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TUESDAY, JANUARY 21, 2020

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PETER GOUDIE

Labour expert: Severance pay ‘can be onerous’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Tripartite Council’s vice-chairman yesterday admitted that legally-mandated severance payouts “can be onerous” after Cavalier Construction cited them as a key factor in its closure.

Peter Goudie told Tribune Business that the Employment Act’s severance pay stipulations for both supervisory and line staff could total “a lot of money” especially if a company had numerous long-serving staff who would earn the maximum payout.

He spoke out after Cavalier, arguably the largest and best-known Bahamian contractor, cited prohibitive employee severance/ termination costs as an obstacle that had prevented it from right-sizing its workforce in line with reduced business levels prior to last week’s decision to cease operations.

The 64 year-old contractor, which is in the process of appointing a liquidator to wind-up its operations, said in a statement: “As a company having a number of long-standing employees, we have simply not had the cash reserves needed to restructure our operations due to the significant financial cost/liability associated with this exercise as set out in the employment legislation.”

Cavalier’s complaint is an eerie echo of the explanation that 74 year-old Taylor Industries gave almost exactly a year ago when it collapsed into insolvency and ceased trading.

The electrical contractor and appliance retailer

SEE PAGE 5

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100 GB airport workers at risk

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

G

OVERNMENT and trade union officials yesterday voiced fears that all 100 employees of the Grand Bahama International Airport Company may be terminated due to the drop-off in flights post-Dorian.

John Pinder, director of labour, confirmed to Tribune Business that around 13 persons were made redundant by the operator of the island’s main international gateway to-date, and said he was seeking a “final figure” on how many staff will ultimately be released.

Both himself and Dave Barr, president of the Grand Bahama Port Authority

Workers Union, which represents the airport’s line staff, suggested that “everybody is going to be made redundant” eventually because the owners - Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd affiliate - do not want to invest the tens of millions of dollars required to rebuild the facility.

“I guess Hutchison Whampoa has made a decision to not rebuild the airport, so as a result of that they are making the people redundant,” Mr Pinder said.

“They must be trying to

force the government’s hand to buy the airport or reopen the airport.”

Confirming that he wants clarification on how many persons will ultimately be released by the Grand Bahama International Airport Company, Mr Pinder added: “They need to give us a final figure on how much they are letting go, but thus far I understand that it was 13.

“To my knowledge on Friday they let go 13 airport workers. I think they have about 80 persons that work at the airport. I don’t

AN ex-Bahamian Contractors Association (BCA) president yesterday renewed calls for the government to properly regulate the sector following Cavalier’s failure, adding: “It’s critical to our survival.”

Leonard Sands told Tribune Business that fully implementing the Construction Contractors Act should be “the very first thing” that Desmond Bannister, minister of works, does in 2020 given that it was “beyond urgent” to both improve the Bahamian construction industry’s competitiveness and aid post-Hurricane Dorian rebuilding.

Warning that “the risk is too great” for the government “not to complete the task”, Mr Sands added that the situation was “stifling growth” in the local

know if they are going to let all of them go, but some indications are that they are making them all redundant.

I have my team going in there this morning to speak with them to see if they can find any other place where they can engage them in this organisation.”

Malvese Capron, head of human resources at the Hutchison Port Holdings, said she was in meetings and unavailable for comment when Tribune Business sought to contact her. She

CAVALIER Construction is “the first casualty of a changing industry model” because it “didn’t adapt with the times”, an exBahamian Contractors Association (BCA) president argued yesterday.

Leonard Sands told Tribune Business that the 64 year-old company, which confirmed it ceased trading last Wednesday and will appoint a liquidator to wind-up its affairs, had done “too little, too late” to adjust its business structure to the fact that large general contractors such as itself were increasingly being bypassed for work on multimillion dollar projects.

Cavalier, in its promised statement after this newspaper revealed its permanent

LEONARD SANDS closure and the termination of 54 staff, admitted it had effectively been “cut out of the market” by the growing tendency of developers/ investors to rely on construction management firms to oversee their projects.

These firms, Cavalier explained, tended to divide the construction work into “smaller packages” and then share it among multiple contractors and sub-contractors who often performed specialised tasks. As a result, the Bahamian construction market had shifted away from relying on one general contractor to perform all the necessary work.

Cavalier’s statement revealed that its business had been declining for several years as a result, leaving it unable to sustain its large workforce and high overhead costs. It cited

and he re-emphasised the need for Bahamian contractors to be placed on a “level playing field” with foreign rivals by a regime that would certify contractors according to the work they are competent to perform.

“The Construction Contractors Act is just critical to the survival of the Bahamian construction market,” he told Tribune Business.

“It is critical to the survival of our industry. The licensing means you cannot just come in here and build a house. The Act protects against that kind of stuff.

“Right now we have an open market with no protection, so there can be more fall-out. That’s the biggest risk to me. Cavalier

may not be the last one... It’s beyond time for the government to take action, appoint the board and go forward with at least stabilising our industry.”

Desmond Bannister, minister of works, told Tribune Business yesterday that while the Act’s full implementation via the board’s appointment is a personal “focus” for early 2020 there may need to be a “minor” change made to the legislation.

Declining to detail what this potential reform is, until he receives legal advice from the Ministry of Works’ in-house attorney and the Attorney General’s Office,

SEE PAGE 4

DESMOND BANNISTER

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

a “significantly reduced turnover/workload” as the primary factor behind the decision to close its doors for good, and blamed its inability to restructure/ downsize on the Employment Act’s prohibitive redundancy costs (see other article on Page 1B).

“Cavalier Construction Company and its sister company, Bobcat Bahamas Ltd, have ceased trading as of January 15, 2020,” the company confirmed in its statement to Tribune Business. “As such, all the companies’ employees and

SEE PAGE 4

SEE PAGE 5

SEE PAGE 3

• Contractor confirms it will be liquidated • Did ‘too little, too late’ to adapt business • Sub-contractors, others owed big sums

• Finishing Act ‘critical to our survival’ • Minister pledges ‘focus’, warns of further changes • Ex-BCA chief renews call in wake of Cavalier failure construction market as he knew of international investors waiting “with bated breath” for the Act to be given full effect before they invested tens of millions of dollars in The Bahamas.

