01222018 business

business@tribunemedia.net

MONDAY, JANUARY 22, 2018

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BISX to ‘jump in’ on cryptocurrency IPOs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Bahamas International Securities Exchange (BISX) is preparing to “jump in” to initial coin offerings (ICOs) and cryptocurrency, having already been approached by players in this area.

Keith Davies, the exchange’s chief executive, told Tribune Business that it was already “active in this space” and exploring

* Exchange ‘active’ on coin offering potential * Blockchain rise ‘definitely can’t be ignored’ * Top exec cautious on marrying ‘old and new’ how these innovations and new technology could be married with traditional capital market structures and safeguards.

Emphasising that BISX was “on it”, Mr Davies nevertheless cautioned that the exchange would

move carefully to meet all necessary regulatory requirements, and would be careful not to embrace a technology that took it down a dead-end road in terms of reputation and future business. “The short answer is that definitely

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‘Victory for Bahamians’: Realtor hails verdict against Schooner Bay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

they should be looked at,” the BISX chief executive responded when asked by this newspaper whether it would seek to attract ICOs and technology startup capital raisings to the

A LOCAL realtor has hailed his “victory for the Bahamian businessman”, after the Supreme Court rejected a foreign developer’s bid to bar him from operating at its multi-million dollar project.

James Malcolm told Tribune Business that Justice

SEE PAGE 7

SEE PAGE 4

* FOREIGN DEVELOPER’S BID TO BAR HIM REJECTED * COURT ESTABLISHES ‘MY RIGHT TO OPERATE’ * PROJECT’S COVENANTS CONFLICT WITH LAW, LICENCE

GOV’T MULLING VAT TRIBUNAL EXPANSION TO COVER ALL TAXES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is mulling whether to expand the VAT Appeals Tribunal to cover all types of tax complaints, the Deputy Prime Minister pledging: “We don’t want to be unfair to anybody.”

K P Turnquest, who is also minister of finance, told Tribune Business that the tax appeals process “needs some improvement” to ensure that taxpayers - both individuals and businesses - have swifter redress for legitimate grievances.

Speaking after this newspaper last week revealed realtor concerns that “crazy” real property tax valuations were threatening to “tear apart” Abaco’s real estate market and undermine its second homeowner-driven economy, Mr Turnquest said he was aware of the issue.

* DPM: Tax appeals process ‘needs improvement’ * Pledges ‘won’t be unfair’ on Abaco complaints * Tells taxpayers: ‘Make the case and we’ll adjust’

TURNQUEST “We’ve gotten a number of complaints from Abaco in respect of Stamp Duty and real property tax,” he confirmed. “Most of them we have addressed in one way or another.

“I think that what needs some improvement is the appeals process. We are working to get the appeals process up and going.

Right now there is the VAT Appeals Tribunal, and what we’re thinking is to expand

that to a Tribunal for all tax types.”

Mr Turnquest said such as move was “conceptual thinking at the moment”, meaning that no formal steps have been taken by the Government to implement such a plan, but it will likely be welcomed by the private sector.

Disputes over whether tax is due, and how much, have increased in frequency and complexity since VAT’s introduction on New Year’s Day 2015. These have added to the complaints voiced over Stamp Duty, Customs duties and real property tax valuations/ assessments, with many in the private sector believing they have little opportunity

for swift, easy redress. The only way to currently challenge real property tax billings is to hire a licensed appraiser, have a valuation performed on your home/ business/land and hope the Inland Revenue Department accepts it. As a result, many in the private sector have been calling for the Government to implement a structured appeals process that imposes minimal costs.

Mr Turnquest, responding to the real property tax complaints from Abaco and elsewhere, said the Government was prepared to adjust billings “where the case can be made” that real estate was overvalued.

“There’s no one rule for

foreign versus Bahamian, there’s no rule for Abaco versus Nassau and Long Island and anybody located elsewhere,” the Deputy Prime Minister told Tribune Business.

“We certainly don’t want to be unfair to anybody. We want to encourage development. We want to facilitate that. To the extent we need to look at real property tax valuations, where the case can be made we’re willing to do that and adjustments will be made where necessary.”

Reiterating that the Government was willing to correct real property tax billings and assessments “to the extent we get it wrong”, the Deputy Prime Minister

said there was another side to this issue. This involved real estate owners seeking to evade, avoid or minimise due tax payments by undervaluing their properties and/or using other underhanded methods to avoid paying their fair share.

“There’s always a testing that happens from both sides to be fair,” Mr Turnquest said, “and at the end of the day - through discussion and a negotiated process - we hopefully come to a fair position.”

Judith Whitehead, Graham, Thompson & Company’s managing partner, told last week’s Bahamas Business Outlook that the Government had finally woken up to the fact that real property tax was a potential “treasure trove” of revenue currently going uncollected.

She added that the Government was aggressively

SEE PAGE 8

Venture capital ‘a joke’ ‘Havoc’: $125k tax bill for Long Island lot he didn’t own without private investors

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR realtor yesterday warned that real property tax billings are “causing havoc”, revealing how one client was hit with a $125,000 bill for a Long Island lot he did not even own.

Mike Lightbourn, who heads the Bahamas Real Estate Association’s (BREA) appraisal committee, told Tribune Business that the errors and over-valuations he had seen among the latest real property tax bills were “almost unreal”.

“These bills that are going out, they’re all over the place,” he said. “There are so many mistakes it’s almost unreal. “It’s causing havoc now. You get a bill and get threatened if you don’t pay it.

“I have a client who was sent a bill for $125,000 for a lot in Stella Maris [in Long Island] showing a total amount outstanding, including arrears, of $125,000. The client had to go and get a ‘last owner of record’

* TOP REALTOR: PROPERTY TAX ERRORS ‘ALMOST UNREAL’ * HIT PERSONALLY FOR $29K ON PROPERTY NOT OWNED * GOV’T WOES STEM FROM ‘LACK OF MANPOWER’ to show the Real Property Tax Department they never owned the lot. It was owned by somebody else.”

