MONDAY, DECEMBER 12, 2016
business@tribunemedia.net
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NHI fee slash may undermine health quality By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A prominent physician has warned that the massive cuts in doctors’ fees proposed by the National Health Insurance (NHI) scheme could compromise healthcare quality for many Bahamians. Dr Duane Sands, the exFNM senator, told Tribune Business that the “70 per cent across-the-board” fee cuts being proposed by the Government (see other article on Page 1B) threatened to “drive patients” to less-successful doctors with inferior practice infrastructure. “Here we go again,” he told this newspaper. “We basically will have a scenario that drives the NHI patient to providers with less busy or successful practices. It may mean we are driving patients to inferior care. “It sounds as if they’re saying this is what we’re See pg b7
Sands fears ‘driving patients’ to ‘less busy’ doctors Fears better physicians will ‘shut down’ or leave’ No gouging: MAB fee structure same for decade
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Successive governments were reluctant to surrender control of the Bahamas Telecommunications Company (BTC) because it was a critical source of funding and election votes, the Democratic National Alliance’s (DNA) leader has charged. See pg b8
Source of election jobs/votes, plus funding Committee ‘political ploy’; must look at Bluewater FNM ‘sat with tail between legs’ on privatise
Small businesses in ‘funding crisis’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian small businesses are facing “a funding crisis”, a sector consultant has warned, with “nothing in the kitty” at both traditional public and private financing sources. Mark Turnquest, of Mark A. Turnquest Consulting, told Tribune Business that See pg b4
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Doctors have slammed the 70 per cent “across-the-board” fee reduction that will be imposed upon them by the proposed National Health Insurance (NHI) scheme, and warned they will not sign up for “something that will fail”. Numerous physicians, speaking on condition of
Banks ‘risk averse’, offering ‘zero’ to start-ups And ‘nothing in kitty’ at Govt support agencies BISX, Commission must get market structure right
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anonymity, told Tribune Business that the capitation fee structure unveiled by the NHI Secretariat last week would leave many struggling to cover their overhead expenses. And, in potentially forcing many practices into a loss-making position, and having to potentially downsize staff and cut other costs, they warned the Government’s proposals threatened to compromise health-
care quality for Bahamians. They accused the Government, its NHI Secretariat and consultants, the KPMG accounting firm, of adopting an “ass backwards” approach by trying to design a scheme to fit the $100 million budget. They suggested the NHI architects were trying to squeeze everything into this figure, resulting in the proposals for a huge cut in See pg b5
‘Ass backward’ calculation to fit $100m budget Would leave many struggling to meet overheads Say ‘no one’ has signed up to provide services
Sarkis ally: Govt ‘scared to show’ Baha Mar deal D’Aguilar: Govt ‘told’ it has to deal with CTFE
Bran: Political needs impeded BTC’s sale
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Doctors blast 70% NHI fee reduction
Suggests hiding ‘enormous cost’ to taxpayers
Dr Duane Sands
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Says it will try and ‘bamboozle’ on ‘huge victory’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A key Sarkis Izmirlian ally has accused the Government of being “scared to show” the Baha Mar deal to the Bahamian people, suggesting it must come at “an enormous cost” to taxpayers. Dionisio D’Aguilar, a Baha Mar Board member under the original devel-
oper, told Tribune Business that there was no good reason to withhold the details now that the $3.5 billion project’s sale is a “done deal”. Questioning why the Christie administration was seemingly “afraid” to reveal details of the agreements, now that Baha Mar’s sale to Chow Tai Fook Enterprises (CTFE) was all but complete, Mr D’Aguilar See pg b6
Dionisio D’Aguilar
PAGE 2, Monday, December 12, 2016 THE TRIBUNE
Central Bank sponsors web shop ‘interactions’
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Central Bank has sponsored interactions between the Gaming Board and commercial bank compliance officers to highlight the level of anti-money laundering monitoring and controls that exist in web shops, its governor says. John Rolle told Tribune Business: “Our focus is more on getting the banks to look at the due diligence
Brings Gaming Board, bank compliance togther Governor: We can’t force licensees to bank web shops process around the clients they provide services to. “We have also sponsored interactions between gaming industry regulators and
the compliance community in the commercial banks to encourage conversations, so people could understand the sort of monitoring and controls that exist around those operations. Those are the sort of things that will feed into how financial institutions make decisions on who they provide services to.” Mr Rolle acknowledged, though, that the Central Bank cannot give directives on the businesses that banks should conduct busi-
ness with -effectively admitting it cannot force the banks to take on web shops as clients The Canadian-owned banks have argued that their worldwide policies prevent them from accepting gaming-related deposits, especially the online variety. CIBC FirstCaribbean, Royal Bank of Canada (RBC) and Scotiabank are all adopting this stance, with an RBC (Bahamas) position paper warning that
conducting business with web shops would run afoul of its parent bank’s global policies and US federal law. Two Bahamian-owned institutions, Commonwealth Bank and Fidelity Bank (Bahamas), are also refusing to deal with the web shop gaming industry, viewing it as too ‘high risk’. Such fears will have been heightened in an environment where Bahamian institutions, and their counterparts in the Caribbean, See pg b5
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Monday, December 12, 2016, PAGE 3
Disney targets more Bahamas expansion By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Disney Cruise Line is continuing to explore new projects in the Bahamas, its top executive saying it plans to make a significant investment in its private island. Karl Holz, president of Disney Cruise Lines, while addressing a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) ‘Wind Down’ event at Luciano’s last week, said that as the company expands its business,
the Bahamas will be a part of that growth. “As we expand our business, the Bahamas will certainly be a part of our growth story. In the meantime, we continue to make regular calls in the Bahamas. The islands are an integral part of our cruise business,” said Mr Holz. Back in July, Disney revealed it had no plans to construct a private cruise port at Egg Island off Eleuthera, saying environmental impact studies (EIAs) had suggested the island’s marine environment could not sustain a
development of that magnitude. Mr Holz said, though, that the company was “continuing to explore other projects in the Bahamas which could result in further economic benefits”. He added that Disney Cruise Lines is also making ‘significant investments’ in Castaway Cay, its private island in the Abacos. These developments include a wastewater treatment plant, and warehouse and fibre optic replacement, with 100 per cent Bahamian contractors involved.
Mr Holz said Castaway Cay is currently hiring additional employees, and added that Disney Cruise Lines is committed to future collaboration and partnership with the Bahamas. Disney is partnering with the Nassau-based LJM Maritime Academy. “Just this past Monday, in negotiations with the ITF, we got approval to launch the apprenticeship programme. That will give people who are studying the maritime programme the opportunity to get sea time on our ships,” Mr Holz said.
Law firm celebrates its 10th anniversary
Chancellors Chambers membership comprises: (seated L to R): Nadia Wright, partner; Merrit Storr, managing partner; Onan LamourWilliams, partner. Standing L to R: Mr. Paul D. Knowles, partner; Eugeina Butler, associate and Antoine Thompson, associate.
