01182022 BUSINESS

business@tribunemedia.net

TUESDAY, JANUARY 18, 2022

$5.36

$5.28

$5.05

‘Caribbean’s Singapore’: $15bn GDP target urged

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday urged to target a 50 percent GDP increase to $15bn, a governance reformer arguing: “There’s no reason we can’t be the Singapore of the Caribbean.”

Robert Myers, the Organisation for Responsible Governance’s principal, told Tribune Business that increasing economic output to a level never achieved before is “not a huge stretch” if The Bahamas enjoys “better management and vision” and improved leadership “on all fronts”.

• ORG chief: 50% economic output leap ‘not a stretch’ • ‘Better management and vision on all fronts’ needed • Too many in public service hired as ‘social welfare’ While $15bn in gross domestic product (GDP) would represent a more than-$5bn increase from when The Bahamas’ bottomed

out at COVID’s peak, he argued that the economy’s small size meant that it only needs to “sign up a couple of projects” that succeed for the post-pandemic turnaround to begin in earnest.

Calling on both the public and private sectors to play their part, as well as the Government, Mr Myers reiterated that the 1.8 percent and 1.5 percent GDP growth rates projected for The Bahamas in 2025 and 2026, respectively, by the International Monetary Fund (IMF) “cannot happen” if economic expansion is to solve the country’s woes.

Warning that so-called “austerity”, such as new and/or increases

taxes, spending cuts or a combination of both, can only take The Bahamas so far, the ORG chief argued that much depends on the Davis administration’s ability to “motivate” the public sector on the need for far-reaching reforms.

The Bahamas, Mr Myers said, will be unable to achieve the “growth lift” required “if we don’t bring our population with us”. Suggesting that a significant number of civil servants were employed as a form of “social welfare”, adding little value to the public sector’s output, he added:

SEE PAGE 4

GB Power rate hike approval sparks ‘new regulator’ charge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MICHAEL PINTARD

Don’t alienate NGOs in creating ‘political stink’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday warned the Government not to “alienate” non-profit groups and their donors by creating a “political stink” around the $51m COVID food assistance initiative.

Michael Pintard told Tribune Business that the Davis administration’s effort to cast vague “aspersions” over the work done by the National Food Distribution Task Force and non-governmental organisations (NGOs) threatened to “sideline” those who had been helping to assist impoverished Bahamians even before the pandemic struck.

Hitting back at the statement released by Latrae Rahming, director of communications in the Prime Minister’s Office, he argued that the Minnis administration had sought to keep the food programme’s administration costs as low as possible with just 8 percent of monies used for this purpose on New Providence.

This rose to 12 percent on the Family Islands, and 18 percent on Abaco where infrastructure had been devastated by Hurricane Dorian. And Mr Pintard said both the United Nations Development Programme (UNDP) and the World Food Programme had been involved

SEE PAGE 6

GRAND BAHAMA POWER COMPANY

Judge cuts $66k from Sir William’s outstanding loans

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE late Sir William Allen’s estate has persuaded the Supreme Court to slash unpaid loans allegedly owed to a prominent Bahamian businessman by some $66,000.

Justice Ian Winder, in a January 13, 2022, ruling, found the amount of interest claimed by Tony Myers,

who previously held leasehold rights to Ocean Cay for aragonite mining before it was taken over by Mediterranean Shipping Company for its private cruise port, exceeded the limits permitted by Bahamian law.

Finding that the $66,000 amounted to an “effective annualised interest rate of 70.29 percent” against the former Bahamian finance minister’s estate, when the maximum allowed was 20 percent, Justice Winder

struck our Mr Myers’ claim for this sum. And he also removed Sir William’s son, Andrew, an attorney and prolific letter writer to the newspapers, as a defendant.

However, Justice Winder declined the estate’s bid to strike out Mr Myers’ entire action, instead limiting his claim to just the $144,000 principal allegedly still owed and ordering that he

SEE PAGE 4

Electricity rate hike ‘blow’ to GB revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Free National Movement (FNM) last night branded approval of Grand Bahama Power Company’s base rate increase as “counter productive” for making it more difficult to attract investment.

The Opposition, which holds a majority of three out of five Grand Bahama seats in the House of Assembly, blasted the go-ahead given

by the Grand Bahama Port Authority (GBPA), the utility’s regulator, as “inconsiderate” given that many businesses and residents were still struggling to recover from the devastation inflicted by Hurricane Dorian and COVID-19.

Describing the decision as “deeply disappointing”, FNM said: “Grand Bahamians in the last few months have had to endure increased VAT costs on breadbasket items and medication, increased

$5.16

inflation causing a rise in the cost of living, and the increase in construction costs with VAT added to construction services.

“The GBPA has approved the rate case application that will increase electricity costs by 3.3 percent. While the regulator claims to have conducted public consultation, the majority of Grand Bahamians were not able to have their views heard. In

SEE PAGE 6

RENEWED calls were made last night for an independent regulator to take over supervision of all Freeport utilities after Grand Bahama Power Company’s base tariff hike was partially approved.