Mr Lightbourn cited this as an example of the problems caused by incorrect assessments and billings, added that his own investigations into the Stella Maris ‘lot’ revealed that the land in question was “in the bush”, inaccessible and with no road connection.

“It’s a lot in the bush at Stella Maris,” he disclosed. “I went to look at it and couldn’t

SEE PAGE 6

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net PRIVATE investors must take the lead in Bahamian venture capital financing, the Central Bank’s governor describing their current participation in the sector as “a joke”.

John Rolle argued that private investors, instead of the Government through the Bahamas Entrepreneurial Venture Fund, should be engaged in venture capital and financing local entrepreneurs and start-ups.

Mr Rolle, who was speaking recently at the Rotary Club of East

Nassau, argued that the Entrepreneurial Venture Fund would “continue to be a joke in terms of the resources derived from it” in the absence of private capital’s involvement.

He said: “We need to find out how we can put the ideas and resources together within the private sector and make them marketable to make money. My personal view is that we have a reliance on the venture capital fund which is governmentappointed, and that should not be.

“How can you reconcile the view of the Government being bad with business with the idea that they should fund

investments to pick winners and losers of good ideas? What skin does the Government have in the game?”

Mr Rolle added: “Someone should be doing that who can make money and get rich as a venture capitalist. Other than the Government putting the legal framework in place, it requires private capital otherwise it will continue to be a joke in terms of the amount of resources that we get from it.”

The Minnis administration has committed to a one-time $5 million capital injection into the government-sponsored

SEE PAGE 5

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THE TRIBUNE

Exuma poised for greatness if we make ‘stronger push’ EXUMA is slowly climbing its way up the ladder to becoming a leading centre of economic activity. Like most Family Islands it is faced with problems surrounding infrastructure development. However, this should not put a halt to its

Chamber director, RoderickSimms, writes that the island can soar to even greater heights with a little more focus and attention potential growth. Exuma offers a tranquil and luxurious getaway, with a number

of eco-tourism ventures waiting to be explored. The island is also no stranger to

the hotel and tourism industry. It has some of the best ultra-inclusive hotels and

resorts for the perfect honeymoon or luxury business trip to entertain investors.

Exuma’s needed enhancements should not detract from the truth that it is a lucrative investment hub waiting to be tapped into.

Hotels and Resorts Most hotels and resorts are attractive in Exuma’s idyllic settings. There is never an excuse to be bored in Exuma, because an opportunity for fun or investment is always right around the corner. For instance, Sandals Emerald Bay is one of the Caribbean’s leading all-inclusive resorts that is sure to never disappoint with service, outdoor activities, dining and nightlife. The resort has also put the Bahamas on the map for sports tourism in the Family Islands by hosting the first-ever Professional Golfers Association (PGA) tournament.

With an excellent rating for a two-person getaway, this resort is also one of the largest employers on the island, making it a crucial component in the livelihood of residents.

Another historic property is Exuma’s Peace and Plenty hotel, which was acquired last October

by US-based real estate development company, SMS Lodging, under a new partnership with Exuma real estate investors, Steve and Patrick Harrington, and Bahamian entrepreneur, Burton Rodgers. Its central location in downtown Georgetown is ideal for visitors to access Exuma’s famous swimming pigs, beaches and diving adventures. Another notable property is the February Point development, which is seen as key to Georgetown’s revival. High hopes have been set for the development, but its economic contribution has yet to be fully felt.

The ambiguity surrounding investments of these size often leaves Bahamians in the dark about how well they are performing, and this is where things start to get tricky. The argument about the need for more boutique hotels tends to surface when talking about Family Island overreliance on mega-resorts.

The truth, which is often overlooked, is that most Family Islands such already have more small boutique hotels as opposed to large hotels. This raises the question of whether reaching for economic prosperity should rely only on hotel and resort developments on the island. As times continue to change, more studies have to be done on why persons choose to travel to island states. Is it still mainly because of sun, sand and sea?

Exuma provides some proof that travellers are looking for more than just a weekend trip or annual family vacation. This is not to say that tourism should not be the mainstay of Exuma’s economy, but there are other areas outside this sector that are worth exploiting. While the Exuma Cays are already

ISLAND

InsightS

By RODERICK A SIMMS II

known for their offerings in celebrity real estate, it is important to point out that the cays surrounding Little Exuma and Great Exuma are also becoming abuzz with activity. The amount of visitor traffic coming into Exuma provides residents with an opportunity to get into the vacation rental business. There have already been some concerns raised about the availability of room inventory on the island. As of June 2015, the total room inventory on Exuma totaled 839, but has since increased marginally.

Vacation Rentals Exuma is one of those islands that will only truly hit rock bottom if a series of catastrophic events occur.

While economic growth remains stagnant throughout the Bahamas, residents have used the business of vacation rentals to stimulate economic growth. In fact, a local news article stated that 50 per cent of the 200 homes in Exuma’s ‘second’ home market are advertised for short-term rentals through popular websites such as AirBnB and TripAdvisor. The expansion of this market leads to more services being needed in various small to mediumsized businesses (SMEs), banking and construction.

The industry has expanded so rapidly throughout the Bahamas that the Government signed a Memorandum of Understanding (MoU) with AirBnB last October to help regulate the sector.

With growing demand and interest, the Government must help to facilitate the ease of doing business for persons interested in making a living from vacation rentals and seeking to benefit from increased economic activity. There are only a few local businesses attempting to cater to the needs of tourists and locals at the same time. Why not expand SME offerings in Exuma? It would be great to see more industries popping up in the face of this growing sector to help compete for certain goods and services. There is a need to revive the spirit of business ownership and entrepreneurship on the island. This has to be done by both the Government and the private sector. A move like this would also help to keep more tourism dollars from leaking, and perhaps Exuma could become an example of how to reduce the 85 per cent earnings loss that the Bahamian tourism industry faces.

SEE PAGE 10

THE TRIBUNE

Monday, January 22, 2018, PAGE 3

GOVERNOR: COMMERCIAL BANKS NOT JOB CENTRES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net COMMERCIAL banks should not be viewed as employment centres, the Central Bank’s governor instead arguing that the job creation focus must be placed on the international sector.

