02172020 BUSINESS

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MONDAY, FEBRUARY 17, 2020

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World-famous magician holds off $2m tax claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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WORLD-famous magician/illusionist has defeated the government’s bid to obtain a summary judgment in their $2m-plus real property tax dispute involving his private Exuma resort destination.

Justice Ian Winder ruled that David Copperfield, described by Forbes magazine as the most commercially successful magician in world history, faces a “hard road� but said the Treasurer’s claim for nine years’ worth

• David Copperfield defeats govts early win bid • Alleges then-PM gave promises of tax breaks • Faces ‘hard road’ over nine-year demands

DAVID COPPERFIELD of allegedly outstanding taxes was not impregnable “in the circumstances of this case�.

The government, through the Treasurer, had sought a summary judgment on the basis that Mr Copperfield’s Imagine Nation Company had no viable defense to its claim. The magician, though, alleged he received “oral� assurances from the “then-Prime Minister� that real property tax breaks and other concessions would be extended to additional islands he acquired if certain conditions were fulfilled.

The identity of the “thenprime minister� is not revealed in the Supreme Court judgment, but it can only be one of Perry Christie or Hubert Ingraham.

Given that Mr Copperfield acquired the two islands at the centre of the dispute on July 13, 2006, the same date as he bought his principal property of Musha Cay, it is likely to be a reference to Mr Christie.

SEE PAGE 6

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Get ‘house in order’ for aircraft registry

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will be unable to fulfill its aircraft registry ambitions unless it “gets its house in order� on the industry’s civil aviation regulatory regime, a Cabinet minister has admitted.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that efforts to make The Bahamas an “aviation hub� will fall flat unless it “significantly� improves its “safety oversight� rating following the next International Civil Aviation Organisation (ICAO) audit that is due to take place in early 2021.

The Bahamas was found to have implemented less than one-third of the required standards by the

last audit, which gave this nation an overall score of 32 percent, but Mr D’Aguilar said he was “extremely confident� based on feedback from the Bahamas Civil Aviation Authority (BCAA) and its consultants that it would achieve “more than double that score today�.

Pointing out that the 32 percent ranking was now more than 18 months’ old, he added that with Parliament’s passage of the recently-debated Air Accident Investigation Authority

SEE PAGE 7

‘Flamboyant’ dresser’s casket costs funeral manager $34,000 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FUNERAL home manager, whose photo of the casket for one of Nassau’s most “flamboyant� dressers went “viral on social media�, has lost her $14,472 claim for wrongful dismissal.

Justice Indra Charles found that Melanie Johnson was “simply wrong and unprofessional� for taking a picture of the customised casket for the late Frank Hanna, founder and president of Frank Hanna Cleaning Company.

Finding that Bethel Brothers Morticians was justified in firing her due to

a loss of “trust and confidence�, the Supreme Court judge ordered Mrs Johnson to pay the company’s $26,950 legal costs in addition to $7,120 to cover Mr Hanna’s funeral costs.

The funeral home had itself absorbed the funeral costs in a bid to “appease�

Mr Hanna’s furious family after the photo of his casket became a major talking point in Nassau society.

Mrs Johnson now faces a $34,000 bill for both the funeral and her former employer’s legal costs, as well as her own.

Detailing the background to the dispute, Justice

SEE PAGE 8

Cable chief places ‘undivided attention’ on customer service By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas top executive says customer service and content quality will have his “undivided attention� for the next one-two years following completion of the firm’s $301.5m US exit.

Franklyn Butler, pictured, the BISX-listed communications provider’s chief executive, told Tribune Business in a recent interview that the company “has to do more� in meeting the needs of its TV,

mobile, Internet and fixedline subscribers now that the Summit Broadband transaction was closed.

While Cable Bahamas had to first “digest� the proceeds from that sale, Mr Butler said the balance sheet overhaul that will result will

SEE PAGE 4

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PAGE 2, Monday, February 17, 2020

THE TRIBUNE

SATELLITES SHINE LIGHT ON DORIAN’S DAMAGE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GRAND Bahama’s share of total Bahamian economic output dropped by 4.5 percentage points in the six years to 2018 based on the the strength of “night lights” seen from space, a study has revealed.

A newly-released InterAmerican Development Bank (IDB) report, which attempts to measure Hurricane Dorian’s impact on Abaco and Grand Bahama based on their “luminosity” as picked up by orbiting satellites, says

this methodology shows the latter island’s share of Bahamian gross domestic product (GDP) was already falling before the storm.

The study, which marries the satellite images from NOAA’s National Geophysical Data Centre with indicators such as population density and national GDP, found that Grand Bahama’s share of national economic output had dropped from 14.58 percent in 2012 to 9.89 percent in 2018. Dorian dropped this further to 9.5 percent in 2019.

Many Bahamians will query whether the report,

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and its methodology, truly shines a light on the extent of Dorian’s devastation and long-term economic, social and psychological consequences.

Nevertheless, it suggests that Abaco’s share of Bahamian GDP fell from 5.29 percent in 2018 to 4.8 percent last year.

Basing its findings on “luminosity”, the IDB report’s authors wrote: “Despite the reduction of its relative importance in GDP, New Providence still had the highest share in economic activity of The Bahamas, with 73.16 percent of total GDP in 2018 being produced in this island.

