02192020 BUSINESS

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WEDNESDAY, FEBRUARY 19, 2020

$4.52 Bahamas must ‘totally embrace’ physical regime

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER attorney general yesterday said The Bahamas “must absolutely embrace” its new regulatory regime to attract fresh investment, jobs and companies to this jurisdiction.

John Delaney, pictured, now principal of the Delaney Partners law firm, told Tribune Business that The Bahamas needed to stay out of trouble to fully exploit legislation such as the Commercial Entities (Substance Requirements) Act following its complete escape from the European Union’s (EU) tax “grey list”.

This legislation has imposed an “economic substance” regime that requires companies to prove they have a physical presence, and are doing “real business”, in this jurisdiction, and Mr Delaney urged The Bahamas to quickly turn this regulatory regime transformation to its advantage by attracting more business to domicile here.

“That is an opportunity for The Bahamas that it must absolutely embrace,” he told this newspaper.

“To the extent we have a substantive economic presence, staff will be engaged, real economic activity will be transpiring here, and the impact on the local economy and yield from trade in international financial services will be far greater than if this was not the case.”

The government appears to have been preparing for this eventuality since 2018 with the passage of the Commercial Enterprises Act, which is designed to remove immigrationrelated bureaucracy and red tape and make it easier for approved businesses in targeted industries to establish a physical presence in The Bahamas.

While this Act has yet to translate into easily-apparent economic benefits, Mr Delaney said the cost and ease of doing business remain areas for The Bahamas to target if it is to capitalise on such reforms.

“There are many things we can do to facilitate that,” he argued. “We should look to see if it is possible to have the kind of infrastructure that will facilitate the easy establishment of physical presence in The Bahamas for businesses wishing to do financial services business here that may not come otherwise. Many onshore jurisdictions are trying to do that, and it only makes sense for The Bahamas to do the same thing.”

Mr Delaney added that The Bahamas’ existing tourist infrastructure, especially its airports, aviation connectivity and proximity to the US and Miami, were all features that could prove attractive for international businesses seeking to establish physical presence in The Bahamas.

But another key, he argued, will be The Bahamas’ ability to maintain its reputation and seamless links to the international financial system by staying clear of future “blacklisting” initiatives. Its removal from the EU’s tax transparency monitoring

SEE PAGE 5

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EU sorted: Now for France and Holland

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE deputy prime minister is “very confident” The Bahamas will resolve its blacklisting by individual European Union (EU) members after it yesterday completed its escape from the bloc’s tax watch-list.

K Peter Turnquest told Tribune Business that this nation was “making progress in addressing the issues” including “distrust” - that led both France and the Netherlands to place it on their own individual “blacklists” of countries deemed non co-operative on tax matters.

Disclosing that their concerns have now been identified, Mr Turnquest said they related to “similar issues that we’ve had in

EMMANUEL KOMOLAFE

the past with respect to the exchange of [tax] information”. This likely means that The Bahamas was failing to respond within the timeframe sought by both France and the Netherlands, and/or the content of the

information supplied was less than desired.

The deputy prime minister added, though, that both EU members had failed to be totally transparent about the standards they wanted The Bahamas to meet before

A PROMINENT World Trade Organisation (WTO) advocate yesterday said he doubts The Bahamas will ever join, adding: “You can lead a horse to water but can’t make it drink”.

Carey Leonard, the former Grand Bahama Port Authority (GBPA) in-house attorney, told Tribune Business he was “disappointed but not surprised” that Elsworth Johnson, the Cabinet minister with responsibility for the WTO negotiations, had told the House of Assembly on Monday that this nation will not achieve full membership within the next five years.

The now-Callenders & Company attorney argued that the result of “kicking the can further down the road” would only be to erode The Bahamas’ economic competitiveness and result in it “slipping further behind the

SEE PAGE 7

SEE PAGE 5

SEE PAGE 4

• ‘Can lead horse to water, can’t make it drink’ • Fears nation will only ‘slip further behind’ • Says accession was ‘too much hard work’

CAREY LEONARD rest of the world”.

Arguing that it would have taken “too much hard work” to bring the longest-ever WTO accession to fruition, Mr Leonard said the decision to defer joining would cause “a gradual erosion” of economic output and the Bahamian middle class that will only become apparent long-term.

“It certainly is an

opportunity missed,” Mr Leonard told this newspaper of Mr Johnson’s comments, “and it’s too bad the country is not going to get its act together. You can lead a horse to water but cannot make it drink.

“It’s a very sad story for the economy long-term. It’s not going to have an impact right away, but there’s going to be a gradual erosion of the economic pie and the middle class. The employment rate may go down, but the bigger issue is who’s going to be employed and what are they going to be earning. We’re going to have lower-paying jobs, and the middle class is going to be something you can forget about.”

Mr Leonard and other WTO membership

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

advocates have argued that joining will force The Bahamas to modernise and liberalise its economy, and act reforms for its own benefit - such as improving the ease of doing business - that should have been implemented years ago.

