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THURSDAY, JANUARY 11, 2024

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$200m capital markets poised for ‘very big year’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-BASED investment banker says 2024 is poised to “be a very big year” for the capital markets with companies seeking to raise “at least a couple hundred million” to finance their growth.

Michael Anderson, RF Bank & Trust’s president, told Tribune Business his institution is “already working on four transactions” aiming to collectively raise $150m amid expectation that this will be the year in which long-promised transactions - such as Doctor’s Hospital’s equity capital raise - finally get placed before investors.

With collective private sector capital raises set to potentially double, compared to the $100m worth of transactions seen in a typical year, he added that there was sufficient money

“We see a fairly active market based on some transactions being delayed from last year,” he said.

“It was effectively the first full year coming out of COVID, and people came out with plans to raise capital and take on various initiatives in their business.

“But last year ended up being a waiting game through a miss-assessment of opportunities and still having to recover from the COVID situation. A lot of people geared up, but did not get through with their

MICHAEL ANDERSON plans and ended up not being properly prepared for them. We see 2024 as being the first year these will start to come through.

“There’s a fair number of investors expecting transactions to come to market that haven’t come. There’s a lot of money looking for opportunities and waiting for transactions to come to market so they can actually invest.”

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$250m Six Senses project eyes summer building start

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE developer behind Grand Bahama’s $260m Six Senses resort project yesterday voiced optimism that construction will start this summer depending on when it receives its final approvals.

Marc Weller, Weller Development’s principal,

told Tribune Business that obtaining the Certificate of Environmental Clearance (CEC) will “green light” the rest of the plans for a project that has the potential to “rebrand and relaunch” Grand Bahama as a high-end tourism destination.

Speaking ahead of the public consultation meeting on the Six Senses Environmental Impact Assessment (EIA), which

was pushed back from September 7 last year and will now take place on January 30, he added that the combination of Grand Bahama’s people, beaches and natural landscape “adds up to an opportunity that’s unique to any other place in The Bahamas”.

“We’re totally ready to go,” Mr Weller told this newspaper. “We’re excited to present our plans to the community on the 30th and

gain feedback on them.”

He added that the wait for the EIA hearing, and CEC approval, “didn’t slow us up at all. There a lot of work we have to do in the interim behind the scenes.

Our planning continued”.

The Weller Development principal said gaining the necessary environmental approvals “will green light the rest of the plans,

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World Bank cuts growth projection for Bahamas

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters THE World Bank has gone in the opposite direction to the International Monetary Fund (IMF) by trimming its 2024 economic growth forecast for The Bahamas by a further 20 basis points to 1.8 percent.

In contrast to its sister agency, which raised its economic growth projections for The Bahamas by half a percentage point to 2.3 percent after the latest Article IV review mission, the World Bank lowered

its 2024 forecast from the 2 percent expansion it had predicted as recently as June 2023.

The latter also cut its 2025 gross domestic product (GDP) growth forecast for The Bahamas by 0.3 percent to 1.5 percent, implying that it expects this nation to revert to historical relatively low economic expansion rates following the post-COVID recovery and notwithstanding the country’s still-strong tourism performance.

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Leading civil servant claims FOIA whistleblower breach

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Mr Anderson, revealing that RF Bank & Trust’s family of investment/ mutual funds is presently sitting on a $150m cash pile that it is eager to invest for higher returns, told this newspaper that it would again be key to “make sure they’re managed properly” in ensuring the various capital raises are spread out rather than coming to market all at once.

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP civil servant is alleging the Government violated the Freedom of Information Act’s ‘whistleblower’ protections by “intimidating” and sidelining her after she sought to highlight purported “wrongdoing”.

Antoinette Thompson, permanent secretary in the then-Ministry of Transport and Housing until she was placed on “unrecorded

leave” in April 2023, is now seeking “exemplary” and “aggravated” damages for alleged breaches of that law and the Public Finance Management Act after the Government sought to “punish” her for drawing attention to alleged “clear acts of public misfeasance”.

In her amended legal action, filed with the Supreme Court on December 22, 2023, the public official of 42 years’ standing is alleging that a “breach

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PharmaChem close sparks GB population shrink fears

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GRAND Bahama Port Authority’s (GBPA) is “deeply saddened” by PharmaChem Technologies imminent closure amid fears it will further depopulate an already-shrinking Freeport.

Rupert Hayward, the quasi-governmental authority’s executive director, when contacted by Tribune Business, disclosed that the

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RUPERT HAYWARD

PAGE 2, Thursday, January 11, 2024

THE TRIBUNE

Digital evolution drives retail’s transformation

By KEITH ROYE II

I

n the fast-paced realm of business, the evolution of e-commerce has been nothing short of revolutionary. Over the past few decades, technology has transformed the way we shop, ushering in an era where the traditional brick-and-mortar stores are increasingly being complemented, if not replaced, by

online retail platforms. This shift has not only redefined consumer behaviour but has also presented unparalleled opportunities for

companies to thrive in the digital landscape.

The backbone of this transformation is undeniably technology. From the early days of basic online transactions to the sophisticated and immersive experiences we encounter today, technology has played a pivotal role in shaping the e-commerce landscape.

One of the primary drivers of this evolution is the seamless and secure

payment systems that have become an integral part of online retail. The days of concerns about the safety of personal information during online transactions are fading away, thanks to advanced encryption technologies and secure payment gateways. This has not only boosted consumer confidence but has also facilitated the exponential growth of online sales.

Moreover, the rise of mobile technology has

further accelerated the e-commerce evolution.

The ubiquitous presence of smart phones has made it possible for consumers to shop any time and anywhere. Mobile apps have become the storefronts of the future, offering a personalised and convenient shopping experience at the fingertips of consumers.

Retailers that prioritise a mobile-first approach are gaining a competitive edge in capturing the attention of the on-the-go consumer.

Artificial Intelligence (AI) and machine learning have now emerged as gamechangers in the e-commerce ecosystem. These technologies enable retailers to analyse vast amounts of data to understand consumer preferences and behaviour.

Personalised recommendations, chatbots for customer service, and predictive analytics for inventory management are just a few examples of how AI is enhancing the overall shopping experience.

As AI continues to evolve, we can expect even more sophisticated and tailored interactions between consumers and online retailers.

The virtual shopping experience has also been elevated to new heights through augmented reality (AR) and virtual reality (VR). These technologies allow consumers to virtually try on clothes, visualise furniture in their homes, or even test out cosmetics before making a purchase.

This not only enhances

the online shopping experience but also reduces the uncertainty that often accompanies purchasing decisions in the absence of physical interaction with the products.

Blockchain technology is making waves in the e-commerce sector by addressing concerns related to transparency, security and trust.

Smart contracts and decentralised systems are being explored to streamline transactions and build a more trustworthy environment for both buyers and sellers.

As we delve deeper into the digital age, the convergence of these technologies is likely to shape the future of e-commerce. The evolution is not just about making transactions more convenient; it is about creating immersive, secure and personalised shopping experiences that resonate with the modern consumer.

