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$4.20 Banks: Homeowner Bill to change ‘risk profile’ of mortgages By NEIL HARTNELL Tribune Business Editor Home loan costs and accessibility could largely depend on how the courts interpret the proposed Homeowners Protection Bill, the Clearing Banks Association’s (CBA) chairman warned yesterday. Ian Jennings, who is also Commonwealth Bank’s president, told Tribune Business that his own institution viewed the legislation, tabled in Parliament yesterday, as “changing the risk profile of mortgage financing”. He said Commonwealth Bank, and all other Bahamas-based commercial banks, would now have to each determine whether this impact was “material” enough to spark an increase in mortgage lending rates and/or a tightening of their borrowing criteria. Suggesting that the latter See pg b6

CBA chief: Much relies on court interpretation Warns higher rates, downpayments possible Debate started out from ‘false premise’

Labour leaders yesterday demanded that employers be held to the “same standard” over their calls for trade unions to be struck off if they are insolvent or fail to file their annual returns. Bernard Evans, the National Congress of Trade Unions (NCTUB) president, told Tribune Business that should such measures be imposed on trade unions then employers should suffer the same fate for failing to pay taxes and National Insurance Board (NIB) contributions. Still, striking a conciliatory tone, Mr Evans said he and the NCTUB would be seeking to meet with the Bahamas Chamber of Commerce and Employers Con-



Just 15% of insolvent broker’s assets located By NEIL HARTNELL Tribune Business Editor

An insolvent Bahamian broker/dealer’s liquidators have recovered just 15 per cent of its identified assets, while clawing back minimal sums from its former principal and overdrawn clients. Accountants Ed Rahming and Kenneth Krys, in their fourth and final report to the Supreme Court, said they had only been able to recover $2.6 million out of almost $17 million held in the name of Montaque Capital Partners. Disclosing that they had been handicapped in their recovery efforts by a lack of

Only $2.6m of $17m on Montaque’s books regained Principal hands over $75k despite ‘owing’ $3.5m No recovery of $2.9m from overdrawn clients Ed Rahming financing from the broker/ dealer’s former clients, the duo said their pursuit of related party transactions had yielded negligible results. In particular, they

claimed to have received just $75,000 from Owen Bethel, Montaque Capital Partners’ principal and 95 per cent majority shareholder, despite determining that he - and entities he con-

trolled - owed the broker/ dealer around $3.5 million. And efforts to recover debts from Internet Protocol Solutions International (IPSI), a communications provider controlled by current Chamber of Commerce chief executive, Edison Sumner, also proved fruitless due to the company’s lack of liquid assets. Messrs Rahming and Krys also disclosed that the inability of Montaque Capital Partners’ own assets, and its clients, to fund the liquidation had prevented them from pursuing former customers with overdrawn balances totalling $2.9 million. “We identified See pg b10

Baha Mar’s foreign creditors to get ‘3-4 cents on dollar’ offer Ian Jennings

Unions demand employers held to ‘same standards’ By NEIL HARTNELL Tribune Business Editor


Hit back at ‘nullify’ calls on insolvency, annual returns

By NEIL HARTNELL Tribune Business Editor

Baha Mar’s remaining foreign creditors will likely receive an offer this week to pay them “three-four cents on the dollar”, the claims committee’s chairman revealed yesterday. James Smith, former minister of state for finance, told Tribune Business that the small recovery would

be paid from the remaining funds out of the $100 million made available by the China Export-Import Bank. Disclosing that the committee had paid out “in the high $90 millions” to Bahamian creditors, including contractors, vendors and former Baha Mar staff, Mr Smith said the sum available to remaining foreign creditors is likely equivalent to what they would

have recovered in a normal liquidation process. “Our work has virtually come to an end, but there’s always a little hangover,” the now-CFAL chairman told Tribune Business. “At the end of December, we had settled in the high $90 millions with all the local service providers and staff, and most of the foreign contractors. “Within this week, with See pg b12

‘High $90 millions’ already paid out by committee Last payout to come from ‘what’s left in the pool’ Delays due to wait for ‘preferential creditor’ ruling

NCTUB chief wants ‘full and frank’ Chamber meeting General secretary says proposals are irrelevant federation (BCCEC) for a “full and frank discussion” on the latter’s concerns. He added that the trade unions wanted to work as “equal partners” with the private sector for the good of the Bahamas and achieve “mutual understanding”, rather than have one side See pg b7

29% qualification rate over Mortgage Relief By NATARIO McKENZIE

Tribune Business Reporter

and NEIL HARTNELL Tribune Business Editor

A Cabinet Minister yesterday said 29 per cent of troubled borrowers contacted to-date had completed the requirements to enter the Government’s Mortgage Relief Plan, although he emphasised that this - and other legal changes were “not a panacea” for the Bahamas’ housing crisis. Michael Halkitis, minister of state for finance, said 408 delinquent mortgage borrowers, out of the 1,400 contacted to-date, had passed the eligibility test to be admitted to the Mortgage Relief Plan. He revealed the statistics while introducing the

408 out of 1,400 complete enrolment criteria Homeowner Bill to modernise mortgage lending Homeowners Protection Bill for its first reading in the House of Assembly, describing it as the “legislative centrepiece of a comprehensive response to the Bahamian mortgage crisis”. Mr Halkitis said the Bill would make troubled borrowers more secure in their home, while also upgrading lending “norms and practices which have not kept pace See pg b13

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The most common designer mistakes



All designers make mistakes. Although we do not like to admit it, we sometimes do things that we know go against all design rules, and the desires of clients. Here is a list of common design mistakes and how to avoid them.

up as CMYK and at 300dpi, whereas work for the web should be in RGB. Remember to consider bleed, trim and safety areas. Before sending to print, think about your file formats, outlining fonts and colour profiles.

Not understanding the brief

Failing to proof-read

Gather as much detail about what the clients wants, and needs, as early as possible. Without a clear idea of what the client wants, you can end up making matters complicated. It seems natural that time can be wasted procrastinating, or working up design ideas that may not be relevant to the client’s needs. By the same token, read to understand. Make notes, brainstorm and ensure that what you are working up is heading in the right direction for the client’s need.

Using the wrong typography

There are lots of places to download fonts.Some are free and some are not. If you are a professional, do not shy away from the idea of paying for professional fonts if it gets you top marks.

Font overload

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Too many typefaces can look cluttered and confusing. Having a clear, formatted design is crucial, so it is important not to use too many different fonts within a design. Ensure your type looks consistent so as not to confuse the viewer by layering your page with lots of varied typefaces. As a general rule, try to stick to at least two different fonts, and use the different font weights to differentiate and highlight areas.

Too many stock images


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Stock imagery can be very helpful to a designer, especially when they cannot afford to hire a professional photographer. Try not to produce a beautiful design, only to then discover another designer is using the same image in another design, which takes the originality from your masterpiece.

Not saving files correctly

Save your designs as CMYK for print, but RGB for web. Knowing how to set up your files correctly from inception is vital. Print work is generally set

Using the spellchecker is great for finding misspelled words. Always proof-read every piece of your work (and, ideally, get others to check it, too).