They also believe that legal upgrades, such as making the National Investment Policy statute law, would codify the so-called “rules of the game” and enable The Bahamas to attract greater levels of investment, while membership in world trade’s rules-based overseer would ensure Bahamian exporters have market access and can enter overseas countries with their products and

invoking their national “blacklists”. He also suggested communication with this nation had not been up to the mark.

Speaking after the 27-nation EU confirmed The Bahamas’ removal from its so-called “grey list”, deeming this nation to be in full compliance with its tax-related demands, Mr Turnquest said this nation has no qualms about meeting global regulatory standards once “treated with mutual respect”.

“I think the message is that The Bahamas has demonstrated, and attempted to

WTO advocate argues Bahamas to never join

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

NHI’s extra $10m ‘no cost overrun’

TOP National Health Insurance (NHI) executives yesterday said extra government funding was required to cover the five percent monthly increase in beneficiaries, and did not represent a “cost overrun”.

Dr Robin Roberts, the National Health Insurance Authority’s chairman, said the almost $10m increase in the scheme’s 2019-2020 government subsidy was necessary to meet the demand for services. He argued that there should be no financial restrictions or controls imposed on how often a patient can see their doctor.

Pointing out that there has been a 33 percent increase in enrolled NHI beneficiaries, from 55,000 to 73,000, Dr Roberts said: “We have been increasing at almost up to five percent per month. I think the word is out on the street that when you enroll with the NHI, first of all you get good service just to enroll.

“I would like to believe that it is the intent of the government to improve the quality of care for all Bahamians. So they will do what is needed to provide the funding to do that. I hope there is no control in that because that is the whole purpose of the capitation, such that as many times as you need to see the doctor you can go and see him.

“The good doctor will make sure that you don’t need to come and see him that often because he is going to try to correct the problem right from the beginning and, more importantly, prevent it from happening again.”

Graham Whitmarsh, the NHI Authority’s managing director and chief executive, said the increased taxpayer subsidies for the scheme were “not a cost overrun”.

He explained: “The model that NHI has is a very modern method of paying for primary healthcare.

“It’s a method whereby a physician comes and

• DPM ‘very confident’ state blacklists resolved • Says ‘distrust’ at root of French, Dutch action • Will ‘keep eye on ball’ after ‘grey list’ escape

K PETER TURNQUEST

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Insurer suffers $220m in Hurricane Dorian claims

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

JS JOHNSON’s underwriting affiliate suffered just a $105,787 net loss for 2020 despite incurring more than $220m in insurance claims, it was revealed yesterday.

The BISX-listed broker and agent, unveiling its results for the full-year and fourth quarter, said its reinsurance programme had minimised the losses sustained by Insurance Company of The Bahamas (ICB) due to the Category Five storm.

ICB is the carrier through which JS Johnson places much of its property and casualty business. Alister McKellar, its managing director, told shareholders: “Given the scale of Dorian, we are fortunate to have only suffered a net loss of $105,787 in our underwriting division.

“This accomplishment speaks volumes of the quality and financial strength of our reinsurance programme, which stood behind the more than $220m of gross claims recorded by ICB. [It is] still a meaningful change to the

• But reinsurance cuts loss to just $106k • JS Johnson profits decline near-9% • Agency growth cushions ICB impact

JS Johnson’s offices on Collins Avenue. $1.457m in profit earned the year prior.”the Bahamian property and casualty insurers buy huge quantities of reinsurance on an annual basis as their capital bases are simply not sufficient to cover the billions of dollars’ worth

of assets domiciled in this nation. They typically take only a small portion of the risk on to their books, with reinsurers covering the bulk of this exposure.

JS Johnson’s total net income dropped by 8.9 percent year-over-year

to $6.44m, compared to $7.067m the prior year, due to Dorian’s impact on ICB’s figures. However, the agency and brokerage business produced positive gains despite the devastation inflicted upon Grand Bahama and Abaco.

“In contrast, our agency division enjoyed another successful year,” Mr McKellar said. “Total income grew a healthy 13 percent from $19.646 to $22.111m, the highest growth in several years, spurred on by the continued economic recovery throughout the majority of our islands.

“This trend is expected to continue into 2020 with the inflow of foreign exchange and investment.

Despite expenses increasing 11 percent, overall profitability rose 17 percent from $5.611m to $6.546m.”

ICB’s gross claims are in line with those for the overall Bahamian property and casualty industry, with the total expected to be towards the upper end of the $1.5bn to $2bn range.

Anton Saunders, RoyalStar Assurance’s managing director, previously revealed that the carrier and its reinsurance partners have set aside a $325m “gross reserve” to deal with some 1,800 Dorian-related claims.

“The $2bn [collective industry claims payout] for Dorian is holding firm. You can forget the $1.5bn,” he said.

PAGE 2, Wednesday, February 19, 2020

THE TRIBUNE

BUYER DEMAND RISING AS POST-DORIAN PRICES HALVE BUYER demand for Abaco homes is increasing with properties selling at about 50 percent of their pre-Dorian value, a Hope Town-based realtor.