A Bahamian law firm is celebrating its 10th anniversary as a full-service commercial law firm. Located at No. 16 Village Road, Chancellors Chambers is a member of the international network of law firms known as Meritas, encompassing more than 175 companies around the globe. It is able to draw on the network’s expertise to assist its clients wherever they may need legal services internationally. The current Partnership of the Chancellors comprises: Merrit Storr, managing partner; Nadia Wright; Onan Lamour-Williams; and Paul D. Knowles. The firm also has two associate attorneys, Eugeina Butler and Antoine Thompson, and a support staff. The partners, in celebrating the firm’s 10th anniversary, marked the occasion by making donations to two charities - the Children’s Emergency Hostel and the Persis Rogers Home for the Aged. Chancellors Chambers was founded in February 2006 by Kenred Dorsett, a former partner of Lennox
to advertise today in the tribune call @ 502-2394
Paton and Halsbury Chambers. Mr Dorsett, the firm’s first managing partner, has been inactive since May
2012, at which time he became the MP for Southern Shores. He serves as Minister of the Environment and Housing.
Sandyport unveils $5m office product Sandyport Development Company has unveiled the $5 million addition of its Church Street Commercial Centre at the Olde Towne, Sandyport, with 52 per cent of available space already rented. “There’s been strong demand in the market for well built, turnkey office space for small to medium-sized professional firms moving west,” said Sandyport president, Garth Buckner. “People know that Baha Mar will eventually be sorted out and, when it is, the centre of gravity on the island will move west. Sandyport’s location is perfect at the western end of Cable Beach, close to the new highways and new airport. We have well-designed, turnkey new space, plenty of free parking, 24-hour security, stand-by power generation, fast Internet and an unbeatable quality of life.” The 12,716 square foot office complex features 14 office suites, with finishes that include granite kitchen counters, central AC, and wood flooring in board rooms, ranging in size from 580 to 1,400 square feet. The offices feature backup power generation, an elevator, 24-hour security including CCTV, and a 400-space free parking lot. “The response has been incredible,” says Sandyport broker Jolika Buckner. “We built Church Street because we were running close to 100 per cent full in our existing office buildings, and there was more demand. “The new building has been leasing quickly, and we currently have nine of the 14 offices suites, comprising 52 per cent of the overall square footage, rented, with
our first tenants already in.” She added: “We have a mix of tenants, ranging from finance companies, offshore banks, to law firms and a specialist educator focused on computer programme training for adults and children. ““They have added to the Olde Towne, Sandyport’s already diverse group of corporate tenants. There is a movement to the west for both local and international firms, partly because their clients are this way; partly because the quality of life is better; and parking and driving are easier than other locations. “We have some 57 business here already - from Club One gym, to First Caribbean Bank, a Government post office, several popular restaurants including Spritz, Twisted Lime and Blue Sail, as well as insurance companies, medical practices, law firms, accountants, IT firms, as well as some top specialty stores like Young’s Champagne.” Sandyport has already started construction on phase 2 of the Church Street Commercial Centre based on existing demand. Ms Buckner said: “We build out A Class quality interiors, the type you would get in a 10,000 square foot bank, but we aim the product squarely at professional firms with one to three or four partners plus support staff. “And we make sure we have all of their concerns covered in terms of back-up power, security and parking. There are very few other locations on the island where firms of that size can find a ready-made product for them.”
PAGE 4, Monday, December 12, 2016
Small businesses in ‘funding crisis’ From pg B1 commercial banks and other private lenders were now totally “risk averse” to financing any start-ups and entrepreneurs. Explaining that these sources only became interested once they had established a “track record” of financial activity, Mr Turnquest said the picture was equally bleak at government agencies. He added that the likes of the Bahamas Entrepre-
neurial Venture Fund and the Bahamas Development Bank (BDB), the latter plagued by high borrower delinquencies, were “only dealing in pennies”. As a result, Mr Turnquest said financing for Bahamian entrepreneurs, start-ups and small businesses - the segments widely regarded as the major growth drivers and job creators in any economy - had slowed to a trickle. And, while backing efforts by the Bahamas In-
ternational Securities Exchange (BISX) and the Securities Commission to bring ‘crowdfunding’ into a structured, properly regulated market, Mr Turnquest warned that it must not place financing sources “out of reach” for small business. “The banks are now, unfortunately, not lending to any type of small business when they are start-ups,” he told Tribune Business. “They are risk averse to any small business startups. It’s absolutely zero. Nothing. There is no access to traditional funding. Start-ups have no money unless they put their own in. “Banks are only interest-
COMMONWEALTH OF THE BAHAMAS
2015
IN THE SUPREME COURT
CLE/GEN/2000
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 21st day of June, A.D., 2011 between Nicoya A. Knowles and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND NICOYA A. KNOWLES To:
Plaintiff
Defendant
Nicoya Knowles
TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Branch, Robinson Road and Key West Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 30th day of December, A.D., 2015 seeking an Order to direct you to deliver up possession of the Mortgaged Property situate in the Subdivision called and known as Malcolm Allotments in the Southern District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas and being Lot Number Eight (8) in Malcolm Allotment Number Sixty-six (66) to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 21st day of June, A.D., 2011. And that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 30th day of December, A.D., 2015, Notice of Appointment to hear the Originating Summons filed on the 1st day of March, A.D., 2016 Affidavit in support of application filed on the 1st day of March, A.D., 2016, ex parte Summons filed on the 13th day of May, A.D., 2016, Affidavit in support of ex parte Summons filed on the 19th day of July, A.D., 2016 and Order filed on the 22nd day of August, A.D., 2016 in the Nassau Guardian and The Tribune Newspaper shall be deemed to be good and sufficient service of the said document upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Friday, the 16th day of December, A.D., 2016 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice. Dated the 8th day of December, A.D., 2016 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
ed in small businesses after a year or two when they see the financial activity in their bank accounts.” As a result, Mr Turnquest said he had tweaked the advice he gave to his small business clients, suggesting that they open chequing accounts and only seek bank financing once they have established a solid transaction history. “I tell them: Don’t go to the banks. There’s nothing there,” he told Tribune Business. “The bank doesn’t lend to new entrepreneurs because it’s too risky. “It’s better for small businesses to start small, put money into a chequing account, write cheques and after a year build-up a transaction activity report.” Mr Turnquest said banks and other potential lenders would then have a business’s financial history to draw upon in assessing potential credit risk and loan amounts, thereby giving them more confidence to lend. “That’s the only model that I now try to work with the banks,” he told Tribune Business. However, given that commercial banks have a fiduciary duty to protect their depositors’ money, the fact that more than $1 out of every $5 lent by the sector to Bahamian businesses is past due is unlikely to inspire them with confidence to extend further credit. The Central Bank of the Bahamas’ monthly report on October 2016’s economic developments showed that $238.1 million worth of
