01152018 business

business@tribunemedia.net

MONDAY, JANUARY 15, 2018

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Local investors blast Govt’s ‘wall of silence’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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BAHAMIAN investor group is slamming the 20-year “wall of silence” surrounding its “one-stop” Road Traffic solution, arguing that it has been deliberately shut out of national development.

Franklyn Robinson and Charles Beneby, principals in Bahamas Automobile Safety and Inspection Centre Ltd, told Tribune Business that successive administrations - both PLP and FNM - had ignored their proposed remedies for the Road Traffic Department’s multiple woes without explaining why.

The duo, in an interview with this newspaper, said they had partnered with world-class specialists in the development of automated vehicle inspection technology and licence plate production to submit detailed plans for the overhaul of these key Road Traffic operations.

Mr Robinson said their proposal for a new annual vehicle inspection process,

* Frustration over ‘one-stop’ Road Traffic shut out * Say Bahamas lost out on anti-crime solution * And plan for 300 jobs, 30% Gov’t revenue boost in particular, would have increased revenues from this income stream by 30 per cent and created 300 local jobs “at zero cost to the Government”.

The Bahamas Automobile Safety and Inspection Centre Ltd proposals were first submitted to the Government in 2014, in response to the bidding process for modernising the vehicle licensing process that was ultimately won by Data Torque.

Mr Robinson said the proposal was subsequently presented to then-deputy prime minister, Philip Davis, but despite multiple meetings with now-outgoing Road Traffic controller, Ross Smith, the group obtained no clear answers on the former government’s direction or intentions.

Vehicle licence plate manufacturing was handed to the Department of Correctional Services (Fox Hill

AN ARTIST’s rendering of the proposed main vehicle inspection centre. prison) in 2016, in partnership with US firm John R. Wald Company, as the Government rejected the rival offer from Mr Robinson’s group and their joint venture partner, UTSCH AG. And Mr Robinson said he was further “shocked” after it emerged last year that the former Christie administration had entered into a public-private partnership (PPP) arrangement to develop a new $24.5 million Road Traffic Department headquarters with a group

featuring now-Exuma MP, Chester Cooper.

Mr Robinson said leaked details of the business plan drawn up by BFG PPP Ventures I Limited (PPP1) were very similar to his group’s proposal, especially on the vehicle inspections bays/lanes with car lifts.

He added that Bahamas Automobile Safety and Inspection Centre then approached the Free National Movement (FNM) in a bid to have its proposal incorporated into the

party’s agenda should it win office in the May 10 general election, only for its efforts to seemingly fall into ‘a black hole’.

The group was subsequently able to submit its plans to Frankie Campbell, the minister of transport, following the election but has yet to receive “any follow-up” from the Minnis administration.

Mr Robinson told Tribune Business he had been further discouraged by Mr Campbell’s comment that government is “continuous”, which he interpreted as meaning the new administration was still likely to go with the BFG PPP even though all PPP arrangements entered into by the Christie administration are under review and have been placed on hold.

As a result, Messrs Robinson and Beneby said they and their fellow investors

SEE PAGE 6

$4.35

WATER CORP OWED $44M BY CLIENTS * ‘CHANGE THE CULTURE’ TO PRIVATE SECTOR * CHAIRMAN TARGETS SUBSIDY OF ‘LESS THAN NIL’ * ‘MY HANDS ARE FULL’ IN EXECUTING TURNAROUND

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation is owed $44 million by customers, its chairman has revealed, as he disclosed plans to “change the culture and embrace” private sector methods.

Adrian Gibson, the Long Island MP, likened the Corporation’s $151 million accumulated deficit (combined losses) and $100 million unfunded pension liability to “the deficit of a small country”.

He told Tribune Business that he wanted to eliminate the state-owned water supplier’s multi-million dollar annual taxpayer subsidy and take it to “less than nil” by the time the Minnis administration’s term in office ends,

SEE PAGE 8

WATER & SEWERAGE CORP CHAIR BACKS PRICE RISE ‘WITHIN REASON’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation’s chairman would support increasing prices paid by Bahamian consumers “within reason”, but warned its product and service must improve first.

Adrian Gibson, speaking after an Inter-American Development Bank (IDB) report reaffirmed that the Corporation’s long-term sustainability depends on increasing water prices/tariffs, gave cautious backing to this call so long as any rises were “palatable” for Bahamians.

“As chairman, I would support a tariff increase,” he told Tribune Business. “However, there are

some issues that must be addressed with respect to leakages, employee efficiency, quality control and collections. “We can have a tariff increase, but if we don’t have an efficient collection process the same issues will persist. There are other issues that ought to complement a reasonable tariff increase; other things should happen to complement it.”

The Government will likely be reluctant to increase water prices for Bahamian households, given the likely political fall-out and fact that many are already struggling to meet their existing bills.

However, the economic case for an increase seems compelling, given that the call for such an increase is

* Product and service must first improve * And any increase ‘palatable for Bahamians’ * IDB: Tariff falling 12% annually; costs up 2.5% nothing new - having been made repeatedly over the years.

The IDB, in assessing the impact of the $83 million non-revenue water (NRW) reduction project it is financing for the Corporation, warned that the gains and financial savings generated could be thrown away if there is no increase in consumer prices.

The report, pointing out that the last Water & Sewerage Corporation price increase was almost two decades ago, emphasised that by continuing to sell

water ‘below cost’ it will be unable to cover its operating expenses from revenue/ cash flow. This will leave the Corporation unable to finance capital projects and repairs, and leave it dependent on annual multi-million dollar subsidies from the Bahamian taxpayer.

The IDB analysis, accounting for inflation, said the Corporation’s tariff had decreased at an average annual rate of almost 12 per cent between 2000 and 2016, while its water production costs increased

by an average annual rate rate of 2.5 per cent - a situation that is financially unsustainable.

“A tariff increase will be needed to make the Water & Sewerage Corporation (WSC) a financially viable utility,” the IDB report said. “A core issue relating to the WSC financial condition is the comparative level of the unit tariff to the unit cost.

“The effective average tariff has been close to stable since the year 2000, while costs for water production have risen

considerably. These trends can be attributed to two factors: No tariff increase since 1999, and rising water production costs due to increased use of desalination (reverse osmosis plants).

“In summary, the tariff has fallen about 12 per cent per year, while the unit cost of water produced, with increased use of desalination, has risen just 2.5 per cent.... Operating costs have declined about 1.3 per cent per year,” the document added.