Jane Patterson, a Damianos Sotheby’s International Realty estate agent, said: “Most of the buyers I have been working with since Hurricane Dorian are people who are here, on the ground.

They’re people who have been coming here for years and have a true love for Hope Town.”

She added that, immediately following the category five storm, persons were not as enthusiastic about the prospect of purchasing storm-damaged homes.

However, as second homeowners returned to the island to check on their properties, they saw the restoration efforts and resilience of the community.

“We’re taking it dayby-day, but progress is happening,” Ms Patterson said. “Our beaches are beautiful, people are friendly, and everyone wants to come back. There

DESPITE the destruction caused by Hurricane Dorian in September 2019, properties such as Two Rock Reef (pictured here) in Hope Town continue to appeal to homebuyers who have been visiting for decades. are more and more people out there who are up for a project; who just want to be a part of this incredible community and are up for the adventure.”

With homes selling at about half their pre-Dorian values, she revealed interest has been so high that she has placed six homes under contract since December. Ms Patterson has also listed two new properties on the north and south ends of Elbow Cay. “I am constantly getting e-mails from people asking about the status of Hope Town and Abaco in

general,” she said. “Abaco isn’t desolate like they’re saying. Certain parts of Abaco are fine. And here in Hope Town, resorts and restaurants are re-opening the closer we get to season.

Right now, we’re looking at having a season in June or July.”

As of January, Abaco Inn and Turtle Hill are accepting guests, while the Firefly Sunset Resort is looking towards a March reopening.

“Everyone wants to come back and visit,” Ms Patterson said. “Abaco is not going to go away.”

of professionals.

Mr Johnson, a veteran Bahamian tourism executive, has been a member for many years. He uses RCMA’s annual conference to promote The Bahamas, and encourage religious organisations and associations to consider using it for their conferences and meetings.

Dr Harry Schmidt, RCMA’s president and chief executive, who presented Mr Johnson with the award, said: “It is with the deepest regard that the Religious Conference Management Association has selected to honoor Linville for his

stalwart service in representing the great country of The Bahamas to the RCMA community.”

“Linville’s passion for linking great hospitality venues in his country with prime conference planners is renowned. Linville cares. His ability to develop lasting relationships that have generated countless engagements and interest for The Bahamas is to be noted. The entire RCMA family salutes Linville for his many years of being the consummate face, heart and soul of his beloved country among our community of faith. He is simply the best.”

Ellison “Tommy” Thompson, the Ministry of Tourism’s deputy directorgeneral, said: “We are proud of our director of multicultural market, Linville Johnson, for the role he has played over the years within the religious market.

Tourism executive receives honour A MINISTRY of Tourism executive has been honoured for his work in marketing “faith-based meetings of excellence” by a major religious conference organisation.

Linville Johnson, pictured left, the Ministry’s director of multi-cultural and religious markets, was recognized by the Religious Conference Management Association (RCMA) at its annual EMERGE Conference.

RCMA is a multi-faith, international association exclusively for religious meeting planners. It boasts a membership of hundreds

THE TRIBUNE

Wednesday, February 19, 2020, PAGE 3

NHI: ‘STRUGGLE’ TO GET DATA PROTECTION HERE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE National Health Insurance (NHI) scheme yesterday said its newlylaunched electronic health record (EHR) system will achieve the “highest standards” of data protection by being hosted offshore.

Graham Whitmarsh, pictured, NHI’s managing director and chief executive, said the contract with eClinicalWorks, which he described as the largest digital medical records provider in the US, would attract a yearly cost of $4 per patient. He suggested that the healthcare financing scheme would “struggle” to achieve the necessary data protection in The Bahamas.

“When the NHI Authority was established with a board, the very first

mandate they gave to me was to develop some technology that would allow us to demonstrate value to the government and the public for the significant amount of money that’s being invested in NHI,” Mr Whitmarsh said, “and also to make sure we have technology that could support our understanding of whether the services we were providing would be effective. That’s why we have the EHR today.

A modern, properly functioning electronic

‘PRIORITISE GROWTH OVER LIVING COST REDUCTIONS’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FORMER Cabinet minister says The Bahamas must prioritise economic growth over cost of living reductions.

Zhivargo Laing, pictured, former minister of state for finance under the last Ingraham administration, told Tribune Business: “Let’s be clear. It is very difficult for costs to go down in economics. It’s very difficult, that is highly unlikely to happen, and there is very little you can do, especially in free

enterprise, private sectordriven economies.

“These are not centrallycontrolled economies, so while the government can reduce customs duties for things for consumers that doesn’t mean the private sector has to pass on the savings.”

CEOWORLD magazine this year ranked The Bahamas as the sixth-most expensive nation in the world. It scored a combined 82.51 points in its “cost of living” rankings, rating especially highly on restaurant costs at 83.66 - a result that

BTC PLEDGES 48-HOUR INSTALL IN SERVICE FOCUS THE Bahamas Telecommunications Company (BTC) is pledging a 48-hour service installation timeline as part of its recently-launched Coming Back Stronger campaign.

