01292019 BUSINESS

business@tribunemedia.net

TUESDAY, JANUARY 29, 2019

$3.99 ‘Unprecedented’: Inventory surge to hit market in 2019

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS-based realtor yesterday said residential sales had increased by 48 percent since 2014 ahead of what is expected to be “an unprecedented level of new inventory” hitting the market in 2019.

Colin Lightbourn, broker at Engel & Volkers, said in a statement that 2019 was expected to be “a strong year overall” with developments such as Sterling Global Financial’s $250m Hurricane Hole transformation; the GoldWynn project at Goodman’s Bay and other developments set to begin their sales promotion efforts in earnest.

“We will see an unprecedented level of new inventory on the market that will have a contemporary style and an emphasis on exclusive amenities,” Mr Lightbourn said. “Each developer is investing in new marketing campaigns that will attract an increased level of buyers to the island.”

His comments came as Engel & Volkers unveiled a five-year analysis of the Bahamian real estate market that analysed over 1,800 residential sales conducted through the Multiple Listing System (MLS), the centralised database through which realtors can conduct listings and sales.

Besides a 48 percent increase in total residential sales over the five-year period from 2014, The Bahamas-based realtor said its research also uncovered a 47 percent increase in the price for a single family unit on Nassau/Paradise Island.

Engel & Volkers said Elbow Cay and Treasure Cay in the Abacos were the “market hot spot”, with a 110 percent increase in residential sales over the five years. Calling on Bahamians to exploit the potential investment opportunity this creates, Mr Lightbourn said: “Treasure Cay, for example, has had an average sales price around $343,000 during the past five years.

“The ability to enter the market at this price and operate an income-producing property is an attractive investment. Bahamians also don’t have to pay property tax in the Family Islands, which puts thousands back into income each year.”

Mr Lightbourn added that Rainbow Bay and Gregory Town in Eleuthera, together with Cable Beach

SEE PAGE 5

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Fraudulent invoices hit 29% of Bahamas trade

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Ministry of Finance’s top official yesterday admitted there is “substantial” revenue loss from fraudulent invoices that are impacting up to 29 percent of The Bahamas’ trade.

Marlon Johnson spoke out after Global Financial Integrity (GFI), an advocacy group that acts as a watchdog on “illicit financial flows”, unveiled a report showing The Bahamas has one of the world’s highest rates of customs duty and “border” VAT leakage due to the practice of submitting phony invoices that significantly undervalue import shipments.

Basing its findings on United Nations (UN) and International Monetary Fund (IMF) data, GFI found that more than one-quarter of The Bahamas’ goods trade with advanced economies such as the US and Canada was impacted by such tax evasion practices.

• Nation among world’s worst for duty/VAT leakage • Top official: ‘Cat and mouse’ with tax cheats • Admits revenue loss ‘substantial’; can be cut

MARLON JOHNSON

MICHAEL MAURA

Branding this as “trade misinvoicing”, GFI said: “Several nations have trade misinvoicing levels significantly higher than the global average, including: Sierra Leone (39.8 percent), Georgia (34 percent); Botswana (31.1 percent); Maldives (29.6 percent); Ethiopia (29.3 percent); The Bahamas (29 percent); and Cameroon (26 percent).”

Employing two different evaluation methodologies, the GFI report said one estimated that

“underinvoicing” affected almost 64 percent - nearly two-thirds - of incoming import shipments to The Bahamas. With this nation’s total physical goods trade pegged at $4.646bn annually, it added that some $2.994bn was being impacted by fraud-related tax evasion.

The second method, though, showed a muchreduced impact with just $765m worth of goods some 29 percent - impacted out of $2.635bn in total

A BAHAMIAN attorney yesterday said his firm has “nothing to hide” and “will do everything to clear our name” in relation to its involvement with the Fyre Festival debacle.

Craig Butler, principal of CF Butler & Associates, told Tribune Business that he and the company were anxious to disassociate themselves from the $26m fraud perpetrated by organiser, William McFarland, and would fully co-operate with investigators probing where the money went once they went through established legal channels.

He added that his law firm had “acted professionally at all times” in relation to the ill-fated Exuma festival, and its fees were consistent with the services it provided to McFarland and his Fyre

trade. The latter figure, though, appears questionable given that Department of Statistics data shows The Bahamas imports far more than this sum annually from the US alone.

Still, while unable to validate GFI’s figure, both Mr Johnson and Michael Maura, chief executive of BISX-listed Arawak Port Development Company (APD), the facility through which around 90 percent of New Providence’s imports flow, both conceded that The Bahamas has a “material problem” with the “trade misinvoicing” practices identified by the report.

Mr Johnson revealed that the government’s revenue agencies, especially Customs and the Department of Inland Revenue (DIR), are often “playing a game of cat and mouse” with rogue

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SIR Franklyn Wilson yesterday voiced fears about renewed “tardiness” relating to VAT refunds, warning that the issue “could shake” still-fragile business and investor confidence.

The Arawak Homes and Sunshine Insurance chairman, emphasising that he was talking about the broader economy, told Tribune Business he had attended two board meetings in the past two working days where the company’s chief executive was complaining about its inability to receive timely VAT refunds from the government.

Pointing to the significant negative effects on a company’s cash flow if large sums were tied-up in VAT, Sir Franklyn said it was vital that the Minnis administration reassure businesses they will receive what is due to them in the timeframe expected.

“I’m beginning to get concerned over the frequency

SIR FRANKLYN WILSON with which I hear business people complaining about the tardiness of the government in refunding VAT payments,” Sir Franklyn told this newspaper.