“Overall, these results underline the importance of the declining tariff to the financial condition of WSC, and its ability to sustain low levels of NRW. While it is

SEE PAGE 9

GOVT’S FOUR-SIX MONTHS WATER LEAKS COST TO ‘DELIVER ON PLEDGES TAXPAYERS $93M * OVER ONE-THIRD BEFORE CREDIBILITY LOSS’ OF WATER CORP

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government has four to six months to “deliver on their promises before they start to lose credibility”, a governance reform campaigner has warned.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that while the increased optimism following the May 10 general election continued many Bahamians wanted to ‘touch and feel’ improvements in their lives.

He urged the Minnis administration to follow through and execute on more of its promised

* REFORMER: MUST ‘WALK THE WALK’ * MID-YEAR BUDGET TO BE ‘VERY TELLING’ * WARNS: ‘DON’T SQUANDER’ REFORM CHANCE

anti-corruption legislation, together with implementation of Fiscal Responsibility legislation and so-called ‘fiscal rules’, plus improvements to the ‘ease and cost of doing business’.

Suggesting that the upcoming Mid-Year Budget will be “very telling” in terms of how the Government intends to move

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation’s $249 million taxpayer subsidy over the 12 years to 2015 could have been slashed by $93 million if all water leakages had been eliminated.

An Inter-American Development Bank (IDB) report, highlighting the “unheard of success” achieved by an $83 million project it financed to combat the Corporation’s non-revenue water (NRW) losses, has exposed the vast drain this has imposed on the Bahamian public and the Treasury.

“The Government of the Bahamas’ total subsidy is large – $249 million since 2003,” the IDB

SUBSIDIES * ‘UNHEARD OF SUCCESS’ WITH INITIAL 40% CUT * CUSTOMER ‘WIN BACK’ NOT HITTING TARGETS

paper disclosed. “Over the period from 20032015, the total value of recoverable [NRW] losses was roughly B$ 93 million, which is just over onethird of the total subsidy over the period.”

NRW refers to water supplied by the Water & Sewerage Corporation through its distribution

SEE PAGE 5

PAGE 2, Monday, January 15, 2018

THE TRIBUNE

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

MANAGER, FLEET SERVICES A vacancy exists in the Company for the post of Manager, Fleet Services.

The position is responsible for the provision of an efficient and cost effective fleet services for the Company. The position develops long and short-term preventative maintenance plans to ensure proper service, repair maintenance and use of all BPL vehicles and equipment.

Responsibilities of the position include, but are not limited to the following: • • • • • • • • • • • • • • • • •

Provides overall leadership and management for the company Fleet Services; Provides advice to management on the company potential transport issues and requirements; Monitors the fleet services annual budget; Develops annual vehicle replacement program to meet identified demands in accordance with agreed replacement criteria; Ensure corporate policies and procedures are adhered to in relation to the acquisition and disposal of vehicles; Coordinates transportation logistics for equipment and materials; Ensures appropriate health and safety matters are observed in relation to the storage and distribution of fuel and parts; Prepares specifications for the fleet; Coordinates and prepares fleet maintenance schedules; Supervises the repairs, servicing and body repairs of the fleet; Ensures that fleet is licensed, inspected and insured annually; Compares vehicle tender with specifications; Supervises subordinates staff and arrange training; Prepares the department’s budget and business plans; Authorizes purchases of spares and materials and all external repairs and services; Prepares and submit the department’s monthly and annual reports; Inspects equipment prior to purchasing as required.

Job requirements include but not limited to: • • • • • • •

A minimum of a Bachelor’s degree in Automotive Engineering or equivalent qualifications 8 years’ experience in automotive engineering/technology industry and 4 years’ experience at management level Good judgement and sound reasoning ability Ability to communicate effectively both orally and in writing Good time management skills Experience of managing a large and diverse vehicle fleet Good interpersonal, leadership and team building skills

Interested persons should apply to Afuture@bplco.com on or before: January 23, 2018.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

THE TRIBUNE

Monday, January 15, 2018, PAGE 3

Hotels close 2017 ‘roller coaster’ with strong Q4

By NATARIO McKENZIE Business Reporter nmckkenzie@tribunemedia.net NASSAU/Paradise Island resorts capped off a “roller coaster” 2017 with a strong fourth quarter performance driven by positive Thanksgiving, Christmas and New Year’s holiday periods.

Carlton Russell, the Bahamas Hotel and Tourism Association (BHTA) president, told Tribune Business: “The final numbers aren’t out as yet, but the Thanksgiving, Christmas and New Year’s has been very strong for us. We’re just looking for

the final numbers now to see what the results are.

“You have to bear in mind 2017 was a roller coaster of a year. We came off 2016 with Hurricane Matthew, and that had some implications for us in the first quarter.

However, we bounced back in the Easter period. We were threatened with hurricanes in the third quarter, and business took a dip. It was quite encouraging to see the Thanksgiving, Christmas and New Year’s be as strong as they were.”

Mr Russell said there was considerable enthusiam over the potential Grand

Lucayan sale. The Grand Lucayan’s 14-month closure in the aftermath of Hurricane Matthew, and loss of 1,100 rooms representing 59 per cent of the island’s room inventory, has sent Grand Bahama’s economy into a tailspin ever since. The proposed heads of agreement (HOA) for the Grand Lucayan resort complex is under review by Cabinet, following its receipt from potential purchaser, the Wynn Group out of Toronto.

“The BHTA had its meeting in the last quarter in Freeport, and we were able to bring everyone

around the table and talk about what’s going on in Freeport. There is a lot of enthusiasm over what could happen,” said Mr Russell.

“As it relates to Grand Bahama, everyone is hoping that a deal comes to the table and to fruition in short order. We are here as an association to support whomever and however that deal goes. When we look at the impact of Grand Lucayan in Freeport we are looking at it from a broad perspective.We really wish them well, and anything the BHTA can do we will.”

RENEWABLE ENERGY GROUP IN $400M SELF-SUFFICIENCY PLAN

By NATARIO McKENZIE Business Reporter nmckkenzie@tribunemedia.net A RENEWABLE energy group says it has developed a plan to make the Bahamas self-sufficient, a top executive adding that this could pump $300-$400 million a year back into the economy.

Zev Crystal, chief executive of Sustainable Energy, who has partnered with Phil Holdom, founder of Alternative Power Supply (APS), will present at the 27th annual Bahamas Business Outlook this week on: ‘A Model for the World – A small island nation self-sufficient in energy’.

“By creating energy independence and allowing the Bahamas to change, by reducing the cost of energy to much lower than it is today we are adding between $300-$400 million a year back into the economy. This economy needs self-generation because the less you are spending on your electricity bill, the more you will have to spend on something else,” said Mr Crystal.