commercial loans, or 23.3 per cent of the total, is past due. Total credit outstanding to businesses has also steadily declined in recent years, providing more evidence of how risk averse banks have become. Mr Turnquest, meanwhile, said this situation was being repeated among government agencies whose responsibility it is to lend to the small business sector. “All the Government agencies catering to the small business sector have got nothing in the kitty,” he told Tribune Business. “The venture fund, BDB, ain’t nothing happening there. They are only dealing in pennies. There’s no major funding in the country at all.” Much hope was pinned on the Small and MediumSized Enterprises Development Bill as a mechanism to strengthen and better co-ordinate start-up support and financing, yet two successive administrations have failed to bring this forward to the House of Assembly. Mr Turnquest lamented, in particular, the absence of the Small and MediumSized Enterprises Development Agency (SMEDA) that would have been created by the Bill. This would have served to provide the necessary support services, as well as avenues to financing, for small businesses, and paved the way to attract European Union (EU) and other grant funding sources. The Bill is understood to have been overshadowed by the National Development
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Mark A. Turnquest Plan (NDP) efforts, into which it may eventually be absorbed. However, Mr Turnquest took some comfort from the interest, and efforts, BISX and the Securities Commission were making to try and embrace so-called ‘crowdfunding’ within a formal market structure. Crowdfunding involves financing a project or business venture by raising small amounts of money from a large number of people, typically via the Internet. It pools money from friends, family and investors, and is thus a mechanism virtually all Bahamian start-ups and entrepreneurs will be familiar with, having relied on such sources for decades. Mr Turnquest, while praising the intentions of BISX and the Securities Commission, said they needed to “find the right type” of market structure - one that was not too onerous, but employed standards that small businesses could aspire to. The Securities Commission’s proposed rules would allow entrepreneurs to raise up to $1 million, and small businesses to raise up to $3 million, per year. Small, ‘unsophisticated’ investors would be allowed to invest $500 per crowdfund arrangement, and $2,500 per year, with entrepreneurs and small businesses. “Any type of structured funding mechanism is what we need in the Bahamas,” Mr Turnquest told Tribune Business. “Any type of funding, be it crowdfunding or another creative form that focuses on small business, is desperately needed as there’s a cash flow crisis in access to funding. We can’t get it.” He urged BISX and the Securities Commission to focus on “finding the right type of structure, adding: “You can’t put it out of reach for individuals. They’ll never get there. “Structured steps must be phased into the structure so small businesses can meet the criteria. It can’t be too high, and it can’t be too low.”
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Monday, December 12, 2016, PAGE 5
Doctors blast 70% NHI fee reduction From pg B1 doctors’ fees compared to the current norm for many private physicians. Tribune Business was told that the NHI scheme is proposing five types of code or capitation payments, a form of reimbursement that will see doctors paid a set annual fee per patient. A ‘simple office visit’ is priced at $36; with ‘intermediate and ‘complex’ visits to the doctor carrying price tags of $60 and $78 per visit, respectively. The NHI scheme currently prices periodic visits, such as annual physicals, at $66 per visit. Tribune Business was also told that NHI will include several “modifiers”, such as a $24 fee for a 10-minute phone conversation with a patient, plus another fee for home visits. One doctor, speaking on condition of anonymity, said NHI’s proposed ‘simple office visit’ fee effectively represented a 64 per cent cut to the $100 he typically charged. And the scheme’s ‘complex office’ fee, meaning that extensive treatments were offered, was around a 50 per cent discount to what he currently charged. “You’re looking at a 70 per cent reduction across the board,” he told Tribune Business of the proposed NHI fee structure. “You’re going to be hard-pressed to cover overheads. “At the meeting, one doctor said to the rest of us: Within this group of physicians here, does this fee schedule look familiar? Everyone said: No. Clearly, from what we’re used to and the current practice, this is a huge deviation from what is normal for physicians in the Bahamas.” Asked why the Government was pushing such drastic fee cuts, the doctor added: “It’s going to totally blow their $100 million budget from the Government. $100 million, it has to fit. Take it or leave it.” Dr Duane Sands, the former FNM senator, told Tribune Business that the ‘complex office visit’ proposed by NHI was lower than
his ‘basic office visit fee of $83.70 - a level at which he “barely breaks even”. Dr Sands said his fees went to a high of $246.60, and that all were in line with the coding and pricing recommended by the Medical Association of the Bahamas (MAB), which had not changed in a decade. Another source said that at one of the Nassau meetings, Dr Delon Brennen, the Government’s NHI project manager and the person who did most of the talking, “almost glossed over” the proposed capitation-based reimbursement fees. They added that several doctors interrupted Dr Brennen, and asked him to go back to the proposed fees for further discussion, given that this was the central topic for discussion. The NHI Secretariat declined to provide copies of the presentation to the attending doctors, Tribune Business was told, who identified numerous concerns with both the fees and other aspects of the Government’s planned healthcare reforms. The accounts of the New Providence meetings differ greatly from the NHI Secretariat’s official release, which seemingly barely scratches the surface of what occurred. “The initial discussions we’ve had with primary care physicians specialising in primary care have been positive, and I’m pleased to say that many of them are excited to register and provide services under NHI Bahamas to patients in need,” Dr Brennen said. “These providers will play a key role in shaping a health care system that is modern, affordable and accessible.” However, directly contradicting Dr Brennen, one doctor present at the meetings said: “ “No one we have spoken to has agreed to provide services at this point in time “No one wants to sign up for something that is not going to work. They’re hell bent on doing something that we feel as a medical group is not in the best in-
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PUBLIC NOTICE REDEMPTION of Treasure Bay Our Lucaya chips, pursuant to Gaming Regulation 67 (5) (a) (b) (c) of the Gaming Board of The Bahamas; effective December 2, 2016. Treasure Bay Our Lucaya Casino (hereafter referred to as The Casino) operates at Royal Palm Way, Grand Bahama Island. Please be advised that all denomination of chips may be redeemed at The Casino on or before December 22, 2016. The days provided to facilitate such are Mondays, Wednesday and Fridays, between the hours of 9:00 a.m. and 2:00 p.m. each day.
