02232018 business

business@tribunemedia.net

FRIDAY, FEBRUARY 23, 2018

$4.45

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$4.63

‘Wake up, smell roses’ over sanctions threat

Gov’t needs ‘high gear’ to reverse corruption slide

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Attorney General yesterday warned the Bahamas to “wake up and smell the roses” over the threat of financial sanctions unless it corrects regulatory weaknesses.

Carl Bethel QC told Tribune Business that this nation has until June to satisfy international regulators that it has properly addressed the supervisory deficiencies identified in last year’s Caribbean Financial Action Task Force (CFATF) report.

Should the Bahamas fail to sufficiently address

* Bahamas has until June to correct deficiencies * AG: ‘We’re intent on avoiding’ Trinidad’s fate * Removes general insurance from ‘institutions’ list these woes, he warned that this nation could suffer the same fate as Trinidad & Tobago, where $7.50 was added to every incoming and outgoing financial transaction because it did not adequately address its deficiencies.

Emphasising that the Government was “intent on avoiding” Trinidad’s fate, Mr Bethel said it had nevertheless agreed to amend the Financial Transactions Reporting Bill to address insurance industry

concerns. He revealed that a last-minute change had been made to the Bill, which was debated in the House of Assembly on Wednesday, that removed property and casualty (general) insurance from the list of businesses defined as ‘financial institutions’.

The Bahamas Insurance Association (BIA) had been pushing for such a change for several months, arguing that the Bahamas CARL BETHEL

SEE PAGE 7

THE Government was yesterday urged to “go into high gear” and deliver on its anti-corruption promises, after the Bahamas fell it its “lowest spot” in Transparency International’s rankings.

Lemarque Campbell, of Citizens for a Better Bahamas, the local Transparency International contact, told Tribune Business that the Minnis administration needed to make the Integrity Commission, Freedom of Information and Fiscal Responsibility legislation its “top priority” to avoid further slippage.

Emphasising that the world

* BAHAMAS HITS ‘LOWEST EVER’ RANKING, SCORE * ANTI-CORRUPTION LAWS MUST BE ‘TOP PRIORITY’ * FIRST LOCAL CORRUPTION STUDY SET FOR APRIL UNVEIL wanted to see “not just talk but action” from the Bahamas, Mr Campbell warned that this nation’s ranking in Transparency

SEE PAGE 6

DPM urges: Focus LET OBAN PROJECT MOVE ‘WITHOUT SAILING THROUGH’ on Oban’s benefits * Proceed if passes ‘smell test’, says accountant

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Deputy Prime Minister yesterday urged Grand Bahama to look beyond the controversy and focus on the $5.5 billion Oban Energies project’s benefits, saying: “There’s more to the story than what you see.”

K Peter Turnquest, addressing the 20th annual Grand Bahama Business Outlook

conference, tackled the concerns swirling around revelations that Peter Krieger, Oban Energies’ non-executive chairman and public face of the multi-billion dollar project, settled a Securities & Exchange Commission (SEC) lawsuit alleging misappropriation of investor funds.

“I know that there is a lot of talk about what happened with Oban, but I want Grand Bahamians to

SEE PAGE 8

Enterprises Act gives ‘early success signs’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Commercial Enterprises Act is already showing “early signs” of success with the Government giving “favourable consideration” to two applications, it was revealed yesterday.

K Peter Turnquest, Deputy Prime Minister, speaking at the 20th Grand Bahama Business Outlook conference,

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government should let Oban Energies’ $5.5 billion project proceed “without sailing through”, balancing job creation and growth with its chief promoter’s controversial background.

Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, told Tribune Business yesterday that the development should be allowed to proceed provided it passes “the smell test” at the Investments Board and other government due diligence processes.

Urging the Minnis administration to “exercise

* Government must be ‘alert’ with no ‘half steps’ * Process ‘opaqueness’ undermines public trust

their alertness”, Mr Gomez said it could not afford to “half step” and must ensure Oban Energies had the necessary financing to complete the refinery/storage terminal.

“The Government has been placed on alert, and I hope they exercise their alertness,” he told this newspaper. “This is not one that should go sailing through. They have been forewarned.

“The infrastructure in place by the Government to perform due diligence,

that’s the key point. We’re relying on their infrastructure, but they [the Government] have been warned.”

Mr Gomez was speaking after Tribune Business revealed earlier this week that Peter Krieger, Oban Energies’ non-executive chairman, was named as a defendant in two US lawsuits alleging that he misappropriated investor monies.

Mr Krieger, who has acted as the developer’s chief spokesperson and

‘point person’, signing the project’s Heads of Agreement with Prime Minister Dr Hubert Minnis on Monday, settled a Securities & Exchange Commission (SEC) lawsuit by paying a $110,000 civil penalty in 2008 and agreeing to be bound from committing securities laws violations.

The US federal capital markets regulator had alleged that Mr Krieger, together with his father and

SEE PAGE 5

said: “The increase in investor and consumer confidence in the United States augers well for growth in tourist-related travel and investment interest in the Bahamas.

“The Commercial Enterprises Act, I can tell you, is already showing early signs of success. There have been already at least two projects that I know of which have applied under the Act and are receiving favourable attention from

SEE PAGE 4

In celebration of 40 years in business, we would like to thank our valued customers for your patronage and support. We look forward to many more years serving you.

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MARSH HARBOUR 242.367.4204

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GOVERNOR’S HARBOUR 242.332.3211

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GEORGE TOWN 242.336.2304

INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

www.InsuranceManagementBahamas.com

PAGE 2, Friday, February 23, 2018

THE TRIBUNE

Managing the cycle of worker progress MANY leaders and managers agree that the most effective way to increase productivity and efficiency is to ensure performance management instruments are being used effectively in their companies. At its most basic, performance management is an ongoing process of communication between a supervisor and an employee that occurs throughout the year in an effort to support the company’s strategic objectives.

It involves the supervision and oversight of employees, departments and organisations with the objective of seeing that targets are reached in an efficient and effective manner.

Performance management involves much more than just assigning ratings, and giving ‘one to five’ scores for specific behaviours and actions. Rather, it is a continuous cycle that

involves: * Planning work in advance so that expectations and goals can be set. * Monitoring progress and performance continually. * Developing the employee’s ability to perform through training and work assignments. * Rating periodically to summarise performance. * And rewarding good performance.

Performance management is a shared understanding about how individuals contribute to your company’s goals. An effective performance management and appraisals system focuses on aligning your workforce, building competencies, improving staff performance and development, and driving better business results.

A strong commitment to leveraging performance management

in the workplace requires leaders to have and develop great communication skills, plus a strong sense of integrity and fairness in sharing with employees. Employee appraisals, personal or individual development plans, reward and recognition programmes, coaching and other initiatives should keep worker development intact.

• Here is a checklist to gauge whether or not your company has a good handle on performance management: * Each position has an updated job description that is aligned with your company’s current strategy * Each job description clearly indicates its specific functions * You make sure there is a match between your workers’ skills (both hard skills and soft skills) and the

functions of their corresponding job descriptions. * You are able to tell if your employee cannot do his job, or if your employee does not want to do it (when his performance is unsatisfactory). * You know what to do when your employee cannot do her job. * You always set effective SMART goals. * You use documented feedback. * You know how to improved desired behaviour using positive feedback, and you are a rich source of this feedback. * You keep your emotions out of the way when you provide feedback. * You know how to create the conditions that motivate each one of your direct employees, and know what to do to retain talent. * You always keep an eye open for opportunities to

delegate and, when you find one, you have the ability to delegate well. * You have created such a culture of candor within the team that you lead (your direct staff and you), and people speak frankly regardless of whether the rest of the team agrees or not. You an open environment. * You have taught your team to use conflict as a creative force and not a divisive one. * You have the necessary skills to evaluate the performance of your direct employees on an ongoing basis, and are always objective. * You have the ability to conduct effective performance review discussions in order to align staff behaviours and results with your company’s strategy. And all your performance management activities are 100 per

IAN FERGUSON BY

cent aligned with your company’s mission, values and strategy. * When necessary, you know exactly what to do to discipline your employees. * Above all, you do performance management to grow your team. • 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

A ‘CABLE’ TO INVESTORS: BE ALIV TO POSSIBLE RISK IN March 2017, Aliv raised an astonishing $60 million from investors - twice the amount they were looking for. That they require more money now, less than a year later, suggests that something has gone badly wrong.

This sudden need for funds has likely caught management by surprise. At Cable Bahamas’ November annual general meeting (AGM), both Aliv and Cable management declined to divulge Aliv’s average revenue per user (ARPU). That

would have been needlessly secretive if they knew they were going to fully disclose ARPU in this month’s offering memorandum anyway.