“By coincidence, in the last two business days I attended two board meetings and, in both instances, the chief executive was making the point that the

• Craig Butler ‘will do everything to clear name’ • Pledges full co-operation with $26m probe • Fyre trustee gets subpoena go-ahead

CRAIG BUTLER Media Ltd company.

Mr Butler disclosed that CF Butler & Associates was among the many Bahamian businesses and individuals that McFarland left unpaid, revealing that “a large portion” of its Fyre Festival legal fees remained outstanding.

He spoke out as the southern New York federal bankruptcy court yesterday issued an order permitting the Fyre Festival’s Chapter 7 trustee to issue subpoenas to CF Butler & Associates, and other Bahamian individuals and entities, who each received payments of $90,000 or more from McFarland.

The trustee, Gregory Messer, now has judicial permission to examine Mr Butler’s firm and the others as part of his probe to determine how McFarland, who is currently serving a six-year US jail sentence over the Fyre Festival fraud, spent their money and if there is any

prospect of recovery.

Documents filed with the New York court suggest Mr Messer is especially eager to determine whether the Bahamian firms and individuals he is targeting, along with many others, provided sufficient goods and services to justify the payments they received.

Mr Butler yesterday indicated his law firm was anxious to comply with the Chapter 7 trustee’s probe given its belief it had done nothing wrong, as all Fyre Festival-related activities had been part of a standard attorney-client relationship.

Legal papers alleged that

SEE PAGE 4

PM DR HUBERT MINNIS

Tourist airlift capacity up 20% in Q1

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

insurance industry, but I believe in good faith that the parties are seeking to find a way to resolve that, including seeking the assistance of the court.”

Warren Rolle, the Bahamas Insurance Association’s (BIA) newly-elected chairman, yesterday confirmed that while VAT-related legal action was a possibility the sector was seeking to avoid such an outcome.

Mr Rolle, who is also NUA Insurance Agents & Brokers’ managing director, said: “We’re hoping it doesn’t get to that. It’s something we’re currently taking advice on.”

He declined to comment further, but suggested he would say more on the subject at a later date.

Insurance industry sources, speaking on

SEE PAGE 3

SEE PAGE 5

SEE PAGE 4

• As insurance sector faces govt legal collision • Warns issue ‘could shake’ business optimism • Two board meets in two days raise complaint company’s cash flow was being adversely affected by the inability to get VAT refund payments on a timely basis.

“It’s my hope that the appropriate authorities might do or say something to help give the private sector confidence that they can rely on the refunds being made in a timely manner.”

His comments came as the Bahamian insurance industry seeks to avoid its own specific legal collision with the government over both VAT refunds and the tax treatment applied to the industry by the Department of Inland Revenue (DIR).

Sir Franklyn, a principal in the majority shareholder of RoyalStar Assurance, the Bahamian property and casualty underwriter, revealed: “I am aware that there is a particular problem as it relates to the

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THE prime minister last night called on The Bahamas to fulfill its “considerable untapped potential” in tourism after stopover visitor arrivals rose 10.4 percent for the first ten months of 2018.

Dr Hubert Minnis, in what was billed as a national address detailing how the government plans to increase economic growth and job creation, said tourism diversification across the entire Bahamian island chain - and the development of multiple different experiences and enterprises - represented both “great challenge and even greater opportunity”.

“Preliminary stopover numbers for the year through October 2018 stood at 1.33m, a 10.4 percent increase over the same period in the previous year, with an average length of stay of 6.7 nights,” the prime minister said, giving an upbeat assessment of The Bahamas’ tourism prospects.

“The outlook remains favourable for continued growth in air arrivals, with bookings for the first quarter of 2019 forecast to be ahead by 10.3 percent for international arrivals. International airlift capacity increased by almost 9.8 percent in December, with air seat capacity from the US and Canada scheduled to increase by 21 percent and 19.9 percent respectively in the first quarter of this year.”

Dr Minnis added that the Ministry of Tourism “will launch a new branding campaign this year, the first in six years”, as he encouraged greater Bahamian ownership in the tourism sector and better promotion of this nation’s culture and heritage - especially in islands beyond New Providence.

He pointed to New Providence-based, Bahamian-owned projects such as the Paradise Island Lighthouse and Beach Club;

Sir Franklyn’s fear on VAT refund ‘tardiness’

Attorney: ‘Nothing to hide’ on Fyre Festival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.05

PAGE 2, Tuesday, January 29, 2019

THE TRIBUNE

GB minister to headline island’s Outlook summit THE minister of state for Grand Bahama will headline the island’s Business Outlook conference, which will be held on Thursday, February 21, at the Grand Lucayan resort.

Besides senator Kwasi Thompson’s keynote address, the other featured speakers include Greg Laroda, president of the Grand Bahama Chamber of Commerce; Derek Newbold, senior manager of business development at the Grand Bahama Port Authority; Giora Israel, Carnival Corporation’s senior vice-president for global port and destination development; and Zhivargo Laing, chief negotiator for The Bahamas’ accession to the World Trade Organisation (WTO).

The presenter line-up is rounded out by Gravette Brown, Aliv’s chief commercial officer; Davinia Blair, executive director of the Small Business Development Centre (SBDC); David Wallace, general manager, Pirates Cove Zipline and Water Park; Willie Moss, partner, Graham Thompson & Co; and Ian Strachan, vice-president for University of the Bahamas (UoB).

Joan Albury, president of the TCL Group, and chief organiser of the seven-island Business Outlook series, said: “We are delighted to be celebrating the 21st anniversary of Grand Bahama Business Outlook, and are pleased to have secured the participation of the minister for Grand Bahama, Senator Kwasi Thompson, and the new president of the Grand Bahama Chamber of Commerce, Greg Laroda senior.