The Grand Bahama Port Authority’s (GBPA) decision to grant the island’s sole energy provider an average base rate increase of 3.3 percent, as opposed to the 6.3 percent rise originally sought, united both the private sector and community activists in opposition on the basis that any jump now is “too much” for battered economy struggling to revive from COVID and Hurricane Dorian.

Unveiling a decision where it appeared to be

ROBERT MYERS trying to find a middle ground, and be all things to all men, the GBPA statement said the final approval had slashed the rate increase by 47 percent compared to the original proposal. And, trying to further appease GB Power’s customers, it said the revised electricity rate structure’s implementation has been pushed back until April 1, 2022.

“GBPA worked diligently with its utility expert consultant and GB Power, which resulted in a revision of the original application.

We are pleased to say the final filing has resulted in notably decreased numbers, with a reduction to 53 percent of the original filing,” the Port Authority said in a statement.

“On January 14, GBPA communicated its approval to GB Power of the revised application and reduced base rate increase to 3.3 percent. Furthermore, the implementation of any increase has been deferred to April 1, 2022, to ease the roll-out impact for customers.

SEE PAGE 5

PAGE 2, Tuesday, January 18, 2022

THE TRIBUNE

BAHAMIANS ‘DO NOT DISTINGUISH OURSELVES’ ON INVESTING, SAVING BAHAMIANS “do not distinguish ourselves” when it comes to savings and investments, the deputy prime minister said yesterday, with less than 8 percent of citizens purchasing tradable securities.

Chester Cooper, addressing the “digital ecosystem meeting” convened by the ArawakX crowdfunding platform, voiced regret that The Bahamas had failed to establish a more deep-rooted savings and investments culture with the Central Bank’s 2018 financial literacy survey revealing that less than 30 percent of the population contribute to pension plans.

“I continue to be concerned about this,” said Mr Cooper, who is acting prime minister in Mr Davis’ absence, “and my Ministry will undertake this year, along with stakeholders in the financial services and banking community,

CHESTER COOPER, acting prime minister and minister of tourism, investments and aviation, addresses the ArawakX Digital Ecosystem conference yesterday.

He is pictured delivering remarks, and in a group photo with, from L to R: Latia Duncombe, deputy director-general, Ministry of Tourism; ArawakX chairman and chief executive, D’Arcy Rahming Snr; and Ministry of Tourism consultant, Senator Randy Rolle.

Photos:Kemuel Stubbs/ BIS

to lead a financial literacy national campaign to ultimately encourage saving and investing.

“It is essential to build capital markets and spur national growth. At the same time, it is the intention of the Davis-Cooper

administration to also earnestly tackle the predicament of the unbanked, especially in the Family IOslands. No doubt many entities in the FinTech (financial technology) space will continue to leverage this as an opportunity.”

Reiterating that foreign direct investment (FDI) remains “the fastest way to grow our economy”, the deputy prime minister said the Bahamian financial services industry needed to seek out new business opportunities amid the

fast-evolving nature of the sector.

“Those in the financial services sector looking to survive must find new ways and new opportunities and new niches,” he added. “I am delighted that we are speaking today of

NEW BAMSI CHAIR AIMS TO REVIVE ORIGINAL GOALS THE Bahamas Agriculture & Marine Science Institute’s (BAMSI) newlyappointed chairman is pledging to restore its identity and revive the mandate for which it was created.

Senator Tyrel Young, who was appointed on November 1, said: “I want people to know that, from day one, my priority was to understand the Government’s plan for BAMSI and to carry out that mandate to the best of my ability, and with the full support of the staff.

“As the COVID-19 pandemic continues to rage across the globe, food security must remain at the top of our agenda. We must be able to provide at least the basic food items for ourselves on a consistent basis,

and we must be able to do that in a sustainable manner so that future generations of Bahamians will be supported and have access to arable land, and delicacies like conch and lobster. “ With almost 90 percent of BAMSI’s tractors down and in need of repair, Mr. Young and the Board moved to get them back into action so that production on the Institute’s farm could return to an acceptable level and it could better support its associate farmers.

“As we head into 2022, my goal is to see a steady increase in the types of crops grown by BAMSI, our partners in the Associated Farmers programme and all farmers across the Bahamas. Part of BAMSI’s job, as research institute, is

to provide critical information for the sector in terms of best practices, best variety for our environment, and healthiest options for our populace,” Mr Young said.

“We want to balance supporting the business of farming; that is, seeing farmers maximise their earning potential, with making the healthiest produce available to the widest spectrum of our citizenry… and available at a cost they can afford.

“Persons living in the inner cities, the less fortunate, those living on the margins of society, they should all have access to healthy produce in their neighbourhoods and be able to include these items

SWEET PEPPERS AND ROMAINE LETTUCE BEING PLANTED.