He argued that the drive to appoint the Board, which will oversee the licensing and regulation of all Bahamian contractors, had been given fresh impetus by Cavalier Construction’s confirmation yesterday that a liquidator will be appointed to wind-up arguably the biggest name in the industry over the past 64 years.

Mr Sands argued that the impact of Cavalier’s failure (see other article on Page 1B) “may be bigger than we even recognise right now”,

Construction ‘very strong and healthy’ despite Cavalier

A CABINET minister yesterday said the overall Bahamian construction industry remains “very strong and healthy” despite Cavalier Construction’s decision to cease operations and appoint a liquidator.

Desmond Bannister, minister of works, told Tribune Business he was unaware of the factors driving the 64 year-old contractor to take this decision but said the Bahamian construction industry was asking his ministry to put “more and more government projects out to tender every day”.

Citing this as a sign of a vibrant sector, Mr Bannister said: “With respect to the work we put out to tender, and the small contractors of the country, as far as I can see the industry continues to grow.

“On major projects we have put out, and we have put out a number of them to tender this year and last, every one of them attracted bidding from highly experienced and qualified companies. There’s such a variety of large and small projects.”

Mr Bannister cited as examples the selection of Bahamas Marine Construction to do the $9.6m Staniard Creek bridge in Andros; the contracting of Treco to handle the demolition of the

Cavalier ‘first casualty’ of changing industry

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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• Govt, union officials fear termination of all staff • Labour chief queries if ‘trying to force govt hand’ • Minister: ‘Horse manure’ to say caused by govt

Minister told: ‘Make this very first thing for 2020’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Tuesday, January 21, 2020 AN INITIATIVE to train Bahamians in the production of honey and other bee-related products has received a much-needed post-Hurricane Dorian boost.

The category five storm inflicted major losses on young beekeepers who had entered the programme, a joint effort between the Ministry of Grand Bahama, Inter-American Institute for Cooperation of Agriculture (IICA) and the Bahamas Development Bank (BDB), just as they were preparing to expand their operations into the export market.

Many beekeepers lost all their hives, inventory and equipment, forcing them to restart their businesses entirely. The IICA and

THE TRIBUNE

Post-Dorian assistance means entrepreneurs will ‘BEE’ fine Mann Lake Ltd, a bee supplies distributor in Hackensack, Minnesota, heard of their plight and offered support to assist the young entrepreneurs with their recovery.

Shacara Lightbourne, the IICA’s acting country PICTURED are Apiarists in Grand Bahama with Shacara Lightbourne, acting country representative and technical specialist for the Inter-American Institute for Cooperation of Agriculture (IICA).

BFSB collaborates on financual crime summit THE Bahamas Financial Services Board (BFSB) is teaming up to host a Financial Crimes Enforcement workshop on February 19, 2020.

The event, which will be held in collaboration with AlixPartners, a global consulting firm, and Kostelanetz & Fink LLP, a US law firm, will provide financial services and legal professionals with valuable insights into current regulatory requirements and how to adapt to the fast-paced changes in compliance.

The BFSB added that with regulators focused on combating financial crimes, and willing to reach beyond their own borders to do so, it is becoming increasingly important to have an international perspective on compliance challenges.

The speakers and panelists, representing firms from across the financial services industry, will provide their perspective and insight on topics including: • The fight against

TANYA MCCARTNEY money laundering • US Office of Foreign Assets Controls (OFAC) and sanctions compliance • Cryptocurrency practices • Criminal tax developments • European Union (EU) mandatory disclosure regime • Best compliance practices for financial institutions Speakers include

Bahamian practitioners and former members of the US Department of Justice, the Internal Revenue Service – Criminal Investigation (IRS-CI), the Securities & Exchange Commission (SEC), and the Office of Foreign Assets Controls (OFAC).

The event’s three main

facilitators are: • Caroline Ciraolo, partner with Kostelanetz & Fink, and former acting assistant attorney general for the US Department of Justice’s Tax Division.

• Richard Kando, a managing director at AlixPartners, and a former special agent for the Internal Revenue Service - Criminal Investigation.

• Jay Nanavati, a partner with Kostelanetz & Fink, and former assistant chief for the US Department of Justice’s Tax Division.

Tanya McCartney, the BFSB’s chief executive and executive director, said: “As we promote The Bahamas as an international financial centre we are keenly aware of the fact that people want to be associated with a jurisdiction that is reputable and well-regulated.

This workshop demonstrates our commitment to the prevention of financial crimes”.

The event will be held at the British Colonial Hilton.

representative and technical specialist, presented a group of apiarists with the donated hive supplies. The group included the Grand Bahama Beekeeper’s Co-operative, which was formed by participants of the Apiary programme.

The initiative, which began in in 2017, offered training and, ultimately, financing to young people, resulting in the establishment of several businesses that produce bee-related products.

The multi-million dollar market for honey, pollen, bees wax other bee-related products offers Bahamian entrepreneurs an opportunity to get into business with a nominal investment.

REALTOR UNVEILS ITS 2019 ACES

DAMIANOS Sotheby’s International Realty has unveiled the winners of the 2019 Agent Circle of Excellence Award (ACE).

Shane Cash, who focuses mainly on sales in the Hope Town, Abaco, market earned the title for June 2019, while New Providence-based Jacqueline Lightbourn received the ACE award in December.

Launched in 2018, ACE is an internal incentive programme that recognises Damianos Sotheby’s sales agents who demonstrate what it takes to be a successful salesperson.

“While we do factor in sales performance and number of listings when considering our next ACE recipient, we also aim to recognise individuals who consistently embody the cultural tenets of our company,” said Lana

Rademaker, chief brokerage officer.

“Characteristics such as positivity, team support, ambition, showing an interest in learning and professional development, and community involvement outweigh mere productivity in this particular case.”

Damianos Sotheby’s added that real estate agents who are in tune with their communities, and understand how to nurture long-term relationships, are an invaluable asset to their clients.

