03072019 BUSINESS

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THURSDAY, MARCH 7, 2019

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DPM: ‘New chapter’ for financial services By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday hailed the Investment Funds Bill 2019 as “a new chapter” for Bahamian financial services, replacing and rebalancing an “outdated” regulatory regime. K Peter Turnquest, pictured, told the House of Assembly yesterday that the Bill’s revised legal and regulatory regime would bring The Bahamas into line “with international standards and best practices”, while also improving the sector’s “ease of business” and providing the platform to attract increased investment funds business. Disclosing that the existing Act “now poses a risk” to The Bahamas’ reputation as a leading international financial centre (IFC), Mr Turnquest said it “misses the mark on key regulatory provisions required to oversee the industry at

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THE Bahamas was yesterday urged to use “the reprieve” provided by Europe’s rejection of its own “high risk” countries’ listing to craft “our assault on an illegal process”. Alfred Sears QC, the former attorney general and Caribbean Financial Action Task Force (CFATF) chairman, told Tribune Business that The Bahamas cannot afford for the European Union (EU) to regroup and come at it again with a new initiative. While the EU’s 28 national country members had given this nation “breathing space” by vetoing the listing of 23 countries drawn up by the European Commission, its civil service, Mr Sears said The Bahamas needed to use “the window of opportunity” wisely by pressing for all financial crime-related regulatory matters to be placed under the United Nations (UN) oversight. The Bahamas was included in the list of nations deemed to pose a “high risk” for financial crime due to alleged deficiencies in their anti-money laundering and counter terror financing regimes, with the ex-attorney general describing this as an action that had destabilised its financial services centre at a time when the country was “most vulnerable”.

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Battle erupts over ‘100% green’ resort By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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BAHAMIAN private island, billed as the world’s first “carbon neutral” luxury eco-resort, is at the centre of a bitter dispute as the March 15 deadline for its $3.8m “minimum bid” auction looms. Tribune Business can reveal that Star Island, formerly known as Cabbage Cay and located just west of Eleuthera’s Harbour Island,

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must transform an economic model that is “in crisis” by “shoring up” local entrepreneurs and capital, a former attorney general argued yesterday. Alfred Sears QC, pictured, told Tribune Business that the 60 year-old template left by Sir Stafford Sands was now “broken” and inadequate for The Bahamas’ needs, perpetuating an

“It buys us some breathing space,” Mr Sears said of the EU list’s rejection, “but we will either wait for them to regroup and come again or we will defend ourselves so we can put this process in an arena such as an international convention where we have standing to be at the table and help or participate in the process, and ensure through direct involvement an even-handed approach to the rules we help. “The reprieve only helps the Commonwealth of The Bahamas if we use it to overturn this unequal rolling, moving target and constant destabilisation it has caused - and continues to cause - the Bahamas at a time when we are vulnerable and becoming less competitive. “It’s a window of opportunity, and I trust the government will use this opportunity well and not see it as a solution but as an opportunity to prepare our defence and also begin our assault on an illegal process under international law and the UN charter,” Mr Sears continued. “The breathing space for us must be a strategic opportunity to defend and challenge.” International media reports this week revealed that all 28 EU member states will reject the list compiled by the European Commission, which acts as the bloc’s civil service.

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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is the focus of an intensifying battle between two parties to an alleged joint venture agreement for its multi-million dollar development. Eric Engler, a Floridabased attorney, told Tribune Business yesterday he is reviving his lawsuit seeking

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• Too many policies ‘colonial hold overs’ • Hotels in nine-figure breaks over eight years • Calls for ‘shoring up’ of domestic capital unequal investment incentive regime that favours foreigners over Bahamians. Arguing that such a situation is “not a sustainable trajectory” for the Bahamian economy, Mr Sears said The Bahamas could only build resilience by creating an incentive “level playing field” that places

‘Legal question’ over Promotion Boards’ $50m

local businesses on an equitable footing with their foreign counterparts. He argued that there were too many “hold overs from the colonial era”, pointing to areas such as the granting of crown land, which were holding The Bahamas back

