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FRIDAY, FEBRUARY 18, 2022

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Chamber chief urges rethink on minimum wage and breadbasket By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

go” given that it will increase marginal labour costs for employers, especially micro and small businesses who are already “struggling to hold on to employees” and meet payroll. Speaking after the Prime Minister yesterday pledged that the Government was

ready “to make critical policy interventions” to offset eroding living standards, Mr Laroda argued that one place to start was to reconsider the wisdom of eliminating the VAT ‘zero rating’ on breadbasket foods, medicines and other essentials.

GREG LARODA “The Government should revisit this 10 percent on breadbasket items,” the GB Chamber chief told this newspaper. “As prices go up in the

SEE PAGE FOUR

Kanoo ‘100% vindicated’ over Health Travel Visa By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN digital payments provider yesterday said it had been “100 percent vindicated” by the Auditor General’s findings on the role it played in the Health Travel Visa initiative. Nicholas Rees, Kanoo’s chairman, told Tribune

Business that the report by the Government’s financial watchdog “shows there’s been no malfeasance or misappropriation” of fees paid by travellers complying with The Bahamas’ COVID entry protocols after tourism re-opened on November 1, 2020. While the company “bore the entire brunt” of attacks on the Health Travel Visa during the Minnis administration’s

term in office, he added that these accusations had been “put to bed” by an Auditor General’s Office report that found the $456,993 compensation it received for providing the initiative’s payment gateway over a ten-month period “appears to be within industry norms”.

SEE PAGE FIVE

NICHOLAS REES

Used car dealer absorbing 50% of price hikes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN used car dealer yesterday revealed just 50 percent of the price hikes he has experienced on Japanese vehicles have been passed on to local consumers. Brent Fox, Montague Motors principal, told Tribune Business he would “drive business away” unless he absorbed half of the 20-25 percent increase on Japanese used vehicle imports as he confirmed that the auto market is not immune from global inflationary pressures. While Japanese vehicles have experienced

nowhere near the 40 percent year-over-year price increase suffered by their US counterparts, Mr Fox said: “We’ve certainly felt the increasing prices out of Japan. I would say the price we’re paying has gone up 20 percent, and in some cases 25 percent, from around November. It’s gone up maybe 20-25 percent. “The price didn’t really go up like it did in the US. There was a three to four month delay, and then Japan followed suit. I have a friend in Baltimore who typically has 300 to 400 cars in his lot, and when I spoke to him in September/

SEE PAGE FOUR

Judge paves way for new Water Corp union election By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE SUPREME Court has paved the way for new elections at the Water & Sewerage Corporation’s line staff union after dismissing a fresh challenge to the decision not to certify the original poll. Justice Loren Klein, in a February 15, 2022, verdict, rejected the Judicial Review bid by Dwayne Woods, the Bahamas Utilities Services & Allied Workers Union (BUSAWU) president, and his slate of candidates, by backing the reasons given by Dion Foulkes,

ex-minister of labour, not to recognise the original poll. And, in so doing, the judge discharged an injunction that previously prevented the registrar of trade unions, who is also the director of labour, from supervising a new election for the BUSAWU. Noting that Mr Woods and his team had mounted multiple unsuccessful legal bids to have the original vote certified, Justice Klein said there were missed opportunities to resolve the dispute sooner. In particular, he questioned Mr Foulkes’ assertion that he was prevented by another Judicial Review proceeding from

SEE PAGE EIGHT

Fidelity’s ‘ace in hole’ on $25m profit target • Preference share payout to give $1.1m boost • To get approval for new $50m bond framework • Recovered $8.6m in COVID loan loss provisions

• Calls for VAT’s elimination on food staples • And business ‘struggles’ need pay delay • Out Islands’ facing ‘double’ inflation hit

GRAND Bahama’s Chamber of Commerce president yesterday urged the Government to eliminate VAT on “breadbasket” food items to counter soaring inflation and delay a minimum wage increase. Greg Laroda told Tribune Business that reimposing the 10 percent levy on food staples had “made it all the more challenging” for low income Bahamian families to feed themselves and make ends meet amid the sustained increase in prices that this nation is suffering across-the-board. And he argued that increasing the minimum wage at this time “is not the way to

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed bank has an “ace in the hole” when it comes to hitting its $25m profits target for 2022, its top executive revealed yesterday. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune BusiGOWON BOWE ness that the planned May 2022 redemption of its remaining $20m preference shares will save two-thirds of the annual $1.1m in total interest it has to pay to holders of that debt. As a result, with almost two-thirds of its 2022 financial year remaining following the redemption, around $733,000 in interest savings will drop straight to the commercial bank’s bottom line as it chases a near 13 percent year-over-year increase on last year’s $22.17m net income. “We still believe we have an opportunity to grow the profit base by another 15 percent, so we are certainly targeting $25m and upwards,” Mr Bowe told this newspaper of

SEE PAGE FIVE

PAGE 2, Friday, February 18, 2022

THE TRIBUNE

WHY COMPANIES BENEFIT FROM HIRING CONSULTANTS C

onsultants can provide expertise and an objective eye in helping to guide a business, with different consultants specialising in various industries and areas. These include strategy and management, operations, human resources, finances, funding opportunities, IT, tourism, hospitality and sales and marketing. While the position of ‘consultant’ has been severely watered down in our local context, they have a proven track record of steering companies to higher levels of economic viability. Consultants work closely with business owners and managers to help identify challenges, offer advice and propose practical solutions. They

are much like doctors, who diagnose the problem and prescribe a remedy that alleviates the pain. They are coaches who are introduced to help the company navigate through the growth opportunities. This week, our column focuses on five benefits for hiring a strategy consultant. They include the following: Expertise The main values of consultants include their knowledge, expert skills and influence. Because consultants work with a variety of businesses, they may have a much broader and deeper knowledge of business trends, industry challenges and new technologies and processes than internal employees. Cost Savings