“When you’re brought into someone’s life to help them navigate through something as momentous as purchasing a home, trust and transparency are key,” Ms Rademaker said. “And we’re fortunate enough to work with a team of professionals that prioritise and uphold these types of principles.”

THE TRIBUNE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A $1.38M consultancy contract will examine whether Bahamas Customs’ operating procedures meet “best practices” in a global trade environment, the deputy prime minister said yesterday.

K Peter Turnquest explained that TTEK will examine the “overall structure of Customs”, in contrast to the Electronic Single Window (ESW)/ Click2Clear system that was focused more on trade facilitation.

“The TTEK consultancy is to look at the overall structure of Customs to see whether our operating procedures are best practices, given the dynamics of today’s global trade environment,” Mr Turnquest said, “and to look at our

Tuesday, January 21, 2020, PAGE 3

Customs overhauls to focus on ‘best practice’

K PETER TURNQUEST

personnel to see where we may have some gaps and some other operational improvements we may need to make based on current practice.

“The Electronic Single Window is dealing with the trade facilitation, making it easier and detecting, and has some risk analytics in it to help with the reporting and accurate entering of data for cross-border trade for items.”

TTEK has pledged to identify no less than $15m in uncollected revenue during its eight-month effort to crack down on leakages. It will work with senior management at the Customs Department and the Ministry of Finance to reduce revenue losses, and secure further reform and revenue enhancement within the tax collection agency.

Many Customs brokers and major importers have been complaining since last year about Customs’ new Electronic Single Window (ESW), with the need to pay for goods before they are cleared - as opposed to the old system where duties were paid post-clearance - causing confusion for many.

Super Value’s in-house broker, Wade Thompson, told Tribune Business then: “What people find most challenging is that you pay your duty, and then Customs checks your entry that you presented, which is the reverse of what the old system was.

“So what happens now is that you take your entry and prepare it. You submit it through the single window, the single window then processes it through for payment, and then

you go and pay. After you have paid you then have to wait until Customs processes your paperwork and, if there is a problem, then you may have a further delay in getting your cargo because whatever the issue is would have to be addressed and fixed.”

Mr Thompson added: “Unlike before with the eCAS (Electronic Customs Automated Services), where you make up an entry and you submit it, it may sit there, but a Customs officer may pick up the electronic file that you sent, check your documentation and once everything is OK they clear it for you to pay and, once you pay, then you can go and pick up your cargo.”

Tribune Business could not contact customs comptroller, Dr Geanine Moss, for comment.

100 GB airport workers at risk Water union president FROM PAGE ONE

did not return Tribune Business’s call before press time.

Mr Barr, meanwhile, told this newspaper: “We don’t know what exactly is going on with the present company, but nothing official has come out as yet as to whether or not they are going to continue their airport.

“What I am seeing happening, and what I am hearing - not officially, but just hearing around - is that they are leaving the airport and they are not going to be dealing with that, and in the interim they have done the honourable thing and that is pay off the people.

“But they haven’t done all yet. They started on January 16, and started with about 11 to 13 people, nine of which were security officers who were paid for their years of service according to our agreement on redundancy. I understand there is more to come as the company deems it necessary.”

He added: “In the final analysis, and this is my personal view, I think everybody is going to be made redundant and they may keep some on with the other companies - either transfer them over to the Harbour [Company] or over to the Container Port.

“But as far as the airport is concerned, they have one building operating there now which is responsible for domestic and international traffic, and Immigration and Bahamas Customs. So everything is in that one building, and when you look at the amount of air traffic, we are down to one or two airlines with the exception of the two Bahamian airlines, which are Bahamasair and Western Air. “I’m hoping something is done quickly about the situation in Grand Bahama because I know Abaco was hit a little rougher than us, but when it comes it the economics here in terms of the economy we definitely can’t

lose 100 Bahamians on the street.

“We really, really need some clarity on what’s going on and some light at the end of the tunnel in terms of who is taking over or if somebody will be buying it, because it is a lot of people that will be put on the streets. But hopefully we can get some feedback from the government soon.”

While a temporary terminal and associated facilities have been put in place, international airlines - especially American Airlines and its connectivity to Miami - have yet to resume service to Grand Bahama, which is currently reliant on a combination of Bahamasair, Silver Airways, Sunwing and Western Air for domestic and international airlift. There is also no indication when US pre-clearance will return.

Multiple observers have argued that Freeport’s industrial sector and whole economic model will be undermined without a restored airport, and suspicion and mistrust persists about its owners’ intentions notwithstanding their public pronouncements.

There are fears that neither Hutchison Whampoa nor the GBPA are interested in investing what is required, with the Hong Kong conglomerate having form for pocketing insurance proceeds and failing to use them to rebuild lossmaking assets, as happened at the Grand Lucayan. This prompted the government to publicly signal its interest in acquiring Grand Bahama’s main international gateway.

Dionisio D’Aguilar, minister of tourism and aviation, yesterday blasted as “absolute horse manure” any suggestion that the government’s publicly-announced interest in acquiring the airport had been responsible for last week’s lay-offs.

He suggested that the Grand Bahama Airport Company, which is 50/50 owned by Hutchison and the GBPA via

Freeport Harbour Company, with the former enjoying management control, had simply taken a business decision to cut costs and align them with business levels as a result of the reduced airlift to the island post-Dorian.

“I would think that there is a certain level of downsizing because, I think, there is less business today going into that airport than there was pre-Dorian,” Mr D’Aguilar said. “So you’ve got less traffic, you’ve have less throughput, less customers and that probably means that they have decided from September 1 until now they have probably sustained as many people as they have for as long as they can, given their reduced level of business.

“That would be my businessman’s point of view, and I don’t think it has anything to do with the government’s intentions, not at all. It’s a business decision for them.

They are not a government so they make decisions based on whether it makes sense from a business standpoint. I would think, and I don’t know and I haven’t spoke to them about it, but I would think that that was the reason that they downsized.”

Mr D’Aguilar said little has changed in recent few weeks with regard to the government’s interest in acquiring Grand Bahama International Airport, which he previously estimated will cost $40m to rebuild.