• As $3.8m minimum bid sale deadline nears • Owner blasts investor’s ‘frivolous’ claims • But latter claims failure to perform

STAR Island Property

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A FORMER attorney general says a “live legal question” exists over the $50m raised by the various tourism industry promotion boards to market The Bahamas annually to potential visitors. Alfred Sears QC, addressing the National Progressive Institute, the Progressive Liberal Party’s (PLP) thinktank, argued that there was “no statutory authority” to support the raising of these funds via room levies imposed on guests. The only “permission” granted, he said, was a 1970 letter from then-minister of tourism, Sir Clement Maynard, adding that it was debatable whether the funds were raised through a levy or an actual tax. Lamenting the lack of oversight and parliamentary accountability for how this money is spent, Mr Sears said the Promotion Boards’ collective $50m annual income was equal to the Ministry of Tourism’s total yearly budget. “The retained amount taken by Promotion Boards is spent in the boards’ exclusive discretion for ‘promotion and training programmes’,” he said. “These boards are controlled primarily by the major hotels, all of which

Ex-AG: Bahamas economic model ‘broken, in crisis’

Bahamas urged: Use EU reprieve for own ‘assault’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Thursday, March 7, 2019

THE TRIBUNE

Bahamas provider extends $22.5m to Cayman project A $22.5M LOAN from a Bahamas-based financial services provider is providing much-needed bridge funding for the re-development of the five-star Grand Cayman Grand Hyatt. The funds, supplied by Sterling Global Financial, will help finance construction of the 357-room Grand Hyatt Hotel and Residences on Grand Cayman. “We at Sterling pride ourselves in relationship building and attention to client needs,” said David Kosoy, its chairman. “In practical terms, that means speed of response, assurance of financial sustainability and expertise in execution. “With the proposal for the Grand Hyatt in Grand Cayman, it took our team ten days from introduction to advancing a first mortgage on the project that will generate major economic thrust to the island and produce a five-star property with residences as well as traditional hotel rooms.”

STERLING Global Financial inks deal to develop Grand Hyatt Hotel on Grand Cayman.

The mortgage financing will be placed through Sterling Mortgage Income Fund, which generated an 11.33 percent annual return on investment in 2018 for accredited investors in the alternative debt investment asset class. The Grand Hyatt is one of several resorts Sterling Global Financial is helping to finance in the region and beyond, including its own $300m Sterling Hurricane Hole Marina project in The Bahamas; Sky Beach in Eleuthera; and a third development in Abaco. Located on seven prime acres of beachfront, once completed Cayman’s Grand Hyatt resort and residential offering will include a 12,000 square foot wellness spa, three swimming pools, six food and beverage venues, luxury retail and 25,000 square feet of indoor conferences space and meeting areas that will constitute the largest facilities of their kind in the Cayman Islands.

THE TRIBUNE

Thursday, March 7, 2019, PAGE 3

FORMER AG BACKS INCOME TAX MOVE By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A FORMER attorney general has backed the introduction of income tax in The Bahamas as a more “progressive” and fair way to distribute the tax burden. Alfred Sears QC, in an address to the National Progressive Institute (NPI), the Progressive Liberal Party’s (PLP) think-tank, argued that this would provide the Government with more sustainable income streams than the current regressive, consumption-based VAT and import tariffs.

“A ‘progressive’ form of taxation of Bahamians, residents and foreign persons doing business in The Bahamas, inclusive of personal income and corporate tax, is the only basis that there can be a more sustainable stream of public revenue to cover the capital and social needs of The Bahamas, “ he argued. “A system of income tax would more equitably distribute the tax burden rather than the current consumption VAT, Custom Duties and Business Licence regimes. Further, the Government, through exemptions and

write-offs, could incentivise taxpayers to make philanthropic contributions to non-profit entities in The Bahamas, thereby, contributing to the development of the third sector and social enterprises.” He added that Bahamian citizenship was a “disadvantage” under the current investment incentives system, and called for legislation which would ensure equal and fair treatment for both foreign and domestic investors. “Under the present Bahamian tax and investment system, which I refer to as the Stafford Sands