“We will be presenting certain solutions that will not only create the power that the Bahamas needs to become self-sufficient; not just the solar power but the human power. When you look at an economy and a country that has all these jewels sitting here, there has to be a three-dimensional approach to everything that happens here.

When we look at the energy sector, it’s not just about enhancing the sun and using that to create what we consider very low-cost energy.”

Mr Crystal said Sustainable Energy is preparing itself for development within the sustainable energy sector, and is in the process of finalising a plan for government that would make all the Family Islands self-sufficient.

“We are preparing our business and developing a structure so that when it happens we are in a position to develop a plan to look after the Family Islands,” Mr Crystal said. “It has to be co-ordinated with engineers for these things to have a longterm effect.”

Unified bus system ‘pilot’ in progress

By NATARIO McKENZIE Business Reporter nmckkenzie@tribunemedia.net THE pilot project to determine the feasibility of a unified busing system is in progress, according to the Minister of Transport, who said: “Nothing is set in stone.”

Frankie Campbell told Tribune Business: “The project is in train. It is being facilitated by the Ministry, so I’m not directly involved.

There is nothing the present government has done to impede it. We have done everything we could to facilitate a committee of bus owners and operators, who are themselves are overseeing that. I have made whatever resources that are in my purview available to them and I await them.

“The intent of the project is to collect data that will assist in making some decisions moving forward.

There is nothing written in stone, but the intent is to determine how feasible it is to have a unified bus

system. That isn’t to say that the results will say one thing or the other, but the intent is to find out how feasible it is.

“It is a project that is being assisted by the IDB, and so that committee continues to work with representatives from the IDB in that regard.”

The proposed unification of the public bus system is part of the New Providence Road Improvement Programme (NPRIP), funded by the Inter­ -American Development Bank (IDB), which also involved the upgrading of the island’s road network.

A $530,000 pilot project will demonstrate how the busing scheme will work, in an effort to boost the island’s “economic efficiency and sustainability”.

The Minnis administration has announced plans to establish a unified busing system - fuelled by smart technology - as part of a plan to improve the transportation network within the Bahamas.

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PAGE 4, Monday, January 15, 2018

THE TRIBUNE

Govt’s four-six months to ‘deliver on pledges before credibility loss’ FROM PAGE 1 forward, Mr Myers said many Bahamians were also watching to see if it will proceed with a fully-funded Freedom of Information Act to demonstrate its commitment to transparency and accountability.

“I think generally there’s an optimism among the business community, and hope things will get going,” he told Tribune Business.

“The tourism season seems to be strong, although there’s a lot more employment to be created.

“The US economic fundamentals are good, but fuel prices are likely to rise.

That’s a little bit concerning for us given our dependence on foreign fuel and the cost of power. Generally,

though, the outlook looks fairly stable to me.”

The IMF is projecting that the Bahamian economy will grow by 2.5 per cent this year, due to the short-term ‘bump’ from Baha Mar’s full opening and creation of 5,000 jobs, but Mr Myers warned that the Minnis administration’s so-called ‘honeymoon period’ may quickly end if impatient voters do not see it delivering more extensively on its promises soon.

“I think the Government probably has another four to six months in which to implement what they’ve promised before they start to lose credibility,” he told Tribune Business. “People are reasonably happy with what’s going on, but they’ve got to walk the walk. That’s critical.

“The mid-year Budget is going to be very telling.

We should see funding for things like the Freedom of Information Act. If that’s not in there, they’re not serious about pursuing it.

It’s something people are hell bent on seeing, as it’s necessary to move to an updated and modern form of government, and shows we’ve turned the corner.

“It’s more than information; people will recognise they’re committed. People need to have confidence in the Government that it is going to do what they say.

When that starts to happen, people will feel more comfortable in investing.”

The Minnis administration has spent its first seven-plus months in office getting to grips with what it inherited from its

predecessor. It has been able to blame much on the Christie administration, but many are likely to tire of this - if they have not already - and will want to see progress and results from the new administration.

The Government has already begun to move on its legislative agenda, having debated and passed the Commercial Enterprises Bill through Parliament as one of the first elements in its strategy to re-position the Bahamian economy for growth through liberalisation, deregulation and attracting new industries.

It has also introduced some of its governance/ anti-corruption legislation, and passed and brought forward various Bills designed to ensure the Bahamas

complies with the OECD’s automatic tax information exchange and Base Erosion and Profit Shifting (BEPS) initiatives, plus remains off the European Union’s (EU) ‘blacklist’.

Mr Myers said Fiscal Responsibility legislation, independent prosecutors and changes to the anticorruption legislation “so we’re not going back to the Prime Minister and his ministers” should figure highly on the Government’s agenda.

“We’ve got to move away from the fox guarding the hen house,” he added, referring to how most Bahamian laws make the responsible minister allpowerful with wide-ranging discretionary powers.

“In most of these laws, this is what happens. This

is not a form of governance we’re going to prosper from as we move forward into a more modern form of government,” Mr Myers told Tribune Business.

“Let’s learn from the mistakes of the past. We don’t want to move sideways. We need to move forward. The ease of doing business, we need to see real progress there, and the cost of business, we need to see real progress there. The eradication of exchange controls is critical, and there are other things the Government could do.”

The ORG principal urged the Minnis administration “not to squander this wonderful opportunity” presented to it to enact meaningful, long-lasting reforms that could reposition the Bahamian economy and society for the better.

“If it doesn’t happen in the next four to six months, people are going to feel ‘it’s the same old, same old’,” Mr Myers said. “We’ve got this wonderful opportunity, and I think the Government are doing a good job.

The question now is: Are they doing a great job?

“They’ve had enough time to get their act together. I know a lot of these are working tremendously hard, but there’s a difference between working hard and being effective.

They’ve got to be effective and get results.

“They inherited a mess, but it’s important that support from the public is not squandered. Take advantage of it, make some changes and make it happen.”

THE TRIBUNE

Monday, January 15, 2018, PAGE 5

Water leaks cost taxpayers $93m FROM PAGE 1 system, but which never makes it to the end customer, as it is lost via leaks from its main pipes, customer connections, and fire hydrants and valves.

The $83 million NRW reduction strategy, implemented on the Corporation’s behalf by contractor, Miya, slashed water losses by 1.8 million imperial gallons per day per year during the project’s first two years.

“This translates into a reduction of NRW of about 40 per cent in the first 12 months, and 25 per cent more in the second 12 months.

Reduction rates this high are almost unheard of in NRW projects,” the IDB paper said.