John Rolle, addressing the Rotary Club of East Nassau, said Bahamasbased banks must become more efficient or consumers will continue to bear the burden of high fees.

“In the Bahamas we have to find a way to make our banks more efficient in the way they operate, otherwise we are going to continue to have to pay the cost,” Mr

* MUST TACKLE SECTOR’S EFFICIENCY * OTHERWISE FEES, COSTS TO RISE * CREDIT BUREAU TO MAKE DIFFERENCE Rolle said. “We can debate whether the costs are reasonable or not, but we will continue to pay costs and, in some cases, may see costs go up. We have to put more effort into understanding why the environment is as costly as it is, and that the labour conditions are not as hospitable for the banks.”

In recent years Canadian banks, the Royal Bank of Canada, Scotiabank and CIBC First Caribbean, have all moved to cut operating costs and consolidate branches, particularly in the Family Islands. RBC

also announced several changes to take effect this month as it shifts its services to digital banking.

Mr Rolle said: “Our commercial banks should not be viewed as centres of employment. If we are saying to them you must hire or you must not let go, then they are going to recoup the costs from the consumers in transaction charges.

“We want them to be efficient, and we want the jobs to be created in the offshore sector. We also don’t want them to pass on costs

from bad lending decisions.

We will give them a Credit Bureau to better understand the consumer better.”

Mr Rolle also revealed that the Central Bank is looking at ways to simplify the process of opening a bank account.

“There are two elements and one is identification,” he said. “In terms of regulations we are going to simplify that.

“We are also looking at whether the issues around address verification for residents can be toned down. At the same time we are putting a lot more emphasis on protecting the system from money laundering exposure and exposure as it relates to terrorist financing,” added Mr Rolle. “Getting the account

TRIBUNE RADIO NAMES NEW PROGRAM DIRECTOR BAHAMIAN DJ, Jamal ‘Mista Xcitement’ Rodgers, has officially settled into the role of program director for Tribune Radio Ltd, with responsibility for program and content on the company’s five radio stations.

Tribune Radio’s chief operating officer, Ollie Ferguson, said: “We are thrilled to announce the promotion of Jamal Rodgers to program director for Tribune Radio. Jamal joined Tribune Radio in 2004 as a DJ, and has advanced into progressively more responsible positions throughout his career. Jamal brings a wealth of experience to the position, and we are looking forward to the positive impact he will have in his new role in the company.”

Mr Rodgers started with as DJ ‘Mista Xcitement’, with popular line-ups such as the ‘Free Ride at Five’ and the ‘Guiness Bomb’, and has worked his way into the new post. He expressed gratitude for the opportunity. The Tribune Media Group is comprised of the

daily national newspaper and five radio stations, 100JAMZ, Cool 96FM, Joy FM, Y98 Radio and Classical FM. “The program director is in charge of all program and content that airs on all of our radio stations. There are a total of five of them, four of which have personalities and the other one which features classical music and doesn’t have an on-air personality.

I’m in charge of all of the audio content, the on-air personalities, the DJs and just the basic scope of programming on the stations,” said Mr Rodgers.

He added: “Once you become a program director you’re always listening to your stations to make sure that everything runs smoothly.

You’re also listening to your on-air personalities, your mix shows, and you’re always listening to your stations to find ways to improve the quality of what you present to the public.”

Mr Rodgers said of the opportunity: “It means a

lot to me. I never wanted to just excel. I always looked at every opportunity to further myself. I give myself a three-year plan. and in three years I can’t be in the same position I was three years ago. This is a tremendous honuor for me. It means a lot to me to know that everything that I have been doing and the sacrifices I have made wasn’t in vain. I give God thanks for that.”

Mr Rodgers said competition was tough in the radio business. “We came from a market where there were

only a few radio stations.

There wasn’t really any direct competition. Now there are so many different stations catering to the same demographic, which kind of forces you to really be on top of your game,” he added. “You have to listen to the other stations to see what your competitors are doing and, at the same time, listen to your station to ensure that you’re delivering a quality product. I have a strong team behind me that I work with that keep me grounded and abreast of what’s going on.”

opened is not where we want the road block to be, but what we are saying is that once they are open financial institutions will

still be held accountable to monitor those accounts so that we don’t expose our country to any reputational risks.”

NOTICE

NOTICE is hereby given that ROODATRAM KAWALRAM of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that NADIRA KAWALRAM of Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that VICTORIA AVENUE of P.O. Box N4827, 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 22nd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

PUBLIC NOTICE

NOTICE

INTENT TO CHANGE NAME BY DEED POLL

Notice is hereby given that BGRS Certificate Nos. 52-096 in the amount of B$20,000.00 and 52-106 in the amount of B$13,000.00 are lost and are due to mature in 2017. If these certificates are found, please write to P.O. Box N-624 or contact Keith A. Lunn at (242) 322 2670.

The public is hereby advised that I, ALLAN NADANO JOHNATHAN MAJOR of #17 Podoleo Street, P.O. Box N-9038, Nassau in the Eastern District, intend to change my name from TE’SHON KEMMIE CARTWRIGHT JR. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

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Oversee and plan production management systems and processes and direct business strategy.

Establish methodologies and procedures for conducting research, design conceptualization, phototyping and product development Responsible for identifying potential products and conducting market research; generating product requirements and time integrated plans for product introduction Develop strategic plans and delivery across technology, product, marketing and operations Oversee the company’s market research as it relates to production development Assess the nature and scope of the present and future product lines and review products specifications Analyze product requirements and product development Manage all production projects of the company and provide measureable results Ensue quality controls standards are implemented and achieved Assist with product training and develop strategies and tools to strengthen processes and satisfaction Introduce and market new products by developing time-integrated plans with sales, advertising, and production Asses market competition and provide source data for product line Plan and organize production schedules Build development team and ensure key performance indicators are in place and production targets are met Distribute responsibilities within the production department, building efficiencies and utilizing available manpower for optimal results Oversee performance of various product analyses, identifying gaps and recommend strategies to establish product differentiation

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PAGE 4, Monday, January 22, 2018 NOTICE VICTOR ST. PHAEL the husband of the late LINDA BROWN is asked to contact MANGRA & CO. at 322-4337, and anyone knowing the whereabouts of VICTOR ST. PHAEL is asked to contact MANGRA & CO. at telephone Number 322-4337 Dated the 18th day of January, A.D. 2018 Mangra & Co. Suite 12 Bayparl Building Parliament Street P.O.Box CB-11666 Nassau, The Bahamas

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

Experience: • Proven working experience as a Supervisor

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

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

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assist coworkers as required • Comply with all company policies and

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

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

THE TRIBUNE

‘Victory for Bahamians’: Realtor hails verdict against Schooner Bay FROM PAGE 1 Ian Winder’s Friday ruling against Schooner Bay Ventures, developer of the 220-acre South Abaco project that shares the same name, had “established my legitimate right to operate” at the development.