– fresh fruit and vegetables – in their grocery budget.”

BAMSI’s academic arm also required greater support.

The Institute said there was an immediate need to increase staff levels with educated, motivated and focused individuals who would assist in the training of young and

not-so-young future agricultural and marine scientists.

BAMSI is also seeking to broaden its recruitment net and make it easier for recent graduates - and those interested in making a career change - to choose it and work through the enrolment process quickly and smoothly.

disruptive technologies and concepts. It is imperative that we create new markets and value networks to replace our old, traditional methodologies.

Reaffirming the Government’s message that The Bahamas is open for business, Mr Cooper said: “We are interested in investment opportunities for Bahamians and businesses in Grand Bahama in information and communications technology (ICT) and the industrial sector, with its incredible physical and technology infrastructure.

“We are looking for investors with an interest in renewables to partner with us throughout our family of islands. If you are an agricultural or marine investor, come and talk with us. We are committed to creating the business/ investor-friendly environment to facilitate the inflow of investments.”

“Just like UB and BTVI, the Government of the Bahamas is committed to providing free education to qualified candidates at BAMSI. We want students and parents to know that if you pass five BGCSEs, math and English included, the BAMSI government tertiary education grant is available to you,” Mr Young said.

“It covers a range of things from tuition and fees to textbooks. We want senior high students, especially those in grades 10 and 11, to start planning now to enroll in BAMSI. A beautiful campus along with a talented team of educators awaits you.”

Mr Young added that the Institute is set to launch an aggressive marketing campaign. “My goal is that every Bahamian is aware of the full range of services and goods the Nassau/ Andros-based Institute has to offer,” he said.

THE TRIBUNE

Tuesday, January 18, 2022, PAGE 3

Landscaping chair hits out over rogue entrants

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ESTABLISHED landscaping companies are increasingly having to clean-up behind rogue new market entrants who have emerged amid the COVID19 pandemic, it was argued yesterday.

Conray Rolle, the Bahamas Landscaping Association’s chairman, told Tribune Business that his members were frequently having to rectify shoddy work performed by sector newcomers that has cost

consumers hundreds of dollars to make right.

“Everybody is out there now trying to start their own business. Who isn’t out there looking for government contracts are just watering down the industry,” he said.

“This is a big problem because you’ve got every Tom, Dick and Harry thinking they can come into the industry. We’re not trying to stop anybody from making money, but they just can’t see the industry as one where anybody can come in and start working.”

The number of new landscaping enterprises entering

the industry has soared in the last 24 months, Mr Rolle said, while acknowledging that dealing with poorly-trained operators that do more harm than good for Bahamian consumers has “always been a problem”.

He added: “If you’re not taking the time to educate yourself, to train and develop yourself........ For example, you have a firm going out there against an established company that has invested time and money in training and education, not only in themselves, but also in their people, and then you have a

guy who just comes in with his business license and doesn’t invest the time and training into his work and gets a job and undercuts someone with the training and capability.”

Mr Rolle said some newcomers have tried to undercut established landscaping companies by close to two-thirds, offering $40 for a job costing. Mr Rolle explained that this often only ends up hurting the client.

“I have people come to me after they have tried the cheap route and, instead of having to pay $100 initially, they end up spending $120

trying to correct the shoddy job that was done by the first guy in addition to the $40 they originally paid him,” he added.

“All of this creates this negative stigma about the business. So, what we want is a process by which anyone who wants to come into the industry must undergo training from the Bahamas Technical and Vocational Institute (BTVI) and, once they have undergone training, then they can apply for their license as a part of that process.”

Bahamian landscapers also have to deal with foreign companies that enter

Supply chain woe ‘highly challenging’ for brewery

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net COMMONWEALTH Brewery’s top executive yesterday said supply chain woes had made trade “highly challenging” for some of its imported brands with such issues set to persist in 2022.

Jürgen Mulder, the BISX-listed Kalik manufacturer’s managing director, told Tribune Business: “All global supply chains were challenged in 2021, and we anticipate further supply chain delays as we move further into 2022.

“Unfortunately, on imported goods like wines and champagne, it has been highly challenging.

However, I commend my planning and logistics team for their seamless, uninterrupted operations of our brewery. As a whole, our team throughout The Bahamas are looking forward to a successful and productive year.”

In unveiling its 2021 third quarter and nine-month results, Commonwealth Brewery had warned that global supply chain disruption would increase its costs by 10 percent over the remainder of that year as it sustains its return to profitability.

“Operating expenses have increased to $23m for the period (13 percent), which is in line with the increase in production to mirror the increase in consumer purchases,” it told shareholders.

“The current disruption of the global supply chain has resulted in increases to the cost of goods and production materials. The company anticipates that this disruption will result in approximately a 10 percent increase in cost over the remainder of the year.

Commonwealth Brewery will continue to implement cost mitigation and other measures to maintain the profit margin.”