Working destructively

Work in a way that permits you to edit individual design elements later if necessary. ‘Working destructively’ means making permanent adjustments to the pixels within your projects, without being able to go back and re-edit later. To avoid this, try using layer masks instead of the eraser tool. Become comfortable using smart objects rather than rasterised layers, and make use of adjustment layers. Try to ignore the standard adjustments from the image drop down menu in the toolbar.

Not handing over properly to other designers

There are rules when it comes to creating, sharing and handing over Photoshop files. Follow them and colleagues will love you.

Failing to checklist

Once you have finished your design, it is good practice to have a checklist. A second pair of eyes will often spot something you may have missed, especially if you have been working on a project for a while.

Not considering context

Whether you are designing an icon, a logo or any other design element, you will need to make sure it is transferrable across a range of different mediums; both analogue and digital. So make sure that the colours, size and overall design work on printed materials such as signs and T-shirts, as well as across various technology touch points such as desktop computers, mobile devices and more.

Copying other designs

Originality is key. Gathering influences and inspiration is fine, but straight copying other peoples’ work is not. And with the recent growth of social media, you risk any ‘copying’ being made embarrassingly


The Art of Graphix by deidre m bastian

public. Keep your credibility and work authentic.

Failing to use shortcuts

One of the biggest challenges designers face is meeting deadlines. Failing to learn shortcuts is a sure way to a fail. When considering how much repetitive work designers have to endure, doing everything the long way may be viewed as a setback.

Missing the point of design

We often hear the phrase “design is problem solving”. That is close, but I really believe that design responds to problems. ‘Design’ is often confused with ‘decoration’, and perhaps the biggest mistake you can make as a designer is to miss the entire point of design itself. Once you wrap your head around these notions, everything else should follow. This may seem like a lot to take in, but learning these processes will save time, and ensure your work is done correctly, which will keep your client happy. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. • NB: The columnist welcomes feedback at ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.


Thursday, February 16, 2017, PAGE 3

Sky Bahamas chief wants Bahamasair ‘burden’ lifted By NATARIO McKENZIE

Tribune Business Reporter

A LEADING Bahamian airline executive said yesterday that Bahamasair should be used as the tool to help build the country’s tourism industry, arguing that a lack of accountability and political interference has prohibited this and made the airline a “burden on the backs of the Bahamian people”. SkyBahamas chief executive Randy Butler said that the government must be accountable and demonstrate that it has a clear vision for the aviation sector in the country. “The lack of a plan to succeed is a plan to fail,” Mr Butler said. “This is typical of the role the government has chosen for Bahamasair. Instead of Bahamasair being the tool or the vehicle to build up our tourism industry they have chosen to go and kill the industry that other private airlines have built over the years and other private airlines have provided thousands of jobs in. “We have provided support to the government during hurricanes and other critical times when Bahamasair could not. I think it’s a mandate to the government to really get on and show whether they are really for Bahamians. “Bahamasair continues to be a burden on the backs of Bahamian people because the politicians continue to get involved because of the lack of accountability. The airline must fly at the cost of the Bahamian people. The government needs to be accountable and we need to decide what we want to do. The lack of a strategic plan specifically for this industry is hurting us,” he added. Minister of Works Philip ‘Brave’ Davis said that the airline is “making good steps toward profitability” during a recent ceremony at which Bahamasair unveiled its new executive manage-

Butler says govt not looking long term Bemoans lack of strategic plan ment team. “Our strategic plan for Bahamasair is now addressing a restructuring of the domestic routes and the potential of outsourcing low density routes to reduce the airline’s losses,” Mr Davis said. “As well, Bahamasair is exploring expansion of the international routes to open up new markets to service our tourist economy. Expansion of routes into the West Coast of the United States and Canada is being explored along with more direct flights between the Family Islands and Florida.” Mr Butler contended that local carriers are already servicing domestic routes. “The routes do not belong to Bahamasair; they belong to the government and the people of the Bahamas. Anyone can apply to go anywhere. You don’t need Bahamasair’s approval. “I don’t think the government is really looking to the future, only looking right in front of them. We have to look at how we are going to develop our own industry and not depend on foreign airlines, who we have to pay to come here. If there is no demand people aren’t coming. “We have the information from tourism saying where people are coming from or want to come. Use that information to put those airplanes in the sky. Go into these foreign destinations and bring those people into the Bahamas along with other Bahamian and foreign carriers,” said Mr Butler.

Carnival bands ask for $1m subvention Association chief: We could be bigger than Trinidad in five years By NATARIO McKENZIE

Tribune Business Reporter

The leader for Junkanoo Carnival’s bands said yesterday they were seeking “at least” a $1 million subsidy from the Go vernment to stage this year’s parade, adding that the event co uld be bigger than Trinidad’s Carnival in five years “if we do it right”. Dario Terrelli, president o f the Bahamas Junkanoo Carnival Band Owners Association (BCBOA), said costume sales were only no w “cranking up”, adding that the uncertainty surro unding the May 6 festival date was hurting business. “Persons come to the Bahamas for the ro ad parade, no t necessarily the village,” he said. “We want to also play a part in the international marketing because we are the ones talking to persons internationally  all o ver the world. “We can’t answer questions as to whether May 6 is set in stone. It’s hurting business because people can’t plan their trip, and most revellers plan their trip a year in advance. Since last year they mentioned May 6, and then went quiet. “We have already pumped tho usands o f dollars in preparation for the ro ad parade, building proto types o f costumes and do ing o ur o wn marketing. We wo uld like to be able to go aro und the region and have some sort o f brand presence.”

Mr Terrelli backed calls for the privatsation o f Junkanoo Carnival, telling this newspaper that that the Association sho uld o wn the franchise or at least be in the discussion to get it. “We feel as tho ugh Carnival was actually the ro ad parade. The first persons to talk abo ut franchising sho uld be the band o wners,” he said. “We do have a company, the Bahamas Carnival Band Owners Association, as a legal entity registered as a business in the Bahamas. The conversation sho uld start with us. We o wn the parade. We put costumes on the parade. We are supposed to have a presence on the commission when they are planning carnival. It didn’t happen last year. I was there the first year, but the second year, there was no presence on the Bo ard for any o f the bands.” Mr Terrelli added: “We are advocating that we o wn the franchise or at least be in the discussion. Peo-

ple come to the co untry because we are soliciting them thro ugh o ur costume sales and packages deals. It’s a pity that we are no t in the discussion. “They have this handso ff appro ach with us and we don’t kno w why. The Go vernment nor the festival commission gave us one dime last year. The entire parade, with 10,000 plus persons, was funded by each band. There are 21 registered bands no w. We are working together to ensure that we put on the best parade. We want this to be the carnival o f cho ice in this region. We estimate that in five years we co uld be bigger than Trinidad if we do it right.” Mr Terrelli called on the Go vernment to give band o wners a subvention to carry o ut the necessary preparations for this year’s parade. “We are asking the Go vernment to give us something. They give subventions to Junkanoo. To urism spends money

promo ting most festivals, so what’s the pro blem promo ting us? Give us a stipend and we will put on the best parade,” he said. “For the first three years we co uld understand that they pumped money in to ensure that it happened; we’re talking abo ut the concert and village. Beyond that they still sho uld fund the bands, give us some money to wards marketing and make sure we put on the best parade. “It takes abo ut $57,000 to put 150 people on a parade. That’s a whole experience; no t just making costumes but foo d, drinks, DJs, gas, so und systems, insurance and those sort o f things. “We’re loo king at at least $1 million sho uld be given to the association to distribute to the bands to help them get on the ro ad. We can let private persons put on the concert. There are three big promo ters in Nassau and they do an excellent jo b.”

