of the Democratic Party to allow working Americans, not political elites, to run it. That was a not-subtle swipe at a party he complained rigged the nominating system in Clinton's favor.

Clinton earlier this month clinched the delegates required to carry the Democrats' banner against Trump. And Sanders this week acknowledged that he would not be the nominee.

Sanders supporters, who lined up for several blocks in advance of the speech, were not eager to hear him endorse Clinton.

Judi Gardner, of Huntington, N.Y., waited more than five hours. She's an elected delegate to the Democratic National Convention, and she's sticking with him through the event.

"The political revolution is continuing," Gardner, 69, said. "This will not end here."

Steve Favilla, 36, was concerned while he waited in line that the hall might

SUPPORTERS react as Democratic presidential candidate Sen. Bernie Sanders, I-Vt., takes the stage before an address in New York yesterday. (AP Photo)

UK pound takes wild ride as UK referendum results come in LONDON (AP) — The British pound seesawed dramatically early Friday as the first results came in for Britain's referendum on whether to leave the European Union, with increasingly mixed signals challenging earlier indications that "remain" had won a narrow victory The pound initially soared as polls closed and two opinion surveys put "remain" ahead and two leading supporters of the "leave" campaign said it appeared the pro-EU side had won. But it then plummeted as Britain's first few counting areas reported their results. The stage was set for a nervewracking night of ballotcounting after a day of high turnout and foul weather.

With just under a million votes counted and 15 of 382 districts reporting, the result was effectively a 50-50 split.

"It may be possible that the experts are going to have egg on their face later on tonight," University of Strathcylde political scientist John Curtice told the BBC after results from Newcastle showed worse-than-expected figures for pro-European vote. "It may be the first sign that the 'remain' side are not going to do as well as those early polls suggested."

The first results, from England's working-class northeast, were a smallerthan-expected "remain" win in Newcastle and a biggerthan-expected "leave" vote in nearby Sunderland. The "leave" side also outperformed expectations in other areas of England, though "remain" was ahead in early Scottish results. London, which is expected to lean to "remain," had yet to declare.

A vote to leave the EU would destabilize the 28-nation trading bloc, created from the ashes of World War II to keep the peace in Europe. A "remain" vote would nonetheless leave Britain divided and the EU scrambling to reform.

As the polls closed Thursday, U.K. Independence Party leader Nigel Farage set a downbeat tone for the supporters of a British exit — or Brexit — from the EU, telling Sky News television "it looks like 'remain' will edge it" in the referendum, sending the pound to a 2016 peak of $1.50.

Plummet But he walked back those comments later, telling reporters at a "leave" party in central London that "maybe just under half, maybe just over half of the country" had voted to pull Britain out of the EU. Early Friday the pound was trading at about $1.453 after having plummeted all the way to 1.443.

The most recent polls had suggested "remain" had a narrow lead.

Pollster Ipsos MORI said a survey conducted on Wednesday and Thursday suggested the "remain" side would win Britain's EU referendum by a margin of 54 percent to 46 percent.

Earlier Thursday, the firm had released a poll that indicated a 52-48 victory for "remain." That phone poll of 1,592 people had a margin of error of plus or minus three percentage points.

But the firm's chief executive, Ben Page, said continued polling on Thursday

suggested a bigger swing to "remain" that gave the 5446 result.

Many other surveys have also shown the "remain" vote ahead, but the first results appeared to have chastened bookmakers. Betfair, which late Thursday had offered odds of 12-to-1 that Britain would stay in the EU, slashed them to 2-to-1 only about an hour later.

The overseas territory of Gibraltar was the first to report results late Thursday, and as expected the British enclave reported an overwhelming vote for "remain" — 96 percent.

There as elsewhere, turnout appeared high. Officials in Gibraltar said almost 84 percent of eligible voters turned out to cast ballots; witnesses and reporters elsewhere said turnout was higher than in last year's general election, which was 66 percent.

High turnout had been expected to boost the "remain" vote, because "leave" supporters are thought to be more motivated. But high turnout in working-class areas that typically have lower tallies could also boost the "leave" vote.

"I think it is going to be really close," said photographer Antony Crolla, 49, outside a London polling station.

