01302018 business

business@tribunemedia.net

TUESDAY, JANUARY 30, 2018

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Remove ‘red herrings’ from Business Licence

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government was yesterday urged to ease private sector anxieties by removing longstanding “red herrings and misnomers” associated with the Business Licence renewal process.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the Ministry of Finance needed “to settle once and for all” three issues that frequently caused consternation on an annual basis.

He said clarification was required on when Business Licences expired; the importance of tomorrow’s January 31 ‘filing’ deadline; and the need for a more risk-based approach to certifying private sector compliance.

Mr Bowe added that he and BICA supported the Chamber of Commerce’s call for the Government to introduce a “staggered” approach to Business Licence filings and payment, moving away from

* Gov’ urged: ‘Settle key concerns once and for all’ * BICA chief backs ‘staggered’ payment approach * Accountants hit at ‘undue stress’ of January 31 the set end-January and end-March dates for all.

He revealed that the former Christie administration had mulled switching Business Licence filings and associated fee payments to a quarterly (every three months) basis, but had never moved to implement such an approach.

Besides better aligning with Value-Added Tax (VAT) payments, Mr Bowe said such a schedule would also tie Business Licence fee payments to a company’s performance during its current financial year.

“There are three elements that always get people riled up, and which have not necessarily been settled once and for all,” the BICA president said.

“The Ministry of Finance needs to do that.

“One is when Business Licences expire. That causes consternation for

GOWON BOWE people importing who need Customs bonds, and require auxiliary elements to get one, including their Business Licence assessment.”

Business Licences currently carry a year-end expiration date, yet are only renewed and certified by the end of March the following year. “What needs to be clarified is once Business

Licences are valid until the end of December, it is valid until the renewal deadline has expired,” Mr Bowe said. “That would ease a lot of the stress that comes about.”

He then questioned whether the January 31 ‘filing’ deadline was “a red herring”, and if it is “of any use”, given that the penalty for missing it was a mere $100. This, together with the fact that Business Licence fee payments are not required until endMarch, suggested Wednesday may not be important as it seems.

Mr Bowe said the “appropriate threshold” for certifying Business Licence fees also needed to be revisited, given that it had jumped from a $500,000 turnover to $1 million before being reduced to $100,000 to bring it into line with VAT.

He added that Business Licence certification should be risk-based, focused on companies “with a risk of valuation errors”, and cross-checked with a company’s VAT filings to make sure the two are aligned.

“Certification should be done on businesses considered by the Business Licence Valuation Unit as ‘high risk,” Mr Bowe argued. “Those with high turnovers, and those with more complex turnovers, meaning you have different sources of revenue. Some may be subject to VAT, some may not, and some may be subject to Business Licence fees and some may not.

“We want to have certification that persons are compliant with the law. If we remove some of the red herrings and misnomers in

SEE PAGE 5

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BANK SLACKNESS IN ‘HIGHER THAN USUAL’ NONCOMPLIANCE * CENTRAL BANK: ‘SIMPLER’ REGULATIONS BREACHED * ACTS NOT DELIBERATE; BLAMES ‘CARELESSNESS’ * BANKS ISSUING LOANS GREATER THAN LIMITS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank has blamed “carelessness rather than deliberate rule breaking” for a “higher than usual level” of licensee noncompliance with “simpler” regulations.

Charles Littrell, its inspector of banks and trust companies, in a just-released letter to all Bahamas-based banks and trust companies warned that the slackness would receive “a supervisory response”. Among the infractions identified in the

SEE PAGE 6

GOV’T EYES ‘ALL OPTIONS’ TO ELIMINATE BUSINESS LICENCE ‘RUSH, ANGST’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official yesterday said the Government was exploring “all options” to eliminate “the rush and angst” associated with Business Licence renewals.

Marlon Johnson, the acting financial secretary, told Tribune Business that the Minnis administration had received numerous “suggestions” on how to streamline a process that requires all businesses to file their annual turnover ‘certifications’ by tomorrow.