PAGE 4, Thursday, February 16, 2017


‘Top producer’ benefts from reverse proposal A “rookie” realtor won a top producer award after ibndustry veteran, Mario Carey, turned the tables on him over a sales proposal. Rather than take up Danny Lowe’s offer to import solar panels to the Bahamas, Mr Carey instead sold him on taking up real estate as a career. His decision to follow

such advice was rewarded when Mr Lowe was honoured as the 2016 top ‘rookie’ producer at Mr Carey’s Better Homes and Gardens Real Estate MCR Bahamas Group. “I had always heard of Mario as the real estate guru,” said Mr Lowe. “I had a trading company in Hong Kong and wanted to approach him to see if he wanted to partner with me

to bring in solar panels. “I went into the office with my pitch and he sold me about why I should get into real estate.” Mr Lowe, who lived and studied in Beijing for five years, had no trouble getting the appointment with Mr Carey, who shared his interest in creating linkages between the Chinese market and the Bahamas. That



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meeting sparked a yearslong friendship. “Mario has been key to my success with his constant mentoring, availability to assist and to answer any questions I had,” said Mr Lowe. “He has only been super encouraging, and has never put a limit on what he thought I was equipped to handle.” “It was Danny who encouraged me to visit China,” added Mr Carey. “That trip gave me great insight, and led to good working relationships with the local businesspersons and diplomats, including ambassadors to the Bahamas.” Mr Lowe, who is highly proficient in Mandarin, earned his real estate license in 2016, and by yearend proved every instinct Mr Carey had about him was right. He had leased commercial space in the Carmichael area and on Robinson Road, as well as a good amount of residential property, including a home that had been vacant and available for some time off Eastern Road. Mr Lowe succeeded in getting high rates and longterm leases for owners of commercial property, and this weekhe added a $3.5 million listing for a property off Joe Farrington Road. “Danny is one of that energetic, well-educated, fullof-life and dreams breed with wisdom beyond their years, but he also has some-

thing extra special – an incredible work ethic,” said Mr Carey. “Everyone in the office respects and enjoys him. There is never a time he is not smiling and working and seeking information. Also, Danny does what more real estate agents need to force themselves to do – making cold calls.” Mr Lowe said he inherited his work ethic from his late father, who had a highly specialised construction firm. “Dad taught me not to make excuses; just do the work. He would be in the hospital bed with drips in his arms, plans in his hands and a phone in his ear giving instructions to the men on the job,” he said. With three partners, Mr Lowe opened a truck rental company in 2016, EZ Haul. Like his dad, he has a construction company, but his DNA takes it a step further. “I believe in proper pairing of real estate and construction,” said Mr Lowe, who holds a degree in international trade from the University of International Business and Economics. “For a business to exist there must be some sort of structure. The important thing is to get the pairing between land and building needs right. Even Uber and Airbnb have a headquarters building.” Mr Lowe believes the uptick in the economy, combined with relatively low

Danny Lowe interest rates, bodes well for the immediate future, although he sees a gap in available inventory. “I’ve been seeing a huge demand for Class B office space,” he said, referring to space that rents for $21-$24 per square foot for office space and $18-$22 for retail (plus common area maintenance charges). Mr Lowe believes the completion and opening of The Pointe garage, and street level businesses in the building adjacent to the British Colonial Hilton, will help spark downtown Nassau’s development and increase investor confidence. With a goal of $10 million in transactions in 2017, Mr Lowe is the second member of Mr Carey’s rookie team to earn a title for achievement. Samia Donaldson, who secured 13 leases in 15 days, was named 2016 ‘rookie of the year’ for rentals.


Thursday, February 16, 2017, PAGE 5

New IT system will help job seekers, says labour director


Tribune Business Reporter

WHILE the Department of Labour continues to see an increase in the number of registrants, its director said yesterday that the department’s IT system - expected to come on stream by the end of March - would bring about greater efficiency and productivity in its operations, particularly relating to tracking people through its employment exchange.     “We are still in the process of implementing our new IT system,” Robert Farquharson said. “The installation of the hardware and software, the training of employees, you’re talking

about in excess of $260,000. That came about as a result of the Citizen Security and Justice Programme loan in conjunction with the IDB.” The Inter-American Development Bank (IDB), in a report on the planned $20 million initiative to overhaul the Bahamas’ job training and matching systems, said the Department of Labour’s ‘placement’ success rate was exceptionally low compared to the regional average. The IDB also revealed that the Department of Labour was catching job vacancies from only 12 per cent of listed Bahamian businesses, a ratio which paled when compared to the 20 to 40 per cent of compa-

Bond yields rise, stocks push to records as economy cruises NEW YORK (AP) — Stocks and bond yields punched higher Wednesday, and U.S. indexes set records again, following more encouraging news on the U.S. economy. The Standard & Poor’s 500 index rose 11.67 points, or 0.5 percent, to 2,349.25. It’s the seventh straight gain for the index and its longest winning streak in three and a half years. The Dow Jones industrial average rose 107.45 points, or 0.5 percent, to 20,611.86. The Nasdaq composite rose 36.87, or 0.6 percent, to 5,819.44. Seven stocks rose on the New York Stock Exchange for every five that fell. It’s a striking reversal for the market from a year ago, when stocks around the world were tumbling on worries that another recession was on the way. Since then, the economy and job market have continued to improve, along with corporate profits. And the market got a jolt of adrenaline in November, when Donald Trump’s surprise White House victory raised hopes for tax cuts and other business-friendly policies from Washington. The S&P 500 is up nearly

26 percent over the last 12 months, with more than half of the gain coming since Election Day. Such a performance would rank among the best calendar years the index has had in the last three decades. On Wednesday, reports showed that retailers had stronger sales in January than economists expected, and inflation at the consumer level was the highest in years. Consumer prices rose 2.5 percent in January from a year earlier, the highest rate since March 2012. The data give the Federal Reserve more encouragement to raise interest rates, and economists said the possibility is increasing that it may happen at the central bank’s next meeting in March. Fed Chair Janet Yellen indicated in testimony before a Congressional committee that the central bank will likely accelerate its pace of increases if the job market remains healthy and inflation keeps climbing. The Fed has raised rates just twice in the last two years, after holding rates at nearly zero from late 2008 to help lift the economy out of the Great Recession.

