01112017 business

WEDNESDAY, JANUARY 11, 2017

business@tribunemedia.net

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Legal challenge brewing on Baha Mar VAT break

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A group of Grand Bahama Port Authority (GBPA) licensees are “taking advice” on whether the Baha Mar ‘VAT exemption’ breaches the Hawksbill Creek Agreement, thereby giving them grounds to challenge it legally.

Fred Smith QC, the Callenders & Co attorney and partner, suggested to Tribune Business that the blanket waiver given to the multi-billion dollar project’s construction completion may violate Freeport’s own ‘Most See pg b4

QC ‘confounded’ at breach of Hawksbill Creek

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Consumer Protection Commission (CPC) has contradicted the Central Bank over the regulation of commercial bank fees, arguing that it was “maybe time” that they be controlled.

Jerome Gomez, the Commission’s chairman, also urged the Central Bank to compare the nature and level of fees levied by the Canadian-owned banks to what they charged in their home country, arguing that it was impossible for them to assess there what they imposed in the Bahamas.

He was responding to the Central Bank’s refusal to intervene directly on commercial bank fees via price controls, on the grounds that this would only create

Minister’s family owned broker used on project

Fee levels ‘couldn’t possibly be charged’ in Canada Wants regulator to do comparison with foreign fees “distortions” that negatively impact Bahamian consumers.

This was despite the findings of the Central Bank’s survey of commercial bank fees for the six months to endJune 2016, which found there had been increases as high as 43 per cent “on a See pg b6

Web shop: Port does not ‘have leg to stand on’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A web shop operator’s attorney yesterday argued that the Grand Bahama Port Authority (GBPA) does not “have a leg to stand on”, as it bids to strike out a legal action to determine the sector’s regulator in Freeport.

Carlson Shurland accused the GBPA’s attorney, Fred Smith QC, of employing “his bag of tricks” to deflect the substantive issues raised by Jarol Investments, parent of Chances Games.

He added that the GBPA’s ‘strike out’ application, filed on January 9, 2017, was “premature” given that the parties were due back before the Supreme Court this coming Monday on the web shop operator’s application to preserve the ‘status quo’.

Mr Smith, though, told Tribune Business that the GBPA had moved because Chances Games’ case continued to be based on “a red herring” - a letter whose contents he, on the quasigovernmental authority’s behalf, had already rescinded.

Given that he and the GBPA had withdrawn the January 25, 2016, letter that suggested its power to license Freeport-based web shops was based on the Gaming Act 2014, Mr Smith’s client argued in legal documents that Jarol/ Chances case was therefore “frivolous, vexatious, and abuse of process and is

Says QC using ‘bag of tricks’ on strike out bid But GBPA counsel says case based on ‘red herring’ Alleges real issue is license breach, higher fees bound to fail”.

Mr Shurland, though, in a statement to Tribune Business, said he had been “left speechless” by the ‘strike out’ application, given that he had previously agreed with Mr Smith to re-file Jarol’s action via an originating summons.

He also indicated his annoyance at the timing, given that the application was filed just one week before the Supreme Court is due to hear his client’s bid for an injunction to prevent the GBPA from acting on previous threats to cancel Jarl/ Chances license until the substantive case is heard.

“It is clear that Mr Smith’s application is intended to delay the proceedings, having regards to their inability to substantiate any rational basis for their client’s claim to issue a Gaming License under the Hawksbill Creek Agreement,” Mr Shurland said.

He then acknowledged, See pg b7

To demand operators amend licenses, increase fees

QC: GBPA also targeting ‘informal’ economy

Fred smith

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Insider: Sarkis was granted same CCA VAT deal

Chair: ‘Maybe it’s time’ bank charges controlled

Port wants end to web shop ‘Wild West’ by March Industry to get 14 days to comply, or be closed down

Cites ‘MFN’ clause in Freeport’s founding deal

Consumer Commission challenge to Central Bank on fee regulation

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BAHA MAR construction project

Private sector ‘anxiety’ rising over five-fold property tax increases

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Private sector “anxiety” is rising over property tax assessments that have in some cases increased almost five-fold, the Chamber’s chief executive has revealed, coupled with the reduced VAT payment ‘window’ and due Business Licence fees.

Edison Sumner told Tribune Business that the increased costs and processes associated with the tax demands hitting businesses at the start of 2017 were causing some to question whether it was worth staying open.

He added that businesses had visited the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) within the past weeks to say they were “preparing to close their doors”, something it had sought to discourage.

Mr Sumner acknowledged that the Government’s demands for more timely revenue collection to help meet its payroll costs were See pg b5

Businesses visit Chamber to say preparing to close Reduced VAT filing deadline adds to ‘pressure’ Narrowed as Gov’t needs funds to ‘meet payroll’

Edison Sumner

The Grand Bahama Port Authority (GBPA) is aiming to bring order to Freeport’s “Wild West web shop gambling show” by March 2017, its attorney has warned, with non-compliant operators facing legal action to shut their businesses down.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that his client planned within the next fortnight to serve letters “inviting” all Freeport-based web shops to regularise their GBPA licenses and associated fees.

He warned that the sector would have 14 days to comply, after which the GBPA would seek legal injunctions to force their businesses to close, on the grounds that they are not properly licensed.

Mr Smith added that the regulatory offensive would also focus on other businesses operating in Freeport without a GBPA license, with the threat of closure again hovering over those who fail to comply.