More likely is that management had no intention of raising debt at this time (its $15 million preference share issue) but was caught off-guard by a weaker than expected Christmas quarter. That would make the current capital raise one of necessity, not of convenience – a warning sign for investors.

Whether planned or not, what matters now is

LETTER TO THE EDITOR whether Aliv will be able to repay current and future debt holders. As one of only two mobile operators in the country, Aliv’s ultimate success still seems assured.

After a year of badly missed forecasts, however, there is clearly more risk here than we believed in 2017.

Management’s best path to reassuring investors is to be honest about what went wrong, and open about the assumptions underlying its

current forecasts. Unfortunately, Aliv’s offering memorandum misses that mark on both counts. First, with mobile number portability now in place for nine months and counting, blaming BTC and URCA for the stunning 28 per cent shortfall in ARPU versus plan ($33 at the end of December 2017 versus $46 as originally forecast) is no longer a reasonable excuse.

Second, despite totalling 99 pages, the memorandum never addresses a key question: What can Aliv do to increase ARPU that it has not already tried? While it is reasonable to expect some ARPU improvement as corporate users increase, the forecast 70 per cent jump from $33 now to $56 in 2021 requires much

more justification than we are given.

The ARPU growth assumption is particularly important because of an important disclosure on page 52 of the memorandum: Aliv is also in talks to take on $19.5 million in bank debt. Unlike preference share debt, bank debt comes with covenants, or ‘strings attached’, to protect the bank. In this case, the string that could unravel everything is that if total debt to EBITDA is above 5.2 by 2021, the bank would get first claim over Aliv’s assets and cash flows. This would not occur under Aliv’s current subscriber and ARPU assumptions.

However, if we stress management’s assumptions by just 8 per cent - that is, if we assume 145,000 subscribers and $52 in ARPU instead of 158,000 and $56 – EBITDA would

fall from $33 million to $17 million, and total debt to EBITDA would hit 5.6 times, clearly breaching the covenant. That could result in suspension of payments to bond and preference shareholders until the bank is satisfied.

An 8 per cent stress test is by no means aggressive; 10 to 20 per cent is standard.

If it is possible for Aliv to breach debt covenants at just 8 per cent below plan, then this is neither an offering investors should be clamouring for nor one that advisors should be recommending. However, if Aliv does indeed raise an extra $35 million from this offering, as rumoured, it most likely can avoid using the bank debt. That would certainly be a relief for current investors. Finally, Aliv’s disappointing performance

SEE PAGE 3

Rhone is a Swiss company established in 1982 with offices in Geneva, The Bahamas and Singapore. It advises clients on estate planning and the administration of legal entities.

To bolster its Bahamas-based Administration team, Rhone is seeking

MESSENGER/ADMINISTRATIVE ASSISTANT

MISSION To act as the Rhone Bahamas Company Messenger and also to provide general office administrative support.

RESPONSIBILITIES Messenger: o Delivering and picking up packages and other items to specific locations Administrative Assistant: o Filing, scanning, archiving o Assisting with the preparation of all documents with respect to creation, control and filing of new mandates and database maintenance o Sorting and delivering mail, maintaining supplies, scheduling appointments o Maintaining and assisting with the use of office equipment o Assisting with in-house deliveries o Any other miscellaneous duties assigned by Office Manager PROFILE o Clean driver’s license and police record o Must have own reliable transportation o High school diploma or higher o Proficient in Microsoft Office o Excellent command of English, oral and written o Minimum of 1 year experience in a professional office environment No telephone calls accepted.

Resumes should be delivered BY HAND and addressed to: Rhone Trustees (Bahamas) Ltd. Building No. 1, Bayside Executive Park West Bay St. P.O. Box SP-63131 Nassau, Bahamas ATTN: OFFICE MANAGER Deadline for submission is February 28, 2018

THE TRIBUNE

Friday, February 23, 2018, PAGE 3

Bahamas urged: Target H-1B visa for tech boost

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas may need to implement an initiative similar to the US H-1B Visa programme if Grand Bahama is to fulfill its ‘technology hub’ dream, it was argued yesterday.

The US initiative facilitates the hiring of specialist foreign workers and entry of persons with advanced degrees, and could be one way to attract technology firms and start-ups via a targeted Immigration policy.

And Donald Trump’s crackdown on the issuance of H-1B visas could provide an opportunity for the Bahamas to attract such workers.

Kwasi Thompson, minister of state for Grand Bahama, addressing the Grand Bahama Business

Outlook conference, said: “The Government is presently looking at ways to attract technology companies; not only with our proximity and infrastructure but also allowing those companies to bring their highly skilled and specialised talent with them.

“This could not only provide training opportunities for Bahamians, but also opportunities for Bahamians abroad to come home.

It could also provide that population critical mass that our retail and other businesses so desperately need.”

The Minnis administration has indicated its intention to make Grand Bahama a ‘technology hub’, with Mr Thompson yesterday touting the success of last November’s conference on the island, which he said will become an annual

event. The Prime Minister has asked Mr Thompson to assemble a steering committee, who will take the best ideas from the summit and transform them into immediate strategic plans for developing a technology industry on Grand Bahama.

Ian Rolle, the Grand Bahama Port Authority’s (GBPA) president, while speaking at the Outlook conference said that a unique Immigration policy similar to the US H-1B visa programme could spark technology sector development.

The H-1B visa programme allows US employers to employ foreign workers in specialty occupations. The US caps H-1B visas at 65,000 a year, and allows an additional 20,000 visas for people who have earned advanced college degrees in the US.

“That programme in the US attracts foreign, highlyskilled workers to the US,” Mr Rolle said. “The tech industry normally uses these types of visa progrmmes. Since President Trump assumed office he has made it very difficult for persons to renew these permits or apply for them.

“I see tremendous opportunity for Freeport to grow its population in a meaningful way, and in a short period of time. Imagine if we had 10,000 of these high-tech persons coming to Freeport. They make on average $86,000 to $90,000 a year.”

Mr Rolle said that apart from work permit fees, such persons would inject significant capital into local communities. “If they spend at east 60 per cent of their wages in the communities that’s about $500 million,” he added.

Attorney: Tie education to industry development

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A GRAND Bahamabased attorney yesterday suggested that “industry-targeted” education programmes be established ‘in tandem’ with the island’s development of local industries.

Erica Paine, head of Graham Thompson’s Grand Bahama office, while addressing the Grand Bahama Business Outlook said: “If we want to grow, increase the profitability, global profile and sustainability of our industries, while at the same time providing a broader base for economic development, it should be done in tandem with educational development on the island.”

She added: “This is not just simply the general development of higher education, but rather the introduction of core, targeted programmes that

are specifically tied to the economic development and sustainable growth of local industries.

“In order for such programmes to be identified there would initially need to be dialogue with existing community leaders to evaluate the challenges that they face, and the areas in which educational support would truly make a difference.”

Mrs Paine added that the development of such programmes would not only be for the growth and support of industries, but also serve as a base for students - not only from Grand Bahama but around the world.

She said such an initiative could also help reverse the Bahamas’ brain drain.

“The universal nature of this endeavour is critical both in terms of attracting critical mass and foreign investment, but also the springboard for the wider recognition of local industries and opportunities on the global marketplace,” said Mrs Paine.

A ‘Cable’ to investors: Be Aliv to possible risk FROM PAGE 2 is of paramount interest to Cable Bahamas’ common shareholders as well. Cable Bahamas

points to ALIV as its future growth engine, and Cable management has said they would resume dividend payments to shareholders in fiscal year 2019.

Aliv’s continuing losses raise significant doubts about their ability

N O T I C E

EL SYMBOLO DE LUCERO LTD.

________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 7th day of February, 2018.

Delano Aranha Liquidator of EL SYMBOLO DE LUCERO LTD.

Yun Industries Ltd.

to do that. In fact, Cable will very likely post their sixth straight quarter of multi-million-dollar losses within the next few days.

Perhaps this will be the trigger for shareholders to finally demand a full and frank accounting for

the Florida and Aliv operations, including details of their recent bank debt renegotiation and realistic timelines for a return to profitability and dividend payments. If management provides this information, shareholders of

NOTICE MOBUS INVESTMENT LIMITED

both Cable Bahamas and Aliv will likely remain patient for a while longer. After all, there is nothing wrong in asking shareholders to “believe in best”. Just don’t ask them to believe in fairytales.