NOTICE NOTICE is hereby given that MICHELLA MARIA MARSHALL of Millers Height, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

nies captured by European employment exchanges “at a similar stage of development”. It warned that these problems meant job opportunities were not going to the most qualified and ‘best matched’ Bahamians. Mr Farquharson noted that the new IT system would enable the department to better track people

who apply for and secure employment through its employment exchange. “We are in the process of having the IT system installed now. We have had an increase in registrations and, once that is completed, we will see much efficiency and productivity. People are now becoming more aware of the services we provide and they are reg-

istering to ensure that they have the best opportunity to secure employment. “We have been trying to ensure that job seekers use the services of the Department of Labour. With the opening of our new offices on Carmichael Road I think people are now becoming more aware of the services that we provide,” said Mr Farquharson.

Robert Farquharson

PAGE 6, Thursday, February 16, 2017

Banks: Homeowner Bill to change ‘risk profile’ of mortgages Fro m pg B1 could involve requiring borrowers to come up with higher downpayment or equity contributions, Mr Jennings emphasised it was “too soon” to determine the Bill’s impact on the mortgage and housing markets. He disclosed that based on the draft Bill tabled in the House of Assembly, the Government had accepted many of the Association’s recommendations. However, it had rejected the banking industry’s call for the foreclosure and ‘power of sale’ cases created by the Bill to be heard by a specially-empowered Tribunal, rather than the already-overburdened court and judicial system. The Bill inserts the courts into the foreclosure and ‘power of sale’ process,

requiring lenders to give delinquent borrowers 30 days’ notice before either invoking their ‘power of sale’ under the mortgage or seeking a court-approved foreclosure. In both cases, borrowers can apply to the Supreme Court for relief. On the foreclosure process, the court can either adjourn, stay or suspend the matter if it believes the borrower will be able to pay principal and accrued interest within six months. As for the ‘power of sale’, the latest version of the Bill allows the court to postpone this for “a reasonable period where a sum equal to at least one half of the principal, and accrued interest, has been paid at a specified time”. “Part of our challenge will be that where there are areas in the Bill that give

power to the courts, we’ll have to wait and see how the courts interpret certain things to see what the impact will be,” Mr Jennings told Tribune Business. He pointed, in particular, to the Bill’s clause nine, which empowers a court to prevent a bank exercising its ‘power of sale’ for “a reasonable time”. “If you look at the wording, there are things in there that strike the balance, but it comes back to the court’s interpretation,” Mr Jennings said. “The court may set timeframes they think are reasonable. It comes down to interpretations of what ‘reasonable’ means. Until the courts set that precedent, we can’t comment on that.” Mr Jennings added that it would be up to each individual commercial bank and lender to determine its own position on whether the Bill will increase the risk associated with mortgage lending.

SaleS Coordinator essential Job Functions: • Assist with the preparation of sales reports that will assist revenue management; groups, corporate and leisure clients. • Prepare all written correspondence and follow up with clients. • Prepare all creative correspondence to Corporate Clients. • Oversee all set up and break down of functions Position requirements: • Three years experience at a major company or hotel in a similar position; • Proficiency in Microsoft Word and Excel spreadsheets; • The ability to assist with Sales Functions

“To us, we would perceive it as changing the risk profile of advancing mortgage financing,” he told Tribune Business of Commonwealth Bank. “The question is: Is it a material event? We’ll then have to determine how we respond; whether there’s no change; a change in pricing; or an increase in the equity requirements. “It’s really too soon to determine what the impact will be. We’ll have to see how the market responds.” Mr Jennings said the tabled Bill’s contents showed the Government had not accepted the banks’ recommendation that a Tribunal, either newly-created or an existing one, hear mortgage-related cases rather than the courts. He questioned whether a specific court, or time, would now be dedicated to hearing these matters, “as timing is important for lending institutions when dealing with the recovery of collateral”. The Government’s rationale for developing the Homeowners Protection Bill is that it will make delinquent Bahamian mortgage borrowers more secure in their homes, with all the attendant social and economic benefits that will bring if they can restructure their loans. However, Mr Jennings’ comments indicate that the ‘unintended consequences’ identified earlier this week by K P Turnquest, the FNM’s deputy leader, are very much in play where the banks are concerned. For the Bill threatens

to increase the costs, time and difficulty incurred by banks in repossessing mortgage collateral - usually the homes and businesses subject to the original loan. With a higher risk now associated with mortgage lending as a result, the banks - as indicated by Mr Jennings - may both hike interest rates and refuse to grant new Bahamian loan applicants access to credit. Besides impeding Bahamian dreams of home ownership, this would further depress an already-struggling housing market, and negatively impact industries that rely heavily upon it, especially the construction, real estate and legal sectors. Mr Jennings yesterday praised the consultation process over the Bill, which had been ongoing between the banking industry and Ministry of Finance ever since the first version was withdrawn from Parliament in 2013. Yet he added that the debate had been “based on a false premise”, which was that Bahamian homeowners were losing their life’s biggest investment after missing just one or two payments. “In most cases, homes are being foreclosed or sold after a very long period of non-payment by customers,” Mr Jennings told Tribune Business. “When this issue of mortgage relief started before the last election, the perception was that persons would miss one or two payments and lose their home. “That was never true, so the framework for the

THE TRIBUNE discussion to some extent has been on a false premise. The banks, as large financial institutions, should act responsibly, and the Government should recognise the importance of separately negotiated commercial transactions without adversely impacting that, because then you undermine the commercial framework.” Mr Jennings said the penalties in the Bill, capped at $200,000 for a lender and $100,000 for a director, “seem very high”, while the absence of regulations was causing further concern because these often contained the enforcement ‘teeth’ for legislation. He added that what was required was an “equitable” that struck a balance between the Government’s desire to better protect struggling homeowners, but without making it unattractive for banks to lend mortgages. Bahamas-based commercial banks and other mortgage lenders will likely require little incentive to further withdraw from the mortgage market, given the persistently high level of ‘bad’ loans (around $600 million) that they have had to endure since the 20082009 recession. That number reduced by $176.2 million or 25.3 per cent in 2016, largely due to the sale of a nonperforming portfolio to Sir Franklyn Wilson’s Gateway Financial, but institutions such as Fidelity Bank (Bahamas) have almost totally pulled back from mortgage lending.