COMMONWEALTH BREWERY Aided by the economy’s continued re-opening and relaxation of COVID19 restrictions, the vertically-integrated brewer, wholesaler and retailer turned the $766,965 comprehensive loss sustained in 2020’s third quarter into a $1.976m profit last year.

Up against relatively weak year-over-year comparisons, given that the 2020 third quarter was hit by multiple lockdowns and other COVID-related

restrictions, Commonwealth Brewery’s 2021 third quarter sales rose by close to $7m or just over 29 percent, hitting $29.13m as opposed to $22.533m in 2020.

Hit hard last year by 2020’s tourism industry’s shutdown, rising unemployment and reduced incomes, plus restrictions on bars, restaurants and nightclubs, as well as alcohol sales generally, Commonwealth Brewery said that it “continued to experience strong

this nation to perform a specific job but never leave.

“We have to contend with all of these foreign companies coming in, and there’s no one policing or putting any control measures in to make sure that these things aren’t happening,” Mr Rolle said.

“When these guys come in they bring in their own landscape crew, and do work that Bahamians can be doing. That creates another problem, because I’m no longer just competing now with my local guys; I’m competing against foreigners.” growth in net revenue” through the 2021 second half.

Commonwealth Brewery has yet to disclose its 2021 fourth quarter and full-year financial results, but Mr Mulder said he anticipates they will be boosted by the continued tourism rebound based on trends from previous quarters.

He added: “To date, we have not released our 2021 fourth quarter financial statements, and therefore cannot disclose our 2021 sales volumes. However, our financial results for the first three quarters of 2021 have shown the resilience of Commonwealth Brewery and all of our team members.

“Due to the increase in The Bahamas’ tourism activity towards the end of the year, we have great optimism in our end of year sales outlook.”

PAGE 4, Tuesday, January 18, 2022

THE TRIBUNE

‘CARIBBEAN’S SINGAPORE’: $15BN GDP TARGET URGED FROM PAGE ONE

“If the Government goes down we all go down.”

Mr Myers, though, did not exempt the private sector from his call to action, calling on it to continually reinvest in The Bahamas and work with the Government on improving education and workforce productivity if the country is to escape a post-COVID slump and absorb all school leavers into its workforce.

“Let’s put it like this,” he told Tribune Business.

“We’re at $10bn in GDP. If we take that to $15bn, that’s not a huge stretch if we can sign up a couple of big projects and really work hard at making us attractive... Because we’re a small country it doesn’t take a lot to move the economy, and if we get those projects moving and get to $15bn GDP we get our debt ratio back to 75 percent.”

That, though, depends on the Government rapidly eliminating its annual fiscal deficits and running a

balanced budget to ensure the national debt does not increase beyond the present $10.4bn - something that The Bahamas’ fiscal history suggests will be a tough ask.

“I certainly hope that lesson has been learned,” added Mr Myers of The Bahamas’ ‘borrow and spend’ history. “For most intents and purposes, we have an over-staffed government that has become a form of social welfare in some cases.

“The Government has chosen to employ all these people when they equally could have given them a cheque and sent them home. It’s a form of welfare, and is a demotivating form of welfare. If you have 100 people in a department, and 50 are not working, it’s demotivating for the 50 people trying to get something done. You’d be better off sending them home.”

An Inter-American Development Bank (IDB) report previously quoted former Cabinet secretary, Camille Johnson, as saying

the Bahamian public service was over-staffed by up to 40 percent. “The public sector has to take an interest in solving these problems,” Mr Myers added.

“It’s not just the administration’s problem. We have well-paid, competent people in positions of authority and they need to motivate, execute, manage and create change otherwise we all sink. If the Government goes down, we all go with it, good, bad and indifferent.

“For a country that has so much potential, and I mean that from an economic, human resources and people perspective, we have incredibly fortunate circumstances. Some people need more education and tools, but we have a great environment, great proximity to the US. There’s absolutely no reason we shouldn’t be the Singapore of the Caribbean. It just needs better management and vision.”

Mr Myers voiced confidence that both the Prime Minister and Chester

Cooper, deputy prime minister, understood that driving greater economic growth was the solution to much of The Bahamas’ economic and social problems.

“Whether they’re able to motivate the public sector to act is an entirely different issue,” he added. “That’s the $50,000 question.

“They [the public sector] have to understand they’re the 1,000 pound gorilla in the room. They need to get more productive, they need to streamline systems. The people that manage these sectors need to take it seriously. They need to improve the cost and ease of doing business or otherwise they are putting themselves at serious risk.

“I continue to underscore the necessity for improving workforce development, vocational training. We cannot get the growth lift we need if we do not bring our population with us. There’s a tremendous amount of work to do to get all our workforce

to the position of being employable.”

Urging the Government to “dust off” the National Development Plan that was put together under the last Christie administration, with input on a bi-partisan basis from multiple stakeholders, Mr Myers said the private sector also has a key part to play in The Bahamas’ revival.