model, Bahamian citizenship is a disadvantage,” Mr Sears said. “Bahamians pay a 12 per cent VAT, Custom duties, business licence, National Insurance and real property tax. “Foreign investors in the tourism and financial services sectors are exempted from most local taxes and receive incentives, concessions and state subsidies whether they are profitable or not, while profits from these enterprises are repatriated out of The Bahamas. Describing the Stafford Sands model as being “in crisis”, Mr Sears said: “The current investment

architecture, based on outdated assumptions which are inconsistent with a sovereign country and its needs, increases the competitive advantages of foreign investors, who are the exclusive beneficiaries of incentives, concessions and state subsidies. “Most foreign investors will have the benefit of unfettered access to global venture capital and the support of their respective Export-Import banks. Bahamian investors, on the other hand, do not enjoy those advantages and are prohibited by law from accessing the cheapest

venture capital from outside The Bahamas. There is no Export-Import bank in The Bahamas to incentivise Bahamian enterprises to become regional and international players. ‘It is easier for foreign investors to do business in The Bahamas than Bahamian investors. In 46 years of independence, The Bahamas continues to operate according to the assumptions of the Stafford Sands model with a deepening systemic dis-functionality and diminishing competitive position in tourism and financial services.”

‘NOTHING TO CELEBRATE’ IN MID-YEAR BUDGET Cooper: Change the conversation By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE DNA yesterday slammed the government’s projected $185m revenue shortfall as “unacceptable and inadequate”, adding that Bahamians had “nothing to celebrate” in the mid-year budget. Arinthia Komolafe, pictured, the Democratic National Alliance (DNA) leader, said the party had warned the government against targeting an overly-aggressive timeline for eradicating the fiscal deficit without developing an economic growth strategy. “We further advised them that based on elementary economics it has been proven that an increase in tax rate does not automatically yield a corresponding increase in tax revenues,” Mrs Komolafe said. “It comes as no surprise that the minister of finance [KP Turnquest] has finally admitted that the government will fall short of its projected revenue for the 2018-2019 fiscal year by seven percent or a whopping $185m. “The argument that the renegotiated tax structure for gaming houses, lower than expected VAT collections and delay in the establishment of the Revenue Enhancement Unit is responsible for the shortfall is simply unacceptable and inadequate. It speaks to the poor planning, unreliable assumptions, incompetence and poor execution by the government.” Mrs Komolafe argued that the government “cannot talk this away or minimise their failure in

meeting projections that have been relied upon by Bahamians, investors and international agencies”. “This could negatively impact the credibility and trust reposed in our nation’s projections in future,” she added. “While their admission is commendable, it was always foreseeable and does not exonerate them from this embarrassing outcome. Having placed Bahamians and taxpayers under intense, unnecessary financial strain to meet their own selfimposed targets, the DNA submits that an apology is warranted.” The DNA leader hit out after KP Turnquest, deputy prime minister, told the House of Assembly last week that government revenues were likely to come in $185m, or seven percent, below 2018-2019 budget projections this fiscal year. He blamed the undershoot on a combination of the transition to a 12 percent VAT rate; an $18m drop in expected web shop taxes due to that industry’s settlement with the government; and the delayed creation of the Revenue Enhancement Unit that was expected to produce a further $80m. However, Mr Turnquest expressed confidence that the full-year fiscal deficit will come in $5-$10m lower than the forecast $237m, reaching $230m, because the government was trimming its recurrent spending by $130m or five percent to match the revenue shortfall. Capital expenditure will also be below the anticipated $299m. Mrs Komolafe, though, argued that there “is nothing to celebrate in the mid-year budget statement