“In the mid-1990s, the mains burst rate was at about 100 bursts per 100 kilometres (km) a year.

However, the mains burst rate fell considerably to about 40 bursts per 100 km a year once mains replacements reached a significant level, and pressures and pressure transients were reduced.

“Bursts have declined further under the [IDB/ Miya project] to about 17 bursts per 100 km a year, which represents good performance, given that the ‘unavoidable’ rate is 13 bursts per 100 km a year.”

The IDB paper said “a more dramatic fall” had been seen in reduced leaks from direct customer connections, which had fallen from a ratio of 150 per 1,000 connections a year to 14 per 1,000 connections a year.

“There is still some room for improvement, given an unavoidable figure of 5 per 1,000 connections a year. Together with pressure control and aggressive leak detection, the replacement of service connections has been a fundamental part of the [project] strategy, and the main cause of the reduced leakage,” it said.

“This rapid reduction had huge beneficial impacts on the use of expensive

desalinated water and increased revenues. Operating cost recovery rose from 0.65 to 0.82, the EBITDA fell from a loss of $19 million to a loss of $8.8 million, and the Government subsidy fell from $25 million to $9.2 million. These are impressive improvements in a short period of time.”

The IDB report added that the project had also enabled the Water & Sewerage Corporation to slash its $14 million receivables by 50 per cent, and also reduce overtime expenses associated with having to repair numerous leaks.

However, it conceded that a key aspect of the project - to ‘win back private well users and have them become Water & Sewerage Corporation customers once again - had yet to reach the targets previously set.

“WSC has been able to steadily and noticeably reduce overtime

expenses, probably due to a lower number of pipe break repairs,” the report said. “Also, WSC reported in 2015 that it had cut the $14 million receivables in half, which is a significant help in its overall financial picture.

“The number of new customers or returning customers has been lower than hoped. The ‘win-back’ programme has not achieved its targets, at least so far.”

The report also warned that the benefits from the $83 million project’s investment “could be in jeopardy of dilution if proactive plans are not made soon by WSC and IDB”.

While the project was likely to hit its NRW savings target of 2 million imperial gallons of water per day, per year, and leak detection, repair and line replacement would continue, the document said preparations for future large-scale maintenance activities were required.

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“The need to maintain the reduced NRW level might require undertaking some more expensive activities, such as some mains replacement, that would have benefit far beyond the several years that will be left on the contract at that point. Discussion of the plans – at least in concept – would be good to start soonest,” the IDB report added.

“In addition, conversations should begin now on the training planned for the maintenance phase, and the transfer of NRW operations

on New Providence back to WSC. These activities will take more than trained staff – a consistent sufficient budget is needed to keep the losses from rising again, as they have done before.”

The IDB paper also called for regulatory issues surrounding the water sector to be addressed, given that such responsibilities were supposed to have been removed from the Water & Sewerage Corporation’s hands and transferred to the Utilities Regulation and

Competition Authority (URCA).

“Future plans for longer-run water supply sustainability on New Providence also must be discussed soon – well before the maintenance phase is over, with apolitical, realistic discussions of the benefits of regulation and periodic tariff increases,” the report added. “If these issues are not dealt with directly and objectively, WSC will not be able to provide high-quality services for its customers on a sustainable basis.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

2016 CLE/Qui/No. 01245

IN THE MATTER OF THE PETITION OF LINDY ARLINGTON HALL of Gambier Court New Providence AND IN THE MATTER OF THE QUIETING TITLES ACT 1959 STATUTE LAW OF THE BAHAMAS CHAPTER 393 AND IN THE MATTER OF ALL of that parcel of land containing 0.846 acre or 26,837 square feet situate on the Western side of a 40 feet wide Crown Road Reservation and approximately 196 feet southeasterly from West Bay Street immediately North of Lot Number Twenty (20) Gambier Heights Subdivision New Providence Bahamas.

NOTICE OF PETITION The Petition of Lindy Arlington Hall of Gambier Court in the Western District of New Providence one of the Islands of the Commonwealth of the Bahamas, in respect of: ALL of that parcel of land containing 0.846 acre or 26,837 square feet situate on the Western side of a 40 feet wide Crown Road Reservation and approximately 196 feet southeasterly from West Bay Street immediately North of Lot Number Twenty (20) Gambier Heights Subdivision New Providence Bahamas.

The Petitioner claims to be the equitable owner in fee simple possession of the parcel of land hereinbefore described and have made an application to the Supreme Court of the Commonwealth of the Bahamas under Section three (3) of the Quieting Titles Act 1959, to have his title to the said land be investigated and the nature and extent be determined in a Certificate of Title in accordance with the provisions of the Act. Copies of the filed Plan may be inspected during normal office hours at:(1) The Registry of the Supreme Court Marlborough House Marlborough Street New Providence the Bahamas.

(2) The Chambers of Sivle Law Chambers #20 Montrose Avenue New Providence the Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or right to a dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an affidavit therewith. Failure of any such person to file and serve a statement of his or her claim on or before the final publication of these presents will operate as a bar to such claim.

Dated this 19th day of October 2017 SIVLE LAW CHAMBERS #20 Montrose Avenue New Providence, The Bahamas Attorney for the Petitioner

PAGE 6, Monday, January 15, 2018

LOCAL INVESTORS FROM PAGE 1

have been left questioning whether there is any space for Bahamians - who lack the necessary political, family and similar connections - to participate in national development.

“All I need this present government to do right now is respond to our proposal, and give us an honest hearing on it as opposed to this wall of silence,” Mr Robinson blasted.

“We are waiting to see if this government is going to be as deaf and unresponsive to private Bahamian citizens, who have done the necessary due diligence for development of this country, or are they going behind this [BF PPP] deal.

He added: “How are we looking at Bahamians participating in their country?

Why is this proposal being ignored? Somebody needs to give us an answer as to why it’s being ignored.

“The country is not going to grow if we’re not growing

Bahamians. When are we going to see a firm commitment from this government for Bahamians to not only be engaged on the periphery but in the key sectors of the economy?”

Mr Robinson traced the roots of his disillusionment back more than 20 years, explaining: “We’ve been involved in trying to find a solution for the Road Traffic Department for 20 years.

“We started in 1996, when we first proposed a solution.

We started off introducing the digitised driver’s licence back in 1996. It was a joint venture between myself, Digital Access Control Systems and Kodak, which did the laminate for the US driver’s licence.

“There was not even an acknowledgement of our proposal. That has been the experience ever since, leading up to the latest proposal.”