Admitting that the Government was “painfully aware” of the need to rationalise its tax compliance processes via the use of technology, he said key public sector agencies

* Top official ‘painfully aware’ of streamline need * Reforming filing timelines under assessment * PM’s incentives: Nice gesture, little impact were increasingly aware of the need to be “customer centric”.

Speaking amid the now-annual complaints of “undue stress” being imposed on businesses and accountants to meet January 31, Mr Johnson said the Government would announce reforms “within a reasonable period of time”.

“All options are being considered, as well as a number of other suggestions, to see how we can make the whole business engagement out there easier, faster and better, and that includes how we can reform the timelines

around filing,” the acting financial secretary told Tribune Business.

“The key ambition for us is to make the process as seamless and easy as possible, so no matter what timelines are attached to it, it happens at the click of a button because the technology exists, whether at a desk or on your mobile phone.

“We want people to interface with government agencies using the technology platforms that are readily available throughout the world.”

Dr Hubert Minnis, meanwhile, used last night’s

national address to unveil several Business Licencerelated incentives that he touted as aiding small businesses and start-up companies.

New businesses will be exempt from paying Business Licence fees this year, while the Prime Minister said existing companies with annual turnovers of $100,000 or less will also enjoy a waiver in 2018.

While many entrepreneurs and small businesses will doubtless appreciate the gesture, these incentives are likely to make little practical difference to many companies given that the

MARLON JOHNSON maximum saving available is $500.

One source, consulted by Tribune Business, pointed out that existing businesses with an annual turnover of less than $50,000 already paid just a nominal $100 in Business Licence fees.

And, given the 0.5 per cent

rate for companies with turnovers up to $500,000, the maximum saving - for a $100,000 turnover business - is just $500. The source pointed out that costs associated with accountants ‘certifying’ their turnover figures frequently exceeded the fee paid by small businesses, and Dr Minnis said all existing businesses will still have to go through the licensing process.

Mr Johnson, meanwhile, said the Department of Inland Revenue remains “on target” to roll-out this coming Monday its ‘onestop shop’ Internet portal that will allow start-ups and entrepreneurs to obtain all the permits they need for Business Licence approvals.

“We’ve streamlined all of that, and that starts us along

SEE PAGE 4

PM warns Grand Aliv, BTC sell-offs Lucayan sale ‘far to fund $25m SME from completed’ development

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister last night warned that the Grand Lucayan’s sale is “far from completed”, and instead touted a potential $2.56 billion development at West End’s former Ginn project.

Dr Hubert Minnis, in his latest national address, delivered a far more downbeat and pessimistic assessment on the timeline for the purchase and re-opening of Freeport’s ‘anchor property’, stating that the deal will be completed “this year”.

This contradicts his optimistic statement, issued on the Friday before Christmas, that indicated an

* INSTEAD TOUTS $2.56BN WEST END PROJECT * CONTRADICTS XMAS OPTIMISM ON FREEPORT RESORT end-February 2018 deadline for the Grand Lucayan’s purchase by the Toronto-based Wynn Group to close.

“I am delighted to tell the people of Grand Bahama, and the people of the Bahamas, that our plan for Grand Bahama is well underway with the private acquisition and management of the Grand Lucayan assets, including

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister last night announced plans to finance a $25 million small business development initiative from selling-off the Government ownership in Aliv and BTC. Pledging his administration’s commitment to developing Bahamianowned micro, small and medium-sized enterprises (MSMEs), Dr Minnis said: “I announce this evening that we have agreed to invest $25 million to help develop MSMEs. “This will amount to $5 million a year for the next five years. It will

* PM UNVEILS HOME OWNERSHIP DRIVE * BIDS TO STIMULATE PRIVATE SECTOR * WILL END CORRUPTION, BAD WORKMANSHIP be funded from the sale of shares from Aliv and BTC.” The sale of the Government’s 100 per cent ownership of HoldingCo, the vehicle that holds the majority 51.75 per cent equity interest in Aliv, the second mobile operator, has been on the launch pad for almost one year.