He was contacted by this newspaper after the Supreme Court refused to grant the Schooner Bay developer’s application for an injunction that would have prevented Mr Malcolm and his company, Destination Schooner Bay (Bahamas), from engaging in real estate sales, property management and vacation rentals at the property.

Schooner Bay’s US-based principals, Dr David Huber and Tina Gascoigne, had alleged that Mr Malcolm and Destination Schooner Bay (DSB) were in violation of a clause in the project’s founding covenants that purportedly gave the developer an eight-year exclusivity on all real estate sales, property management and vacation rentals.

That exclusivity expires on March 22 this year, but Mr Malcolm and DSB countered that this provision violates both Schooner Bay Ventures’ licence and Bahamian real estate law.

They argued that Schooner Bay Ventures’ developer’s licence did not permit to it engage in real estate sales and property management - something that was subsequently confirmed to Tribune Business

by Bahamas Real Estate Association (BREA) president, Christine Wallace-Whitfield.

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Justice Winder, in rejecting the injunction bid, said Schooner Bay Ventures’ had failed to even make out even “the low bar of a good arguable case”.

He ruled that an injunction would interfere with Mr Malcolm’s lawful right “to ply his trade” as a BREA-licensed broker and salesman, and his clients’ ability to use and promote their homes as short-term vacation rentals.

Mr Malcolm told Tribune Business that the effect of Justice Winder’s ruling was to confirm that Schooner Bay’s covenants, especially the real estate ‘exclusivity’, “do not supersede Bahamian real estate laws”.

“It’s a victory for us for sure,” he said of the judgment. “Justice Winder has effectively established my right to operate in Schooner Bay. It’s good that after all these years of trying to stand my ground, and trying to support my legitimacy, the court has supported me in this.

“I’m glad to see the court has looked at the law, looked at the merits of each side, and ruled in favour of the Bahamian business.

This is about the right of a Bahamian citizen to engage in activities he’s licensed for under the law. We just want to have our right to operate established under the law.”

Mr Malcolm said he and DSB meant no ill towards Schooner Bay Ventures, and suggested the developer’s hostility towards him had backfired because it meant there was less sales and vacation rental activity at the south Abaco project, which in turn was hindering its development.

“We don’t want to harm or hinder Schooner Bay in the progress of their development,” he told Tribune Business. “My company was formed to increase the traffic and activity to the destination, which will spur more sales.

“It was a good day. It’s a victory for Bahamian businesses. Bahamian businesses tend to get squashed by the bigger person, and this was a day for the little guy. All we’re trying to do is create economic activity down there, rent homes and let the development progress.

“It’s a victory for the Bahamian businessman; the legitimate, hard-working Bahamian businessman.

That’s all it’s about.”

Tribune Business previously exposed how Schooner Bay Ventures was seemingly violating the terms of its Crown Land licence from the Government, which covers the 100-acre tract on known as The Commons.

And this newspaper also revealed complaints about how the developer has been violating Bahamian real estate laws, particularly the Real Estate (Brokers and Salesman) Act, through

running its own property sales, management and vacation rental business.

Foreign developers, under the Real Estate (Broker and Salesman) Act, can only sell and manage the real estate that they own. Once such property is sold to third-party buyers, the Act prevents them from engaging in resales of that real estate, and operating their own property management/vacation rental businesses.

In Schooner Bay’s case, it has only sold lots to home buyers who were then responsible for vertical construction on their properties. Thus it cannot get involved in managing these homes and/or renting and leasing them out.

Justice Winder’s ruling, which has been obtained

by Tribune Business, discloses Schooner Bay Ventures’ determination to completely shut down Mr Malcolm’s business and drive him off the project.

The developer’s July 14, 2016, summons sought damages for alleged “tortious interference and malice”, and breaches of Schooner Bay’s covenants, in addition to a ‘permanent injunction’ against DSB conducting business without a ‘Business Licence’ issued by the project’s Board.

Schooner Bay also sought to bar Mr Malcolm from listing or advertising home sales or rentals, and brokering such activities, until its March 22, 2018, exclusivity expired.

The developer then sought a May 19, 2017, injunction that sought to take the bar on Mr Malcolm and DSB a step further, prohibiting them from taking photos/images of homes and common areas in Schooner Bay and/or posting promotional videos on the Internet.

Ms Gascoigne, Schooner Bay’s in-house attorney, alleged that as a Schooner Bay homeowner himself, Mr Malcolm had breached the project’s Declaration of Covenants and the clause granting the developer an eight-year exclusivity on all real estate activity generated at the project.

Mr Malcolm’s defence, though, pointed out that this exclusivity violated both Schooner Bay Ventures’ licence from BREA and the Real Estate (Broker and Salesman) Act. “The plaintiff is not licensed under the Act to engage in the practice of real estate business in the capacity of a real estate broker or a real estate salesman,” he said.

“The plaintiff is operating in breach of the aforesaid statutory provisions.”

Mr Malcolm, a former Schooner Bay Ventures employee, alleged that he received permission from the project’s town manager on October 1, 2013, to engage in property and rental management.

However, relations between the two sides soured after he and several homeowner clients discussed advertising their properties in Coastal Living Magazine. While in the middle of securing this, Mr Malcolm and DSB found out that Schooner Bay Ventures had contacted the magazine and expressed concern he was violating the project’s covenants.