“It’s up to all of us,” he argued. “We’re investing in the country continuously, trying to do our part. We need to be doing that, others need to be doing that. We’ve all got to bail water out of the boat and float, and try and get ourselves to a good place.....

“These things could be fixed relatively quickly in a 10-year cycle. If we can fix these things, and get it going in the right direction, I’m not pessimistic; I’m still optimistic. But we have got to have leadership on all fronts, private sector and public sector. It’s not government leadership. It’s too easy to point the finger at

the Government. We’ve all got to row, we’ve all got to bail.”

With the IMF projecting that Bahamian GDP growth will revert to its anemic long-term trend of about 1.5 percent annually by 2026, Mr Myers retorted: “That cannot happen.

That’s not acceptable.

“Whatever administration is in office has to wake up to the fact that we’ve got to right-size this thing, and if we do not get growth we will be in a position where our backs are up against the wall with the IMF and IDB and we will face significant expenditure cuts. That will be very painful.

“Austerity is only part of the answer. The biggest opportunity is the administration, private sector and public sector that understands a rising tide lifts all boats. If we just slash public sector employment and expenditure that has a negative effect on the economy.”

JUDGE CUTS $66K FROM SIR WILLIAM’S OUTSTANDING LOANS

FROM PAGE ONE

file an amended claim within 21 days.

Mr Myers, when contacted by Tribune Business last night, said he had been unaware that the Rate of Interest Act imposes a maximum 20 percent rate on loans exceeding $100. Any higher rate is treated by the Act as “null and void”, and any proceedings to recover such a loan are treated as unenforceable by the courts.

“I never realised that the law in The Bahamas allowed that interest rates which exceeded a certain amount could be disqualified,” he added. “It doesn’t exist in too many other places. It seems less free market, but it’s fine. It is what the law is.”

He added that he was “still proceeding” with the litigation against the exfinance minister’s estate, and said: “The way the loans were structured were not oriented towards interest.

It’s just the way Sir William

and I had done business for many years.....

“It’s a real shame because Sir William and his wife are fantastic people. What’s sad is that Sir William and I were really good friends for many years. We did many investments together, and I helped him out for 20 years in many, many ways and, at the end, he was unable to meet many of his obligations.”

Justice Winder’s judgment reveals that Mr Myers initiated legal action to enforce a $210,000 promissory note

signed by Sir William and his son on July 5, 2012, where they purportedly promised to repay the monies by February 28 the following year.

Despite “numerous demands for payment of the sum due”, the full amount allegedly remained outstanding. The promissory note pledged to repay the $144,000 principal, plus $66,000 in interest, from the sale of Crab Cay, a 163-acre island north of Green Turtle Cay in the Abacos.

February Point Resort Estates in picturesque Great Exuma is seeking applications for the following positions: - Property Manager - Food & Beverage Manager - Landscaping Irrigation Technician Qualified persons are asked to send their resumes to the following email address:

klightbourne@februarypoint.com

SIR WILLIAM ALLEN The judgment is silent on whether the land sale was concluded, but Justice Winder noted that Mr Myers did not “seriously challenge” evidence produced

by Sir William’s estate that the $66,000 interest violated the maximum allowed under the Rate of Interest Act. The estate showed that the “pure interest rate” generated by the promissory note was 45.83 percent, while the effective annualised interest rate was 70.29 percent. This compared to the 20 percent maximum allowed under the Act. While noting that Mr Myers’ claim could be struck out as “frivolous and vexatious” for breaching the Act, Justice Winder said courts should first seek to amend such actions - as the businessman had attempted to do - by suing only for recovery of the $144,000 sum

contained in the loan agreements themselves.

Mr Myers’ amended claim said the $144,000 was advanced in small sums between September 8, 2008, and October 13, 2011, and they were provided “without any agreement or otherwise as to interest”.

He added that the $66,000 was “offered by Sir William as a means of reward for his forbearance”.

Andrew Allen was removed as a defendant as he only signed the promissory note to help his father, and none of the loan proceeds went to him. Justice Winder said Mr Myers’ action may also be statutebarred by the Limitation Act, as it had started out of time, but there was “some evidence” to suggest the debt had been acknowledged and to support an extension.