SEE PAGE 3

THE TRIBUNE

Bonds ‘missing piece’ for local construction

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net LEGALLY-mandated performance bonds were yesterday described as the “missing piece” in the construction industry by the Bahamian Contractors Association’s (BCA) president.

Leonard Sands, speaking as a panellist at the sixth annual Arbitration and Investment Summit, said: “If I were to a advise any contractors ,whether they would be building a

modest home at $500,000, and a supplier supplying 50 per cent of the materials, I would encourage both parties to require bonds, because if either party reneges on their obligations, no one is harmed; the surety or bond company steps in.

“That is what is missing. That is a missing piece in the construction industry. There is no a statutory requirement for that right now for such agreements.”

Mr Sands, who was addressing the topic, ‘Construction Adjudication: Baha Mar open, now have we learned the lessons

for Construction Dispute Resolution?’, said there were companies that no longer exist as a result of having done business with a $4.2 billion project that stalled amid a dispute between its original developer, Sarkis Izmirlian, and primary contractor, China Construction American (CCA). “There should have been checks and balances along the way that prevented the position that the contractor put the owner in,” said Mr Sands. “If you ran into a situation, why not call in the bond? I don’t think there was a time

where there was a threat to call in the bond. That is quite a quandry to me, given the project of that magnitude.”

Back in December, Mr Izmirlian filed a $2.25 billion damages claim against CCA, accusing the company of “one of the largest construction-based frauds in this hemisphere”.

In response, CCA called Mr Izmirlian’s lawsuit “a vindictive and baseless attempt to redeem his own failures to properly manage his companies and their investment in the Baha Mar resort project”.

‘Standard’ contracts absence fuels construction disputes

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A BAHAMIAN quantity surveyor yesterday lamented the lack of “standardised” construction and procurement contracts, and the difficulties this causes.

John-Michael Clarke, president and managing director at Veritas Consultants, told the sixth annual Arbitration and Investment Summit: “Currently, in the construction industry in the Bahamas, there is no standardised procurement when

it comes to construction contracts.

“What you would find from agency to agency is that public contracts would vary. That means that throughout the Government agencies and private practice, you would come across a lot of variations in construction contracts. That means some would have standard dispute resolution clauses and some will not.

You also have private contracts, usually drafted by lawyers, and unfortunately some of them may not know the nuances of the construction industry.”

K Peter Turnquest, the Deputy Prime Minister, said last December that enactment of the Public Procurement Bill 2018 was scheduled for early in the New Year. It is designed to strengthen the regulatory and enforcement framework around government procurement. Through the bill, a Public Procurement Department and a Public Procurement Board will be established.

Mr Clarke said litigation remains the primary means of dispute resolution in the Bahamas, adding that this can be time-consuming

and costly. “You often find a lot of people leaving $3,000, $5,000 and $10,000 on the table, saying it’s not worth it,” he said. “There is little or no vehicle to better engage the construction professional in the dispute resolution process.”

He added: “Currently the industry is rife with disputes and, as a result, there is a lot of distrust between owners and contractors.....

We have to get to the point where we put the statute in place so that when we have these disputes there is a mechanism in place to resolve these disputes.”

Tuesday, January 30, 2018, PAGE 3

ALIV, BTC SELL-OFFS FROM PAGE 1

The proposed sell-off, via a private placement of shares with institutional investors such as pension funds, mutual funds and credit unions, could raise up to $70 million if fully subscribed once the Government ‘pulls the trigger’.

The Minnis administration’s plans for the Government’s minority Bahamas Telecommunications Company (BTC) stake, once the 2 per cent held in the BTC Foundation is subtracted, are less clear. However, it is likely to return to the last FNM government’s plan to sell down its BTC equity stake in tranches.

Apart from the $25 million small business development plan, and resort/investment projects in Grand Bahama, there was relatively little that was new in economic terms when it came to the Prime Minister’s national address last night.