A concerned investor

NOTICE

LUCEM VALLEY INC. In Voluntary Liquidation

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Mobus Investment Limited has been completed and the company has been struck from the Register on the 2nd day of February, 2018.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LUCEM VALLEY INC. is in dissolution as of February 21, 2018

Shareece E. Scott Liquidator

LIQUIDATOR ______________________

NOTICE

NOTICE

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

Company No. 1544946 (In Voluntary Liquidation)

RANDO UNITED S.A.

VIRGIL ASSOCIATED S.A.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Yun Industries Ltd. is in voluntary liquidation.

The voluntary liquidation commenced on 16th February, 2018 and Marina Bilic of Bösch 37, Postfach 747, 6331 Hünenberg, Switzerland, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RANDO UNITED S.A. is in dissolution as of February 19, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, VIRGIL ASSOCIATED S.A. is in dissolution as of February 19, 2018

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

LIQUIDATOR ______________________

NOTICE

N O T I C E

In Voluntary Liquidation

LUNA SIX LTD.

Dated this 19th day of February, 2018 Sgd. Marina Bilic Voluntary Liquidator

HALCROW BAHAMAS LIMITED ___________________________________

In Voluntary Liquidation

FREEFLOW HOLDING LIMITED

NOTICE IS HEREBY GIVEN that at a Resolution of the Shareholders of the above-named Company duly convened and held on the 31ST day of January, 2018 the following resolutions were passed:

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FREEFLOW HOLDING LIMITED is in dissolution as of February 20, 2018

RESOLVED that HALCROW BAHAMAS LIMITED be wound up voluntarily.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

RESOLVED that Delano Aranha be appointed the Liquidator for the purpose of such winding up.

LIQUIDATOR ______________________

In Voluntary Liquidation

________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 13th day of February, 2018.

Delano Aranha Liquidator of LUNA SIX LTD.

PAGE 4, Friday, February 23, 2018

THE TRIBUNE

Enterprises Act gives ‘early success signs’ FROM PAGE 1 the Government.” The Act “seeks to liberalise the granting of work permits to an enterprise that wishes to establish itself in the Bahamas, and requires work permits for its management team and key personnel”.

The company’s investment, however, must be a minimum of $250,000.

The legislation enables a “specified commercial

enterprise” to obtain an Investments Board certificate granting it a specific number of work permits for certain positions.The certificate, which will initially be issued for one year and can be renewed, would allow key personnel to set up the company’s physical operations in the Bahamas before they obtained a work permit.

Such a permit must be applied for within 30 days of their entry, and the bill

NOTICE

NOTICE

CESONS ANTIQUES LTD.

GIPE INT’L HOLDINGS LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Gipe Int’l Holdings Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of February A.D., 2017.

(a) Cesons Antiques Ltd. is 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Carlos Eleuteri of Rome, Italy.

Dated the 20th day of February A.D., 2018.

Dated this 22nd February, 2018

Beatus Limited Liquidator

Carlos Eleuteri Liquidator

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

BISX LISTED & TRADED SECURITIES 52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 7.75 5.83 8.78 5.67 3.35 12.01 10.00

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

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

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 3.90 APD 17.43 BPF 9.09 BWL 3.34 BOB 1.00 BBL 0.18 CAB 3.60 CIB 8.70 CHL 6.10 CBL 4.74 CBB 9.90 CWCB 2.56 DHS 1.50 EMAB 7.93 FAM 6.10 FBB 10.10 FIN 6.24 FCL 4.47 JSJ 12.51 PRE 10.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.59 1.50 7.92 6.10 10.10 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.03 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.14 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

109.53 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

8,300

2,990

15

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.668 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.141 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.4 4.5 11.9 5.4 13.9 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.32% 3.33% 1.78% 4.92% 4.95% 2.40% 2.68% 4.56% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

NOTICE

NOTICE is hereby given that EMMANUEL HENRIZIER of Key West Street, P.O. Box N7050, 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 23rd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

INTENT TO CHANGE NAME BY DEED POLL

BISX ALL SHARE INDEX: CLOSE 2,050.06 | CHG -0.37 | %CHG -0.02 | YTD -13.51 | YTD% -0.65 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.95 4.50 12.51 11.00

there is some trouble with the deal.

“I just got off the phone with Mr Wynn before I came into the room. There was some miscommunication. He is in the Dominican Republic opening a project there.”

Mr Turnquest added: “This deal is very much on track. We expect to have this wrapped up very soon.

The brands associated with the proposal are very wellknown brands to us, and will give Grand Bahama the kind of variety of offering it has been missing.

“We continue to attract interest in Grand Bahama with respect to the tourism industry, with 2018 poised to be a very significant watershed year.

“Every other week it seems a group wants to take a look at the Grand Lucayan property and we’re trying to steer them to other businesses.”

PUBLIC NOTICE

MARKET REPORT THURSDAY, 22 FEBRUARY 2018

mandates the Director of Immigration to make a decision on approval within 14 days of receiving the application. If the director does not respond within that timeframe, the work permit will be “automatically deemed to have been granted”. Work permits issued under the Bill’s provisions will be for a three-year period, and are renewable for the same duration.

Mr Turnquest, meanwhile, said nothing should be read into the Wynn Group chief executive’s absence from the conference speaker line-up, emphasising it was not a sign that the Grand Lucayan purchase is in trouble.

Suggesting that the sale was still on track, Mr Turnquest said: “I know there was some rumour that because Mr [Paul] Wynn is not here to speak today,

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

The Public is hereby advised that I, ALEX SPENCE of Augusta Street, Grants Town, New Providence, Bahamas, intend to change my name to ALEX HAMILTON.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

NOTICE is hereby given that LUSIANA SANIA of Fortune Bay, Freeport, Grand Bahama Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that JOANNE JEUNE of Deveaux Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE A majority shareholder in a land holding company wishes to joint venture with a suitably qualified construction company, or individuals, to develop 200 acres of property on North Long Island Bahamas.

Contact us at

rahming361@gmail.com for further information.

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

THE TRIBUNE

Friday, February 23, 2018, PAGE 5

Let Oban project move ‘without sailing through’ FROM PAGE 1 another defendant, “misappropriated more than $3.7 million of investor funds” from a “defunct hedge fund” they ran, called the KFSI Equity Fund.

However, it emerged yesterday that Mr Krieger also pled guilty in November 2006 to a criminal case brought against him by the state of Florida involving the same fund. He was barred from acting as a broker/dealer investment adviser for seven years and, together with his father, ordered to pay a $1.292 million fine.

Tribune Business also revealed that Mr Krieger was sued by the Bahamasbased judicial manager for British American Insurance Company (BAICO), who accused him of misappropriating $8.7 million of the collapsed insurer’s funds for his own personal use.

This newspaper’s revelations about Mr Krieger, and the backgrounds and seemingly ‘overstated’ qualifications of other Oban principals, raised serious questions about the level of government due diligence conducted on the Oban Energies project before the Heads of Agreement signing.

Queries were also raised over whether Mr Krieger was a ‘fit and proper person’ to be leading such a major investment in the Bahamas, although he told this newspaper his role was “more of an ambassador” and he was not a shareholder in Oban Energies.

But, amid the environmental concerns and questions over whether the developer has the necessary experience and financing, Mr Gomez’s outlook tapped into a growing body of opinion that suggested the Oban Energies project should be allowed to proceed - albeit with caution.

This take suggests that the ‘opportunity cost’ in terms of missing out on such a project, especially the jobs, economic activity and investment it is projected to create, would be significant if the plug is pulled now - provided the project is ‘for real’.

“Suppose the project is complete and can increase employment,” Mr Gomez said. “That is number one for the Government, and increasing the tax base is number two. What do you have to lose?”

He suggested that the Government’s message to the developer should be “go get the money”, and then subject it - and its principals - to a vigorous assessment and review process.

“I think they should proceed,” Mr Gomez said of Oban. “It will still employ people and get some economic activity going. But the Government mustn’t half step. You don’t want anybody coming in, laying the foundation and they have no money to go further than the foundation.

“If they [Oban] pass the smell test at the Investments Board and other processes, they should be allowed to proceed.”

Mr Gomez added that he was “a little concerned” that Oban Energies had so quickly removed the website names and biographies of its principals following this week’s revelations, questioning whether this indicated “there are other people on there that you don’t want the public to know about”.

The Baker Tilly Gomez partner’s comments echoed those of K P Turnquest, the Deputy Prime Minister, who yesterday urged Grand Bahama residents to look beyond the controversy surrounding Mr Krieger and the other principals and focus on Oban Energies’ potential economic benefits.