“These gentlemen and the other speakers are

MINISTER OF STATE KWASI THOMPSON heavily invested in the quality development of this community. All of our presenters have been chosen because of the information they can bring on available national resources and opportunities for quality growth for Grand Bahama and, consequently, the entire Bahamas. We are grateful to all.”

The TCL Group president added: “This year’s theme, Connecting resources, maximising opportunities, transforming Grand Bahama, speaks to the need for strong partnership among the business leaders and people of this resilient island. Our company believes that Grand Bahama can - and will - rise again with dedicated collaboration and exchange of ideas. For this reason, we are pleased to be offering the very important Finance

and Ease of Doing Business workshops, with the continued excellent support of the Ministry of Finance.

“We are also introducing to the Grand Bahama forum our newest innovation called Creative Conversations. This panel will focus on promoting the creative economy and discussing how creatives can contribute to economic growth.

Panelists will include noted visual artist, Chantal E.Y. Bethel; established musician, Kevin G. Tomlinson; chef extraordinaire, Tim Tibbits, and accomplished writer, Gea Pierre.”

Interested persons are encouraged to register at www.tclevents.com, contact Mercynth Ferguson of Grand Bahama Chamber of Commerce at 242-352-8329 or e-mail: info@gbchamber. org.

Customs honours its long-serving officers

THE Governor General, Dame Marguerite Pindling, seated centre, hosted Bahamas Customs Department honourees at

their Long Service Awards Ceremony at Government House on Friday. K Peter Turnquest, deputy prime minister and minister of

finance, and Customs comptroller, Dr Geannine Moss, both seated, gave congratulatory remarks.

Photo: Patrick Hanna/BIS

Candidates graduate from job readiness

THE ministry of youth, sports and culture’s acting permanent secretary, Rhoda Jackson, front row, third right; deputy permanent secretary and director of youth, K Darron Turnquest, left of Ms Jackson; and programme

co-ordinator, Keilli Brathwaite, right of Ms Jackson, pose with the 36 graduates of the the ministry’s Job Ready programme.

Moderating the event was assistant youth officer and one of the facilitators,

RasDe’Niro Thompson, and motivational speaker, Anastacia Palacious, gave an inspirational speech to the class. Darrien Rolle received the award for top graduating class member.

Photo: Eric Rose/BIS

THE TRIBUNE

Tuesday, January 29, 2019, PAGE 3

GOVT KEEPING DUAL ARBITRATION REGIMES

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government intends to keep separate regimes for domestic and international arbitration to ensure legal “certainty and clarity”, a Cabinet Minister has confirmed.

“We believe that the two regimes should be kept separate to bring certainty and clarity to the law, particularly for those who would wish to use The Bahamas for arbitration,” said Brent Symonette, minister of financial services, trade and industry and immigration.

“Two clearly articulated regimes certainly would further contribute to the ease of doing business in The Bahamas, and make The Bahamas an attractive arbitration centre for the resolution of business and investment disputes.”

The government’s plans run contrary to the advice of some in the private sector, who argue that having two separate arbitration regimes could lead to confusion and a dissipation of resources.

BRENT SYMONETTE Dr Peter Maynard, the former Bahamas Bar Association chief, previously told Tribune Business: “The good news is that the International Commercial Arbitration Act has provision for a centre. I’m suggesting that the centre be at a neutral place, like the University of The Bahamas, supported by government and NGOs. “We need to marshal the resources to do that.

There is still this question of

sending resources in two different directions. My view is let’s get it right the first time, so you should amalgamate.

Others take the view that something is better than nothing. I’ve never looked at it that way. If we can do better let’s do better.”

Mr Symonette, who addressed the recent Arbitration Summit that Dr Maynard helped to organise, said the “government remains committed to the establishment of The

Bahamas as a modern and sophisticated international arbitration centre”.

He added that establishing The Bahamas as an arbitration centre would complement the Bahamian legal profession and also the financial and maritime sectors, foreign direct investment and other international business initiatives. “The potential for long-term employment opportunities for Bahamian professionals working in

such areas is significant,” Mr Symonette added.

Mr Symonette said The Bahamas’ strategic geographical location, accessibility, stable government, trained judiciary and qualified professional workforce gave it an an advantage over many competitors vying to be an arbitration hub.

“The Bahamas must find ways to open its doors to a global economy that allows professional exchanges that foster growth and the crossborder cooperation and partnerships,” he said.

According to Mr Symonette, The Bahamas nation has made progress towards turning its ambitions into reality with the introduction of the Arbitration Amendment Bill 2018 and the International Commercial Arbitration Bill 2018.

He added that the passage of both bills will bring further clarity to the law, particularly for those interested in using The Bahamas as a venue for arbitration.

“The International Commercial Arbitration Bill 2018 incorporates key provisions of the Model Law

of the United Nations Commission on International Trade Law (UNICTRAL),” he added. “The Model Law covers all stages of the arbitral process - from the arbitration agreement to the recognition and enforcement of the arbitral award - and reflects a worldwide consensus on key aspects of international arbitration practice accepted by states the world over no matter their legal or economic systems.

“The corresponding provisions of the UNCITRAL Model Law have been included in the schedule of the International Commercial Arbitration Bill 2018 to indicate which provisions of the bill align with corresponding provisions of the UNCITRAL Model Law, making it easier for persons using the legislation.

“As you are well aware, the Model Law has become the global benchmark for good arbitration legislation, and by incorporating its provisions within our laws we are demonstrating our desire to be at the forefront in this area.”