Dr Minnis, though, did unveil proposals to stimulate the housing market, construction sector and Bahamian home ownership through the Government providing low-cost lots to first-time home buyers on New Providence.

The Prime Minister said lot owners would have two years to build their homes if they wished to take advantage of tax exemptions, with home design and construction placed in their hands and those of the private sector.

Expressing hope that “scores” of Bahamians will take advantage of this, Dr Minnis said it would also eliminate corruption and shoddy workmanship in the public sector.

“The lots will be supplied with necessary utilities.

The homeowners will be responsible for building their own homes,” he added. “They may utilise their own architect or utilise pre-existing plans offered by the Government.

“The programme will be extended to Family Islands, thus encouraging Family Island ownership, second home ownership, and entrepreneurship development of bed and breakfast properties.

“This new programme will decrease opportunities for corruption by public officials. It will also mean less public funds directed to ongoing repairs at homes that were improperly built.”

PAGE 4, Tuesday, January 30, 2018

THE TRIBUNE

PM warns Grand Lucayan sale ‘far from completed’ FROM PAGE 1 the hotels, the golf courses and the casino,” Dr Minnis said, starting off in an upbeat mood. This, though, was transformed in the next line, which was somewhat contradictory.

“Although this transaction is far from completed, it would not be an exaggeration to say that we will have accomplished in a few months what was not done in a decade,” he added.

“This year, we intend to complete the sale of the Grand Lucayan and Memories property.”

The Prime Minister’s comments are likely to be seized upon by his political opponents as an indication that the Grand Lucayan’s re-opening, deemed the most critical short-term step to reviving Freeport and Grand Bahama’s wider economy, still has some distance to go before becoming a reality.

There was also nothing to explain what Dr Minnis meant by his statement that the Government “will have accomplished in a few months what was not done in a decade”, although this may refer to his administration’s desire to transform Freeport - and particularly the Lucayan Strip - into

a destination experience.

The Prime Minister’s more sober assessment also came after Tribune Business sources yesterday suggested that Wynn was using the Government’s desperation to get the Grand Lucayan re-opened as leverage to extract more tax concessions and marketing subsidies.

“Wynn is going to end up owning the hotels, and the Government is going to pay for it,” one well-placed contact, speaking on condition of anonymity, told this newspaper.

“Instead of buying that hotel last year at a price they should have extracted from Hutchison, they’ve left it to an investor who has got them by the neck and time is marching on.

“By not acting last summer, they’ve put themselves in a complete mess. Unbelievable. The town is dying.”

The Government’s internal PR agency, Bahamas Information Services (BIS), sought to place a more positive angle on the Grand Lucayan situation following the Prime Minister’s speech by describing Wynn executives as “on the ground in Grand Bahama”.

They were said to be meeting with government officials, while its technical

team was conducting due diligence on the resort.

Executives from Sunwing, the tour operator affiliated with the Memories brand that previously operated one of the three Grand Lucayan properties, were said to be doing the same thing.

The amount of investment incentives, subsidies and marketing support sought by Wynn was a key factor in sinking negotiations with the Government last year over its initial $110 million Grand Lucayan offer.

The Minnis administration wants to wean Grand Bahama off the longstanding subsidies that have supported its tourism product, as this means the industry is effectively being financed by the Bahamian taxpayer.

Wynn subsequently returned with an all-cash $65 million offer, and terms that were seemingly acceptable to both the Government and the Grand Lucayan’s owner, Cheung Kong Property Holdings.

A Letter of Intent (LoI) was signed with the latter, and Heads of Agreement talks have begun with the Government.

The strategy is for Wynn to adopt the role

of “absentee landlord”, owning the real estate and contracting world-class operators and resort brands - with the ability to attract travellers and airlift - to manage the hotels.

Memories is among the leading candidates, and Tribune Business was yesterday told that franchise brands such as Bob Marley and Harley Davidson are also in the mix when it comes to reviving the Grand Lucayan under Wynn. The involvement of such brands is being demanded by the Government before it enters into a Heads of Agreement.