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TARGET DATA STORAGE FOR FOR BAHAMAS AI GROWTH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN software developer yesterday said data storage represents the first Artificial Intelligence (AI) related growth area that this nation can exploit for economic advantage.

Duran Humes, Plato Alpha’s chief executive, told Tribune Business ahead of his company’s January 24 AI forum that attention must be paid to all the electronic data The Bahamas has been gathering over the past several years through its digitisation drive.

“Data and personalisation are key areas for AI growth because The Bahamas has been collecting a lot of data in the past and, recently, we are pretty heavy into the digitisation of that data, meaning taking paper and taking it digital,” he added.

“So, as we collect more and more data, it becomes ever-more important to us to actually go ahead and say: ‘What are some of the things we can do with this data?’ and what type of insights can be gathered from this data.

So, using AI to help the data analytics to understand it and ask questions about that particular data set would be critical.

“Whether it is the public or the private sector, both parties should be working conjunctively together to actually make something a bit more effective and that will also help in terms of the communication between the public and private sector, which is something that is a bit lacking today.”

Concerns about AI still linger given its potential to replace human workers, and Mr Humes said there is both a bit of “truth” and irrational fear over this. While some people will be replaced, this also presents an opportunity

for some individuals to “upskill themselves”.

To shed more light on AI’s possibilities for the Bahamian economy, Plata Alpha is bringing in two external specialists to expose more Bahamians to the potential benefits.

“Shaun VanWeelden leads operations for OpenAI’s human data team, providing a key ingredient to ChatGPT, one of the most talked about forms of generative AI. Onassis Nottage is a managing director for RSLT Lab in Leiderdorp, Netherlands, that works with big data and AI, and has emerged as a leader in the arena,” Plato Alpha said in a statement.

Both men are set to be the keynote speakers for Plato Alpha Design’s event, ‘How AI can help Bahamian businesses’, which is due to be held at Crypto Isle on Wednesday, January 24, at 6 pm. Mr VanWeelden said that, despite concerns, the benefits of incorporating AI in a company’s day-to-day operations far outweigh the threats.

“AI will allow for greater productivity in our work and, like past technological updates, that will change the nature of work and require us to develop new skills,” he said. “I believe AI will lower the barrier to executing on business ideas, making them less capital intensive and, as a result, I’m hopeful we will see many talented folks in the Bahamas start or expand their businesses much further than they would have otherwise been capable of without AI assistance.

“We should also expect that, in time, AI technology will lower barriers to and improve tailored education, legal and medical insights, thus enabling a more skilled and healthy workforce....

Seek out the micro moments of AI usage, versus making it a whole big thing that you feel you need to do. The rest will come in time.”EN-GB

THE TRIBUNE

Thursday, January 11, 2024, PAGE 3

FTX BAHAMAS PROPERTIES MUST FETCH ‘80% OF VALUE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net All sales of FTX’s 35 high-end Bahamas properties must fetch a price that is “equal to or greater than 80 percent” of their brokerappraised values, it has been revealed.

John Ray, head of the 134 FTX entities in Chapter 11 bankruptcy protection in Delaware, disclosed in legal filings late on Tuesday night that all individual or aggregate sales worth $5m or greater will trigger notification of the crypto exchange’s US trustee and the official committee of creditors as part of the “sales procedures” agree with the Bahamian official liquidators.

“Without further order of the Court, the debtors are authorised to consummate the sale of any or all of the Bahamas properties in individual sale transactions or series of related sales to a single purchaser or group of purchasers if the chief executive of the debtors [Mr Ray] has approved such sale,” the documents filed

JOHN RAY

BRIAN SIMMS KC

with the Delaware Bankruptcy Court reveal.

Another condition is that “the aggregate sale price with respect to each Bahamas property sold pursuant to the sale is equal to or greater than 80 percent of the price stated in a broker price opinion produced by a real estate broker licensed in The Bahamas”.

Mr Ray is now seeking Delaware court approval of these terms, which have been agreed with Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves, in their capacity

as liquidators of the crypto exchange’s Bahamian subsidiary, FTX Digital Markets.

Tribune Business revealed earlier this week that the sell-off of FTX’s high-end properties “will not be sufficient” to fully repay the $256.3m debt owed to the crypto exchange’s Bahamian subsidiary. Mr Ray alleged in previous documents that the estimated “total net sales proceeds” generated from disposing of 35 properties acquired for a combined $222m will not be enough to totally clear FTX Digital Markets’ claim.

These disclosures came as Mr Ray effectively admitted that part of the reason he decided to settle with the Bahamian liquidation trio was to gain some control over the sale of FTX’s Bahamian real estate portfolio and the proceeds.

His legal filings revealed that FTX Property Holdings’ Chapter 11 case could not be “recognised” in The Bahamas since that entity is Bahamian-incorporated.

Thus, as a result, “no viable insolvency regime” exists through which Mr Ray and his team could control the properties’ sale and disposal.

Referring to FTX Property Holdings as FTX PropCo, Mr Ray said it was incorporated in The Bahamas on July 22, 2021 - almost two months before the crypto exchange received the necessary licensing and approvals to operate in this nation. Its sole purpose was to acquire, and hold, commercial and high-end real estate purchased for use by FTX and its senior executives.

“FTX PropCo conducted no business other than the

purchase and ownership of real property in The Bahamas and does not have other significant assets,” Mr Ray affirmed. “The aggregate purchase price of the Bahamas properties was approximately $222m.

“Purchase prices paid

by FTX PropCo in respect of each of the Bahamas properties range between approximately $500,000 and approximately $30m.

Five properties were less than $1m; 24 properties were between $1m and $10m; three properties were between $10m and $15m, and three properties exceeded $15m.

“FTX Digital Markets is the largest creditor of FTX PropCo. On June 29, 2023, FTX Digital Markets filed a proof of claim against FTX PropCo in the amount of $256.291m in respect of loans allegedly granted

by FTX Digital Markets to FTX PropCo for both the acquisition and maintenance of the Bahamas properties,” the FTX US chief added.

“Based on guidance from brokers in The Bahamas, the debtors currently

estimate that the total net sale proceeds from the disposition of real estate owned by FTX PropCo will not be sufficient to pay the [$256m FTX Digital Markets claim] in full and, as a result, such claim is expected to be impaired in any Chapter 11 plan with respect to FTX PropCo.” The nature of the “guidance”, or the brokers who provided it, were not identified. The extent of the recovery from selling-off FTX PropCo’s real estate holdings remains to be seen given that the high-end market for Bahamian real estate appears to be holding firm, though not quite at the levels generated by pent-up demand post COVID-19.

Most of FTX PropCo’s residential holdings are located in Albany, plus the GoldWynn development at Goodman’s Bay at One Cable Beach. The commercial properties include the site earmarked for FTX’s Bahamian headquarters at Bayside Executive Park on West Bay Street, plus Pineapple House and multiple units at the Veridian Corporate Centre.