Mr Barr, meanwhile, said he and the union had been informed that more redundancies will occur “as the company deems it necessary”. He added: “When you look at what has been going on in Freeport, especially with the airport situation, nobody is certain with what is happening with it.

“The only thing, and this is just my speculation, is that Hutchison, if they haven’t yet, they soon will be stepping out.”

rejects election fears

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE courts will be the “final adjudicator” of the Water and Sewerage Management Union’s (WSMU) elections and dispute with the Department of Labour, its president said yesterday.

Responding to concerns that union elections were held last year November, and that he is no longer president after a new board was duly elected, Ednol Rolle said: “I don’t know about them. I know I have a dispute with the Department of Labour regarding that matter and, as far as the courts, I have won that matter thus far.

“People does say what they have to say, but the courts are the final adjudicator of the matter. So, hopefully when the court case is concluded, they will realise that what they were saying was nonsense.”

When asked by Tribune

Business if he is treating last year’s election as null and void, Mr Rolle replied: “To me, last year’s election is null and void, and it’s up to the courts to decide that.”

The Water and Sewerage Corporation’s management union (WSMU) has last week given permission to proceed with its Judicial Review action over alleged government interference in its elections.

Supreme Court Justice, Indra Charles, allowed the union’s dispute with John Pinder, director of labour, the Ministry of Labour, and the Water and Sewerage Corporation (WSC) to proceed with all parties scheduled to reappear before her on April 30, 2020. They have until April 17 to file their submissions by e-mail.

The union sought the Judicial Review on the basis that the Ministry of Labour and Mr Pinder, who is also the registrar of trade unions, had tried to

set a date for nominations and supervising an election of WSMU executives and officers on November 22, 2019, without its consent. It is arguing that this breaches the Industrial Relations Act and the union’s constitution.

Meanwhile, responding to concerns that his union’s constitution mandated that there should have been elections held last March for new leadership, Mr Rolle said, “All you have to do is ask them to show you the constitution that says so. Just show you the constitution, because I am sure that is what is going on in court. The court will look at the constitution and either you abided by it or you didn’t.”

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PAGE 4, Tuesday, January 21, 2020

THE TRIBUNE

Cavalier ‘first casualty’ of changing industry FROM PAGE ONE staff have been made redundant.

“The situation we find ourselves in now is primarily the result of the significantly reduced turnover/workload for the company, which we have been experiencing now for a number of years. There has been a change in the construction market in the country, whereby the bigger projects previously carried out by the larger local general contractors, such as ourselves, are now typically carried out under construction management contracts.

“Under these arrangements, developers and owners employ a construction management team who then sub-contract smaller packages of work to contractors/sub-contractors.

This business model effectively cuts the traditional general contractor out of the market,” Cavalier continued.

“Allied to this, as a company having a number of long-standing employees, we have simply not had the cash reserves needed to restructure our operations due to the significant financial cost/liability associated with this exercise as set out in the employment legislation.”

Cavalier’s explanation for its inability to downsize accordingly as business levels fell was also cited

by Taylor Industries, the electrical contractor and appliances retailer, as one of they factors driving its closure almost exactly a year ago.

“Following the ceasing

Minister told: ‘Make this very first thing for 2020’

of trading, a liquidator will be appointed shortly who will work with the companies’ secured creditor and other creditors in order to facilitate an orderly winding up the affairs of both businesses,” Cavalier added in its statement.

“It is obviously a sad time for all involved. Cavalier Construction and Bobcat Bahamas have been a huge part of many peoples’ lives over the years. They are companies who throughout their long history have had loyal, hard-working, talented employees working for them, building throughout The Bahamas and beyond.”

Tribune Business sources said the fall-out from Cavalier’s closure was only just starting to ripple through the construction industry yesterday, particularly among sub-contractors, suppliers, skilled craftsmen and labourers still owed money by the one-time construction giant.

Several construction industry contacts suggested Cavalier owed sub-contractors at least $800,000, but this newspaper understands the figure is likely to be higher. Tribune Business was directly informed several years ago - by those affected - of sub-contractor complaints that the company had yet to pay them for work on the Princess Margaret Hospital’s (PMH) Critical Care Block.

It is unknown whether those sums were settled, but other Cavalier sub-contractors speaking on condition of anonymity said they were still due six-figure sums for other jobs performed on its behalf. One said they had

been battling for two years in the Supreme Court to obtain “in excess of $500,000” allegedly owed to them by the now-shuttered company, with the case yet to be settled.

“We’ll have to see how this pans out because we’ve never had an experience of this nature before where we had to put a firm before the court, and in a matter of minutes it goes belly up,” they said. “It’s sad but unfortunate. These are some of the cycles of life.”

Another sub-contractor, also speaking on condition of anonymity, said its hopes of being fully compensated for work done on Cavalier’s behalf were in “serious jeopardy right now” given that it would likely have to stand in the queue with other creditors.

They added that Cavalier had made “a good faith effort” to settle with it, and the two sides had agreed a payment plan that resulted in some instalments being made, but the subcontractor was still owed a “substantial amount of money”.

Martin Todd, Cavalier’s managing director, declined to comment when Tribune Business posed questions to him about Cavalier’s solvency, debts and sums owed to sub-contractors. He said the liquidator had yet to be appointed, and his only other statement was to complain about inaccuracies in a report from another media house.

“There’s a little bit of misinformation out there on the numbers,” Mr Todd added. “Fifty-four people being let- go from Bobcat is incorrect. It was 48 people

from Cavalier and six from Bobcat. I don’t want to say anything else at the moment. I’ve got a million things going on.”

It appears likely that Cavalier’s decision to cease trading was prompted by actual or pending insolvency, and that there may be insufficient cash and other assets to cover all the company’s liabilities and sums due to creditors. If that is the case, whoever is appointed liquidator will likely apply to the Supreme Court for it to become a court-supervised winding-up.

In any such winding-up, Cavalier’s “secured creditor” - likely to be one the three Canadian-owned banks - together with the government and employees and the severance packages will be at the front of the queue. Unsecured creditors, such as unpaid sub-contractors, will have to stand in line and wait their turn, likely receiving only “cents on the dollar” of what is owed.