The Prime Minister last night devoted more of his address to developments at the former Ginn project in Grand Bahama’s West End, which some observers interpreted as an attempt to distract from the ‘cooling’ at the Grand Lucayan.

He said Grand Palm Beach Acquisitions had signed a sales agreement to purchase the property from a combination of Lubert Adler, Ginn’s former financing partner, and the Credit Suisse-led lending consortium that owns the development’s real estate component.

“Grand Beach Acquisitions will construct, repair,

revitalise, develop and operate 246 rooms in three hotels; a banquet facility; 116 branded hotel residences; 1,000 other residences; a hotel/casino site; approximately 150,000 square feet of shops and restaurants; a spa and wellness retreat; two marinas; an 18-hole golf course including driving range; an IFR-rated airport; a resort hospitality training academy; and an organic farm,” Dr Minnis said.

“Grand Palm Beach Acquisitions intends to repair, revitalise and develop the property, to be known as ‘Bahama Bay’, in nine phases over a 10-year period with a projected expenditure of $2.56 billion.”

Dr Minnis said the project was now before the National Economic Council (NEC) for ‘approval in principle’ which, if given, would result in Heads of Agreement negotiations with the relevant government agencies.

There is considerable scepticism in the Bahamas over such ‘mega resort’ projects, and several Tribune Business contacts pointed out that the benefits from ‘Bahama Bay’ will take several years to properly materialise.

They added that Freeport and the Grand Lucayan, not West End, should be the Government’s priority, one saying: “West End is one thing, but the whole of Freeport is on life support.”

Tribune Business revealed last year that Skyline Investments, a Toronto-based real estate developer/investor with $500 million in assets under management, had emerged as the former Ginn project’s potential purchaser and the entity behind Grand Palm Beach Acquisitions.

Skyline Investments, which is listed on the Tel Aviv Stock Exchange, describes itself on its website as having $500 million in assets. It specialises in real estate investment and development related to the hotel/resort industry.

It describes itself as “sourcing new acquisition opportunities to grow and diversify its cash flow in North America”, with an emphasis on geographical diversification.

Current properties include the Hyatt Regency at The Arcade in Cleveland; the Renaissance Cleveland Hotel; Bear Valley Ski Resort in California, plus a variety of mixed-use resort developments throughout Canada.

GOV’T EYES ‘ALL OPTIONS’ TO ELIMINATE BUSINESS LICENCE ‘RUSH, ANGST’ FROM PAGE 1

the process of the Cabinet mandate to improve

NOTICE IN THE ESTATE of MAXWELL ALFRED DEAN late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, 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 then have had Notice.

the ease of getting into business,” he added. Mr Johnson said the Government was targeting “seven days” for persons to get into business, and would work to ultimately get that timeframe even lower.

Disclosing that some elements of this process will also aid existing companies, the acting financial secretary reiterated that “we’re looking at all options” when it came to improving Business Licence renewals.

“There have been a number of suggestions put forward as to how to address it,” Mr Johnson told Tribune Business. “We haven’t decided any particular route yet.

“The Government has given an undertaking to look at these suggestions, and will in a reasonable period of time give an indication of how it intends to reform this whole Business Licence fee by using technology and changing the

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

timelines so we can avoid this rush and all the angst and consternation.”

He said the Government wanted to “avoid the sense of businesses going from government agency to government agency” to obtain all the permits and approvals necessary to obtain a Business Licence. “We’re painfully aware the technology exists,” Mr Johnson told this newspaper, “and we need to make better use of technology and streamline the process.” He added that “across the public sector”, in agencies such as Town Planning, Building Control, the Department of Environmental Health Services and the police, “the senior teams are on board about making changes”.

“There’s appreciation of the need to become customer centric,” Mr Johnson said.

Many companies, and their accountants, having

again complained that they are in danger of missing the Business Licence fee ‘filing’ deadline of January 31 due to delays in obtaining supporting documents from other government agencies.