When you hire a consultant, you pay only for the services that you need and when you need them. This can provide substantial savings over hiring a salaried employee, with the same level of expertise, to complete similar tasks. Time Savings The experience of consultants means that they know best practices already. An outsourced manufacturing consultant can look at a client’s processes and very quickly identify inefficiencies. With a consultant, there is no need for business owners to reinvent the wheel or lose valuable time to something that can be completed by an expert contractor. Objectivity

Tourism officials seek Bahamas airlift boost SENIOR Bahamian tourism executives this week participated in a conference vital to generating increased airlift and new airline routes to this nation. Officials from the Ministry of Tourism, Investments & Aviation joined executives from the Nassau/ Paradise Island Promotion Board at the Routes Americas 2022 Conference, a leading commercial aviation event in the Western Hemisphere, which was held in San Antonio, Texas, from February 15-17. Routes Americas 2022 brings together senior executives from airports, airlines and tourism destinations across the region to network with decision-makers on air service expansion. The Bahamas’ participation was designed to further the country’s post-COVID airlift recovery strategy, plus gain new market insight and discuss additional airlift opportunities while meeting with senior aviation leaders to discuss the region’s air services.

DR KENNETH ROMER, the Ministry of Tourism’s deputy director-general and acting director of aviation, with former deputy director-general, Tommy Thompson. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said: “This conference is a great opportunity to network with regional and global industry leaders as we seek to attract new investment opportunities and increase the number of air carriers servicing our destination.” Some 375 organisations were present at the three-day event, and The Bahamas was expected to

meet with over 25 airlines and route planners from the US, Canada, UK and Europe with the hope of expanding airlift capacity to this nation. The Bahamas delegation was led by Dr Kenneth Romer, the Ministry of Tourism’s deputy director-general and acting director of aviation, and Fred Lounsberry, chief executive, Nassau Paradise Island Promotion Board.

Consultants provide a useful distance from business challenges. They are not emotionally invested in operations in the same way that business owners are, and they can more easily identify and address challenges, whether the issue is implementing a new technology or completing a merger or acquisition. The consultant’s objectivity can be especially important in family-run businesses, where dynamics can be emotional and core problems more difficult to discuss. Customisation Consultants do not offer a one-size-fits-all solution. Their value comes in learning about each client’s business and goals, and tailoring advice and strategy

consulting to the specific challenges that the business faces. This customisation means that a consultant’s solutions are much more effective than generic advisory services. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

IAN FERGUSON

Bahamas First names new underwriting vice-president BAHAMAS First has named Kevin O. Hudson as its vice-president of underwriting. The insurer, in a statement, said Mr Hudson will oversee the property and casualty firm’s underwriting strategy, while also providing leadership on reinsurance matters and managing relationships with agents and brokers. He will report to Keith Rolle, Bahamas First’s senior vice-president responsible for underwriting and reinsurance. “Kevin’s promotion to vice-president speaks to the incredibly important role that he has played as a member of the underwriting team, and his strong track record of leading transformative change within the company over the years,” said Mr Rolle. “Kevin is a talented insurance executive, and I am extremely appreciative of his long-standing support, insight and clear business outlook. I anticipate working even more closely with

KEVIN O. HUDSON him as we expand Bahamas First’s leading position in the local insurance industry to meet the needs of our partners and clients.” Mr Hudson has more than 27 years’ experience in underwriting. He joined Bahamas First in 1994, and has held progressively senior roles, serving most recently as business development manager with responsibility for managing the company’s intermediary network.

Mr Hudson earned an associate degree in accounting from the University of The Bahamas, and a bachelor’s degree in the same discipline from Tuskegee University in Alabama. Subsequent professional training was acquired in London, Zurich and Ontario. He is a member of the Omega Psi Phi Fraternity, and was elected ‘Basileus’ (president) in 2021. “I am honoured to be asked to play an expanded role in the next chapter of the company’s growth,” Mr Hudson said. “Throughout my career I’ve been acutely aware of the underwriter’s unique position to provide solutions that enable insurance companies to drive better operational and financial outcomes for the organisation. “I look forward in this role to developing even more opportunities that will effect real change, and enhance value, for our partners and customers.”

BAMSI CHIEF OUTLINES PLANS TO TOP ENVIRONMENT OFFICIAL THE Bahamas Agriculture and Marine Science Institute’s (BAMSI) president set out her plans for moving the agency forward in a meeting with the Ministry of the Environment’s top official. Dr Erecia Hepburn met with David Cates, the ministry’s permanent secretary, at BAMSI’s corporate office on East Bay Street where she highlighted the various courses it offers. These range from associate degree programmes to short certificate courses and college prep classes. Dr Hepburn focused on the

environmental associate degree that BAMSI offers as something that could be useful to Ministry of Environment staff in upgrading their qualifications. She invited the ministry to join BAMSI on one or more of its upcoming seminars, beginning with its food preservation and food safety course that will be held later this month. The duo also discussed the possibility of BAMSI acquiring the Herbarium from the Ministry of Environment and having it housed under the Institute to be used as a learning tool for all citizens.

DAVID CATES AND DR ERECIA HEPBURN

NOTICE Colina Holdings Bahamas Limited (CHBL) has been granted an extension to March 31, 2022 to file its (unaudited) interim financial statements for the fourth quarter ended December 31, 2021 by the Securities Commission of The Bahamas and the Bahamas International Securities Exchange. The extension is required as CHBL is awaiting the finalization of material adjustments as part of its annual year end audit. CHBL will publish its unaudited fourth quarter financial results for the period ended December 31, 2021 on or before March 31, 2022.

