01262018 business

business@tribunemedia.net

FRIDAY, JANUARY 26, 2018

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Central Bank ‘ceases’ two property deal requirements

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Central Bank’s governor yesterday revealed two reforms designed to reduce the ‘red tape’ that has dramatically slowed approvals for real estate deals involving foreign investors.

John Rolle, responding to Tribune Business’s inquiries, said the regulator’s exchange control department will require “less documents” for a process that Bahamian attorneys say is threatening to undermine investor confidence in this nation.

The Governor identified two specific steps set to “take current effect”, with the Central Bank “ceasing” its demand for proof that

* Will require ‘less documents’ for exchange control * Proof of title recording, Board resolutions ended * Ends enhanced ‘vetting’ for Gov’t on Stamp Tax title has been recorded via the transaction being entered into the Registry of Records.

And it will also halt its demand for foreign-owned corporate entities, which are selling/purchasing Bahamian real estate, to provide Board approvals and resolutions relating to the deal. “We are introducing two changes

JOHN ROLLE

taking current effect,” Mr Rolle told Tribune Business via e-mail.

“Proof of recording of title is being ceased.

Evidence of corporate Board approvals or resolutions is also being ceased as a requirement for non-commercial transactions.”

The Governor said this would result in “less required

documents for property transactions”, but added that real estate deals should only be submitted to the Central Bank “at the point of official completion of the transaction; that is after it has been presented to the Public Treasury for stamping”.

Mr Rolle’s comments were cautiously welcomed last night by Bahamian attorneys specialising in property law and conveyancing. One, speaking on condition of

THE Bahamian money transfer market “risks rapid oversaturation”, with one provider yesterday warning that this could provide cover for increased criminal activity.

Harvey Morris, Omni Financial Group’s chief executive, and members of his management team said fraudsters and other financial wrongdoers could exploit the lack of connectivity between different providers to ‘bounce’ from one money transmission business to another.

They expressed concern that this could enable

a money launderer, for example, to conceal their activities by conducting small transfers with multiple transfer outlets - a process that is known as ‘layering’.

Omni’s executive team told Tribune Business that the entire money transfer industry needed to work together and “play close attention” to such problems, expressing fears that they could result in the Bahamas being ‘blacklisted’ yet again if unchecked.

Mr Morris, meanwhile, said the sector’s alreadythin transaction margins were likely to come under sustained pressure from Western Union’s move to rapidly re-establish a Bahamas-wide presence using multiple local agents. “It’s going to be interesting to see what happens,” he told this newspaper, “because Western Union, it’s not one agent coming to the Bahamas; it’s three agents competing to establish a footprint at the same time.

“We are currently at the risk of going to oversaturation very quickly with very thin margins. It’s a competitive business, but we have to wait to see what happens.

Omni intends to defend its position and do what we can to retain our current market share.”

Western Union has partnered with both local and foreign agents in its return to the Bahamas. Its local agents are MoneyMaxx and Sun Island Transfers, the latter of which is headed

* FUNDS TO OVERHAUL, BUY NEW EQUIPMENT * BIDDERS OFFER $600M LEGACY DEBT SOLUTIONS * PAYMENT AGENCY RATES CUT FROM 3% TO 1%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

by former Omni executive, Barry Malcolm, while Jamaican conglomerate Grace Kennedy has brought its existing Caribbeanwide tie-up with Western Union to the Bahamas with a first location at Tripoint Communications.

Western Union’s website currently shows 16 locations in New Providence and three in Freeport, with the global money services provider returning to the Bahamas’ major population centres in a big way since Fidelity Bank (Bahamas) severed their relationship several years ago.

A key factor in that break-up is the ‘high

SEE PAGE 7

SEE PAGE 4

SEE PAGE 6

* ‘Very thin margins’, market share face pressure * Omni chief warns of criminal activity rise risk * All players must join to ‘protect Bahamas’

BPL SECURES $100M SHORT-TERM FINANCING

BAHAMAS Power & Light (BPL) has obtained a near-$100 million credit line that will allow it to buy new equipment, and overhaul existing systems, before peak summer demand hits.

Desmond Bannister, minister of works, yesterday confirmed to Tribune Business that BPL had secured much-needed short-term financing from “one of the top finance houses”.

Declining to provide details, given that BPL has yet to make a formal announcement, Mr Bannister said the working capital obtained will be put to much broader uses than simply obtaining extra summer generation capacity.