The magazine got ‘cold feet’, and subsequently advised Mr Malcolm that it would not proceed with advertising his clients’ properties until the dispute with Schooner Bay Ventures was resolved and it could move forward “without any risk”.

DSB and the homeowners subsequently initiated their own legal action against Schooner Bay Ventures, which is due to go to trial this year. Mr Malcolm, though, alleged that just one month after they filed their action, the developer filed its injunction bid against himself, despite it raising “the same questions of law and fact” as the original action.

Describing Schooner Bay Ventures’ claims as “wholly unmeritorious”, Mr Malcolm refuted each one in turn, arguing that it was the developer who had interfered with and “made disparaging and negative remarks” about his business - not the other way around.

“The plaintiff, whether through its employees, agents or servants, has harassed me as a means of trying to force me to stop operating at Schooner Bay,” Mr Malcolm alleged.

“For example, sales officer and security guards of the plaintiff often interfere with people renting or seeking to rent homes at Schooner Bay, either through myself or [DSB].

“Also, the security guards often inform my clients that they are prohibited from taking photos of properties at Schooner Bay when in fact they are allowed to do so.”

Justice Winder, in his verdict, said Schooner Bay Ventures were interpreting the ‘eight-year exclusivity’ clause as meaning “a restriction on all lot owners from engaging real estate businesses in the community”.

Mr Malcolm, though, relied upon both his approval letter from Schooner Bay’s town manager and his rights as a licensed real estate salesman under Bahamian law.

Justice Winder found that while the permission granted to Mr Malcolm and DSB had been revoked, “I am not satisfied that there appears to be any prohibition with respect to most of the activities complained of [by the developer”.

He added: “There also does not appear to be any exclusivity in the plaintiff to perform these activities....

Property owners in a community such as Schooner Bay (or any other subdivision for that matter) have rights over the common areas of the development to use them along with their guests, to take photographs whilst in these areas, and to allow their visitors and workmen to access their property using these common areas.

“Additionally, these homeowners have an expectation of using and marketing their own property for short-term rentals.”

Justice Winder only forbade Mr Malcolm from using Schooner Bay’s trademarks or promoting himself as the “only authorised agent” for the development - two things he has not been doing.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

THE TRIBUNE

Monday, January 22, 2018, PAGE 5

MINISTER: $14.5M STORE TO BOOST CONSUMER CHOICE

NOTICE

A Cabinet Minister has praised AML Foods’ new $14.5 million Solomon’s Yamacraw store for increasing food retail competition in eastern New Providence.

Ellsworth Johnson, minister of state for legal affairs, said the 38,000 square foot store would provide Bahamian consumers with increased choice when purchasing goods and services.

Speaking at the Yamacraw Hill Road store’s official opening last Thursday, he said: “This newest store offers the residents of eastern New Providence more choice in shopping for groceries and other goods.

“Competition is good for the marketplace. And it is good for consumers to have more choice in the purchase of goods and services.”

The food retail market in southeastern New Providence has long been

VENTURE CAPITAL from PAGE 1

Fund. Edison Sumner, the Fund’s vice-chairman, previously told Tribune Business that the one-time injection in addition to the $1 million annual subvention would help to address the backlog of applications, noting that some had to be either declined or put on a reserve list due to a lack of funding.

dominated by Super Value and its owner, Rupert Roberts, through the chain’s large Winton supermarket and the Quality Supermarkets outlet in the Prince Charles Drive Shopping Centre.

Mr Johnson, also the Yamacraw MP, said the investment by BISXlisted AML Foods was “an expression of confidence in the growth and recovery of the Bahamian economy, which continues to strengthen, though there is still too much unemployment - particularly youth unemployment”.

Gavin Watchorn, AML Foods president and chief executive, hinted that the company plans to expand the Solomon’s Yamacraw model and concept to other areas of New Providence.

“Today, we are pleased to officially welcome the new Solomon’s Yamacraw Mr Rolle, meanwhile, said there needed to be a higher level of investment and activity from the private sector to generate higher GDP growth rates.

“We need to find ways to make the Bahamian part of the private sector more enthused, more enabled to make investments or attract investment and, to some extent, that is where some of the what I would call ‘baby steps’ are being made in the exchange control space,” he said.

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location to our fleet of grocery stores throughout the country,” he said. “This location adds 80 new jobs, bringing the total number of employees at Solomon’sbranded retail outlets to just over 340,” he said.

AML Foods executives announced that in addition to the recent Yamacraw expansion, the company has purchased land for development in southern New Providence.

“Even during these tough economic times, our plans continue for future expansion.

“We believe in the local economy and we will continue to serve the Bahamian community all while providing opportunities for employment and training for our team,” Mr Watchorn said.

AML Foods broke ground on the Solomon’s Yamacraw project

in September 2016 after acquiring the five-acre site for $3 million from Luxury Homes Bahamas . The new Yamacraw location brings the total number of Solomon’s-branded grocery stores in the Bahamas to four, including Solomon’s Super Centre on Old Trail Road and Solomon’s Lucaya and Solomon’s Freeport on Grand Bahama.

“Our four Solomon’s stores perform nearly 60,000 transactions on a weekly basis, and our team continues to source products that offer quality, value and real savings. We are looking forward to providing residents in the east with the same quality products and service that our other customers currently enjoy,” Renea Bastian, the company’s vice-president of marketing and communications, said.

IN THE ESTATE OF BENTLEY ALFRED BROWN late of Bay Lilly Drive Sea Breeze Lane in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 18th February, A. D. 2018, after which date the Administratrices will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.

EDWARD B. TURNER & CO. #24 Leonie Place Flax Terrace off Malcolm Road Nassau, Bahamas Attorneys for the Administratrices of the Estate of the late Bentley Alfred Brown

PAGE 6, Monday, January 22, 2018

THE TRIBUNE

‘Havoc’: $125k tax bill for Long Island lot he didn’t own FROM PAGE 1 find it because it’s in the bush. You can’t properly get to it; no one will buy it.

My client doesn’t own it; they’ve never owned it.

“You can’t even get to it.

