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FRIDAY, FEBRUARY 26, 2021
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Gov’t facing ‘ejection’ over $26m land claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government is being threatened with “ejection” from the North Eleuthera Airport and other assets unless it pays almost $26m in compensation for their use over a six-decade period. Attorneys representing 3,000 “common” land owners, in a February 17, 2021, letter to the Prime Minister, warned their clients will initiate legal action over the Government’s alleged violation of their constitutional and property rights in taking their land without paying a single cent for it. In a move that threatens to disrupt the $65m North Eleuthera Airport
* Threat to disrupt $65m North Eleuthera airport * 3,000 commoners warn Gov’t ‘willful trespasser’ * Say left with no choice; ‘pleas fall on deaf ears’ expansion, the Harbour Island Commonage Committee wants reimbursement not only for land that the present facility has occupied since 1959, but also the 450-acre and 30-acre sections that were taken for wellfields and the district dump in the mid-1990s. Richette Percentie, of KLA Chambers, writing on behalf of the Committee and the 3,000 it represents, argued that in the circumstances the Government is “a willful trespasser” on their land and that her clients will seek its eviction via the courts unless their
demands are “speedily” resolved. Reiterating that the Committee and the commoners were “eager” to see the airport’s expansion “come to fruition” but aghast at how this is being done, Ms Percentie said her letter was “a final appeal” to the Government for it to alter course after all earlier pleas “went on deaf ears”. She told the Prime Minister: “As you are are aware, the Government agencies - the Ministry of Transport and Aviation, Water & Sewerage Corporation and the Ministry of Works - have occupied various portions
of the commonage land for decades. “In particular, the Government has occupied land at the North Eleuthera Airport (150 acres) since 1959, and an additional 100 acres since 1986; land at the North Eleuthera Garbage Dumps (30 acres) since 1996, and the Water & Sewerage Corporation has occupied the water fields (450 acres) since 1994. “However, none of those agencies are registered commoners, which is in clear breach of the Commonage Act. Additionally, the Government has unlawfully allowed persons and
ALGERNON Cargill companies that are noncommoners to enter the airport to operate businesses at a profit. These are SEE PAGE B6
NIB chair: We’ll recover $10.8m • ‘Significant portion’ already paid back • Won’t enter any more MoU style deals • Blames Housing Ministry for project woe By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE National Insurance Board’s (NIB) chairman yesterday reassured social security beneficiaries it will recover the $10.8m Ministry of Housing loan that was the subject of a scathing auditor’s report. Troy Smith told Tribune Business
that the present NIB Board has made “a conscious decision” not to enter into any more Memorandum of Understanding (MoU) type arrangements such as the one that governed the controversial loan, adding that problems arose because oversight responsibility was shared with the Ministry of Housing and the Environment. SEE PAGE B4
DOWNTOWN CHIEF ‘NOT AS NEGATIVE’ AS CARNIVAL BOSS
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Downtown Nassau Partnership’s (DNP) cochair yesterday said he was “not as negative” as senior Carnival executives on the city’s prospects although he agreed “there’s room for improvement”. Charles Klonaris told Tribune Business he “does not totally agree” with Giora Israel, Carnival Group’s senior vice-president for port and destination development, who lamented the lack of new and exciting activities for passengers to do in
Nassau pre-COVID-19. Echoing Michael Maura, Nassau Cruise Port’s chief executive, the DNP chief said downtown Nassau and Bay Street stakeholders were “taking the long-term approach” to improving the city and its attractiveness to both locals and visitors. Suggesting that the $268m Prince George Wharf transformation was the first step towards sparking the area’s overhaul, Mr Klonaris said: “I don’t totally disagree with what he’s saying; there’s room for huge improvement downtown. “We’ve been hearing SEE PAGE B5
CARNIVAL: ANCHOR DAMAGE IS NOT US
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CARNIVAL Cruise Line executives have told Tribune Business none of their ships were involved in causing damage to the seabed while at anchor off the Berry Islands. Domenico Rognoni, Carnival’s vice-president of compliance, environmental and occupational safety, said the cruise line had provided all necessary information to the Bahamas Maritime Authority (BMA) and Port Department after concerns were raised that cruise ships moored in Bahamian waters amid the COVID-19 shutdown were damaging the environment via anchors dragging on the seabed. “We have provided all the information, and based on our assessment and the information we are hearing from our sources, this incident didn’t include our fleet,” he added. “We co-operated fully with the Bahamas Maritime Authority, provided all the information they requested, and are in regular contact with the port controller at at all times.... about our ships’ location and where they are sheltering in The Bahamas.” His comments came as Carnival said The Bahamas would SEE PAGE B5
$4.39 LEADING BANKER HITS OUT OVER VAT ‘MAZE’ * Bahamas ‘better served keeping it simple’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government “created a maze” for the Bahamian private sector and consumers when it abandoned the low-rate, broad base VAT model, a prominent banker is arguing. Gowon Bowe, who headed the Chamber of Commerce’s Coalition for Responsible Taxation when VAT was first introduced, told Tribune Business he “remains critical” of the Minnis administration’s decision to hike the rate to 12 percent and introduce multiple exemptions. Arguing that “society would be better served by keeping it simple”, he added that one negative consequence from this move was that food stores were forced to raise the prices of non-exempt items to compensate for the VAT they are unable to recover on consumer sales. “I don’t think the Ministry of Finance has demonstrated to this date that having exemptions at a higher rate is more efficient and effective than the original system we had in place,” Mr Bowe, who is Fidelity Bank (Bahamas) chief executive, told this newspaper. “There’s now Indian giving; we give you exemptions, but increase the rate to compensate for that. The study by Oxford Economics demonstrated it was fare more efficient SEE PAGE B4
PAGE 2, Friday, February 26, 2021
INVESTMENT BODY ELECTS NEW BOARD AN ASSOCIATION representing Bahamian investment and securities professionals has unveiled its new Board of Directors who will serve a two-year term. The Bahamas Investments and Securities Business Association (BISBA), in a statement, reiterated that it aims to be the umbrella professional body for all finance and securities executives residing in The Bahamas. Those elected to serve on the Board include Andrew Rolle as president; Delphino Gilbert Cassar, vice-president; Peter Cartwright, treasurer; Reece Chipman, secretary; and. Anthony Stubbs, director and immediate past president. “We believe that Bahamas-based investment fund managers, broker/ dealers including international and local firms, in addition to their service providers - administrators, lawyers and accountants etc - serve as a very sustainable niche of the financial services industry,” Mr Rolle said. “We have had tremendous interest in relation to membership in BISBA, and we are excited to carry out our initiatives over the next two years.” BISBA, formerly known as the Bahamas Association of Securities Dealers, was formed in 2003 and serves as an industry association that is represented on the Bahamas Financial Services Board (BFSB). Its strategic initiatives and focus include establishing The Bahamas as a leading jurisdiction for investment fund managers and broker/dealers with highly-focused programmes relevant to the sector. The Association also wants to provide a unified voice for its members in talks with financial services regulators, especially those who work for Securities Commission-licensed investment funds and broker/dealers. It added that a third key objective is the development of local private investment firms, so that major infrastructure and other projects can be spearheaded and driven by Bahamian investment professionals. “With a co-operative spirit to advance the vibrance and efficacy of the securities industry and markets for all stakeholders, BISBA strives to provide a membership-based hub for researched policy advocacy, educational advancement and as a gateway for credible networking opportunities,” said its vice-president, Delphino Gilbert Cassar. Former association directors include Anthony Ferguson, Antoine Bastian, Brian Jones and Ivylyn Cassar.