In particular, Tribune Business was informed there is a significant backlog in obtaining National Insurance Board (NIB) ‘letters of good standing”, while similar difficulties are being encountered with Environmental Health and Tax Compliance Certificates (TCCs). While declining to go into details, Mr Johnson said yesterday: “In terms of NIB, I think that in very short order the entire business community is going to be very pleased with some of the steps NIB is taking with the business implementation team to ease issues about getting ‘letters of good standing’. I imagine you’re going to hear more about that.”

NOTICE

NOTICE is hereby given that ANN MARIE CASSERLY JOSEPH of P.O. Box N10473, 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 23rd day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

NOTICE

NOTICE

NOTICE

IN THE ESTATE of JACENT M. RAHMING late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

IN THE ESTATE of VERNON GRANT late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

IN THE ESTATE of ELLEN CARMETA GRANT late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, 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 Administrator shall then have had Notice.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, 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 Administrators shall then have had Notice.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 19th day of February A.D., 2018, and if required, 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 then 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 aforementioned date.

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

MICHAEL A. DEAN & CO., Attorneys for the Administrators Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

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

MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THE TRIBUNE

Tuesday, January 30, 2018, PAGE 5

Remove ‘red herrings’ from Business Licence FROM PAGE 1 some of these deadlines, that will ease a lot of the consternation that takes place. “People get frustrated and concerned

by January 31, people get concerned by not having a Business Licence to carry down to Customs. If there is a 90-day window, we should say the Business Licence is valid until that process is completed. That process is something we had in the past, and it should be returned to,” the BICA president continued.

“These are issues that come up before us every year. It will no longer be news if all these things are put to bed. It’s more about simplifying the certification process, removing the bureaucracy and additional costs relating to Business Licences, and using the system the Government has got with VAT without adding a layer of burden on to small businesses to certify.”

One BICA member, speaking on condition of anonymity, yesterday told Tribune Business that the January 31 deadline frequently placed “undue stress” on Bahamian accountants to certify turnover figure accuracy for multiple corporate clients within a matter of weeks.

Delays in obtaining supporting documents such as National Insurance Board (NIB) ‘letters of good standing’, they added, only exacerbated the difficulties facing the private sector and accounting community.

The accountant called on the Government to accept turnover “estimates”, rather than certified figures, on January 31 and give the private sector until end-March to provide final numbers. “I would like

to challenge any government department/official to supply one logical reason for the Business Licence certification process to be completed by January 31, 2018,” the source said.

“If it is for the Government to have an indication of what they will collect by the end of March (when fees are due), this can be accomplished by having businesses indicate there estimated turnover for the previous year.

“There is not enough time for the number of accountants preparing reports to

complete the Certifications.

What the Government has done has caused undue stress on accountants and businesses, and placed accountants in position where they are more likely to make mistakes/errors.”

The Chamber of Commerce, too, told Tribune Business on Monday that it will propose to the Government that the Business Licence renewal process be “staggered” and moved away from ‘set in stone’ deadlines.

Edison Sumner, the Chamber’s chief executive,

said it also desired to “streamline” the need for companies to file multiple financial statements with the Government - one set for VAT, and another for Business Licence purposes.

He added that the private sector wanted to reach a position where just one set of figures was required.

Mr Bowe, meanwhile, disclosed that the Ministry of Finance under the former Christie administration had examined the feasibility of moving Business Licence filings/payments to a quarterly basis.

EMPLOYMENT OPPORTUNITY We, Helvetic Management Services Ltd. are a midsize Corporate Service Provider in Nassau and are looking to enforce our team by giving a young individual the opportunity to pursue a career in the corporate & financial world: The duties are:

- General administration / filing / day to day work with IBCs. - Other tasks / work arising from the business of our Company - Basic accounting work (Quick-Books) -

The successful candidate should bring: A very solid high school / college education Some basic knowledge in company / financial laws Basic knowledge in simple accounting Computer literate in programs used (MS Office, QuickBooks)

The successful candidate should be: - A team player in a small team of professionals - Able to work diligently on tasks on his/her own.