“Abaco’s share of GDP increased from 2.65 percent in 1992 to 5.29 percent in 2018, but due to the impact of Hurricane Dorian it is expected to decrease to 4.8 percent in 2019. On the other hand, Grand Bahama’s participation in economic activity has decreased, going from 12.87 percent of total GDP

in 1992 to 9.89 percent in 2018, and it is expected to continue to decline to 9.50 percent in 2019.”

The report said comparisons between Abaco’s “night lights” in September 2018 and those last year showed “the devastating impact” of Dorian as the yellow glare picked up by orbiting satellites was much diminished.

There was also a “a decrease in illumination” in west Grand Bahama in September 2019, but the IDB study added: “However, the illuminated grids in the Freeport region increased in intensity in the month of September 2019 compared to 2018. The higher level of observed intensity could be explained by the displacement of the population from the affected areas to the Freeport region.”

The authors concluded that Dorian had a greater impact on Abaco because, based on their methodology, that island’s economy contracted by 23.66 percent for the nine months

to end-September whereas Grand Bahama’s activity only shrunk by 0.56 percent.

“Since the satellite night lights are publicly available for every month of the year, it was possible to follow the reconstruction of the regions affected by Hurricane Dorian and analyse the displacement of economic activity throughout the region at a monthly frequency,” the report concluded.

“This study could be replicated in the future to measure the effectiveness of the actions being taken to recover the dynamism of the Bahamian economy... Sea level in The Bahamas has already risen 0.3 metres in the past 100 years, and there is a small but important risk (less than 0.1 percent) of at least one flood over one metre taking place between today and 2050 in The Bahamas area.

“This makes the Bahamian economy and population particularly

vulnerable to climate change, since the main financial and tourism activity areas lie adjacent to the coastal zones, and about 130,000 people live on land below one metre” (above sea level).

The authors continued: “The impact of Hurricane Dorian is an unfortunate example of what could happen to Caribbean countries if adaptive measures and policies are not adopted soon. The urgency of this topic transcends the destruction of infrastructure and the loss of human lives.

“According to the IMF, large natural disasters can set back output growth and contribute to a significant rise in public debt. Since the impact of disasters can be partially contained but not eliminated, disasters will still create sizable fiscal and financing shocks that need to be anticipated.

This is another reason why investing in structural resilience should be a high priority.”

CHAMBER UNVEILS DIGITAL COMMITTEE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Chamber of Commerce has launched its own Digital Transformation Committee (DTC) to ensure the private sector’s needs are met by the government’s technology transformation efforts.

Formally unveiling the new committee, the Chamber said it will work with the government’s digitisation efforts as well as the Central Bank’s digital Bahamian dollar initiative, Project Sand Dollar.

Royann Dean, the new chamber committee’s chair, said: “I believe that this is a very important committee, and a step forward not just for the chamber, but also for The Bahamas as a country and, I would say, as a region.

“It is very important for us to stay in step with what is happening in the rest of the world in terms of digital strategies for technology, and it is a very important role for the chamber to support the government’s efforts to make sure that their policies are put in place to support the development in the private sector.”

Speaking to the committee’s performance, Ms Dean said: “The committee is meant to follow through on the mandate of the

chamber and be an advocate of the private sector.

To that end that means we will understand the needs of the private sector as it relates to the digital transformation, and to work with the national digital transformation committee.”

She added that it was her role to “understand the needs of the private sector, and be able to articulate those needs to the national committee and to make sure that the private sector is able to understand their own needs as a collective”.

“In terms of the role of the chamber, we want to make sure our membership and the private sector of The Bahamas sees the importance of digital strategy and digital transformation in order to stay competitive,” Ms Dean said.

“It’s a very important committee, not just for the chamber. It’s is a very important committee for the business community in general, because on a global scale, both global and regional, there is disruptive technology that’s changing the way that companies do business.

“It is important that the Bahamian private sector stays up-to-date or in lockstep with changes that are happening around the rest of the world and affecting business.”

THE TRIBUNE

Monday, February 17, 2020, PAGE 3

INVESTORS BUY UP 35% OF OIL EXPLORER’S FUND WATER CORP UNIONS SENT BACK TO WORK

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS-based oil explorer says it achieved its targets after local investors purchased 35 percent of the available shares in the investment fund it created.

Simon Potter, the Bahamas Petroleum Company’s (BPC) chief executive, said in a statement that the BPC Investment Fund had delivered on the company’s promise to set-up a vehicle that would allow Bahamian investors “to invest in the outcome of our potentially transformational exploration well”.

That well is due to be drilled in waters south-west of Andros, near The Bahamas’ maritime boundary with Cuba, in April 2020, and Mr Potter reiterated that the BPC Investment Fund’s creation had never been about raising capital to finance this activity since it already possessed the funding required.

Some capital markets observers may view the fund’s launch as relatively unsuccessful, given that just £700,000 of the available £2m worth of shares were taken up by Bahamian institutional and other so-called “sophisticated” investors.

However, Mr Potter said achieving full subscription had never been the objective. “The mutual fund initiative was set up with the straightforward goal of allowing Bahamian investors the opportunity to invest in the outcome of our potentially transformational exploration well,”he explained, “targeting 0.77bn to 1.44bn barrels of oil, which is to be drilled in the first half of 2020. An opportunity they would otherwise have effectively been precluded from.

“Further, by offering this opportunity at a subscription price of 2p, potential Bahamian investors have been extended this opportunity under the same conditions as had recently applied to UK investors alike. Accordingly, the fund has and will continue to accomplish its objective, in creating a vehicle through which Bahamian investors can, should they so wish, participate now or in

future in the fortunes of the company.