PUBLIC NOTICE REDEMPTION of Treasure Bay Our Lucaya unexpired slots tickets, pursuant to Gaming Regulation 69 of the Gaming Board of The Bahamas; effective December 2, 2016. Treasure Bay Our Lucaya Casino (hereafter referred to as The Casino) operates at Royal Palm Way, Grand Bahama Island. Please be advised that all unexpired slots tickets may be redeemed at The Casino on or before December 22, 2016. The days provided to facilitate such are Mondays, Wednesday and Fridays, between the hours of 9:00 a.m. and 2:00 p.m. each day.
terests of the country.” Given the Bahamas’ population, and the fact that NHI wants physicians to take 2,000 patients each, one source suggested that around 190 private sector doctors would need to participate. One doctor suggested this number simply did not exist and, with physicians declining to sign up for NHI to-date, it was impossible for the scheme to get off the ground. Without the participation of private doctors, they emphasised, NHI cannot come into being The doctor added that the Medical Association of the Bahamas (MAB) and its members had yet to even see a proposed contract to provide services under NHI, and there was “no way to have a relationship” with the scheme. “Nothing is currently in place,” they added. “The physicians, and everyone in our sphere, is in disbelief that they want to move forward with this plan we know is not sustainable and flawed. The economics, based on the current package, are not sustainable.” Tribune Business was told that NHI’s proposed doctor fees were being based on assumptions that include 7080 per cent of patient visits falling into the ‘intermediate’ category, multiplied by the number of expected visits per person, per year. Risk adjustments will be
made for the age and gender of a doctor’s patient population, with Family Islandbased physicians compensated at a greater rate than New Providence. Tribune Business was told that among the flaws pointed out by doctors was the ‘bundled care’ package for pre-natal and infant/child care. The NHI Secretariat was warned this was “setting up for physicians to practice outside the scope of their training” and care specialty, with no mechanism in place to monitor this. Other concerns related to the absence of care coordination payment, and the Government marketing NHI to the Bahamian public as if it was going to provide free healthcare. It was also pointed out at the meetings that private sector physicians simply do not have the capacity to absorb the extra patients NHI wants them to take, which will result in many Bahamians having no choice and being forced back to the public health sector. This is despite the NHI Secretariat saying last week: “Over 200,000 Bahamians currently do not have health insurance, and many of them will be choosing their doctor in the public or the private sector in Phase two of NHI Bahamas, enrolment, which will begin in 2017.”
International Business Companies Act, 2000 Prival Bonds latam Fund ltd. In Voluntary Liquidation notiCE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, Prival Bonds latam Fund ltd. is in dissolution. The date of commencement of the dissolution was the 30th day of November A.D., 2016 mr. michael C. miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of Prival Bonds latam Fund ltd. michael C. miller Liquidator
Central Bank sponsors web shop ‘interactions’ From pg B2 are struggling to maintain correspondent relations with developed country banks due to risk-related concerns. Accepting web shop deposits could be just the excuse a correspondent needs to terminate business. Bank of the Bahamas is the only institution to state publicly that it is doing business with web shops, having received clearance from its own US correspondent bank, JP Morgan Chase, to accept deposits from the newly-legalised sector. Mr Rolle said of web shop gaming: “The activities are legal. What is important is that you continue to strengthen the supervision
of the operation. They have very automated monitoring for the customer transactions, and that is important generally as far as the way the Bahamas approaches money laundering and trying to separate criminal from non-criminal transactions. “These operations are subject to that same level of monitoring. Those operations, from what I have been told, are supposed to allow regulators that kind of view of their operations. From our perspective, what’s also important is understanding how we can see those activities become more seamlessly integrated in the rest of the economy so that they do not attract unwanted attention or criticism.”
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PAGE 6, Monday, December 12, 2016
Sarkis ally: Govt ‘scared to show’ Baha Mar deal From pg B1 said the situation again reflected poorly on government transparency. He also slammed as “laughable” the trip to the Far East, undertaken by two Cabinet ministers and the Prime Minister’s senior policy adviser to conduct due diligence on CTFE, suggesting they had travelled far at taxpayer expense for something that has already been decided. Adding his voice to those calling on the Government to fully disclose all its agreements over Baha Mar, Mr D’Aguilar said it would try to “bamboozle” Baha-
mians by focusing solely on the potential benefits while ignoring what was lost to the economy over the past 18 months. “We still don’t know what the deal is,” the FNM’s Montagu candidate for the upcoming election told Tribune Business. “What has it cost the Bahamian taxpayer? “Show us the money. Show us the deal. What’s it costing the Bahamian taxpayer? It must be a lot if they’re scared to show it. What are they afraid of? It’s our money. “What about transparency in government? They’ve already done this deal with
the Chinese; they’re not going to back out of it now. Show us both sides. We can’t forget how much it’s cost us.” Justice Ian Winder sealed details of the agreement between the Christie administration and the China Export-Import Bank, Baha Mar’s secured creditor, for the project’s construction completion and eventual opening. He did this on the basis that confidentiality was necessary to “protect the integrity” of the Baha Mar sales process, which at that time was still active. However, given that the Prime Minister and CTFE are both speaking as if the latter’s purchase of the Cable Beach-based resort assets is a formality, Justice Winder’s rationale for seal-
ing the construction agreement seemingly no longer applies. Then there is the ‘second deal’ between the China Export-Import Bank (as vendor) and CTFE as buyer, with the latter also having to conclude a ‘Heads of Agreement’ with the Christie administration to consummate its purchase. Tribune Business previously reported that the Government approvals process for CTFE is effectively complete, and has since received further confirmation of this. Of particular interest to many observers, given the Public Treasury’s cashstrapped condition, is whether CTFE will be paying the 10 per cent ‘transfer tax’ (split into 7.5 per cent VAT, 2.5 per cent Stamp
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Duty) on the purchase price. This newspaper understands that no such tax was paid when Baha Mar’s assets were ‘purchased’ out of receivership by the China Export-Import Bank. This move was justified by sources close to the deal as a reasonable trade-off in return for the bank agreeing to pay Bahamian creditors what they were owed, even though these liabilities were not its own. However, given that CTFE is likely to pay between $1 billion to $2 billion, this would leave $100$200 million due to the Treasury - an extremely useful sum at a time when the Government is struggling to pay its bills, and has been forced into an unexpected $150 million borrowing to defray Hurricane Matthew restoration costs. Mr Christie has to-date focused on the employment and investment benefits from CTFE’s purchase, but has made no mention of the investment incentives (concessions) that the Hong Kong conglomerate will receive, or commented on other aspects of the deal. He has previously promised to reveal further details on the Baha Mar agreements at the appropriate time, while adding that he had been warned against disclosing too much by the Government’s attorneys. It remains to be seen whether the Government will now ask the Supreme Court to unseal the agreement details. Mr D’Aguilar, meanwhile, said the Government would seek to portray resolution of the stalled $3.5 billion Baha Mar project as “a huge victory” for itself just months prior to a general election. He, however, pointed to the millions of dollars lost to the Bahamian economy in wages, GDP impact and taxes as a result of the battle that Mr Izmirlian was forced to fight against the Chinese.