Mr Sands, meanwhile, warned that other contractors could potentially suffer Cavalier’s fate unless they “quickly” adapted to the decentralised construction model cited by the failed contractor as a primary reason for its failure.

“I told my contractors to stop trying to be a general contractor a long time ago,” he told Tribune Business of his time as BCA president.

“I said: Go and find one or two areas of work that are in your scope and where you are very, very good.

People are no longer going to one main contractor to do all the work.

“That’s something we see

now. Developers are not looking for general contractors. Right now in the market Wooslee Construction Services has carved out, and become the leader, in providing superstructures from the National Sports Authority to Albany.

“Developers are looking for contractors to do all the glazing for, say, $20m.

The GoldWynn development, to construct all the doors, is over $10m,” Mr Sands continued. “We have to be smart. The industry is changing, and contractors like Wooslee are enjoying the best years they ever had.

“The model has changed, and Cavalier didn’t change in time. It’s a case of too little, too late. It became the first casualty of the changing construction model. They’re only the first casualty. There could be others, but they have a little more time because of cash flow.”

Mr Sands also recalled a project at Albany where the development was seeking a single masonry contractor to to one million square feet of block work and masonry, but was unable to find one because all those who submitted bids were general contractors as opposed to specialists.

The former BCA said the only projects currently seeking to hire one main contractor are those originated by the government, as he confirmed that the private sector had switched to the model identified by Cavalier itself - that of hiring project managers to subdivide the work into smaller packages that were split among specialist firms.

He added that even the residential housing market

was starting to shift its construction model by also moving to project managers, with homeowners also seeking to perform an increasing share of work themselves.

“As we become close to our neighbours to the north, that model has been in place for 100 years,” Mr Sands said. “It’s taken us a long time to catch up, but catch up we will.”

Cavalier Construction was founded in 1956 by the late Godfrey Lightbourn and Eugene Pyfrom, who were 50/50 partners. They sold the business in the early 2000s to a management-led buyout, which was headed by late managing director, Richard Wilson.

Mr Wilson, who joined Cavalier in 1973 as chief estimator, was promoted to vice-president in 1989 and served as its managing director from 1989 until May 2018, when he stepped down due to ailing health.

His passing was announced almost a year ago in late January 2019.

It is unclear why Cavalier appears to have hit difficulties so quickly following his death, but other senior management figures have also departed the company within the past year. Stephen D’Alewyn, its former chief financial officer, left on August 23 last year according to his Facebook and LinkedIn pages.

Among Cavalier’s major jobs in The Bahamas have been Albany, Bayroc, the Atlantis Convention Centre, Caves Point and the Nassau Straw Market. Its offices were based on Crawford Street in Oakes Field.

FROM PAGE ONE

Acknowledging the Act’s benefits for Bahamian contractors and their customers, Mr Bannister added: “It’s going to be able to help Bahamian contractors.

They’re going to be able to register, and are going to be able to put their qualifications forward so they are able to compete on a level playing field locally.”

Tribune Business last year reported that the latest hold-up to the Board’s appointment stemmed from the fact that the Act, which was passed by the former Christie administration in 2016, committed the Bahamian taxpayer - via Parliament - to financing its activities.

It is thought that no funding was set aside for that purpose in the 2019-2020 budget, and finding the necessary monies is now a challenge given the $677.5m deficit - and $508m in extra borrowing - that the government is now expected to incur as a result of Hurricane Dorian. It is thought this board is the only selfregulatory one where the government is committed by law to providing financial support.

Still, Mr Bannister’s comments are likely to be greeted warmly by Mr Sands given that the ex-BCA president is urging him to make the board’s appointment his first priority for 2020. “The

minister, he has to, he has to complete the task and enforce the Construction Contractors Act by appointing the Board,” the latter told Tribune Business.

“The risk is too great, especially leaving all the Dorian reconstruction to persons who are not properly licensed to the work.

We in this industry see it as a golden opportunity to enforce the Construction Contractors Act 2016, and we hope the minister is minded to make it a reality in 2020. We are ready for it. I hope it is the very first thing he does in 2020. It is beyond urgent now.”

Mr Sands added that “the international community will give us extensive kudos for doing it at this time, I am certain of that”, and said: “I know of international investors, developers and groups waiting outside our nation but are not engaging with the tens of millions they want to invest without that significant piece of legislation being effected.

“They will not put their money to it. The government, through the Ministry of Works, as kindly as I can say it, is stifling growth in the sector. These people want to deal with licensed Bahamian contractors that have been licensed and vetted to do the work, and have the capital to do the work. The legislation is in place but the licensing has not started, and they wait with bated breath.”

Mr Sands added that this would also “lift the shadow of unregulated construction from the industry” as he pushed back against allegations that the Act was designed to exclude small contractors and tradespersons from the sector.

“Sometimes people think this Act is about excluding,” he acknowledged. “It’s not about excluding; it’s designed to include more persons to build the nation.

It gives a clear path for everyone who wants to work in this industry to be a contractor. That’s not excluding; that’s including.”

Mr Bannister said of the Act: “That is a focus I am going to be taking early this year.

“There is a school of thought that there may have to be a minor amendment to the Act. I’m taking advice on that, and as soon as I get that I’m going to move.”

THE TRIBUNE

Tuesday, January 21, 2020, PAGE 5

Construction ‘very strong and healthy’ despite Cavalier FROM PAGE ONE

Clarence Bain Building, and project awards to multiple other contractors as signals of the sector’s current condition.

“I could take 20 projects off the top of my head, and there would be 20 different contractors doing them superbly and expertly. From what I have seen in the

industry it continues to be very strong. As much work as we can put out to tender, contractors are asking for more and more every day. As far as I can see from my perspective it looks very healthy.”

Leonard Sands, the former Bahamian Contractors Association (BCA) president, told Tribune Business that the “most damage” from Cavalier’s decision to close its doors permanently lies in the message it sends about whether there is sufficient business in the local market to sustain five to six large general construction companies.

“I think the blow will mostly be experienced by the outlook on the industry,” he said. “I don’t think it’s going to have a ripple effect for any other builder or contractor. The perception, though, is that the market is not big

enough to sustain five to six major contractors. That’s the the unfortunate message that will go out because of this, and that’s the message that will cause most damage.