NOTICE

NOTICE

NOTICE

MAXMAN HOLDINGS LIMITED

IVORY BAY LIMITED

W T L HOLDING LIMITED

N O T I C E IS HEREBY GIVEN as follows:-

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

a)

MAXMAN HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

IVORY BAY LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

W T L HOLDING LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

b)

The dissolution of the said company commenced on 14th January, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 14th January, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 14th January, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 18th day of January, A. D. 2022 _________________________________ Octagon Management Limited Liquidator

Dated this 18th day of January, A. D. 2022 _________________________________ Bukit Merah Limited Liquidator

Dated this 18th day of January, A. D. 2022 _________________________________ Bukit Merah Limited Liquidator

NOTICE

NOTICE

NOTICE

ENTORNO LIMITED

RELI INVESTMENT LIMITED

KUNEO ASSETS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a)

ENTORNO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) RELI INVESTMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

KUNEO ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 18th October, 2021 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 14th January, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 14th January, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Blue Seas Administration Ltd., of Shirley & Charlotte Street, Nassau, Bahamas.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited of Shirley & Charlotte Streets, Nassau, Bahamas.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited of Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 18th day of January, A. D. 2022 _________________________________ Blue Seas Administration Ltd. Liquidator

Dated this 18th day of January, A. D. 2022 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 18th day of January, A. D. 2022 _________________________________ CST Administration (Bahamas) Limited Liquidator

THE TRIBUNE

Tuesday, January 18, 2022, PAGE 5

GB POWER RATE HIKE APPROVAL SPARKS ‘NEW REGULATOR’ CHARGE FROM PAGE ONE “GB Power, in their projected five-year plan has committed to [getting] 15 percent of its generation from renewable sources by 2026, and proposes to invest over $80m in capital improvements, which include a 5MW (Mega Watt) solar plant and battery storage, as well as other improvements in generation and transmission and distribution.”

The GBPA’s final decision seems designed to try and appease GB Power’s customers while also giving the utility, 100 percent owned

by Canadian energy giant, Emera, enough of what it was seeking. However, no mention was made as to how the different residential and business segments that make up GB Power’s base will be impacted by the revised approval.

Under the original tariff adjustment application, all segments were to be treated differently and see separate impacts on their monthly electricity bills. And business community and activist reaction last night suggested the revised structure, and its lower base rate increase, has failed to placate much of GB Power’s customer base.

Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC), and a long-time GB Power critic, pledged to Tribune Business that the group “will do everything in our ability to this rate increase doesn’t happen”.

Arguing that the GBPA and GB Power were “defying” both the wishes of the Government, which had opposed any rate increase, as well as the whole of Grand Bahama society, Pastor Victor said it was untenable for any regulator of public utilities to take such a position.

As a result, the Coalition will also lobby to remove utilities regulation in the Port area from the GBPA hand this responsibility over to the Utilities Regulation and Competition Authority (URCA). In this he was backed by Greg Laroda, the Grand Bahama Chamber of Commerce president, who said discussions over passing such duties to URCA will “come to the forefront again”.

However, GB Power has already initiated Supreme Court litigation challenging URCA’s authority to regulate itself and other utilities in the Port Area under the Hawksbill Creek Agreement. Thus the move demanded by Messrs Laroda and Victor may require amendments to Freeport’s founding treaty before their ambitions can be fulfilled.

“I guess I’m a prophet. I was expecting an announcement,” Pastor Victor said of the GBPA statement. “Our position has not changed one bit. There is no justifiable reason to give a rate increase at this time or any time soon. We anticipated the request would go through, and would not change despite the popular position that there be no increase.”

GB Power had initially been seeking a near-$5m increase in its annual base revenue to $66.5m on the basis due to increased insurance premiums and the need to recover costs associated with restoring its transmission and distribution network following Hurricane Matthew in 2016.

By partially approving this application, the GBPA has gone against the stated position taken by the Davis administration, which said back in November 2021 that it “will not support a rate increase on any portion of the customer base at this time”.

Pastor Victor yesterday argued that the approval, which came despite widespread opposition from the Government, private sector, hotel industry and Grand Bahama residents, suggested that the GBPA’s motives were “profit driven” as well as those of GB Power.

“This decision has nothing to do with the best interests of the country or people of the country,” he told Tribune Business. “It is clear there needs to be an independent regulator for Freeport,

and east and west Grand Bahama.

“The other thing that is clear, too, is if you have a regulator in the Commonwealth of The Bahamas that defies the Government’s position when it comes to increasing electricity rates, that regulator should not be regulating power here or any other utility in The Bahamas. If an entity does not fall into line with national policy, they should not be regulating any utility in The Bahamas.

“They’re defying the Government and they’re defying the people, because they are the Government, and that entity [the GBPA] should no longer regulate on Grand Bahama. They can do all the other stuff. Our position going forward is we’re going to seek to change who is the regulator on Grand Bahama. We need independent regulation for the whole island.”

That would likely require changes to the Hawksbill Creek Agreement, and Pastor Victor responded: “The problem with the Hawksbill Creek Agreement is that it’s decades old.

There are some things that should have been done decades ago but there are things we can do in the interim with respect to the agreement and law.” He did not elaborate on what these were.

Mr Laroda, meanwhile, said of the rate increase’s approval: “I still feel that any increase right now before the economy has a chance to recover is probably too much. I think the gesture of them approving a lower percentage increase, and extending the start to April, is an OK gesture, but maybe they shouldn’t have approved a rate increase at this time.