‘Writing was on the wall’ on PharmaChem close

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama businessman says he is “not surprised” that PharmaChem Technologies will cease operations tomorrow as the “writing was on the wall” from a few years prior.

Greg Langstaff, owner of the Grand Bahama Brewing Company, told Tribune Business he understood the pharmaceutical drug maker had been experiencing difficulties for the past three years.

“I guess it’s been coming for a couple of years, and the writing has been on the wall,” he added. “I don’t think it’s too sudden to most of the employees there. But they were decent paying, good professional jobs and they are no longer.”

Mr Langstaff suggested PharmaChem’s closure is unlikely to be temporary as it has “gone through a cycle of ownership and changed hands a couple of times”.

He added: “I heard it had closed and I heard earlier that it was likely to close.

“This is not surprising, but there are a number of people there who had good paying jobs and will go and get good jobs elsewhere. It didn’t come to a surprise to any of the employees

there that’s for sure. But it’s going to be felt in Grand Bahama.”

Adding that the Carnival cruise port and other projects “cannot replace” the jobs lost at PharmaChem, Mr Langstaff added: “It would be great if they focused on getting the Grand Lucayan sold and reowned and working again.

The need to work on the Grand Lucayan because, frankly, that will create a whole lot more jobs than PharmaChem did.”

Tribune Business understands that the closure comes after PharmaChem ran into “technical and operational issues” with its $400m plant expansion, which one contact labelled as “a very ambitious project”.

The expansion, designed to expand the range of drugs supplied to the company’s sole client, Gilead Life Services, was said to have gone significantly over-budget due to cost overruns. And both Hurricane Dorian and the COVID-19 pandemic delayed the construction completion and production of test batches.

“In the chemical world, they have to do test batches, and each batch has to meet specific criteria before they can do a production run,” one contact, speaking on condition of anonymity, said. It is understood there

UNION CHIEF: PHARMACHEM CLOSURE ‘STAGGERS’ ECONOMY

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama industrial union head says PharmaChem Technologies’ shutdown tomorrow “staggers” an already weak economy and will have a major negative impact on the island.

Cory Cartwright, the Grand Bahama Port Authority Workers Union’s president, told Tribune Business that while he understands the pharmaceutical manufacturing plant may reopen again at a later date its closure will hurt the island’s economy especially since many of the 120 jobs being lost are “high paying, middle class” posts.

PharmaChem staff were not unionised, and Mr Cartwright said: “There’s nobody to actually deal with their concerns, and there is nobody that they can really run to to defend them or even answer questions because there is some speculation saying that they are just closing down to eventually come back with contractual workers instead of permanent workers.

“Our union is not going to help them because our union is more private than anything, and more private to the company. We are not able to step out and help

them without going through the other unions on the island to see if they want to assist. They were supposed to close from last summer, so they did well to keep the doors open until Christmas, to be honest with you,” Mr Cartwright added.

“Freeport needs to get back on course and sometimes the ship needs to sink in order to do it. Nobody understands there are issues until they see the issues. As long as it’s only one person being affected then they say don’t worry about it.

But when you have a mass or group of people being affected then there is attention brought to it.”

PharmaChem Technologies, in its statement on Monday, pledged that all staff will be paid due severance and benefits in accordance with Bahamian employment law. It added: “Our company has always been proud to contribute to the industrial landscape of Grand Bahama and The Bahamas, and we are grateful for the relationships that we have built over the years.

“PharmaChem will continue to uphold its commitment to integrity and transparency through the winding down process. We thank everyone who has been a part of our journey and look forward to the possibility of crossing paths in the future.”

were quality issues with these test batches, while some PharmaChem staff were said to be reluctant to work the 24-hour production shift system that was required to meet Gilead’s orders.

Ultimately, with the Grand Bahama-based manufacturer unable to meet Gilead’s desired production timelines and volumes, the

latter pulled its financial support from PharmaChem, resulting in yesterday’s closure announcement.

The focus for Grand Bahama must be to develop the tourism product after the PharmaChem closure.

The Our Lucaya must be sold and reopened and other tourism related projects must come on stream.

Alfredo Bridgewater, owner/operator of Coco Nutz, who has a family member that works at PharmaChem, said business closures were “the last thing” Grand Bahamians needed to see “considering things are much slower since Hurricane Dorian and we haven’t had anything major or good happen for

the island in quite some time”.

He added: “The Carnival project is good, but it’s still a year or two off and PharmaChem is kind of a specialised field, so you have a lot of specialised people now out in the workforce. So it’s not a good thing for Grand Bahama.”

PAGE 4, Thursday, January 11, 2024

THE TRIBUNE

SANDALS CHIEF: ‘WE’RE MORE THAN A BRAND’ SANDALS Resorts International’s executive chairman delivered the keynote address to 400 students, as well as faculty and industry stakeholders, at Florida International University’s tourism school.

Adam Stewart shared perspectives on hospitality leadership, Sandals’ journey in defining high-end all-inclusive travel and the future of Caribbean tourism during the 29th annual graduate student research conference that was held at the Chaplin School of Hospitality and Tourism Management.

His address also explored themes of empowerment through the Sandals Corporate University, the impact of the Sandals Foundation across the Caribbean and also touched on the value of vision and ideas of courage in the face of risk.

“My job every day is that we want to share the best of the four corners of the Caribbean with the world.

We’ve not only elevated the all-inclusive concept but also debunked myths about the potential of our region.

The all-inclusive segment, spearheaded by us, is thriving and transforming the leisure industry,” Mr Srewart said.

He further elaborated on how the industry is contributing to the growth and transformation of people and the Caribbean. “It is important to highlight that

ADAM STEWART, Sandals Resorts International’s executive chairman (fifth right), shares a photo with FIU alumni, faculty members and other attendees at the 29th annual graduate student research conference.

ADAM Stewart (right), Sandals Resorts International’s executive chairman, and Dr Michael Cheng, dean at the Chaplin School of Hospitality & Tourism Management at Florida International University.

while we have the capability to innovate the all-inclusive experience and enhance the tourism industry with an exceptional product, our primary focus remains on making a genuine community impact,” Mr Stewart added.

“This commitment to people goes beyond business. This aligns with the core values of Sandals and Beaches. We don’t just build resorts; we are creating change. As we expand to new destinations like Saint Vincent and the Grenadines, our goal is not just to build resorts, but to

ADAM STEWART, Sandals Resorts International’s executive chairman, delivers a keynote speech during the 29th annual graduate student research conference at FIU’s Chaplin School of Hospitality and Tourism Management. create a soulful, energyinfused environment.

“We’re more than a brand; we’re ambassadors for the Caribbean, inspiring airlines to increase airlift, connecting our islands with the world. Our success is rooted in agility, creativity, innovation and, most importantly, our people.

Our mission extends to addressing fundamental societal challenges and proactively engaging with governments to shape policies that uplift communities and bridge gaps.”

With 98 percent of Sandals’ near 20,000-strong workforce being Caribbean

nationals, Mr Stewart also placed emphasis on the importance of job creation among other key factors.