YOUR
“The Government is going to count this as a huge victory, but what we all have to remember is that there has been $400 million in lost revenues that could have gone to the Treasury,” Mr D’Aguilar told Tribune Business, “the lost $2.5 billion in GDP impact and the $600 million in lost wages to Bahamians. “That has been the effect of this decision and delay, and while they will slap themselves on the back and say they’ve done a tremendous job in sorting this out, we must not forget the impact on the Bahamian people and economy as a result. “They spent a fortune, and went through an enormous cost, to open this project.” Mr D’Aguilar suggested that the Beijing government, through the China Export-Import Bank, had effectively told the Christie administration who Baha Mar’s new owner will be, and that it had little choice in the matter if it wanted the development to at least be partially open by May 2017. “It was laughable that the Attorney General, the Minister of Tourism and Sir Baltron Bethel went out to do due diligence,” he added of the Government delegation’s visit to Hong Kong and Macau. “I don’t know why they sent those people on that for. This is already a done deal. They’ve already made up their minds what they’re going to do. The Chinese have won.” Mr D’Aguilar continued: “Let’s face it. The ExportImport Bank has told them this is the people you have to deal with [CTFE], and our government is so desperate to get something going they’ll do it. “They’ve sold out to the Chinese, that’s the bottom line. The Bahamian government is in bed with the Chinese, lock, stock and barrel. There is nothing we can do about it now.”
CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019
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Resumes can be sent to: careersbahamas@gmail.com Deadline Friday 16th December 2016
THE TRIBUNE
Monday, December 12, 2016, PAGE 7
NHI fee slash may undermine health quality From pg B1 going to pay the physicians, and they can like it or lump it. Take it or leave it.” Dr Sands said the promise of an expanded patient population would prove attractive to less capable and successful physicians, who had invested less in staffing, equipment and other infrastructure, and were struggling to survive. While they were more likely to sign up for NHI, Dr Sands said the reduced fees and other government impositions would act as a disincentive for better physicians and those with larger staffs and overheads, who may be forced to downsize. “The important thing is that better physicians will either shut down or leave the jurisdiction,” he warned of NHI and its fees. “It’s a heck of a gamble, and seems intended as constructed to appeal to the masses of individuals who cannot afford private care. “It will help some people, but will not help quite a few. Some of the better physicians will say they cannot afford to provide quality care at this price, so they will say: ‘Thanks very much, I’m not going to participate’ or cut down on quality.” Turning to the specific fees, Dr Sands said it
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seemed as if the Government and its NHI Secretariat were trying to give Bahamians the impression that private practitioners were “price gouging” or “over charging” for the services they provided. He added that it seemed as if the NHI plan was also based on doctors compensating for reduced fees/ profit margins through increased patient volumes. “The assumption implicit in that is physicians are overcharging,” Dr Sands told Tribune Business. “They seem to believe that on the basis of volume you can make up by having some type of factory production line of patient care. “I suppose the reason why people charge what they charge is because that is what it takes to provide the service - ambience, staff, equipment, and added time with the patient and care. “I can speak to the fact that consultation is not a profit centre in my practice; I barely break even.” Dr Sands expressed doubt that the Medical Association of the Bahamas (MAB) and private physi-
cians would be able to negotiate better NHI fees, unless last week’s meetings were “a first pass” designed to test the waters, with the intention of coming back with slightly higher numbers. Explaining how current fees worked, Dr Sands said all medical services provided in the Bahamas had their own specific codes and terminology. Each is given “a relative unit”, and all units have their own specific costs attached. “The MAB determined a number of years ago that the relative value units be reimbursed on a scale of $9-$11 per relative value unit,” Dr Sands told Tribune Business. “Above that criteria is considered excessive billing. You’re now talking $3$4 per relative value unit [with NHI]. In the absence of some kind of subsidy to cover garbage disposal, records maintenance and medical management, it is going to be impossible to safely practice medicine and pay malpractice cover, your expenses at that level, unless you start from the premise that physicians are gouging the public. “That is certainly not true. The MAB fee structure has not changed in a decade.”
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, NOTTAGE BARR of Perrine Close off Goldenwill or Pine Barren Road, Bahamas intends to change my name to LEE NOTTAGE BARR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that LOVINGSTON MEDARD of P.O.Box AB-20045, March Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2015 CLE/GEN/01994
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 6th day of January, A.D., 2000 between Finetha B. Taylor and Felicity Carroll and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND FINETHA B. TAYLOR AND FELICITY CARROLL To:
Finetha B. Taylor and Felicity Carroll
Plaintiff First Defendant
Second Defendant
TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Palmdale Branch, Madeira Street Shopping Plaza, Madeira Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 30th day of December, A.D., 2015 seeking an Order to direct you to deliver up possession of the Mortgaged Property situate in the Subdivision called and known as Smiths Cove in the Eastern District of the Island of New Providence and known as Lot Number Six (6) to Finance Corporation of Bahamas Limited within Twentyeight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 6th day of January, A.D., 2000. And that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 30th day of December, A.D., 2015 and Notice of Appointment to hear the Originating Summons filed on the 1st day of March, A.D., 2016 Affidavit in support of application filed on the 1st day of March, A.D., 2016, ex parte Summons filed on the 13th day of May, A.D., 2016, Affidavit in support of ex parte Summons filed on the 8th day of August, A.D., 2016 and Order filed on the 31st day of October, A.D., 2016 in the Nassau Guardian Newspaper and The Tribune shall be deemed to be good and sufficient service of the said document upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Friday the 16th day of December, A.D. 2016, at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, The Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice. Dated the 8th day of December, A.D., 2016 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
PAGE 8, Monday, December 12, 2016
Bran: Political needs impeded BTC’s sale From pg B1
www.ub.edu.bs
VACANCIES Suitably qualified candidates are invited to submit applications for the following positions at University of The Bahamas:
MIDDLE MANAGEMENT Executive Assistant to the Provost responsible for providing comprehensive executive-level support services to ensure the overall efficiency of the Provost’s Office in a high-level and fast-paced environment. The Executive Assistant to the Provost will manage the Provost’s administrative needs to facilitate the effective allocation of time and provide information needed to advance the priorities of the office. Among the duties and responsibilities are: planning and coordinating meetings, retreats and other engagements; preparing internal and external correspondence; assisting in the processing of purchase orders, vendor contracts and other routine financial transactions in accordance with university policies; developing, implementing and managing departmental office systems and procedures and supporting the administrative needs of the relevant internal committee meetings, including taking accurate Minutes of each meeting as required. Applicants must have a master’s degree or equivalent from an accredited college/university and a minimum of three years of administrative experience, preferably in higher education or an executive setting. For more information visit: https://www.ub.edu.bs/about-us/career-opportunities/.