“A lot of businesses are struggling now as it is to recover. We’re still paying a hurricane recovery fee [to GB Power]. I just feel that overall the timing is not the best... April is not that far down the road. It’s going to add to some of the struggles of the business community, especially the micro and small businesses. It’s going to add to the cost of doing business in an already-struggling economy.”

The GB Chamber chief said he knew of no one in Grand Bahama’s business community who approved of an increase in GB Power’s base rates. “I guess we’ll just have to see what the Government now will do in light of them approving it,” Mr Laroda added. “I guess this will now bring to the forefront again this whole discussion around who should regulate GB Power.

“The community is in opposition to it, the businesses are in opposition to it.

I haven’t spoken to anyone who feels good about an increase at this time.”

Pastor Victor, meanwhile, warned that the GB Power rate increase will offset any benefits created for Grand Bahama by the VAT rate’s reduction to 10 percent.

“It’s a domino effect,” he argued. “When you think you have a win for the country, a notable economic burden on the people being reduced, you have an entity putting a further burden on that. With all the millions of dollars put in here by nongovernmental organisations and government, here it is: You have a regulator making a decision that works against the economic recovery. It doesn’t make any sense.”

GB Power did not reply to a series of written questions submitted by this newspaper before press time. However, in its original application, it asserted that 42 percent of residential customers will see either a decrease or no change in their base rates.

It added that the other 58 percent faced with an increase would see their monthly bills rise by an average of between $7 and $20 depending on consumption.

“Customers who consume 600 kWh (kilowatt hours) per month can expect an increase of about $7 per month under the proposed rate structure,” it said.

“Those who consume 800 kWh on average will see an increase of about $12 per month. Those who consume 1000 kWh on average will see an increase of about $20 per month.”

PAGE 6, Tuesday, January 18, 2022

DON’T ALIENATE NGOS IN CREATING ‘POLITICAL STINK’ FROM PAGE ONE

in helping to structure and execute the initiative, and drawing up the criteria used to determine who would receive help.

Mr Rahming, in his statement, said some $9.139m in payments were “made out to a beneficiary that did not appear to be classified as an NGO”. However, Mr Pintard said that based on his recollection, the entity involved was the Cates & Company accounting firm, which was brought in to provide financial oversight to the feeding initiative on Grand Bahama.

The Grand Bahama food assistance programme was structured differently to the rest of The Bahamas, with the Office of the Prime Minister partnering with the Grand Bahama Port Authority (GBPA) and the island’s Chamber of Commerce to ensure Bahamians were able to put food on the table. There is no suggestion that Cates & Co or its executives have done anything wrong.

Mr Pintard, meanwhile, questioned why the Government would release “partial” findings from what is understood to be, at present, a draft report when the accounting firm compiling it had yet to interview

Susan Larson, the Task Force’s head, or request information from her. This newspaper understands that meeting was supposed to take place yesterday.

And he also suggested that the “timing” of Mr Rahming’s statement had less to do with “transparency and accountability” over the COVID food assistance initiative and was more connected to efforts to deflect, and distract, media and public attention from the ongoing furore over the Government’s Dubai trip.

In similar fashion, the Government released the Bahamas Public Parks and Beaches Authority report a day after issues surrounding the Christmas Carnival’s cancellation surfaced, again seeking to throw the spotlight back on the previous administration and its actions.

Mr Pintard, though, argued that more important questions relate to the current status of the COVID food assistance initiative, which was taken back in-house by the Government through the Ministry and Department of Social Services and Urban Development.

Addressing the controversy stoked by Mr Rahming’s statement, the

Opposition leader said the former administration sought to partner with NGOs such as Hands for Hunger, the Bahamas Feeding Network and the Red Cross on the COVID food assistance because they were “already operating in this space” and had networks and contacts on the ground.

He explained that the Government would have merely increased bureaucracy and costs had chosen to handle food distribution itself. So the Minnis administration decided to contribute “the lion’s share of the funding” with the National Food Distribution Task Force created to act as the co-ordinating and focal point through which these monies were disbursed to the NGOs. “What we don’t want to do in this discussion is sideline these groups,” Mr Pintard said of the NGOs, “or cause them to be caught up in a political drama when their goal is to meet residents’ needs. The last thing donors want is to be caught up in a political stink. The Government ought to be careful not to alienate such groups.”

He argued that the questions the Government needs to answer involve the food programme’s current

status, namely how many persons is it now serving; how different this is from figures prior to the September 16 general election; and whether the economy has improved sufficiently to reduce distribution and the number of sites used for this.

“Are they seeing people and keeping their dignity intact,” Mr Pintard asked, adding that the COVID food assistance initiative was initially only supposed to be a 12-week programme but “ultimately mushroomed into 20 months” to provide Bahamians who had lost their jobs and all incomes due to the pandemic with food security.

“It is unfortunate that the Government has picked this time to cast aspersions on a programme that benefited from the input of NGOs,” he said. “The last thing we want to do is create an unnecessary furore over a situation where the Government has access to the information, and can get the information if it so desires.”