“Employment is the first thing. Taxes are the second thing. But the big ones are supply and consumption,” he added.

“So support local farmers. Find a way through this hospitality world that we live in to change people’s lives. Be emotionally connected to what you do.

Working side by side, give them a product that’s bulletproof. Give them a product that, when the customer comes, you win every time because it’s that good.”

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THE TRIBUNE

Thursday, January 11, 2024, PAGE 5

IN-HOUSE BUILDER TO CREATE UP TO 60 JOBS AT ELEUTHERA RESORT AN ELEUTHERA resort project says it will create between 55-60 jobs through teaming with a US and Bahamas-based company to form the development’s in-house builder and construction management partner.

Jack’s Bay, a 1,200acre private club community chaired by Sir Franklyn Wilson, in collaborating with Island Builders to establish the new entity, Latitude Builders, said it would seek to ensure those jobs are created on Eleuthera.

“We have established this collaborative venture to help our future residents create a legacy home to connect, dream and grow.

That’s Eleuthera and that’s

what Latitude Builders offers its clients,” said Doug Maslo, director of construction and development at Jack’s Bay. “Latitude has the background and tools in The Bahamas to make sure that the homes at Jack’s Bay are built to the highest standards, and we have full confidence in their process.” Jack’s Bay said it chose to collaborate with Blue Crump, managing partner of Island Builders, because of his ability to deliver quality homes that align with the community’s design vision and brand ethos.

Island Builders’ initial focus will be on the founder’s lots, providing homeowners quality service

so that designing, building and construction occur seamlessly. Whether Jack’s Bay owners work directly with Latitude Builders for building their home, or their own builder, the former will provide full-service construction management to ensure building code compliance and the highest quality standards.

“We’re confident Jack’s Bay owners will work with us for the results, but they’ll continue engaging Latitude for future projects because they enjoy our detailed process and the experience of working with our expert team,” said Mr Crump, Latitude Builders chief executive.

Mr Crump led postDorian rebuilding efforts at

the Baker’s Bay project on Great Guana Cay, and has been building new high-end homes in the Abacos for the past several years. He and his construction team have experience in home and estate-level building from the US, UK and across the Caribbean.

Jack’s Bay’s first phase is scheduled for completion in late 2024. It includes the Atlantic Club, a revival of the current beach club known as the Pink House; a sports pavilion; a 7,000 square foot spa village; the ready-to-build lots on founder’s row; and 12 Atlantic Club cottages.

Jack’s Bay’s 10-hole golf course, designed by Tiger Woods and TGR Design, is already complete and its

18-hole Nicklaus Heritage course is targeted for completion in early 2025.

IMI Worldwide Properties is driving sales of the founder’s lots, which are already underway. The Founders Lots include 24 beachfront and ocean view homesites ranging in price from $1m to nearly $3m.

Jack’s Bay has a large number of Bahamian shareholders in its immediate holding company, Eleuthera Properties.

While Sir Franklyn’s Sunshine Holdings group is the largest shareholder, its other investors include the likes of Colina, BAF Financial, the John Bull Group of Companies and Royal Bank of Canada (RBC). Besides the corporate investors,

the Anglican Church has been “gifted” shares in Eleuthera Properties Ltd, while the estates of the late John Morley and Billy Lowe were also among the shareholders.

Eleuthera links to the investors are through the estates of the late Albert Sands and Whitfield Kemp.

Another Eleuthera shareholder is businessman Lawrence Griffin from Governor’s Harbour, while Sir Orville Turnquest, the former governor-general, and his family - long-time investment and business partners of Sir Franklyn are also invested. Another investor is former minister of tourism and aviation, Dionisio D’Aguilar.

Qatar partnership unlocks scholarships for jet pilots THE BAHAMAS says its partnership with Qatar is already providing a significant boost to aviation education and empowering Bahamian youth interested in entering the industry.

The Ministry of Tourism, Investments and Aviation, in a statement, said the Memorandum of Understanding (MOU) with the gulf state has forged an alliance between Qatar Aeronautical Academy and The Bahamas Aeronautical Academy. This has resulted in the provision of two scholarships for young Bahamians, giving them the opportunity to embark on the journey towards becoming jet pilots.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “This is a major step for women in

aviation and youth in aviation. Women pilots account for approximately 5 percent of the total jet pilots in the world.

“Among airlines and aviation companies, about 3 percent of the chief executives are women.

Therefore, we are delighted to be able to contribute to the advancement of women in aviation.” The recipients of the scholarships are Brittany Ford and Aysia Thurston.

Brittany Ford hails from Ragged Island, attended school in Exuma at L.N. Coakley High School, and ultimately graduated from Saint Andrew’s Anglican School on the same island. Aysia Thurston is a graduate of St Augustine’s College, Nassau. They have now begun a two-year

AYSIA THURSTON programme supported by Qatar.

“This initiative showcases our commitment to nurturing local talent and propelling the youth toward exceptional opportunities,” Mr Cooper continued.

“We extend our heartfelt gratitude to the State of Qatar for their generosity and investment in the future of Bahamian aviation, and look forward to

strengthening our relationship even further”.

The scholarship covers full room, board and tuition, courtesy of Qatar, while the Department of Aviation provides airfare and a relocation allowance. The

BRITTANY FORD Louise Cooper Scholarship Foundation generously contributes medical insurance coverage of $2,400 per year per student.

The presentation, led by Mr Cooper, was attended

by Ministry of Tourism, Investments and Aviation permanent secretary, Reginald Saunders, and director of aviation, Dr Kenneth Romer.

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Head of Senior School King’s College School, The Bahamas This is a rare and outstanding opportunity to join King’s College School, The Bahamas - a brand-new premium school opened by Inspired in September 2022.

The School has benefited from significant investment to create a worldclass campus drawing on the strength and expertise of the leading global group of premium schools. To date, King’s College School, The Bahamas, has recruited top educators globally, cultivating a culture of excellence and ambition amongst its community.

The Head of Senior School will report to the Founding Principal and will oversee and manage the growth of the Senior School, in a newly built, stateof-the-art, 10-acre campus, establishing a genuinely first-class educational offering that combines the Cambridge International Curriculum with the International Baccalaureate Diploma, and that aims to be a beacon of educational excellence worldwide.

The successful candidate will combine a track record of highly successful academic leadership and a passion for a rigorous and broad education. He or she must be strategic, creative, solutions-focused, and with significant operational experience. He or she must also thrive as part of a high-performing leadership team, in a fast-paced environment.

For further information, please visit King’s College School, The Bahamas and Inspired’s websites. Letters of application and CVs should be addressed to the Founding Principal, Mr Matteo E Rossetti, MA, FRSA, and emailed by 9.00am EST on Monday 22 January to hr@kingscollegeschool.bs King’s College School, The Bahamas and Inspired are committed to safeguarding and promoting the welfare of children, and applicants must be willing to undergo child protection screening appropriate to the post, including checks with past employers.