for the average Bahamian”. She added: “Any commentary on the reduction in the fiscal deficit year-onyear must be considered in the context of a massive increase in taxes by this government. “They continue to pat themselves on the back at the expense of the masses that have seen a decrease in their disposable income and spending power... The Bahamian people are simply not impressed with this uncaring government,” Mrs Komolafe said. The DNA leader said it was “unfortunate” that the government’s focus “is not the people but rather making the figures look good; an objective they are also failing to achieve.” She added: “The Bahamian people are still waiting for this administration to unveil its economic growth plan. “In the absence of a plan, the government is still struggling to get its fiscal house in order. A priority item for any administration should be addressing the burden and inefficiencies stateowned enterprises (SOEs) impose on the public purse and, ultimately, the Bahamian taxpayer. “It is common knowledge SOEs receive subsidies and subventions to the tune of approximately $400m annually. The government has announced that further studies and analysis will be commissioned in the coming months. “This is in spite of multiple studies and reports on SOEs over several years and successive administrations. After almost two years in office, they still lack a comprehensive strategy or plan for SOEs, and continue to pontificate with political rhetoric while wasting taxpayers’ funds.”

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas has a chance to “change the conversation” after the European Commission’s list of nations that pose a “high” financial crime risk was rejected by the bloc’s 28 member states. Chester Cooper, the Progressive Liberal Party’s (PLP) deputy leader, yesterday said the “dilemma” created for the European Commission had presented The Bahamas with an opportunity to change the narrative surrounding the alleged deficiencies in its anti-money laundering and counter terror financing regime that resulted in its inclusion on the 23-strong list. Speaking during his contribution to the debate on the Investment Funds Bill 2019, he said: “I note that the EU itself appears to have rejected its latest blacklist that included The Bahamas. There needs to be some recalibration on how we approach these issues. The outright rejection of this list by the US and its territories, and the Saudis, has effectively rendered the list useless, and created some credibility issues, it appears. “I guess the EU ran into a nation called the United States that was willing to use its power to effectively ‘de-list the list’ itself. I would like to think that it would serve as a lesson to the EU, but given their penchant for ‘running out’, as the young people would say, they will likely be back. “This dilemma for the EU creates an opportunity, in my view, for a global conversation. We must lobby international bodies like

the UN, where we have representation, along with CARICPM and other international financial centres.” Mr Cooper addressed the matter after international media reports revealed that all 28 EU member states will reject the list compiled by the European Commission, which acts as the bloc’s civil service. Prior to its release there had been strong lobbying by the UK and others against the inclusion of Saudi Arabia, while the US reacted furiously post-publication to the naming of American Samoa, US Virgin Islands, Puerto Rico and Guam. The EU governments “cannot support the current proposal”, a strongly worded draft statement that will be approved by ministers, is purported to say.

Diplomats complained that the way the EU Commission had drawn up the list was unclear and potentially vulnerable to legal challenges, adding that it “was not established in a transparent and resilient process that actively incentivises affected countries to take decisive action while also respecting their right to be heard”. Referencing the prime minister’s recent trip to meet with EU officials, Mr Cooper urged Dr Hubert Minnis to “leave it to the experts”. “We must be proactive in our negotiations. Hire the best experts in DC and Brussels,” he added. “Create alliances with our friends in big countries, and counterparts in small countries and international financial center (IFCs).

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PAGE 4, Thursday, March 7, 2019

THE TRIBUNE

Battle erupts over ‘100% green’ resort FROM PAGE ONE $25m in damages from Star Island’s owner, David Sklar, for purported breach of contract and loss of profits. He is claiming that Mr Sklar failed to perform his obligations under their agreement, specifically the development of a “masterplan” for the island, which was essential to the project’s ability to obtain the necessary construction, investment and environmental approvals from the government. Without these permits Star Island’s development stalled, and Mr Engler was unable to perfect a lien over its real estate to secure his investment in the project. He told Tribune Business that he has been unable to

recover, or earn a return on, the $1m he invested to develop the property into what Mr Sklar is now attempting to auction off to new owners. Mr Engler said his “partner’s” failure to deliver meant he was also unable to secure new investors or real estate buyers for Star Island. He revealed that The Bahamas’ former New York consul general, Forrester Carroll, had repeatedly promised to help obtain the necessary permits - once the government could see what it was approving. Mr Carroll’s brother, Frank Carroll, is named in documents obtained by Tribune Business as a “principal” and member of Star Island’s management team. But Mr Sklar yesterday blasted Mr Engler’s lawsuit