Speaking after Freeport’s quasi-governmental authority moved to ‘strike out’ the action brought by Chances Games and its parent, Jarol Investments, to determine who has the regulatory authority over web shop gaming in the city, the Callenders & Co attorney indicated that his client’s patience was wearing thin.

“It is the Port Authority’s intention to regularise the Wild West web shop gambling show that has developed in Freeport,” Mr Smith told Tribune Business.

“The Port Authority intends to invite all licensees, including Jarol, to apply to amend their GBPA licenses and pay license fees for web shop gaming in Freeport.”

Jarol/Chances, and all other Freeportbased web shops, are currently licensed See pg b6

THE TRIBUNE

Wednesday, January 11, 2017, PAGE 3

Political ‘punch lines’ no ‘quagmire’ escape

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamas needs to see “tangible results” from Baha Mar and other major developments in the pipeline, the Chamber’s chairman again bemoaning the absence of detailed policy statements on how to rescue the country from the “quagmire” it is in.

Gowon Bowe, in a recent interview with Tribune Business, said the Bahamian economy now needed to “things to move”, and for promised job creation and economic growth to become reality.

“We have to see some things move,” he told Tribune Business. “Everyone has heard the good news story, and are looking for

Chamber chair: ‘Tangible results’ now needed Hopes no ‘hold back’ on growth due to election tangible results.

“Hopefully, some do pay off, and we don’t lose the timeline because of election season, because we do tend to hold back when politics kicks in.”

Mr Bowe was likely referring, in particular, to the targeted April 21 opening for the Baha Mar project, and the 1,5000 jobs promised between then and January 16, 2017, when the

recruitment process is set to begin.

Other foreign direct investment (FDI) projects that have long been in the approval pipeline include Children’s Bay Cay in the Exumas, plus Carlos Sarmiento’s development at Cotton Bay in Eleuthera, both of which Prime Minister Perry Christie has said should move forward this year.

However, many Bahamians are likely to only believe in Baha Mar when it has gone operational and is actually open, given the numerous missed completion deadlines and ‘false dawns’ that ultimately resulted in the project’s Chapter 11 bankruptcy filings.

Recent history, notably the terminations of 2,000 former employees,

may also make it difficult for new owner, Chow Tai Fook Enterprises (CTFE), to attract the numbers and quality of labour that it will need, as Bahamians will be twitchy about leaving established jobs.

And Bahamian consumer and private sector confidence will also take some time to restore and be regained, given the burden imposed by Value-Added Tax (VAT) and years or low growth and/or contraction since the 2008-2009 recession.

Bahamian-owned businesses, in particular, tend to slow down and hold-off on job creating expansions and investments in the run-up to general elections, until

they see who has won, the ministers elected and the new administration’s likely policy direction.

Mr Bowe, meanwhile, lamented the continued “punch line” approach taken by politicians, in particular the Opposition parties, in the run-up to the 2017 general election.

He also pointed out that the “ideals” often espoused by politicians and parties in Opposition were often parked, and placed on the backburner, when they were elected to office and became attuned to the Government’s and country’s situation.

Pointing out that today’s Bahamian electorate was more “mature” than in dec-

ades past, Mr Bowe said: “In Opposition you can be idealistic, but once you get into the chair, there are realities you have to face.

“You have to adjust your ideals to what is reality, and start on a new plan. The electorate is more mature, and will say going in doesn’t change where we are. You have to have a plan that is flexible and accommodates different scenarios.”

Reiterating his call for more detailed economic policies and statements by all parties in the general election campaign, Mr Bowe told Tribune Business: “A lot of it is punch line only, as opposed to detailed statements of how to get out of this quagmire.”

Net 4,500 public service increase since May 2012

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

An estimated 2,500 persons in the public service stand to be regularised, according to Labour Minister Shane Gibson, with some workers having been kept in ‘temporary’ status for 23 years.

Mr Gibson made the revelation in the House of Assembly on Monday, as he spoke on the Government’s effort to integrate temporary workers into the pubic service.

“This decision emanated from a long-existing concern over persons who, having reached mandatory retirement age, could not receive the benefits of a pension and gratuity as do the permanent and pensionable officers,” he said.

“These persons experience difficulty in obtaining bank loans that could help improve their living conditions, and lack job security.

Some persons have been in a temporary state as far back as 1993.”

Mr Gibson added: “Additionally, in 2002, the government agreed for the employment of 300 workers in the Department of En-

Some 2,500 temporary workers to be regularised Some in that status for 23 years vironmental Health. Many of them still need to be regularised. Further, that department was given authorisation to employ from time to time additional persons for special projects for a period of three months.”

Mr Gibson said that the due to the volume of recommendations for full-time status, and the slow receipt of the required documents, only 847 out of an estimated 2,500 have been received.

Some 179 have been completed, 207 are being actively worked on, and 441 require completion, lacking all the relevant documents.

Mr Gibson described the exercise as being ‘budget neutral’, given that most temporary workers are at the lower end of the wage scale. He also noted that 1,513 persons have retired from the public service during the period May 2012

to December 2016. Some 6,015 persons have been appointed during the same period The Bahamas Public Service Union’s (BPSU) president, John Pinder, told Tribune Business: “We have been agitating for the past 12 years to have the Government regularise these persons who have been in the public service for many years, and have not been regulrised.

“A number of them started off on contracts. You have persons in the public service who have been in that type of position for more than 20 years. It really places them at a disadvantage when it comes to getting loans and mortgages and that sort of thing.”