Sir Franklyn’s fear on VAT refund ‘tardiness’ FROM PAGE ONE condition of anonymity, said the “bulk” of the issues between the sector and the government related to the VAT refunds it believes remain due and owing on Hurricane Matthew claims dating from October 2016.

They added that there were also concerns over how the tax is being “construed and interpreted” by the Department of Inland Revenue (DIR), especially now that the property and casualty segment is being treated as VAT “exempt”.

Kevin Seymour, the former Grand Bahama Chamber of Commerce president, told Tribune Business last year that the government had effectively “trapped itself” by applying VAT to property and casualty insurance premiums.

Lacking the necessary cash flow to meet the sector’s credit/refund claims, he said it was now resorting to demanding that companies who received Hurricane Matthew claims pay VAT from these proceeds.

Mr Seymour said that among the many unintended consequences of this move was the imposition of VAT on cross-border, inward bound foreign exchange inflows that were vital to The Bahamas’ post-storm recovery.

Besides seemingly violating the VAT Act’s intention that the tax only be imposed on economic activity within

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The Bahamas’ borders, Mr Seymour said this was also resulting in the repatriation of a portion of the claims proceeds back to the foreign reinsurer. And companies were also having to “eat” VAT on business interruption insurance payouts.

Sir Franklyn, meanwhile, said his concerns went beyond the insurance industry to the broader economy. “Every company operates on the basis that VAT receivables from the government are as near to cash as you can get,” he told Tribune Business yesterday.

“If that turns out not to be the reality, it could shake a lot of commerce in

YOUR

the country. I make these comments in a public way because I believe, in the interests of the economy more broadly, the authorities provide some evidence and assurance that any hiccups are being addressed and refunds will happen as the private sector has been led to believe they will.

“The implications are significant. My genuine interest is that the governance of the country takes place in a way that fosters national development. I bring this to the authorities because they may not be aware of it.

Hopefully, they should be aware of it and prevent it from becoming a problem.”

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

Concerns over VAT refunds are nothing new, having surfaced before with the cash-strapped Public Treasury struggling to meet multi-million dollar refunds and credits built up by the private sector.

Both Michael Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, and its newlyappointed chief executive Jeffrey Beckles, both said they were unaware of renewed VAT refund concerns as expressed by Sir Franklyn.

Mr Maura said just because he had heard

nothing recently means “the issue has gone away”, while Mr Beckles said he had been surprised at how quiet the “VAT refunds” situation had been since

his appointment - apart from a solitary complaint at the recent Bahamas Business Outlook conference.

Both men promised to investigate.

PAGE 4, Tuesday, January 29, 2019

THE TRIBUNE

Fraudulent invoices hit 29% of Bahamas trade FROM PAGE ONE importers and companies who use fraudulent, phony invoices to undervalue incoming shipments and thus evade a substantial part of their duty/VAT liabilities.

“I’m not familiar with that statistic and that particular report,” the financial secretary told Tribune Business of the GFI findings,” but we do recognise the ongoing challenge with revenue slippage. We recognise we have a load of under-reporting of revenue and evasion mechanisms that are there, and plan to address it in a very material way.

“That’s why the government, in the recent past, legislated the Revenue Enhancement Unit. It has been enshrined in the law.

We are taking some steps to give life to the unit, and that should happen in the next month or so, to take a look at that and the range of other slippage points we suspect exist.”

Mr Johnson said Customs already possesses an investigations unit whose

officers can travel to the US to probe suspected fraud and tax evasion, and added that the Department’s new Electronic Single Window (ESW) - which enables goods to be cleared electronically would significantly enhance its detection and crimefighting powers.

He added that the ESW will compile “a treasure trove of data” that will allow Customs to analyse import trends, and “sniff out” fraud and tax evasion, by comparing “like products and invoices” submitted by different companies to see if there are any discrepancies.

“We will use Artificial Intelligence, technology and data mining to look for cheats,” Mr Johnson pledged. “I want to assure the public of two things: The government intends to look at it, and the government is paying a lot more attention to this issue with the enhanced powers and legislation it has.”

He added that the government had “various estimates” of the revenue it continues to lose to falsified

invoices, but declined to reveal them. “We believe it to be substantial,” he told Tribune Business, “and the deputy prime minister spoke to it a little bit in the budget speech.

“We believe there’s a bit of gain to be had. I think you will see a lot more of that in the next four to six months, and a much more intelligence-led approach by virtue of the ESW and other mechanisms to address it.

We are taking it very seriously, and want to address what we know to be the rates of evasion that we believe are too high.

“We have taken some steps. We have seen some improvement, but believe there is room for improvement still. We believe that with the technological assistance of the ESW, and with enhanced surveillance and intelligence work, we can do a bit better in addressing some of these long-standing practices.”

One such practice is the tactic employed by many Bahamian companies of creating their own US “shell” or dummy companies,

which are usually domiciled in Florida. All US-based purchases of supplies and other equipment is routed through these entities, so that the Bahamian business is effectively invoicing itself when importing goods.

This permits the manipulation of invoices, via a form of “transfer pricing”, that enables import shipments to be undervalued and due customs duty/VAT evaded at the border. Tribune Business sources have suggested that some companies avoid up to one-third of due taxes that should go to the Public Treasury via such mechanisms.

Mr Johnson told Tribune Business that Customs was aware of such practices, describing it as “a cat and mouse game” with tax cheats. He added that interviews for 15 new VAT auditors were also scheduled to take place soon as the government seeks to “enhance compliance on that side”.