PAGE 8, Thursday, January 11, 2024

THE TRIBUNE

$250m Six Senses project eyes summer building start FROM PAGE B1 and we will be able to fast track them and start [construction] at some point in the summer. It could be late summer, it could be earlier.

It depends”.

Mr Weller also pledged that the developer is “doing everything we can” to ensure the majority of construction work goes to Bahamian contractors and workers. “We’re finalising those numbers now,” he told Tribune Business of construction employment.

“We’re doing everything we can to make sure a majority of construction work goes to Bahamian contractors and, therefore, Bahamian workers. We’re currently working with several Bahamian companies and we believe they will help to provide the workers and resources to complete

this with that being in mind.”

Talking up Grand Bahama’s natural attributes, and explaining what drew him to the island, Mr Weller said: “Who’s got it better than us? That’s all I’m thinking about. When you stand on the beach in Grand Bahama and look at the water, you can’t help but ask yourself: Who’s got it better than you?

“I don’t make that as a cocky statement, but as a grateful and appreciative statement. We are so grateful for the opportunity.... I think this is an opportunity for a rebrand and relaunch in Grand Bahama. It’s something we think about every day as we move forward in the project.

“When you take a look at the beaches, when you take a look at the proximity to the US, take a look

at the hospitality mindset among the people that live here, it adds up to an opportunity that’s unique to any other place in The Bahamas. It could be one of the greatest luxury destinations in The Bahamas and the Caribbean,” Mr Weller continued.

“One of the keys to all of this is just giving yourself an opportunity to explore the island, seeing its natural beauty and meeting the people. That combination with the spirit of the people of Grand Bahama and its natural beauty lends itself to a unique opportunity that is one of a kind.”

Weller Development announced last week that sales of the Six Senses residences are set to begin in the 2024 first quarter. The property’s 50-acre site will feature 64 resort villas and 28 branded residences. “We

just started marketing, and have announced the marketing partnership with H G Christie and BeSpoke Real Estate, which we think is really formidable and an incredible pairing of professionals,” Mr Weller said/; H G Christie will handle the sale of the branded residences while BeSpoke, which specialises in marketing and promoting high-end properties in areas such as New York and the Hamptons, will also be involved in broking these deals.

Mr Weller said he anticipates “a lot of inquiries” once the marketing effort begins in earnest in the next 30-60 days, “and from there there will be a significant amount of interest” that will only increase and accelerate as physical construction begins and “the realities of the project come together”.

“There’s a lot of interest in the brand and a lot of interest in The Bahamas, and we think those two factors together create unique interest,” he told Tribune Business. “There’s a great and unique interest in The Bahamas that appears to be growing, and we think we are very uniquely positioned to satisfy a lot of the demand.”

The project will also feature a wellness centre and Six Senses Spa, multiple restaurants, event space, beach club and oceanfront pool. “We are excited to partner with H G Christie to bring this unique purchasing opportunity to buyers globally,” said Mr Weller, founder and president of Weller Development Partners, in a statement.

“We selected H G Christie because they are at the pinnacle of the industry, and they share our entrepreneurial spirit and passion for going above and beyond to deliver unmatched luxury experiences. With this A-team in place, we are well positioned to do what we are known for – creating incredible experiences for residents, guests and the community, while ultimately changing the trajectory of Grand Bahama for years to come.”

John Christie, president and managing broker of HG Christie, added: “We have been fortunate to partner with a number of developers on exciting projects, but this one is really unique. Weller is a trailblazing developer with a track record of delivering beautiful, transformative places.

“With Six Senses Residences Grand Bahama, we have a rare opportunity to be part of a transformative project that will play an instrumental role in the rebirth of the island. This project will drive tremendous job creation, tourism and economic growth on the island, while attracting individuals who appreciate the unique brand experience that Six Senses brings to every property.”

Cody Vachinsky, founding partner and president of Bespoke Real Estate, added: “Our clients are looking for purchasing opportunities for their second or third homes, and this is the perfect fit.

Branded residential is the future of real estate and Weller is bringing a lot to the table in Grand Bahama.

“We are now able to offer something to the market that doesn’t currently exist in North America – branded residential associated with the luxury resort brand, Six Senses Grand Bahama, in a tropical location just 60 miles from Florida, designed by one of the top design teams in the world - Olson Kundig.

“It is an untapped opportunity to participate in the formation of a new, world-class, eco-conscious community, create a new living experience for you and your family, and be part of the upward trajectory of one of the most beautiful, serene islands in the world.

We are excited to offer this level of exclusivity to our clientele.”

AERIAL view of future Six Senses Residence development.

NOTICE NOTICE is hereby given that ASSEDY JEAN, Knowles Avenue, Harold Road, Nassau, The Bahamas 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 11th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that FIAMINE PAUL, #102 Miami Street, Nassau, The Bahamas 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 11th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DANEICA MORGAN, #15 Clifton Street, Mount Royal Avenue, Nassau, The Bahamas 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 4rd day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, January 11, 2024, PAGE 9

$200M CAPITAL MARKETS POISED FOR ‘VERY BIG YEAR’ FROM PAGE B1 Mr Anderson hinted this means there should be sufficient market liquidity and capital to satisfy the demands of all potential securities issuers and capital raisers. “From our side we’re working on four transactions already,” he told Tribune Business, while declining to identify the clients. “I think the total capital involved is somewhere in the region of $150m between the four of them and it could be more.

“Some of those are coming from last year that have been taken into 2024, and there are some new ones coming in 2024 and we’re working with them at the moment.... There’s a least a couple hundred million ($200m) of transactions.

“That will be a good year.

Most years in The Bahamas you don’t see much more than $100m in a year and that is thought to be a good year. To get a year with a couple hundred million would be unusual,” Mr Anderson continued.

“We’ve had virtually nothing happening in the last three years with the capital markets. There’s a lot of pent-up activity so we should have a very big year compared to the previous three years. Compared to the last four years, we won’t have seen a year like 2024 for a while. This year is setting up to be a lot more active in the capital markets even in just RF.” The largest post-COVID capital raise in The Bahamas was Nassau Cruise Port’s $135m original bond issue and, prior to the pandemic, the RF Bank & Trust chief identified Nassau Airport Development Company’s (NAD) $130m transaction in 2018 as the greatest issue.

Besides the transactions his investment bank is working on, Mr Anderson said other capital raises are also in play as he pointed to Royal Caribbean’s equity raise from Bahamian investors for its Paradise Island-based Royal Beach Club project.

Bahamians will have an opportunity to hold a collective 49 percent ownership stake in the development, with the

cruise giant holding the majority and controlling 51 percent. The Government’s share of the 49 percent will be based on the value of the four Crown Land acres it is contributing to the project, with capital from Bahamian private investors comprising the rest of that stake.

With the details still being worked out, Mr Anderson said of the Royal Beach Club: “I think that will be a large transaction.

Based on the last estimate that I saw, it’s a couple hundred million for the entire project. My expectation is that transaction will come to market this year. And as people prepare to provide services to that project they’re raising capital to do what they need to do “My sense is that generally the market is picking up, mainly in Nassau but there’s some transactions in Freeport that I’ve been hearing about for a while.