Messrs Robinson and Beneby, and their fellow Bahamas Automobile Safety and Inspection Centre investors, tried again when the Road Traffic Department issued its Request for Proposal

NOTICE

THE TRIBUNE (RFP) for the modernisation of the vehicle licensing process in 2014.

The group, and their foreign joint venture partners, went beyond the RFP’s terms in proposing “a complete solution; a one-stop shop” for Road Traffic’s ills, including vehicle licence plate manufacture and an automated vehicle inspection process.

They partnered with two German companies - UTSCH AG, which is among the market leaders in licence plate security, and MAHA Maschinenbau Haldenwang GmbH & Co. KG (MAHA), the global manufacturer and supplier of vehicle safety testing equipment - on the relevant components of their proposal.

Tribune Business has seen copies of both the Bahamian group’s business plan and correspondence with their joint venture partners, especially UTSCH. Their credibility is further bolstered by the fact that Mr Smith, the outgoing Road Traffic controller, previously confirmed to this newspaper that Bahamas Automobile Safety and

Inspection Centre was one of the two final bidders for the licence plate manufacturing contract.

Yet despite partnering with “premier companies”, Mr Robinson said the group’s proposal generated “zero interest” from the then-government. “We got an e-mail stating that our proposal was not even short-listed,” he disclosed.

“It has never happened in their existence before that they did not meet the shortlist of a process. There was no no explanation whatsoever, even though the proposal far exceeded what was asked for.”

Mr Robinson added that “after everybody got over the shock”, the group decided to pursue the potential outsourcing of Road Traffic’s annual vehicle inspections and the licence plate manufacturing. Yet despite meeting with the Road Traffic controller “numerous times” over the following three years, they were unable to obtain clear answers on the Government’s processes and thinking.

“We were told that other private entities had offered

Please be advised that a Central Bank stock Certificate No.94-542, Maturity Date 2031 in the amount of $10,000 has been lost. Person/s are asked to contact Geoffrey Dugay, P.O.Box SS-19639, Nassau, Bahamas or Telephone (242) 636-1274 if found.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, IVADELL FARRINGTON of Crooked Island Street, New Providence, Bahamas, mother of ANGEL GEVORN FARRINGTON, a minor, intend to change her name to ANGEL GEVRON GIBSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

to do this through the prison,” Mr Robinson said of the vehicle licence plates.

“We attempted to sell the technology benefits of what we were offering in terms of the technical advances far beyond the prisoners doing the plates.”

Utilising UTSCH’s expertise, he explained that their plates would have contained an embedded chip allowing the police to instantly detect vehicles that were stolen, unlicensed, uninsured or whose owners had committed other offences.

“Sadly, the plates that were being proposed would have assisted greatly in the crime fighting efforts in the country,” Mr Robinson told Tribune Business. “There was a chip embedded in them that transmitted the insurance status, status of the vehicle and any outstanding warrants.

“UTSCH gave it to the Cayman Islands at $1.5 million because we [the Bahamas] turned our back on them. In Cayman, the authorities can sit at a computer screen and get daily updates on the status of vehicles - who’s driving with expired insurance, and who’s driving on the streets with a violation.

“It’s so difficult for the police to now determine who is who, and who’s running around with an expired plate. This system would have transmitted such data to passing police cars or a cellular phone using a particular app.”

Recalling developments leading up to the then-government’s decision to select the ‘prison option’, Mr Robinson said the group met with Mr Davis, the then-deputy prime minister, after what he described as unsatisfactory meetings with Colin Higgs, the Ministry of Works’ permanent secretary, and former minister of transport, Glenys Hanna Martin.

“Not giving up on the process, we got an audience with the Deputy Prime

Minister [Mr Davis],” he recalled. “He gave us an ear, took and accepted the proposal, and said he’d get back to us.”

Mr Robinson said he received feedback in 2016 that the Christie administration was taking a serious look at Bahamas Automobile Safety and Inspection Centre’s proposal in 2016, prompting him to travel to Germany to finalise all agreements and training arrangements with both joint venture partners.

“I came back to the Bahamas with a back-up plan,” he said of the vehicle plates. “They [UTSCH] would offer the plates to the Government at no cost whatsoever. They would sent the equipment down, and if the Government liked the product they would continue to provide the service.

“There was no response to that whatsoever from the Government. Then it came out they were going the prison route.” Mr Beneby added that while the idea of training and equipping prisoners with skills was a laudable idea in preparing them to re-enter society, this objective will not be achieved with the vehicle licence plates.

“They’re only teaching them a skill that is non-marketable, non-transferable,” he added. “They are learning skills that are a dead-end function.”

Thwarted on the vehicle licence plates, Messrs Robinson and Beneby turned their focus to the automated, technical annual vehicle inspection technology and processes they had offered to the Government.

“The proposal included 12 locations throughout the entire Bahamas, which would have provided the operating space for the Road Traffic Department,” Mr Robinson told Tribune Business.

“The main headquarters in Nassau would have

SEE NEXT PAGE

LEGAL NOTICE

NOTICE

Pursuant to the provisions of Section 138 (8) of The International Business Companies Act, 2000, notice is hereby given that PUMA ENERGY FUNDING LTD. has been dissolved and struck from the Register of Companies according to the Certificate of Dissolution issued by the Acting Assistant Registrar on the 15th day of December, 2017.

Pursuant to the Provisions of Section 138 (2) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that ALTARIA GROUP LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 21st day of December A. D. 2017.

Denis Chazarain (Liquidator)

Enervo Administration Limited, LIQUIDATOR Montague Sterling Centre, East Bay Street Nassau, The Bahamas, P.O. Box N-3924

THE TRIBUNE

Monday, January 15, 2018, PAGE 7

Local investors blast Govt’s ‘wall of silence’ FROM PAGE 6 accommodated the Road Traffic Department; we designed it that way with space for Road Traffic, vehicle inspections and insurance companies under one roof.

“It would have included a six-bay inspection facility that accommodates heavy vehicles, light vehicles and motorbikes and zero cost to the Government.”

Mr Robinson said the group had proposed a 60:40 revenue split from the new inspections process in favour of the Government, and added: “The only thing that we had asked is that they provide the land and we lease it from them. That was the only thing being asked.”

Still unable to obtain answers, Mr Robinson said he was “shocked” when details of the Christie administration’s PPP arrangement with the BFG special purpose vehicle (SPV) were revealed.

“I was stunned. This is word for word what I proposed,” he told Tribune Business. “On top of that,

all along Ross Smith said they had not made a decision. It was a shock to me that the inspection process was now going on, and I’m still waiting for a response from the Government.

“That answers the question as to what was going on with my proposal, and why there’s a wall of silence.