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Please fax your resume to: H.R : Fax: 326 2151 Or e-mail to HR@leadingservices.net

This, the BICA president said, would have aligned fees with a company’s current financial performance while boosting cash flow through permitting four annual payments as opposed to one large one.

Pointing out that Business Licence fees are based on prior year performance, exposing companies to the risk of high payments in a subsequent year when they are doing less well, Mr Bowe said BICA backed the Chamber’s call to change the existing deadlines.

“Aligning revenue with the actual licence year was what they were attempting to do by moving to a quarterly basis,” he explained.

“You can then decide whether or not you’re going to have regular audits of quarterly information, and select on a risk basis those businesses who will undergo attestation, although that will require more discipline,” he said.

“BICA supports doing it on a more frequent basis, so the agencies will have more information with which to work.”

TEACHING

JOB OPPORTUNITY A preeminent, well-established, independent, international school in Nassau is seeking a full-time qualified Secondary Teacher for immediate employment for our growing school.

Candidates should have sound classroom experience; a passion for innovative education; a professional attitude towards work; a friendly and cooperative disposition; a willingness to work in a team environment; a determination to grow professionally; and strong communication & organisational skills.

Successful candidates will be required to: • Prepare and deliver well-planned learning experiences and curricula • Differentiate curriculum objectives to support a diverse range of learners • Show consistent, compassionate, classroom management skills • Assess student learning and produce detailed reports • Use learning data to inform and adapt instruction • Contribute to the co-curricular programme and whole-school activities in a committed and enthusiastic manner • Maintain high standards of professionalism • Communicate positively with parents, staff, and administration If you think you have the commitment, passion, and energy for our school, please forward your resume and introduction letter by email to: teachingbahamas@gmail.com

PAGE 6, Tuesday, January 30, 2018

THE TRIBUNE

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

2017 CLE/Qui/No. 00719

IN THE MATTER OF THE PETITION OF JAMES A. ERNESTON AND ANNA-MARIA ERNESTON AND IN THE MATTER OF THE QUIETING TITLES ACT, 1959 AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing 15,165 square feet on a plan No. 98SS showing the partition of Crown Grant I2-74 granted to Diana Nesbitt situate at Haulover immediately North of Victoria Hill on the Island of San Salvador one of the Islands of the Commonwealth of The Bahamas.

Bank slackness in ‘higher than usual’ non-compliance FROM PAGE 1

NOTICE In the Matter of the Quieting Titles Act, 1959.

The Petition of JAMES A. ERNESTON AND ANNA-MARIA ERNESTON both of the Island of San Salvador one of the Islands of the Commonwealth of The Bahamas, in respect of:-

January 29 letter was the issuance of loans that exceeded an institution’s “large exposure limits” without obtaining the Central Bank’s approval.

There were also “many instances of non-compliance” with the regulator’s requirements and guidelines for Bahamas-based banks and trust companies when outsourcing functions to external providers and related ‘service-level agreements’.

Mr Littrell’s letter also focused on “slow and incomplete responses” by its licensees to the Central Bank’s information requests, and the appointment of interim officers and directors without revealing the temporary nature of these posts prior to gaining regulatory approval.

“In the most recent period, supervisors have encountered a higher than usual level of non-compliance, across our SFI (supervised financial institution) population, with some of the simpler regulatory requirements,” he revealed.

“These lapses, which tend to feature carelessness in execution rather than deliberate rule breaking, are of obvious concern, and in need will attract a supervisory response.”

Mr Littrell urged Bahamas-based banks and trust companies to lean more on their internal and external auditors if they were unsure

ALL THAT piece parcel of lot of land containing 15,165 square feet situate at Haulover Park immediately North of Victoria Hill on the Island of San Salvador one of the Islands of the Commonwealth of The Bahamas.