He added: “To bring some dignity to them we have been pleading with the government to regularise them. Efforts are being made to conclude that process. Some have been done but there are still hundreds left. I hope that they give consideration to bridging the years of service so those years become pensionable to those persons who have been disadvantaged all these years.”

PM to headline Business Outlook Prime Minister Perry Christie will again headline the 26th annual Bahamas Business Outlook, which will be held on January 23 at the Melia Cable Beach resort.

Other presenters will include Gowon Bowe, chief financial officer at Fidelity Bank (Bahamas), and chairman of the Bahamas

Chamber of Commerce and Employers Confederation (BCCEC).

The line-up will be completed by Graeme Davis, Baha Mar’s president, representing the local subsidiary of Chow Tai Fook Enterprises (CTFE), the new owner of the resort.

Also participating will be Dr Linda Davis, provost,

University of the Bahamas; Tanya McCartney, chief executive and executive director, Bahamas Financial Services Board (BFSB); Marcellus Taylor, deputy director of education, Ministry of Education, Science and Technology, with responsibility for planning and development.

See pg b7

www.ub.edu.bs

University of The Bahamas Alumni Association Monthly General Meeting Your Involvement Matters • Volunteer to serve on a committee • Discuss alumni action plans • Support your Alma Mater For more information on the meeting or becoming a candidate for office, visit www.facebook.com/UBAlumniAffairs/ or call 302-4357.

There are many opportunities to make your mark.

Tuesday, January 17, 2017 6:30 p.m.

Michael H. Eldon, Boardroom, Oakes Field Campus

PAGE 4, Wednesday, January 11, 2017

Legal challenge brewing on Baha Mar VAT break From pg B1 Favoured Nation’ status.

Mr Smith said that just like Atlantis’s Heads of Agreement, the Hawksbill Creek Agreement’s section 2 (28) was a clause that stipulated Freeport, the GBPA and its licensees could not be discriminated against, or treated less favourably, in comparison to other businesses and investments elsewhere in the Bahamas.

“As a licensee of Freeport, I am confounded by the concessions that have come to light, because section 2 (28) of the Hawksbill Creek Agreement provides for a ‘Most Favoured Nation’ clause in investment agreements,” Mr Smith told Tribune Business of Baha Mar. “There can be no discrimination against licensees which puts them at a detriment from a tax perspective compared to other investments outside Freeport.”

He added: “As a GBPA licensee, I pay VAT, and I ought to have been con-

sulted on whether or not the Chinese investor at Baha Mar should have been given a VAT exemption.

“Licensees in Freeport ought not to pay VAT if Baha Mar is not paying VAT. Certain licensees and I are taking advice as to whether or not the decision to give the VAT exemption can be Judicially Reviewed as to whether or not it is in breach of the Hawksbill Creek Agreement.”

Mr Smith added that if an effective legal challenge were to be mounted, he and other GBPA licensees would need sight of all agreements relating to Baha Mar’s construction completion and new ownership. The former is currently ‘sealed’ by Order of the Supreme Court.

The well-known QC described the Hawksbill Creek Agreement’s section 2 (28) as “a non-discriminatory” provision in favour of the GBPA and its 3,500 licensees.

The wording appears to prevent government ac-

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

tions, whether by legislation, policy or regulation, that treat Freeport-based businesses less favourably than their counterparts located elsewhere in the Bahamas. And, in the event of a dispute, the issue is to go to arbitration in the first instance.

The long-winded clause, which has yet to be tested by legal argument in the Supreme Court, states: “That during the continuance of this agreement there will be no restrictions, regulations or conditions, the making or imposition of which are not excluded or prohibited by the provisions hereinbefore contained, made or imposed by the Government affecting the Port Area or any business, undertaking or enterprise carried on therein differently from the rest of the Colony, and which thereby discriminate against the Port Area or any such business, undertaking or enterprise carried on therein when compared with the rest of the Colony, and that there will be no legislation enacted, the enactment of which is not excluded or prohibited by the provisions hereinbefore contained, which affects the 2016/CLE/gen/00998

IN THE MATTER OF Property comprised in a Mortgage dated the 19th day of August A.D., 2003 between Demetrius Turnquest and Gale Turnquest to FirstCaribbean International Bank (Bahamas) Limited recorded in Book 8770 at pages 367 to 383 at the Registry of Records in the City of Nassau in the Island of New Providence.

Port Area or any business, undertaking, or enterprise carried on therein differently from the rest of the Colony, and which thereby discriminates against the Port Area or any such business, undertaking, or enterprise carried on therein AND if any such restriction, regulation or condition is made or imposed, or if any such legislation is enacted which in effect affects only the Port Area and/or any business, undertaking or enterprise carried on therein, the question of whether such restriction, regulation, condition or legislation is in fact discriminatory against the Port Area or any business, undertaking or enterprise carried on therein shall, at the request in writing of the Port Authority, be submitted to arbitration as hereinafter provided for determination.”

Meanwhile, a former Baha Mar insider suggested in a letter to The Tribune that the political controversy which erupted after this newspaper revealed the project’s construction completion is totally VAT-free was ‘much ado about nothing’.

The insider, who is known to this newspaper, said Baha Mar’s former developer, Sarkis Izmirlian, had been granted a similar VAT ‘exemption’ under the terms of his agreement with the Government, and that the Christie administration

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND DEMETRIUS DESMOND TURNQUEST AND GALE LOUISE TURNQUEST

NOTICE

Second Defendant

TAKE NOTICE that it was ordered on the 25th day of November, 2016 by The Honorable Mrs. Justice Guillamena Archer-Minns of the Supreme Court that the service of the NOTICE OF ADJOURNED HEARING OF THE NOTICE OF APPOINTMENT; scheduled for Tuesday, the 17th day of January, A.D. 2017 at 9:30 a.m. in the morning before The Honorable Mr. Justice Guillamena Archer-Minns at the Supreme Court in Chambers situate in the Ansbacher Building, East Street North, Nassau, New Providence, The Bahamas in the said action be effected on you by way of this advertisement.