STAFF Graphic Designer in the Office of University Relations responsible for producing promotional and informational visual design solutions to communicate University of The Bahamas messages, goals and brand, with high visual impact using print and digital media for internal and external constituents. The successful candidate will be required to conceptualize, design and produce marketing and branding collaterals to maximize the University’s presence online, in periodic newsletters, publications (including annual and private giving reports and magazines), exhibitions, displays, advertising and via social media as well as in other relevant media; collaborate with and interpret stakeholder needs in the development of graphic designs and prepare design briefs and production timelines. The graphic designer will work as part of an editorial team of copywriters, photographers, other designers, web developers, marketing and public relations specialists. Required qualifications include a Bachelor’s Degree in Graphic Design, Communications, Journalism, Public Relations or a closely related area or an equivalent; a minimum of six (6) years’ post qualification work experience; and a minimum of five years’ experience working as part of a team performing graphic design duties. For more information visit: https://www.ub.edu.bs/about-us/career-opportunities/ . Data Entry Clerk II in the Office of Recruitment and Admissions responsible for creating and updating student information applicant records; conducting data checks that verify the accuracy and completeness of data entered; sending out timely responses to applicants and creating and maintaining effective filing systems for the Data Processing Unit. Other duties and responsibilities include creating and maintaining the filing system for admissions applicants; assisting with the recycling of inactive files; maintaining individual files for applicants and providing periodical reports as required by the supervisor. Required qualifications include an Associate Degree in a relevant area OR an Office Assistant’s Certificate or approved equivalent AND five years of relevant work experience. For more information visit: https://www.ub.edu. bs/about-us/career-opportunities/ .
Branville McCartney told Tribune Business that both FNM and PLP administrations, but especially the latter, wanted to retain ownership because its monopoly status made it an automatic ‘cash cow’. “They know it’s a money maker,” he told Tribune Business of the two main parties’ BTC relationships. “Many of them [politicians] got their start there, and that’s where the Government would go to when they needed funds. “It took all the jobs right before the election because BTC could handle it, support it, and it was there to pick up the slack when Government ran short.” That has been somewhat impeded by the 2011 privatisation sale to Cable & Wireless Communications (CWC) which, regardless of whether the Government has 49 per cent or 51 per cent equity ownership, has Board and management control. Still, BTC’s usefulness as a source of political patronage, social control and funding effectively inhibited the liberalisation of the Bahamian communications market for two decades, while also holding back the wider economy. The focus of successive administrations on the people in BTC, rather than its customers, delayed the arrival of consumer choice, lower prices and better services for the better part of 20 years, the ‘BaTelCo Commission of Inquiry’ having recommended that the corporation be privatised in the mid-1990s. Mr McCartney, meanwhile, warned that the House of Assembly select committee investigating BTC’s privatisation must examine “the whole picture” if it is to be credible. This, he added, included the first Christie administration’s two failed attempts to privatise BTC between 2002-2007 - in particular, the $260 million deal to sell
the company to Bluewater Communications Holdings that was approved on the eve of the 2007 general election. “Let’s not just look at what the FNM did, but what the PLP did in trying to sell to Bluewater,” Mr McCartney told Tribune Business. “If they really want a select committee that is genuine and real, they ought to look at the full circumstances and should go back to when they tried to sell it to Bluewater. Unfortunately, the PLP will not go that far.” The DNA leader, though, expressed doubt as to whether this would happen, describing the select committee’s formation as “a political ploy” by the Government just ahead of the impending 2017 general election. “It’s a political ploy what they’re doing now as we lead into the election season,” he added. “Their time will run out. The PLP said they were going to investigate this sale, and once again it appears they will run out of time. They won’t find out details of the sale.” Mr McCartney, who was an FNM MP at the time of BTC’s sale to CWC, said the privatisation - and the surrounding circumstances - led to his resignation from that party. “The Prime Minister [Hubert Ingraham] threatened his members that if we failed to support the sale, he would call an early election,” he recalled. “Everybody, including those who lead the FNM now, sat with their tails between their legs and capitulated to a man telling them to do something without considering the facts around the table.” Mr McCartney also pointed out that prior to the privatisation, Mr Ingraham had said he would never sell BTC to CWC, although the latter’s culture and business operations had changed considerably since that remark was made. “I wouldn’t call it a sale;
THE TRIBUNE he gave it away to CWC,” Mr McCartney charged of Mr Ingraham, pointing to the near-$100 million deficit in BTC’s legacy pension plan that still needs to be filled. “At the time, the thenprime minister said we needed the money. The money that we got pales into comparison with the money that CWC got when they sold it [to Liberty Media].” Mr McCartney, recalling the lead-up to his resignation from the FNM, disclosed how he sought advice from his Bamboo Town constituents as to how he should vote on the BTC sale. “That was the main issue in the party at the time, and the main issue for the country,” the DNA leader said. “I had a meeting, sent out information, and the FNM came in while I was still in the FNM, and physically disrupted the meeting. “We saw that 80 per cent of the people in Bamboo Town said they didn’t want to vote for the sale of BTC. As a result, I submitted my resignation from the party and voted otherwise.” Mr McCartney said that while the DNA agreed with privatising state-owned monopolies that represented a multi-million dollar annual burden to the Bahamian taxpayer, it wanted to ensure all citizens benefited from ownership opportunities - rather than simply selling to foreign entities. “Although we want to liberalise the market, we want to be in a position where the country benefits, and the Bahamian people benefit as well,” the DNA leader told Tribune Business. “From the DNA perspective, we want to sell Bahamasair but be in a position where Bahamians have the opportunity to buy it. We want to privatise Water & Sewerage, but want Bahamians to have a significant interest in it. “We want to privatise, get government out of it where these entities are causing a burden on the backs of Bahamian taxpayers. We need to do it in a proper way so that Bahamians benefit from the privatisation.”
COMMONWEALTH OF THE BAHAMAS
2015
IN THE SUPREME COURT
CLE/GEN/0883
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 4th day of December, A.D., 2000 between Ted K.L. Mott and Bernicia E. Garcia and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN
Secretary I in the Office of Institutional Research & Risk Assessment who will work closely with the Director to provide general clerical and typing services including drafting, editing and typing all routine correspondence and written communications to and from the Director; assist in creating routine and ad hoc queries of data tables to support Institutional Research & Risk Assessment and assist with the supervision and coordination of support staff, including workstudy students. Among the other duties and responsibilities are monitoring and ordering supplies and equipment for the Office; collecting and compiling data on student demographics, enrolment, retention and graduation; processing data to create reports/spreadsheets for the Institutional Research & Risk Assessment website and coordinating and maintaining the department’s filing system. Qualifications must include an Office Assistant’s Certificate, or approved equivalent for CSS-1 AND five years of relevant work experience; Or an Associate Degree in a relevant area. Secretary I should have shorthand skills at 50 w.p.m. and word processing skills. For more information visit: https:// www.ub.edu.bs/about-us/career-opportunities/ . Administrative Assistant I in the Office of the Chief Information Officer responsible for ensuring the smooth functioning of the front office and providing general professional and confidential support services to the Chief Information Officer. Among the duties and responsibilities are performing records management; responding to various inquiries and making the appropriate referrals both within and outside of the department; composing drafts and producing all routine correspondence and written communications for the CIO and coordinating, processing and dispatching forms for the Office of Information Technology. Other duties include monitoring and ordering office supplies and equipment; tracking expenses; coordinating the process of purchase requisitions through to final payment and conducting research and/or follow-up with activities related to special requests/inquiries as directed by the CIO. Qualifications must include a Bachelor’s Degree or the equivalent with no work experience OR an Associate Degree in a relevant area with ten years of work experience. For more information visit: https://www.ub.edu.bs/aboutus/career-opportunities/. Persons interested in any of these positions should submit by Monday 19th December, 2016 via email to hrapply@ub.edu.bs an up-todate résumé and a cover letter of interest highlighting work experience and accomplishments relevant to the position along with the following documents: • Copies of pertinent certificates and qualifications; • Copy of the relevant pages of a valid passport (showing passport number, photo identification and expiration date); • Copy of a current N.I.B Card; • Current Medical Certificate; • Current Police Certificate; • One recent Passport photo; • Three written professional references Hard copy submissions will not be accepted.