That’s why the Road Traffic Department languishes in the Thomas A Robinson Stadium.

“Our concern still is: The Government has a choice.

They could further entangle themselves in this PPP thing. Or they could say of us: This is a well thoughtout and researched private sector initiative that checks all the boxes we need to tick.”

BFG’s proposed Road Traffic Department headquarters would be located off Tonique Williams-Darling Highway on land near the Penn building, Tribune Business understands.

Mr Cooper’s involvement in the BFG PPP was recently confirmed by Desmond Bannister, minister of works, who told Parliament: “The model for a commercially viable public-private

NOTICE

partnership is the one that the honourable member for Exuma and his business partners have put together for an office complex on Tonique Williams Darling Highway, where the Government will invest in the project and will be given preference shares in the ownership of the company that will own the building.

“The Government will then rent the building for 10 years and, at the end of that period, the building will be turned over to the Government for $100. On top of that the Government will be paid 60 per cent of the residual revenue in the ownership company. So, at the end of the day, the Government will get its initial investment back. That’s a win-win agreement. It’s the type of agreement that would make sense.”

PPPs typically involve private sector investors raising the necessary capital, thereby alleviating the upfront financial burden on the Government. The latter then leases or rents the properties/assets involved, ensuring the investors recover their money and make a profit, before

ownership is turned over to the state - usually after a 10 to 25-year period.

BFG’s business plan, according to details presented in the media, seemingly called for the Government to finance the venture through the issuance of $24.5 million in bonds. The Government was also to advance a $2.45 million interest payment to cover acquisition and other ‘soft’ costs related to the project.

Two of BFG’s three named directors, Peter T. Carey and Julian J. Rolle, are also a Board director and senior management executive, respectively, at Mr Cooper’s BAF Financial.

Meanwhile, after failing to get their proposal on the FNM’s pre-election agenda, Mr Robinson said they were eventually granted an audience with Mr Campbell, the new minister of transport.

“We were able to put in a short presentation relating to the inspection, and gave them an opportunity to re-look at the plates and technology involved that would assist the crime

NOTICE

NOTICE is hereby given that INNOCENT JEAN BAPTISTEBELLOT of Minnie Street, P.O. Box N-10326, 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 8th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that CONCILLA ANNE JEAN BAPTISTEBELLOT of Minnie Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ROODATRAM KAWALRAM of Nassau, 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 15th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE is hereby given that NADIRA KAWALRAM of Nassau, 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 15th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE

fight,” he told Tribune Business. “He [Mr Campbell] accepted the proposal, but

we never got an acknowledgement or receipt, or any follow-up.”

N O T I C E Nickel Metal Marketing Inc. ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 21st day of December, 2017.

Shield Ltd. Liquidator of Nickel Metal Marketing Inc.

In the Estate of JOCYLYN MAY PYFROM late of Governors Harbour, Eleuthera Notice is hereby given that all persons having any claims or demands against the abovenamed Estate are requested to send the same duly certified to the undersigned on or before the 2nd day of February A.D. 2018.

Notice is hereby also given that at the expiration of the time above mentioned the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice.

Holowesko Pyfrom Fletcher Attorneys for the Executor Chambers Templeton Building, Lyford Cay Nassau, Bahamas

PAGE 8, Monday, January 15, 2018

THE TRIBUNE

WATER CORP OWED 44M FROM PAGE 1

and acknowledged: “My hands are full.” Speaking after an Inter-American Development Bank (IDB) report warned that price increases were the only way to transform the Water & Sewerage Corporation into a sustainable, profitable entity, Mr Gibson said ever-increasing consumer debt was discussed by the latter’s Board last Thursday. He added that so-called ‘dormant accounts’, where customers no longer used its services but retained their ‘connection’ to the Corporation’s mains, were identified as a particular concern. These persons still have to pay a monthly ‘connection’ fee to the Corporation, but many have ceased doing so, resulting in significant bills accruing over multiple years.

“The bottom line right now is that the Corporation has $44 million outstanding from its accounts,” Mr Gibson told Tribune Business. “With respect to dormant accounts, I’m told a lot of this comes from accounts where persons have the Corporation’s line but are not using it.

“Every month a bill is issued, but they’re not using the service. They’re not paying, and it accrues and accrues. I want to beef up the collections department, and ensure persons reach their targets every week. We’re talking about a Corporation that has a $151 million accumulated deficit, and $100 million in unfunded pension liabilities. It’s stunning. We’re talking the deficit of a small country, a small state.”

Mr Gibson said he also wanted to reduce the average age of accounts receivables, representing monies owed to the Corporation by customers, which was currently “way up there”.

He added that he had initially targeted a 71-day deadline for cutting off delinquent customers, and moving to collect outstanding balances, but quickly realised more drastic improvement was necessary given the

extent of the Water & Sewerage Corporation’s financial plight.

“I had a target of 71 days prior to shutting off and collecting,” the Water & Sewerage Corporation told Tribune Business. “I told the chief financial officer last night [Thursday’s Board meeting] that it had to be less than 71 days.

“She finally said: ‘68 days’.

The quicker the outstanding payments are collected the better, and we lower the age of receivables. Operating cost recovery should be 100 per cent recovered from our revenues. I am trying to ensure we have specific targets in place that we must meet.”

Mr Gibson emphasised that the days of politically-influenced decision-making, at least as far as he is concerned, are over as he pointed to the “immediate suspension” of the ‘do not disconnect’ list for politicians and ‘high society’ figures with delinquent accounts.

“You can’t owe $20,000$30,000 to the Corporation because you are a politician, and don’t have to pay,” he told Tribune Business.

“These things all add to the ‘red ink’.”

The Water & Sewerage Corporation’s operating costs have far exceeded its revenues for decades, making it one of the biggest drains on Bahamian taxpayers together with Bahamasair - among state-owned enterprises (SOEs) requiring annual subsidies from the Public Treasury.

These typically average between $20-$30 million annually, and K P Turnquest, deputy prime minister and minister of finance, has repeatedly said SOEs must reach a position where they wean themselves of the Bahamian taxpayer’s largesse through reaching a position where they cover annual operating costs themselves.

Indicating that the Water & Sewerage Corporation is already in the Ministry of Finance’s sights, Mr Gibson said: “I recently received a letter from the Deputy Prime Minister, which I’m preparing a response to and convening a meeting of the Corporation’s management team.

“I would like to see that subsidy go to less than nil in this five-year period. If we can have substantial reductions year-over-year, that would be great. I’m prepared to advance ideas that would see the subsidy reduced, but it will take a collective effort.