“BPL has a obtained a credit line, and that relates to a number of factors,” the Minister, who has Cabinet responsibility for the utility monopoly, said. “There are a number of matters that BPL has done. It’s not simply a roll-out of summer generation.

“They’ve [the BPL Board and management] come to an agreement with one of the top finance houses on

MONEY TRANSFER MARKET ‘RISKS OVERSATURATION’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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BREA chief warns of investor ‘turn-off’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Real Estate Association’s (BREA) president yesterday called for “a simple solution” to the protracted approvals process that threatens to “turn off” foreign investors.

Christine Wallace-Whitfield told Tribune Business that the Government and private sector needed to meet and address “our concerns” over the increased bureaucracy and red tape surrounding the approval of real estate deals involving foreign investors.

* URGES ‘SIMPLE SOLUTION’ TO RED TAPE * CALLS FOR MEETING WITH GOV’T ON ‘CONCERNS’ Disclosing that the problems “came across my desk towards the end of last year”, Mrs Wallace-Whitfield said she raised the issue with Brent Symonette, minister of financial services, trade and industry and Immigration, who had offered to assist any BREA

SEE PAGE 5

Landfill bid shortlist ready ‘in two weeks’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bidders will know in about two weeks whether they have qualified to submit a full offer to manage the New Providence landfill, a Cabinet Minister describing the process as “a game changer”.

Romauld Ferreira, minister of the environment, told Tribune Business that qualifying bidders would then be allowed to pick up the Request for Proposal (RFP) and given six-eight weeks to submit a full offer to the Government.

* QUALIFIERS TO HAVE 6-8 WEEKS FOR FULL BID * MINISTER SAYS TENDER ‘GAME CHANGER’ A government-appointed technical team is currently completing its review of the 18 landfill Expressions of Interest (EoIs) received pre-Christmas 2017, and Mr Ferreira said its report will be finalised shortly.

SEE PAGE 5

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PAGE 2, Friday, January 26, 2018

THE TRIBUNE

A training foundation still effective today LAST week we began refocusing attention on new forms of training.

For the approach we take in enhancing the skills of our employees is crucial to the success of our business.

While we emphasised the future of training, as we journey to becoming a world-class nation and tourism destination, we must not neglect a foundation that still proves effective when delivered with precision and consistency.

There are many strong reasons for why we train employees, given that it enhances productivity, boosts staff morale and

strengthens the corporate brand. No one who has been in business for more than a day rejects the truth of these claims.

The average business person hopes to employ team members already equipped with the required skill levels, meaning they need minimal to little training within the first few months (outside of the standard orientation experience). Thereafter, the successful businessperson or human resource professional must focus on talent development strategies for their employees if they are to remain engaged,

productive, loyal.

efficient

and

• Here are a few of the tried and tested forms of training that remain relevant today: * Cross Training - For the purpose of improving performance, building capacity and forging strong mentorship bonds, companies have used this powerful training tool for many years. It involves allowing employees to shadow ‘champions’ in other areas of the business, thus providing for skills transfer.

This works as a succession planning tool, or to ensure that no one employee monopolises knowledge in a particular area.

* Immersion Training The skills to successfully advance a business often lie outside it. Many successful companies have created opportunities where employees work on special projects, or go on sabbaticals in other companies and agencies, to acquire new skills and competencies that will grow their base business. * E-Learning - Research shows that more than threequarters of training and learning happens online.

To not engage technology in staff training today is both unwise and corporate suicide. Webinars, e-training programmes and online seminars are happening all day every day (in many cases, free of charge)

in the global arena. The astute company looking to grow the talent and business takes full advantage of these learning options. * Standard formal soft skill training - There are strong arguments for the promotion of basic face-to face classroom instruction, where the expert takes the learner through procedural and discovery steps towards a measured destination.

Using all the learning modalities, skilled trainers have the ability to do what a virtual host or unskilled expert cannot. The joy of interacting in a live classroom cannot, and should not, be traded in every instance.

Make 2018 the year of training in your company.

IAN FERGUSON We have certainly given you enough food for thought over these past two weeks.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

Private bank launches Bahamas trading desk A LATIN American private bank yesterday said it has launched a new Bahamas-based trading desk, creating five jobs.

Itaú Private Bank, in a statement, said the new facility was geared towards promoting investment by Brazilian and Latin American clients in the offshore market. The trading desk is designed to give clients access to foreign assets in an easier, more streamlined and flexible way.