“I would emphasise for all shareholders’ benefit that any funds raised from the Fund initiative, now and in the future, will be additive to our existing financial resources but are not essential to meeting the estimated costs of drilling, for which costs we have been implementing a staged, coordinated funding strategy, as previously communicated to the market.”

BPC’s statement said the fund’s placement agent, Leno Corporate Services, had received subscriptions for $914,000 or £700,000 worth of shares, meaning about 35 percent of the £2m available was bought by local investors.

BPC Investment Fund’s only investment is the shares it holds in its oil explorer sponsor. Its holdings will be valued at the end of every month, which is when investor subscription and redemption requests will be honoured.

Should new investor subscriptions exceed monies being taken out, BPC said the net surplus will be used to “to either purchase additional shares in BPC on the open market or, at the company’s discretion, subscribe for new ordinary shares in the company at the thenprevailing market price”.

In a bid to further incentivise local investor participation, BPC said the fund’s subscription price would be fixed at 3.35 UK pence per share at the first monthly valuation only, which is scheduled to take place on March 31, 2020.

It explained: “Given the company’s share price is currently significantly greater than the initial subscription price of two pence per share, BPC has advised Leno it will not accommodate any further late or additional subscription entitlements at this level.

“However, seeking to ensure the opportunity for further local Bahamian participation in the project is maintained as the venture gains greater public profile, the company has agreed to fix an issue price for subscription requests, at the first valuation event on 31

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March, 2020, only, at 3.35p per share, being the closing market price of BPC shares on February 12, 2020. This subscription price will only apply for up to a maximum of 40 million additional shares.”

The BPC Investment Fund’s offering period, which started on January 6, 2020, was supposed to close on February 7 but was extended by three working days to February 12 at Leno’s request so that it could process late subscriptions. Any future net proceeds from investor subscriptions will be applied against the company’s domestic costs since they will be received in US dollars.

No mention was made of whether there has been any progress in opening BPC Investment Fund to smaller Bahamian retail investors.

Leno announced in late January that a formal request seeking regulatory approval for this had been made to the Securities Commission, but nothing further has been mentioned.

The application seeks permission to convert the BPC Investment Fund from a professional fund into a lower subscription standard fund, which would allow individual and retail investors to purchase shares in it.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE chief justice has ordered members of both Water and Sewerage Corporation unions to return to work until there is a full Supreme Court hearing on their industrial dispute next Monday.

Brian Moree QC granted a temporary injunction on Friday that effectively suspends all strike and other forms of industrial action for a week following several days of rising tensions and animosity between the Bahamas Utilities, Services and Allied Workers Union (BUSAWU) and Water and Sewerage Management Union (WSMU) on one side, and the corporation’s management and board on the other.

Adrian Gibson, the corporation’s executive chairman, said in a social media posting that the interim injunction granted

by Chief Justice Moree prohibits both unions, their offices and members from participating in any industrial action. It also required the unions to instruct their members to return to work Wayne Munroe QC, who is representing the BUSAWU union,

BRIAN MOREE QC told Tribune Business outside the Supreme Court: “The Water and Sewerage Corporation lawyers had an ex-parte injunction, which meant a one-sided injunction. The chief justice, in line with what is the new practice, indicated that the courts won’t generally hear you one-sided, so they were required to call us.

“So the chief justice heard the matter and, in accordance with Section 83, he granted an injunction until February 24. That means that the union will return to work now, the members will return to work now and, on February 24, we will make a case that he should discharge the injunction and that the strike can continue. It is a temporary measure that he determined in the circumstances he will grant it until he can hear both sides on February 24.”

Dwayne Woods, the

BUSAWU president, told Tribune Business: “I could safely say that we stayed our course and we are sticking to our guns because we believe in justice for all.

“The corporation came to the Supreme Court seeking an ex-parte injunction, and they didn’t get the exparte injunction. They had to call us in, and our side had to be heard. For that reason, I would like to say that that alone is a victory because it wasn’t a onesided injunction.

“The judge, in all of his wisdom, was able to see that both sides must be heard so he didn’t grant a final injunction. He granted a temporary one, which gives us the right to be heard, and then we come back on February 24,” Mr Woods continued.

“Then we come back on that date. I am confident that the victory will be the victory for the people, and a victory for one is a victory for all. If need be, we will have to issue the strike certificate once again, but we beg the most honourable prime minister to intervene and do the honourable thing before we have to resort back to the strike certificate.”

PAGE 4, Monday, February 17, 2020

THE TRIBUNE

BAHAMAS COMPANY NEAR END ON MUDD CLEAN-UP A BAHAMIAN company says it has substantially completed post-Dorian clean-up of the 40.9 acre location that was previously home to The Mudd shanty town community.

Caribbean Pavement Solutions’ (CPS) said it had finished sorting through, and removing, debris in an area that once housed 600 residences, 45 commercial shops, 100

septic tanks and six outside toilets, according to a Department of Environmental Health Services (DEHS) 2013 report.

Desmond Bannister, minister of works, said of the company’s performance: “From the time they were mobilised to come here, to be able to get here, to be able to do what they have done, it’s just outstanding and I want to commend them for it.

Caribbean Pavement Solutions, a subsidiary of the Bahamas Striping Group of Companies (BSGC), took Mr Bannister and Ministry of Works officials on a tour of the site on Friday. He said post-Dorian recovery will take time.