as “frivolous”, and accused the latter of trying to pressure him into settling by running to the media in a bid to disrupt/interfere with Star Island’s sale and scare off potential buyers. He denied that the impending sale will be impacted by Mr Engler’s actions, pointing out that the lawsuit only named him as a defendant - not the two entities, Star Island Holdings and Family Island Development Ltd, that are selling the properties. Mr Sklar argued that, as a result, Mr Engler’s lawsuit will not affect the sale or potential buyers, with the only potential impact being to the sales proceeds he will receive in a personal capacity. He admitted that Mr Engler invested monies in

Star Island’s development, but alleged that the attorney failed to obtain the necessary approvals from the government to qualify as an accredited investor. Mr Sklar said all Mr Engler’s funds were accounted for, but claimed the latter started making demands that he be given “half the island in return”, which the Star Island owner branded unacceptable. He is demanding that the action, filed in the Florida state courts on the Broward County circuit, be dismissed on the grounds that their contract is “unenforceable”. However, Mr Engler’s re-emergence and plan to revive his legal action is especially ill-timed for Mr Sklar given his ongoing efforts to sell Star Island via an auction being overseen by Bahamian realtor, Coldwell Banker Lightbourn Realty. All bids are due to be submitted by next Friday, March 15, with the minimum or “floor” price set at $3.8m. Mr Engler’s lawsuit, which has been seen by Tribune Business, alleges that he and Mr Sklar entered into a December 2013 joint venture agreement “to create the world’s first fully-sustainable, 100 percent clean energy powered resort and research station, a title for which at least two other groups are currently vying. “The project’s uniqueness, importance and value are of vast proportions, and the profits contemplated by the venture are substantial,” the lawsuit added. “The commercial value to being the first developers in the world to open an off-grid, fully sustainable, clean energy resort is an important element of the venture.” A 39-page document prepared by Mr Sklar for potential investors, which has been seen by this newspaper, sought to raise $12m to finance Star Island’s build-out. Crafted before the 2008-2009 recession, when real estate values were at their highest, it projected that a total $82m in gross proceeds would be raised from sales to investors. Net revenues, after commissions and closing costs, were pegged at $72m. Mr Engler’s lawsuit claims that, under the terms of their deal, Mr Sklar was supposed to complete Star Island’s masterplan “within 60 days” of contract signing to facilitate obtaining the necessary permits and approvals from the government.