“We set up this trading desk to meet a rising demand from our clients.

We believe this new service works best when the

provider is in direct contact with the client,” said Carlos Albertotti, Itaú Private Bank’s Miami-based commercial director.

The new services is targeted at investors with specific investment needs, and who have familiarity with international financial markets and a high degree of sophistication.

To run the new desk, Itaú has hired five financial services executives, four of whom came from Credit Suisse Bahamas - Gustavo Fraga Abrunhosa; Marcelo Aagesen; Carlos Eduardo Fernandes; and Gilmar

Oliveira. The fifth, Alberto Tani, comes from UBS Brazil. The team will report to Roberto Martins, head of global wealth services for Itaú’s international Private Ban in Miami.

“Coming from a position of leadership in the internal Brazilian market, our goal is to become the private bank of choice for Brazilian clients investing offshore,” said Carlos Constantini, chief executive of Itaú USA, and head of international operations for its private bank.

Itaú Private Bank is ranked third largest among private banks that manage

the wealth of Latin American clients in offshore markets, with $22 billion in assets under management.

This represents 20 per cent of Itaú’s total private banking portfolio.

International private banks portfolios are growing as amnesty programmes are rolled out in Latin America, and interest rates decline across the region. Itaú Private Bank is aiming to exploit this by pushing ahead with its international growth strategy, believing it is wellpositioned to attract clients seeking diversification abroad.

THE TRIBUNE

Friday, January 26, 2018, PAGE 3

BAHAMAS WARNED AGAINST SEPARATE ARBITRATION REGIMES

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas should adopt the United Nations model law on international trade, and have a single regime for domestic and international arbitration, an industry expert stated yesterday.

Datuk Professor Sandra Rajoo, director of the Kuala Lumpur Regional Centre for Arbitration (KLRCA), told Tribune Business that if this nation wants to be “plugged in” as an arbitration centre it must

adopt model law. Professor Rajoo will be a presenter at the sixth annual Arbitration and Investment Summit on Monday, at the auditorium of the Harry C Moore Library and Information Centre.

“The Bahamas should consider going into model law, UNCITRAL model law. There are 78 countries in the world which have adopted model law, and the Bahamas should be a part of that family,” said Professor Rajoo. The Model Law is designed to assist states in reforming and modernising their laws on arbitral procedure, accounting for the

particular features and needs of international commercial arbitration.

“If you want to be plugged in, especially as a small country, you have to go model law. It has paid off for Malaysia. I think all of these counties that enacted the English Arbitration Act of 1996 in whatever form are not doing as well in arbitration,” said said Professor Rajoo.

“England has an established judicial tradition and judiciary, which is exceptionally good, but that does not mean that one would achieve the same thing by imitating them. Around

RBC closures show ‘writing on the wall’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Financial Services Union’s (BFSU) president yesterday said Royal Bank of Canada’s (RBC) latest branch closures came as no surprise, adding: “The writing is on the wall.”

Theresa Mortimer told Tribune Business that RBC’s digital push undoubtedly meant employees would be made redundant.

“Royal Bank going digital means a lot of people are going home,” she said.

“What they’re doing is no surprise to me. I would be telling a lie if I said I was surprised. “I’ve been following this with my Caribbean counterparts. We can’t plead with the staff enough. The staff at RBC don’t see the need to be unified and speak with one voice. In Barbados, St Lucia, Trinidad, Grenada, their employees are all unionised. It’s not just abut money and speaking with one voice; solidarity is the word.”

Ms Mortimer added: “We represent the employees at CIBC, and we sit around the table. If anything is going down it comes after lots of discussion. They don’t just pop things on us. We have a partnership agreement which gives ear to certain things.”

Royal Bank announced this week that its Robinson Road branch will be merged with Carmichael Road on March 16, with its John F. Kennedy Drive location following a week later on March 23.

The bank also announced that its Andros Town and Long Island branches will closed on March 30 and April 13, respectively.

Cheryl de Goicoechea, Long Island’s Chamber of Commerce president, said: “This will have a tremendous impact on the ease of doing business in every way. Businesses will have to discontinue taking credit cards, accepting cheques, if we have no banking services available on the island.

“It will certainly impact tourism because travellers pay with credit cards,

as they no longer want to travel with cash.

“They will choose to go elsewhere. How will employers pay their employees?

Employees/ vendors will not be able to cash the cheques they receive for services. The list goes on. This is a step in the wrong direction for our island.”