The customer-focused initiative was launched on February 8 through BTC’s Neighbourhood Connect platform. It aims to transform all aspects of the customer experience, placing them first and understanding their needs.

Garfield “Garry” Sinclair, BTC’s chief executive, said: “Our customers are at the centre of everything we do. We recognise that, as we evolve, we have to adapt the way we do business to be able to effectively respond to the needs of our customers.

“Shortly after Hurricane Dorian, we set up an internal project to critically examine all of our key customer touch-points including sales, service delivery, billing and our overall approach to our customers. We have made marked improvements internally, and our customers have already begun to experience the difference.

During the pilot phase of this project, we saw an uplift of over 2,000 broadband customers.”

BTC said its campaign aims build the correct customer value propositions and change the carrier’s approach to customer service. It recently piloted this initiative by deploying Fibre-to-theHome (FTTH) technology in several neighborhoods on Grand Bahama.

BTC has committed to a 48-hour installation time in FTTH-ready areas, which

GARFIELD SINCLAIR include significant portions of Grand Bahama and eastern New Providence.

The service includes high quality voice calls to the US, the UK and Canada with up to 100GB (gigabytes) of data and more than 150 channels across an IP (Internet Protocol) network at one low monthly rate.

The “Neighbourhood Connect” launch event resulted in some 50 residential customers in the Yeoman Wood community signing-up for BTC services. These were installed on the spot or placed on appointments for 48-hour installations.

Mr Sinclair added: “The success of this campaign is as a result of organisational changes that we have made. We have shifted our focus, and built a renewed, refreshed and refocused cohesive team with diverse capabilities. The launch of this project in Grand Bahama definitely demonstrates our commitment to rebuilding the communities affected by the recent hurricane.”

BTC is also aiming to upgrade customers in FTTH neighbourhoods in New Providence in the coming weeks.

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medical records system is vital to NHI’s smooth operation as it will give participating doctors and providers instant access to a patient’s health history.

Besides enabling faster and more efficient diagnosis, and better treatment, this system will also create a paper trail enabling the NHI Authority to better monitor treatment outcomes, track costs and eliminate fraud and waste.

“I know the biggest thing on everybody’s mind is about privacy and security, and I want to assure everybody that this appears to the highest standards,” Mr Whitmarsh said yesterday. “The information itself is kept on an encrypted server, and access to that information is controlled by the physician and the patient.

“No one gets to see it without the patient’s

permission. The information is owned by the physician just as a paper record is today. But it will give a beneficiary much better insight into the care that they are getting, the prescriptions that they may have, allergies, other elements of their care through a web-based portal.”

Explaining that the NHI Authority, rather than doctors and their patients, will cover the system’s costs, Mr Whitmarsh added: “We have acquired the system.

We have paid for it on a per month basis, and the average cost per beneficiary is about $4 per year. We pay about $4 per patient per year.”

The health records data will be housed in an encrypted server based in Massachusetts, which the NHI Authority says will offer “best in class” mechanisms for safeguarding

Bahamian privacy and security regarding their health information. Each server contains individual databases that are unique to each client, meaning that NHI providers will not mistakenly co-mingle patient data.

Mr Whitmarsh said: “The facility is governed by the US Health Information Protection Act, which has some of the most stringent standards in the world. eClinicalWorks, the provider, is the biggest electronic health record provider in North America - they are approaching 60 percent market share.

“So we have actually gone with a mainstream system and, to us, it’s a great comfort that we are governed by those rules in the US because I think we would have struggled to achieve those levels of security here.”

Mr Whitmarsh said doctors and beneficiaries will now be able to access medical records via the Internet, thereby reducing paperwork and any confusion that may result when patient files are not transferable across services providers.

“No more paper,” he added. “When a beneficiary arrives at a clinic they can register by using an iPad that’s there, and then the physician during the encounter will enter the information into the health record.

“Immediately the beneficiary will be able to see that visit in their own personal health portal. If there were results from a laboratory test, or a prescription, for example, then they will be able to go in and see that.

That’s going to mean that they will have much better visibility to the care that they are getting.”

may have been aided by the inclusion of the automatic 15 percent gratuity. It also achieved a 62.65 score in the groceries cost index.

Mr Laing, though, argued: “It is very difficult, once you have a forward momentum in costs like that to say ‘drive

it down’. In fact, the kinds of things that drive prices down as a general rule are not the kinds of things you generally want because now you are talking deflation, and deflation is often coupled with a poorly-performing economy.”

Arguing that the “squeeze” many Bahamians are feeling has more to do with a lack of income growth, Mr Laing said: “Now there is something that could be done along those lines.That’s why you have to have a very focused effort on growing

the economy, and driving investments and driving innovation, and generating the kinds of things that moves people’s income upward.

“So our aim has to be economic growth. Cost reductions could only take place at the margins at best.”

PAGE 4, Wednesday, February 19, 2020

DORIAN EVACUEES GET WORK-STUDY CHANCE WHEN a student displaced by Hurricane Dorian asked Allied Supply’s general manager for “a couple dollars” to buy food, little could he have imagined he would land a job for himself and three friends.