THE TRIBUNE
BTC ANNOUNCES FOSTER AS NEW CHIEF EXECUTIVE
THE Bahamas Telecommunications Company (BTC) yesterday confirmed Tribune Business’s Monday revelation that André Foster has been named chief executive with effect from March 1, 2021. The carrier, in a statement, described Mr Foster as one of the youngest Bahamian chief executives in the BTC’s history as he moves up from being its head of operations for the past nine months. He previously served with BTC’s immediate parent, Cable & Wireless Communications (CWC), where he held the post of vicepresident of enterprise IT services and infrastructure. Mr Foster was then brought in to BTC and held the role of chief operating officer from 2017 to 2018. Then, from 2018 to 2019, he took a regional role as senior director of technology operations overseeing The Bahamas, Jamaica and the Cayman Islands. Prior to the merger of CWC and Columbus Communications, Mr Foster was the latter’s chief information officer. Columbus Communications operated a portfolio of telecom businesses in the Caribbean and Latin America, including - at the time Cable Bahamas. Mr Foster designed and deployed The Bahamas’ first consumer broadband and commercial Metro Ethernet network while serving as Cable Bahamas’ senior vicepresident of information technology (IT). Garfield ‘Garry’ Sinclair, BTC’s outgoing chief executive, said: “I am confident in André’s ability to lead BTC at such a critical time in its history. André has held several leadership roles, and has a tenure amassing more than 20 years within the telecommunications industry. “He will be focused on delivering some key wins for our residential and business customers as BTC continues to improve the customer experience journey. We’ve
ANDRÉ Foster
had the opportunity to discuss this transition with our team members and our union partners, who are onboard and fully committed to the company’s success.” Mr Foster added: “I am honoured to be entrusted with the leadership of BTC. BTC is the premier telecommunications provider of The Bahamas, and has connected Bahamians across our beautiful archipelago for over 100 years. “I am humbled by this opportunity, particularly at such a crucial time where world events continue to highlight the criticality of communications and the transformation of this great company in our country. In recent years, we have set the stage to deliver impactful transformations for The
Bahamas by embracing a more digital world. “We will continue to serve our customers wherever they are through virtual stores with an on-demand concierge delivery, self-installation of our broadband customers and increased options for ease of bill payments. “For BTC and our parent, Liberty Latin America, 2021 is the ‘Year of the Customer’, and I am focused on how we can continue to have a meaningful impact for our country and our customers.” Mr Foster continued: “As a business, our team is fully committed to embracing the digital transition and supporting our customers through the transformation. This includes the retirement of legacy technologies for all of our customers in The Bahamas, which will be one of our most important missions in the coming decade. “Whether our customer is in a denselypopulated community such as Carmichael Road, or a sparsely-populated community like Farmer’s Cay, Exuma, we will continue to modernise and transform their services towards a better-connected future that will enrich their lives. Frankly, embracing and crossing the digital divide is no longer optional in today’s world. “Pandemics and natural disasters have taught us valuable lessons about the role technology and telecommunications will play in every person’s daily life and livelihood in the future. BTC will always make every effort to be the first to build the technology bridge for the people of The Bahamas, and we will deliver this with customers at the heart of everything we do.” Mr Foster is a graduate of Florida State University and holds a bachelor of science degree in information studies. He has held a number of industry certifications with Microsoft, Cisco, Juniper and Extreme Networks throughout his career.
ABACO CHAMBER CHIEF BACKS TIGHTER CURFEW By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
KEN Hutton
ABACO’S Chamber of Commerce president yesterday backed the Prime Minister’s decision to extend the island’s curfew via an 8pm start due to a recent spike in the island’s COVID-19 cases. Ken Hutton said he wants to “err on the side of caution” as Dr Hubert Minnis announced that the island’s curfew will now start two hours earlier with effect from Sunday in response to the increase.
“We have survived this entire COVID pandemic because of strict rules we have introduced on each given island, and we tried to minimise the spread to all the other islands,” Dr Minnis said. “I understand that Abaco is experiencing a slight increase and that concerns us. The medical team has already mobilised and made all the necessary adjustments, and their recommendation is that at this particular point in time Abaco’s curfew should be readjusted from 8pm to 5am.” The Prime Minister added that the increase in cases
appears to be concentrated on Marsh Harbour, and the northern and central parts of Abaco are not affected. In response, Mr Hutton said how Abaconians will react to the imposition of an earlier curfew will “depend” on how much tighter COVID-19 restrictions become. Mr Hutton also said: “In terms of locking down from 8pm as opposed to 10pm on the mainland, it’s disappointing. However, we do see that the cases have begun a slight uptick. So at this point I would prefer to err on the side of caution with the Prime Minister.”
THE TRIBUNE
Friday, February 26, 2021, PAGE 3
CRAWFISH PRICES SLUMP OVER 20% By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
BAHAMIAN fishermen yesterday said average crawfish prices have dropped by 21.5 percent for this season compared to last year. Keith Carroll, the National Fisheries Association’s (NFA) president, told Tribune Business that average prices were currently $13.75 per pound, whereas they went as high as $17.50 in the prior year. He said: “We’ve averaged about $13.75 throughout the whole season. It’s a good price but it wasn’t as good as last season. Considering what is going on in the world we had a good price all season. Last year we had as low as $13.50 per pound, and it went up as high as $17.50 per pound. But this season it held to $13.75 for the whole season.” The crawfish season comes to and end on
March 31, but some NFA members have been upset with the way fishing areas are being managed. In a series of voice notes sent to this newspaper, some NFA members expressed disappointment with the recently-passed Fisheries Act 2020. One member raised concerns about provisions in the Act that require all
fishermen to have a tracking device on their vessels to tie in with the Royal Bahamas Defence Force’s tracking equipment. “You will never see it on my boat,” one said. The Act says the director of fisheries may require a license holder of a fishing vessel to put a “specified mobile transceiver” on their boat.