That was certainly the case in Newcastle, a city which had been expected to deliver a resounding victory for "remain." Instead, the pro-Europe side squeaked by with 50.7 percent of the vote. In Sunderland, 61 percent of voters chose "leave," a bigger-than expected margin.

UNITED Kingdom Independence Party leader, Nigel Farage, arrives to cast his vote in Biggin Hill, south eastern England, yesterday, as voters head to the polls across the UK in a historic referendum. Voters in Britain are deciding Thursday whether the country should remain in the European Union — a referendum that has exposed deep divisions over issues of sovereignty and national identity. (AP Photo)

fill up before he got in.

"I want the media to see the thousands of people who are out here knowing we won't get in and still showing our support for Bernie," Favilla, an electrician from Queens, said.

Sanders has been signaling the transition of his movement from a presidential run to one aimed at bolstering likeminded Democratic candidates for Congress and offices up

and down the ballot.

He was traveling to Syracuse, New York, on Friday to hold a rally with congressional candidate Eric Kingson, who is seeking the Democratic nomination in next Tuesday's primary to challenge Republican Rep. John Katko.

Sanders has raised about $2.5 million for congressional and legislative candidates in recent weeks, sending out fundraising emails

on behalf of liberals who could further Sanders' message. The Vermont senator has raised about $300,000 for both former Sen. Russ Feingold, who is trying to win back his old seat in Wisconsin, and Florida congressional candidate Tim Canova, who is challenging Democratic National Committee Chair Debbie Wasserman Schultz, who represents a Fort Lauderdale-area district.

PAGE 8, Friday, June 24, 2016

THE TRIBUNE

Nation’s largest banks all pass Fed’s ‘stress tests’ NEW YORK (AP) — The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday.

The central bank's annual "stress tests" show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function.

The stress tests were created in the wake of the financial crisis and subsequent Great Recession. The implosion of the housing market led the U.S. into its worse economic downturn since the Great Depression. Several large banks failed or were bought in rescue operations.

The losses were so great that U.S. taxpayers had to come to the rescue, at a cost of $700 billion.

To keep that from happening again, Congress passed the Dodd-Frank financial reform laws in 2010. The law mandated the nation's largest banks simplify their structure, raise more capital, and that the nation's bank regulators had to routinely monitor and test to make sure banks could withstand even the worst possible outcomes. The stress tests became a mandated annual requirement.

Under the Fed's most extreme scenario in this year's test, the U.S. economy falls into a deep recession causing the stock market to plunge by 50 percent. Unemployment climbs above 10 percent, and housing prices drop by 25 percent and commercial real estate prices fall by 30

FEDERAL Reserve Chair Janet Yellen takes part at a roundtable discussion at the West Philadelphia Skills Initiative in Philadelphia, Monday, June 6, 2016. Yellen is signaling her belief that the U.S. economy is improving but remains defined by so many uncertainties that it’s unclear when the Fed should resume raising interest rates. (AP Photo) percent. Investors, in this scenario, would be so panicked that yields on shortterm U.S. Treasuries would go negative — meaning even the safest of assets would still lose money.

Federal Reserve officials change the stress tests each year to mirror what economic climate the world is currently experiencing.

Other central banks have attempted negative interest rates, including the European Central Bank and Bank of Japan, to stimulate economic growth. So testing the largest U.S. financial institutions under negative interest rates is not outside the realm of possibilities.

The Fed said that the nation's 33 largest banks would have $526 billion in loan losses under the most extreme scenario. But even with those losses, all the banks would still hold collectively a highquality capital ratio of 8.4 percent, well above the 4.5 percent minimum. Capital ratios are an industry standard of how strong a financial

institution is.

The bank that came closest to not meeting the Fed's minimum was Huntington Bancshares, which had a stressed ratio of 5 percent, followed by BMO Financial, with a stressed ratio of 5.9 percent.

The nation's largest banks, and those with the largest amount of tradable assets, would be still be hit-hard under the Fed's scenario.

Goldman Sachs' capital ratio would fall from 13.6 percent to 8.4 percent, Morgan Stanley's ratio would fall nearly in half, from 16.4 percent to 9.1 percent. While steep drops, they are still above the minimums.

Thursday's announcement is one part of two announcements by the Fed regarding the stress tests. The more important announcement comes next week, when the Fed will release the results for each of the individual banks. If the banks pass, they will be allowed to raise their quarterly dividends and buy back shares.