“It’s sad. It’s going to have a negative impact because of the [Cavalier] name and what it’s done in the country, but it will cause the industry to become smarter and look at how it does business on this scale.”

Mr Sands added that he expected Cavalier’s construction equipment supplier affiliate, Bobcat Bahamas, to survive in some form given that it provided a vital service to the sector. “Their equipment rental is critical to the industry,” he said, “so I can’t see that being totally shut down. Every day there’s a need for equipment rentals.”

Labour expert: Severance pay ‘can be onerous’ FROM PAGE ONE also fingered a “significant liability” related to employee terminations as its principals blasted “inflexible and draconian labour laws that made it financially impossible to appreciably reduce staff numbers in order to downsize”.

Taylor Industries’ liquidator, in a subsequent report, said the company’s staff were owed a combined $682,000 in termination pay. The figures showed a business that failed to align costs with falling revenues by downsizing and reducing its workforce, with the termination costs for employees - many of whom are long-serving - exceeding $70,000 in one individual case.

“Taylor Industries’ staff demographic contained many long-standing employees who, under Bahamian labour law, would have been entitled to significant termination pay for which the company did not have the cash reserves to meet as part of a

restructuring exercise,” Mr Davies wrote, echoing Cavalier’s statement yesterday.

Several observers have privately suggested to Tribune Business that the company’s predicament highlights how the Employment Act’s termination provisions are overly-generous and too great a burden for employers - especially those that are struggling.

The Act mandates that supervisory employees receive one month’s pay for each year worked up to 12 years, thus providing for a maximum payout of one year’s salary. For line staff, they are entitled to two weeks’ pay for every year worked up to 12 years, meaning the statutory maximum they can receive is six months’ salary.

“The severance packages that have been legislated can be onerous. I would say that. It can be,” Mr Goudie told Tribune Business. “It is heavy. If a business has a lot of long-term employees it’s a lot of money. You cannot get away without paying supervisory staff a year’s salary and line staff half a year’s salary. A lot of these

companies have employees that have been there that long.”

He added that his personal solution to this issue was the advancement, and enactment, of legislation making it mandatory for all working Bahamians to establish a private pension where a portion of their salary would be saved and go towards financing their retirement.

Mr Goudie said the former Christie administration brought such legislation to the House of Assembly, but it “never went anywhere”. However, he revealed: “We’re looking at it again through the National Tripartite Council but I don’t know if there is any political will at the moment to put in something that increases costs.

“All this comes back to us having proper pension plans and legislation so people have something to fall back on. Don’t depend on the National Insurance Board. You need to have your own pension plan. You need to put money away for the future. You should not depend on other people.”

To advertise in The Tribune, contact 502-2394

BRITAIN’s Prince Harry and Prime Minister Boris Johnson, left, at the UK Africa Investment Summit in London, yesterday. Boris Johnson is hosting 54 African heads of state or government in London. The move comes as the UK prepares for post-Brexit dealings with the world.

Photo: Stefan Rousseau/AP

UK looks to fast-growing Africa for trade ties after Brexit LONDON Associated Press BRITISH Prime Minister Boris Johnson and Prince Harry touted the UK as an ideal business partner for Africa yesterday as their country prepares for postBrexit dealings with the world.

But Britain faces tough challenges as it seeks to assert itself on a continent with several of the world’s fastest-growing economies, and one whose youthful 1.2 billion population is set to double by 2050.

Far fewer of Africa’s 54 heads of state or government were attending the first UK-Africa Investment Summit than the dozens who attended the first Russia-Africa summit last year or the gatherings China regularly holds.

The UK’s department for international trade says twoway trade with Africa in the year ending in the second quarter of 2019 was $46bn.

Meanwhile, Africa’s twoway trade with China, the continent’s top trading partner, was $208bn in 2019.

Johnson told attendees the conference “is long overdue”. He acknowledged that British officials and companies need to work to convince African nations to

do business with the UK. “We have no divine right to that business,” he said.

“This is a competitive world.

You have may suitors” — especially China and Russia.

Britain is due to leave the European Union on Jan 31, and Johnson said the UK would become “a global free trading nation” after Brexit.

He pledged that the postBrexit immigration system would “put people before passports”, acknowledging a common frustration across Africa.

While other global powers including Gulf nations and India have been increasing their diplomatic and economic presence in Africa, some observers have wondered about the interest of Britain, a former colonizer.

When Theresa May visited Kenya in 2018, even Kenyan President Uhuru Kenyatta noted it was the first visit to East Africa’s economic hub by a British prime minister in more than three decades.

Johnson stressed that he had visited about a dozen African countries when he was British foreign secretary between 2017 and 2019.

He said “billions of pounds worth of deals” would be sealed at Monday’s summit, including major cleanenergy projects.

Prince Harry, who has longstanding ties to Africa and is involved with conservation and youth charities on the continent, also attended the conference to boost Britain’s cause, despite the swirling drama over his decision to break from official royal duties.

Britain said 16 African leaders were attending yesterday’s summit in London, including the leaders of Nigeria, Congo, Kenya, Egypt, Ghana, Senegal, Malawi, Mozambique, Ivory Coast, Uganda and Rwanda.

“The wealth of Africa is undisputed,” said Ghana’s president, Nana AkufoAddo, noting that one in four people in the world in 2050 will be African.

Leaders stressed the need to tackle growing inequality and the continent’s dire need for better infrastructure, especially as millions of people migrate to booming cities.

Aside from the sluggishness of its top two economies, South Africa and Nigeria, Africa is showing economic momentum as the recently launched African Continental Free Trade Area gathers steam.

EMPLOYMENT

OPPORTUNITY

CONTROLLER Blue Lagoon Island Bahamas is seeking to hire an Accounting Manager for the position of Controller.

This individual will be responsible for establishing financial policies, procedures, controls and reporting systems. In addition, manage the company’s financial activities, inclusive of reporting revenue, training accounting staff, budgeting, implementing policies, and improving financial processes.