There are also opportunities we see in the private equity field, and we are speaking to companies about opportunities with our private equity fund for people looking for additional capital but not necessarily going to market.

“And the Bahamas Property Fund is starting to work on a number of potential transactions.” The RF Bank & Trust president added, though, that it would be critical to ensure capital raises are properly scheduled so that they do not overwhelm investors with their capital demands by coming to market all at once.

“It’s a matter of making sure they’re managed properly when they come to market,” Mr Anderson added. “It’s just a timing issue of when they come, but there’s a fair amount of money looking to invest...

The banks are still sitting on $2bn in excess cash, which is a fair amount of money.

“The problem is all the money in the banks is not risk capital. You can’t use it as a barometer for how much people will invest.

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NOTICE NOTICE is hereby given that SIMEON PETER COOPER, #13 Vizcaya, 24 Atlantic Drive, Nassau, The Bahamas 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 11th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that BENGY PIERCILUS, 94 Gambier Drive, Freeport, The Bahamas 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 11th day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that CARMELITA CAMPBELL ALBURY, P.O. Box CB-11220, Colony Village, Nassau, The Bahamas 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 3rd day of January 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

But if you have got $2bn in cash in the bank, assume at least a couple hundred million dollars is sitting there waiting to invest.

“My sense is there’s enough money sitting around to fund what is coming to market this year.

My sense is there will be sufficient money in the

market for a year or two as people have been waiting for opportunities,” he told Tribune Business.

“If you look at just ourselves as a proxy for the

market, we’re sitting on about $150m in cash in our funds, so at least a couple hundred million should be available for investing.”

PAGE 10, Thursday, January 11, 2024

THE TRIBUNE

PharmaChem close sparks GB population shrink fears FROM PAGE B1 GBPA has “reached out” to the pharmaceutical drug maker’s principals to assist “where we can” and is seeking to do likewise for the 120 staff who will be terminated tomorrow.

He said: “The Grand Bahama Port Authority is deeply saddened by the news of the imminent closure of PharmaChem Technologies. The company has been an exemplary corporate citizen and licensee, and its president, Pietro Stefanutti, a model investor who has given a great deal to the community of Freeport over the years.

“Recognising that this is a very sensitive time for the company and its employees, GBPA has reached out to Mr Stefanutti to express our willingness to try and help where we can. GBPA will also try to do what we can to help those Bahamian workers who stand to lose their jobs including, where possible, helping them find new employment within the city of Freeport.”

Mr Hayward’s comments came as Prime Minister Philip Davis KC revealed that the Government had sought to intervene to prevent PharmaChem Technologies’ closure upon hearing of the company’s plans but to no avail.

He added that his administration had also approached the company’s sole customer, Gilead Life Sciences, to see if any of the 120 impacted workers can

be “redeployed” elsewhere within its global operations until the Freeport plant’s fate is resolved.

Speaking to reporters during the Majority Rule Day festivities yesterday, Mr Davis acknowledged that tomorrow’s cessation of operations is a “blow to the Grand Bahama economy”.

He said: “That is a blow to the Grand Bahama economy and, sadly, we tried to intervene but, unfortunately, the issue that involves that high-tech company is such that we are unable to bring any resolution to that challenge.

“We are hopeful that the employees are being impacted by it will be sorted out, according to our laws, and hopefully we’ll be able to try to retrain and find a place for them elsewhere.

My conversation with the hierarchy of Gilead, which is the key figure in all of this, is to see whether they can be redeployed elsewhere until there’s a solution for the plant.”

The Prime Minister’s comments hint at the situation which Tribune Business understands led to PharmaChem Technologies’ closure.

The company is understood to have encountered “technical and operational issues” with its $400m plant expansion, which one contact labelled as “a very ambitious project”.

The expansion, designed to expand the range of drugs supplied to Gilead,

PHARMACHEM CLOSING THEIR DOORS was said to have gone significantly over-budget due to cost overruns. And both Hurricane Dorian and the COVID-19 pandemic delayed the construction completion and production of test batches.

“In the chemical world, they have to do test batches, and each batch has to meet specific criteria before they can do a production run,” one contact, speaking on condition of anonymity, said. It is understood there were quality issues with these test batches, while

some PharmaChem staff were said to be reluctant to work the 24-hour production shift system that was required to meet Gilead’s orders.

Ultimately, with the Grand Bahama-based manufacturer unable to meet Gilead’s desired production timelines and volumes, the latter pulled its financial support from PharmaChem, resulting in Monday’s closure announcement and the termination of staff.

Magnus Alnebeck, Pelican Bay’s general manager,

was among those voicing concerns over whether PharmaChem’s staff will find similar well-paying jobs in Freeport’s economy - given that they worked in a highly-specialised field - and if they and their families might now need to leave the island to search for work.

“Those are well-paid Bahamians who have homes and are part of the community,” he told Tribune Business. “Where do they go now? What sort of jobs can they find in Grand

Bahama. That’s our biggest problem; that our population keeps on shrinking and shrinking in Grand Bahama. It’s just to hope here are better things to happen around the corner.”

Mr Alnebeck said his resort would feel the closure’s impact as he voiced hope that a buyer may be found to acquire the plant.

“They are not an enormous purchaser of room nights but they are a good client of ours, and whenever they had engineers coming and going they would stay with us,” he added.

“I haven’t run the numbers to see what they purchase, but they had a lot of work with the upgrades to the plant so they had more people coming and going in the last year. It’s a solid business that has been there for many years, and people who were working there were making good money and Mr Stefanutti is part of the infrastructure in Freeport.

“It is a blow. The main concerns is the 100-plus employees who are well paid and will have a problem finding new jobs at that level. That’s the main concern. It’s an asset sitting there that, for the right person and right company, I’m sure there’s a value to it. It’s just a question of finding the right company.”

Several sources suggested PharmaChem’s move has dealt a devastating blow to investor confidence in Freeport and Grand Bahama, with one saying: “The investor confidence index is at zero.” However, James Carey, Grand Bahama’s Chamber of Commerce president, said he “can’t see it tremendously impacting” international investors whose projects are already “lined up”.

“The greater impact will be the local economy and the immediate impact on that,” he added. “I hope it doesn’t start to diminish confidence of local entrepreneurs and businesses which, in recent times, has been more upbeat so I hope it doesn’t put a damper on business people.”

PharmaChem, which was founded by Italian entrepreneur, Pietro Stefanutti, supplied antiretroviral API drugs (tenofovir disoproxil fumarate) for Gilead, which employed them in the worldwide treatment of HIV/AIDS. This product helped treat one million persons worldwide, and the new plant was intended to give it the capability to produce an additional two to three drugs.

“We manufacture the single API for Gilead, the anti-retro viral drug for HIV/AIDS. We are looking for a sustainable future by diversifying our product line, and the new facility will be a multi-product facility so we can handle two or three products at the same time,” said PharmaChem chief executive, Randy Thompson, in 2018.