“While we live in a microwave society where we want everything overnight, there’s still a way to do things. There’s still a way to do it with decency and to provide dignity to people who have lost their lives,” he said.

Caribbean Pavement Solutions took four months to clear, sort and discard tons of waste. Workers also discovered 12 bodies at the site and turned them over to the authorities for identification. Aside from the mud, the site featured sinkholes and poorly-constructed cesspits that were not built to code, which could have wrecked costly heavy-duty machinery if stumbled

Cable chief places ‘undivided attention’ on customer service FROM PAGE ONE

enable it to gain “a firm handle on this market” and “leverage market share” on both the REV (TV and Internet) and Aliv (mobile) brands.

The company’s 2020 second quarter and half-year

DESMOND BANNISTER, minister of works, on a guided tour with Atario Mitchell, president of Caribbean Pavement Solutions. upon.

At its peak the clearance project employed around 100 men (mostly Abaconians), said operations manager, Kendrick Darville. Caribbean Pavement Solutions transformed Friendship Tabernacle in Central Pines into a man camp to house and feed its workers. It outfitted the church with a new generator, additional air conditioning units, airbeds, washers, dryers, outdoor showers and installed recreational amenities. From food and toiletries to trucks and tractors, everything was flown or shipped into the island.

“This is the type of thing where we have to toot the horns of our young people, our young ingenuous Bahamians who got this amazing type of work done,” said Mr Bannister who was accompanied on the tour results, published on Friday, show just why the Summit transaction’s value and timing were critical to Cable Bahamas’ immediate and long-term financial health.

For the $301.5m proceeds will transform a balance sheet that had slipped into negative net worth of $7.505m at yearend 2019 following $25.761m worth of losses for the six months since July 1 last year.

Cable Bahamas’ total assets of $714.575m were exceeded by $722.08m worth of liabilities, with retained earnings now wiped out to produce a deficit of $6.843m.

Burdened by $398m in longterm debt, the BISX-listed communications provider also had a current solvency deficiency of some $105m as at the balance sheet date of December 31, 2019.

AN UNOBSTRUCTED view of a 40.9-acre-stretch of land once occupied by one of The Bahamas’ largest shanty town communities, The Mudd, located in the heart of Marsh Harbour, Abaco.

Photos: Caribbean Pavement Solutions by his ministry’s director of works, Melanie Roach, and permanent secretary, Cora Colebrooke.

Caribbean Pavement Solutions said it was still wrapping up closing tasks, including cleaning up the outskirts of the Mudd where several badly damaged, uninhabitable homes – not in the original scope of work – are still left standing. It also has to truck in fill to level uneven land.

“Naturally, the land’s topography needs to be raised. If you look at the high points versus the low points, there is at least about two-and-a half-feet to three feet variance and that has to be addressed,” said Caribbean Pavement Solutions managing director, Dr Allen Albury.

“What will happen is that during the rainy season this

will create a basin and that basin will become full. The high water table can create a challenge in terms of mosquitos and other airborne challenges.”

Those works will be completed in short order, said Caribbean Pavement Solutions president, Atario Mitchell, an Abaco native.

“The main thing for me is to get Abaco back to where it was. This is my home and I think that Abaco definitely has the potential to be more than what it was,” said Mr Mitchell.

“It’s just up to the powers that be to really sit down and try to design Abaco to its full potential, and then persons like myself and other individuals [can] come back and invest in Abaco and let’s make Abaco better.”

Accounts payables stood at $66.509m, although a chunk of that is likely to be related to payments due on its bank debt which had fallen from $163.522m to $97.533m yearover-year. The proceeds from the Summit deal, though, will virtually transform this picture overnight by paying down Cable Bahamas’ debt and eliminating any solvency issues, bringing it back into net worth.

The US exit also means a renewed focus on the company’s Bahamian operations, and Mr Butler said customer service, content, and improved experiences and internet speeds will be among the priorities moving forward.

Cable Bahamas has taken fire in recent months from customers with complaints

in these areas, and he told Tribune Business: “There’s always more we can do. As we have an opportunity to roam the streets, it’s really what our customers say about us.

“If you ask customers whether we are a different organisation from where we were 12-18 months ago, they will say, yes. but we’re by no means perfect. Every day we’re looking at improving customer service, the level of content provided.

“That’s what I’m here to do, and what my unequivocal, undivided attention is going to be on for the next 12 to 24 months. We’re not going to rest on our laurels when getting feedback from customers. We take that stuff seriously. We have to do more.”

THE TRIBUNE

Monday, February 17, 2020, PAGE 5

Bahamas draws ‘significant’ Travel awards honour interest at top tourism show top tourism performers THE Bahamas attracted “significant” interest at this year’s New York Times Travel Show, the largest travel trade and consumer show in North America, with more than 1,000 attendees visiting its booth.

This nation used a digital booth display and Junkanoo to make its presence felt at the event, which was held at the Jacob J Kavitz Centre in New York.

Chrystal Bethell, The Bahamas’ marketing co-ordinator, said: “The significant number of people that visited our booth proved that The Bahamas has an enduring appeal, and that interest in our destination continues to rise.”

She delivered a presentation on festivals and adventures held in The Bahamas during the Caribbean Tourism Organisation’s seminar for travel advisors.

The Bahamas team was joined by several private sector travel partners, including the Nassau/Paradise Island Promotion Board, Bahamas Paradise Cruise Line, Sunrise Beach Villas, Stuart Cove’s Dive Bahamas and Melia Nassau Beach Hotel.