He was also to obtain the required permits for a resort/hotel, bar and grill, homes, villas, bungalows and other properties, as well as provide a lien over part of Star Island’s real estate to help secure Mr Engler’s investment. “Defendant has failed and refused, and continues to fail and refuse, to perform the obligations set forth despite plaintiff’s [Mr Engler’s] repeated requests,” the action added, with Mr Sklar’s failure to respond deemed a “repudiation” of their joint venture agreement. Mr Engler yesterday revealed to Tribune Business he had previously attempted to buy Star Island outright himself, only to be beaten to the acquisition by Mr Sklar and his investor group in the mid-2000s. An admirer of Eleuthera’s landscape, and with an interest in developing eco-resorts and research stations, Mr Engler said he was introduced to Mr Sklar several years later in 2012 by Rhonda Waton, the local HG Christie realtor, who informed him that Star Island was “back on the market”. The island was “on the market for half the investment put in”, but Mr Engler and Mr Sklar soon realised they had “a commonality of interest” when they saw each other’s drawings and business plans for an ecoresort at the location. According to Mr Engler, they agreed that he would raise the funds to start construction while Mr Sklar came up with the masterplan and associated drawings in 90 days. “For the investment, he would give me a lien or transfer ownership of 50 percent of the real estate and be 50/50 parties in developing the island,” Mr Engler added. Construction work began in November 2013, and Mr Engler said one year later a beach club, restaurant, agricultural farm, bar and grill and two apartments had been built, completing phase 1A’s development. Fresh water was located, and associated systems put in, while solar panels were installed on the roofs and began generating electricity from November 2014. “Most of what you’re seeing in the plan from the real estate agent is my doing,” Mr Engler said. “This was going to be an exclusive island with only a certain number of members. “It was to be an exclusive retreat where people could come and feel happy about their carbon negativeness. Everyone spoke to loved it. I knew the project was going to work, members or not. The idea of taking a totally green vacation was extremely appealing. “I wanted to bring ecoluxury to the sustainable tourism market. But I didn’t have the masterplan and drawings. I needed to get more investment, but you can’t really sell it unless you show them what you’re selling. By 90 days I was going nuts.” Mr Engler alleged that Mr Sklar’s response was that he was “too busy and couldn’t do it in a timely manner”. As a result, the Florida-based attorney offered to cover all Mr Sklar’s costs for producing the masterplan, and claimed the latter promised to do it in two weeks. “I heard two weeks about 300 times,” he told Tribune Business, recalling how Forrester Carroll had repeatedly promised the necessary permits will be forthcoming once the Government could see what it was approving in terms of a masterplan. “All along I was having these meetings where people were saying everything’s going to be fine, don’t worry about it,” Mr Engler said. “By Spring 2015 I was rather upset that I did not have the documents needed. “I didn’t have the masterplan from Sklar to file for the necessary permits. We’re about to open and start operating the restaurant and beach club. How do I get the permits I need?” Mr Engler alleged that the masterplan, and permits, never came, resulting in his late 2015 filing of

the Broward Circuit Court action. He added that this had been paused after Mr Sklar allegedly offered to settle by selling Star Island to him, and he put together an investor group to accomplish this, but “when I needed his co-operation he stopped communicating at the critical point”. Claiming that Mr Sklar had merely been seeking to stall the lawsuit, Mr Engler said he now planned to dust off the action and revive the discovery process and deposition of witnesses. Turning to Star Island’s impending sale via auction, Mr Engler said: “Anybody thinking about buying would find it important to know there’s a lawsuit concerning this property. Any potential buyer should be on notice that if I win this lawsuit there’s a good chance I’m going to sue the new owners. “I’m hopeful that whoever is looking at purchasing this property knows there’s a potential exposure and I intend on having this contract in court. Once that judgment’s obtained I can bring it to The Bahamas and have it recognised, so there’s potential exposure for any buyer.” Mr Sklar, though, dismissed Mr Engler’s threat to Star Island’s sale, describing the Florida lawsuit as “a completely frivolous action”. Acknowledging that he was “definitely aware of” Mr Engler and his claims, he added that “there’s obviously no love lost between the two of us”. “I can tell you that’s absolutely laughable and pure fiction,” Mr Sklar told Tribune Business of the threat to Star Island’s sale. “ We don’t want to continue any type of business relationship with him. It’s not been a good situation, but I have zero desire to do any type of business dealings with him.” Pointing out that the companies owning Star Island are not encumbered by the lawsuit, Mr Sklar said “any number of masterplans” were created and submitted to the government for approval while Mr Engler was involved with the project. He confirmed that his adversary was introduced to him by Ms Waton and offered to help finance the project, adding: “Long story short, our primary investors we had at the beginning of the project went broke in 2008. I’m not a finance guy; I’m a design/construction guy. My talent is to execute a vision. We’re really proud of the work done.” Mr Sklar alleged that Mr Engler failed to obtain the necessary investment approvals from the government. Records of the latter’s investment in Star Island were kept, with Mr Sklar intending to repay him for the funds. “We never denied receiving the money, but he never did it the way we asked him to as an approved investor,” Mr Sklar told Tribune Business. “We were told that as long as someone is willing to give you money you’re not doing anything wrong to keep accepting it.” Coldwell Banker Lightbourn Realty, in advertising the sale, said: “Cabbage Cay is a sustainable, off-thegrid, 35 acre private island located just a short boat ride west of world-famous Harbour Island and minutes away from mainland Eleuthera. “Cabbage Cay currently produces its own electricity via solar power as well as its own fresh water via reverse osmosis. There are a number of well-built structures on the island including a gorgeous 650 square foot apartment that sits above an open air outdoor living and dining area with fantastic views of the multi-hued waters of a protected bay, as well as a lovely cottage with a living room, bedroom and bathroom adjacent to the bar and grill. “A partially constructed hill top unit sits 40 feet above sea level with 360 degree views of the surrounding area. Roads run through the property allowing scenic access around the entire island. This breathtaking island with its unique features make this a buyer’s dream come true.”