“I thought: ‘I could give him some cash to get something to eat, or I could give him some good money, something more substantial than a plate of food – the opportunity to work for us’,” said Kwame Selver who operates the plumbing, electrical and hardware supply store on Carmichael Road.

“I wanted to train them; not give them fish but teach them how to fish. That’s a lesson I learnt from my

father [the late Mirza Selver]. When you work for what you want, you appreciate it more.”

The store’s general manager put Carlos Philip, Frednel Joseph, Wealthy Cherisme and Enrico Joseph to work carrying out various tasks around the property. Mr Selver also took time out of his schedule to speak with the youths about work ethics.

The four young men from Abaco are the latest students at Teleos Christian School where Mr Selver previously served as viceprincipal. The school is supported by New Testament Baptist, the church the Allied Supply boss attends.

THE TRIBUNE

EU sorted: Now for France and Holland FROM PAGE ONE demonstrate for any number of years, that it is co-operative and meets the standards when they are made known to us and they are transparent,” he told this newspaper.

“In the case of those individual countries that may have reservations and specific issues, we are addressing those. Once we have communication and are treated with mutual respect, we don’t have reservations about dealing with the issue of international standards. We don’t equivocate over that.”

Mr Turnquest declined to provide detail on the rationale for the French and Dutch actions, but said: “It’s communication and some distrust in the relationship that caused them to take the action they did.

“We are making progress.

We know what the issues are, and are dealing with them.

It’s similar issues that we’ve had before with respect to the exchange of information. I’m very confident we will address their issues. What their timeline is for removing us from their list, I can’t speak to that.

But I’m very confident we will be able to address their issues.”

The Bahamas’ removal from the EU’s so-called ‘grey list’, effectively a category of nations that were being monitored for full compliance with its demands, means this nation is now deemed to have properly implemented economic substance requirements, the removal of preferential incentives for foreign investors, and be demonstrating full cooperation on all tax matters.

However, many in the Bahamian financial services industry are questioning the value of meeting all the EU’s demands when its individual members - France and the Netherlands - adopt what

appear to be even more rigorous criteria to “blacklist” this nation on similar tax-related grounds.

While less worrisome than a blacklisting by the full EU, a fate that befell rival international financial centres (IFCs), the Cayman Islands and Panama, yesterday, such individual country actions still negatively impact the reputation of The Bahamas’ financial services industry, deter French and Dutch citizens/companies from doing business here, and delay transactions with those states.

Emmanuel Komolafe, a Bahamas-based risk management specialist, yesterday told Tribune Business that “it makes no sense” for the EU to brand The Bahamas fully compliant while some of its major members keep it on their own blacklists.

Arguing that this had dampened any joy at escaping full EU scrutiny, he said: “The EU initially put us on their blacklist, then took us off it and put us on their ‘grey list’.

Now we are off the ‘grey list’ but, in the middle of that, the Netherlands put us on their blacklist for tax matters and then France did.

“My first flashpoint is: Today, the EU have taken us off their grey list, yet here we have the Netherlands and France doing the same thing with their own blacklists.

They are part of the EU, and the EU has confirmed we’ve fulfilled their requirements, so I submit they ought to do the same. It only makes sense for the Netherlands and France to follow suit.”

While acknowledging that being one of 16 countries removed from the EU’s “grey list” was positive for a Bahamian financial services industry badly in need of a boost, Mr Komolafe said the country “must go beyond that” given that national blacklists undermine the rationale for complying with

both the EU and likes of the Organisation for Economic Co-Operation and Development (OECD).

“Having their own lists undermines the process that the EU follows,” Mr Komolafe added. “We must follow up with France and the Netherlands so that they take us off their blacklists, especially as they’re based on the same issues of tax co-operation and the exchange of information.

“The removal from the ‘grey list’ is positive news but is not cause for jubilation.”

Besides The Bahamas’ continued presence on national tax blacklists, Mr Komolafe added that it still needs to focus on also escaping the Financial Action Task Force’s (FATF) monitoring list of countries that have deficiencies in their anti-money laundering and terror financing regimes.

Mr Turnquest, meanwhile, said The Bahamas’ “grey list” escape gives the Bahamas Financial Services Board (BFSB) and the private sector “another tool through which to promote The Bahamas” as a compliant, well-regulated jurisdiction to international investors.

He conceded, though, that The Bahamas cannot afford to “rest on our laurels” and needs to “keep our eye on the ball” given the constantlychanging global regulatory environment and standards to ensure it avoids such pressure in the future.

The deputy prime minister also confirmed that this nation was “actively engaged”, and monitoring, the OECD’s proposals for countries to levy a minimum tax rate on multinationals as well as for taxing the digital economy.

“It is a significant achievement given all the challenges put before us,” Mr Turnquest said of the ‘grey list’ escape, “and our team demonstrated tremendous capacity and proficiency in dealing with it.”