The Melia Hotel

sponsored a hotel giveaway, while a cruise giveaway was donated by Bahamas Paradise Cruise Line. Snorkeling activity giveaways were offered through Stuart Cove’s Dive Bahamas.

“We’re always grateful for the presence of our travel partners as their collaboration helps to solidify our footing in the marketplace,” Ms Bethel said. “And the giveaways actually add to

visitor engagement from those who visit our booth”.

The annual travel trade and consumer show features more than 747 exhibitor booths from over 176 different countries, with more than 280 speakers from across the globe. This year’s event experienced recordbreaking numbers with more than 35,000 attendees, surpassing the turnout from previous years.

A REGIONAL media publication teamed with the Ministry of Tourism and Aviation to host the first-ever Bahamas Travel Awards Ceremony in recognition of the industry’s top performers.

The event, organised by the Caribbean Journal, honoured persons and businesses throughout The Bahamas whose services and products have boosted the nation’s standing as a leading tourism destination.

The awards, which were held at the Baha Mar resort, gave accolades to winners in the following categories:

Destination of the year: Nassau, Paradise Island Best restaurant: Mahogany House, Nassau Best luxury resort: Rosewood Baha Mar Best boutique hotel: The Island House, Nassau Best all-inclusive resort: Warwick Paradise Island Bahamas Best cruise line of the year: Royal Caribbean Best fishing lodge: Bimini Big Game Club, Bimini Best people-to-people host/hostess: Beverly Wallace-Whitfield, Nassau

THE INAUGURAL Bahamas Travel Awards Ceremony, hosted by The Caribbean Journal in partnership with the Bahamas Ministry of Tourism and Aviation recognised outstanding performers within the local tourism market ranging from accommodations, travel, customer service and tours. Awardees were celebrated as key contributors to the tourism and hospitality sector.

Best experience: Graycliff Heritage Village, Nassau Best beach bar: Sip Sip, Harbour Island Best airline: Bahamasair Best marina: Staniel Cay, Exuma Best bartender: Marv Cunningham, Atlantis Paradise Island Best chef: Kevyn Pratt Best taxi driver: Cheryl Fox-Ferguson, Nassau Joy Jibrilu, the Ministry of Tourism’s director-general, said: “We’re very excited by the response to the first Bahamas Travel Awards.

But what we’re really proud

of is that, unlike many awards programmes, [it] also celebrates the most important component of any tourism destination: The people who make it work every day, from taxi drivers to people-to-people hosts and hostesses.

“The ultimate goal of all those of us who work in the tourism and hospitality sector in The Bahamas is customer satisfaction.” The Bahamas welcomed a record-breaking 7.2m visitors to its shores in 2019 notwithstanding Hurricane Dorian’s impact.

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PAGE 6, Monday, February 17, 2020

World-famous magician holds off $2m tax claim FROM PAGE ONE Mr Copperfield and the government eventually agreed an amended Hotels Encouragement Act agreement on February 26, 2016, which extended the real property tax breaks to the two islands.

However, the Treasurer is claiming that this exemption was not made retroactive by the government’s National Economic Council, and that taxes from early 2016 back to 2007 remain due and owing.

However, rejecting the Treasurer’s bid for a quick victory, Justice Winder ruled: “While I think the road ahead for the defendant is a hard one, I am not prepared to conclude there is no defense to the claim.

“Whilst the claim of the Treasurer, on an examination of the evidence, appears formidable it is not undefendable in the circumstance of this case.... The defendant’s case is that representations were made by the executive, specifically the then-Prime Minister, that the exemptions would

be extended on certain terms which it says has been fulfilled.

“The evidence in the defendant’s case appears to consist considerably in oral communications between Mr Copperfield, the principal of the defendant, and members of the executive. Whilst the direct evidence is principally oral in nature, the defendant also relies on certain circumstantial evidence.”

This, Justice Winder said, included fulfilling all conditions placed on Imagine Nation and the permit to purchase Rudder Cut Cay which referred to its use in the expansion of the Musha Cay resort development.

The case as presented raises a number of issues, not least the advisability of foreign investors relying on oral rather than written - promises and assurances by the government and Cabinet ministers.

It also sends a potentially troubling message to other investors, while some may also view it as raising questions as to whether wealthy developers are paying all their due taxes as a time when the Public Treasury needs every cent it can get.

A statement sent to Tribune Business last night via Mr Copperfield’s Bahamian attorney, Gail Lockhart-Charles, said he had “engaged in extensive discussions with

THE TRIBUNE the government as to the investment and the extensive refurbishment, development and re-branding of the resort, including the addition of major new facilities” at the time of purchase.

It added: “Since the purchase of the properties, Mr Copperfield has invested millions of dollars in upgrades, and The Bahamas is the beneficiary of a constant stream of favourable publicity in the international media as a result of the spectacular resort that Mr Copperfield has created.

“Mr Copperfield is excited about the opportunity and wonderful possibilities that exist for continued collaboration with The Bahamas government to promote our islands and retain a strong presence in the top echelons of international tourism.

“Mr Copperfield’s resort also provides employment for numerous Bahamians, including more than 25 fulltime positions as well as other positions on an as-need basis.

Mr Copperfield has also been heavily involved in assisting in the Hurricane Dorian relief effort, including by offering employment and housing to displaced Abaco residents following the storm.”