Another pair of NFA members were arguing over who has the right to pick lobsters from traps that are dropped without any names attached to them. One said this was “wrong and they should go on to their own spot. However, another said: “People take up my traps all the time. I even take
up other people’s traps, because I’m not going to leave lobsters on the bed when the bed is for everyone.” Mr Carroll, in addressing these concerns, said: “I think some of the guys are having a misunderstanding of the Act. “Some of them think that people will have ownership to certain parts of the bank. “For instance, if I have my traps set around the Coral Harbour area, and if I was fishing it for a little while, then that area belongs to me, but that isn’t so. People are just misunderstanding what the Act is and then getting upset over it. “There was always a problem with the licensing of the condo traps. Most of the guys who have the condos want them licensed, and the guys that don’t have any feel as though they shouldn’t get any license because the crawfish is allowed to go in them and come out. “It is not really a trap;
it is more like a shelter. But, different from that, all Bahamian fishermen agree with Bahamians only for fishing. They just had a few problems with other parts of the Act.” Mr Carroll said fishermen now expressing concerns about the Act should have played a greater part in the consultation on it. He added: “You can’t expect the Government to wait around when it has to move forward, so if they only have five people that participated then they have to go with the five that have expressed interest.” “The new Act has not come into effect yet. “It went through the parliament, then it went through the senate and I don’t know what else happened to it, because foreigners are still going on Bahamian boats and no one is stopping them. I have seen this with my own eyes. Foreigners are still going on Bahamian boats.”
GOV’T GIVES NOD TO 30 ‘SMART FARMING’ ACRES By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A Cabinet minister yesterday said the Government has approved the allocation of 30 acres at the Gladstone Road Research Centre for use as “smart fa rms”. Michael Pintard, minister for agriculture and marine resources, explained: “The Cabinet of The Bahamas under the Prime Minister’s leadership has approved 30 acres at the Gladstone Research Centre, so that we can put together a cluster of smart farms that are data driven, and where we have farmers who are focused on producing based on the demand in the market, rather than what they are accustomed to producing or have been exceptional at producing.” He said this will enable the Government to “keep in step” with modern farming techniques and the demand for fresh produce among both Bahamians and tourists. Speaking at the same event, the Prime Minister, said: “The ongoing diversification of our economy will demand a dynamic expansion of small and medium-sized enterprises in an array of industries. “We must diversify within tourism with greater
or sustainable linkages and synergies to other sectors. We must also have a broad-scale diversification mirrored in other industries. One such industry is agriculture. “We all know valuable public access to fresh, high quality food, especially if it is organic case with dispatch, is critical. As we continue to address health and wellness behaviours, the challenge of obesity, the high prevalence of non -ommunicable diseases such as diabetes, hypertension, access to health is a primary weapon in addressing this extraordinary challenge.” The Bahamas imports over $1bn worth of food per annum, which is something the Minnis administration has vowed to bite into via homegrown substitution. “It’s $650m in terms of fresh fruits, vegetables, flowers as well as proteins, and some $400m in terms of valueadded products,” added Mr Pintard. Dr Minnis confirmed that the Government is mandating that all Heads of Agreements must require foreign investors to buy 40 percent of their produce locally. He said: “We have already agreed at Cabinet level to put in place in every Heads of Agreement that 40 percent of all foods within the hotels must be made in The Bahamas.”
MICHAEL PINTARD, minister for agriculture and marine resources.
HYDROPONIC FARM TURNS 320 FEET INTO 15 ACRES By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A NEW Providence-based hydroponic farm is using racks of produce in shipping containers to scale-up 320 square feet into the equivalent of 15 acres of farmland. Lincoln Deal, founder of Eeden Farms, said: “Eeden started as a research project back in 2013, and from that point I continue to look at what are the opportunities and threats are in the industry. So seeing this happen today, some eight years later, is a blessing. We are extremely excited and happy to see where we are now” Eeden is farming with three 40-foot containers side-by-side on property that will use a system of “vertical hydroponic farming”. This mean each container will feature multiple racks of produce that will be grown inside. This will give these containers the equivalent of 15 acres of farmland using just under 320 square feet of space. Mr Deal added: “Our operating system controls almost the exact amount of carbon dioxide and nutrient levels, along with water and light schedules, and the climate temperature. This combination all results in hyper-locally grown lettuces, kale, basil, and other leafy greens free of pesticides and using only five gallons of water per day, which is up to 99 percent less water than traditional agriculture over a fraction of the space. “The containers are north of $100,000,
“Eeden started as a research project back in 2013, and from that point I continue to look at what are the opportunities and threats are in the industry. So seeing this happen today, some eight years later, is a blessing.” Lincoln Deal, founder of Eeden Farms and operationally we are partners with BRON. In-house we would have collaborated and made this happen. Our customers are extremely eager to receive fresh hyper-local crops that can be supplied on a consistent basis.” Carlos Palacious, managing principal of BRON Ltd, a subsidiary of Caribbean Coastal Services, said: “We sell mostly direct to restaurants. “Our prime customers right now are Manuelos, Louis and Steens and Café Channing Noel. So we’re going to continue as we increase crop count to provide to more restaurants and then expand into retail.” Mr Deal added: “We have to reinvent the traditional farming systems that we were so accustomed to. “We have to rediscover the talent of our partners and plant scientists that have gone abroad with their skills, and we have to redefine what is possible for us to achieve as Bahamians.”
PAGE 4, Friday, February 26, 2021 FROM PAGE B1
He added that normal practice was for either NIB or the borrower to take complete responsibility for such projects, rather than split, as he blamed the Ministry of Housing and the Environment and the loan administrator it selected - the HLB Galanis & Company accounting firm - for the problems that arose. Disclosing that NIB had already received “a significant portion” of the loan monies back from the Ministry of Housing, Mr Smith said there was a commitment from the Government that the social security system will be fully reimbursed to close out a situation he described as “a little messy”. “I would like to reaffirm NIB’S commitment to the safety and security of the National Insurance Fund. The Board’s focus on the sustainability of the Fund is unwavering, and our conservative investment policy limits our exposure to high risk investment vehicles,” Mr Smith wrote via e-mail in response to yesterday’s Tribune Business article. “The $10m loan facility entered into with the Ministry of Housing and Environment in 2013 was properly executed. There were, however, deficiencies at the Ministry of Housing FROM PAGE B1 to have a low rate with no exemptions, and have targeted initiatives to help those with lower incomes through social assistance. “The high net worth individuals in this country eat breadbasket items like the low income earners, but high net worth individuals also get exemptions and don’t need it. “I was critical of the Government’s decision to increase the rate to the level they did with exemptions, and I remain critical of it,” he continued. “The complexities in the system have not benefited us, and have only created doubt over what’s included and not included [as a VAT ‘exempt’ item]. It created a maze that we have to navigate, as opposed to a straight line we originally
NIB CHAIR: WE’LL RECOVER $10.8M and Environment’s administrator level, and we have introduced and implemented additional guidelines and procedures to mitigate future occurrences of control violations.” Subsequently asked by Tribune Business to identify these enhancements, Mr Smith said they involved implementing “additional internal controls” that involved NIB’s accounts department as well as a management restructuring within its investment division. “First and foremost, the current Board made a conscious decision not to enter into these type of MoU’s in the future,” he added. “For some reason the Board at the time decided to involve NIB on an ongoing basis in this transaction from an administrative perspective. For some reason there was some provision and stipulation that there was joint administrative responsibility with the Ministry of Housing.” Mr Smith said such oversight responsibility was normally assumed entirely by NIB, as was done for the recent Ministry of National Security building and soon-to-be-completed
government complex in North Bimini, so that it managed disbursement of funding and how it was used “from beginning to end”. “I think here NIB failed was it didn’t ensure the administrator [HLB Galanis & Company] appointed by the Ministry of Housing and the Environment provided the monthly financial status reports, so we could review and audit that to our satisfaction before we disbursed the funds,” he told Tribune Business. The NIB chair said that over the past two years the Ministry of Housing and the Environment has “substantially refunded” the $10.8m loan proceeds to NIB, and had “paid a significant portion” of what was outstanding prior to COVID-19 delaying receipt of the outstanding sum. Voicing “absolute” optimism that NIB will be fully reimbursed, Mr Smith said: “It’s still in hand now, and once the pandemic is behind us we will get back to payments once things are normalised. We’ve got a commitment from the minister of housing (Romauld Ferreira) that additional monies will be paid as
soon as time permits. “We have a commitment in place. The Government has an obligation. It’s been a little messy. We just want them to pay the balance off and we can move on to other projects.” NIB is also supposed to receive $180,000 from Shukuanya Thompson, a former corporate services supervisor at HLB Galanis & Company, as part of the plea agreement she made over charges that she defrauded the Government’s housing programme of $283,264 in proceeds from the $10.8m loan. The BDO accounting firm’s report named the contractors who received payments from the defrauded $283,264, with sums ranging from $11,206 to as high as $37,720. None of the contractors were named as co-conspirators or charged in connection with the case, and there is no suggestion they did anything wrong. They were named as Joshua Rolle; Anderson Johnson; Anton Gray; Charles Percentie; Fredrick Jervis; HR Andrews Construction; Jamaal Gomez; Kenton Leon Grant; Randolph Smith; and Tri Eastern Construction.