THE TRIBUNE

Friday, February 18, 2022, PAGE 3

RETAILERS SWITCH TO BULK BUYING IN INFLATION FIGHT By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN retailers yesterday said they are employing bulk buying and various other strategies to mitigate rising inflation and goods prices. Tanya Heastie, general manager of ShopSmart, told Tribune Business that the soaring cost of imported inventories has caused her to adjust operations. She has decided to buy in-bulk to take advantage of current prices before they increase further, while also hoping that the higher order volume will result in suppliers offering discounts.

“Some of the things we’re doing are we try to buy local, where possible,” she said. “We also try to buy inbulk and lock-in prices so we are able to keep items at a cost. Because it’s continuing to rise, if we can bring in an array of items at a certain price then we can pass on those prices until we run out of that stock. “Most people are already forecasting how much they are increasing their prices by, but us at Shop Smart, where we say we make you a smart shopper, instead we’re trying to keep our prices steady and not increase them.” Ms Heastie added: “The rise in inflation, and not just in the United States but all around the world, has

impacted most local businesses. We can start with the increase in freight, for instance. What we would have paid $5,000 for in freight is now $35,000 with the product coming from the same place. “But that’s just how high inflation is, and it continues to grow. So even though VAT (Value Added Tax) may have decreased, the increase in prices all around the globe limits or removes all of the savings, in some instances, that local businesses would have been able to pass on to consumers here in The Bahamas.” Leo Carey, general manager of Y Care’s Fashion, said there is little Bahamian businesses can do to offset the increase in imported

prices. He added: “I just came off of a website trying to buy a truck from Japan, and the price of the truck is so high. To bring it in would cost me an additional $20,000, just for it to leave Japan. From when I bought the other one in 2010, it was only $12,000.” Mr Carey said last year’s soft economy has worked to buttress some of the inflationary impact for his business as he still has inventory in stock from 2021. He added: “Sales were down and inventory was up last year, so basically we have most of the stuff that we needed. But we did have some shoes that came in in December and they went up by 30 percent

on the wholesale price. In addition, the Betty K went up by 20 percent on the freight. All of this impacts the retail stores. “Buying in bulk does not help at a time like this, because you don’t know how the market will be in the next month or two. We just don’t know, and if you buy in bulk that means you have inventory sitting around in the stores for months and you can’t get rid of it. I think the best strategy is to just buy and sell as you go, because this thing may end and the prices may plummet.” Sandra Burrows, general manger of the Island Store, said: “We cater more to the upscale residents and inflation isn’t a big concern for

Consumers urge action to ease inflation’s effect By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CONSUMERS yesterday called for the Government to increase the minimum wage and remove VAT from breadbasket items to ease the pain inflicted by inflation-busting price hikes. Nadia Miller told Tribune Business: “Prices are too high. They need to raise the minimum wage because it is too small to be paying bills and to be eating out of it. It is just not working.

“Right now, $50 can’t get you anything. Eggs alone is $4 and bread is at $6. Everything is high. With $50 last year you may have been able to substitute because you were getting other little nick-nacks from people that were giving out things. Now you have to use all of that $50 because everything has come to a stop.” Demarius Cash added: “My thing is, and I don’t claim to understand economics or labour, but all I know is there is a limited supply but the demand is there because in society now there is not a lot of output. Yet there is a higher

demand for items, so in order to get those goods you have to pay the price. “I still think that, at the end of the day, this is a time for us to get back into selfsufficiency and producing things locally. This is evident now because where are we getting all of this stuff from? From other countries, and the demand is up around the world, so we are going to have to pay top dollar to get what we want.” Sidney Strachan, another shopper, added: “I really don’t think it’s the right time for prices to go up. I heard the food stores talking

about it, and the charitable organisations talking about it, but now is not the time for prices to go up.” Freight increases, coupled with trucker and stevedore shortages in the US, have placed a heavy burden on countries such as The Bahamas that import the majority of what they consume. Mr Strachan accepts that, adding: “Things are happening with the shipping. That is causing the prices to rise, but I don’t know what’s going to happen when everything gets back to normal. “I don’t expect prices to drop dramatically when we

Hatchet Bay gets packing By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET Minister yesterday said the packing house in Hatchet Bay, Eleuthera, will be reopening today. Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, told the weekly press conference at the Office of the Prime Minister: “Currently we are already taking steps to the goal for food security. “On Friday, February 18, we will re-open the packing house at Hatchet Bay, Eleuthera, as a staple in the Central Eleuthera community, which has been closed for four years. We are serious about investing in agriculture. “The team at the ministry is creating an Agribusiness Centre at Hatchet Bay that will serve as a template for Family Island farming communities. This packing house will be a point of

contact where farmers can access seeds, plants, fertilizers and get assistance with farm planning,” he added. “By the end of the year, they will be able to process the excess food in our community kitchen. We want to end the practice of food waste.” The packing house system has been run inefficiently for decades, with produce from the Family Islands left to rot and causing significant wastage. Inadequate quality control mechanisms have also been an issue. Mr Sweeting said: “We look forward to not just enhancing farming, but to reviving the cottage industry and getting more locallyproduced items on the shelves fresher and faster. The opening of this facility

is expected to reignite farmers and engage them fully towards sustainable farming in the country. “Additionally, we have completed the renovations at the packing house in Cat Island and, most recently, we moved a step closer in our goals by tabling and passing the BAMSI (Bahamas Agricultural and Marine Science Institute) legislation in parliament.” He added: “We continue to invest in digitising our department so that all farmers around The Bahamas can have access to applications, no matter which Family Island they reside in. “We are implementing a help desk to assist our elderly farmers especially. My ministry is hiring extension officers as we

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lay the framework for the agribusiness department. We are working aggressively towards implementing sanitary and phytosanitary measures as we move toward in setting the framework for our food security.”