Bahamians and residents, though, have also frequently told Tribune Business of the willingness

of many Florida-based companies to produce invoices and receipts showing a lower, falsified value for goods purchased in “the Sunshine State” thereby providing a further avenue for tax evasion.

Mr Maura, meanwhile, agreed with Mr Johnson that The Bahamas’ long-standing culture and tradition of false import declarations meant that the government has a tough task to crack down on the evaders and collect every due cent at a time when the Public Treasury needs all the revenue it can get.

While unable to support GFI’s 29 percent number, the APD chief told Tribune Business: “I do believe that there is a material issue in terms of the fraudulent declarations. The reality is that it doesn’t take much other than for someone to sit at a PC in Fort Lauderdale, attached to a printer, create a company and give whatever they want to be the cost of the end unit, or effectively do the same thing in Nassau.”

Mr Maura added that

“part of the justification for the investment” in Customs’ ESW was the creation of an electronic risk management system that would enable the agency to compare like products, prices and invoices supplied by different importers and thus better detect those likely to be evading due taxes.

“I do believe The Bahamas has a long history of intentional misdeclarations of goods at the border, which is why a port of entry needs a robust, fully automated inspection system to inspect containers, open up containers, compare what is inside the container with the invoice,” Mr Maura said.

“We need cargo scanning technology that is current, not 15 years old, and put those containers and pallets through effective scanning so everything declared on that invoice aligns with what is in the shipment. I would agree that it’s a very material problem, and monies need to be invested as they have done with this ESW.”

Attorney: ‘Nothing to hide’ on Fyre Festival FROM PAGE ONE some $131,500 had been paid to Mr Butler’s company in its capacity as a “festival consultant”, but Mr Butler yesterday said this description was not accurate.

“CF Butler & Associates’ services were retained

by Mr McFarland and the corporate alter ego,” he told Tribune Business.

“As part of our mandate monies were received, and in accordance with the retainer we carried out their instructions.

“Once the [Chapter 7 trustee] for New York’s southern district complies with the necessary legal

procedures and makes the necessary approach, I am mandated to comply with anything received under the rules; I am mandated to do so. I would be more than happy to answer any and all questions once all procedures are followed.

“I have been at the Bahamas Bar for over 20 years.

My main practice is civil and corporate. I take on a lot of fiduciary duties. It is unfortunate that the principal [McFarland] turned out to be not what he presented himself to be. That is no reflection on CF Butler & Associates. We acted in the law and ensured that everything was done accordingly.”

Mr Butler then disclosed

that CF Butler & Associates was among McFarland’s multiple Bahamian creditors, although he declined to state how much the law firm is still owed.

“CF Butler & Associates can state unequivocally that we acted professionally at all times, and we charged fees commensurate with the instructions received, a large portion of which remain outstanding,” he told this newspaper.

“In terms of being a ‘consultant’, we were attorneys acting in the capacity of a client who, amongst other things, wanted to construct the festival. Everyone seemed enthusiastic about it, saw it as a good thing for the island, and it

would have been but for Mr McFarland.”

Pledging full co-operation with the Chapter 7 trustee, Mr Butler added: “Anything properly brought before me, my firm has nothing to hide and we would be more than happy to comply. We don’t want to be associated with this guy.

“My firm does not want to be associated with the fraud perpetrated by McFarland.

We will do everything to clear our name and show we had nothing to do with it. There was no wrongdoing on our part, and any official who wants to come down with all the proper credentials and applications and ensure that all the procedures are followed, if

NOTICE TILBURY DOS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TILBURY DOS 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 25th January, 2019 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 29th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT Common Law and Equity Division BETWEEN

2017/CLE/gen/00793

COMMONWEALTH BANK LIMITED AND DONNA MARIA LEADON

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Plaintiff

Defendant

ORDER To Donna Maria Leadon whose last known address was #1 Pacific Court, Golden Gates #2 TAKE NOTICE that:1. A Summons filed on the 4th day of July, A.D., 2018 has been issued against you in the Supreme Court of the Commonwealth of The Bahamas being Action No. 00793 of 2017 by Commonwealth Bank Limited, the Plaintiff herein.

2. On the 17th day of January, A.D., 2019 the Court ordered that the Summons and Affidavit be deemed to be served on you by this advertisement.

3. It is further ordered that the hearing of the notice of adjourned hearing is set to be heard on Tuesday 26th February, 2019 at 11:00 a.m. before Deputy Registrar Constance Delancy at Ansbacher House, Bank Lane, Nassau, The Bahamas.

BAZARD & CO.

BY ORDER OF THE COURT REGISTRAR This Order was drawn up by Messrs. Bazard & Co., of address Mount Royal Avenue and Kenwood Street, Attorneys for the Plaintiff.

I can be of assistance I will be.

“I want my name cleared because the impression is being cast that I did something wrong, when neither myself or the attorney working on the matter did anything wrong. There is still an outstanding balance for the services that CF Butler provided. I need my money too.”

Mr Messer was also yesterday given the goahead to issue a subpoena to LeRoy Archer, former National Sports Authority (NSA) chairman and ex-managing director of BISX-listed Commonwealth Brewery, in a bid to examine him over the $100,000 he received in April 2017 for acting as a “festival consultant/ investor”.

Mr Archer declined to comment when approached

by Tribune Business, saying he did “not want to upset or disturb” settlement talks over unspecified products that were acquired and shipped to Exuma for the Fyre Festival.

Besides Mr Archer and CF Butler & Associates, another entity on Mr Messer’s examination list, “Chef Ellis Duff Pastries Catering”, is thought to be the Bahamian company, Chef Ellie’s Duff Pastries Catering. It allegedly received $170,000 in March 2017, probably for providing catering services, and is described in court documents as a “food/pastry vendor”.