PLEASE TAKE FURTHER NOTICE that the said NOTICE OF ADJOURNED HEARING filed herein on the 6th day of January, A.D., 2017 can be collected from the Chambers of the Plaintiff ’s Counsel as set out below.

AND FURTHER TAKE NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, acknowledge service of the said NOTICE OF ADJOURNED HEARING by completing a prescribed form of Acknowledgement of Service which may be obtained on request from the Plaintiff ’s Attorneys whose name and address appear below, otherwise Judgment may be entered against you without further notice.

DATED this 6th day of January, A.D., 2017 HALSBURY CHAMBERS SUITE# 548, VILLAGE ROAD NORTH HALSBURY COMMERCIAL CENTRE NASSAU, THE BAHAMAS ATTORNEY’S FOR THE PLAINTIFF

had merely extended this to China Construction America (CCA) and its sub-contractors/suppliers.

And they also expressed “surprise” that Jerome Fitzgerald, minister of education, science and technology, did not fully explain this when he addressed the controversy on the Government’s behalf last week.

The source pointed out that Bahamas Cargo & Logistics, one of the main Customs brokers engaged by Baha Mar for the project, was owned by Mr Fitzgerald’s family. The Minister could not be contacted for comment on this and other issues over the holiday.

The insider, meanwhile, explained that during the former Ingraham administration’s 2007-2012 term, a clause was inserted in Baha Mar’s new Heads of Agreement to “safeguard” the project from any new or increased taxes that may be subsequently implemented.

“Every company which reaches an agreement with the Government in a multiyear project normally puts in a clause to safeguard it from new taxes and tax increases during the term of the agreement,” the insider said.

“That is uses in every country internationally, and is common in all contracts with governments during the duration of the project because it changes the overall cost.”

This “safeguard”, they explained, kicked-in for Baha Mar when VAT was introduced in January 1, 2015, following discussions between Mr Izmirlian’s attorney and those for the Government.

Due to the “cash flow burden” presented by the ‘input’ VAT, the insider said Baha Mar “did not have to pay” the tax but, instead, had to “account for it” as a kind of tax deferral.

“Therefore, as Mr Fitzgerald’s family customs broker firm well knows, all VAT payable to the Customs Department due after January 1, 2015, was recorded but not paid to Customs on all main shipments, as Baha Mar Ltd was exempt,” the insider said.

“VAT was paid on all small shipments and airway bills, FedEx, DHL, UPS.. that were submitted on behalf of Baha Mar by the mail shippers, because they were not aware of Baha Mar Ltd’s VAT delay payment agreement. Some subcontractors that were not aware also paid VAT on imports.”

Given the VAT treatment extended to Mr Izmirlian, the insider said it was “understandable that CCA received a break in VAT, the same as Baha Mar Ltd already had”.

Reputable Construction Company is seeking a

Senior Accounting

Plaintiff First Defendant

THE TRIBUNE

Successful candidate must possess CPA Designation responsibilities • Lead and oversee the activities of the accounting staff to ensure the accurate and timely processing of all transaction cycles • Compile monthly financial statement , including bank reconciliations • Prepare general ledger journal entries as required • Compile and send quarterly reports related to property operations and financial information to investors and lenders • Participate in monthly job status review meeting over/under billings revenue adjustments • Work closely with CEO, Director of Project Management & Director • • •

of Quantity Surveying Review / Approve weekly accounts payable requests Various financial statement duties as assigned Other duties as assigned

Please email resumes to bahamasmillworkconstruction@yahoo.com

REQUEST FOR QUOTATIONS Institution: The American Development Bank Country: The Commonwealth of the Bahamas Project Trade Sector Programme Sector: International Trade Abstract: Procurement of IPR Computer Equipment and Stationary Supplies Loan No.: 2756/OC-BH Contract/Bid No. :3.2.4.3A/B Deadline January 27th January 2017 at 4:00pm (Nassau, Bahamas Time) The Ministry of Finance of The Commonwealth of The Bahamas has received USD$16.5 million in funding from the Inter-American Development Bank (IADB) (Loan BH-L1016, Project No. 2756/ OC-BH), to implement a Trade Sector Support Program. The overall objectives of this program are to improve the operational efficiency of the Customs and Excise Department (CED) and to prepare the Government of The Bahamas for accession to the World Trade Organization (WTO).

The Registrar’s General’s Department of the Attorney General’s Office is seeking to procure Computer Equipment (3.2.4.3A) and Stationary Supplies (3.2.4.3B) to enhance its IPR operations.

The selection process for vendors is guided by section “III .Other Methods of Procurement, paragraph 3.5 (Shopping) ” set out in the Inter-American Development Bank: Policies for the Procurement of Goods and Works financed by the Inter-American Development Bank (GN-2349-9) and is open to all eligible vendors as defined in the policies.

Interested vendors may obtain further information by emailing: customsproject@bahamas.gov.bs or janicadeveaux@bahamas.gov.bs .