“The best-kept secret in The Bahamas - right here we actually produce material that treats more than one million HIV/ AIDS patients around the world. Gilead is committed to offering product at a discount price at cost to various countries. Like Gilead, we at PharmaChem believes it is our responsibility to extend medicine beyond developed countries around the world.”

THE TRIBUNE

Thursday, January 11, 2024, PAGE 11

THE WORLD BANK

WORLD BANK CUTS GROWTH PROJECTION FOR BAHAMAS FROM PAGE B1 Gowon Bowe, Fidelity Bank (Bahamas) chief executive, yesterday said that - rather than focus on the discrepancies between the IMF and World Bank estimates - The Bahamas should instead focus on generating the consistent, sustained higher GDP growth rates necessary to further slash unemployment and eliminate the annual fiscal deficit.

“I think the key message is that we know we need growth somewhere in the region of 5 percent to make significant strides in employment or debt level,” he told Tribune Business.

“Whether it’s 1.8 percent or 2.3 percent is relatively minimal compared to where we need it to be and compared to what we see in other tourist destinations; they’re projecting 4 percent and higher for the Caribbean.”

Suggesting that the differences between the IMF and World Bank estimates may reflect difficulties in them gaining access to accurate and timely economic data on The Bahamas, Mr Bowe said the numbers had to be seen in the context they are merely forecasts.

“I wouldn’t see that there’s any reason to hold your hat on either one in terms of the forecast,” he added.

The World Bank, in its economic outlook for Latin America and the Caribbean, said: “The region continues to face challenges, some of them long-standing, and the global environment will remain adverse overall.

High global interest rates exacerbate service on the increased debt contracted during the crisis and governments struggle with fiscal space.

“Delayed progress on inflation in the Group of Seven (G7) will likely lead to sluggish growth over the medium term; China’s growth juggernaut has stumbled; and commodity prices have softened. However, the anaemic growth prospects for Latin America and the Caribbean are not collateral damage from the pandemic but reflect

long unaddressed structural issues.

“Addressing these issues against the backdrop of adverse global economic conditions requires a social consensus that needs to improve as citizens report dissatisfaction with government performance and elected officials do not retain popular support.

Household income losses from the pandemic have not been fully recovered, especially for the middle class, and the social fabric remains stretched.”

The World Bank noted that government spending, interest on public debts and taxation policies have played a role in generating high debt levels in the region.

It said: “Latin American and Caribbean countries are running fiscal deficits on average of 2.7 percent of GDP. This is a consequence of cyclical factors such as the persistent public expenditure associated with the pandemic and the anaemic growth of some countries, as well as structural factors such as taxing capacity, permanent government spending and interest payments on public debt.

“This situation requires the governments of the region to take measures to ensure the sustainability of public finances over the long term… the increased debt levels call for even more active measures considering that governments in Latin America and the Caribbean have, on average, low revenues by international standards and they pay a large fraction of their revenues as interest on their debt.

“Debt was increasing even before the pandemic, but its burden accelerated after the policy response during the pandemic.

While most countries have been aiming at fiscal consolidation, only a handful of them have successfully decreased their stock of debt. Although most have improved their primary balance, debt service has been increasing given inflation and the trends on the global economy.”

PAGE 12, Thursday, January 11, 2024

THE TRIBUNE

Leading civil servant claims FOIA whistleblower breach FROM PAGE B1 of duty” was not only committed towards her but the taxpayer due to the failure to scrutinise multi-million dollar contract awards “to ensure that the Bahamian public was receiving value for money”.

Asserting that she could have faced “penal punishment” for the alleged breaches of public service protocols and procedures within the then-ministry, Ms Thompson is claiming she was subjected to an “orchestrated” campaign “to silence her from further ‘whistleblowing’ on the various infractions” purportedly occurring within the Ministry of Transport and Housing.

This, she added, involved Nicole Campbell, the Cabinet secretary, placing her on “unrecorded leave” after Jobeth Coleby-Davis, minister of transport and housing, branded the working relationship with Ms Thompson as “untenable”.

The latter, though, is alleging that “unrecorded leave” is not defined in any of the civil service regulations and, as such, amounted to a breach of her employment contract.

And the former permanent secretary is claiming that a June 2023 meeting with Prime Minister Philip Davis KC and Ms Campbell, rather than addressing “her genuine concerns of the numerous infractions” at the ministry, saw “scathing allegations” levied

against her including that she had a problem with “alcoholism” - something Ms Thompson is strenuously denying.

She alleged that the meeting left her feeling “pressured, coerced and intimidated”, and that the allegations against her were made to “stifle” both her concerns about other officials’ actions and prevent her from acting as the Ministry of Transport and Housing’s chief accounting officer (its chief financial officer).

Ms Thompson is now claiming that the alleged effort to “silence” her, and “interfere with her employment contract” by being placed on leave, represents a breach of the Freedom of Information Act’s section 47, which is designed to protect whistleblowers from any kind of retribution for exposing wrongdoing.

This newspaper’s records show this section of the Act was brought into effect in March 2018.

The former permanent secretary is now, in her amended claim, seeking a Supreme Court declaration that the Government defendants’ actions were tantamount to “intimidation and done to punish her” for exposing “infractions” within the ministry, thus amounting to a breach of that Act. And she is also claiming that their actions violate the Public Finance Management’s section 16, which deals with “objection to

direction”. This gives public officials protection from disciplinary or retaliatory measures if they have a legitimate concern about being ordered to take, or refrain, from a particular action and sets out the processes for submitting a complaint and seeking redress.

Among the defendants are the Prime Minister; Mrs Coleby-Davis, nowminister of transport and energy; Ms Campbell in her capacity as Cabinet secretary; Gina Thompson, permanent secretary in the Ministry of Public Service; Gaynell Rolle, under-secretary in the Ministry of Transport and Housing; and Dr Donna Miller, Cabinet Office under-secretary who has been assigned to the Ministry of Transport and Energy.

This newspaper previously reported how the contracts at the centre of the battle are two multimillion dollar maritime awards.

They are the $3.355m granted to DigieSoft Technologies for the development of an online portal to capture the 4 percent yacht charter fee due to the Port Department, as well as the annual $3.57m award to Adolpha Maritime Group for the maintenance of navigational aids in Nassau and other harbours across The Bahamas.

Both were cited by Ms Thompson for procedural irregularities, as she alleged that the DigieSoft contract

was signed by Ms Rolle, in her capacity as the Ministry of Transport and Housing’s under-secretary, prior to all the necessary documents arriving at the ministry’s offices. The Adolpha deal was also signed by Ms Rolle, this time as “acting permanent secretary”.

Ms Thompson reiterated in her amended claim that she, as the ministry’s chief accounting officer, was the only person with the lawful authority to sign-off on both contracts and thus ensure they are legally binding.

She alleged, though, that unknown to her Ms Rolle “continued to wield an invalid power as she continued to give directives in the ministry” in violation of the Cabinet manual and ministry procedures.