Dr Hubert Minnis on Wednesday indicated that the Government knew about Mr Krieger’s

past prior to signing the Heads of Agreement, and implied that it was comfortable enough for the deal to proceed.

Oban Energies, meanwhile, was proceeding with its plans as its environmental and engineering teams, together with their consultants, began meeting with government officials to ‘scope out’ the terms of the Environmental Impact Assessment (EIA) for the project.

However, Tribune Business sources familiar with developments said the group is also in the process of hiring a public relations (PR) firm, and engaging attorneys in Nassau and Freeport, to combat the negative publicity surrounding it.

Other contacts close to Oban Energies said the project was “for real”, questioning why banks and investment houses were willing to make multimillion dollar financing available once all necessary approvals and permits are obtained from the Government.

“They have it,” one source, speaking on condition of anonymity, said.

“I’ve seen the letter, and the Government’s seen the letter. I don’t think the Government would have signed that [the Heads of Agreement] without seeing the money.

“They’re [the banks] ready to fund it as soon as the permits are issued.

They’re for real. The financing is still there, so there must be something.

It must be a good project.

I think it’s a good project; time will tell. I think you’ll see some serious players coming forward in the next few weeks.”

Oban Energies’ financing partners are Stifel, Nicolaus & Company, the St Louisbased investment bank, and Drexel Hamilton, another finance house, according to the developer’s website.

A Drexel Hamilton representative was at Monday’s Heads of Agreement signing.

The source suggested such financing would not be available to Oban Energies unless the banks were convinced of the project and group’s merits.

They added that Oban Energies had been fully paying all its Bahamian consultants and advisers on time, and said Mr Krieger - who had been working on the project for nearly a decade - “didn’t try to hide” his issues with the SEC from the Government.

“I hope and pray, and think, it’s a real project,” the source said. “God knows we need it. It would be good to see the Bahamas get on a run.”

They added that Oban Energies was seeking to exploit the Jones Act, which requires a foreignflagged vessel leaving a US port to call at an overseas destination before returning to the US. In this way, a foreign flagged vessel will bring crude to Oban’s facility, where it will be refined and taken back to the US. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, yesterday said “decades of opaqueness” in the investment approval process had contributed to the controversy.

“I think that we have a while to go before people fully trust the vetting and interaction with government and foreign investors because of our history; decades of opaqueness,” he told Tribune Business.

While more transparency was necessary, Mr Aubry said that as a jurisdiction dependent on foreign direct investment (FDI) the Bahamas could not subject investors to such intense scrutiny that it drove bona fide ones away.

“In trying to attract foreign direct investment, we don’t want them to feel they’re under the microscope,” he said.

PUBLIC NOTICE REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS The Public is notified for general information that the following persons have renewed their licenses as of January 1st, 2018. These licenses are valid until December 31, 2018. The public is advised that the list of names below include registered, licensed members of The Bahamas Real Estate Association. The public is further advised that only licensed real salesmen and brokers are legally permitted to conduct the business of real estate in The Bahamas.

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Neil Helen Antoine Ethan W. Charles Greg Mark William (Bill) Samara Christopher Roy-Anne Sarah Margo Carl Clara Dale Pauline Mackenson Sonya Christopher Silvina Kenneth Paul D. Raymond Linda Kim V. Bianca Shelly Christopher M. Anthony F. Floyd Robert Paula Peter Brian Marilyn Angelika Roy E. Mikhail D. Tracey Bianca Kevin L. Deborah Sebastian Nicholas C. Luicito Lorraine Rowan Charles J. Leroy Pauline O. Andrew James C. Gilbert Jane-Michele Anne John F. Erin Wilshire Godfrey Patricia Jeffrey B. Wendie F. Leon Nikki Diane Brian Katherine A. Bursell R. Joan Keva J Monica O. Ashley Livingston Geoffrey Geoffrey G. Robin B. Brittany Andrea G. Garth H. Jolika F. Hugh Giselle Elvis Shelley Monalisa Faye George W. Claudius A. Jerry Sara Jason Michelle Garneth Albert Lindsey Arlington Carla Mario A. Frank C. Paul H. Heather Levant Sasha Denise Bryce Ridley Shirley Lisa M. Mark Harcourt Charles Brent C. Clinton Steven Cheryl D. Monique Steven L. John I. Shane Terrol Chavaz Gilbert Robin Anna Kenneth Simon Bobby Cara Diane Charles A. Gavin John W.C. William McPh. Steffan P. Donald Tara Christopher Raymond Craig Samuel Douglas Samira Arthur Gregory John Charlotte Penny Paul Kevin J. C. Kenneth Audrey Kent Joseph R. Darvin Terez Lamont Dwayne George Nicholas Nicholas Dennis Donna Christopher E. Suzette Paul C. Valerie Angela Ambrose B. Donna Katera Lamond Dolly John Linda Jonathan Marcella Nicholas Richard C.

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PAGE 6, Friday, February 23, 2018

Gov’t needs ‘high gear’ to reverse corruption slide FROM PAGE 1 International’s Corruption Perceptions Index could come under further pressure if the Government failed to deliver.

And he revealed that the first-ever “in country” report on corruption perceptions and experiences in the Bahamas, using Transparency International’s Global Corruption Barometer, is likely to be published by the end of April.

Mr Campbell expressed hopes that the findings would “drive public policy” in the fight against corruption, given that it will be based on on-the-ground sources and testimony.

He was speaking after the Bahamas dropped just four spots, from 24th to 28th, in Transparency International’s just-published 2017 Corruption Perceptions Index. While still well-placed, Barbados has surpassed this nation as the Caribbean’s leastcorrupt country. And the Bahamas’ ‘65’ score is its “lowest” ever points tally and ranking.’

While no cause for immediate alarm, Mr Campbell warned that the Bahamas could not allow such slippage to become a trend, as it has with the World Bank’s ‘ease of doing business’ rankings. And he pointed out that nations should be improving, not sliding, when it came to anti-corruption perceptions.’

“The decreased score for the 2017 Corruption Perceptions Index may be attributed to a number of corruption scandals brought to light in 2017, as well as the corruption charges brought against some politicians,” Mr Campbell told Tribune Business.

“Now is the time for the Minnis administration to go into high gear in addressing the necessary anti-corruption reforms they campaigned on, such as the full enactment and enforcement of the Integrity Commission Bill and Freedom of Information Act – which we haven’t heard much about lately from the Government.”

Mr Campbell said the corruption charges brought against two former Christie administration Cabinet ministers and exPublic Hospitals Authority chairman, Frank Smith, “all send a signal to the international community”.

He added: “The Minnis administration campaigned on transparency, accountability and anti-corruption.

Last year was a very active year on corruption in the Bahamas. Now we need; the Government needs to implement the anticorruption legislation they campaigned on and promised.

“We’re talking the Integrity Commission Bill that was tabled, but we don’t know when the debate will happen; the Freedom of Information Bill which has long been talked about but still no debate on that; and the Fiscal Responsibility Bill dealing with the Government’s finances.

“The international community will be looking to see whether the administration will act on the promises made on the campaign. Fiscal Responsibility and anti-corruption were top of their agenda,” Mr Campbell told Tribune Business. “Fast forward almost a year and we still don’t see any movement towards finalising this legislation.

“Unless they act on it, there’s going to be some concerns going forward on our ranking in these indices.

It could have some effect going forward.”

Mr Campbell said it was vital to investor confidence - both Bahamian and international - that this nation crackdown on corruption, taking measures to both mitigate it and punish it when proven.

“When any investor looks to invest in a country they’re going to look at the ‘ease of doing business’, and what’s related to that is corruption,” he told this newspaper.

“It’s very important the signals we’re sending to the international community, and to our local investors.

We have to protect them as well, because if corruption is around it makes it very difficult for them to do business. This has to be a top priority, not just in talk but action.”

Corruption typically increases the cost of doing business for many companies, which are then almost inevitably passed on to consumer and taxpayers. It also undermines fairness, equity and integrity within an economy when it comes to conducting commerce, and acts as a breeding ground for other serious crimes.

“It’s important that we mitigate corruption because corruption has always been around, and it will always be there,” Mr Campbell said. “It’s important countries mitigate it. It makes it easier to conduct business in a society that has less corruption.

“You don’t have to worry about paying rent to a public official, and to have to pay to get things done; higher fees, arbitrary payments to public servants.

All this arbitrariness is associated with a high level of corruption.

“We should strive to be a leader of good governance, not just in the region but in the hemisphere, by making the necessary reforms needed for our particular jurisdiction. In doing so, we can’t just focus on emulating developed countries, such as Singapore and the UK, that have a completely different socioeconomic context to the Bahamas.