DUTIES/RESPONSIBILITIES

EMPLOYMENT OPPORTUNITY POSITION: HEAD OF CLIENT SERVICES Clairmont Trust Company Ltd. is seeking a suitable candidate for the position of Head of Client Services. This role involves communicating fluently with Spanish speaking clients.

Position Description Client Services Department’s responsibilities include facilitating client servicing and business development activities, review of client’s files for accuracy and completeness and all aspects of the day-to-day administration of the company’s portfolio of primarily Spanish speaking clients. The Head of Client Services manages a team of Spanish speaking staff and is a member of the company’s management team.

Key Responsibilities: • Servicing LatAm portfolio of clients in their native language, relationship management • Review and preparation of KYC and due diligence packages on all clients and transactions; onboarding procedures • Ensuring the preparation and review of financial statements • Reviewing investment portfolios and bank statements • Ensuring adherence to internal compliance guidelines and procedures and external regulatory requirements • Handling internal and external communications both verbal and written in Spanish and English • Translating documents from Spanish to English and vice versa • Other duties as delegated for the efficient and effective functioning of the company Minimum qualifications and competencies required: • Fluency in English and Spanish (oral and written), strong communication skills • Strong technical knowledge and experience working with fiduciary and corporate structures • Minimum of 7 years of experience in a reputable financial institution • Strong team management skills and operational management capabilities • Ability to read and understand financial statements, valuations and related forms of financial reporting • Significant understanding of legal, regulatory, compliance and industry requirements • High level of proficiency in the use of computers and approved software applications including Word, Excel, Outlook and Navision • Knowledge of business processes, standards, policies and procedures • Well-developed interpersonal skills and experience in interacting with high level stakeholders Please send resume to: hr@clairmonttrust.com Deadline to apply: 28 January 2020

Duties include but not limited to; • Oversee the company’s fiscal activity, including budgeting, reporting and VAT tax functions.

• Assure legal and regulatory documents are filed on time, inclusive of business license and monitor compliance with laws and regulations.

• Ensure legal and regulatory compliance for all accounting and financial reporting functions.

• Analyze monthly and report on financial performance of the Company.

• Ensure cost control, general accounting, accounts receivable/collection and payroll is effectively managed.

• Ensure teams are providing month end closing and other required management reports.

• Developing and implement accounting policies and controls.

• Protects assets by establishing, monitoring and enforcing internal controls.

• Prepare detailed budgets.

• Reviewing departmental budgets and assist heads of departments to improve their financial awareness.

• Hires, trains, develop and appraise staff effectively. Takes corrective action as necessary on a timely basis and in accordance with company policy.

• Assessing, managing, and minimizing risk.

• Analyze complex financial data, identify and address financial risks and opportunities for the company.

• Regularly review the balance sheets, ensure reconciliations are performed.

• Control accounts and provide explanations of all balances even if reconciled elsewhere.

EDUCATION/SKILLS/REQUIREMENTS • CPA a plus • BSc/BA in accounting, finance or relevant field; MSc/MA is a plus • 10 or more years of experience in managing an accounting department in a medium- or large-size company as Controller • In-depth knowledge of hotel, corporate finance and accounting principles, laws and best practices a plus • Solid knowledge of financial analysis, forecasting and bank regulations • Experience with VAT filing a must • Proficient in the use of MS Office and QuickBooks • Excellent organizational and leadership skills • Outstanding written and verbal communication skills • Excellent interpersonal skills • Able to work independently and in team situations • Outstanding ethical conduct is expected • Must be able to work across all levels of the organization.

• Strong analytical and problem solving skills Please submit resumes to accountingjob@dolphinencounters.com Only qualified applicants will be contacted.

PAGE 6, Tuesday, January 21, 2020

THE TRIBUNE

BORIS JOHNSON’S BREXIT BILL HITS LAST-MINUTE HICCUP LONDON Associated Press

BRITISH Prime Minister Boris Johnson’s Brexit plans hit a hurdle yesterday when Parliament’s upper chamber told the government to give European Union citizens living in the UK physical proof of

their right to remain after the country leaves the bloc.

The House of Lords voted by 270-229 to amend the government bill that paves the way for Britain’s departure from the EU on Jan 31 — the first of three votes that went against the government.

The amendment says EU citizens living in Britain

should be given a document confirming their right of residence. At present EU nationals can register online to confirm their “settled status”, but receive no physical proof.

Liberal Democrat peer Jonny Oates said the lack of a hard document could leave EU residents “severely disadvantaged”

in dealings with landlords and other officials.

The House of Lords is debating the government’s Withdrawal Agreement Bill, which sets the terms of Britain’s departure from the 28-nation EU. It must be passed by both houses of Parliament before Jan 31 if the UK is to leave the EU on schedule and

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138(8) of The International Business Companies Act, 2000 (as amended) of the Commonwealth of The Bahamas, notice is hereby given that Cerberus Institutional Overseas, Ltd. has been dissolved and struck off the Register as of the 23rd day of December, 2019.

become the first nation ever to quit the bloc.

As well as the vote on EU citizens’rights, the Lords voted for two amendments intended to restrict government powers to ignore European court judgments after Brexit without consulting UK courts first.

Yesterday’s defeats won’t stop the bill becoming law, because the House of Commons has already approved it, and the elected lower chamber can overturn decisions by the Lords. But it means it must return to the Commons later this week rather than automatically becoming law once it’s passed by the Lords today.

Britain voted narrowly to leave the EU in a 2016 referendum, but as the years went on UK lawmakers repeatedly defeated attempts by both Johnson and predecessor Theresa

May to secure backing for their Brexit blueprints.

That changed when Johnson’s Conservatives won a strong majority in a parliamentary election last month, giving the government the ability to override the objections of opposition parties.

The European Parliament also must approve the Brexit divorce deal with Britain before Jan 31.

A vote is expected next week.

Despite Johnson’s repeated promise to “get Brexit done” on Jan 31, the departure will only mark the start of the first stage of the country’s EU exit. Britain and the EU will then launch into negotiations on their future ties, racing to strike new relationships for trade, security and a host of other areas by the end of 2020.