THE TRIBUNE BDO, meanwhile, found widespread evidence of “improper payments” to contractors who received funds from NIB’s $10.8m for constructing government homes. “We learned through an interview with Ministry of the Environment and Housing personnel that payments were improperly made to contractors based upon falsified payment authorisation forms,” its report found. “On Abaco, 23 houses were under contract as part of the expanded programme, of which five were never started. The remaining 18 houses were paid through the fifth stage, thus were considered 100 percent complete.” However, a Ministry of the Environment and Housing paper revealed that none of the 18 houses were complete. While 15 had reached so-called “stage 4”, and three others were at “stage two” or 40 percent complete, four had been subject to “theft and vandalism”. BDO said the total $194,090 in “stage five” payments for all houses were thus “improper”, as were the “stage three” and “stage four” payments - worth another $75,600 - were also “improper”. As a result, some $269,690 in NIB monies had been effectively wasted.
LEADING BANKER HITS OUT OVER VAT ‘MAZE’
GOWON Bowe had. I believe society would be better served by keeping the tax as simple as possible and the rate as low as possible. “If we can keep the base as broad as can be we will not be giving benefits to
those that do not need it in the first place.” VAT ‘exempt’ goods and services do not include the 12 percent levy in the price to the final consumer. However, businesses that sell such products still have to pay the 12 percent VAT on the input costs associated with them, yet are prevented from recovering or netting this off in the absence of ‘output’. VAT. Therefore, when the Minnis administration introduced multiple exemptions in the 2018-2019 Budget, food stores saw the proportion of rent, utilities and other expenses where they were unable to recover input VAT increase materially. This left them with little choice to increase
food prices, further hurting lower income Bahamians in particular. “We’ve made it cheaper for those with lower income to afford breadbasket items,” Mr Bowe added, “but have likely restricted them to only breadbasket items because we’ve made non-breadbasket items more expensive by increasing the VAT rate. “Putting food on the table is very important, but so is the occasional treat of chocolate and ice cream. If we start pricing basic luxury items out of their reach, have we done the greater good? My personal view is we haven’t. With a broader base, you make the cost of living more evenly distributed, and use the excess cash collected to redistribute and support those in need.” The Minnis administration argued that the VAT rate hike was necessary to pay-off some $360m in past
due government arrears for which no funding had been set aside to meet. This sum was supposed to be paid off in three years, with exdeputy prime minister, K Peter Turnquest, pledging that the Government would seek $100m in import duty cuts when this objective was achieved. Those cuts will not now occur due to the debt blow-out produced by the combination of Hurricane Dorian and COVID-19. And the Minnis administration’s decision to increase the VAT rate, as well as implement numerous exemptions, resulted in The Bahamas moving away from the ‘low rate, broad-based’ tax model it had been praised for introducing. The Bahamas had been warned against doing this by former Barbadian prime minister Owen Arthur, who on a visit to Nassau revealed that the southern
Caribbean nation, by giving into industry and special interest requests for ‘exemptions’, had been forced to raise its own VAT ‘rate’ into the high double digits. Exempting products and services from VAT has knock-on consequences for both businesses and consumers. Companies are unable to recover the VAT they pay on their ‘inputs’ when products they sell are exempt, meaning that this merely increases their costs. A broadening of VAT exemptions also prompts businesses to increase prices on non-exempt items to compensate for their higher costs, thereby hurting the consumer who was the very person that the Minnis administration wanted to help. And the Government also has to ‘make up’ for the VAT revenue foregone elsewhere in its tax structure.
THE TRIBUNE
Friday, February 26, 2021, PAGE 5
DOWNTOWN CHIEF ‘NOT AS NEGATIVE’ AS CARNIVAL BOSS FROM PAGE B1 these criticisms for a long time but I feel very positive. You take excursions like Dolphin Encounters, Blue Lagoon, the excursion to Exuma to see the swimming pigs, those are huge and popular excursions. There’s room for improvement for sure, and there could be improvements in cleanliness and behaviour short-term, but we’ve taken the longterm approach.” Mr Klonaris admitted that downtown Nassau’s retail offering was “a weak point of the city” beyond upscale outlets such as John Bull and Gucci, and argued that there needed to be greater diversification and an infusion of authentically Bahamian products to improve a shopping mix that remains too reliant on t-shirt and souvenir stores. Restaurants that catered to both locals and tourists were also required in greater number, he added, along with the likes of coffee shops and ice cream parlours. “That’s a missing element of the city of Nassau,” Mr Klonaris told Tribune Business. “Retail is a missing part of the product to make the city itself more attractive. “It’s a long haul but I’m very optimistic about what’s taking place. I don’t look at it as negatively as Mr Israel claims to be.” He pointed to the soon-to-be-completed Pointe project next to the British Colonial Hilton, as well as the ongoing work at the US Embassy and construction of the new Central Bank as projects that will all help to uplift downtown Nassau once finished.