We need to look at other developing countries, with contextual similarities to the Bahamas, who have made significance strides in mitigating corruption and improving governance.”

Mr Campbell explained that Transparency International’s Corruption Perceptions Index 2017 was based on results from a combination of three surveys - the Global Insight Country Risk Rating; the World Justice Project Rule of Law index; and the PRS International Country Risk Guide.

He added that a drop in one of these indexes, such as the Bahamas’ two-spot fall in the World Justice Project Rule of Law index last year, would affect a country’s ranking.

The Citizens for a Better Bahamas chief, though, said Transparency International’s Global Corruption Barometer was set to produce the first-ever report on “corruption perceptions and experiences from citizens” in the Bahamas.

“We’ve already conducted the survey and are finishing the report,” he said. “In the coming weeks we’ll have the results published on that for the Bahamas. It’s the first time we’ll have a real, in-depth corruption study done for the Bahamas. The hope is it will drive public policy, given that it is from the citizens themselves.”

Mr Campbell said the report was likely to be released towards the end of April 2018.

THE TRIBUNE PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS First Judy E. Darnette John B. Jacob S. Sarah Guerda Steve Tamara Robert Marcia William Othniel Adam Peter Karen Valderine Patricia E. Cheryl Allan Linda Garnett L. Ritchie Roshanne Adell Jennifer E. Christopher Tyrell Alaric B. Glenn Tenecia Ruth Tiffany Bradley Joerg Peter Godfrey Tina Alexandrea Calrissen L Charlene Steve Donna Cristobal Gregory P. Nakeisha William Brooke Dolly Carolee Stuart Raquel Lakeisha Walter Bishop Aubrey P. Brian K. Willis L. Godfrey Cheryl M. Garren A. Charles C Gennyne Gustaf Christopher Jerlean Dudley Lauren Lydia Margo P. Philip Taryn Ann Marie Diane Leo Priscilla B. Judith Maxine Mark Marcus Nakia Sally D. Sharmaine Demetri Vanessa Christian Carl L. Desiray Kirk Stephen Jack Steven Harold Wendy A. Josefina Trevor W. Stephen Shayne Ingrid Troy Jennie Chevez Kiara Arthur Aston Advara Alexander Jacquelyn L. D Patricia Dale Andrew Phillip Jennifer Anne Kim Laura Jason Kally Rudolph Craig Linda Olivea Danielle R. Henry Aaron Franklyn Monica Joicelyn Shannon Gina L. Lacharah David A. Mark A. Janae C Vicky M. Sherrie Donna Andre W. Jasmine Roger S. Prince Colin Christopher E. Chris J Michael Edwin Heather Rhodney Hartman Daniel Daniel Robyn Andrew A. Neil A. Joseph F. M. L Rashad Mervyn James Kennedi Spencer Kristina Donald P. Michelle Carmen G. Jorge Eugene-Gino Jason Sean Mary Dave Alex Jacqueline H. Giselle Desmond Antoinette Tamina C. D. Neil Samone Dorothy Martina Kurt Junior Anthony Irene Anthony Nicholas Bernadette H.J. Bradley Glenn Greg V. Desaree Erica Edward A. James S. David G. David F. Bianca Jonathan P. Sherry Celeste Henry Neville Emmanuel Nicolas E.P. Jennifer Bogart Maria M. Michael N. James George

Last Deveaux Deveaux Dillett Disston Disston Dolce-Culmer Donovan Dorsett Dorsett Duncan Duncombe Duncombe Duncombe Dupuch Duvalier Edgecombe Edgecombe Edgecombe Egidio Eldon Ellis Eyma Eyma Farquaharson Farrington Farrington Ferguson Ferguson Ferguson Ferguson Forbes Forbes Fox Friese Galanos Gardiner Gascoigne Gatis Davis Gibbs Gibson Glasgow Glinton Gomez Graham Gray-Wallace Green Greene Griffin Halbert Halbert Hall Hamilton Hanchell Hanna Hanna Harding Harding Harding-de Goioechea Hepburn Hepburn Hepburn Hernqvist Herrod Hield Higgs Higgs Hill Hillhouse Hillier Hinsey Holowesko Hall Holowesko-Dunkley Huber Hudson Hurlock Hussey Hussey Hutcheson Hutcheson Hutcheson Hutcheson Huyler Ifill Illing Ingraham Ingraham Isaacs Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson-Ramirez Jones Jones Jones Joos Jupp Kemp Kemp Kemp Kemp, II Kettel Kikivarakis Kimble Kinsale Klonaris Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles-Andrews Knowles-Stuart Laing-Jones Lee Lee Legros Lewis Lightbourn Lightbourn Lightbourn Lightbourn Lightbourn Lightbourn Peterson Lloyd Longley II Lowe Lowe II Lowe-Davis Mactaggart Mactaggart, Jr. Major Major Major Jr Malcolm Mallory Mallory Malone Martinborough Martinborough Massoni Mauricio Maycock McCarroll McCaroll McCartney McCorquodale McIntosh McIntosh McIntosh McKenzie McKinney McKinney McKinney-Blackwood McNamara McSweeney Melnechuk Mernard Miaoulis Miaoulis Miaoulis IV Miaoulis Miller Miller Miller Miller Mingo Minnis Moir Moncur Morley Morris Morris Morris Morrison Moser Mosko Mosko Mosko Mosko Mosko Mosko

Category Postal Address Broker SS-1922248 Salesperson N-1062 Salesperson AP-59217, Slot 2732 Broker N-7776 Salesperson N-7776 Salesperson SP-60213 Salesperson N-732 Salesperson CB-13647 Salesperson EE-15668 Salesperson CR-55091 Salesperson F-41991 Salesperson N-1062 Salesperson EE-17823 Broker/Appraiser EE-17823 Broker CR-56152 Broker SP-60986 Broker SP60986 Salesperson SP-61978 Broker SP 60358 Salesman/Appraiser SS-6668 Broker/Appraiser CB-11517 Salesperson AB-20865 Salesperson AB 20865 Salesperson P.O. Box EL-27235 Salesperson N-1110 Broker AB-22758 Salesperson F-40368 Salesperson SP-60213 Salesperson SP-60592 Salesperson CB-13604 Salesperson EE-16021 Salesperson N-7776 Salesperson SS-19337 Developer LI-30105 Broker/Appraiser CR-54906 Salesman/Appraiser F. H. 14673 Developer CB-11233 Salesperson N 4949 Salesperson N-8822 Salesperson N-1062 Broker N 4505 Salesperson N-8860 Salesperson N 3709 Broker CB-13443 Salesperson #4 Southern Shores Developer Gen. Delivery Salesperson N-4484 Salesperson SS 5693 Salesperson N-1132 Broker N-1132 Salesperson N-1062 Salesperson N-1062 Broker/Appraiser N-1444 Broker N-3162 Salesperson General Delivery Broker/Appraiser DC30647 Broker DC-30716 Salesperson DC-30716 Broker GT-2368 Salesperson N-10119 Salesperson CB-11517 Salesperson CB-13647 Broker CB-13647 Broker F-432221 Developer EL-27569 Salesman/Appraiser General Delivery Salesperson AB-2217 Salesperson EE-16358 Salesperson N-7776 Salesman/Appraiser SS-6041 Broker SS-5977 Salesperson SS-5977 Salesperson N-4949 Broker SP-63985 Broker EX-29420 Salesperson N-732 Salesperson N-732 Salesperson CB 13421 Salesperson CB 13421 Broker/Appraiser CB-13421 Salesperson SP-60074 Salesperson General Delivery Salesperson CB-13421 Salesperson CB-14367 Salesperson EE-16295 Broker N-1062 Broker N-1458 Broker SS-6310 Broker SS-19270 Broker N-7776-151 Broker/Appraiser F-42480 Salesperson SS-5872 Salesperson N-7776 Salesperson N-9473 Salesperson N-1132 Salesperson EE-16439 Salesperson N-732 Salesperson F 43790 Salesperson F-41684 Broker/Appraiser F-41684 Salesperson CB-13272 Salesperson N-4949 Broker EL-26016 Salesperson N-1062 Salesman/Appraiser EX-29031 Salesperson SP-60986 Salesperson EX-29111 Broker/Appraiser AP-59217, Slot 2732 Broker/Appraiser CB-13443 Developer CB-12762#355 Salesperson CB-13443 Salesperson General Delivery Salesperson SP- 60216 Broker CB-12396 Salesperson General Delivery Salesperson AB 20106 Salesperson N-1132 Salesperson SS-6690 Salesperson N-641 Salesperson N-3709 Salesperson General Delivery Salesman/Appraiser SS-6041 Salesperson CB-11911 Salesperson N-1062 Broker N-8164 Salesperson N-1062 Broker F-43790 Broker CB-11196 Salesperson CB11196 Salesperson N-7776 Salesperson N-1132 Broker N-4949 Salesperson CR-56766 Salesperson General Delivery Broker/Appraiser N-4949 Salesperson N-4949 Broker N-4949 Salesperson N-7014 Broker N-8339 Broker F-42748 Salesperson CR56766 Suite720 Salesperson SS-19337 Salesperson AB-20509 Broker SS-19223 Broker/Appraiser FH-14673 Salesperson SS-6193 Salesperson N-1062 Salesperson Gen Delivery Salesperson F40368 Broker/Appraiser F-40368 Salesperson Gen. Delivery Broker N-1132 Salesperson N-1132 Broker SS-6193 Broker N-9128 Broker/Appraiser SP60213 Broker N-3371 Salesperson N-3371 Broker N-1144 Broker EE-17823 Salesperson N-1062 Salesperson AB 22744 Salesperson N-9600 Salesperson SS-19086 Broker N-22 Salesperson SS-6193 Salesperson N-1062 Salesperson N 7776 Salesperson SS-6193 Salesperson CB-11932 Salesperson General Delivery Salesperson SS-6269 Salesperson SS-6269 Salesperson N-1130 Salesperson EL-27235 Broker CB-11639 Broker CB-11605 Salesperson EE-16435 Salesperson CR-56152 Broker SP-61762 Salesperson General Delivery Broker CB-13836 Salesperson F-43250 Broker/Appraiser SS-19085 Salesperson CB- 11560 Salesperson EL-25009 Salesperson N-4484 Salesperson SS-6481 Developer EE-15832 Broker N-1130 Broker N-1130 Salesperson N-1130 Salesperson F-40368 Broker F-40368 Broker N-641