Copies of the filed Plan may be inspected during normal office hours at the following places: (a)

The Registry of the Supreme Court, Ground Floor, British American Building, Marlborough Street, Nassau, Bahamas

(b)

Michelle Y. Campbell & Co., Chambers #55 Mackey Street, Nassau, Bahamas

(c)

The Office of the Island Administrator, San Salvador, The Bahamas

JAMES A. ERNESTON AND ANNA-MARIA ERNESTON claim to be the owners in fee simple in possession of the tract of land hereinbefore described free from encumbrances.

And the Petitioners have made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959 to have their title to the said tract of land investigated and the nature and extent thereof determined and declared in a certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Notice Is Hereby Given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of thirty (30) days after the final publication of these presents, file in the Supreme Court and serve on the Petitioner of the undersigned a Statement of his claim in the prescribed form verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his Claim on or before the expiration of thirty (30) days after the final publication of these presents will operate as bar to such claim.

Dated the 30th day of November A. D., 2017 Michelle Y. Campbell & Co. Chambers #55 Mackey Street Nassau, Bahamas Attorney for the Petitioners

MARKET REPORT MONDAY, 29 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,039.95 | CHG -0.49 | %CHG -0.02 | YTD -23.62 | YTD% -1.14 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

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 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

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.64 1.50 9.24 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.70 9.01 2.68 1.50 9.13 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 0.00 0.00 0.04 0.00 -0.11 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

110.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.61 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

110.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

1,000

600

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 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 8.2 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 27.5 14.3 26.3 4.5 3.4 5.3 14.3 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.55% 7.66% 2.24% 3.33% 6.19% 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 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-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

whether they were complying with the law and Central Bank regulations.

“To the extent SFIs are less than fully confident that their institution is complying with the objective standards set out in the bank’s regulations and legislation, our experience is that both internal and external auditors can be relied upon to identify and recommend remediation programmes for such breaches,” he added. “We will soon begin to take more direct action in these areas.”

The Central Bank also expressed unhappiness over a foreign regulator’s inspection of a Bahamian institution without prior notification or approval.

“The Bank was made aware of an inspection, at the request of a foreign supervisory authority, after it was conducted,” Mr Littrell wrote. “SFIs are reminded that a foreign supervisory authority, or a body appointed by them, should not conduct an inspection of its Bahamian premises, books and records unless that supervisory authority has obtained prior approval from the Inspector, in accordance with Section 14 of the Banks and Trust Companies Regulation Act 2000 (BTCRA).

“Further, such inspections are to be conducted under conditions of confidentiality, solely for the purpose of consolidated supervision and in compliance with the provisions of the BTRCA and any condition imposed by the Inspector.”

Turning to more positive developments, the

Inspector of Banks and Trust Companies praised the commercial banks’ efforts to reduce a nonperforming loan pile that peaked at a collective $1.2 billion.

“We have been pleased with the proactive response from the domestic banks, and we look forward to seeing the benefits of these efforts reflected in steadily improving asset quality during 2018,” Mr Littrell said. He added that the Central Bank had been encouraging the banks to ‘raise their game’ in addressing credit delinquency since mid-2017.

The regulator also plans to “rate and rank” all Bahamian financial institutions during the 2018 first quarter for the risks they present when it comes to anti-money laundering and counter-terror financing.

It will also review current requirements for loan loss provisioning and asset impairment as a result of new international accounting standards (IFRS 9) that were introduced on January 1, 2018.

The Central Bank also touted that it is doing its part to improve the Bahamas’ ‘ease of business’ where financial services is concerned. “In the second half of 2017, the Bank streamlined its approach to approving regulatory requests from SFIs,” Mr Littrell said.

“This has resulted in a pleasing decrease in average response times, with (for example) the typical director approval requests requiring five to seven working days from receipt of final documents.”

NOTICE

NOTICE is hereby given that MONIQUE JEAN-ST.LOUIS of #126 Churchil Ave., P.O. Box 4530, 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 30th 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 TAQUILA SHERONDA FIEUREUS of Pineyard 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 30th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.