“It’s a worthy discussion the Ministry of Finance wishes to have on the subsidy.

When we look at government corporations, and in my time as a Tribune columnist I looked at Bahamasair and others, some of them have been a financial drain and I’d want to turn that around,” he continued.

“Not only reduce the subsidy and improve the Corporation’s operating performance, but cut the $151 million accumulated deficit and look at ways and means to reduce the unfunded $100 million pension liability the Corporation has.”

The Water & Sewerage Corporation has been hit by a steady stream of negative news since the May 10 general election, featuring an Ernst & Young (EY) forensic audit; management executives being placed on administrative leave; and a continuing Royal Bahamas Police Force (RBPF) investigation that has sparked protests from the trade union representing its line staff.

Mr Gibson told Tribune Business that a key element of the Government’s transformation strategy for the Water & Sewerage Corporation is a “change of culture” that results in it being run like a private sector entity.

“My hands are full, but we’re going to put our shoulders to the wheel and change the culture, embracing a business/private sector culture at the Corporation,” he said.

“We will adjust the model so that the Corporation runs more as a corporate entity according to standard business principles.

“We will be looking at the business plan, and tinkering with the business plan is something that’s high on the agenda. Sometimes you’ve got to take that bitter pill to get better. It’s going to take making the tough decisions, and taking that bitter pill for the greater good.”

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

2016 CLE/GEN/1182

IN THE MATTER of an Indenture of Mortgage made the 10th day of August, A.D., 2009 between Corey C. Ferguson and Finance Corporation of Bahamas Limited.

AND IN THE MATTER of an Indenture of Further Charge made the 18th day of January, A.D., 2012 between Corey C. Ferguson and Finance Corporation of Bahamas Limited.

Expression of Interest (EOI)

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws

LYNDEN PINDLING INTERNATIONAL AIRPORT

BETWEEN

Nassau Airport Development Company Limited (NAD) is seeking interested proponents (individual, consortium or joint venture) to design, build, finance and operate multiple duty free retail stores at The Lynden Pindling International Airport.

FINANCE CORPORATION OF BAHAMAS LIMITED AND COREY C. FERGUSON

Interested proponents are asked to provide: 1. A list of all local or internationally recognized brands the proponent is licensed to sell 2. The proposed categories of duty free items/stores the proponent would wish to provide 3. A proposed revenue share model with NAD including minimum annual guarantees. NAD welcomes innovative revenue models in the expression of interest 4. List of stores and their square footage owned and operated by the proponent 5. Confirmation that the proponent has the capacity to build-out at least 3,000 square feet of retail spaces at a minimum of B$450.00 per square foot Minimum Qualifications: 1. Proponents must be a licensed Bahamian company or joint venture with a licensed Bahamian company 2. 5 years experience as a major duty free concessionaire at an airport NAD’s Goals and Objectives are to: 1. Achieve a high standard of excellence and customer service 2. Offer concepts & services that will appeal to the complete spectrum of passengers served by the airport A detailed Expression of Interest Document for the above is available for distribution to qualified and interested parties via email by contacting Mr. Troy Strachan, Manager Commercial Development at troy.strachan@nas.bs.

Documents may also be collected from NAD’s Executive Offices located on the 3rd floor of The International Arrivals Terminal at The Lynden Pindling International Airport. Documents will be distributed up to 4:00 p.m. on January 22, 2018.

Submissions in response to this EOI are to be received no later than 4:00 p.m. February 23, 2018. After reviewing responses, NAD may request additional information or may schedule individual meetings with any respondent to gain additional information about the expression of interest.

Plaintiff Defendant

To: Corey C. Ferguson TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons as renewed filed in this action on the 5th day of August, A.D., 2016 seeking an Order to direct you to deliver up possession of the Mortgaged Property situated in the Subdivision called and known as “MOUNT PLEASANT VILLAGE PHASE IV” comprising Lot numbered “111”, situated in the Western District of the Island of New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 10th day of August, A.D., 2009 and for the sum outstanding under the Further Charge dated the 18th day of January, A.D., 2012, and that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 5th day of August, A.D., 2016, Ex Parte Summons filed on the 23rd day of August, A.D., 2017, Affidavit in support of Ex Parte Summons filed on the 24th day of August, A.D., 2017 and Order dated on the 28th day of November, A.D., 2017 in The Tribune Newspaper and Nassau Guardian newspaper shall be deemed to be good and sufficient service of the said document upon you.

If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post.

A copy of the said Originating Summons, Ex Parte Summons, Affidavit in support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned.

Dated the 9th day of January, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Monday, January 15, 2018, PAGE 9

WATER CORP CHAIR BACKS PRICE RISE ‘WITHIN REASON’ FROM PAGE 1 always worthwhile to find ways to reduce costs - through more NRW reduction or other means - a tariff declining at a rate of about 12 per cent per year is the main cause of WSCs financial difficulties – now and in the future.

While modest, a Consumer Price Index (CPI) based tariff indexation/increase would seem a reasonable first step.”

The IDB is thus prodding the Government to tie any Water & Sewerage Corporation tariff increases to inflation, a suggestion likely to find favour with K P Turnquest, deputy prime minister and minister of finance, who has repeatedly said state-owned enterprises (SOEs) must recover their costs as he seeks to reduce their annual $429 million subsidy bill.

“I think the increase in the tariff has to be

Water Purification company is looking for a Technical Supervisor to manage and oversee its technical service department.

Experience: • Proven working experience as a Supervisor

of Technical Department with a minimum of

5-7 years • Interpersonal skills to maintain and develop

relationships with management and

customers • Sales Experience General Responsibilities • Direct Supervision of hourly work force to

maximize efficiency and reduce operating

cost • Ensure proper training is given and

recorded for all employees to reduce

quality concerns • Maintain production to meet all schedules • Complete quality inspections and process

audits as required and ensure corrective

actions are implemented • Ensure personnel issues are dealt with in a

timely matter, including disciplinary actions • Provide technical support to customers and

support staff • Foster a positive team environment and

assist coworkers as required • Comply with all company policies and

procedures Instructions to applicants • Please send resume via email to: hr@purewaterbahamas.com • Subject of email “Vacancy- Technical Supervisor” • Only those applicants who are shortlisted

for interview will be contacted • Deadline for submission – 5pm, Friday, January 26th 2018.

reasonable and palatable to the Bahamian public,” Mr Gibson told Tribune Business. “The reality is that the Corporation is still incurring high operating losses.