Bids can be submitted electronically at the address indicated below by January 27th, 2017 at 4:00pm (Nassau, Bahamas Time); Chairman Tenders Board REF: Procurement of IPR Equipment and Supplies Ministry of Finance, West Bay Street, P.O. Box N3017 Nassau, Bahamas Email: tendersboard@bahamas.gov.bs Email: keresahall@bahamas.gov.bs Email: tonyaferguson@bahamas.gov.bs Email: customsproject@bahamas.gov.bs

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THE TRIBUNE

Wednesday, January 11, 2017, PAGE 5

$500,000 allocated to boost small farmers The Government has allocated $500,000 in financing to assist small farmers, which will be disbursed through a micro-loan initiative between the Bahamas Development Bank (BDB) and the Bahamas Agriculture and Marine Science Institute (BAMSI).

The funding is expected to assist farm upgrades and agricultural improvements, the BDB’s assistant manager of credit, Ian Rutherford, said.

Monies will be channelled through the Institute’s Associated Farmers Programme (AFP) with member farmers able to apply for an individual loan up to $10,000, and interest repayment set at Bahamian Prime plus 2 per cent.

Dr Raveenia RobertsHanna, BAMSI’s executive director, was part of a team that participated in a workshop held by the

Via BDB, where 90% of agriculture loans already bad But BAMSI involvement seen as ‘fail safe’ for proposal BDB recently. Its aim was to educate extension officers, AFP’s administrative team and other BAMSI team officials about the programme.

Dr Hanna said the venture was an important step toward strengthening the agriculture industry, and will serve as a resource for small farmers who need a modest injection of capital for farm upgrades and improvements to their infrastructure.

Private sector ‘anxiety’ rising over five-fold property tax increases From pg B1 imposing “more pressure” on already hard-pressed businesses, and pledged that the Chamber would do “whatever” was necessary to ease the burden.

“We have been approached with concerns by some businesspeople regarding the revaluation and reassessments of their properties,” he told Tribune Business.

“It’s just that their properties have been reassessed for what the Government feels is more the correct value. While we agree that everyone should be paying the requisite based on the valuation, many feel they should have had discussions before real property tax renewals are paid.”

Mr Sumner said the Chamber was last week contacted by one business owner complaining that his annual real property tax assessment had increased from $430 to $2,000, a near five-fold rise.

It is unclear whether the property involved was previously assessed as residential, but has now been reclassified because it is being

used for commercial purposes - a key objective of the Government’s recentlyunveiled compliance and enforcement initiative.

However, Mr Sumner cited the increased referred to as “a hugely significant hike”, and added: “For companies not expecting that kind of outlay, it’s causing a bit of anxiety for them.”

However, he conceded: “I’m advised that the Government valuation process is 30-40 per cent below the market rate had it been done by other means.”

Mr Sumner called for an appeals process to be established for real property tax payers aggrieved by their bills and valuations, and suggested that inspectors visit them to confirm valuations and conclusions.

The private sector traditionally feels the full weight of government taxation during the calendar year’s first quarter, which is when the Public Treasury earns the bulk of its revenues.

Apart from the boost provided by the peak winter tourism season, and associated economic activity,

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5th

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She also pointed out that for students and graduates of BAMSI, becoming a member of the AFP programme and accessing the BDB’s micro loan initiative positions them for success as they look to launch their own entrepreneurial ventures in agriculture, livestock, plants or even fisheries.

“This is key for our students because the exposure opens up their minds to potential ventures, and their ability to build a business without all the red tape and hassle usually experienced when trying to work within the commercial banking sector,” said Dr RobertsHanna.

During the workshop, participants learned about the application process, including the documentation required to fulfill the BDB’s requirements, how long the application process takes

(some two weeks), and what supporting documents – such as invoices and copies of quotes – should accompany the application. Membership in BAMSI’s Associated Farmers Programme is mandatory for the loan application to be processed.

Mr Rutherford said agriculture and fisheries represents only 2 percent of the bank’s loan portfolio, and 90 per cent of that category is already non-performing.

“Agriculture and fisheries [represent] 1.8 per cent or 1.6 per cent of GDP. It is an underperforming and underdeveloped sector of the economy that we are seeking to develop as a part of our mandate,” he said.

BAMSI’s involvement in the initiative is viewed as improving borrower performance, and preventing such a high non-performing loan ratio.

Members of the Insti-

tute’s AFP programme receive technical support and are encouraged to implement best practices at every stage of production.

Once the farmers follow the programme, BAMSI is committed to purchasing produce from them.

“All we’re asking is for you to register in the Associated Farmers Programme.

BAMSI has a mandate to purchase whatever you are able to produce, as a farmer so once BAMSI purchases any items, a portion of those funds will be used to pay down the farmer’s debt to the bank. It’s a controlled way to repay funding that we would be lending them,” Mr Rutherford said.

He added that as part of the process, the BDB will receive confirmation from BAMSI that the farmer/ operation is viable before processing the loan.

Applicants should also be

aware that under the lending terms, the BDB will provide financial support for tangible assets only.

Each applicant can apply for a total of $10,000, and those monies are expected to go towards items such as an irrigation system, farm equipment, buildings (greenhouse, slaughter house, drying facilities), office equipment and animal production apparatus.

As part of BAMSI’s AFP programme, applicants will already have access to basic farm materials such as seedlings, fertilizer, pesticides and even livestock.

As part of the approval process, Mr Rutherford indicated the BDB will examine the individual borrower, and the nature and amount of the loan. The repayment terms of the credit facility are determined based on the useful life of the asset being purchased.

annual real property tax and Business License fee payments are due by March 31, 2017.