Pointing out that The Bahamas’ relationship with the cruise lines was a “two-way street”, and that Carnival “has benefited immensely from what we’ve given them” in terms of private islands and multiple destinations in this country, Mr Klonaris said the city’s 11 months-and-counting COVID-19 shutdown had “opened the eyes” to the dangers of relying on a “one dimensional economy” driven by the cruise lines. Mr Israel had earlier this week told Tribune Business the Bahamian capital must do far more to overhaul its “product” post-pandemic as the identity of its most popular tour, visits to locals hotels and their amenities, “tells you a lot”. While praising the private-public partnership (PPP) with Global Ports Holding for Prince George Wharf’s $268m transformation, Mr Israel said he and other Carnival executives had repeatedly urged the government to constantly refresh Nassau’s attractions, excursions and tours offering if it was to rebuild its reputation as a leading tourism destination. He explained that this was especially important as many of the passengers on Carnival’s three, four and five-night cruises through The Bahamas were repeat customers who had visited the city before, and therefore needed new and exciting activities to entice them off the ship. “I think that the maritime improvements that are being done, adding strength to one of the piers and expanding another, are welcome,” Mr Israel told this
NOTICE Pursuant to the provisions of section 222 (1) and (2) of the Companies Act, 1992 (as amended), notice is hereby given that a general meeting of the members of THURGAU LTD. will be held at the offices of Sterling (Bahamas) Limited of Suite 205A, Saffrey Square, Bank Lane & Bay Street, in the city of Nassau on the 26th day of March 2021 at 1:00 o’clock in the afternoon. The purpose of the said meeting is to have laid before the members of the Company the final statements of the voluntary liquidator showing the manner in which the winding up of the Company has been conducted, the property of the Company disposed of, the debts and obligations of the Company discharged and also to hear any explanations which may be given by the voluntary liquidator. All claims by creditors of the Company must be received by the voluntary liquidator at Suite 205A, Saffrey Square, Bank Lane & Bay Street, P. O. Box N-9934, Nassau, Bahamas before the 26th day of March 2021.
CARNIVAL: ANCHOR DAMAGE IS NOT US
NASSAU Cruise Port. newspaper of Nassau cruise port upgrades. “Enhancing the arrivals experience is welcome as well. We are encouraged these things are being done. “One of the issues we’ve stated to the Bahamian government is what Nassau needs more than the maritime facilities is the enhancement of the destination for activities,” Mr Israel said. “Over the years there has been very little product to offer people coming again and again. “It’s not the port itself, it’s the product; the availability of” new attractions and excursions for passengers on short-haul cruises who have visited Nassau before on previous trips. In the absence of new and upgraded products, Mr Israel added: “Prior to COVID-19, we were only able to sell 26 percent to 28 percent of passengers a tour.” This, he added, meant that only 700-800 passengers on a 3,000-person cruise ship went on a tour or excursion, limiting the income and revenue earned by the Bahamian-owned tourism operators that typically populate this space. “Some don’t get off the ship,” the Carnival
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)
CITY LIGHTS LIMITED IBC No. 133737 B (In Voluntary Liquidation)
NOTICE is hereby given that as follows: (a) That CITY LIGHTS LIMITED is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 24th day of February 2021 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 23rd day of March 2021 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
executive added, as some perceived there was little to do in Nassau beyond shopping while others went off on their own sight-seeing. “What a great destination needs, and it is true anywhere in the world, is that people come to a destination wanting things to do, tours and so on,” Mr Israel said. “There are some ports in the Caribbean that reinvent themselves and add new attractions.” Emphasising that he spoke from personal experience, having spent four years in The Bahamas while developing the Coral World attraction that launched in 1984, he reiterated: “There’s very little product for hotel guests, tourists, and the fact the number one tour in The Bahamas is to go to the amenities of a hotel tells you a lot.” Atlantis, in particular, developed a significant revenue stream from cruise passengers visiting its water park and other facilities on day passes prior to COVID19. That will likely rebound once the cruise industry resumes sailing again, although such income may have to be split with Baha Mar once its $200m Baha Bay facility comes online this summer.
our restart to eventually include all of our ships. The great news is that cruise demand is very robust and we expect The Bahamas to continue to be a popular destination for our guests. “The CDC’s (Centres for Disease Control and Prevention) Framework for Conditional Sailing order consists of several initial requirements that cruise ship operators must follow as part of the initial phases prior to resuming guest operations. “As part of that process, 31 Carnival Corporation ships from four brands - Carnival Cruise Line, Princess Line, Holland America Line and Cunard have completed the required precautionary 28-day period of enhanced public health protocols for crew, and a number of our ships have returned to US waters - an important step in our return to service.” “However, at this time technical specifications and additional guidelines for future phases of the Framework have not yet been issued by the CDC. We will continue to work closely with the CDC to comply with all current and new requirements, although many uncertainties remain as to the specifics and timing of implementing the requirements.”
NOTICE
NOTICE is hereby given that LEROY FRANCIS ANESTOR of Garden Hills #2, 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 19th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARKET REPORT www.bisxbahamas.com
THURSDAY, 25 FEBRUARY 2021
Dated the 24th day of February, 2021 STERLING (BAHAMAS) LIMITED Voluntary Liquidator of Thurgau Ltd.
FROM PAGE B1 likely be among the first destinations to benefit from pent-up demand that has pushed 2022 first half bookings higher than pre-COVID levels, even though its has further delayed its US restart through end-May 2021. The cruise line, in written replies to Tribune Business, said: “We have seen significant pent-up demand for cruises from loyal guests who cannot wait for their next cruise vacation. Cruise bookings for the first half of 2022 are ahead of where they were in the first half of 2019, which was a very strong year for bookings overall. “We know people are excited to cruise again - we have a recurring base of repeat guests representing a source of nearly eight million previous cruisegoers who have not been able to cruise for almost a full year, and we are encouraged to see demand and bookings from new guests as well. We expect The Bahamas to continue to be a popular destination for our guests.” Carnival added: “When we restart we will do so gradually, with limited capacity and enhanced health and safety guidelines in place. As time goes on, we plan to expand
BISX ALL SHARE INDEX:
CLOSE
CHANGE
1951.61
-0.08
%CHANGE
YTD
YTD%
0.00 -140.85
-6.73
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.58 2.10 6.00 6.90 3.55 6.15 4.29 6.16 12.77 3.64 6.85 10.88 8.44 14.60 4.25 9.00 16.00
52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.98 5.50 10.20 2.10 4.75 9.50 7.70 13.00 3.70 8.15 14.00
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
LAST CLOSE 4.62 32.12 1.62 2.58 1.59 6.00 6.40 2.93 4.74 2.98 5.50 10.20 2.65 6.80 9.76 8.40 13.50 3.75 8.35 15.50
CLOSE 4.60 32.12 1.62 2.58 1.59 6.00 6.40 2.93 4.74 2.98 5.50 10.20 2.61 6.80 9.82 8.40 13.50 3.75 8.35 15.50
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
SYMBOL FBB22 BFHB
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS770264 BSBGR1321391 BSBGR1322498
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.00 100.00 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.55 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.55 100.00 100.00
SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited
BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGRS FX BSBGRS770264 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498
CHANGE (0.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 0.06 0.00 0.00 0.00 0.00 0.00
VOLUME 4,000
2,400 1,630
2,000 500
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 19.2 34.5 N/M N/M N/M N/M 17.3 -6.7 33.9 16.2 12.2 14.1 25.6 14.6 15.2 11.5 16.5 18.5 8.9 24.6
YIELD 3.70% 3.92% 1.23% 1.16% 0.00% 0.00% 4.06% 0.00% 0.00% 4.03% 4.00% 7.06% 16.63% 0.88% 3.34% 2.86% 4.00% 3.20% 2.40% 3.94%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 5.29% 5.65%
20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 4-May-2026 15-Oct-2039 15-Oct-2049
MATURITY
MUTUAL FUNDS
THE COMPANIES ACT, CH. 308 CLR Form No. 19 NOTICE OF VOLUNTARY WINDING UP THURGAU LTD. (In Voluntary Liquidation) Registration No. 52175 C Pursuant to the provisions of section 218 of the Companies Act, 1992 (as amended), TAKE NOTICE that the abovenamed Company was put into voluntary liquidation on the 24th day of February 2021 by a resolution passed at a general meeting of the members of the Company held on the 11th day of February 2021. AND FURTHER TAKE NOTICE that Sterling (Bahamas) Limited of Suite 205A, Saffrey Square, Bank Lane & Bay Street, P.O. Box N-9934, Nassau, Bahamas has been appointed voluntary liquidator of the Company for the purpose of such liquidation.