It’s worth virtually nothing. Somehow that rubbish got into the system, and I’m questioning how much more rubbish got into the system.”

“They’re [the Department of Inland Revenue] all over the place. Abaco is going crazy. They’re overassessing everyone, even on sales. They’ve all of a sudden decided to bump up valuations; some are justified, some are not. It’s causing havoc.”

Mr Lightbourn said the problems had impacted him personally, as he had received a $29,000 real property tax bill - including arrears - for a property in Eleuthera he, too, has never owned.

He explained to Tribune Business that he bought one of two land parcels from a vendor who owned property on “both sides of the road”, but did not purchase the other. Yet the Coldwell Banker Lightbourn Realty president said the Department of Inland Revenue seemed to believe he owned both, hence the arrears billing.

“They threatened me that I owed $29,000 in arrears; $29,000 in arrears on on side of the road,” Mr Lightbourn said. “But I don’t own that property; I never have. They’ve billed me as if I own the other side, too.

“You get these threatening letters that if you don’t pay in so many days...

This is causing all kinds of upset.”

Mr Lightbourn confirmed he had been contacted by Abaco-based realtors over their concerns that “crazy” real property tax assessments and billings on that island were threatening to “tear apart” its real estate market and undermine its second homeowner-driven economy.

James Rees, a broker with Abaco Island Properties (Bahamas), told Tribune Business last week that the Department of Inland Revenue “seems to be completely out of control as to valuations of property owned by foreigners”.

He added: “The complaints have rolled in over the last few years, and now seem to be across the board.

Several clients have already dumped their properties and will never return to the Bahamas. The tax increases have been outrageous and have been noticed by myself, many other realtors and, most of all, the property owners.”

Mr Rees was backed by Bill Albury, of Damianos Sotheby’s International Realty, who told Tribune Business that the increased real property tax bills which in some cases have more than doubled - were threatening to “tear apart” Abaco’s real estate market and second home economy.

“It’s going to be pretty dramatic as you may well imagine,” he said of the impact, “because some of these foreign buyers have held property for many years and been assessed at a certain rate.

“In some instances the rates have doubled, and it’s happened for no apparent reason. People are

absolutely alarmed, objecting and requesting a review.

In the meantime, their accounts are not being paid, so they’re being turned over to collections agencies who are calling and threatening property owners, which is crazy.”

Mr Lightbourn suggested the Department of Inland Revenue’s biggest hindrance when it came to real property tax bills was “a lack of manpower” and inadequate records, which left it unable to keep property valuations and assessments current.

“The main thing is they don’t have the manpower to put proper values on these properties, and don’t have the proper record keeping; garbage in, garbage out,” he told Tribune Business.

“The over-assessments are a disaster, and they don’t accept anyone’s appraisal.”

The Coldwell Banker Lightbourn Realty chief cited Bahama Sound in Exuma, which is made up of 20 different subdivisions.

He said the Department of Inland Revenue treated them all as being the same when conducting real property tax assessments, ignoring the fact that some have utilities and infrastructure while others do not.

“Some are up in the bush with no roads and are not comparable, and they charge the same as a lot in a subdivision where there is direct access,” Mr Lightbourn said. “It’s a bloody mess. It needs to be cleaned up. It’s a massive issue that all boils down to manpower.

They need to respond to people’s letters, which they don’t.”

He added that in the same way that the Commercial Enterprises Act

mandates the Department of Immigration to ‘fast track’ work permit approvals for targeted industries, otherwise they will be deemed approved if no response is received within 14 days of submission, Inland Revenue should be required to respond to all challenges within the same timeframe.

“The same should happen with real property tax,” Mr Lightbourn argued. “If they don’t respond to a letter within two weeks, it should get approved.”

He added that other problems stemmed from the Department of Inland Revenue using a standard ‘value per square foot’ formula to value properties, which he argued was inappropriate for the Family Islands.

Mr Lightbourn said there were also issues with real property tax assessments still being based on values from the 2005-2007 ‘boom’, while the failure to carry out more frequent valuations had meant persons suddenly received bills far in excess of what they have been paying.

Emphasising, though, that not all was the Government’s fault, the veteran realtor said few taxpayers send in an annual estimate of their property’s value - as they are required to do by law.

Successive governments have been lax in enforcing this, and Mr Lightbourn added that he had no sympathy for non-payers, defaulters and tax delinquents seeking to evade paying their fair share.

“If you’re a visitor in our country, you should be prepared to pay your fair share,” he said.

THE TRIBUNE

Monday, January 22, 2018, PAGE 7

BISX to ‘jump in’ on cryptocurrency IPOs FROM PAGE 1

Bahamas. Describing the rise of blockchain technology and cryptocurrencies as “disruptive” to traditional systems and ways of thinking, Mr Davies said they “should not be ignored”.

“Are we at BISX considering it and putting our minds to it? Absolutely yes,” Mr Davies told Tribune Business. “We are looking at it, exploring it, and have been contacted by individuals seeking to do it, asking how to do it and who’s looking to help us do it.

“We are active in this space. It’s difficult to say what will happen next, but at the end of the day whatever we decide to do the regulators will have the final say.”

Cryptocurrencies such as Bitcoin are a form of digital money which, using the Internet, are designed to provide a secure and anonymous form of payment for numerous types of transaction.

Their creation is financed by initial coin offerings (ICOs), which raise capital for new cryptocurrency ventures. Dr Johnathan Rodgers, the economic commentator and wellknown ‘eye doctor, last week told the Bahamas Business Outlook conference that the Bahamas should seek to attract cryptocurrency promoters to use this jurisdiction for their ICOs. He added that the Bahamas should impose registration fees and levy a 1.5 per cent fee on the sums raised from ICOs, and also target technology start-ups currently unable to raise more than $1 million via initial public offerings (IPOs)

in the US. Dr Rodgers suggested that the Bahamas lift this restriction once the necessary disclosure documents were made available to investors.

Throwing his support behind such ideas, Mr Davies said: “Dr Rodgers is absolutely right. His thinking is the type of thinking we should embrace.

“Hopefully all these persons and all that brain power comes together to form a cohesive, sensible solution.