Justice Winder’s ruling, delivered just before Christmas 2019, said: “The Treasurer brings this claim.. seeking the

collection of outstanding real property tax in the amount of $2.032m and penalties with respect to two properties owned by the defendant [Mr Copperfield and Imagine Nation],” “The two properties are Rudder Cut Cay and Landing Cay, both situated in the Exuma Cays... The Treasurer says that the real property taxes remain unpaid from 2007.” While Musha Cay had previously enjoyed Hotels Encouragement Act concessions under its previous owner, John Melk, co-founder of the former Blockbuster Video chain, the other islands had not.

Mr Copperfield and Imagine Nation responded that the two islands were acquired along with Musha Cay amid plans to combine them into one destination. They “understood” that the government would extend Hotels Encouragement Act incentives, including the real property tax breaks, to the entire development - including the two islands - in exchange for creating a “world-class luxury resort”.

The “understanding” involved the extension of such tax breaks to Rudder Cut Cay and Landing Cay in exchange for completing “the considerable task of cleaning up” the former island and “making it safe”, Mr Copperfield and his company countered.

The government, they added, had warned that “the removal of many tons of waste and dangerous toxic debris, including chemicals,

abandoned and corroded machinery and vehicles, and dilapidated, dangerous and uninhabitable buildings and other structures”, would have to be undertaken before Rudder Cut Cay could be included in the resort complex.

Mr Copperfield and Imagine Nation said they accomplished this, and also agreed to work with the government in marketing The Bahamas to other investors, wealthy homeowners and tourists. They gave permission for use of the name, the Islands of Copperfield Bay, in tourism advertising that marketed the islands as a single destination, together with photos of the properties. “[Mr Copperfield] consented, and also donates his name, his brand and his time to promoting The Bahamas via the Ministry of Tourism’s ‘Behold’ campaign, a Super Bowl campaign and numerous print campaigns and media appearances,” his defense alleged.

“Since the purchase of the properties, the defendant has invested in excess of $20m in upgrades. The Bahamas is the beneficiary of a constant stream of favourable publicity in the international media as a result of the spectacular resort that the defendant has created.”

Justice Winder noted that the first salvo in the longrunning tax dispute was fired more than a decade ago by the Ministry of Finance. It told Imagine Nation that the acquisitions of Musha Cay and Big Lansing Cay “have not been declared to our offices

for tax purposes”.

It called for the relevant conveyancing documents to be sent to it “to regularise their status on our property tax roll”, and urged that Imagine Nation settle a then-outstanding real property tax bill of $803,704.

This was broken down into $641,850 for Rudder Cut Cay, with the near-$162,000 balance due on Little Lansing Cay. Mr Copperfield and Imagine Nation replied on October 12, 2010, through their thenattorney, Richard Lightbourn, the former FNM MP, and partner at McKinney, Bancroft & Hughes.

He reiterated his clients’ belief that an “understanding” had been reached with the government that all “islands of Copperfield Bay” would be exempt from real property taxes, and said they were seeking a meeting with the Ministry of Tourism and other authorities to clarify the situation.

“Our clients are anxious to resolve the apparent misunderstanding and are hopeful that a meeting can be arranged in the near future so that we can put the issue behind us,” Mr Lightbourn wrote.

This was effectively rejected two days’ later by Rosemary Pintard-Bowe, on behalf of the Department of Inland Revenue, who said the National Economic Council (the Cabinet or a Cabinet committee) had not agreed to exempt the two islands from real property taxes. She reiterated the previous demand that the sums be paid “as a matter of priority”.

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position: Duties:

Electrician

Employed as an Electrical Technician to accomplish skilled maintenance and repair work throughout the Embassy Compound, buildings, grounds and residential owned/leased properties. Work assignments which include hardware, associated peripherals, configuration, optimization, repair of electrical power distribution, voltage regulators, transformers, switchgear, automatic transfer switches, uninterruptible power supply systems and lighting systems will be directed by the Facility Manager or an assigned Supervising Engineer.

Interested candidates are required to possess the following skills and qualifications: • Education: The position requires successful completion of secondary school. Completion of vocational school training equivalent to two years from an accredited institute recognized as producing journeyman level technicians with a concentration in electrical principles and application.

• Experience: Minimum of five years of broad experience in operations and maintenance of building electrical power and lighting systems and associated equipment. This should include at least three years of experience as an Electrical Technician working with large, modern, commercial or Government office building in operations and maintenance.

• Language: Level III (good working knowledge) in English is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by mail, E-mail or other means of delivery.

Deadline for applications is February 21st, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

THE TRIBUNE

Monday, February 17, 2020, PAGE 7

Get ‘house in order’ for aircraft registry FROM PAGE ONE Bill this country’s score in that area alone will move above 90.

“That’s just an example of where we are taking the feedback provided by that last audit to improve not only our legislative regime but our effective implementation scores,” Mr D’Aguilar told this newspaper. “We believe they will be significantly higher, more than double that [32 percent] score today.

“It’s the intention of the government to launch an aircraft registry, and in order to do that we need to improve those scores quite significantly.... This is a priority of the government as it contemplates the roll-out of an aircraft registry to get the house in order before

the launch.

“We’re not going to spend all this time and money and not expect to get a return on investment. The return will be a vast improvement that facilitates the roll-out of an aircraft registry, which will have an economic impact if people register their planes here,” the minister continued.