LEGAL NOTICE

NOTICE MEDITERRANEAN LOGISTIC LTD. Pursuant to the provision of Section 138(8) of the International Business Companies Act, 2000 (Chapter 309). Notice is hereby given that the above-named company has been dissolved and struck off the Register of Companies and a Certificate of Dissolution has been issued by the Registrar General on 2nd December 2019

17th February, 2020

11th 18th March, 2020

December

Brittany Investment Company Limited Liquidator

LEGAL NOTICE

NOTICE NORVILLE CORPORATION

LEGAL NOTICE International Business Companies Act (No. 45 of 2000)

ROBT Investments Ltd. (the “Company”)

Pursuant to the provision of Section 138(8) of the International Business Companies Act, 2000 (Chapter 309). Notice is hereby given that the above-named company has been dissolved and struck off the Register of Companies and a Certificate of Dissolution has been issued by the Registrar General on 30th January 2020.

Brittany Investment Company Limited Liquidator

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), ROBT Investments Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 17th February, 2020. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonso Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 17th day of March, 2020. ____________________________ Luciane Ribeiro Moreno Liquidator

THE TRIBUNE

Wednesday, February 19, 2020, PAGE 5

Bahamas must ‘totally embrace’ physical regime FROM PAGE ONE list was thus another key step in maintaining its international business centre model.

“These things are important in the context of The Bahamas being engaged in international trade and the provision of financial services,” Mr Delaney told Tribune Business. “Whenever you have a major group of countries like the EU that pejoratively label this country it’s very unhelpful, at a minimum,

from a marketing perspective as it suggests somehow the jurisdiction is less than credible.

“It’s not good from that perspective, and there’s always the possibility members of the EU might take measures to frustrate financial transactions coming from and going to The Bahamas. None of that is helpful for an international financial centre platform like The Bahamas. It just creates a lot of friction for businesses operating from and within The Bahamas.

“That means we must keep the gateway open for businesses to connect with the international financial system without restrictions and friction... It’s always in our best interests to enforce the legislation.”

Mr Delaney also warned that removal from the EU’s ‘grey list’ represents just “a particular snapshot in time”, and it was “only a matter of time” before new standards and regulatory criteria were developed for The Bahamas and all other international financial centres (IFCs) to comply with.

Emmanuel Komolafe, a Bahamas-based fellow of the International Compliance Association, told Tribune Business that this nation needed

to place “everything on the table” - including its status as a low-tax or ‘no tax’ jurisdiction - in developing a strategic plan to redefine the financial services industry’s “value proposition”.

While the country’s compliance with the demands of the EU and others has “sent a strong message The Bahamas is not the place for financial or tax crime”, he argued that it must rapidly “look to the future” and not see “staying off and keeping off” blacklists as its main priority.

“We need to redefine our value proposition,” Mr Komolafe said. “The cost of compliance has gone up, and this is reflected in the cost and ease of doing

business. We must now retool and reposition the industry, develop a strategic plan and refine our value proposition.... We’re talking about quality of service we provide and making The Bahamas a financial services centre of excellence.”

He added that financial technology (Fintech) and related innovation was part of the solution, noting that traditional financial services providers now face direct competition from the likes of Facebook and other technology-driven firms.

“Clients are looking for much more than product,” Mr Komolafe added.

“They’re looking for the quality, efficiency and

effectiveness of the service obtained... I don’t want to downplay that we’ve done a lot to get off this EU list, but it is not really a case of patting ourselves on the back. Will this suffice to help The Bahamas successfully shed the ‘tax haven’ label?

“We now have to look at positioning the financial services industry, which is a significant contributor to GDP growth and is suffering attrition year in, year out, and charting the course for its future. Nothing should be off the table.

We know we’re not a ‘tax haven’, but do we have to go beyond and look at reforms to the tax system?

We must have an honest conversation.”

NHI’s extra $10m ‘no cost overrun’ FROM PAGE ONE registers with us, and then they decide how many patients they want to have.

So they may say they want a full panel of patients, which is 2,000, and then we make a payment every month to the physician based on the age, gender and geographic location. It’s called a capitated payment system. What that does is it fixes the cost of primary healthcare.”

“The average cost on New Providence to provide that is $15.60 per beneficiary per month, which is very cost effective,” Mr

Whitmarsh added. “As Dr Roberts mentioned we have seen an up to five percent every month increase in enrollment.

“Every time somebody enrolls, we incur an additional fee. So we have known from the beginning of the year that as our enrollment numbers go up so does our costs, so it is definitely not a cost overrun.”

“About 80 percent to 85 percent of the money we spend today goes to laboratories and physicians.

Our target is to have our administrative costs less than 15 percent.” This, Mr Whitmarsh said, would

make NHI “very competitive” with the private health insurance industry, and he expects to achieve those numbers this year.

“Every NHI beneficiary, while it’s an additional cost to us, is also typically one less individual that has to use the public system,” he said.

“Just recently we have seen for the first time information that indicates that there has been a reduction in the number of visits at public clinics and, as you all know, they are heavily stressed and overburdened, so we believe now we are having a measurable impact on the public primary healthcare system.”