Interested persons should submit their resumes via e-mail to:


Restaurant Managers

A food service industry leader is seeking to employ experienced managers for its restaurants. The successful candidates must possess effective leadership skills and will be expected to work closely with the Restaurant Manager in managing the overall restaurant operations. The individuals should have a solid understanding of the food and beverage industry and possess a minimum of 3 to 5 years experience in the related field with a proven track record of exceptional customer service. Primary Duties and Responsibilities: • Ensures the company’s customer service excellence standards are exemplified consistently and that all team members are held accountable to same • Facilitate a high level of customer satisfaction by obtaining regular customer feedback • Identifies and resolves “bottlenecks” in food preparation and delivery to increase speed of service without sacrificing accuracy of orders • Ability to maintain a safe, clean and high quality restaurant operation at all times • Supervises and trains team members on all restaurant systems • Ability to effectively communicate, both orally and in writing, on a consistent basis with Restaurant Management team, superiors and support staff • Practical knowledge of inventory control management • Ability to coach, train and develop team members as well as delegate work in a way that encourages teamwork during shift to ensure smooth restaurant operations • Proven ability in handling of customer complaints, ensuring speedy and satisfactory resolution • Ensures the awareness and knowledge of all of the company’s systems, policies, procedures and operations through training and development • Provides productive direction to team members in a clear and concise way, and sets an example for team members by working hard to ensure swift and smooth food production and quality service • Sets challenging goals for self and team, provides timely performance feedback and ensures accountability Qualifications and Experience • Minimum of three to five years experience in the food and beverage and hospitality industries in a managerial or supervisory role • Working knowledge of computerized information systems used in restaurant operations, e.g. Point of Sales (POS) systems • Proficiency in various software applications, e.g. Microsoft Word, Excel, PowerPoint Salary will be commensurate with qualifications and experience. Interested candidates should submit their resumes in confidence to the following email address:

EMPLOYMENT OPPORTUNITY IT TECHNICIAN Job Summary We are looking for an IT Technician who has a thorough knowledge of computer software and hardware and a variety of internet applications, networks and operating systems. The ideal candidate will also have great troubleshooting abilities and attention to detail. The right individual must be able to train users of the systems. Duties and Responsibilities: • Setup workstations with computers and necessary peripheral devices (routers, printers, etc) • Be familiar with all hardware and software • Be familiar with network operating system • Install and configure appropriate software and functions according to specifications • Check computer hardware (mouse, keyboard) to ensure functionality • Provide orientation to new users of existing technology • Provide individual training and support on request • Troubleshoot technology issues • Provide network access to all users • Make recommendations about purchase of technology resources • Maintain records/logs of repairs and maintenance schedule Position Requirements: • Proven experience as IT Technician • Excellent diagnostic and problem solving skills • Excellent communication ability • Organizational and time management skills • Certification as IT Technician will be an advantage Competitive salary and benefits package are commensurate with experience. Interested persons should apply in writing via e-mail address:


Thursday, February 16, 2017, PAGE 7

Unions demand employers held to ‘same standards’ From pg B1 exploiting the other. Mr Evans, who was responding to proposed Industrial Relations Act changes suggested by the Chamber and its chief executive, Edison Sumner, was backed by yesterday by the NCTUB’s general-secretary, Zane Lightbourne. Mr Lightbourne, a prominent Bahamas Union of Teachers (BUT) officer, wrote that the proposals represented unwarranted interference in internal union affairs, and would further expose Bahamian workers to ill-treatment by employers. Both men were responding after Tribune Business obtained a copy of the Chamber’s December 20, 2016, letter to Robert Farquharson, the director of labour, in which it also recommended that a mandatory obligation be placed on Bahamian trade unions to create ‘a redundancy fund’ for their members. “Section 39 of the Industrial Relations Act be amended to make it unlawful for trade unions who fail and/or refuse to file their annual returns to continue to exist,” the Chamber suggested. “These annual returns should be audited by a licensed member of the Bahamas Institute of Chartered Accountants (BICA). It is proposed that trade unions be fined for this failure.” The Chamber then added: “Moreover, the Act should be amended to make provisions for trade unions who are insolvent to have their registration cancelled immediately or incur some other penalty. Mr Evans, in reply, told Tribune Business: “I thought it was kind of strange that they’re asking for a strengthening of legislation to nullify unions where they’re noncompliant, but are they asking for the same thing with members of the business community? “If they don’t pay NIB contributions, should they be shut down? If they don’t provide audited reports and

payments for Business Licence, should they be shut down?” The NCTUB president, who also heads the Bahamas Communications and Public Officers Union (BCPOU), said any legislative moves that would result in unions becoming “null and void” could not stand unless employers were “held to the same standard”. “Clean up your own house as far as I’m concerned. Take the log out of your own eye before you take the trees out of mine,” Mr Evans told Tribune Business, pointing to what he described as the “overwhelming” number of instances where monies were deducted from employee salaries but never passed on to NIB. He acknowledged, though, that “two wrongs don’t make a right”, agreeing that trade unions should file audited annual returns and comply with Bahamian law at all times. Mr Evans said that while most trade unions were in compliance over their annual returns, there were “a few” small ones that had difficulty because of their size and out-dated accounting and payment systems.

He added that there was no need for unions to establish mandatory ‘redundancy funds’ as most already had such reserves, pointing to the BCPOU’s supplementary pension plan and medical coverage for dependents. “I don’t think unions need to be mandated to have redundancy funds,” Mr Evans told Tribune Business. “His [Mr Sumner’s] suggestion is a noble one, but we don’t need someone telling us that; we’ve been doing it for 30 years.” Promising to “reach out” to Mr Sumner and the Chamber, Mr Evans added: “We need to set up a meeting with the Chamber. “We really want to sit down and have discussions on some of the issues they have.... There may be some issues they have concerns with. “I want to have an open and frank dialogue with him and his group to find out what are the issues and come to some mutual understanding,” he continued. “We want to be equal partners. We all want to see the country progress, and not have one entity have an advantage over the others.” Mr Lightbourne, meanwhile, said it was “very disappointing” to see the Chamber’s call for tougher laws designed “to help get rid of unions”.

He argued that the Industrial Relations Act’s section 19 empowered individual trade unions, through their respective constitutions, to determine whether they exist or are dissolved. And Mr Lightbourne said that union constitutions, together with the Industrial Relations Act’s section 30 (3), already mandated that their accounts be audited annually and sent to the Registrar of Trade Unions, with penalties for non-compliance. Implying that there was no need for the Chamber’s proposal, Mr Lightbourne argued that its suggestions would only hinder the progress of amendments to the

Employment Act and Industrial Relations Act that were designed to better protect Bahamian workers from “unfair terminations because of loopholes in our laws”. “Labour’s proposal is to close these loopholes to protect workers,” he added.”The suggestion of getting rid of unions is a suggestion of leaving certain groups even more exposed to lay-offs, ill treatment and stifled compensation. “Besides, Mr Sumner and the Chamber of Commerce have no business dabbling into the internal affairs of the unions.... [Their] suggestions can only be seen as an attack on labour.

“Why suggest that unions be subjected to a different treatment? Why is the proposed conclusion to a union’s insolvency so harsh and finite? Is this the new face of the Tripartite Council? That our supposed partners sit across the table to negotiate and formulate progressive plans, [but] behind our backs they are busy seeking ways to get rid of unions altogether? “If there is to be any further relationship with the Chamber of Commerce there must be a commitment of mutual respect of boundaries. We shouldn’t get in the internal affairs of the Chamber, and they should have no business in ours.”