get back to normal. But, all in all, I don’t think all of the prices went up dramatically like how people are saying. I frequent Super Value all the time and the prices haven’t gone up that much from what I saw. Everything is affordable to me and, in some instances, sales are still ongoing.” Jermaine Baker said: “All this does is make people more dependent on

them. But for local businesses, I have been paying out of my nose for the past several years, so we just have to ride the wave. “People can beat up their gums all they want, but if they want it, they will pay for it or they will just have to do without. That’s that in a nutshell.” With regard to the possible strategy of buying in-bulk, Ms Burrows said: “The thing about us being a high-end boutique is you don’t want to flood the market with anything because our customers want to think of the item as unique. You don’t want to go in everyone’s house and see the same thing. That’s something we have to be mindful of.” the Government. What I don’t like is that they lowered VAT but then they implemented VAT on the breadbasket items, so it’s like you really didn’t do anything for the people. “Last year, construction and prices for wood were crazy. It cost you $100 for one sheet of plywood last year, so this rising price of food and other items is a part of the trend.”

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PAGE 4, Friday, February 18, 2022

THE TRIBUNE

CHAMBER CHIEF URGES RETHINK ON MINIMUM WAGE AND BREADBASKET FROM PAGE ONE food stores, that’s all the more reason why the Government needs to take a look at that because of how high prices are going. “There will be that 10 percent VAT on top of that which was not there before, which makes it all the more challenging for people on the low end of the income spectrum.” And, with recommendations on a minimum wage increase likely to be submitted to the Government within the next month, Mr Laroda argued that any raise should be delayed because of the potential negative impact on employment levels and private

sector costs at a time when the latter are being battered by inflation and trying to rebound from COVID-19’s devastation. “To me, increasing the minimum wage is not the way to go,” he told Tribune Business. “You have businesses that are having challenges meeting payroll as it is. That will continue to negatively impact on the recovery as far as micro and small businesses are concerned. Some of them are struggling to hold on to employees. “I’m hoping the Government reconsiders that 10 percent on breadbasket items. Now is not the ideal time to do that. We need to focus more on the recovery

of the economy first, and then we will be able to bear it - at least until the prices stabilise and we get past COVID. “We know that when prices go up how they lag in coming back down, but hopefully when things go back to normal and we get past this challenge of the pandemic, these prices will start dropping again.” Conversely, many would argue that a minimum wage increase now is exactly what the lowest-earning Bahamian workers and their families need to help at least offset some of the impact of surging inflation which is being driven by external factors outside The Bahamas’ control.

Peter Goudie, who heads the Bahamas Chamber of Commerce and Employers Confederation’s labour division, and is its representative on the National Tripartite Council, said a minimum wage increase was almost certain but it was currently impossible to determine the extent of the hike until all relevant research is completed. As a result, it is presently uncertain whether the data will support the 19 percent increase - from $210 per week to $250 per week - that was previously promised by Prime Minister Philip Davis QC. And a minimum wage hike can come with unintended consequences. For it increases employers’ marginal employment costs and, if raised too high, could disincentivise companies from hiring young, low-skilled labour at a time when the economy needs every job it can get in trying to recover from COVID-19. However, many observers view the increased social protections offered by a minimum wage as outweighing any potential negatives. Mr Laroda’s arguments for removing the 10 percent VAT on breadbasket items echo those made in the House of Assembly on Monday by ex-prime minister, Dr Hubert Minnis, whose administration eliminated the tax on these foods by making them ‘zero rated’. But, while the Davis administration has acknowledged the “emotional” nature of the situation, it has thus far stuck to its position that

a lower-rate, broad-based VAT is the better tax option for The Bahamas. It has pointed out that the rate cut, from 12 percent to 10 percent, has reduced the VAT burden on thousands of food and non-food items whereas “breadbasket” goods are just a small minority by comparison. As a result, it believes any savings from the wider tax cut will exceed the impact from reimposing the 10 percent levy on the latter items. The Government has also remained resolute in arguing that middle income and high income households consume breadbasket items, too, and were thus effectively benefiting from a tax break when they can afford to pay. It has been steadfast in its position that a better way to ease VAT’s impact on lower income families is via increased social security support. Meanwhile, Pedro Rolle, Exuma’s Chamber of Commerce president, told Tribune Business that surging inflation will have “double” the impact on his island and other Family Island communities when compared to Nassau because of the extra costs involved in shipping goods throughout the archipelago. “What I can say is that whatever is felt in Nassau, you have to multiply it because we don’t have the opportunities,” he asserted. “We feel inflation in double the fashion. There is the cost of bringing goods to Nassau, and to bring them out here is another cost, so there’s a compounding impact on our economy. We feel the impact two times’ more.

“And whatever we are feeling, this is just what I call the groundwork, because it’s going to get worse. People need to be prepared for the fact that prices are going up, and it’s going to be an increasing inflation. It’s probably going to be another couple of weeks before it hits folks, and they realise it.” Mr Rolle warned that the inflationary surge has the potential to derail The Bahamas’ post-COVID recovery unless “steps are taken to mitigate against it”. He argued that the Government needed to prioritise faster economic growth so that employment and wages kept pace with inflation. “It’s going to be devastating if we don’t have increased household incomes in the near future,” the Exuma Chamber chief warned. “Central government and local government must find ways to incentivise employment and, if they don’t do it, then we’re going to be in trouble. “Maybe the Government has to do a better job in incentivising the movement of goods to the Family Islands. The cost of mailboat services to the Family Islands has gone up and prices have been markedly higher in recent times. “There are many little ways that help can be given, and the Government can make a huge difference. Maybe subsidies will make a mail boats cheaper or cause costs to go down because rates have gone up. These things are important for the Family Islands.”