To advertise in The Tribune, contact 502-2394 UNIQUE VACATIONS LIMITED VACANCY

Social Media Manager Unique Vacations is looking for a Social Media Manager who will play a key role in the development, implementation, and optimization of various Social Media marketing initiatives. In this role you will need to handle several different tasks concurrently which requires working closely with management, crisis management, agency partners, and cross-functional teams to coordinate resources and align objectives. The Social Media Manager should have a proven track record, and examples of previous successful campaigns.

Job Summary: The Social Media Manager must have solid communication skills and tactical hands on experience optimizing Social Media campaigns. Data and analysis should come easily. You must be dynamic with your strategies and willing to adapt to the everchanging marketplace. You think critically to solve problems and can always find a solution.

Areas of Responsibility • Work with management to define and develop a comprehensive Social Media marketing strategy • Manage Social Media initiatives/campaigns to meet the business goals and enhance the customer experience and journey • Incorporate industry best practices and benchmark to competitor websites • Develop and distribute monthly business metrics/dashboards on performance, consisting of web, mobile, and email data • Manage the organization’s social media channels, e.g., Instagram, Twitter, Pinterest, YouTube, Facebook, LinkedIn, and more. Manage the communication of organizational messaging, news, and priorities by leveraging social media messaging • Work closely with the Executive Management team to develop social media campaigns that help to achieve corporate marketing goals • Create, curate, and manage all published content (images, video and written).

• Develop relevant Social Media content topics to reach the company’s target customers • Manage and create Social Media publishing schedule • Monitor the company’s social media accounts and offer constructive interaction with users • Develop monthly reports on emerging social media trends that will be submitted to the management and executive teams • Provide training and launch on resort Social Media Photo Contest • Manage and curate all on resort User Generated Social Media Content (images, video and written) • Monitor emerging internet technologies. Identify opportunities to utilize emerging platforms to improve efficiencies • Develop strategies to introduce new methods to increase audience outreach and following, and further develop relationships to increase their engagement in programs • Manage relationships with third-party vendors handling social media management tools • Develop, execute and roll out On Resort engagement and ambassador programs • Effectively communicate the mission, vision, and values, and the importance of programs in public forums, events, and public awareness campaigns • Any other duties/projects as deemed necessary by management Experience/Skills/Qualifications: • 5+ years of Social Media and Content Management on agency or client-side • 5+ Years of Public Relations corporate messaging development including Crisis Management • 3+ Years of maximizing brand presence on various channels (e.g. web, TV and social media) • 3+ Years of cultivating and maintaining relationships with media and influential professional • Master’s Degree in Business/Communications/Media or equivalent • Experience with Social Media software • Experience with Google Analytics • Experience managing a medium-large brand • Ability to work with and lead external vendor/partner relationships including negotiating contracts and terms • Excellent time management, organizational, communication, and analytical

skills • Preferred: travel industry experience • Preferred: Fluent in English, Spanish and French • Ability to travel as required, extended travel may be expected

Only short-listed candidates will be contacted. Interested persons should submit their applications by February 21st, 2020 with curriculum vitae to

hrreport6@gmail.com

PAGE 6, Wednesday, February 19, 2020

THE TRIBUNE

UK unveils immigration overhaul for 2021 focused on skills

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Roseborough PTC Ltd. has been dissolved and has been struck from the Register with effect from 31st January 2020.

LONDON Associated Press BRITAIN announced new post-Brexit immigration rules yesterday that will make it tougher for European Union citizens, but easier for people from many other nations, to move to the UK starting next year.

Prime Minister Boris Johnson’s Conservative government said the new rules would “open up the UK to the brightest and the best from around the world” while ending “the reliance on cheap, lowskilled labour coming into the country”. But UK employers said the radical changes could bring about a labour crisis for sectors such as health and social care.

Britain’s exit from the EU last month after 47

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

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years of membership is triggering the biggest change to the country’s immigration rules for decades.

During Britain’s EU membership — and until a post-Brexit transition period runs out on Dec. 31 — citizens of any of the EU’s 27 nations can freely live and work in the U.K. More than three million EU citizens currently living in the UK are entitled to stay. But from January 1, 2021, new immigration rules will apply to EU and non-EU citizens alike.

Home Secretary Priti Patel said Britain’s new “points-based immigration system” would assess prospective immigrants on a range of skills, qualifications, salaries or professions.

People hoping to work in Britain will need a job offer paying at least 25,600 pounds ($33,000) a year.

That’s less than the current 30,000 pounds ($39,000) set for non-EU immigrants, a figure that is more than the country’s average annual wage. Prospective immigrants who earn less may be able to come if they have other skills.

Skilled immigrants are currently required to have a university degree but in future will only need the

NOTICE NOTICE is hereby given that RENALDO JOSEPH of Market Street, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of February 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 18 FEBRUARY 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,209.08 | CHG: 0.12 | %CHG: 0.01 | YTD: -22.52 | YTD%: -1.01 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 8.00 16.99 9.40 3.80 15.20

52WK LOW 3.35 20.91 5.50 5.38 1.60 0.67 2.00 9.85 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 3.53 11.61 6.00 4.34 6.49 3.63 4.75 10.96 8.00 14.50 9.33 3.70 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 3.64 4.75 11.10 8.00 14.50 9.33 3.70 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.14 0.00 0.00 0.00 0.00 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 50

300

190

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 35.7 10.2 17.2 11.0 17.8 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% 11.92% 1.26% 2.95% 3.00% 3.72% 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

equivalent of Britain’s preuniversity “A levels”.