RBC stopped cashing cheques, accepting bill payments, taking deposits or buying and selling foreign currency for non-customers at all branches on January 2.

It now only cashes government cheques and pension cheques for non-clients Deposits and transfers to other RBC clients’ accounts are also no longer accepted over-the-counter in branches, other than those for FINCO clients.

The bank also ceased its FastDeposit service on January 15, while wire transfers will not be processed over-the-counter - and standing orders for credit cards discontinued from January 31, 2018.

RBC said that it has near 25,000 active users of its mobile banking app.

the world countries are moving to a single regime, bringing the same standards to international and domestic arbitration.”

Professor Rajoo, added: “It’s better to have one Act and one arbitral regime for both international and domestic arbitration. If not you can have confusion and resources will be dissipated.”

Dr Peter Maynard, host of the arbitration summit,

told Tribune Business: “We have the 2009 Bahamas Act, which was based on the 1996 UK Act that was supposed to be UNCITRAL compliant, but UNCITRAL did not accept the UK Act as being compliant.

“Right now there is a Bill here which will introduce the UNICTRAL model law, but will create a centre for international arbitration, and the old Act will still be in existence for domestic arbitration. There should

be no separation between the two. There should be one centre and one Act, and that’s what I have been advocating.

“What’s been said so far is the Bahamas is going to have an international commercial arbitration Act under the jurisdiction of the Minister of Investments, and domestic arbitration under the jurisdiction of the Attorney General.

“That is really a waste of resources.”

PAGE 4, Friday, January 26, 2018

THE TRIBUNE

Bahamas Power & Light secures $100m short-term financing FROM PAGE 1 some figures. As soon as everything is sealed, they’ll release the information. It’s not going to be a secret.” Mr Bannister did not name the ‘finance house’ involved but, when asked by Tribune Business to confirm the $100 million figure, he replied: “You’re in the ball park.”

Securing the short-term financing line is likely to have added to Mr Bannister’s House of Assembly optimism on Wednesday, when he pledged that BPL was on pace to deliver one of its best summer performances ever for reliability.

The Minister also touted $10 million in savings from BPL’s reformed procurement and bidding processes, but no mention was made of how the Government and Board plan to

tackle the greatest obstacle to the utility’s overhaul.

That is the $600 million-plus in legacy debts, unfunded pension liabilities and environmental damage that has been carried over from the Bahamas Electricity Corporation (BEC) days, with Mr Bannister yesterday acknowledging that the utility remains “financially crippled”.

He revealed, though, that some bids received for BPL’s short-term generation and fuel supply tenders, which were issued pre-Christmas, included proposals for refinancing its legacy liabilities.

The Rate Reduction Bond (RRB) plan left by the former Christie administration also remains ‘on the table’, with Mr Bannister confirming that all options are open when it comes to placing BPL

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on a sustainable financial footing.

“BPL had put our RFPs some last year, in which they had solicited bids from persons interested in generation and, as part of that process, any number of persons who would have submitted proposals to take that legacy debt off the table and become responsible for it themselves,” the Minister explained.

“BPL has to analyse these proposals and, in the process, as soon as a determination is made on the one that may be best, I suspect that legacy debt may well be history.”

This would involve a private sector entity refinancing BPL’s legacy debts, with the new capital likely having to be serviced by the utility through monies received from its customers.

However, Mr Bannister added that the Minnis administration has not abandoned the RRB plan.

“There are a number of things BPL can do,” he explained. “There is also the RRB, which now that

we’ve amended the legislation, is an option to be able to refinance the debt in a more palatable manner.

“BPL will make some determinations on which is the best option in the interests of the country and the Bahamian people; whichever option is the most appealing and less cumbersome to the company.

We have to look at what is going to improve the company in the long run.”

The RRB legislation, passed by the former Christie administration, envisaged the creation of a special purpose vehicle (SPV) that would issue bonds to international and Bahamas-based investors.

The capital raised would be used to refinance BPL’s legacy debts and liabilities, with the new debt held off the utility’s balance sheet by the SPV. While this would free-up BPL’s balance sheet for fresh capital expenditure, the RRB debt would need to be serviced by monies received from its customers.

This would involve a portion of BPL customers’ bills being assigned to pay

NOTICE In the Estate of CHARLES CALEB SANDS, late of St. John’s Lane in the Settlement of Rock Sound, Eleuthera, The Bahamas, deceased

interest on the RRB bonds, and the Minnis administration initially appeared to baulk at this refinancing option given that it likely meant an increase in Bahamians’ energy costs.