CLIFFWATERS ASSOCIATED S.A. Company No. 1542409 (in voluntary liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CLIFFWATERS ASSOCIATED S.A. is in voluntary liquidation. The voluntary liquidation commenced on the 5th of January, 2017 and BERNHARD LORENZ at Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein has been appointed as Sole Liquidator. Dated this 5th of January, 2017 BERNHARD LORENZ Voluntary Liquidator

CIBC FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury Sales and Trading, and Investment Banking. We are the largest, regionally-listed bank in the English-and Dutch speaking Caribbean. The bank has over 2, 900 staff; 66 branches, 22 banking centres, and offices in 17 regional markets. We are looking to fill the following position:

MANAGER, CUSTOMER CARE AND SALES CENTRE The Customer Care and Sales Centre is a call centre environment that provides a high service standard to the Bank’s customers calling into the Centre. The department also provides support for marketing initiatives by making outbound sales calls to potential customers. The Manager, Customer Care and Sales Centre, manages the operations of the Customer Care and Sales Centre (CCSC) and staff, towards attaining and sustaining a high level of customer satisfaction, in keeping with the relevant serviceABOUT levelYOU agreements and in accordance with the Bank’s laid down procedures, processes, operational risk and auditing standards. The incumbent provides effective leadership to the staff. The Manager proactively manages operational risk issues within the Centre and is responsible for ensuring the delivery of all committed service level agreements with internal business partners. The incumbent contributes to the development of the strategic direction and change management in the Centre and takes responsibility for establishing and maintaining the customer care function for complaint management.

ABOUT THE JOB • Assists the Senior Manager in setting goals for the Centre and is responsible for ensuring successful attainment within established time frames and budget. Identifies plans and implements opportunities for improvement in service and general operations management. Ensures adherence to CIBC FirstCaribbean’s departmental policies and procedures. Overall owner of SLA and ensures maintenance with clients. Ensures that the Centre operates to CIBC FirstCaribbean’s operational standards and that all processes are conducted according to established standards. Establishes effective communication lines to facilitate successful completion of goals. • Manages and directs the human resources within the area and provides for the ongoing development of staff. Leads, motivates and coaches team leaders on an ongoing basis on best practices and achievements of results. Sets personal targets/ performance plans for direct reports and is responsible for ensuring that plans are in place for all staff members of the Centre. Strongly advocates continuous improvement of staff. Provides regular forums and informal feedback to ensure performance appraisals and identification of developmental needs are fair, accurate and effectively communicated. Ensures an appropriate communication process is in place to facilitate sharing information; encourages teams to share ideas, sales and service tactics, successes and learnings. Arranges for training as necessary and conducts education sessions for staff where necessary, on topics that are pertinent and serve to improve skills. Conducts interviews (following guidelines) and recommends the hiring of staff. Addresses and follows through on staff disciplinary matters. Conducts meetings / presentations, as

required. Acts as a role model for staff of the Centre, providing mentoring where necessary. Performs and manages analysis of workflows, systems communication, procedures, equipment, and staffing. Types of analysis may include feasibility studies, cost/benefit analysis, time and productivity analysis. Responsible for the documentation of all procedures and processes to support the workflow in the Centre, providing guidance and direction to the Workforce Analyst. Performs analysis when work cannot be delegated due to confidentiality issues or technical complexity. Provides advice and determines viable solutions to problems, prepares written recommendations based on analysis and recommendations of staff. Provides consultative services to internal customers (branches, functional managers and heads) around the services at the Centre. Identifies problems/ difficulties, such as non-compliance issues, through discussions with internal customers and by referral to process manuals and other sources of expertise. Makes recommendations to resolve the problems and works with parties to implement recommendations. Identifies opportunities for efficiency of sales and service activities, including the identification of activities that could be completed by other units and recommends to Senior Manager as necessary. Liaises with peers in the various segments towards ensuring improvement of service throughout CIBC FirstCaribbean. Supports and assists the Senior Manager with the development of and adherence to service level agreements with all key partners and implements in the Centre.

ABOUT YOU Bachelor’s degree in business administration, finance and/or equivalent. At least two years’ banking/call centre experience at management level. Track record in effectively running banking operations with wide experience of working towards and achieving service targets. Experience in staff management and motivation. Detailed understanding of operational risk, business risk, operational and customer service procedures and practices. Assisting in the formulation of strategic plans/mission statements. Excellent interpersonal skills Strong planning, organisation and analytical skills Excellent communication skills - ability to communicate effectively (both verbal and written) to internal and external customers.

ABOUT THE OFFER You will have a challenging, diverse experience with opportunities for professional growth. Our compensation and reward package is attractively structured and performance bonuses are offered.

To apply for this and any other positions, kindly visit Applications with detailed resumes with the names of three business references should be submitted no later than: February 24th, 2017. CIBC FirstCaribbean International Bank Limited thanks all applicants for their interest, however only those under consideration will be contacted. Look for us at: The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.

PAGE 10, Thursday, February 16, 2017

Just 15% of insolvent broker’s assets located From pg B1 approximately $17 million in total assets in the company’s name. We recovered approximately $2.6 million in assets,” the liquidators disclosed, in a bleak report to the Supreme Court. “We identified approximately 195 customers with accounts in the company name or with assets held by the company. We received Proof of Debts (PODs) from 68 customers. We identified approximately 430 customers of the company and related companies.” The liquidators’ previous reports have implied that related party transactions played a significant role in Montaque Capital Partners’ collapse, but many of the entities involved were found to either “have no assets or be hopelessly insolvent”. As a result, Messrs Rahming and Krys said they focused on “more plausible recovery efforts”, including talks with Mr Bethel in a bid to obtain at least partial repayment. “The liquidators’ analysis determined that Mr Bethel and entities that he controlled owed the company a total of approximately $3.5

million,” the report said. “Mr Bethel has acknowledged in an affidavit, a copy of which has been provided to the liquidators, approximately $330,000 as due and owing to the company, and paid $75,000 in March 2016. “The $75,000 represents a portion of the surplus from the sale of his residential real property. The liquidators have no knowledge of any other assets, and are discontinuing any other recovery efforts with regard to Mr Bethel.” Mr Bethel was a prominent, well-known figure in Bahamian financial services as one of the few local owners in the industry. He is now chairman of the Historic Bahamas Foundation, the non-profit entity that supports and finances the restoration and preservation of Bahamian historical monuments and artefacts. The Foundation works closely with the Antiquities, Monuments and Museum Corporation (AMMC). Messrs Rahming and Krys, meanwhile, added that they had also held talks with Mr Sumner, who held the remaining 5 per cent of Montaque Capital Partners’ equity, over the debts owed

by his IPSI business. Montaque Capital Partners and its affiliate, Montaque Corporate Partners, together owned 16 per cent of IPSI. “Mr Sumner, in an affidavit, a copy of which has been provided to the liquidators, has acknowledged indebtedness by IPSI to the company of approximately $178,000,” the report alleged. “The liquidators have for some time attempted to recover the sum due by IPSI, but given IPSI’s lack of liquid assets and our lack of litigation funding, we have discontinued any further efforts in this regard.” There is nothing to suggest that Mr Sumner has done anything wrong in regard to Montaque Capital Partners or IPSI. Messrs Rahming and Krys said other recovery sources proved equally bleak or minimal. “The liquidators reconciled the customer accounts and identified a position of approximately $2.9 million where customers withdrew more than they had deposited with the company,” their report said. “In addition to three mass mailings in 2012 and 2013, the liquidators sent final demand notices and statutory demands to all customers who owed money to the company. To-date,