Also named is NC Macduffs Ltd, which received $115,351 from McFarland and his Fyre Media entity between November 2016 and

NOTICE TILBURY DOS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TILBURY DOS 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 25th January, 2019 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

December 2017, and is described as a “bar/restaurant”. Although unclear from the court filings, this could be MacDuffs Cottages and Restaurants on Norman’s Cay. Neither Chef Ellie’s Duff Pastries Catering nor NC Macduffs Ltd could be reached for comment yesterday. Phones went unanswered and messages were not returned.

Two separate documentaries released by Netflix and Hulu have sparked renewed interest in the Fyre Festival, drawing attention to the now-infamous scheme which saw investors defrauded of significant sums of money, hundreds of festival attendees left stranded after its abrupt cancellation, and numerous vendors left unpaid.

Customers who paid $1,200 to more than $100,000 hoping to see Blink-182 and the hiphop act, Migos, arrived on Exuma only to learn they were cancelled. Their luxury accommodations and gourmet food consisted of leaky white tents and packaged food.

Chaos quickly descended after McFarland failed to deliver on anything he had promised, with most festival-goers immediately demanding their money back and seeking the quickest way off Exuma.

Class-action lawsuits from attendees swiftly followed at federal courts throughout the US. Besides being totally out of his depth, and possessing none of the experience and expertise required to organise such an event, McFarland also induced investors to part with a collective $26m through a series of lies and fraudulent misrepresentations that effectively sold them a $26m mirage. Among the falsehoods was a claim the Festival owned significant landholdings in The Bahamas.

NOTICE TRITONSGATE TRUST COMPANY LTD. In Voluntary Liquidation Notice is hereby given that, in accordance with the Companies (Winding Up Amendment) Act 2011, TRITONSGATE TRUST COMPANY LTD. is in dissolution.

The date of commencement of dissolution was January 28th, 2019. Aegis Corporate Services Limited of PO Box SP-63771 Offices at Old Fort, Building Four, Western Road, Nassau, Bahamas has been appointed liquidator.

Dated this 29th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator

Aegis Corporate Services Limited Liquidator

THE TRIBUNE

Tuesday, January 29, 2019, PAGE 5

Tourist airlift capacity up 20% in Q1 FROM PAGE ONE Athol Island Entertainment Facility; and the Heritage Tourism Project. The latter was billed as a group of Bahamian businessmen seeking to upgrade and take over management of key historical sites, transforming them into historic attractions.

“Eighty percent of our tourism activity, and 70 percent of our population, is found on the two percent of our land, that of New Providence and Paradise Island,” Dr Minnis said, hinting at the need for economic diversification beyond Nassau and the need to reverse the island’s overcrowding. New Providence has received 55 percent of foreign direct investment (FDI) inflows since 2017.

Those looking for an “economic game changer” from the prime minister last night will likely have been left disappointed, as his address focused largely on what the government

perceives as its accomplishments to-date and an agenda that was pretty much known to many Bahamians.

Like his predecessors, Dr Minnis also touted projects in the FDI and Bahamian investment pipeline, while “pressing” his ministers, the Central Bank, Ministry of Finance and commercial banks to reduce the time required to open a bank account in The Bahamas.

“Yes, the Know Your Customer rules are important. But just as important is that Bahamians should be able to go to a bank and open up a bank account with little hassle once they have proper identification to prove who they are,” Dr Minnis said.

“Instead of finding excuses as to why it cannot happen, I want the Central Bank, the Ministry of Finance, the commercial banks and the private sector to tell me how it will happen.”

Revealing that private sector support will, when combined with the

government’s $5.5m, take the amount of capital being made available this year to Bahamian startups and entrepreneurs to $7m, Dr Minnis did unveil several Bahamian-led developments.

He said the Bahamas Striping Group of Companies “will develop poultry farms and processing plants on North Andros and Eleuthera, and through a distribution centre on New Providence”, while 30 Bahamians will be hired to construct the $5m, 28-bungalow Pinder’s Bay project in Long Island.

Turning to Abaco, Dr Minnis also disclosed “the proposed Tyrsoz Family $580m investment in South Abaco for the development of a five-star residential resort and marina, which will involve the upgrade and expansion of the Sandy Point airstrip; the development of Sandy Point ferry dock as a cargo transshipment port and construction area; and the extension of Queen’s Highway in South Abaco”.

‘Unprecedented’: Inventory surge to hit market in 2019 FROM PAGE ONE and Paradise Island on New Providence, and islands such as Exuma and Abaco offered the best investment opportunities.

The Engel & Volkers analysis also compared the Cable Beach and Paradise Island long-term rental markets and their respective yields, finding that the former had outperformed its rival by an average of 1.9 percent over the past three years.

“The higher return for Cable Beach is based primarily on the higher prices on Paradise Island, and the

fact that the rental market thins out once you hit the $5,000 per month mark,” Mr Lightbourn added.

Around 90 percent of Cable Beach rentals were below this price point over the five-year period assessed, while only 69 percent of Paradise island rentals fell into this spot.

Old Fort Bay, meanwhile, was the leading high-end location with an average residential sales price of $3m and average home size of 5,455 square feet.

Engel & Volkers said the MLS data was not a full picture of the real estate market, and only accounted for a portion of

sales activity as just 379 of the estimated 600 licensed Bahamas Real Estate Association (BREA) agents were using it.