52WK HI 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 1.79 1.75 1.05 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 Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global 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 2.39 4.43 2.14 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79
YTD% 12 MTH% 4.55% 4.55% 1.58% 1.58% 2.60% 2.60% 3.47% 3.47% 10.86% 10.86% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%
NAV Date
31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020
MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
YIELD - last 12 month dividends divided by closing price
52wk-Hi - Highest closing price in last 52 weeks
Bid $ - Buying price of Colina and Fidelity
52wk-Low - Lowest closing price in last 52 weeks
Ask $ - Selling price of Colina and fidelity
Previous Close - Previous day's weighted price for daily volume
Last Price - Last traded over-the-counter price
Today's Close - Current day's weighted price for daily volume
Weekly Vol. - Trading volume of the prior week
Change - Change in closing price from day to day
EPS $ - A company's reported earnings per share for the last 12 mths
Daily Vol. - Number of total shares traded today
NAV - Net Asset Value
DIV $ - Dividends per share paid in the last 12 months
N/M - Not Meaningful
P/E - Closing price divided by the last 12 month earnings
Dated the 24th day of February, 2021 STERLING (BAHAMAS) LIMITED Voluntary Liquidator of Thurgau Ltd.
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
PAGE 6, Friday, February 26, 2021
THE TRIBUNE
GOV’T FACING ‘EJECTION’ OVER $26M LAND CLAIM FROM PAGE B1
violations of the Commonage Act.” Ms Percentie said the Act’s section ten prohibited non-commoners, such as the Government, from holding an interest in commonage land, while section 15 stipulates that any non-commoner using such land is a “willful trespasser” and can be “ejected” from such property. “It is our clients’ position that as the Government of The Bahamas is not a registered commoner, it has no interest in the commonage land it occupies (North Eleuthera Airport, North Eleuthera Garbage Dumps and wellfields) and, accordingly, you are deemed a willful trespasser,” Ms Percentie told the Prime Minister. The same, she added, applied to non-commoners with businesses at the existing airport, and she pointed out that the Government continued to collect fees from passengers, concession operators and fuel providers even though not a single cent from these revenue streams had passed on to the commoners as was promised in return for the facility’s original 1959 construction. “It is our understanding that monies collected include those collected by the Airport Authority in the sum of $9 per passenger (incoming and outgoing) from each airline,” Ms Percentie wrote. “Additionally, we are advised that a royalty fee of $0.07 per gallon on fuel is being collected by the Government from White Crown. “Yet our clients have received no compensation whatsoever. This is a violation of their constitutional rights, particularly Article 27, as well as it infringes the common law protection against deprivation of property rights without compensation.” She added that the commoners’ efforts to resolve these issues “have been met with resistance by the Government, which has failed and/or refused to even hear their plea”. While voicing hope that the Government’s proposed compulsory acquisition of North Eleuthera Airport’s existing 250 acres, as well as an additional 408 acres for its planned expansion, would result in a “fair resolution” and price, Ms Percentie said her clients are demanding $25.889m in compensation for past use of their property. This is broken down into $9.3m and $3.5m for the 150-acre and 100-acre tracts that comprise the North Eleuthera Airport, the latter of which was taken in 1986. The wellfields and dump site were priced at $12.339m and $750,000, respectively, while Ms Percentie said her clients will also seek “damages for the permanent scarring and abuse of the land” by those two facilities. “Please be advised that my clients intend to enforce their legal rights to have the relevant trespassers ‘ejected’ unless a cordial agreement between the Government of The Bahamas and the Harbour Island Commonage is reached speedily,” she added, suggesting that the necessary land could be licensed by her clients at a rate of $750 per acre for a six-figure annual payment. Urging that agreement be reached within seven days of receipt of her letter, Ms Percentie said failure to reach an acceptable deal would see the commoners initiate legal proceedings to recover the $25.889m and “an action for eviction”. Sources close to the Committee told Tribune Business yesterday that a legal battle appears increasingly likely as
neither the Prime Minister nor any other government official has responded to the concerns outlined in the February 17 letter. However, Carl Bethel QC, the attorney general, said he had not been briefed on the situation, while Dionisio D’Aguilar, minister of tourism and aviation, had earlier referred this newspaper to the Attorney General’s Office. Tribune Business previously revealed that talks over the airport expansion between the Harbour Island Commonage Committee and the Government, headed by Algernon Cargill as director of aviation, initially focused on establishing a partnership arrangement between the two sides. The then-plan was to develop and gazzette “rules” that would enable the commoners to licence the airport land to the Government. However, the Minnis administration then reversed course in April/May 2020, when Mr Cargill revealed it will now acquire the 658 acres for the airport via the Acquisition of Land Act rather than the original partnership proposal. Asked yesterday by this newspaper to explain the change in approach, Mr Cargill said owning the land - as opposed to licensing or leasing it from the commonage - would provide the Government with more security for a key public asset. “When building an airport, a state-owned asset, you tend to build on land owned by the Government,” he explained. “If you are leasing the land, the same security is not in place. It’s just that we’re building a $65m investment, and prefer to build on land owned. “It’s a more expedient way to move ahead with the project rather than negotiate with the commonage over their terms of preferred engagement.” Mr Cargill denied that the compulsory land acquisition, and extra 408 acres, were required to sweeten the deal and make the Family Island airport upgrades more attractive to private capital, $140m of which is to be arranged by local merchant bank, RF Holdings. Voicing surprise at the threatened legal action, Mr Cargill said the Government had always negotiated with the commonage in good faith and “been entirely transparent at every step of the way” including the plan to use the Acquisition of Land Act. One commoner, speaking on condition of anonymity, yesterday queried whether the North Eleuthera airport needed additional runway space given that it had accommodated what they said was a doubling of visitor arrivals from 30,000 to 60,000 between 2010 and 2018. Acknowledging that the terminal needed upgrading, they added: “We’ve had this massive expansion accommodated without increasing the runway.” However, the Government’s airport land demands rose from an initial 450 total acres to 550 acres, and then finally to 658 acres, which Mr Cargill said was needed for security and perimeter fencing, plus further expansion in the future. The commoners are thus seeking to leverage the airport expansion to obtain compensation for past use of their lands. Some observers might argue that the move is short-sighted, and akin to cutting off their nose to spite their face, given that they, too, as well as the entire area in theory stand to benefit from an expanded airport and improved tourist access post-COVID-19.