“You’re talking about breaking a lot of traditional ways of thinking, which is very, very difficult, particularly on this scale.”

The BISX chief said changing deeply-ingrained mindsets and cultural attitudes was especially difficult in the Bahamas, having encountered resistance to change himself on numerous occasions.

“I have difficulty breaking with what was done historically on the ground in the Bahamas,” the BISX chief executive revealed.

“I have to deal with it all the time. It’s frustrating to talk about people who change direction and pivot on a dime.”

Returning to ICOs and cryptocurrency, Mr Davies added: “We’re on it. With this type of thing there’s no timeline. If we go down a particular road, I’ve seen this technology and needs change in a matter of months.

“We could jump on something that changes and dies within an hour. Look at Bitcoin and the traditional cryptocurrencies. They’re changing, evolving. You’ve got whole jurisdictions talking about whether to let cryptocurrency in or not.

Look at Korea.

“This is a very volatile, potentially developing industry. From a risk profile, most banks and entities will not look at it, but they can’t ignore it because it’s disruptive to their business.

What do we do? We’re going to jump in. We’re going to go through it, and hopefully at the end come out with and find a plan.”

Mr Davies said the problem facing BISX and other traditional stock exchanges was their “centralised” nature, where all activity took place on one platform, whereas cryptocurrencies by their very nature are “decentralised”.

“The next step is to what extent do traditional entities, such as exchanges, provide avenues of access for this type of structure,” he told Tribune Business.

“You’re trying to marry something; two things which are diametrically opposed. “You’re talking about the exchange, where it’s all about centralisation, and cryptocurrencies and blockchain technology is all about decentralisation. Cryptocurrencies by their very nature are nonjurisdictional; they span currencies, they span jurisdictions.

“We’ve got to watch out how to marry these two types. That’s the struggle going on right now. It’s easy to say we should do it, but what safeguards should we have? It’s easy to say do, but the devil is in the ‘how’,” Mr Davies added.

“From my standpoint, whether you’re the first mover or late in the game, you don’t want to go down the road where you choose a technology and provide a service where you hamper your reputation in the future.”

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PAGE 8, Monday, January 22, 2018

THE TRIBUNE

NOTICE

DELTBHANY HOLDINGS LIMITED (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 18th day of January, 2018. The Liquidator is Windermere Corporate Management Limited, East Bay Street, P.O. Box N-7797, Suite A-084, Nassau, Bahamas.

WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

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

Gov’t mulling VAT Tribunal expansion to cover all taxes FROM PAGE 1 going after defaulters by using law firms and debt collection agencies, and warned Bahamians not to rely on the traditional practice of running up thousands of dollars in arrears and then seek to pay it off from the proceeds when the property was sold.

2017 CLE/GEN/00055

IN THE MATTER of multiple advances granted to the First Defendant and in the matter of the Guarantee and Postponement of the Claim dated 5th December, 2012.

AND IN THE MATTER of a Debenture dated 26th February, 2008.

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND BLU WA-TA FALLS LTD (t/a Nautilus Water) AND JASON GARLAND EVANS (Guarantor) AND

Plaintiff

First Defendant

Second Defendant

HUBERT GARLAND EVANS (Guarantor) AND PRIME BAHAMAS LIMITED (Guarantor) NOTICE TO:

Third Defendant

Fourth Defendant

JASON GARLAND EVANS of Nassau, The Bahamas

TAKE NOTICE that by Writ of Summons filed on 19th January, 2017 in Action CLE/gen/00055 of 2017, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, as Plaintiff, commenced an action against you claiming breach of a demand loan dated the 30th day of June, 2007, the 29th December, 2010, the 23rd September, 2011 and 5th December, 2011 made between you as a Guarantor and FirstCaribbean International Bank (Bahamas) Limited as Lender and the Bank claims against you the sum of $499,548.13 as of the 16th day of January, 2017 along with contractual interest at the rate of 8.25% per annum and statutory interest pursuant to Section 2 of Civil Procedure (Award of Interest) Act, 1992 and costs.

AND THAT it has been ordered by Ms. Stephana Saunders, Registrar of the Supreme Court, on the 7th December, 2017 that service of the Writ of Summons in the said action on you be effected by this advertisement.

AND FURTHER TAKE NOTICE that you must within twenty-one (21) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Writ of Summons by completing a prescribed form of Acknowledgement of Service which may be obtained on request from the Attorneys whose name and address appear below, or from the Supreme Court Registry, Ansbacher House, 3rd Floor East Street North, in the City of Nassau otherwise Judgment may be entered against you.

DATED this 17th day of January, A.D., 2018 BAYCOURT CHAMBERS Cumberland House 15 Cumberland Street Nassau, The Bahamas Attorneys for the Plaintiff

“It is true to say that for years we’ve known that real property tax assessments have been under-realised,” Mr Turnquest told Tribune Business, “and so we are going through the process of realigning assessments and making sure no one is treated unfairly; the neighbour is paying one rate, you’re paying another.

“Adjustments will be made as we’re going along.

We want to be fair; we don’t want to discourage development. To the extent it can be shown assessments are

being arbitrarily or unfairly administered, we’ll listen.

“We are doing a lot of work in respect of real property tax with regard to modernising the system. We expect that’s going to result in improved collection efficiency, and we’ll hopefully see the numbers when we do our mid-term review [Budget].”

Abaco realtors last week told Tribune Business that the Department of Inland Revenue “seems to be completely out of control as to valuations of

property owned by foreigners”, adding that complaints were now being voiced “across the board”.

They cited numerous cases where foreign real estate owners were receiving bills for current real property taxes, plus arrears, that were higher than the subject real estate’s worth.

Among the examples given was a 91 year-old American, a 50-year resident of the Bahamas, who was billed for $91,000 on a property appraised at $60,000 to $70,000.

PAGE 10, Monday, January 22, 2018

THE TRIBUNE

EXUMA POISED FOR GREATNESS

be a part of one’s schedule. For nature lovers, the Exuma Cays Land and Sea Park is definitely the place to visit. Persons can explore 11 cays along with a variety of unique species.