Mr Lightbourn suggested this meant the Bahamian real estate market was “performing at an even higher level” than that suggested by the company’s research. He called for a more accurate, centralised database on real estate sales that would be available to banks, insurance companies, realtors and government agencies conducting real property tax assessments.

To advertise in The Tribune, contact 502-2394

is looking for

Experienced Travel Agents to Join Its team

Experience: • Knowledgeable with the Sabre Application • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience • Existing Customer Base would be a plus General Responsibilities • Communicate with Customer to obtain travel request • Maneuvering through the Sabre system to fulfil Customer request • Provide support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures Instructions to applicants Please send resume via email to hr@premiertravel-bahamas.com Subject of email “Vacancy- Travel Agency” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, February 15th, 2019

THE

PRESS BOX Y T H G

WITH

NAU

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PAGE 6, Tuesday, January 29, 2019

THE TRIBUNE

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

T

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

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

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

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

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

Stocks slide as slow growth in China weighs on earnings

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

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OPPORTUNITIES • • • •

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

BENEFITS

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

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

NEW YORK Associated Press STOCK indexes sank yesterday after twin announcements highlighted how much China’s slowing economic growth is hurting profits for US companies.

Caterpillar, a bellwether for industrial companies, reported fourth-quarter earnings that fell well short of analysts’ expectations and said that it expects construction-equipment sales growth in China to be flat in 2019 following years of significant growth. Chipmaker Nvidia, meanwhile, cited slowing demand in China as one of the reasons for slashing its forecast for fourth-quarter revenue.

Wall Street had already been fixated on the effects of China’s slowdown, particularly with trade tensions high between Washington and Beijing, and the announcements sent the technology and industrial sectors to sharp losses. They helped drag the S&P 500 down 20.91 points, or 0.8 percent, to 2,643.85.

The Dow Jones industrial average fell 208.98, or 0.8 percent, to 24,528.22, the Nasdaq composite lost 79.18, or 1.1 percent, to 7,085.68 and the Russell 2000 index of small-cap stocks dropped 9.32, or 0.6 percent, to 1,473.54.

China, the world’s secondlargest economy, generated its slowest economic growth last year since 1990, and the impact is being felt widely among the many US companies that rely on China for sales, especially industrial and technology companies.

China accounts for 5.5 percent of all revenue for S&P 500 companies, secondmost in the world after the United States, according to FactSet. Nvidia and Caterpillar

fell to the sharpest losses in the S&P 500, with drops of 13.8 percent and 9.1 percent, respectively.

Tech giants Microsoft and Apple were also weighed down by China concerns.

Microsoft fell two percent, and Apple shed 0.9 percent. Apple shook markets earlier this month when it warned of lagging sales in China.

Kristina Hooper, chief global market strategist at Invesco, expects a “widespread” impact from the global slowdown and said Apple was “the canary in the coal mine”.

“This, if nothing else, is putting more emphasis and focus on US-China trade talks this week,” she said.

Talks aimed at resolving the impasse over Chinese technology policy and other issues are due to resume in Washington this week.

Analysts say there might be moves to trim China’s massive trade surplus with the US that could stave off further hikes in punitive tariffs imposed by both sides.

However, they expect gaps to remain on key problems such as China’s blueprint for state-led development of leading technologies.

The trade meeting is just one of several big events that could swing markets in a busy week. Also upcoming are a meeting by the Federal Reserve on interest rates, the US jobs report and earnings reports from about a quarter of all the companies in the S&P 500 index.

Investors are hoping for encouraging clues that interest rates will remain low enough and job growth strong enough so as to avoid a recession. Fear of a potential recession took its toll on the stock market at the end of 2018, and the S&P 500 fell nearly 20 percent between setting its record

on Sept 20 and Christmas Eve. In Europe, the threat of a continued economic slowdown has been hanging over what is an already contentious situation with Britain’s expected departure from the European Union in March. Economic growth in Europe slowed in the last half of 2018 and indicators at the start of this year have been weak.

The British FTSE 100 lost 0.9 percent, while the French CAC 40 fell 0.8 percent and the German Dax lost 0.6 percent. In Asia, Japan’s Nikkei 225 index fell 0.6 percent. The Hang Seng in Hong Kong and South Korea’s Kospi were both virtually flat.

In the commodities market, US crude oil fell 3.2 percent to settle at $51.99 per barrel in New York.

Brent crude, used to price international oils, fell 2.8 percent to $59.93 per barrel.

The price of oil did not have a big reaction to the Trump administration imposing sanctions yesterday on the state-owned oil company of Venezuela.

Wholesale gasoline fell 4.1 percent to $1.33 a gallon.

Heating oil lost 2.9 percent to $1.84 a gallon and natural gas dropped 8.4 percent to $2.91 per 1,000 cubic feet.

The price of gold rose 0.4 percent to $1,303.10 an ounce, silver also rose 0.4 percent to $15.77 an ounce and copper fell 1.8 percent to $2.68 a pound.

Bond prices rose. The yield on the ten-year Treasury note dipped to 2.74 percent from 2.75 percent late on Friday.

The dollar slipped to 109.36 Japanese yen from 109.64 yen late on Friday.

The euro rose to $1.1427 from $1.1414, and the British pound dipped to $1.3158 from $1.3198.

THE TRIBUNE

Tuesday, January 29, 2019, PAGE 7

US HITS VENEZUELA WITH OIL SANCTIONS TO PRESS MADURO EXIT WASHINGTON Associated Press

THE Trump administration imposed sanctions yesterday on the stateowned oil company of Venezuela, a potentially critical economic move aimed at increasing pressure on President Nicolas Maduro to cede power to the opposition in the South American nation.