And Value-Added Tax (VAT) administration has also become more challenging for the 6,000-plus monthly and quarterly filers, with returns and tax payments now due by the 21st of each month - a oneweek reduction of the time they previously enjoyed.

The Chamber chief executive added that while the private sector organisation had not “heard a whole lot” about the reduced VAT filing ‘window’, the feedback received to-date suggested it was causing more “anxiety” for some registrants.

“Reducing the deadline by seven days requires some adjustment, and they’ve lost a week they had before to file returns with the Government,” Mr Sumner told Tribune Business.

“We understand why it’s being done: The Government said they need the

revenue in to meet payroll and other financial commitments.”

Mr Sumner’s comments on the Government’s rationale for reducing the VAT filing/payment ‘window’ from 28 to 21 days after the prior month’s end, which takes effect this month, provide further confirmation for suspicions that the Public Treasury is encountering cash flow difficulties.

Receiving VAT revenues a week earlier will enable them to be applied to the Government’s end-ofmonth wage bill. With ‘personal emoluments’ in the 2016-2017 Budget accounting for $704.295 million, and allowances taking up $46.858 million, the Government faces an average $62.5 million monthly wage bill.

“For the business community it’s created additional challenges, because they’ve lost seven days they had before, when many of

them were challenged in meeting the 28th to file returns,” Mr Sumner added.

“It creates more pressure on businesses to get returns in on time, and if that’s not done they’re likely to face penalties.

“If we need to make a recommendation to move back to 28 days, we’ll do that. We have not had an outcry regarding the 21-day filing period.”

The Government has argued that the 21-day VAT filing timeline is still longer than in many other countries, and that all it has done is bring the Bahamas more in line with the rest of the world.

However, the move is likely to further inflame passions in some quarters, amid the outcry over the VAT ‘exemption’ granted for Baha Mar’s construction completion.

Mr Sumner, meanwhile, said the small and mediumsized Bahamian businesses were increasingly sensitive

to the increased costs and bureaucracy that were impeding the ‘ease of doing business’.

“The process of getting business done, and the fees they have to pay, are still having an impact on their businesses,” he added.

“We’ve had businesses in the past few weeks come in, saying they’re prepared to close their businesses because of the cost of doing business and onerous processes.

“We naturally do our best to discourage that thought process, and whatever is necessary to reduce the cost and improve the ease of doing business, we’re prepared to do.”

Mr Sumner said the Government, too, based on its discussions with the Chamber was willing “to make sure the private sector is happy” and not feel like it was in business just to generate tax revenue.

NOTICE

NOTICE is hereby given that

Eglauise Israel

of

McCollough Corner off East Street, P.O.Box N-10330 New Providence, Bahamas is applying to the Minister

responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that BERRY JEAN of Alexandra Blvd., Carmichael Road, Sunset Park, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 6, Wednesday, January 11, 2017

Port wants end to web shop ‘Wild West’ by March From pg B1 by the GBPA as ‘Internet cafes’ rather than gaming houses. It is arguing that the operators are thus breaching their license terms by conducting businesses they are not licensed for, and is seeking to rectify this.

The GBPA wants to levy fees on the web shops that are comparable to those charged for casino gaming, a maximum of $300,000 or 1 per cent of winnings whichever is greater. This, Jarol has alleged, amounts to a 500 per cent increase in GBPA fees.

Mr Smith emphasised that the GBPA’s compli-

ance drive encompassed all Freeport-based businesses, not just the web shop industry, with particular focus being placed on the ‘informal’ or ‘underground’ economy.

“There are other persons operating without any form of GBPA license, and the Port Authority intends to also invite them to apply for such a license,” he told Tribune Business.

“In due course, anyone who does not amend their current license or obtain a new license to operate in Freeport will be served by the Port Authority, which will get an injunction to re-

Consumer Commission challenge to Central Bank on fee regulation From pg B1 significant number of fees”.

Mr Gomez told Tribune Business: “We have seen an increase in banking fees, and it all appears to be in an effort to supplement their profits.

“As loans default and the loan income decreases, they appear to be making it up in fees to clients, charging fees on almost everything they do, and then increasing those fees over time with little or no notice to consumers.”

Mr Gomez added: “The amount of fees they charge, they couldn’t possibly charge in their home countries. We would like the Central Bank to look at this matter and see what they are able to do in their home

countries, and the level of fees in the home country, and do a comparison of that and advise the public.

“Maybe it’s time for bank fees to be regulated. It’s a business, but we cannot allow banks to continually seek to get their income versus trying to grow their business through better loans and other investment opportunities.”

Mr Gomez’s comments will further fuel suspicions among many Bahamians that the foreign-owned commercial banks are able to do in the Bahamas what they cannot do in their home countries, and that they are being ‘gouged’ by the introduction of new and increased charges.

The Central Bank, in its survey, conceded that the

NOTICE

strict them from operating without a GBPA license.

“The intention is to have all this regularised within February/March 2017.”

Mr Smith added that “by next week or the week after, the Port Authority should be serving the letter on all the operators” requesting their compliance, with web shops and other businesses to be given 14 days to regularise their licenses and associated fees.

The outspoken QC’s warning about the GBPA’s intentions, and his announcement of the compliance deadlines, will only increase the uncertainty for the Freeport web shop gaming industry.

Chances Games/Jarol is the only operator likely to currently enjoy some pro-

tection against the GBPA’s threat, with its bid for an injunction to prevent further regulatory action against it set to be heard by the Supreme Court on next Monday, January 16.