Town/District Nassau Nassau Caves Village Nassau Nassau Nassau Nassau Nassau Nassau Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Nassau Nassau Nassau West Bay Street Nassau Nassau Marsh Harbour Marsh Harbour Governor’s Harbour Nassau Green Turtle Cay Freeport Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Stella Maris Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Governor’s Harbour Salt Pond Salt Pond Salt Pond Nassau Nassau Nassau Nassau Nassau Freeport Spanish Wells Great Harbour Cay Abaco Nassau Nassau Nassau Nassau Lyford Cay Nassau Nassau Jimmy Hill Nassau Nassau Nassau Nassau Nassau Nassau Tarpum Bay Nassau Nassau Nassau Nassau Nassau Nassau Nassau Lyford Cay Freeport Nassau Nassau Nassau Nassau Nassau Nassau Freeport Freeport Freeport/Lucaya Nassau Nassau Rock Sound Nassau Georgetown Nassau Georgetown Nassau Nassau Nassau Nassau Marsh Harbour Nassau Nassau Tarpum Bay Hope Town East Bay Street Nassau Nassau East Bay Street Nassau Hope Town Nassau Nassau Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour 18 Shirley Street Marsh Harbour Nassau Nassau Nassau Freeport Nassau Nassau Man-O-War Cay Nassau Nassau Nassau Nassau Governor’s Harbour Freeport Freeport Hope Town Nassau Nassau 30 Queen Street Nassau Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Hope Town Nassau Nassau Nassau Dunmore Town, Nassau Nassau Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Nassau Nassau Nassau Nassau Freeport/Lucaya Freeport/Lucaya Nassau

Island New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco Abaco Eleuthera New Providence Abaco Grand Bahama New Providence New Providence New Providence Eleuthera New Providence New Providence Long Island New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Eleuthera Long Island Long Island Long Island New Providence New Providence New Providence New Providence New Providence Grand Bahama Eleuthera Berry Islands Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence Exuma New Providence New Providence New Providence New Providence New Providence New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama Grand Bahama Grand Bahama New Providence New Providence Eleuthera New Providence Exuma New Providence Exuma New Providence New Providence New Providence New Providence Abaco New Providence New Providence Eleuthera Abaco New Providence New Providence New Providence New Providence Eleuthera New Providence Abaco New Providence New Providence New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence Abaco New Providence New Providence New Providence Grand Bahama New Providence New Providence Abaco New Providence New Providence New Providence New Providence Eleuthera Grand Bahama Grand Bahama Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence New Providence New Providence Harbor Island, El New Providence New Providence New Providence New Providence New Providence Eleuthera New Providence New Providence New Providence New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama Grand Bahama New Providence

THE TRIBUNE

Friday, February 23, 2018, PAGE 7 PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS

First Deanna Charles J. Gevon Marcus W. Birgirtha Debra Mark Gregory Lana Sarah L. Cristina Theo Cindy Ed Eric Phillippa Celeste John Marc Eugenie Marie Andrew G. S. Coretta Sara Jane Victor Mitzi KerryAnn Miguel Keith Jessica John Norma Percival R. Dana Rachel K. Leslie Aurelius Craig Denise Candida Holly Norma Sheldon James Christopher Elizabeth Sophia Oscar Vincent Delerese Vanessa Eva Marie Lana Kyla Donna E. Melanie James Martina Aubynette Alva Melissa T. Justin Christopher Molly W. Larry Richard Montague Joseph John Marcellus S Michael A. Tyrone J. Krystle Tim Anton Alvan K. Ceron Katherine Ann Bruce Wendy June Eric Phillice E Christopher K. Patrick B. Mailin Thomas A. Jr Darrin William Christopher Yvette Janice Maria Sara Chad W. Richard W. Stan Elaine Faron Silbert Dwight Nikolai Katina Laurie Wendell E. Daren Andrew J. Cara Nikhil Owen P. Natasha Antoinette Lester Vernal P. Anne I. Timothy Neville Maureen Marsha Jill Laura Julian A. Martin Roy Shawne K Patrick Terrence Osbourne Eulanda Diane Kerry Stephen Carla A. Ricky Roger Jeremy Stafford Rev. Robin Brent T. Claire Janet Paul D. Elaine William ‘Bill’ Christopher Elbert Phyllis D. Steven Jessica Indira Krystal Jennifer Linda Lorraine E. Collingwood Ingrid Danielle Dianna M. Natasha YaEl Christine Dwayne Nicholas R. Ana Elisa Rhonda L.Roberts Daniel Janet Katherine F. Wayne M. Anthony Valerie A. Maria G. Kelli Rosalie Spencer D. Gregg Peter John Harold Harold Roosevelt K. Misty Dawn Roosevelt K. Hazel Beatrice Desiree Madeline Nicola Francisca Vena B. William U. Jason Kristi Ruth Melverna Wellington Steven Trevor Heinz Chantelle Ian Tiffany L. Mary