Maduro’s increasingly isolated government would lose access to one of its most important sources of income and foreign currency along with around $7bn in assets

of Petroleos De Venezuela SA under the sanctions announced by Treasury Secretary Steven Mnuchin and national security adviser John Bolton.

The move follows the unusual decision by the US and other nations last week to recognise the opposition leader of the National Assembly, Juan Guaido, as the interim president of Venezuela instead of Maduro, who was re-elected last year in an election widely seen as fraudulent. The once prosperous nation has been in an economic collapse, with several million citizens fleeing to neighbouring countries.

“We have continued to expose the corruption of Maduro and his cronies, and today’s action ensures they can no longer loot the assets of the Venezuelan people,” Bolton said at a White House news conference.

Bolton said he expects yesterday’s actions against PDVSA — the acronym for the state-owned oil company —will result in more than $11bn in lost export proceeds over the next year.

Secretary of State Mike Pompeo stressed that the new sanctions do not target the people of Venezuela and will not affect humanitarian assistance,

Water Purification company is looking for a

Technical Supervisor

to manage and oversee its technical service department.

including medicine and medical devices that are “desperately needed after years of economic destruction under Maduro’s rule”.

Sen Marco Rubio, R-Fla, a vocal critic of Maduro who has called for such sanctions, welcomed the move even before it was announced.

“The Maduro crime family has used PDVSA to buy and keep the support of many military leaders,” Rubio said. “The oil belongs to the Venezuelan people, and therefore the money PDVSA earns from its export will now be returned to the people through their legitimate constitutional government.”

The sanctions will not likely affect consumer prices at the gas pump but will hit oil refiners, particularly those on the US Gulf Coast.

Venezuelan oil exports to

the US have declined steadily over the years, falling particularly sharply over the past decade as its production plummeted amid its long economic and political crisis. The US imported less than 500,000 barrels a day of Venezuelan crude and petroleum products in 2017, down from more than 1.2 million barrels a day in 2008, according to the Energy Information Administration.

Still, Venezuela has consistently been the third- or fourth-largest supplier of crude oil to the United States, and any disruption of imports could be costly for refiners. In 2017, the most recent year that data were available, Venezuela accounted for about six percent of US crude imports.

Valero and Citgo are among the largest importers

of Venezuelan crude.

Mnuchin said the Treasury Department also took steps yesterday to authorise certain transactions and activities with PDVSA. He said Citgo assets in the United States will be allowed to continue to operate — provided that any funds that would otherwise go to the state-owned oil company be sent to a blocked account in the United States.

Venezuela is very reliant on the US for its oil revenue. The country sends 41 percent of its oil exports to the US. Critically, US refiners are among the few customers that pay cash to Venezuela for its oil. That’s because Venezuela’s oil shipments to China and Russia are usually taken as repayment for billions of dollars in debts.

Experience: • Proven working experience as a Supervisor of Technical Department with a minimum of 5-7 years • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience General Responsibilities • Direct Supervision of hourly work force to maximize efficiency and reduce operating cost • Ensure proper training is given and recorded for all employees to reduce quality concerns • Maintain production to meet all schedules • Complete quality inspections and process audits as required and ensure corrective actions are implemented • Ensure personnel issues are dealt with in a timely matter, including disciplinary actions • Provide technical support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures Instructions to applicants Please send resume via email to hr@purewaterbahamas.com Subject of email “Vacancy- Technical Supervisor” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, February 15th 2018.

Water Purification company is looking for a

Technician

to install and service water purification systems and softeners Experience: • Proven working experience as Technician • Interpersonal skills to maintain and develop relationships with management and customers • Sales Experience Instructions to applicants Please send resume via email to hr@purewaterbahamas.com Subject of email “Vacancy- Technician” Only those applicants who are shortlisted for interview will be contacted Deadline for submission – 5pm, Friday January 19th 2018.

MARKET REPORT MONDAY, 28 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,096.00 | CHG 0.09 | %CHG 0.00 | YTD -13.45 | YTD% -0.64 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.39 1.60 0.56 3.68 10.20 6.60 4.85 12.50 2.74 1.78 8.21 6.30 13.20 6.99 4.48 13.50

52WK LOW 3.50 19.17 4.90 3.34 0.90 0.18 2.10 8.70 6.10 3.54 9.01 2.30 1.50 7.25 6.10 10.10 5.85 3.25 12.51

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

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 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

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.40 11.00 2.55 1.78 8.54 6.30 12.85 6.98 3.62 13.01

CLOSE 4.43 17.43 7.00 5.39 1.60 0.56 2.30 10.20 6.16 4.40 11.00 2.54 1.78 8.66 6.30 12.85 6.98 3.62 13.01

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 0.12 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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

2,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 30.1 18.7 N/M 16.7 N/M N/M -4.4 14.6 12.8 28.6 17.5 24.9 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.45% 0.00% 3.57% 0.00% 6.96% 3.57% 2.73% 5.64% 2.36% 3.37% 0.97% 4.44% 3.89% 2.15% 3.59% 4.61%

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 Prime + 1.75% 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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.62 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.20 4.21 2.03 182.41 158.55 1.60 1.74 1.68 1.11 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

YTD% 12 MTH% 3.57% 4.03% 1.65% 1.76% 2.18% 2.45% 2.08% 3.47% 3.35% 5.94% 4.30% 4.30% 2.60% 2.60% 3.40% 3.40% 1.46% 1.46% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

To advertise in The Tribune, contact 502-2394

PAGE 8, Tuesday, January 29, 2019

THE TRIBUNE