NOTICE RAVELSTONE HOLDINGS, LTD. (In Dissolution)
Pursuant to the provisions of Section 138(4) of The International Business Companies Act, 2000, notice is hereby given that: (a) RAVELSTONE HOLDINGS, LTD. is in Dissolution. (b) The date of commencement of the dissolution is the 23rd day of February, A.D. 2021. (c) The Liquidator for the above-named Company is Barbara Carswell, whose address is c/o Callenders & Co., One Millars Court, P.O. Box N-7117, Nassau, Bahamas.
Barbara Carswell, acting as Liquidator
PUBLIC NOTICE REAL ESTATE BOARD LICENSED BROKERS/SALESMEN/APPRAISERS/DEVELOPERS The Public is notified for general information that the following persons have renewed their licenses as of January 1st, 2021. These licenses are valid until December 31st, 2021. 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 estate salesmen and brokers are legally permitted to conduct the business of real estate in The Bahamas. First
Helen Neil Christopher Antoine Ethan W. C. Greg Mark William (Bill) Samara Christopher Michelle Sarah Margo Deborah Clara Mackenson Sonya Christopher Kenneth Christopher Paul D. Sara Ogden Linda Kim V. Basil Bianca Shelly Christopher M. Paula Peter Brian Marilyn Angelika Dominic A. Ann Mario Scott Tracey Kevin L. Nicholas C. Kristi Lorraine Rowan Leroy Ebony Pauline O. Constantinos Unni Marie Andrew James C. Jane-Michele John F. Wilshire Patricia Wendie F. Suzanne J. Cardell Andre Diane Brian Katherine A. Bursell R. Joan Tonielle Trevor Monica O. Lauren Ashley Livingston Geoffrey Geoffrey G. Robin B. Brittany Andrea G. Shavonne Elvis Shelley Monalisa Faye George W. Jerry Sara Jason Carlyle Michelle Garneth Albert Lindsey Arlington Carla Mario A. Frank C. Paul H. Andrew Heather Sasha Denise Bradley Trevor L. Ridley Shirley Lisa M. Lars Mark Brent C. Clinton Steven Norman A. Monique Steven L. John I. Shane Terrol Anna Kenneth Sarah Omar Sonia Rebecca Charles A. Cara Diane John W.C. Gavin Cheslie Donald Tara Christopher
Last
Aaron-Dupuch Aberle Adderley Adderley Adderley Ageeb Ageeb Albury Albury Albury Albury Albury Albury Albury Alcime Altidor Alvino Anand Andrews Ansell Antonas Appleton Aranha Aranha Aranha Aranha Aranha Archer Armaly Auberg Auberg Austin Ayearst- Hartley Bacchus Bain Bain Bannister Barone Bastian Bates Beadle Beauregard Bell Beneby Beneby Berdanis Berg Berlanda Bernard Bethel Bethell Bethell Birch Bishop Black Bodie Bowe Bowe-Pindling Bowers Bowers Bradshaw Braithwaite Brancaccio Bridgewater Brown Brown Brown Brown Brown III Brown Jr. Brownrigg Brownrigg Brownrigg Bullard Bullard Bullard Burrows Burrows Butler Callender Callender Campbell Campbell Campbell Campbell Cancino Capron Card-Stubbs Carey Carey Carey Carey Carey Carey Carey, Jr. Cargill Carroll Carroll Carroll Carroll Carter Cartwright Cartwright Cartwright Cartwright Cartwright BRI., Cash Cash Cash Cathopoulis Chaplin Chemaly Chemaly Chipman Christen Christie Christie Christie Christie Christie Churchill Claridge Claridge
Category
Broker Broker Salesperson Broker/Appraiser Salesperson Broker Salesperson Salesperson Broker Salesperson Salesperson Salesperson Salesperson Salesperson Salesperson Salesperson Broker Developer Salesperson Salesperson Broker/Appraiser Salesperson Salesperson Salesperson Salesperson Salesperson Salesperson Salesperson Broker/Appraiser Broker Salesperson Broker Salesperson Salesperson Salesperson Salesperson Salesperson Broker Salesperson Salesperson Salesperson Broker Broker Salesperson Salesperson Developer Salesperson Salesperson Broker/Appraiser Broker Broker Broker/Appraiser Broker/Appraiser Broker Broker Salesperson Salesperson Salesperson Salesperson Salesperson Broker Salesperson Salesperson Salesperson Salesperson Salesperson Broker Salesperson Salesperson Broker Broker/Appraiser Salesperson Broker Salesperson Broker Salesperson Salesperson Salesperson Salesperson Broker Salesperson Broker/Appraiser Salesperson Salesperson Salesperson Salesperson Broker Salesperson Broker/Appraiser Broker/Appraiser Broker Salesperson Salesperson Salesperson Salesperson Broker Salesperson Salesperson Salesperson Salesperson Salesperson Broker Salesperson Salesperson Salesperson Broker Broker Salesperson Salesperson Salesperson Broker Salesperson Salesperson Broker Salesperson Broker/Appraiser Broker Broker/Appraiser Broker/Appraiser Salesperson Salesperson Salesperson Salesperson
Postal Address
EE-17823 AB-20106 N-8245 CR 56766 Suite #720 SP-60673 SS-6193 SS-5931 AB-20404 CB-11911 General Delivery N 8164 EL-27664 AB-20123 CB-10119 CB-56766 SP-64185 AP 59223-317 SP-63158 EE-16469 N-732 N-1132 N 3709 N-4634 CB-11853 SS 6193 SS-6041 N-732 SS-5762 SS-19085 N-8877 N-8877 N-1132 SS-5244 Generla Delivery CB- 11605 N-3709 GT-2032 EE-15240. CB-13443 N 7776 AB-20757 EL-27600 F-40962 N-4825 N-7655 General Delivery N-1130 N-4825 N-7320 N-7061 N-8524 SS-19085 AB 20771 N-8233 SB 20841 Ex-29005 N-7815 N-7776 N-7776 N-1404 EL-25148 SS-19526 N-3180 N-1110 N-1110 CB-11707 CR56766 Suite720 N-1110 N-1110 N-1132 N-1132 SS-6299 N-10119 CR-56600 N-1062 SP-64205 CB-13155 EL-27235 SP-63158 SP-63158 CB-12675 CB-13316 General Delivery N-1649 N 1132 N--3611 CB-13304 CR56766 Suite720 N-4764 CB-11556 N-4764 CB-11141 SP-63158 SS-6650 CB-13484 N-732 AB-20378 SS 5052 N-4949 SP-64205 AB-20900 SS-19695 Gen. Delivery SS-6600 CR 55257 AB-22212 C/O N732 N-8245 N-4277 N-531 SP 63016 SS-6366 GT-2078 SP-60922 N-8245 N-8164 N-8164 N-8245 N-8245 F 42748 AB-22705 AB-22705
Town/District