these efforts have been unsuccessful in recovering the amounts owing. “We have conducted basic due diligence queries and locator searches on the material account holders, and we have searched a dormant account listing of assets in the Bahamas and US that may be in the names of these account holders, and were unsuccessful in identifying any material assets. Given the lack of assets and no litigation funding, the liquidators are not in position to pursue further action against these debtors.” Montaque Capital Partners was placed into courtsupervised liquidation in December 2011, after it emerged that it was insolvent. Two separate accounting firms had identified serious “compliance breaches” before the broker/dealer collapsed, including a $5 million “shortfall” that may have resulted from the unauthorised use of client funds. Messrs Rahming and Krys acknowledged these concerns in their January 18, 2017, report, saying “concerns had been raised regarding the operations of the company and the way it accounted for and dealt with customers’ assets”. Pointing to the alleged “shortfall”, they noted that Montaque Capital Partners had recorded assets of $16.9

million, yet they could only locate $8.9 million. The fact that the liquidators have recovered just 15 per cent of the assets recorded in the broker/dealer’s accounts, and less than one-third of the monies identified by Messrs Rahming and Krys, is likely to be viewed by many observers as another ‘black eye’ for the Bahamas and its financial services industry. The absence of funding has also prevented the recovery of $5 million in brokerage account assets held at Canadian broker, MPW, although some individual clients have been able to regain investments held there by themselves. Besides returning $2.1 million worth of Bahamian securities to their owners, Messrs Rahming and Krys also recovered some funds through the auction of multiple paintings. “The liquidators sought to sell the paintings by hosting an art auction in July 2014, where the liquidators were able to sell 21 of the 23 paintings for a gross amount of net amount of $28,322,” their report said. “The net amount realised totalled $25,577.50 after payment of commission to the auctioneer. The value realized was significantly lower than the original appraised values ($65,400) due to the passage of time, market conditions at the

THE TRIBUNE time of the auction, and other factors.” The only remaining assets are $212,500 in cash that is under the liquidators’ control at the Royal Bank of Canada (RBC), plus some $99,062 in monies and securities held at another Bahamas-based broker/dealer, Gibraltar Global Securities. Gibraltar, which has had its own regulatory troubles, is itself in voluntary liquidation, and Messrs Rahming and Krys believe there will be “little to no recovery” for Montaque Capital Partners. The latter’s liquidators, given the absence of funding and minimal prospects for further recovery, are now seeking Supreme Court approval to bring the liquidation to a close and be paid their fees/expenses. “The liquidators are of a view that there will be insufficient assets to recover the majority of their fees and expenses,” the report alleged. “Since April 2016, both the liquidators and their legal counsel have ceased charging the estate for their time and efforts.”

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Thursday, February 16, 2017, PAGE 11



The Public is hereby advised that I, JUDY MAE JOESPH of #1 Plane Street, Pinewood Gardens, New Providence, Bahamas intend to change my name to JUDY MAJOR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P.O.Box N – 742, Nassau, Bahamas no later than Thirty (30) days after the date of publication of this notice.

NOTICE is hereby given that RENEL RENE of #158 Beacon’s Field, Freeport, Grand Bahama, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.



NOTICE is hereby given that MELANIE BEATRICE CLARKE of Jones Town, Eight Mile Rock, Grand Bahama, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that JOANNA VICTORIA JACQUES of Nassau Street, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.



Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 14th. February 2017. Articles of Dissolution have been duly registered with the Registrar General’s Department. Jill McKenzie, Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 14th. February 2017. Articles of Dissolution have been duly registered with the Registrar General’s Department. Jill McKenzie, Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above-named company are required on or before the 14th. March 2017 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

All persons having claims against the above-named company are required on or before the 14th. March 2017 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 14th. day of February 2017.

Dated this 14th. day of February 2017.

(In Voluntary Liquidation)

(In Voluntary Liquidation)

Jill McKenzie Brittany Investment Company Limited Liquidator

Jill McKenzie Brittany Investment Company Limited Liquidator



(In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 14th. February 2017. Articles of Dissolution have been duly registered with the Registrar General’s Department. Jill McKenzie, Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator. All persons having claims against the above-named company are required on or before the 14th. March 2017 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved. Dated this 14th. day of February 2017. Jill McKenzie Brittany Investment Company Limited Liquidator

(In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 14th. February 2017. Articles of Dissolution have been duly registered with the Registrar General’s Department. Jill McKenzie, Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator. All persons having claims against the above-named company are required on or before the 14th. March 2017 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved. Dated this 14th. day of February 2017. Jill McKenzie Brittany Investment Company Limited Liquidator

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PAGE 12, Thursday, February 16, 2017

Baha Mar’s foreign creditors to get ‘3-4 cents on dollar’ offer From pg B1 the balance of the funds, we’re planning to make an offer to the remaining foreign contractors and suppliers. That offer to them is going to reflect what the might have got in a liquidation process like Chapter 11, which might be three to four cents on the dollar.” Mr Smith said this recovery ratio was “based on what was left in the pool, and we measure that against the outstanding claim”. The Government made it clear that it was ‘Bahamians first’ in relation to the $100 million provided by the China Export-Import Bank to pay Baha Mar’s unsecured creditors, as part of the deal to complete the project’s construction, open

it and sell it. Bahamian contractors, vendors and the 2,000-plus former staff were to be ‘made whole’, or as close as possible, in the deal between the Government and Baha Mar’s secured creditor, which still remains confidential under a Supreme Court order. Mr Smith’s reference to payments to foreign contractors likely refers to compensation paid to companies that are needed by China Construction America (CCA), Baha Mar’s main contractor, to complete the project. However, the little to no compensation available is unlikely to be well-received by Baha Mar’s remaining foreign creditors, some of whom have recently

reached out to Tribune Business for help in finding out the status of their claims, and whether these will be resolved. Complaining about “delays” in receiving definitive information from the claims committee, Glenztur, a Brazilian-based company that books hotels and conferences for high-end bankers, said it had endured a frustrating wait to discover the fate of a $75,000 reservations deposit it paid to SLS Lux at Baha Mar. The company, in a September 12, 2016, e-mail to the claims committee, said: “The hotel did not fulfill the contract obligations because it did not provide the accommodations as agreed in the contract. “The Baha Mar hotel was not even open for guests on the specified dates. Therefore, the deposit should be returned in full to Glenztur as soon as possible.” The Brazilian company added: “It should be noted