FINANCE CORPORATION OF BAHAMAS LIMITED AND TED K.L. MOTT AND BERNICIA E. GARCIA To:
Plaintiff First Defendant
Second Defendant
Ted Mott and Bernicia Garcia
TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Branch, Robinson Road and Key West Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 23rd day of June, A.D., 2015 as renewed seeking an Order to direct you to deliver up possession of the Mortgaged Property situate North of Windsor Road and East of Tropical Garden Road in the vicinity of Windsor Airport in the Western District, New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twentyeight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 4th day of December, A.D., 2000. And that it has been ordered that the publication of a notice of the entry of the said Originating Summons filed on the 23rd day of June, A.D., 2015, Notice of Appointment to hear the Originating Summons filed on the 30th day of September, A.D., 2015, Affidavit in support of application filed on the 30th day of September, A.D., 2015, ex parte Summons filed on the 3rd day of August, A.D., 2016, Affidavit in support of ex parte Summons filed on the 3rd day of August, A.D., 2016 and Order filed on the 28th day of September, A.D., 2016 in the Nassau Guardian and The Tribune Newspaper shall be deemed to be good and sufficient service of the said documents upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Friday, the 16th day of December, A.D., 2016 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, Notice of Appointment to hear the Originating Summons, ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice Dated the 8th day of December, A.D., 2016 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
THE TRIBUNE
Monday, December 12, 2016, PAGE 9
Trump team challenges intel on Russian election influence WASHINGTON (AP) — Donald Trump’s presidential transition team on Saturday challenged the veracity of U.S. intelligence assessments that Russia was trying to tip the November election to the Republican. A top Senate Democrat demanded a full congressional investigation. The CIA has now concluded with “high confidence” that Moscow was not only interfering with the election, but that its actions were intended to help Trump, according to a senior U.S. official. The assessment is based in part on evidence that Russian actors had hacked Republicans as well as Democrats but were only releasing information harmful to Trump’s rival, Hillary Clinton. The official was not authorized to discuss the private intelligence assessment publicly and insisted on anonymity. Trump’s public dismissal of the CIA assessment raises questions about how he will treat information from intelligence agencies as president. His view also puts Republicans in the uncomfortable position of choosing between the incoming president and the intelligence community. In a statement late Friday, Trump’s transition team said the finger-pointing at Russia was coming from “the same people that said Saddam Hussein had weapons of mass destruction.” On Saturday, spokesman Sean Spicer told CNN there were “people within these agencies who are upset with the outcome of the election.” Spicer denied a New York Times report that Russia had broken into the Republican National Committee’s computer networks. The U.S. official who disclosed the CIA assessment to The Associated Press said only that Republican entities had been targeted during the election. Democratic Sen. Chuck Schumer, D-N.Y., said he would press for a congressional investigation in the new year. “That any country could be meddling in our elections should shake both political parties to their core,” he said. “It’s imperative that our intelligence community turns over any relevant information so that Congress can conduct a full
investigation.” Republican Sens. John McCain of Arizona and Lindsey Graham of South Carolina have also said they plan to pursue investigations into Russian election interference. Other Republicans have played down the reports. Texas Sen. John Cornyn wrote on Twitter Saturday that Russian hacking had been going on for years. He said the matter was “serious, but hardly news.” There was no immediate official response from Moscow. But Oleg Morozov, a member of the foreign relations committee in the upper house of the Russian parliament, dismissed the claim of Russian interference as “silliness and paranoia,” according to the RIA Novosti news agency. Morozov described the allegations as an attempt to force the next administration to stick to Obama’s anti-Russian course. President Barack Obama has ordered a full-scale review of campaign-season cyberattacks to be completed before he leaves office in January. The investigation ordered by Obama will be a “deep dive” into a possible pattern of increased “malicious cyber activity” timed to the campaign season, White House spokesman Eric Schultz said Friday, including the email hacks that rattled the presidential campaign. It will look at the tactics, targets, key actors and the U.S. government’s response to the recent email hacks, as well as incidents reported in past elections, he said. The president ordered up the report earlier in the week asked that it be completed before he leaves office next month, Schultz said. “The president wanted this done under his watch because he takes it very seriously,” he said. “We are committed to ensuring the integrity of our elections.” The Kremlin has rejected the hacking accusations. In the months leading up to the election, email accounts of Democratic Party officials and a top Hillary Clinton campaign aide were breached, emails leaked and embarrassing and private emails posted online. Many Democrats believe the hackings benefited Trump’s bid.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANELL PATRICE MOTT of Munson Village in the Northern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, intend to change his name to SHANELL PATRICE BLACK. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
Job Opportunity Private Company back office is looking for an individual, age between 35 to 45 years, with banking experience-a competent, energetic person, perhaps made redundant through down- sizing. The candidate must have presence and a good knowledge of bank procedure to be capable of discussing customer-bank issues with confidence. A knowledge of Corporate matters is an asset, however this can be learned in office if necessary. The individual must be able to demonstrate, if a former banker, that the termination was due to down-sizing and not because of a lack of competence or any other detrimental cause. Replies should be addressed to :Fax: 242-356-6787 or Telephone: 242-322-2883. Resume and back up references will be requested if a candidate is scheduled for interview.