The Opposition leader explained that past Cabinet papers set-out the mandate and structure of the COVID food assistance initiative, together with costs and the participants involved. In addition, the

ELECTRICITY RATE HIKE ‘BLOW’ TO GB REVIVAL FROM PAGE ONE addition, the vast majority of Grand Bahamians that had the opportunity were absolutely opposed to any rate increase at this time.”

The FNM added: “Grand Bahama’s economy continues to struggle through recovery which requires new and increased investment. One of the largest impediments to investment

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LATIA FORBES of Faith Gardens, P.O. Box N-687, Nassau, The Bahamas, Parent of NOAH LLOYD VALENTINE JOSEPH A minor intend to change my child’s name to NOAH LLOYD ROLLE If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

has been the cost of electricity on Grand Bahama. This decision is counter-productive and will make it even more difficult to attract and expand investment.

“While we are sympathetic to the economic plight of GB Power, we are even more mindful of the struggling residents and businesses fighting their own economic challenges and this increase will only be another blow to the island’s recovery.”

The GBPA, in a statement confirming the approval, said the final approval had slashed the rate increase by 47 percent compared to the original proposal. And,

trying to further appease GB Power’s customers, it said the revised electricity rate structure’s implementation has been pushed back until April 1, 2022.

“GBPA worked diligently with its utility expert consultant and GB Power, which resulted in a revision of the original application.

We are pleased to say the final filing has resulted in notably decreased numbers, with a reduction to 53 percent of the original filing,” the Port Authority said in a statement.

“On January 14, GBPA communicated its approval to GB Power of the revised application and reduced

THE TRIBUNE

Government would have access to the permanent secretary and accounting officer at the Ministry of Social Services, who could provide details on the flow of funds.

Any “gaps”, Mr Pintard added, could be filled by the Task Force, which would have financial records and audit-ready paper trails in its files. “There was no need for them to release a partial report with gaps in it knowing all parties had not been involved in the discussion,” he said.

As for the $9m that did not go to an NGO, Mr Pintard said: “Again they have a paper trail that the funds went to service the Grand Bahama programme.”

Mr Rahming, in his statement, said: “Early accounts indicate no evidence that an internal control environment related to the food programme, and the Task Force was designed and implemented by the office of the financial secretary of the Ministry [of Finance] and the Department of (Social Services).# “Furthermore, there was no evidence that the office of the financial secretary of the ministry, the Department of (Social Services), and the task force collaborated to design policies, procedures and best

practices aimed towards the execution of the task force’s duties, inclusive of reporting and monitoring.

“There was no evidence of authorised contracts in place with the NGOs under the food programme. There was no evidence that controls existed for financial reporting and monitoring.

There was no evidence that the Department of (Social Services) obtained an understanding of the task force’s policies and procedures related to the food programme.”

Mr Rahming added that the Department of Social Services “did not appear to have received and/or maintained sufficient and appropriate documentation and support” related to the task force’s operations and execution of the programme specifically for verification of resource allocation; beneficiary data; expenditures incurred and settled;, and minutes for meetings held.

“There was no evidence of controls in place to address personal data protection and data integrity.

The Department of (Social Services) noted duplications of beneficiaries at the end of the food programme,” he said.

base rate increase to 3.3 percent. Furthermore, the implementation of any increase has been deferred to April 1, 2022, to ease the roll-out impact for customers.

“GB Power, in their projected five-year plan has committed to [getting] 15 percent of its generation from renewable sources by 2026, and proposes to invest over $80m in capital improvements, which include a 5MW (Mega Watt) solar plant and battery storage, as well as other improvements in generation and transmission and distribution.”

It remains unclear how the Government will respond to the GB Power approval. A Cabinet committee met last November to discuss GB Power’s planned rate increase, and met with the GBPA to inform it the “Cabinet will not support a rate increase on any portion of the customer base at this time”.

The Cabinet committee featured three ministers with strong Grand Bahama connections. Besides Ginger Moxey, minister for Grand Bahama, they include her predecessor, Dr Michael Darville, now minister of health and wellness, and Obie Wilchcombe, minister of social services and urban development, who is also MP for West End and Bimini.

The committee’s other members include Alfred Sears, minister of works and utilities, who has responsibility for Bahamas Power & Light (BPL), and Ryan Pinder, the attorney general.

Mr Clint Watson said: “We are waiting for the 45-day review process the Power Company is going through and we will see what their outcome is. It is our hope it is stayed. The committee has been very clear and very vocal in talking to the Port Authority about its position, and our position remains just that.”

NOTICE NOTICE is hereby given that JACKY PHILISTIN of Stubbs Alley, Williams Lane, New Providence, The 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 11th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that WALTER JIMIOR JOACHIM of P.O Box CR-56227 Carmichael Road, 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 18th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that WELTON CHERISME 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 11th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.