Acknowledging that the former government sought to solve BPL’s woes through the RRB, Mr Bannister told Tribune Business: “We met BPL as a company that was crippled. BPL has been totally crippled financially. There was very little they could have done without taking steps to secure their financial future.

“The allegation was that there was too much political manipulation, and they could not do the things they needed to do with their former partner [PowerSecure]. There’s no such political involvement and manipulation with this administration, so BPL has been able to move ahead and do the things they need to do.”

One Tribune Business source, speaking on condition of anonymity, suggested yesterday that BPL may employ a combination of the RRB and private sector vendor financing to resolve its financial mess.

They added that while the RRB may be used to refinance the legacy

debt, BPL’s current capital expenditure needs - estimated at over $400 million - could be met by a private group that built a new power plant and conducted other improvements.

These monies would then be paid back by BPL via its customers.’

Mr Bannister, meanwhile, said BPL had been able to cut the commission rates paid to agents that collected customer bill payments on its behalf from 3 per cent to 1 per cent.

“They’ve been able to broaden the options for consumers,” he added, “and, in the process, by getting rid of the monopoly they’ve been able to cut the rates, which is good for their cash flow and retained earnings.

“The rate was very high.

Without me saying, or appearing to say, anything negative about the companies involved, it was very high.”

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NOTICE

NOTICE is hereby given that all persons having any claim or demand against the above Estate are requested to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 9th day of March, A.D., 2018 and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall have had Notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the 9th day of March, A.D., 2018.

Dated the 25th day of January, A.D., 2018 MUNROE & ASSOCIATES Chambers, #83 East Bay Street Nassau, The Bahamas.

BEST GROWTH INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) BEST GROWTH INVESTMENTS 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 24th January, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 26th day of January, A. D. 2018

Attorneys for the Executors

_________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

International Business Companies Act (No. 45 of 2000)

International Business Companies Act (No. 45 of 2000)

JR Investment Fund Ltd. (the “Company”)

JM Investment Fund Ltd. (the “Company”)

IM Investments Fund Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of JR Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 28th day of December, 2017.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of JM Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 28th day of December, 2017.

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of IM Investments Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 28th day of December, 2017.

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

NOTICE

LEGAL NOTICE

LEGAL NOTICE

MISTRAL ENERGY I L.P. Registered No. 174 (ELP)

International Business Companies Act (No. 45 of 2000)

International Business Companies Act (No. 45 of 2000)

Ghilardi Investment Fund Ltd. (the “Company”)

PJ Investments Fund Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Ghilardi Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 28th day of December, 2017

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of PJ Investments Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the Dissolution was the 28th day of December, 2017.

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

Pursuant to the Provisions of Exempted Limited Partnership Act, 1995 (as Amended) notice is hereby given that the above-named Exempted Limited Partnership Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Acting Registrar General on the 11th day of December, 2017.

MISTRAL RENEWABLE LIMITED Liquidator of MISTRAL ENERGY I L.P.

THE TRIBUNE

Friday, January 26, 2018, PAGE 5

Bahamas Real Estate Association chief warns of investor ‘turn-off’ FROM PAGE 1

members if they encountered difficulties. “It’s an issue we’re trying to deal with,” she told this newspaper. “It’s not been easy.

I’m getting more and more complaints about this. It’s something the Government really needs to look at seriously. We don’t want foreign investors turning around and going elsewhere.”

Tribune Business revealed on Thursday how attorneys are warning that the Bahamas is “shooting ourselves in the foot” through red tape that has caused multi-month delays to the closing of real estate transactions involving foreign investors.

The increased costs and bureaucracy are said to be creating such “uncertainty and anxiety” that many overseas owners “want to get out” of the Bahamas.

The problems stem from the increased paperwork

demanded by the Central Bank before it will give permission for real estate sales proceeds to be remitted to foreign buyers, although the regulator’s governor has today unveiled measures to ease these requirements (see other articles on Page 1B).

This is linked to ValueAdded Tax’s (VAT) imposition on real estate transactions, which now requires the sales price to be approved and stamped by both the Department of Inland Revenue and Public

Treasury. In the past, conveyances only required the latter’s ‘stamp of approval’, and the extra layer of bureaucracy can potentially add several months to the approvals process - especially if one or both challenges the purchase price, and demand appraisals be done to justify it.