To advertise in The Tribune, contact 502-2394

GLINTON | SWEETING | O’BRIEN Counsel to the Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 20 JANUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,220.76 | CHG: 0.09 | %CHG: 0.00 | YTD: -10.84 | YTD%: -0.49 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 11.01 2.81 4.60 10.21 7.90 16.99 9.40 3.63 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.45 2.35 1.76 8.00 6.30 12.15 6.80 3.01 13.50

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.44 6.50 3.28 4.60 10.88 7.60 15.05 9.33 3.56 15.20

CLOSE 3.35 17.43 6.00 6.68 2.30 1.62 3.51 11.61 6.00 4.44 6.50 3.35 4.60 10.99 7.60 15.05 9.33 3.56 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.11 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

870 5,000

2,000

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.0 18.7 N/M 18.1 N/M N/M -8.0 16.1 13.4 24.1 46.4 32.8 9.9 17.0 10.4 18.4 9.9 17.5 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.07% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.70% 0.00% 12.96% 1.30% 2.98% 3.16% 3.59% 2.14% 3.37% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 3.93% 3.93% 6.38% 6.38% 4.50% 4.50% 7.96% 7.96% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.66 1.85 1.76 1.20 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.60 1.74 1.69 1.12 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.27 4.32 2.08 193.72 158.42 1.66 1.85 1.76 1.20 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Sep-2019 30-Sep-2019 30-Sep-2019

NOTICE NOTICE is hereby given that NICHOLAS CHERILUS of Coconut Grove Avenue, 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 21st day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JUSTIN GARCONVIL of Hanna 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 14th day of January 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Tuesday, January 21, 2020, PAGE 7

Huawei exec extradition hearing begins in Canada VANCOUVER Associated Press THE first stage of an extradition hearing for a senior executive of Chinese tech giant Huawei started in a Vancouver courtroom yesterday, a case that has infuriated Beijing, caused a diplomatic uproar between China and Canada and complicated high-stakes trade talks between China and the United States.

Canada’s arrest of chief financial officer Meng Wanzhou, the daughter of Huawei’s founder, in late 2018 at America’s request enraged Beijing to the point it detained two Canadians in apparent retaliation.

Huawei represents China’s progress in becoming a technological power and has been a subject of US security concerns for years.

Beijing views Meng’s case as an attempt to contain China’s rise.

“Our government has

MENG WANZHOU, chief financial officer of Huawei leaves her home in Vancouver, yesterday. A court hearing begins today in Vancouver over the American request to extradite an executive of the Chinese telecom giant Huawei on fraud charges. been clear. We are a rule of law country and we honour our extradition treaty commitments,” Canadian Deputy Prime Minister Chrystia Freeland said at a Cabinet retreat in Manitoba. “It is what we need to do and what we will do.”

China’s foreign ministry yesterday accused the United States and Canada of violating Meng’s rights and called for her release.

“It is completely a serious political incident,” said a ministry spokesman, Geng Shuang. He urged Canada to “correct mistakes with concrete actions, release Ms Meng Wanzhou and let her return safely as soon as possible.”

Washington accuses Huawei of using a Hong Kong shell company to sell equipment to Iran in violation of US sanctions. It says

Meng, 47, committed fraud by misleading the HSBC bank about the company’s business dealings in Iran.

Meng, who is free on bail and living in one of the two Vancouver mansions she owns, sat next to her lawyers wearing a black dress with white polka dots. She earlier waved at reporters as she arrived at court.

Meng denies the US allegations. Her defense team says comments by President Donald Trump suggest the case against her is politically motivated.

“We trust in Canada’s judicial system, which will prove Ms Meng’s innocence,” Huawei said in a statement as the proceedings began.

Meng was detained in December 2018 in Vancouver as she was changing flights — on the same day that Trump and Chinese President Xi Jinping met for trade talks.

Prosecutors have stressed that Meng’s case is separate from the wider China-US trade dispute, but Trump undercut that message weeks after her arrest when he said he would consider intervening in the case if it would help forge a trade deal with Beijing.

China and the US reached a “Phase 1” trade agreement last week, but most analysts say any meaningful resolution of the main US allegation — that Beijing uses predatory

tactics in its drive to supplant America’s technological supremacy — could require years of contentious talks. Trump had raised the possibility of using Huawei’s fate as a bargaining chip in the trade talks, but the deal announced on Wednesday didn’t mention the company.

Huawei is the biggest global supplier of network gear for cellphone and internet companies. Washington is pressuring other countries to limit use of its technology, warning they could be opening themselves up to surveillance and theft.

James Lewis at the Washington-based Center for Strategic and International Studies said the US wanted to send a message with Meng’s arrest. There is good evidence that Huawei willfully violated sanctions, he said.

“The message that you are no longer invulnerable has been sent to Chinese executives,” Lewis said.

“No one has held China accountable. They steal technology, they violate their WTO commitments and the old line is, ‘Oh, they are a developing economy, who cares.’ When you are the second-largest economy in the world you can’t do that anymore.”

The initial stage of Meng’s extradition hearing will focus on whether Meng’s alleged crimes are crimes both in the United States and Canada. Her lawyers

filed a a motion Friday arguing that Meng’s case is really about US sanctions against Iran, not a fraud case. Canada does not have similar sanctions on Iran.

Richard Peck, Meng’s lawyer, said in court that the fraud allegations are a “facade” and the charges are really about the United States attempting to enforce its sanctions on Iran.

The second phase, scheduled for June, will consider defense allegations that Canada Border Services, the Royal Canadian Mounted Police and the FBI violated Meng’s rights while collecting evidence before she was actually arrested.

The extradition case could take years to resolve if there are appeals. Nearly 90% of those arrested in Canada on extradition requests from the United States. were surrendered to US authorities between 2008 and 2018.

In apparent retaliation for Meng’s arrest, China detained former Canadian diplomat Michael Kovrig and Canadian entrepreneur Michael Spavor. The two men have been denied access to lawyers and family and are being held in prison cells where the lights are kept on 24-hours-a-day.

China has also placed restrictions on various Canadian exports to China, including canola oil seed and meat.

PAGE 8, Tuesday, January 21, 2020

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115