USED CAR DEALER ABSORBING 50% OF PRICE HIKES FROM PAGE ONE /October he had three to four left. “Whatever the reasons were for the new car market to take a dive because they didn’t have factory staff or certain products or certain electrical components for some of the cars, it’s impacted around the world.” Mr Fox estimated that increased freight costs from Japan accounted for around 50 percent of the price hikes he had experienced

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in purchasing used vehicles from the Far East. “We’ve certainly felt the price go up, and had trouble getting cars out of Japan,” he disclosed to this newspaper. “I couldn’t find space on the boats. When everything came back online I couldn’t say I was getting five to six spots on the boat as opposed to 15-20. I guess that started happening from around December, but we were having problems in late November. “I don’t think it will get back to normal until maybe by April/May. While sales are doing pretty well, we cannot get inventory,” Mr Fox continued. “I would say I have raised my prices, but not by as much as the cost of vehicles has gone up from Japan. “I cannot raise prices completely like that or I will drive people away. We’ve gone up maybe 10 percent on prices to the consumer

and absorbed a bit. I would say we’ve gone up at least 10 percent.” Revealing that sales performance has been mixed to-date, the Montague Motors chief said: “It’s not been steady. We’ve had good months and have had slow months, but have not seen that sort of levelling off. Every time the Government says COVID-19 cases are increasing people get a little bit nervous and there’s a lot of hesitancy. “I guess it’s all kind of COVID-19 related. It’s not been steady, but it’s not been bad. We’ve had months where it was close to preCOVID, but are definitely not back to pre-pandemic levels. It comes in fits and spurts. I can’t complain because I’ve heard stories from friends in business and they’re catching more hell than I am, so what can I say?”

THE TRIBUNE

Friday, February 18, 2022, PAGE 5

KANOO ‘100% VINDICATED’ OVER HEALTH TRAVEL VISA

FROM PAGE ONE

between November 2020 and August 2021, while also equalling only 1.8 percent of the programme’s $24.858m total costs over the same period. The Auditor General’s findings thus seemingly rebut any concerns over Kanoo’s fees. However, Mr Rees said the company disputed the Auditor General’s findings that no contract between itself and the Ministry of Tourism was “officially executed” over the Health Travel Visa initiative. And he also questioned the assertion that the Ministry of Tourism violated the Financial Administration and Audit Act 2010 by opening an account “with Kanoo at Bank of The Bahamas”. Disclosing that Kanoo plans to release a statement dealing with what he termed as “minor inaccuracies” in the Auditor General’s Office’s report, Mr Rees argued: “Our opinion is we did have a legal contract. The business was conducted legally....... There were contractual terms and an agreement that was made, and it was agreed. “Our position was that we had a legally binding contract. There were negotiated legal terms that the ministry wanted in place,

and we had written instructions and notifications to proceed on that basis. We also subsequently notified in writing by the Ministry of Tourism that they wanted an addendum to the contract. “We were instructed in writing or notified in writing. It was agreed and we were instructed to proceed, and were advised on paper as to use of the account. KYC (Know Your Customer) due diligence was provided in accordance with the law.” The Auditor General’s Office argued that, under the law, only the minister of finance can open up a bank account on the Government’s behalf. And written permission for its opening must first be obtained from the minister. It added that the Ministry of Tourism’s instruction for Kanoo to pay other private sector vendors via monthly payments from the former’s account was “inconsistent” or contrary to established practice. It said such payments should be made by the Public Treasury. However, Mr Rees said further clarity was required around the assertion that the Ministry of Tourism opened a bank account “with Kanoo at the Bank of The Bahamas”. Suggesting

that this was not entirely accurate, he said the ministry had opened a digital currency account with Kanoo where it had full control, access and oversight of funds moving in and out of the account. To facilitate payments to other Health Travel Visa vendors in fiat or physical currency, Mr Rees said Kanoo opened a digital currency merchant processing or settlement account at Bank of the Bahamas. The payments provider had to maintain excess liquidity that exceeded the sums generated by the VIsa scheme, while the account was also non-interest bearing. “We were contracted by a private entity within five days of the launch,” Mr Rees said of the Health Travel Visa. “It was in the national interest; something that had to happen.” However, the initial effort to develop the Health Travel Visa initiative was led internally by the Government’s own Department of Transformation and Digitisation. “We were informed that this initial plan with the Department of Transformation and Digitisation involvement did not work due to insufficient manpower; one programmer;

FIDELITY’S ‘ACE IN HOLE’ ON $25M PROFIT TARGET

As a result, the neartripling or 199.7 percent increase in Fidelity’s 2021 profits, which rose from $7.396m in COVID-hit 2020 to $22.17m, was exclusively driven by the dramatic slash in loan loss provisions. These fell almost $18m to $7m, as opposed to $24.968m the year before, more than compensating for reductions in gross and net interest income. Mr Bowe acknowledged that the drop-off in the last two indicators was driven by the rise in non-performing loans, which meant that borrowers are paying no interest on those facilities. “We do believe, in terms of bringing those numbers back on stream, we’re going to have a much better opportunity to increase interest income,” he added. “We’ve taken the position that we’re not doing marginal credit to maintain the loan portfolio. We’re prepared to work with our customer base, and customers who have been fully transparent we’re certainly going to support them and extend credit. Where persons have gone into default, and have yet to fully come back, we will not be taking marginal credit. “It’s not very easy to grow the portfolio because quality borrowers have not come back to full viability.” However, Mr Bowe said much of the increase in the deposit base had come from rival institutions, and these funds were non-interest bearing and not costing Fidelity a cent. Revealing that the bank is ahead of target in recovering much of its COVID provisioning, he added: “We had incremental provisioning in 2020 of $15m above normal levels. We’ve been able to recover and

restructure $8.6m of it so far. I was expecting this would take three years, but we’ve done over 50 percent of it in the first year. “With the remaining $6.5m or so to move, we’re already monitoring $3m of it. It appears to be on target to recover twothirds of it, and maybe in a shorter timeframe than expected. It’s a good indicator for the economy as it means employment in the private sector - hotels, construction, and more perennial employers are seeing employment come back by about two-thirds.” Mr Bowe confirmed that projections of revived loan book growth had given Fidelity the confidence to make its 2022 profit forecast. And this growth will be aided by The Bahamas’ first-ever credit bureau, which he added is now “actually functional” and issuing reports on prospective borrowers to banks and other financial institutions. While these will not heavily influence Fidelity’s lending decisions for at least another year or two, Mr Bowe explained that these reports would give banks greater confidence to extend credit to “marginal” customers and expand “the pool” of potential candidates knowing that their present status and histories will largely have been captured in these reports.