“Oh my God. It’s such a lengthy process,” Mrs Wallace-Whitfield told Tribune Business yesterday. “There has to be a simply solution for closing a deal. It’s difficult.”

She added that it was vital to “be upfront” with foreign investors on how the closing process worked, and likely time taken, and said: “I think it’s when you get to the point where there’s an issue with Inland Revenue - when the appraisal is provided, and there’s a difference from the purchase price. It then becomes a problem.”

Mrs Wallace-Whitfield acknowledged that the deal closing period was so protracted that some parties

“get turned off and pull out”, and said: “It’s to the point now where we need to sit down again with the Government and let them know our concerns; the real estate community, the attorneys.

“We need to get together and discuss how we can make buying in the Bahamas easier. We don’t want to give our land away, but investors love this country, love this land. Yet they’re going to go somewhere else. It’s a nightmare.”

LANDFILL BID SHORTLIST READY ‘IN TWO WEEKS’ FROM PAGE 1

He told this newspaper: “I expect to have the final report in two weeks. The team is to be commended as they’ve done an excellent job, and I’m just waiting for their final report.”

Mr Ferreira said the EoIs were being graded, and a shortlist of RFP qualifiers drawn up, with those remaining having around two months to craft a final bid.

“Once we have that list, and say come and get the

complete Terms of Reference (TOR), we will give persons six to eight weeks to get their documents together and submit,” he told Tribune Business.

“We don’t want to rush them as we will hold them to the contents of their submissions. This is a game changing exercise. They didn’t submit a one-page document at the EoI stage.

They have to be reviewed and graded, and we’re looking at different models.

“I’m very satisfied with the progress. Not a day goes by when we are not focused on it. Very shortly they’ll complete their final report, and we’ll have the

list of persons to send the complete document out to.”

The 18 bidders are BISXlisted Bahamas Waste; Providence Advisors, the Bahamian investment house; Bahamas WTP Ltd; Stellar Energy; Clleen Water and Power; RRI Global; Eastern Waste Systems; OMNI Corporate Services; Marine Contractors Inc; Bahamas Processing and Trading; Valoriza Servicios Medioambientales; New Providence Smart Power; Gold Seal Industries; Supernova Dominicana; EnviroQuip; Apapa International (Nassau); NP Eco-Park Ltd; and EBT

Services International and Gel Tech Solutions.

Qualifying bidders were originally supposed to submit their technical and financial proposals to the Ministry of Finance’s Tenders Board by February 28.

The proposals will then be evaluated by the review/ selection team, and a preferred bidder supposed to be selected by March 15, 2018.

Nassau Airport Development Company Ltd. CAREER OPPORTUNITY: Manager, Commercial Business Development The Nassau Airport Development Company Ltd. (NAD) is seeking candidates for the position of Manager, Commercial Business Development at Lynden Pindling International Airport Position Summary: Develops commercial business opportunities for Lynden Pindling International Airport that will maximize revenue and profit. Liaise with key constituent groups to ensure that the Airport’s interests are coordinated with relevant stakeholders. Identify potential business targets, build the business case and ensure alignment with strategic and land use plans. Optimize the Airport’s commercial business through effective planning, development and contract negotiation of all current and new commercial revenue opportunities.

Responsible for the budgetary performance of the commercial management function through new business and business enhancement strategies. Monitors trends and activities in the marketplace to forecast and leverage business opportunities.

Experience and Background: 1. University degree in business or other relevant field 2. 5-10 years professional experience in a business development or related role with a track record of successful projects Abilities and Qualities: 1. Ability to strategically research, identify and leverage commercial opportunities for NAD and LPIA 2. Strong Communication and Interpersonal Skills 3. Strong Collaboration and Negotiation Skills 4. Excellent Project Management Skills 5. Strong Writing and Presentation Development Ability Visit: www.nassaulpia.com/careers for more details If you are qualified and interested please submit your resume by February 9, 2018 to: Director of Human Resources Nassau Airport Development Company Ltd. P.O. Box AP 59229 Nassau, N.P., The Bahamas Email: people@nas.bs

PAGE 6, Friday, January 26, 2018

THE TRIBUNE

Central Bank ‘ceases’ two property deal requirements FROM PAGE 1 anonymity, said of the reforms: “That’s helpful.

That’s a good start. Many of these issues are pressing and difficult to deal with.”

They refrained from further comment, saying they wanted to assess how Mr Rolle’s comments would work in conjunction with the latest round of exchange control liberalisations announced earlier this week.