The senior official, though, claimed that when she approached Mrs Coleby-Davis about Ms Rolle “acting beyond her respective scope of power”, the minister purportedly “alluded that the fifth defendant [Ms Rolle] was following her instructions despite those instructions being in contravention of the established regulations and procedures and clear acts of public misfeasance”.

Ms Thompson alleged that she also had to deal with “excessive spending” by the Government’s chief housing officer, Oral Lafleur, who had “negligently executed contracts” that had exhausted 92 percent of the department’s budget within the fiscal year’s first seven months.

And she is also alleging that her role as the ministry’s chief accounting officer was “systematically usurped” by Mrs ColebyDavis and Ms Rolle, with the latter seemingly having “directed changes to the budgetary allocations of the various departments without her knowledge”.

After these budgetary changes were exposed in a meeting with Simon Wilson, the Ministry of Finance’s financial secretary, Ms Thompson alleged she “immediately informed” Mrs Coleby-Davis of what had occurred and urged her “to set a tone of compliance with the relevant procedures and regulations”.

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“Despite the claimant’s advice, the second defendant [Mrs Coleby-Davis] did nothing to address the behaviours of [Ms Rolle] or the chief housing officer,” Ms Thompson alleged. She claimed that this amounted to “a breach of duty owed to” both herself “and the Bahamian public, and are clearly acts of public misfeasance and were performed lacking lawful authority”.

Besides alleged breaches in the protocols and regulations for awarding government contracts, and claiming the DigieSoft and Adolpha awards involved “unlawful execution”, Ms Thompson alleged that there was also a failure “to ensure that awarded contracts were scrutinised to ensure that the Bahamian public was receiving value for money”.

Suggesting she could have been subjected to “penal punishment” for failing to report these issues, the former permanent secretary alleged that when she did she was subjected to a “series of systematic attacks” that saw her placed on leave and her reputation smeared via Internet outlets and social media channels linked to the governing Progressive Liberal Party (PLP).

Asserting that she was placed on “unrecorded leave” in April 2023, one month after she “brought to [Mrs Coleby-Davis] attention several glaring oversights relating to government contracts issued from the Ministry of Transport and Housing, Ms Thompson argued this breached the Freedom of Information Act’s section 47.

This stipulates that “no person may be subject to any legal, administrative or employment related sanction, regardless of any breach of a legal or employment-related obligation, for releasing information on wrongdoing, or that which would disclose a serious threat to health, safety or the environment, as long as he, acting in good faith, and in the reasonable belief that the information was substantially true and disclosed evidence of wrong-doing or a serious threat to health, safety or the environment.”

Among the wrongdoing covered by these protections is “failure to comply with a legal obligation” or “corruption, dishonesty, or serious maladministration”. Ms Thompson is also alleging that she was “arbitrarily” placed on leave in breach of General Orders 1110, which governs the

civil service, and stipulates that all disciplinary proceedings for public officers by governed by Public Service Commission regulations.; The former Ministry of Transport and Housing permanent secretary is alleging that, as a result of being placed on “unrecorded leave”, she has been “constructively dismissed” and is claiming for loss of current and future earnings plus pension rights and loss of employment.

As for the June 2023 meeting with the Prime Minister and Ms Campbell, which was also attended by David Davis, permanent secretary in the Prime Minister’s Office, Ms Thompson alleged: “During the course of the meeting, it became clear to the claimant that the purpose of the meeting was not to address her genuine concerns of the numerous infractions occurring in the Ministry of Transport and Housing or her improper placement on ‘unrecorded leave’, but rather to intimidate her into silence....”

Several “scathing allegations” were made to justify her being placed on leave, including alcoholism, but Ms Thompson said no proof was provided to support these and she was not given an opportunity to address them. She was told they had made an appointment for her to have a psychiatric assessment, and was to remain on leave until this happened.

“The defendants knew, or ought to have known, that the claimant was not suffering alcoholism as the claimant’s various performance evaluations and work ethic over 42 years of public service speaks for themselves,” Ms Thompson’s claim added.

“At all material times during the said meeting, the claimant felt pressured, intimidated and coerced by the first and third defendants [the Prime Minister and Ms Campbell] to attend the assessment or remain on ‘unrecorded leave’ without any information as to who made the said allegations or of any evidence provided to the defendants concerning the said allegation.”

She alleged that the allegations, and assessment, appeared designed to “stifle her from fulfilling her role as the chief financial officer within the Ministry of Transport and Housing and silence her in relation to the infractions.... within the Ministry of Transport and Housing”.

PAGE 14, Thursday, January 11, 2024

THE TRIBUNE

BAHAMAS ‘DOMINATES’ MAJOR US RAILWAY HUB THE BAHAMAS has rolled out a month-long brand domination campaign at New York’s Penn Station as it seeks to build on the anticipated nine million visitors it received in 2023.

The Ministry of Tourism, Investments and Aviation, in a statement, said the initiative that launched on January 2 has resulted in the placement of some 200 giant-size Bahamas posters at strategic locations throughout what is regarded as the busiest railway hub in the US. The advertising campaign aims to heighten The Bahamas’ visibility during the peak travel season and drive increased visitor traffic to the destination from the US north-east, which is this nation’s major tourist source market. The campaign is due to run until January 29.

The Ministry of Tourism, Investments and Aviation said it has partnered with JetBlue Vacations to run a sweepstake in tandem with Penn Station campaign.

The sweepstakes will feature a three-night air and hotel package giveaway with round-trip tickets for two.

The Bahamas giveaway will be featured on some of the poster board

placements throughout the station to make the activation more interactive.

Additional marketing via e-mail, social media and other channels will be rolled out to promote the trip giveaway with JetBlue Vacations and create more awareness for the station domination.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “Our tourism business is in robust growth mode. Having welcomed in 2023 an unprecedented eight million-plus visitors, our aim for 2024 is to continue the upward trajectory in visitor arrivals.

“Our dynamic New York sales team started the New Year with a bang, unveiling branding domination at America’s busiest passenger transportation facility.

The widespread placement of Bahamas posters at Penn Station in the dead of winter will keep our destination top of mind as the millions of commuters transit through New York station during the month of January.”

Latia Duncombe, the Ministry of Tourism, Investments and Aviation’s director-general, said: “In 2023, we witnessed a surge in demand for a Bahamas vacation experience.

Our diverse offerings of 16 unique islands, coupled with the charm and warm hospitality of our people, continue to attract travellers from around the world to our destination.

“We are on a mission to intensify our messaging about the allure of our destination; to reach as many consumers as possible. Our destination’s first brand domination of Penn Station took place in January of 2023, and we are returning to Penn Station this January with a bigger, more

vibrant activation that will capture the imagination of millions of commuters.”

Penn Station, located just outside mid-town Manhattan, is the US’ busiest railway hub with over 600,000 commuters per day.

The station serves commuters from New York, Long Island and New Jersey, an area that comprises the hub of the US north-east. It is the highest producing area for visitor arrivals to The Bahamas, annually delivering over 360,000 visitors to the destination.