Last Category Postal Address Mosko-Battello Salesperson F-40368 Moss Broker F41247 Moss Salesperson EE-17944 Moss Salesperson EE-17578 Moxey Salesperson N 1947 Moxey-Rolle Salesperson EX-29008 Moyle Salesperson N-8164 Munnings Salesperson N-4484 Munnings-Basalyga, BRI, CIPS Broker N-4484 Munro Salesperson SS-6193 Murciano Developer C/O N-4875 Neilly Salesperson N 4949 Newell Salesperson AB-20509 Newell Broker AB-20509 Newman Salesperson EX-29427 Newton Salesperson N-3896 Nixon Salesperson EE-15839 Nutt Salesperson SS-6193 Nuttall Salesperson N-7776 O’Brien II Developer N-492 Owen Broker N-12285 Parker Broker CB-10964 Patterson Salesperson General Delivery Patterson Broker AB-20123 Pearce Salesperson AB-204599 Pearce Salesperson CB-13911 Perez Salesperson N-1132 Philippe Salesperson N-8164 Pinder Salesperson AB-20404 Pinder Salesperson General Delivery Pinder Salesperson N-8164 Pinder Salesperson AB-20473 Pinder Salesperson SS-6193 Pinder Broker/Appraiser N-3709 Pinder Salesperson AB-20179 Pinder Broker SS-6894 Pinder Salesperson EL-27424 Pinder- Carey Salesperson N-4949 Pinder- Peel Salesperson Gen. Delivery Pinder Salesperson N-758 Pitt Broker CR-56766 Slot720 Pleydell-Bouverie Salesperson AB-22950 Plummer Broker AB-22705 Plummer Salesperson AB-22705 Porras Salesperson CB-13443 Porter, Jr. Broker F-40111 Pratt Salesperson N-368 Pratt Salesperson CB-13443 Pritchard-Ansell Salesperson N-732 Pyfrom Salesperson CB-13000 Rademaker Broker N-732 Ralston Broker CB 13604 Rees Broker AB-20149 Rees Broker SS-19085 Rees Broker AB-20149 Reichardt Salesperson N 8164 Rigby-Clarke Salesperson General Delivery Ritchie Salesperson N-8339 Salesperson EE-16336 Ritchie-Wilkinson Ritchie Salesperson CB-13647 Roberts Broker AB-20856 Roberts Salesperson AB-20856 Roberts Broker N-1132 Roberts Salesperson N-732 Roberts Salesperson 61 Harbour Island Roberts Broker A B 22183 Roberts Salesperson AB-20404 Roberts Broker SS-6070 Rodgers Salesperson N-8164 Rodland Broker CB-11354 Rodrigues Salesman/Appraiser SS-6041 Rolle Broker/Appraiser N-7401 Rolle Salesperson GT-2513 Rose Salesperson DC 30699 Rowan Salesperson CB 13443 Rowe Broker EX-29178 Russell Broker AB20967 Russell Broker SS-6041 Russell Salesperson N-1062 Russell Salesperson SS-6310 Rutherford Broker/Appraiser N-4182 Sands Salesperson AB-20900 Sands Broker/Appraiser EL-26030 Sands Broker General Delivery Sands Salesperson N-1132 Sands Salesperson CB-11246 Sands Salesperson SP-64205 Santillo-Silvester Broker AB-20900 Saunders Salesperson SP-64124 Sawyer Broker AB-20404 Sawyer Salesperson N-732 Sawyer Salesperson AB-22127 Sawyer Salesperson N-1480 Sawyer Broker AB 20485 Sawyer Salesperson N-4098 Sawyer Salesperson N-641 Schopper Salesperson N 7776 Schreiner Salesperson General Delivery Seymour Broker SS-6938 Seymour Salesperson N-8164 Seymour Jr. Salesperson CR 56766 Suite 720 Seymour-Collie Salesperson N 282 Shah Salesman/Appraiser AB-20509 Shepard Salesperson N-4949 Shephard Broker EL-27235 Smith Broker N-1110 Smith Salesperson CB-13316 Smith Broker N-7776 Smith Salesperson CB-13304 Smith Broker EE-16224 Smith Salesperson AB20455 Smith Salesperson N-1062 Smith Salesperson LI30 .105 Smith Salesperson N-1130 Smith Salesperson CB-11001 Solomon Developer N-4818 Solomon Salesperson CB-13647 Springer Salesperson General Delivery Stevenson Salesperson N-8096 Strachan Salesperson AB-22554 Stuart Broker/Appraiser N-10119 Stuart Salesperson N-9715 Sturm Broker SS-6299 Sullivan Broker General Delivery Sweeting Broker N-1110 Sweeting Broker/Appraiser SS-19085 Sweeting Salesperson EE- 17823 Sweeting Salesperson General Delivery Symonette Broker AB-22221 Symonette Salesperson N-3709 Symonette Broker N-3709 Thackery Salesperson SP-60143 Taylor Rich Broker General Delivery Thompson Salesperson AB-22705 Thompson Broker AB-20404 Thompson Broker AB-20404 Thompson Broker General Delivery Thompson Broker/Appraiser N-8164 Thompson Salesperson N-1062 Thompson Salesperson General Delivery Thompson Salesperson N-8164 Thompson Salesperson N-1130 Treco Salesperson SS-6650 Treco Salesperson CB-11932 Treco Salesperson SP-64205 Turnquest Broker N-8408 Turnquest Broker EX-29101 Tynes Stuart Salesperson GT 2494 Van Wynen Salesperson N-3371 Vargas-Phillpot Salesperson SS-5151 Vythoulkas Salesperson N-4949 Walcott Salesperson EE-17823 Wallace-Whitfield Broker N-3709 Wallas Salesman/Appraiser AB-20777 Ward Broker SS-2636 Wassitsch Salesperson N-1132 Waton Salesperson General Delivery Waton Salesperson General Delivery Watts Broker/Appraiser EX-29122 Weech Salesman/Appraiser General Delivery Wells Broker CB 12644 Wells Broker/Appraiser N 3709 Wells Broker EE-16021 Wells Salesperson General Delivery Wells Salesperson N-8860 Wells -Fawkes Salesperson CB-11120 White Broker/Appraiser N-4949 SS-6222 White Broker Whitehead Salesperson EX-29453 WhiteIII Developer N-4820 WhiteIII Developer N/A Whyms Broker EE-17617 Whyms Salesperson EE-17617 Whyms Developer EE-17617 Wicky Broker N-3709 Wilchcombe-Aranha Salesperson CB 11992 Wilkinson Salesperson N-732 Williams Salesperson N-1062 Wolfe Salesperson F 43440 Wong Broker/Appraiser CB-11932 Wong Salesman/Appraiser N-1132 Wong Salesperson AB-20757 Wong, J.P. Broker N-535 Woods Broker/Appraiser CB-11777 Wright Developer N-4825 Wszolek Broker N-7113 Wszolek-Euteneuer Salesperson N 7113 Young Salesperson EE 16021 Young Salesperson N-7999 Zervos-Knowles Salesperson N-1132 Signed: Registrar of Real Estate Bahamas Real Estate Association Date: January 1st, 2018

Town/District Freeport Freeport Nassau 58 Shirley Nassau Nassau Jimmy Hill Nassau Nassau Nassau Nassau Nassau The Current Marsh Harbour Marsh Harbour Georgetown Nassau Nassau Nassau Nassau Nassau Nassau Nassau Hope Town Marsh Harbour Marsh Harbour Nassau Nassau Nassau Marsh Harbour Hope Town Nassau Marsh Harbour Nassau Nassau Nassau Nassau Spanish Wells Spanish Wells Marsh Harbour Nassau Nassau Man-O-War Cay Green Turtle Cay Green Turtle Cay Nassau Freeport/Lucaya Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Nassau Marsh Harbour Nassau Georgetown Nassau Nassau Nassau Marsh Harbour Marsh Harbour Nassau Nassau Harbour Island Treasure Cay Marsh Harbour Nassau Nassau Nassau Nassau Georgetown Nassau Hamilton’s Nassau George Town, Marsh Harbour Nassau Nassau Nassau Nassau Marsh Harbour Governor’s Harbour Spanish Wells Nassau Nassau Nassau Marsh Harbour Nassau Marsh Harbour Nassau Treasure Cay Nassau Marsh Harbour Nassau Nassau Nassau Marsh Harbour Nassau Nassau Nassau Nassau Marsh Harbour Nassau Harbour Island Nassau Nassau Nassau Nassau Nassau Marsh Harbour Nassau Stella Maris N-1130 Nassau,Bah Nassau Nassau Nassau Harbour Island Paradise Island Treasure Cay Nassau Nassau Blair Estates Hope Town Nassau Nassau Hope Town Man-O-War Cay Treasure Cay Nassau Nassau Nassau Great Harbour Cay Hope Town Marsh Harbour Marsh Harbour Hope Town Nassau Nassau Hope Town Nassau Nassau Nassau Nassau West Bay Street Nassau Georgetown Alice Town Nassau Nassau Nassau Nassau East Bay Street Marsh Harbour Nassau Nassau Governor’s Harbour Governor’s Harbour Georgetown Alice Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Georgetown Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Freeport Nassau Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau

Island Grand Bahama Grand Bahama New Providence New Providence New Providence Exuma New Providence New Providence New Providence New Providence New Providence Eleuthera Abaco Abaco Exuma New Providence New Providence New Providence New Providence New Providence New Providence New Providence Abaco Abaco Abaco New Providence New Providence New Providence Abaco Abaco New Providence Abaco New Providence New Providence New Providence New Providence Eleuthera Eleuthera Abaco New Providence New Providence Abaco Abaco Abaco New Providence Grand Bahama New Providence New Providence New Providence New Providence New Providence New Providence Abaco New Providence Abaco New Providence Exuma New Providence New Providence New Providence Abaco Abaco New Providence New Providence Eleuthera Abaco Abaco Bahamas Bahamas New Providence New Providence Exuma New Providence Long Island New Providence Exuma Abaco New Providence New Providence New Providence New Providence Abaco Eleuthera Eleuthera New Providence New Providence New Providence Abaco New Providence Abaco New Providence Abaco New Providence Abaco New Providence New Providence New Providence Abaco New Providence New Providence New Providence New Providence Abaco New Providence Eleuthera New Providence New Providence New Providence New Providence New Providence Abaco New Providence Long Island New Providence New Providence New Providence New Providence Eleuthera New Providence Abaco New Providence New Providence New Providence Abaco New Providence New Providence Abaco Abaco Abaco New Providence New Providence New Providence Berry Islands Abaco Abaco Abaco Abaco New Providence New Providence Abaco New Providence New Providence New Providence New Providence New Providence New Providence Exuma Bimini New Providence New Providence New Providence New Providence New Providence Abaco New Providence New Providence Eleuthera Eleuthera Exuma Bimini New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Exuma New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama New Providence New Providence Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence

‘Wake up, smell roses’ over sanctions threat FROM PAGE 1 was exceeding international anti-money laundering and counterterror financing standards by treating property and casualty insurance in this manner. It pointed out that the Financial Action Task Force (FATF), the global standard setter in this area, did not mandate general insurance’s inclusion in the ‘financial institution’ list. The BIA also warned that if the Bahamas had proceeded, the enhanced Know Your Customer (KYC) and due diligence requirements would have added to the sector’s costs and ‘red tape’ at exactly the same time the Government is seeking to improve the ‘ease of doing business’ and the affordability of insurance products.