Describing the findings as “100 percent vindication in my opinion, Mr Rees told this newspaper: “We are very happy that the report is out. We welcome full transparency at all times, and I believe it vindicates us. “It demonstrates there’s been mo malfeasance, no misappropriation, and that we assisted greatly in the re-opening of the country. It’s unfortunate that, being the smallest component, we bore the entire brunt of the accusations. It’s unfortunate that our detractors will go to great lengths to tear us down, but we are happy the report takes that story and puts it to bed.” Kanoo was embroiled in a political firestorm after it became caught-up in the then-Opposition Progressive Liberal Party’s (PLP) attack on the Health Travel Visa system during the 2021 general election runup. Questions surrounding the fees it was earning, and why the money was not being deposited in the Government’s consolidated fund, quickly surfaced. The digital payments provider’s fees were equivalent to just 1.3 percent of the $34.442m in Health Travel Visa fees collected

FROM PAGE ONE Fidelity’s 2022 profit target. ‘We were originally targeting $15m for last year. Very early on we realised we were going to exceed that.” Pegging Fidelity’s “stretch” profits target for 2022 at $26m, he added that the bank’s ambitions would receive a boost from the redemption of $20m in preference shares that have an interest coupon much higher than existing deposit rates. “We were able to redeem some of our debt in 2021,” Mr Bowe explained. “We redeemed $4m of debt securities, preference shares. They were higher interest instruments than deposits from customers. The remaining $20m are up for redemption in May 2022, and we fully anticipate redeeming them without having to rollover at this time.” Fidelity had some $378.254m in “cash on hand and with banks” at year-end December 2021, together with $68.048m in retained earnings on its books, giving it a sizeable war chest from much to return investors their principal when the issue reaches maturity. “The redemption this year will save us on the interest expense that is costing us $1.1m in interest per year,” Mr Bowe told Tribune Business of the preference shares. “The target of $25m, we have, if you will, an ace in the hole, because we know we will save a large part of that two-thirds of the $1.1m in

interest expense - which will drop to the bottom line.” And it is taking the precaution of obtaining Board and Central Bank approval for a new bond programme similar in size to the previous $50m should the bank need to raise additional capital in future. Mr Bowe, explaining that there are no plans to immediately issue bonds to investors, but just put in place the mechanism necessary to do so, said: “We plan to roll-out a new bond programme so that we have approval if we do need to issue it and not wait until the need arises. “We certainly don’t anticipate that need in 2022. We believe our customers, being as loyal to us as we are to them, we’re certainly seeing behavioural changes where they’re willing to lock in deposits for three to five years.” Fidelity saw total customer deposits increase by 33.9 percent in 2021, rising from $574.997m at year-end 2020 to $769.755m some 12 months later. With this level of growth, Mr Bowe said the institution plans to finance any loan book growth with cheaper deposits as opposed to higher cost bond and preference share debt capital. The BISX-listed bank faces the same challenge confronting all its rivals, namely a shrinking loan book (assets) as new qualified borrowers prove hard to find, coupled with rising deposits (liabilities) and cash on hand.

the system was only updated once per week and issues with the system were not resolved in a timely fashion,” the Auditor General’s Office found. “We were informed that the decision was made that, during the second phase of closing the country [due to COVID], before reopening the Government had eight weeks to put a better plan in place. Since the capacity and manpower did not exist, private sector providers were sought to meet this need.” The Auditor General’s Office said it was told that both Think Simple, the Health Travel Visa’s programmer, and Alpha Tango Media, which was responsible for administering the COVID tests, “were introduced by the former minister of tourism, Dionisio D’Aguilar. However, both he and the Ministry of Tourism argued that they were legally justified in doing this as well as opening the bank accounts. They asserted that the Promotion of Tourism Act’s section 3 (e) gave the minister the ability to enter into any contact he/ she deems necessary, while it has always operated accounts that have received and paid out money.

However, Alpha Tango, which received $524,980 for its services, did not register as a VAT taxpayer until March 12, 2021 - more than four months into the Health Travel Visa - despite likely already having passed the $100,000 registration threshold. The Auditor General’s Office said its VAT payments were not current, placing it into non-compliance. “There were no written contracts, only verbal contracts,” it added. “We iterate that there were no documented agreements in place for the services to be provided on behalf of the Government of The Bahamas. Negotiations of contracts did not begin until February/March 2021.” This, though, was disputed by the Ministry of Tourism, which said it had supplied the Auditor General’s Office with evidence that it had executed “preliminary agreements” with Think Simple and Alpha Tango Media that were effective from October 1, 2020. The ministry’s signature came later on October 26, 2020.