Eco-Tourism Eco-tourism is another win for Exuma, and one of the island’s biggest sellers. It is almost unheard of to visit Exuma and not experience the famous swimming pigs.

Accordingly, tour operators such as the Great Exuma Eco-Adventure Tour and taxi drivers enjoy lucrative business from this attraction. Diving and snorkeling in the Thunderball Grotto or Dean’s Blue Hole are also great choices for someone looking to explore the island’s aquatic wonders.

Of course, exploring the beaches of Stocking Island on the other side of Elizabeth Harbour should also

Let’s Compare As mentioned earlier, Exuma has the potential to become a leader for economic activity in the Bahamas. Grand Bahama has often been the ‘poster child’ for travel outside Nassau/Paradise Island. The two islandsExuma and Grand Bahama - do share some extreme differences. For the most part, Exuma’s economy is more tourism-driven and Grand Bahama is a well-known industrial/technology hub. But Grand Bahama’s anemic tourism product can be a lesson for Exuma’s growing model.

Grand Bahama has had little success since 2004 with

FROM PAGE 2

foreign direct investments (FDIs) in the hotel industry.

The first major hit for the island was the Royal Oasis, which abruptly closed in 2004 following Hurricane Frances and was sold to the Harcourt Development Group for $33 million in 2007. This resulted in the loss of almost 1,000 jobs.

Then, the Ginn project was also shutdown amid the 2008 financial crisis due to problems with project financing. The most recent blow to the island’s economy is the closure of the Grand Lucyan hotel complex since October 2016 following the passage of Hurricane Matthew. These events have led many to question whether tourism is a sustainable source of revenue for Grand Bahama.

Therefore, why not shift the focus to another Family Island such as Exuma? After all, Exuma is an attractive island. It

NOTICE

has luxury real estate offerings, it has established hotel brands, it has the human capital, it has the land and it has the utilities already in place. Although Grand Bahama has a better airport than Exuma at the moment, there are plans for a new $20 million Exuma International Airport, which is expected to be completed in 2019. It will include upgrades such as a WIFI-enabled terminal building and air and landside improvements. This could also help to improve visitor arrivals to Exuma, which are significantly less than Grand Bahama.

However, with a few reasonable incentives, there is no reason why investors should not jump on tourism projects outside the regular hotel offerings.

Exuma has had its fair share of problems with foreign direct investments (FDI), but the island has

NOTICE is hereby given that FRANCISCO de CARDENAS of P.O. Box N4827, 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 22nd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE BIJOU HOLDINGS LIMITED

NOTICE WHITE SEQUOIA LTD.

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

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

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

a) WHITE SEQUOIA LTD. 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 19th January, 2018 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 Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 22nd day of January, A. D. 2018

Dated this 22nd day of January, A. D. 2018 _________________________________ Octagon Management Limited Liquidator

_________________________________ Octagon Management Limited Liquidator

THURSDAY, 18 JANUARY 2018

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

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

1050.00 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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 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) 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

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.86 9.01 2.60 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.86 9.01 2.59 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.27 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.11 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

110.16 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

200

6,500

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.08 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.444 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.192 0.631 0.102 0.392 1.129 0.729 0.484 0.298 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.160 0.690 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 8.7 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 25.3 14.3 25.4 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0

YIELD 2.08% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 3.29% 7.66% 2.32% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.31% 4.35% 1.22% 1.35% 2.95% 3.24% 2.96% 1.74% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

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

N O T I C E IS HEREBY GIVEN as follows:a) CYMBIDIUM CORPORATE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

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

Dated this 22nd day of January, A. D. 2018

BISX ALL SHARE INDEX: CLOSE 2,057.46 | CHG -0.01 | %CHG 0.00 | YTD -6.11 | YTD% -0.30 BISX LISTED & TRADED SECURITIES 52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

NOTICE CYMBIDIUM CORPORATE LIMITED

b) The dissolution of the said company commenced on the 19th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 5.05 8.70 6.30 5.30 11.93 2.59 1.56 6.01 10.55 10.95 4.50 7.25 12.51 11.00

Moving Forward While all Family Islands have their unique offerings, Exuma’s potential for economic activity and investment stands out. The island is well branded with

the necessary flair already in place to attract investors for medium to large-scale tourism projects. In addition, residents have the ability to take advantage of tourism-related ventures by opening small to mediumsized businesses that would increase economic activity. For residents outside Exuma, an opportunity also presents itself to purchase ‘fixer uppers’ or properties on the market to renovate them into picturesque vacation rentals.

Exuma simply speaks volumes of investment opportunities. Persons from around the world are travelling to Exuma just to see its famous swimming pigs or to experience the island’s iconic hotels. This island is indeed a great indication that it is ‘Better in the Bahamas’. It just requires a stronger push from all of us to accomplish greater things.

NOTICE

NOTICE is hereby given that RITELSON DELVA of Marsh Harbour, Abaco, 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 22nd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

b) The dissolution of the said company commenced on the 19th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

still enjoyed success in sustaining tourism. Exuma has the potential to become a tourism hotspot for the Bahamas, following in the footsteps of Nassau/ Paradise Island. If more attention is paid to developing the island’s tourism model, perhaps Exuma could attract more visitors to the Bahamas. This does not mean that Grand Bahama’s tourism product should be ignored, but perhaps the focus should be placed more on its industrial potential. Exuma could definitely be on the brink of a tourism breakthrough with just a little more hard work put into developing the island.

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

_________________________________ Octagon Management Limited Liquidator

NOTICE MCKINLEY & PARTNERS LIMITED N O T I C E IS HEREBY GIVEN as follows:a) MCKINLEY & PARTNERS 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 19th January, 2018 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.

Dated this 22nd day of January, A. D. 2018 _________________________________ Octagon Management Limited Liquidator NOTICE MORE CORPORATE LIMITED N O T I C E IS HEREBY GIVEN as follows:a) MORE CORPORATE 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 19th January, 2018 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.

Dated this 22nd day of January, A. D. 2018 _________________________________ Octagon Management Limited Liquidator

PAGE 12, Monday, January 22, 2018

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