The Government had offered the property and casualty sector a ‘one-year’ transition period to adjust to these demands, but Mr Bethel said that was now “out the window” as a result of acceding to the industry’s call.

He added that the Government had compensated through changes to the Proceeds of Crime Bill, which now give the Minister power - following consultation with the committee overseeing that legislation - to immediately require an industry to implement riskbased KYC assessments once designated a ‘financial institution’ by the FATF. “I instructed my draftsperson to nip this in the bud,” Mr Bethel told Tribune Business of the change, while emphasising that the property and casualty industry’s inclusion in the FATF’s ‘financial institution’ list “is coming”.

He said this was already acknowledged by the International Association of Insurance Supervisors (IAIS), something the BIA disputes, and added that the Bill changes would enable risk-based customer assessments to begin “the same day” the FATF moves.

“The year [transition] has gone out of the window,” the Attorney General added. “We can’t on the one hand make the concession this great and, when the recommendation comes down, say you need a year for it. That just cannot happen.”

Emmanuel Komolafe, the BIA’s chairman, yesterday welcomed the Attorney General’s confirmation of the legislative change, but warned that a ‘transition period’ would be required regardless of whether one year is stipulated or not.

He explained that implementing risk-based KYC assessments was not as simple as “flipping a switch”, as insurers would have to apply such processes to their existing client portfolios and adjust their systems accordingly.

“It’s welcome news, and we’re thankful the Government has taken that position to remove general insurance as there’s no precedent for it from an international perspective,” Mr Komolafe told Tribune Business. “I’m glad they took a look at it, reviewed it and decided to change it.”

Mr Bethel, meanwhile, implied that by focusing on its concerns, the Bahamian insurance industry was missing the ‘bigger picture’ in the shape of the threat posed to the wider financial services industry and economy in the form of potential sanctions.

Arguing that it was only ‘a matter of time’ before property and casualty insurance was defined as a ‘financial institution’ by the FATF, the Attorney General told Tribune Business: “This process could well lead to financial consequences for the country, not one industry.

“Trinidad has had $7.50 added to every single financial transaction, in or out, on the basis of the enhanced review process.

That is the kind of sanction we are intent on avoiding.

It is bigger than any single undertaking in the country.

“This is about country now. I don’t know when people are going to wake up and smell the roses that the world is serious about cutting off potential avenues for criminals and terrorists to launder their money.”

Mr Bethel explained that the Government was pushing the Financial Transactions Reporting and Proceeds of Crime Bills rapidly through Parliament as the Bahamas has just four months to make the necessary upgrades to its financial services regulatory regime.

Past June, any improvements will not be recognised by the review team that comes to assess whether the Bahamas has dealt with the regulatory weaknesses identified in the CFATF report to the international community’s satisfaction.

Tribune Business last year revealed that the Bahamas seemed to have regressed on its financial crime defences, with the CFATF’s 2017 Mutual Evaluation Report (MER) findng this nation only ‘partially compliant’ on 21 - more than 50 per cent - of 40 ‘technical’ standards.

While the Bahamas was deemed ‘non-compliant’ with just one standard, and found ‘compliant’ and ‘largely compliant’ on eight and 10, respectively, the CFATF report also rated this nation as in either ‘moderate’ or ‘low’ compliance with its 11 ‘effectiveness’ ratings.

“We’re operating on a very tight deadline,” Mr Bethel told Tribune Business. “The time is limited for us to put in place a framework that will be sufficiently strong and aggressive to cause the negative [CFATF] evaluation to be re-rated.”

He added that the “enhanced review process” the Bahamas is now subject to is being directed by the CFATF’s Paris-based parent, the FATF, and the assessment team will not consider any improvements made after June to this nation’s regulatory regime.

“Whatever framework we come with has to be one that can pass muster now,” the Attorney General explained. “Our flexibility and ability to manoevere is limited by time.... The assessment of the improvements in our supervisory system is going to be based on what we have in place by June.”

Mr Bethel said jurisdictions that failed to escape the ‘enhanced review process’ were being subjected to sanctions as a “self-defence mechanism” initiated by other countries, and placed on a so-called ‘grey’ list.

“That’s where Trinidad is,” he explained. “Having gotten to the point where they didn’t implement a supervisory regime sufficient to satisfy the assessment, they were put on a ‘grey’ list.

“We’re intent on avoiding that. We got left a bowl of porridge by the previous administration, and are doing this in good faith with all parties to advance a workable solution that enables the Bahamas to be compliant with all best international practices in all these areas.”

Mr Bethel said some of the issues that caused trouble for the Bahamas in the latest CFATF rating were not necessarily within the FATF’s mandate and ‘40 recommendations’. As an example, he said this nation was hit for “frontline” bank staff being unaware of the need to look out for “proliferators” of nuclear and mass destruction weapons.

He explained that this was what the Government had been seeking to do with property and casualty insurance, bringing them and other issues that may “arise in the future” under the risk-based KYC framework for non-financial institutions.

“You never know what tomorrow holds,” the Attorney General added.

PAGE 8, Friday, February 23, 2018

THE TRIBUNE

DPM urges: Focus on Oban’s benefits FROM PAGE 1 focus on the benefits that this project will bring to Grand Bahama,” he said.

“There is more to the story than what you see. You will probably be hearing more about that as the project proceeds.”

Mr Turnquest said the Oban Energies group was in east Grand Bahama yesterday, beginning their Environmental Impact Assessment (EIA).

“We have confidence that this project will move forward; the funding is available,” he added.

“The environmental concerns will be addressed and, at the end of the day, we will have a project that will be a catalyst for the development of Grand Bahama as a whole and east Grand Bahama, in particular.”

Mr Turnquest continued: “I saw some comments

on social media saying we gave the land away and we should take it back.

“The truth of the matter is we haven’t given away any land, and everything is contingent on the requirements in that Heads of Agreement, which will be tabled.”

Oban Energies signed a Heads of Agreement with the Government on Monday, as the Progressive Liberal Party (PLP) raised concerns over the company’s financial capabilities and track record in the oil industry.

Concerns have also been expressed over the fact that the company has signed a Heads of Agreement with the Government before completing the EIA, which Mr Krieger said would be completed in 45 days. Sources subsequently suggested this was an almost-impossible timeline that is unlikely to be achieved.

Mr Krieger’s past legal issues, exposed this week, have cast more suspicion over the project. Mr Krieger paid $110,000 to settle an SEC lawsuit about a decade ago, although he did not admit guilt or innocence in the case.

He was also a defendant in a legal action filed in 2013 by the Bahamas-based judicial manager for a sister company of the insolvent insurer, CLICO (Bahamas), in which he was accused of misappropriating $8.7

million of the company’s funds for his own personal use. The case against him was dismissed after it was determined that the statute of limitations had passed.

Mr Krieger has stressed he is an “ambassador” for Oban Energies, and will have an “extremely limited” role once approvals are obtained.

Prime Minister Dr Hubert Minnis told reporters on Wednesday that the Government was aware of Mr Krieger’s past before the Heads of Agreement was signed.

Kwasi Thompson, minister of state for Grand Bahama, while addressing the Business Outlook defended the project as a positive development for Grand Bahama’s ailing economy.

“For those living in Grand Bahama, you see the value in this project,” he said.

“For those who do not live and feel our plight here should be careful not to judge so quickly. We expect that the approval process will continue to the next stage, which is the Environmental Impact Assessment stage.”