And they also wanted to see how exchange control applied these changes in practice, adding that it was the department’s daily operations that have been “crippling” the processing of real estate transactions.

However, the Governor’s announcements appear to deal with two key contentions for foreign investors and their attorneys. The requirement for a conveyance that has been lodged

with the Registry of Records, and proof this has been done, was adding four to six weeks to the Central Bank approval process. This has now been eliminated.

And removal of the requirement for Board minutes and resolutions also ends another aspect contributing to delayed approvals, with clients and attorneys viewing this as unnecessary and possibly beyond the remit of the Exchange Control Regulations Act. Tribune Business revealed yesterday the warnings of attorneys that the Bahamas is “shooting ourselves in the foot” through foreign investor real estate transactions becoming mired in increasing bureaucracy/red tape.

This is subjecting such deals to multi-month delays, and causing “uncertainty and anxiety” among

the foreign investor community that drives the Bahamian economy, with many “wanting to get out” of this nation.

Several attorneys spoken to by this newspaper said the situation was undermining the very underpinning of foreign investor confidence in the Bahamas, which is their ability to monetise real estate investments, and get their money out quickly and securely.

Mr Rolle yesterday pushed back against some of the criticism, saying: “The public commentary is static and looking into the past.”

He added that the Central Bank had informed both the Government’s ‘ease of doing business’ committee, and the private sector via the Chamber of Commerce, that it is “taking a forward-looking approach to reforms to streamline exchange control processes”.

Mr Rolle said the Central Bank had also moved

to streamline the approvals process itself, having persuaded the Ministry of Finance to end enhanced “vetting” of real estate transactions involving foreign investors to ensure the appropriate Stamp Duty was paid.

“By way of background, the Bank introduced some additional vetting around Stamp Tax compliance on request of assistance from the Ministry of Finance,” he revealed.

“We are discontinuing this practice given the absence of evidence around its effectiveness, and the compliance focus that was too narrow on just foreign real estate transactions. We have advised the Ministry that a more comprehensive approach would also promote revenue compliance on domestic real estate transactions.”

The Governor, though, warned transaction participants and their attorneys that the Central Bank will no longer accept

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BISX ALL SHARE INDEX: CLOSE 2,040.90 | CHG -0.81 | %CHG -0.04 | YTD -22.67 | YTD% -1.10 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

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 8.76 5.82 8.78 5.67 3.35 12.01 10.00

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

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 Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 3.85 APD 17.43 BPF 9.09 BWL 3.34 BOB 0.92 BBL 0.18 CAB 3.68 CIB 8.70 CHL 6.10 CBL 4.77 CBB 9.01 CWCB 2.62 DHS 1.50 EMAB 9.19 FAM 6.00 FBB 10.45 FIN 6.24 FCL 4.47 JSJ 12.51 PRE 10.00 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 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

CLOSE 3.85 17.43 9.09 3.34 0.92 0.18 3.68 8.70 6.10 4.71 9.01 2.64 1.50 9.16 6.00 10.45 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 0.02 0.00 -0.03 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

110.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.04 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

110.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 500

9,888

8,395

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.1 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 27.5 14.3 25.9 4.5 3.4 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.08% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.55% 7.66% 2.27% 3.33% 6.17% 4.83% 4.78% 2.40% 2.68% 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% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -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 31-Dec-2017 31-Dec-2017 31-Dec-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

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

incomplete applications for exchange control approvals.

“We have signalled to our industry stakeholders that we will no longer receive piecemeal applications for real estate approvals, as it creates the false impression that the application was delayed when, in fact, the timer starts when the completed documentation is received,” Mr Rolle told Tribune Business.

“The Bank uses an electronic queuing, which keeps requests at the back of the line until all information was received. This is fair to persons who submit fully completed applications.”

Adrian White, head of the Bahamas Bar Association’s real estate committee, yesterday said the Central Bank’s increased requirements were impacting the Bahamas’ competitiveness, ability to attract foreign direct investment (FDI) and prospects for improving its ‘ease of doing business’ rankings.

Backing the previouslyexpressed views of other attorneys, he told Tribune Business: “I can’t see how we’re going to improve in the ease of doing business with the existing exchange control regime, and the time taken to complete these post-transaction.

“It’s going to make, and has made, things more cumbersome and difficult to complete in a timely manner when we’re trying to compete with other jurisdictions and trying to move up the ladder in the ease of doing business.