Island Luck, which initiated a similar action to Chances/Jarol last year, has not moved that action forward to-date, with Mr Smith and the GBPA having applied to move it from Nassau to Freeport.

Tribune Business previously revealed the ‘11th hour intervention’ in Jarol’s case against the GBPA by the Attorney General’s Office, which persuaded the Supreme Court to adjourn the matter until March 10, 2017.

That is when it will hear the arguments by the Attor-

ney General’s Office, acting on behalf of the Gaming Board; its secretary, Verdant Scott; and minister with responsibility for gaming, Obie Wilchcombe, on whether there should be a ‘preliminary trial’ of the issues raised by Jarol/Chances.

They identify these ‘preliminary issues’ as determining “whether or not” the Gaming Board is the only regulator with the power to issue gaming licenses throughout the Bahamas including in Freeport.

And they are also calling on the Supreme Court to determine if the GBPA has the authority to issue gaming licenses in the Port area.

Mr Scott, in an affidavit seeking to justify the Government’s demand for a de-

termination of the “preliminary issue”, alleged: “The trial of this matter would be time consuming and costly, and would protract the proceedings.

“The determination of this preliminary issue would facilitate the proceedings, and save costs.”

The Government’s intervention in the case came as little surprise, since the GBPA is effectively challenging the Gaming Board as the primary regulator for web shop gaming in Freeport.

In so doing, it is threatening to undermine the integrity of the national regulatory regime for all forms of Bahamas-based gambling that was established with the Gaming Act 2014.

higher growth rate for fee income over the past decade “coincides with the significant increase in nonperforming loans as a percentage of total loans”.

It added: “An analysis of data compiled over the last six years showed that banks have raised fees on a significant number of the services charged and, in some cases, introduced new categories of fees on existing facilities.

“However, there have been a few instances where fees have been adjusted downwards, particularly for those which are considered high volume services.”

The Central Bank said it was not responsible for regulating bank fees, while the industry body, the Clearing Banks Association (CBA), did “not determine or influence charges”.

It admitted that the only protection Bahamian consumers have is the Banks and Trust Companies Regulation Act and the CBA’s Code of Conduct, yet these

only stipulate that institutions inform customers in advance of fee changes.

“While fee setting is driven by profitability targets, they also reflect the banks’ focus on compensating for other structural gaps in their revenue streams,” the Central Bank survey acknowledged.

“Given the concerns raised by several segments of the public regarding the commercial banks’ fees, in an environment where banks operating costs as a percentage of total assets have been relatively stable, with a few exceptions, the Central Bank’s upcoming work programme on bank fees will target consumer protection and financial literacy, in terms of best practices which banks should follow on client relationships,” the survey said.

“The Bank will also advocate for structural reforms in the domestic credit market to improve the quality of lending decisions and

reduce resulting costs from borrower defaults.”

The survey acknowledged that “key” to this latter initiative is the long-heralded creation of a Credit Bureau, adding: “Realisation of the domestic Credit Bureau will also have benefits for improved lending decisions that reduce banks’ exposure to losses from loan defaults, and permit more transparent and tailored setting of charges on credit facilities according to the risk posed by each customer.

“Continued progress on payment systems’ reforms is also a priority to provide more residents with lower

cost electronic alternatives to cheque writing/cashing and cash withdrawals. Recommended intervention to address other structural constraints which impact costs will also remain high on the Central Bank’s work agenda.

“The Central Bank will also review, where recommended, taxation policy reforms which can be identified to optimise the Government’s intended revenue targets for the domestic financial sector, while minimising downstream impacts on services pricing.”

NOTICE is hereby given that JULIE AUGUSTIN of Hanna Hill, Eight Mile Rock, Grand Bahama, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 3rd day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ALEXANDRE ISRAEL of McCollough Corner off East Street, P.O.Box N-10330 New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT MONDAY, 9 JANUARY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,920.94 | CHG -0.03 | %CHG 0.00 | YTD -17.27 | YTD% -0.89 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.22 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.31 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 7.72 11.91 2.18 1.31 5.60 6.70 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 1.46 1.67 1.56 1.10 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 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 10.50 11.91 2.12 1.60 5.82 9.31 10.95 8.74 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 100.00 100.00 100.00 108.23 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.91 2.08 1.60 5.82 9.31 10.95 8.74 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 -0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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

108.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.48 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

VOLUME

NAV 2.01 3.90 1.93 169.70 140.34 1.46 1.66 1.56 1.07 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 22.6 22.1 9.6 11.4 15.2 11.4 13.4 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% 5.12% 2.88% 2.50% 4.12% 2.95% 0.00% 3.20% 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% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 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-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-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

THE TRIBUNE

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

to advertise in the tribune please call 502-2394 THE COMMONWEALTH OF THE BAHAMAS Investment Condominium Act, 2014 (the “Act”) NOTICE OF COMPLETION OF WINDING UP OF Montebello Fund IC I, Calynn R. Thurston, the Liquidator of Montebello Fund IC, (the “Investment Condominium”), an investment condominium duly established under the Act with registration number 15, hereby give you notice that I have completed the winding up of the affairs of the Investment Condominium.

Dated this 5th day of January, 2017 ___________________________________ Name: Calynn R. Thurston Title: Liquidator of the Investment Condominium

BRELL OVERSEAS LTD. Company No. 1525860 (in voluntary liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that BRELL OVERSEAS LTD. is in voluntary liquidation. The voluntary liquidation commenced on the 5th January, 2017 and RACHEL LOUISE WELLS at Lieu-dlt La Gallerie, 31 Route de Breil, Channay Sur Lathan, France has been appointed as Sole Liquidator.