“There will be licensing fees, storage fees, mechanical and maintenance fees, professional fees. There will be these benefits. We want to consider The Bahamas as an aviation hub in close proximity to the US that is not in the US, and all the economic offshoots that come from such an undertaking.

“Aviation is a growing business. It fits into our model of catering to some of the most affluent of the

world’s citizens. It’s a good pillar upon which we can build and provide some residual income. Certainly by this time next year we should be in a better place to realise our goals in the sector.”

The development of a Bahamian aircraft registry has been discussed for years, but the Minnis administration’s recent rhetoric suggests this is a goal it wants to turn into reality during its current term in office.

An aircraft registry represents a potential new multi-million dollar revenue stream for the government, as well as enhancing The Bahamas’ attraction as a “jurisdiction of choice” for high net worth individuals.

To get there, though, requires not just reforms to the civil aviation regulatory

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

Financial Assistant Duties: Provides administrative support to the Financial Specialist. Duties include preparation of the Diplomatic and Consular Programs (DCP) budget, the Public Diplomacy Budget and Consular (MRV) budget. Duties include assisting with the preparation of budget estimates, development of financial plans, collection of workload counts for the preparation of the ICASS Budget, development of financial plans, preparation of variety of administrative reports, in all areas of post budgets and fiscal operations.

Interested candidates are required to possess the following skills and qualifications: • Education: Completion of an Associate Degree in Accounting or Finance is required or at least three years of technical study in accounting, or budgeting.

• Experience: A minimum of five years of financial management experience performing progressively more responsible work. The experience must emphasize analytical, judgmental, and expository capabilities. At least two of the five years must have been for an international organization.

• Language: English level IV (Fluent).

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website:

https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, February 28, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

regime but the creation of an aircraft mortgages register, and signing on to the Cape Town Treaty (Aircraft Convention). This will both will show The Bahamas is serious and complement the aircraft registry’s creation.

The Cape Town Treaty (Aircraft Convention) is particularly important because it gives financiers and leasing companies confidence that their liens and charges over planes - and plane parts - will be recognised and secure whatever jurisdiction the craft is in.

Bahamas-based companies and residents typically have to pay more when leasing aircraft from US companies because this nation is not a Cape Town Convention signatory, and the owner wants extra compensation for the extra risk.

Mr D’Aguilar, meanwhile, confirmed that the Aviation Registry Group (ARG), the company also charged with

developing a Bahamian aircraft registry, has been hired to work with the Bahamas Civil Aviation Authority in identifying the shortcomings flagged by the ICAO report and correct all weaknesses.

“We’ve hired ARG to review our aviation legislation, and to rewrite and make recommendations for improvements to allow us to improve our score in any number of sections in that audit,” he added. “We not only want to pass legislation but at the same time be able to implement it.

“We have a very aggressive timeline as devised by ARG. That audit revealed some weaknesses and we’re trying to bring that up.

There were some concerns we’re trying to correct.

We’re doing it well in advance of the next audit.

It’s a year away, and we have to lay the legislation, get it passed, grounded and implemented.

“This is an apolitical undertaking. You always want your aviation sector to be held in the highest regard.

Each administration builds upon their predecessor.

We’re picking it up where they left off and are continuing on in that regard. Every government has always considered aviation to be a pillar of our economy.”

Mr D’Aguilar said “breaking everything out of the Bahamas Civil Aviation Department” to create the industry’s current regulatory structure and bodies, together with the Air Transport Advisory Board, had been “a great first step” but the ICAO audit’s findings had “revealed work to be done”.

To advertise in The Tribune, contact 502-2394

PAGE 8, Monday, February 17, 2020

‘Flamboyant’ dresser’s casket costs funeral manager $34,000 FROM PAGE ONE Charles wrote: “By all accounts, the late Frank Hanna was a flamboyant man. Following his demise on April 14, 2016, his family wanted to honour him in like fashion. On or about April 16, 2016, they went to Bethel Brothers Morticians Company to retain their services in customising a casket with vinyl wrap, epitomising the wardrobe worn by the deceased when he was alive.

“The family also wanted the customised casket to be placed in the selection room as opposed to the garage to keep it away from prying eyes. I surmised that the object was for family members and the general public to be enthralled by such a unique casket on the

day of public viewing.”

This did not go to plan.

“On or about April 28, 2016, Melanie Johnson, then the assistant funeral manager of [Bethel Brothers], took a picture of the casket and forwarded it to her husband, a funeral home manager,” Justice Charles wrote.

“Almost immediately, the casket went viral on social media. To put it mildly, the Hanna family was not pleased with the publication. In an effort to appease them, [Bethel Brothers] absorbed the costs of the funeral along with the costs associated with the customisation of the casket.”

Mrs Johnson was dismissed four days’ later on May 2, 2016, on the basis that she had breached both Bethel Brothers’ general regulations and the

THE TRIBUNE Employment Act by acting in a manner detrimental to the company’s interests.

“The Defendant [Bethel Brothers] also alleged that the plaintiff’s actions constituted insubordination, breach of confidentiality, gross negligence or gross misconduct, and exposed it to liability in the sum of $7,119.73,” Justice Charles added.

“On May 5, 2016, the daughter and son-in-law of [Mr Hanna] received a letter from the plaintiff’s husband admitting that the plaintiff had taken the photo and apologising for the distress caused to the family. The letter fell short of admitting that he was the one that posted the picture on social media.”