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NOTICE

NEW PROSPERITY STARS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) NEW PROSPERITY STARS LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 16th February, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets,

Dated this 18th day of February, A. D. 2022 _________________________________ Bukit Merah Limited Liquidator

PAGE 6, Friday, February 18, 2022

THE TRIBUNE

NOTICE

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

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

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 28th day of February A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

The public is hereby advised that I, JENNETTA ADDERLEY née TAYLOR of Klonaris Close off Soldier Road, New Providence, Bahamas, intend to change my name from JENNETTA ADDERLEY to JENETTA ADDERLEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

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

NOTICE IN THE ESTATE of CARL RODULPH JOHNSON late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that RICHARD BENJAMIN SAMUEL BERRY of South Beach, Cambridge Drive, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DONALDSON BENJAMIN LUBIN of Rose Bud Road, Farrington Road, 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 11th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.05 10.05 3.60 9.02 3.10 7.01 13.00 2.71 10.10 11.06 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.50 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.00 9.75 1.99 6.50 9.50 8.40 13.10 3.42 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CHANGE

%CHANGE

YTD

YTD%

2244.04

0.07

0.00

15.80

0.71

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.80 100.00 100.00 100.00 90.73 96.72 95.40 95.40 98.65 100.71

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.00 89.00 90.76 90.73 96.10 95.40 95.40 98.65 100.44

MUTUAL FUNDS 52WK HI 2.48 4.59 2.19 207.86 207.68 1.72 1.83 1.81 1.05 8.92 10.81 7.44 16.64 12.76 10.57 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS69024 BGRS FX BGR125238 BGRS FX BGR131249 BGRS FX BGR134150 BGRS FX BGR136150 BGRS FX BGR138240 BGRS FX BGR138250 BGRS FX BGR139150 BGRS FX BGR141350 BGRS FL BGRS77026

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS690249 BSBGR1252380 BSBGR1312499 BSBGR1341506 BSBGR1361504 BSBGR1380405 BSBGR1381502 BSBGR1391501 BSBGR1412505 BSBGRS770264

LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 3.19 7.99 2.82 7.00 13.00 1.97 10.06 11.23 10.75 15.00 3.93 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.10 100.00 100.00 90.73 96.10 95.40 95.40 98.65 100.71

CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 3.19 7.99 2.82 7.00 13.00 1.97 10.06 11.31 10.75 15.00 3.93 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

CHANGE 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 0.08 0.00 0.00 0.00 0.00 0.00

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.10 100.00 100.00 90.73 96.10 95.40 95.40 98.65 100.71

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 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 Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

NOTICE is hereby given that SHANTEL SABRINA PINNOCK of East Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KATTY YEJA FERGUSON of Pilot House Condominium, East Bay Street, New Providence, The 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 twentyeight days from the 18th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

www.bisxbahamas.com

THURSDAY, 17 FEBRUARY 2022

BISX ALL SHARE INDEX:

NOTICE

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.070 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.110 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.62% 5.00% 5.60% 5.69% 5.69% 5.60% 6.05% 6.10% 6.35% 4.56%

NAV 2.48 4.59 2.19 204.67 199.97 1.72 1.83 1.81 1.01 8.92 10.81 7.44 16.64 12.73 10.57 N/A 10.43 14.89

YTD% 12 MTH% 3.60% 4.38% 3.43% 3.47% 2.22% 2.69% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% 5.11% 6.98% 7.77% 9.88% 2.28% 3.71% 19.64% 29.95% -0.81% -0.62% 5.19% 2.28% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 34.1 N/M N/M 25.7 -7.3 57.1 15.3 15.6 18.0 19.3 21.5 17.5 14.8 18.4 19.4 10.5 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 4.60% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.14% 5.54% 22.03% 0.60% 2.90% 2.23% 3.60% 3.05% 2.03% 3.93% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 9-Feb-2024 15-Oct-2038 15-Jul-2049 17-Jan-1950 21-Apr-2050 15-Jun-2040 15-Jun-1950 15-Sep-2050 17-Nov-2050 4-May-2026

NAV Date 31-Oct-2021 31-Oct-2021 29-Oct-2021 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

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

NOTICE is hereby given that MICHAEL SONPON NIMLEY WISSEH of #47 Woodland Way, Winton Heights, 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 11th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CARLOS ALBERTO MORADEL ALEMAN of Bar 20 Corner & Kemp Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. Legal Notice NOTICE

Compass Star Holdings Corporation NOTICE IS HEREBY GIVEN as follows: (a)

COMPASS STAR HOLDINGS CORPORATION is involuntary dissolution under the provisions of Section138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 17th of February, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 18th day of February A.D. 2022 TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

Delco Investments Limited Liquidator

PAGE 8, Friday, February 18, 2022

THE TRIBUNE

JUDGE PAVES WAY FOR NEW WATER CORP UNION ELECTION FROM PAGE ONE responding earlier to the letter from Mr Woods’ team challenging the decision by then-registrar of trade unions, John Pinder, not to certify the poll. The letter to the minister kickstarts the statutory appeals process set out by the Industrial Relations Act, but this did not start for more than a year because Mr Foulkes held it in “abeyance” on the grounds that legal proceedings were ongoing. Justice Klein wrote: “I pause at this point to observe that I entertain some doubt as to whether the minister’s apprehension of the legal position was correct.

“An injunction had been granted to prevent the registrar calling elections pending the substantive hearing of the Judicial Review, but there was nothing to prevent the minister forging on with the statutory appeal. As pointed out by both courts, the Industrial Relations Act ordained him the first port of call for any appeal of the registrar’s decision. “In this regard, there was a two-week window between the submission of the appeal letter of July 30, 2020, apparently tendered after the respondents took the alternative remedy point at the leave hearing, and the hearing set for August 17, 2020, during

which the minister was free to consider the appeal and, in fact the applicants (Mr Woods and his team) were urging his intervention.” Justice Klein said there was also a six-week window between the Supreme Court’s verdict in that case and an appeal being filed. “So there were two missed opportunities for the minister to have dispatched the appeal,” he wrote. [”Had the minister availed himself of the first opportunity, the Judicial Review proceedings before Justice Winder might have been averted or, at the very least, recast as a review of the minister’s decision - which was the proper decision suitable