Dated this 5th day of January 2017 RACHEL LOUISE WELLS Voluntary Liquidator LAURO COMPANY INC. Company No. 1673402 (in voluntary liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LAURO COMPANY INC. is in voluntary liquidation. The voluntary liquidation commenced on the 5th January, 2017 and RACHEL LOUISE WELLS at Lieu-dlt La Gallerie, 31 Route de Breil, Channay Sur Lathan, France has been appointed as Sole Liquidator.

Dated this 5th day of January 2017 RACHEL LOUISE WELLS Voluntary Liquidator

THE TRIBUNE

Wednesday, January 11, 2017, PAGE 7

Web shop: Port does not ‘have leg to stand on’ From pg B1 though, the point at the heart of the GBPA’s application, namely that “they have already conceded the point that they do not have the power to issue a Gaming License under the Gaming Act”.

Still, Mr Shurland said: “The issue Mr Smith fails to address is that the court at no time determined the substantive issue on the merits of the case, and at each stage of the proceedings Mr Smith made an attempt to introduce tactics that are purposely designed to misdirect the intention of our [Jarol’s] application.

“Eventually his bag of tricks will be emptied, and then he will have to face the music, which is whether or not the Port Authority has the jurisdiction to issue licenses under the Hawks Bill Creek Agreement.”

The case brought by Jarol/Chances seeks to determine who is the web shop industry’s primary regulator in Freeport, and whether it is the Gaming Board or the GBPA that has the power to issue such

licenses in the Port area.

But, explaining the reasons for his latest legal manoeuvre, Mr Smith said: “The Port Authority is applying to strike out the Jarol case on the basis that it is completely misconceived.

“There is an obvious issue regarding the licensing of web shop gaming in the Freeport area. It would be wonderful if this issue could be determined in this action, but Jarol continues to move the court on the red herring which we have sought to rid the case of.

“That is the Port Authority does not claim to be the licensing authority under the Gaming Act. Since this is the basis of Jarol’s claim, the Port Authority is moving to strike out the action.”

The GBPA is arguing that the January 25, 2016, letter at the centre of Jarol’s claim was rescinded by Mr Smith’s document of August 31, which admitted: “It is unfortunate that in its letter dated 25 January, 2016, the GBPA gave the impression that its licensing power derived from the Gaming Act. “We accept that this ref-

PM to headline Business Outlook From pg B3 Forming an entrepreneurs panel will be Terrinique Pennerman, founder and chief executive of Kurlee Belle, a line of natural hair care products; Doyle Roberts, a fishing consultant and businessman; and artisan Meralee Rose, who creates products from traditional materials.

Joan Albury, president of TCL Group, and founder and chief organiser of the seven-island Business Outlook Series, said: “This new year is one of great significance to the future of the Bahamas.

“It is an election year when Bahamians will be called upon to choose who

will lead the country for the next five years. No doubt, decisions will be influenced in no small measure by voters’ understanding of, and concerns about, the major social and economic issues.

Access to reliable information and expert opinions is vital in these circumstances.”

Mrs Albury added: “Each year in January, Business Outlook plays a major role in opening a window on the business and developmental climate in this country for the rest of the year.

“Based on the numbers that attend annually, the Outlook is valued by many as a source of insight into the progress and potential

erence to the Gaming Act was incorrect, but the basis of the GBPA’s licensing power deriving from the Hawksbill Creek Agreement was thereafter set out in the GBPA’s subsequent letter dated 3 February, 2016.”

Mr Smith added that the GBPA had “the power to license any and all businesses which wish to operate in the Port area” under the Hawksbill Creek Agreement, adding that it was just attempting to regularise Jarol/Chances’ license, because the company was conducting activities for which it is not licensed.

Hadassah Swain, a GBPA attorney, alleged in a January 9, 2017, affidavit that the foundation of Jarol’s case had been “completely overtaken by events” as a result of the August 31, 2016, letter.

As a result, she alleged that the case was no longer about whether the GBPA had the power to issue licenses under the Gaming Act, but if Jarol/Chances was operating in breach of their license agreement.

And, as a consequence, Ms Swain argued that the other issues were whether the GBPA could require Jarol/Chances to amend its license, and if the regulator of key sectors of the economy. As usual, we have assembled a slate of presenters who are best suited by reason of their positions, and/or experience, to inform on the subjects on the Outlook agenda.

“In this regard, I’m grateful to Prime Minister Christie for accepting our invitation to deliver the keynote.

It is important for people to hear from the Government leader at this time. Expectations are especially high for the input of the new Baha Mar president, Graeme Davis.

Persons wishing to register or learn more about Bahamas Business Outlook 2017 may contact Margaret Albury at The Counsellors Ltd at e-mail: malbury@ tclbahamas.com or at telephone (242) 322-7505 or visit www.tclevents.com.

could charge higher fees for web shop gaming.

“I humbly pray.... that the Originating Summons be set aside on the basis that it discloses no reasonable cause of action and/ or is scandalous, frivolous,

or vexatious and/or it may prejudice, embarrass or delay the fair trial of the action and/or it is otherwise an abuse of the process of the court,” Ms Swain alleged.

She and the GBPA ar-

gued that Jarol/Chances application for an interlocutory injunction should be struck out on the same basis, and that Ian Rolle, the GBPA’s president, be removed as a party to the proceedings.