Nassau Marsh Harbour Nassau Nassau Nassau Nassau Nassau Marsh Harbour Hope Town Man-O-War Cay Nassau Spanish Wells Marsh Harbour Nassau Nassau West Bay Street Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Nassau Nassau Gregory Town Nassau Marsh Harbour Spanish Wells Freeport Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Marsh Harbour Nassau Prince Charles Dr George Town, Nassau Nassau Nassau Nassau Governor’s Harbour Nassau Nassau Nassau #248 Shirley St. Nassau Nassau Nassau Nassau Nassau Guana Cay Nassau Nassau Nassau Nassau Nassau Tarpum Bay Harbour Island Nassau Nassau Nassau Nassau Nicholl’s Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Treasure Cay Nassau Governor’s Harbour Nassau Marsh Harbour Nassau Cable Beach Nassau Nassau Treasure Cay Hope Town Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau Nassau East Bay Street Freeport Green Turtle Cay Green Turtle Cay
Island
New Providence Abaco New Providence New Providence New Providence New Providence New Providence Abaco Abaco Abaco New Providence Eleuthera Abaco 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 New Providence New Providence New Providence New Providence Eleuthera New Providence Abaco Eleuthera Grand Bahama 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 Exuma 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 New Providence Abaco New Providence New Providence New Providence New Providence New Providence Eleuthera Eleuthera New Providence New Providence New Providence New Providence Andros 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 Abaco New Providence Eleuthera New Providence Abaco New Providence New Providence New Providence New Providence Abaco Abaco New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence New Providence Grand Bahama Abaco Abaco
THE TRIBUNE
Friday, February 26, 2021, PAGE 7 PUBLIC NOTICE - REAL ESTATE BOARD LICENSED BROKERS/SALESMAN/APPRAISERS/DEVELOPERS
First Aubynette Leslie Ann Samira Gregory John Charlotte Cephas Clarence Kevin J. C. Kenneth Audrey Kent Christina Joseph R. Darvin Terez Lamont Dwayne Roscoe Nicholas George Nicholas Dennis Christopher E. Suzette Donna M. Paul C. Ambrose B. Aaron Donna Linda Alexandra Lanelle Daphne Marcella Nicholas Judy E. Rasheda Kayleigh John B. Jacob S. Sarah Guerda Samia Kenneth Steve Tarma Kenred Marcia William Adam Peter M. Karen Allan Garnett L. Cathryn Ritchie Roshanne Nicole Jennifer E. Christopher Melissa Cecil C. Tenecia Adell Ruth Tiffany Joerg Peter Godfrey Raylene Tina Darren Steve Cristobal Gregory P. Nakeisha Dolly Sharmaine Stuart Sandy Raquel Lakeisha Aubrey P. Randy Garren A. Charles C Jemma Gennyne Gaydene Christopher Jerlean Tammy Brianna Lydia Margo P. Philip Taryn Lauren Leo Judith Maxine Mark Marcus Nakia Sally D. Templeton Demetri Dena Kirk Stephen Jack Steven Harold Wendy A. Keisha Josefina Trevor W. Stephen Ingrid Jennie Harrice Chevez Aston Advara Alexander Dale Andrew Phillip Jennifer Anne Kim Laura Dwayne Sherry Linda Olivea Glenique Franklyn Graham Monica Ryan Joicelyn Shannon Gina L. Dyaria
Last Clarke Colclough Coleby Collie Constantakis Constantakis Cooper Cox Cross Culmer Culmer Culmer Cunningham Curry Curry Curry D. Nixon Daley Dames Damianos Damianos Darling Darville Darville Darville Darville Davis Davis Davis Dean Dean DeGregory DeGregory Delaney Deveaux Deveaux Dickson Dillett Disston Disston Dolce-Culmer Donaldson Donathan Donovan Dorsett Dorsett Duncan Duncombe Duncombe Dupuch Duvalier Edigio Ellis Evans Eyma Eyma Fair Farrington Farrington Farrington Ferguson Ferguson Forbes Forbes Forbes Friese Galanos Gardiner Gardiner Gascoigne Ginns Glasgow Gomez Graham Gray-Wallace Griffin Griffin Halbert Hall Hall Hamilton Hanna Hart Hepburn Hepburn Hepburn Hepburn Hepburn-McClain Herrod Hield Higgs Higgs Hill Hillhouse Hillier Hinsey Holowesko Huber Hurlock Hussey Hussey Hutcheson Hutcheson Hutcheson Hutchinson Huyler Ingraham Ingraham Isaacs Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson Johnson-Ramirez Jones Joos Jupp Kemp Kemp, II Kettel Kikivarakis- Dillett Kimble King Klonaris Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles Knowles
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IN this 2019 file photo, a meatless burger patty called Beyond Burger by Beyond Meat is displayed at a grocery store in Richmond, Va. Plant-based food company Beyond Meat will be partnering with several major fast food chains in the coming years to expand offerings that could eventually include plant-based burgers, chalupas or toppings on a stuffed-crust pizza. They announced on Thursday distribution agreements with McDonald’s as well as with Yum Brands, the parent company of KFC, Taco Bell and Pizza Hut. (AP Photo/Steve Helber, File)
MCPLANT AND MORE: BEYOND MEAT INKS MCDONALD’S, YUM DEALS EL SEGUNDO, Calif. (AP) — Plant-based food company Beyond Meat will be partnering with several major fast-food chains in the coming years to expand offerings that could eventually include plant-based burgers, chalupas or toppings on a stuffed-crust pizza. Beyond Meat on Thursday announced distribution agreements with McDonald’s as well as with Yum Brands, the parent company of KFC, Taco Bell and Pizza Hut. The company based in El Segundo, California, said it will develop plant-based products for all the restaurants, with exclusive menu items for each brand. Beyond Meat had limited partnerships with McDonald’s and Yum Brands before, testing its products in limited geographies or with only an item or two. The companies are now expanding those ties.
Chicago-based McDonald’s will use the Beyond Meat partnership to roll out what it is calling the “McPlant” burger, as well as eventually plant-based pork, egg and chicken products. Yum will use Beyond Meat to expand its “Beyond Fried Chicken” products, as well as pizza toppings at Pizza Hut. Yum, which is based in Louisville, Kentucky, did not lay out specific menu options for Taco Bell. Plant-based food products that are designed to imitate meat have grown in popularity in the last few years and several large restaurant chains are now experimenting with food science to make healthier and more environmentally friendly products for customers. Burger King has partnered with Impossible Foods to provide products that use plant-based products as well.