Then further concerns over the election’s integrity emerged when it was discovered that the back of all ballot papers had been stamped with the election logo of Mr Woods and his team of candidates for offices that included vicepresident, secretary general and treasurer. Mr Foulkes wrote to Mr Woods: “Firstly, I have seen a sample of the ballot used on the day of the election, and your election team symbol was stamped to the back of the same. This action compromised the fairness of the poll and the ballot was also considered to be influential. “Secondly, in my capacity as minister of labour, I executed a designation certificate giving Leslie Curtis, a public officer with the Department of Labour’s

for Judicial Review in the first place— and the matter might have been put to bed by now..... But this is water under the bridge.” Mr Woods and his team, in their latest action, this time sought to challenge Mr Foulkes’ decision for not certifying the poll. He backed Mr Pinder’s decision on the basis of two major irregularities. While the Department of Labour’s Family Island offices had been designated as the only lawful places where the BUSAWU officers’ election could be held, the ballots on Exuma were instead sent to the island administrator’s office on the basis that members preferred to vote there.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 65° F/18° C

TAMPA

SATURDAY

SUNDAY

MONDAY

TUESDAY

Sunny and nice

Clear

Mostly sunny

A stray afternoon shower; breezy

Mostly sunny, breezy and pleasant

Partly sunny with winds subsiding

High: 81°

Low: 69°

High: 81° Low: 71°

High: 80° Low: 69°

High: 79° Low: 71°

High: 82° Low: 70°

AccuWeather RealFeel

90° F

76° F

92°-71° F

83°-69° F

82°-69° F

85°-68° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 78° F/26° C Low: 72° F/22° C

7-14 knots

High: 84° F/29° C Low: 67° F/19° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 83° F/28° C Low: 69° F/21° C

W S

WEST PALM BEACH

| Go to AccuWeather.com

TONIGHT

High: 79° F/26° C Low: 65° F/18° C

High: 79° F/26° C Low: 68° F/20° C

MIAMI

High: 84° F/29° C Low: 70° F/21° C

4-8 knots

KEY WEST

High: 80° F/27° C Low: 69° F/21° C

ELEUTHERA

NASSAU

High: 81° F/27° C Low: 69° F/21° C

uV inDex toDay

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

8:48 a.m. 9:10 p.m.

2.9 2.6

2:37 a.m. -0.2 3:09 p.m. -0.3

Saturday

9:26 a.m. 9:51 p.m.

2.8 2.7

3:19 a.m. -0.2 3:46 p.m. -0.3

Sunday

10:07 a.m. 10:36 p.m.

2.7 2.7

4:04 a.m. -0.2 4:24 p.m. -0.3

Monday

10:50 a.m. 11:26 p.m.

2.5 2.8

4:53 a.m. -0.1 5:07 p.m. -0.3

Tuesday

11:39 a.m. -----

2.3 -----

5:46 a.m. 0.0 5:55 p.m. -0.3

Wednesday 12:21 a.m. 12:36 p.m.

2.7 2.2

6:47 a.m. 0.2 6:51 p.m. -0.2

Thursday

2.7 2.1

7:55 a.m. 0.3 7:54 p.m. -0.2

1:24 a.m. 1:40 p.m.

sun anD moon Sunrise Sunset

6:42 a.m. 6:06 p.m.

Moonrise Moonset

8:08 p.m. 8:07 a.m.

Last

New

First

Full

Feb. 23

Mar. 2

Mar. 10

Mar. 18

CAT ISLAND

High: 80° F/27° C Low: 72° F/22° C

4-8 knots

6-12 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 72° F/22° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 75° F/24° C Precipitation As of 1 p.m. yesterday ................................. 0.02” Year to date ................................................. 4.31” Normal year to date ..................................... 2.29”

High: 79° F/26° C Low: 71° F/22° C

Exuma office, the power to supervise the election of officers poll. The ballots for the poll were sent to the Exuma administrator’s office and members of the union also voted at that location. “The Exuma island administrator was not designated with supervision powers and the purported exercise of such powers was not valid, and the ballot could not be certified as being properly taken. It is also my understanding that it was your decision to change the polling station without following the proper statutory procedure.” Justice Klein dismissed the Judicial Review application by Mr Woods and his team, and paved the way for new elections to be held.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 72° F/22° C

High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 70° F/21° C

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 73° F/23° C

6-12 knots

MAYAGUANA High: 80° F/27° C Low: 75° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 75° F/24° C

High: 81° F/27° C Low: 74° F/23° C

GREAT INAGUA High: 84° F/29° C Low: 74° F/23° C

7-14 knots

8-16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 6-12 Knots WSW at 6-12 Knots E at 4-8 Knots N at 4-8 Knots E at 7-14 Knots ESE at 4-8 Knots ENE at 8-16 Knots ENE at 7-14 Knots ESE at 6-12 Knots S at 3-6 Knots S at 6-12 Knots NW at 7-14 Knots E at 6-12 Knots E at 4-8 Knots NE at 8-16 Knots NE at 8-16 Knots E at 7-14 Knots ENE at 6-12 Knots E at 7-14 Knots E at 6-12 Knots ESE at 6-12 Knots SW at 4-8 Knots E at 7-14 Knots ENE at 7-14 Knots E at 6-12 Knots E at 3-6 Knots

WAVES 4-8 Feet 3-6 Feet 0-1 Feet 0-1 Feet 4-7 Feet 3-6 Feet 3-6 Feet 3-5 Feet 4-8 Feet 3-6 Feet 1-3 Feet 1-3 Feet 0-1 Feet 0-1 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 5-9 Feet 4-8 Feet 1-2 Feet 0-1 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet

VISIBILITY 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 74° F 74° F 75° F 76° F 77° F 77° F 77° F 77° F 75° F 76° F 78° F 79° F 77° F 78° F 79° F 79° F 78° F 79° F 75° F 76° F 76° F 77° F 79° F 79° F 76° F 77° F