Nevertheless, Mrs Johnson proceeded with her claim for wrongful dismissal and the $14,472 she claimed was owed as payment in lieu of notice. “She stated that it was never explained to her or to any of the staff

that the Hanna family specifically requested that the casket was to remain anonymous until public viewing and, as far as she was aware, there is no company or public policy preventing the defendant’s staff from taking pictures of an empty casket,” Justice Charles said of her defense.

“She further stated that there is no law incorporated in her contract of employment which prohibits the taking of pictures of an empty casket. According to her, it is only unethical to take an unauthorised picture of human remains. She testified that there are thousands of customised caskets posted all over social media and the internet.”

However, Lee Chong, Mr Hanna’s son-in-law, said he told Mrs Johnson and others on April 22, 2016, that the casket was “to be customised in their private room and not in their garage for complete privacy”.

And Sidney Sawyer, a funeral director/embalmer employed by Bethel Brothers, said Mr Chong had requested that there be “no social media attention” when Mrs Johnson was

present. Justice Charles, accepting their evidence, found that the plaintiff was fully aware of the family’s privacy request.

“In the circumstances, I find that the defendant was justified in summarily dismissing the plaintiff. What the plaintiff did was simply wrong and unprofessional resulting in the defendant no longer having any trust and confidence in the plaintiff,” Justice Charles ruled.

To advertise in The Tribune, contact 502-2394

FRANK HANNA

THE TRIBUNE

Monday, February 17, 2020, PAGE 9

22nd

November

22nd November

PAGE 10, Monday, February 17, 2020

THE TRIBUNE

MARKET REPORT

To advertise in The Tribune, contact 502-2394

www.bisxbahamas.com

(242) 323-2330

FRIDAY, 14 FEBRUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,200.48 | CHG: -18.06 | %CHG: -0.81 | YTD: -31.12 | YTD%: -1.39 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.70 2.60 2.00 5.47 12.00 6.17 4.50 10.84 3.24 5.06 10.57 7.90 16.99 9.40 3.80 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.50 5.60 3.95 6.35 2.53 1.76 8.00 6.40 14.00 6.80 3.01 13.50

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

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

1000.00 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 Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.80 11.61 6.00 4.34 6.49 3.73 4.60 10.88 7.70 15.05 9.33 3.69 15.20

CLOSE 3.50 17.43 6.00 6.68 2.10 1.62 3.53 11.61 6.00 4.34 6.49 3.63 4.60 10.95 7.70 14.00 9.33 3.70 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.27 0.00 0.00 0.00 0.00 -0.10 0.00 0.07 0.00 -1.05 0.00 0.01 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 215

1,500

1,000 1,500 10,000

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.6 18.7 N/M 18.1 N/M N/M -8.1 16.1 13.4 23.6 46.4 35.6 9.9 17.0 10.6 17.2 9.9 18.2 24.1

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

YIELD 4.86% 7.23% 0.00% 3.89% 0.00% 1.23% 0.00% 6.20% 3.67% 2.76% 0.00% 11.96% 1.30% 3.00% 3.12% 3.86% 2.14% 3.24% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 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% 3.73% 3.73% 2.93% 2.93% 2.67% 2.71% 5.76% 5.76% 12.81% 12.81% 0.58% 4.04% -1.09% 5.26% 0.22% 4.45% 2.29% 9.61% 11.57% 11.57% 18.35% 18.35% 5.17% 5.17% 15.86% 15.86% 5.67% 5.67% 3.40% 3.40% N/A N/A 10.80% 2.60% 10.40% -4.00%

NAV Date 31-Dec-2019 31-Dec-2019 27-Dec-2019 31-Dec-2019 31-Dec-2019 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Jan-2020 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019 31-Dec-2019

MUTUAL FUNDS 52WK HI 2.29 4.37 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.26 6.94 12.01 12.35 10.74 10.00 8.98 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.67 1.83 1.76 1.23 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.29 4.37 2.09 195.13 166.73 1.67 1.83 1.76 1.23 8.34 10.23 6.94 12.01 12.35 10.73 N/A 8.98 11.40

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Sep-2019 30-Sep-2019 30-Sep-2019

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) ARAM MANAGMENT LIMITED IBC No. 157093 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That ARAM MANAGMENT LIMITED is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 22nd day of January 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above named Company are required on or before the 24th day of February 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default there of they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited

PAGE 12, Monday, February 17, 2020

German court halts site preparation for Tesla factory

GERMANY Associated Press A GERMAN court has temporarily halted the site preparation for Tesla Inc’s first electric car factory in Europe.

The Higher Administrative Court for Berlin-Brandenburg

THE TRIBUNE ordered Tesla to stop clearing trees on the wooded site near Berlin until it considers an environmental group’s appeal.

In a statement yesterday, the court said it had to issue the injunction because otherwise Tesla might have completed the work over the next three days.

A lower court in Germany ruled last week that Tesla could clear the trees for its factory. But the environmental group Green League Brandenburg appealed, citing the potential for the factory to pollute the area’s drinking water and other issues. In its statement, the higher court said there is no

reason to assume that the Green League’s appeal won’t succeed.

German officials celebrated in November when Palo Alto, California-based Tesla decided to build its first European factory in the country.

Tesla said the new plant will build batteries and vehicles, starting with the

upcoming Model Y SUV. The company had hoped to complete the factory in the middle of next year.

Last month, German officials said 187 pounds of World War II ammunition had been found at the site as Tesla began clearing it.

Tesla has two other vehicle factories in the US and China.