The government says the new rules will cut net immigration from its current level of more than 200,000 people a year. But it has abandoned a pledge made by previous Conservative governments to cut Britain’s annual net immigration figure to below 100,000 a year.

The immigration plan still has to be passed by Parliament — which is highly likely since the Conservatives have a large majority.

The government said it would come up with specific proposals for scientists, graduates, health care workers and those in the agricultural sector.

But there is no specific immigration route for what the government calls “low-skilled workers” — a category it says includes 70% of the more than 1 million EU citizens who have moved to the UK since 2004.

Hundreds of thousands of EU citizens currently hold jobs in sectors including farming, health care and restaurants that are relatively low-paid.

Employers in those industries have warned there will be worker shortages under the tighter immigration rules. The UK Homecare Association described the lack of provisions for low-paid immigrant workers in the proposals as “irresponsible”.

“Cutting off the supply of prospective care workers under a new migration system will pave the way for

more people waiting unnecessarily in hospital or going without care,” it said.

But the government was unsympathetic.

“We need to shift the focus of our economy away from a reliance on cheap labour from Europe and instead concentrate on investment in technology and automation,” it said in a policy paper. “Employers will need to adjust.”

Many people who voted in 2016 for Britain to leave the EU were believed that immigration had driven down wages and driven up joblessness among Britishborn workers. The evidence for this is partial at best.

The Migration Advisory Committee, an independent body consulted by the government on immigration plans, said introducing a points-based system would only “very slightly increase GDP per capita, productivity, and improve the public finances” compared to continued free movement of EU citizens, and would also reduce Britain’s economic growth.

Diane Abbott, the immigration spokeswoman for the opposition Labour Party, called the proposed new system flawed.

“This isn’t an ‘Australian points-based system’, which is a meaningless government soundbite,” she said. “It’s a salary threshold system, which will need to have so many exemptions — for (the health service) — for social care and many parts of the private sector, that it will be meaningless.”

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Eduka PTC Ltd. has been dissolved and has been struck from the Register with effect from 31st January 2020.

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Lucky Star PTC Ltd. has been dissolved and has been struck from the Register with effect from 31st January 2020.

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Shukal PTC Ltd. has been dissolved and has been struck from the Register with effect from 31st January 2020.

John Jephson LIQUIDATOR c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

THE TRIBUNE

Wednesday, February 19, 2020, PAGE 7

WTO advocate argues Bahamas to never join

FROM PAGE ONE

services.

Mr Johnson alluded to some of this in his House of Assembly address, indicating that the government will press on with strengthening the likes of intellectual property rights legislation and plant/animal safety. He indicated this showed not everything associated with WTO was negative, and indicated that the government will press on with trade-related education efforts.

“The advantage of WTO is people are going to come in and make sure you are actually enforcing the laws,” Mr Leonard added. “There’s no sense in doing this stuff unless someone comes and looks at it because we will not police ourselves.

“I’m very disappointed but I’m not surprised. It required people to actually make sensible decisions and difficult decisions. I see they’ve taken then easy route out. We’ve been at it for almost 20 years. How much longer does one expect it to take? Another decade not to do it?

“In five years’ time it will be another five years, then another five years, then another five years. They’re just kicking the can down the road, and in the meantime the economy continues to deteriorate. We’re not going to bother becoming economically competitive. We can expect to slip further behind the rest of the world.”

Zhivargo Laing, the government’s chief WTO negotiator, was first to raise the likelihood last year that The Bahamas would not accede to full WTO membership within the next five years. He based this on the near-certainty that it would miss the initial June 2020 target for ratification of its membership, and added that the next date this could be achieved was perilously close to the likely 2022 general election.

The WTO drive seemed

to slow when Mr Johnson replaced Brent Symonette as minister of financial services, trade and industry and Immigration. This occurred amid significant push back to joining from private sector elements and others, and the Hurricane Dorian reconstruction is now likely to consume much of the Government’s attention over the remainder of its term.

Opponents argued that The Bahamas would give up too much sovereignty over its economic decision-making should it join, adding that there were minimal to no benefits from doing so. They also warned that this nation would be forced to open up too much of its economy to foreign firms who would drive Bahamian entrepreneurs out of business.

Mr Leonard, though, argued that the decision not to proceed “sends a very bad signal to the young and educated that they’ll be better off staying out of The Bahamas and getting to another country. A lot of them are talking about Canada these days and I can understand why”.

He added: “After Zhivargo’s comments last year I thought it looked like too much work. I tend to agree with him when he said it may not happen in the next decade. I don’t think it will ever happen.

“This was going to take some dedicated and hard work, and a real education process, and real meaningful change to the law and how we do business.”

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