“While I would support a tariff increase, I realise the operating performance of the Corporation; the quality of the service and the quality of the product, has to be improved. I would pursue a tariff increase within reason, but also improve the operational and financial performance, and reduce the Government subsidy so the Corporation can operate on its own merit with its own monies and collections.”

The IDB, though, is in no doubt about the need for swift and decisive action when it comes to increasing the price paid by Bahamian consumers for their water.

“In the early years of the history of WSC, revenues generally exceeded costs.

Since about 2003, costs have generally exceeded revenues,” it added.

“Over the history of WSC, there have been only three tariff adjustments – in 1982, in 1993 and in 1999. The tariff increase in 1993 clearly boosted revenue in relation to cost, ensuring a modest surplus for about eight years. The tariff increase in 1999 is not noticeable, however, and since then, costs have climbed considerably.”

The report concluded: “A tariff increase is long overdue. WSC and the Government of the Bahamas could avoid an ongoing culture of subsidy and political interference given reasonable tariff adjustments.

“If the Government of the Bahamas will not allow tariff increases, they run a great danger that the WSC operational budget will be insufficient to conduct the proper operations and maintenance needed to maintain the low NRW levels. NRW will rise again, repeating a dreadful pattern seen all over the world.”

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

2016/CLE/gen/00665

IN THE MATTER OF property comprised in an Indenture of Mortgage dated 5th day of August A.D., 2004 between Deidre Miller of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9108 at pages 500 to 510.

IN THE MATTER OF property comprised in a Certificate of Upstamping 21st day of October A.D. 2010 between Deidre Miller of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 11248 at pages 296 to 307.

BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND DEIDRE F. MILLER Defendant TO:DEIDRE F. MILLER TAKE NOTICE that: 1.

An ORIGINATING SUMMONS AND AFFIDAVIT filed on the 4th day of May A.D. 2016 have been issued against you in the Supreme Court of The Bahamas being Action No. 2016/CLE/gen/00665 by First Caribbean International Bank (Bahamas) Limited, the Plaintiff herein.

2.

AND THAT by an Order made in the Supreme Court by Deputy Registrar Stephana Saunders on the 11th day of November 2016 in Supreme Court Action No. 2016/CLE/gen/00665 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the Defendant, Deidre F. Miller be effected by way of this Advertisement.

3.

A NOTICE OF APPOINTMENT TO HEAR ORIGINATING SUMMONS filed on the 24th day of January A.D. 2017 has been issued against you in the Supreme Court of The Bahamas by the Plaintiff herein.

4.

The hearing date of the Notice of Appointment to Hear Originating Summons has been set to be heard on Thursday 15th day of February 2018 at 9:30 o’clock in the fore-noon before the Honorable Justice Cheryl Grant-Thompson whose chambers is located in the Swift Justice Building, East Street North, Nassau, The Bahamas.

That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements.

5.

6.

In default of such appearance such order will be made and proceedings will be taken as the Court may think just.

Dated the 11th day of January A.D. 2018 GRAHAM THOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas.

Attorneys for the Plaintiff

Career Opportunity FIDUCIARY EXECUTIVE

JPMorgan Chase Private Bank is seeking applications for a Fiduciary Executive JPMorgan Asset & Wealth Management, with client assets of $2.4 trillion, is a global leader in investment and wealth management. Its clients include institutions, high-net-worth individuals and retail investors in every major market throughout the world. The division offers investment management across all major asset classes including equities, fixed income, alternatives, multi-asset and money market funds The International Trust Services (“ITS”) practice group provides trustee and related fiduciary services to clients of the J.P. Morgan Private Bank around the world. The ITS team administers structures established for private banking clients from Latin America, EMEA and Asia. The Global Trusts and Estates business represents $165bn in assets; the international trust business represents $49bn in assets, administered through approximately 2400 fiduciary structures.

The Fiduciary Executive (FE) is a part of the Senior Management Team within the Bahamas trust business. The FE is charged with providing technical, administrative, legal and risk management support to the Team Leaders (TLs), Trust Officers (TOs) and Trust Administrators (TAs) and other team members related to trust administered in the Bahamas.

The Fiduciary Executive role is broad and includes covering trust teams aligned with Latin America, Asia and EMEA as well as those covering US connected trusts. Responsibilities include the following activities.

Partner with Bahamas Trust Company Team Leader who is responsible for managing the TOs and TAs in the Bahamas Coordinate and partner with additional Fiduciary Executive coverage that may be assigned to the Bahamas team on some or all FE responsibilities • Provide advice on and facilitate the resolution of complex technical issues and questions with TLs, TOs and TAs • Be a part of the approval process as necessary for discretionary decisions submitted by TOs, approve money transfers & other transactional approvals • Provide document interpretation and analysis of the relevant policies, procedures, laws and regulations.

• Provide guidance/approval on investment exceptions requiring fiduciary input • Assist in the termination/closing of small or troublesome accounts and advise on resignations.

• Assist in the resolution of client complaints and other challenges from co-trustees and/or beneficiaries • Review Annual Administrative Account Reviews that present potential risk issues and advise TOs and TAs on resolution of open action plans.

• Monitor monthly/weekly administrative metrics and follow-up with TOs and TAs to assure resolution of outstanding issues.

• Provide informal training and guidance though participation in Team meetings with TOs and staff.

• Back up Team Leader as needed to facilitating account acceptance and opening for new Trust and Agency relationships.

• Escalate threatened and actual litigation to senior management and work with internal and external legal counsel to ensure responses are thorough and to facilitate optimal resolution of all client disputes.

• In partnership with Team Leader, manage front office completion of all compliance and risk management projects including follow-up and resolution of open issues.

• Provide review and input on proposed policy additions and changes.

• Assist in the process improvement & enhanced risk management of the Bahamas trust business including identification of new or emerging gaps, risks or inconsistencies for escalation and resolution with internal partners

Required Skills: Broad knowledge of all legal, tax and regulatory requirements applicable to fiduciary relationships. Superior risk management, practical judgment and problem solving skills. Excellent communication and interpersonal skills and demonstrated ability to work collaboratively.

Desired Background/Experience: Law degree required. Minimum 10 years of international and/ or US trust and/or estate experience at a law firm or corporate fiduciary. Experience with clients around trust administration, tax and investments desired.

• •

Interested applicants can apply to J.P. Morgan Chase online at: http://careers.jpmorgan.com/experienced/jpmorgan/jobs under requisition number: 170101584. Deadline to submit application is January 26, 2018

PAGE 10, Monday, January 15, 2018

THE TRIBUNE

THE TRIBUNE

Monday, January 15, 2018, PAGE 11

PAGE 12, Monday, January 15, 2018

THE TRIBUNE

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