that the value deposited could not be used to defray expenses of the hotel or any other Baha Mar company expenses. “The value deposited should be kept separately from ordinary company incomes. Moreover, the existence of an equitable charge in favour to China ExportImport Bank does not refute Baha Mar’s obligation to return the deposit immediately.” Glenztur was assigned a claims number after submitting its claim to recover the $75,000, and was informed by the committee on November 23, 2016, that “Bahamian claims were to be dealt with first” and still being worked through. The committee added that all claims were supposed to be dealt with by year-end 2016, but this did not happen. As a result, Glenztur emailed back on January 9, 2017, saying: “Glenztur is a small family-owned business, and the amount which


is owed to us is very much needed. “We would very much appreciate a straight answer as to what are our chances to receive what is due to us, and if so, an approximate payment date. “After so many public statements as to payments to non-Bahamian unsecured creditors, and establishing a deadline of December 31, 2016, we find ourselves in the very same situation as October 2015. “We are well aware that the Exim Bank China and their SPV have no obligation regarding payment to the Baha Mar creditors, but we very much need to know where we really stand, in order to be able to study whatever other options are available to us.” The committee replied by saying that it was seeking to “make a final settlement offer by January 31 or earlier if possible”. Mr Smith yesterday explained that any ‘delay’ had been caused by the continu-

ing wait for the Supreme Court to rule if any preferential creditors, who would rank ahead of the China Export-Import Bank, existed and had some claim to some of the Baha Mar companies’ assets. Tribune Business revealed previously that Baha Mar’s receivers have set aside $3 million to cover potential claims by preferred creditors - chiefly former Baha Mar expatriate staff against 17 companies whose assets were transferred to the China Export-Import Bank’s special purpose vehicle (SPV). Should the Supreme Court determine there are preferential creditors of these 15 companies, it will then have to determine how much each is entitled to and how they are to be paid. Tribune Business understands a two-hour hearing was held on the matter on January 20, 2017, with another scheduled for February 24.

TRUST MANAGER Leading TrusT Company is seeking a candidate for the position of Trust Manager responsibilities include: • Liaising with senior management in the provision of information/execution of transactions and problem resolution • Managing all associated risks and escalating as appropriate • Preparing periodic administrative reviews of trusts and companies • Liaising with Compliance/Business Risk Management, external auditors and regulators as required to ensure adherence to all internal policies/procedures and regulatory requirements • Ongoing updating and maintenance of trust administration system as it relates to account management • Projects as assigned from time to time. KnoWLedge/sKiLLs reQuired: • Bachelors degree in law, business administration, accounting or related field • Minimum 5-10 years experience in trust and company administration or related experience • Strong oral and written communication skills • STEP qualification is desirable • Sound knowledge of fundamental trust and company laws and related administrative practice • Basic knowledge of banking and investment products and their application in overall management and administration of wealth • Basic understanding and working knowledge of accounting concepts and their applications • Ability to identify potential risk issues and solutions and to communicate these effectively to senior management • Excellent time management, organization and administrative skills • Strong analytical and problem-solving skills • Strong interpersonal skills and excellent team player




Interested Bahamian candidates should forward copy of their resume to:


t. 242.323.2330 | f. 242.323.2320 |

BISX ALL SHARE INDEX: CLOSE 1,916.25 | CHG 9.30 | %CHG 0.49 | YTD -21.96 | YTD% -1.13 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.48 2.72 1.60 5.83 9.75 11.00 9.25 6.90 12.01 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.50 7.72 11.00 2.18 1.31 5.80 6.78 8.56 6.12 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00


1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00


SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +


Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.53 1.77 0.12 4.10 8.50 5.83 10.48 11.93 2.10 1.55 5.83 9.75 10.95 9.11 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.50 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.53 1.77 0.12 4.50 8.50 5.83 10.48 11.93 2.18 1.55 5.83 9.75 10.95 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.14 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

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 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.20 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.30 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

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 352,000

16,500 600



NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 13.6 23.3 108.5 21.4 19.4 19.4 18.8 11.4 11.3 23.5 19.7 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 0.0

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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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 15-Dec-2017 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% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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 1.83% 6.31% 0.00% 5.95% 0.00% 0.00% 2.00% 3.53% 3.77% 3.44% 4.11% 2.75% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%

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


Thursday, February 16, 2017, PAGE 13

29% qualification rate over Mortgage Relief From pg B1 with evolving international standards”. He said these deficiencies had been masked prior to the 2008-2009 financial crisis and global recession, when mortgage and other loan delinquencies soared as the economy contracted, Bahamians were laid-off, and others endured reduced working hours and incomes. Mr Halkitis described the Bill as “a major step forward in the rights of mortgagors in the Bahamas, bringing them in line with rights mortgagors have in this hemisphere”. “The Government, however, does not view this as a panacea to the mortgage crisis,” he added. “In this respect, the Government is continuing to pursue its efforts with respect to borrowers’ protection, stimulating economic activity and job creation. “Also, with respect to borrowers’ protection, the Securities Commission is in the process of promulgating rules to govern the operations of money lenders in the economy.” While the Mortgage Relief Programme had not met with uniform success across all lending institutions,Mr Halkitis said: “According to the latest statistics available in January 2017, 1,744 borrowers were deemed eligible for the programme and 1,400 have been contacted. “Of that 1,400, 408 have completed all the requirements for enrolment in the

programme.” The Government’s critics are likely to argue that such an enrolment rate hardly represents a major success, but the administration can easily retort that the initiative has worked if just a few Bahamian families can remain in their homes and life’s biggest investment. Mr Halkitis yesterday said Hurricane Matthew had “stalled the momentum” of the Mortgage Relief Plan, but did not reverse it. He added that the Homeowners Protection Bill was designed to aid those delinquent borrowers who could not be helped through the former programme, via loan restructurings, reduced interest rates, extensions and principal and interest defer-

ments. Denying that Mortgage Relief was “a bail out for the commercial banks”, Mr Halkitis pointed to the global recession’s deep-rooted impacts on the mortgage and housing markets. While mortgages issued in 2008 totalled $545 million, by 2010 this pace slowed to $396 million. It further declined to $303 million and $287 million in 2011 and 2012, respectively, before ‘bottoming out’ at $198 million in 2014. Mr Halkitis said mortgage issuance had increased to $302 million in 2015, and was “trending” towards that mark for 2016. He acknowledged, though, that the decline in mortgage activity “has been a real drag on the economy”, with the value of construction starts falling “precipitously” from $306 million in 2009 to $95 million in 2012.


1 0 0 J A M Z

. C O M


“This lack of capital creation has placed an obvious drag on the Bahamian economy,” the Minister added. Interest rates on mortgages, though, had dropped from 9.25 per cent in 2009 to 6.47 per cent at year-end 2015, and now 6.34 per cent. The reduction in price and debt servicing costs has

yet to have the desired effect, as the Central Bank’s statistics for the 2016 first quarter showed “a marginal increase” in new mortgage applications to 451, compared to 413 during the prior quarter. Mr Halkitis said 66 per cent of these mortgages were to acquire existing

dwellings, and not new construction, which limited the impact for the construction market. He added that total loan arrears stood at $1.139 billion or 19.1 per cent of the commercial banking industry’s total, with mortgages some 55 per cent of this number.

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