“Certainly, the way the Central Bank is doing it is making things more difficult

than they have historically been, and I think there should be some type of feedback from the Central Bank and exchange control on why these changes happened and provide further discussion with the Bar’s real estate committee and member of the real estate industry on what can be done so that we remain competitive with the outside world.”

Tribune Business understands that another key issue revolves around the Approved Investment Status granted to foreign investors, and how the Central Bank has changed processes and procedures in this area.

When it came to Bahamians purchasing from foreigners, the Central Bank has traditionally given exchange control approval in advance of the sale.

However, it is now requiring that a stamped copy of the conveyance first be produced, adding a four-six week delay on something that is outside the foreign vendor’s control.

As for deals involving foreign vendors and buyers, foreign currency sales proceeds have traditionally been remitted without prior approval provided the purchaser then seeks Approved Investment Status.

Tribune Business, though, has been informed that the Central Bank is now requiring the vendor to seek approval to receive these monies which, in turn, is conditioned on the purchaser gaining their approvals - again adding weeks to a deal’s closing.

NOTICE

NOTICE is hereby given that SHONTE MILLER of Pineyard Road, P.O. Box N-3680, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TRESHKA TURNER DELEVEAUX of Murphy Town, Abaco, Bahamas, the mother of MUHAMMAD ANJUM, a minor intend to change his name to JASON DAVID ANJUM. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that JOHN TIDES of John Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th 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 Korinne Guerine of

Farrington Road, Kiki Street, P.O. Box AP-59170, Nassau, Bahamas is applying to the Minister responsible

for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that KETY CHARLES of #3 Cowpen Road, P.O.Box GT-2383, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

Friday, January 26, 2018, PAGE 7

Money transfer market ‘risks SUPPORT THE BLOOD BANK oversaturation’ SAVE A LIFE FROM PAGE 1

volume, low margin’ nature of the money transfer services business. Industry players are frequently dealing with small sums of money per transaction and, with everincreasing compliance and customer due diligence costs, Fidelity decided to exit what it viewed as a ‘high risk’ business that does not generate matching returns.

Mr Morris told Tribune Business: “There is a significant amount of risk involved in the business because it’s a cash business, and with risk comes cost. That is one of my concerns with so many players coming back to the market at one time.

“There may be a proliferation of structuring, where people do multiple small transactions to stay under the radar. And there is no connection between the different carriers. That is a serious concern.”

The Omni chief executive added that international agencies focused on combating money laundering, such as the Financial Action Task Force (FATF), tended to focus on cash-based transactions and businesses as posing a high risk of being exploited by criminals and terror financiers.

He described fraud, in particular, as a “huge” risk for Bahamas-based money transfer providers, adding that it was the type of crime “we see most”.

Christina Sands, Omni’s general operations manager, told Tribune Business that many customers were sending funds to “high risk jurisdictions” known for the presence of fraudsters and scammers.

She added that low-level frauds, where Bahamians are scammed and duped out of their money by persons they have met on social media, lottery scammers and other financial criminals, were something Omni paid special attention to.

“We try to deter people from being scammed out of their money,” Ms Sands said. “People have a tendency to send money to high risk jurisdictions.

They meet these people online, communicate through Facebook and What’s App. The Nigerian ones are unbelievable.”

Christof Fox, Omni Money Transfers’ general manager, said the entire money transfer industry had a duty to protect the Bahamas’ reputation and integrity, especially since information sharing between providers was still in its infancy.

Emphasising that no provider was being accused of complicity or wrongdoing, Mr Fox said of the trends

witnessed by Omni: “It’s evolving into something.

“Persons are contacted via social media, they are promised things such as money and marriage, and they get people to send money to them, such as buying a ticket to come to the Bahamas.

“We’ve had to develop compliance rules, systems, processes that try as best as possible to deal with these transactions.”

Calling on all money transfer providers to follow Omni’s lead “to protect the market and industry”, Mr Fox added: “It doesn’t help the Bahamas if Omni stops the transaction, and they walk into another company and are able to send.

“It’s important as a group and industry that we really pay close attention to that, and all do the same thing.

Everyone has to do their part to protect the industry.

“What we don’t want is a blacklisting where someone says there is a high incidence of fraudulent transactions originating in the Bahamas because licensees are not doing what they should be doing, and regulators are not paying attention to it. We have to be careful there.”

Mr Morris acknowledged that balancing compliance and associated costs with “excellent customer service” and value for money was an ongoing challenge for the sector.

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