PAGE 10, Monday, December 12, 2016 COMMONWEALTH OF THE BAHAMAS
THE TRIBUNE
2015
IN THE SUPREME COURT
CLE/GEN/01990
Common Law and Equity Division IN THE MATTER of an Indenture of Further Charge made the 5th day of October, A.D., 2005 between Keith D. Cox and Megan E. Cox and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND KEITH D. COX
First Defendant
AND MEGAN E. COX To:
Plaintiff
Second Defendant
Keith D. Cox and Megan E. Cox
TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Brach, Robinson Road and Key West Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 30th day of December, A.D., 2015 seeking an Order to direct you to deliver up possession of the Mortgaged Property situate in the Subdivision known and called Sandilands Village Allotment in the Eastern District of the Island of New Providence and being Lot numbered 3 to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 5th day of October, A.D., 2005. And that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 30th day of December, A.D., 2015, Notice of Appointment to hear the Originating Summons filed on the 1st day of March, A.D., 2016 Affidavit in support of application filed on the 1st day of March, A.D., 2016, ex parte Summons filed on the 13th day of May, A.D., 2016, Affidavit in support of ex parte Summons filed on the 19th day of July, A.D., 2016 and Order filed on the 22nd day of August, A.D., 2016 in the Nassau Guardian Newspaper and The Tribune shall be deemed to be good and sufficient service of the said document upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Friday the 16th day of December, A.D., 2016 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, Notice of Appointment to hear the Originating Summons ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice. Dated the 8th day of December, A.D., 2016 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
university lecturer Joanna Bagniewska looks at animal skulls at the Zoology department of the University of Reading in England. Like many foreign scientists in Britain, Joanna Bagniewska was devastated when Britons voted to leave the European Union. The biology lecturer, a Polish migrant who found Britain a welcoming place to build her academic career over a decade, is suddenly seeing her job security and research prospects up in the air. (AP Photo)
Brexit uncertainties threaten brain drain for UK science LONDON (AP) — Like many foreign scientists in Britain, Joanna Bagniewska was devastated when Britons voted to leave the European Union. The biology lecturer, a Polish migrant who found Britain a welcoming place to build her academic career over a decade, is suddenly seeing her job security and research prospects up in the air. “I’m worried that after my current contract finishes, one of the prerequisites could be a permanent residence card,” she said. “I’d like to apply for EU grant money, but how much longer will it be available for?” Britain’s top universities have long been among the world’s most soughtafter destinations for study and research, drawing the brightest minds from all corners of the globe. But since Britons voted in June to leave the 28-nation EU, many in the science community say the U.K. risks losing the money, the international influence — and crucially,
MARKET REPORT FRIDAY, 9 DECEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,939.67 | CHG 4.71 | %CHG 0.24 | YTD 115.72 | YTD% 6.34 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.23 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.15 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 12.59 2.18 1.31 5.60 6.60 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 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 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
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.20 1.55 5.82 9.15 10.95 8.69 6.75 11.93 10.00 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 LAST SALE 100.00 100.00 100.00 109.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 13.23 2.25 1.55 5.82 9.15 10.95 9.00 6.75 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.31 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.03 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
40,000 570,000 30,000 200
1,000
VOLUME
NAV 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57
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 13.4 11.7 8.4 16.0 N/M N/M 30.3 15.4 11.5 19.4 25.1 23.9 9.3 11.4 15.0 11.4 13.8 9.6 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.61% 2.67% 2.58% 4.12% 3.01% 0.00% 3.11% 1.78% 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% 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% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-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
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 talent — to sustain that enviable position. More than one-tenth of research funding at British universities has come from the EU in recent years. Some fields — such as nanotechnology and cancer research — are more dependent on EU funding than others, according to a report by technology firm Digital Science. From 2007 to 2013, Britain received 8.8 billion euros ($9.4 billion) in direct EU investment in research. Bagniewska is not just anxious about herself — she’s upset for her students’ future too, for the opportunities that both Britons and foreigners will likely miss out on when unfettered mobility between Britain and Europe can no longer be taken for granted. “They were just getting excited about doing their masters and Ph.Ds in other countries. And then Brexit happened and they just got trampled,” she said. Scientists and researchers argue that being part of the EU has given British science a huge boost because it allows Britain to recruit the best talent across Europe and take part in important research collaborations and student exchanges without being constrained by national boundaries. The bloc’s freedom of movement means its 500 million people can live and work visa-
free in any member state. No one knows yet what form Britain’s exit from the EU — commonly known as Brexit — is going to take, but immigration was a key issue for “Leave” voters. Many believe some limit should be put on the number of EU citizens moving to Britain. Prime Minister Theresa May has vowed to reassert control over British borders. She has offered no firm guarantees for the rights of Europeans already living in Britain, an uncertainty that weighs heavily over the 32,000 Europeans who make up 16 percent of the academic workforce in British universities. Many universities say the rhetoric over immigration control is also jeopardizing recruitment of researchers and students from further afield. Scientists for EU, an advocacy group, says it has received over 400 letters from researchers describing how Brexit has already impacted their life and work. Some are losing doctoral students who pulled out of studentships and job offers. Academics are putting plans to relocate to Britain on hold. One said their employer, a London university, immediately imposed a temporary hiring freeze, citing uncertainties about student recruitment and research income.
NOTICE
NOTICE is hereby given that PARVATHAMMA JAGADEESH, of #63/52 Tuckaway off Village Road, P.O.Box N-9939, 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CHANNARAYA JAGADEESH, of #63/52 Tuckaway off Village Road, P.O.Box N-9939, 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ADDERLY DORCELY, Gladstone Road #19, P.O. Box CB-12441, 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JEFF JOSEPH of Culmersville 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 5th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Monday, December 12, 2016, PAGE 11
Greece passes austerity 2017 budget, eyes 2.7 per cent growth ATHENS, Greece (AP) — Greece’s Parliament passed a budget of continued austerity as mandated by the country’s creditors, but which forecasts robust growth for 2017. Prime Minister Alexis Tsipras said it will mark Greece’s “final exit” from its nearly decade-long financial crisis. The budget adds more than 1 billion euros in new taxes, mostly indirect taxes on items from phone calls to alcohol. It also cuts spending by over 1 billion euros. The budget was backed by the left-dominated ruling coalition and opposed by all other parties. It passed by a vote of 152-146 on Saturday. Despite the continued austerity, Tsipras predicted that 2017 will be a “landmark year” with 2.7 percent economic growth. He underlined that his government achieved a 2016 primary surplus — excluding debt servicing — more than double the original forecast and defended his decision to a total of 617 million euros this Christmas to some 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece’s bailout creditors. Tsipras also said that the current assessment of Greece’s third bailout program will be completed soon, without additional austerity measures. There are those, however, who believe that the budget’s growth estimate is exaggerated. The Parliament’s own Budget Office has said that the combination of extra taxes and spending cuts will “in the short term” have “a recessionary effect.” And finance minister Euclid Tsakalotos confirmed to Parliament that the International Monetary Fund demands additional measures, including wage and pension cuts, worth 4.5 billion euros ($4.75 billion) starting in 2019, as well as public sector layoffs. 11125 GW BAH Xmas Advert 5.12x10.5 1116 OL.indd 1
01/12/2016 15:58