THE TRIBUNE

Thursday, March 7, 2019, PAGE 5

Ex-AG: Bahamas economic model ‘broken, in crisis’ FROM PAGE ONE and undermining good governance. “For there to be sustainable development you have to incentivise your domestic capital,” Mr Sears told this newspaper yesterday. “The foreign direct investment is really here for comparative advantage, and when it’s better elsewhere they’re gone. “I don’t know of any other country in terms of its cash contribution to the tourism area where it’s entirely ring fenced from the domestic tax policy. There’s billions of dollars granted in concessions, and local entrepreneurs have no access to it. “Clearly foreign direct investment is welcome and we need it, but we also need for there to be a thriving domestic economy... If you were in any country, like Trump’s saying, ‘America First’, you would try and shore up as much as possible the national capital. I believe the people who live here should never be at a competitive disadvantage in their economy.” Addressing the National Progressive Institute, the Progressive Liberal Party’s (PLP) think-tank, on Tuesday night, Mr Sears had argued that the tax breaks, subsidies and other concessions had reached “a point of diminishing return” for The Bahamas. He said these foregone taxes not only reduced the revenues available to the government for the delivery of improved public services, but represented a “constraint on national development” due to a tax burden that fell increasingly heavily on Bahamian-owned companies and players in the domestic economy. Mr Sears pointed to the

massive multi-million dollar incentives granted to the tourism industry as one such example, noting that that the likes of Atlantis and Baha Mar receive annual $4m promotional cash subsidies from taxpayers via the Ministry of Tourism in addition to tax breaks and other concessions. “On an estimated investment of $2.5bn-$3bn, it is conservatively estimated that [Atlantis] receives concessions conservatively valued in excess of $500m, inclusive of exemptions from custom duties, real property tax, stamp duty and casino tax rebate under Hotel Encouragement Act, the Stamp Act and the Heads of Agreement,” he added. “Atlantis, when refinanced in 2014, was granted a combination of casino tax rebate and marketing contribution of $8m for years 2014 and 2015... On an investment estimated at $3bn, Baha Mar receives concessions conservatively estimated at $500m. In addition, Baha Mar received a $20m contribution from the government on the relaunch of Baha Mar.” With other hotel developments such as Resorts World Bimini and The Pointe also receiving multi-million dollar tax breaks and incentives, Mr Sears said: “Over a period of eight years, the cash subsidies from the government to hotels with Heads of Agreements amounted to over $100m.” Contrasting this with the experience of locally-owned hotels, he added: “Historically, Bahamian-owned hotels with under 75 rooms find it difficult to qualify for concessions under this Act due to the requirement that they expend 25 percent of the market value of their properties in refurbishment over a period not

exceeding two years. “This requirement, while intended to apply to foreign investors, has had the unintended consequence of penalising Bahamian-owned small hotels.” Calling for direct action to redress the imbalance between foreign direct investment and the domestic economy, Mr Sears told Tribune Business: “It’s necessary for us to do it affirmatively rather than tinkering here and tinkering there.” He added that it was ironic that The Bahamas is being challenged, and threatened, over preferential tax breaks granted to foreign investors and non-resident entities by the European Union (EU), which has forced this nation to enact legislation removing such “ring fencing”. Calling for The Bahamas to look at reforms for its own benefit, the former attorney general said that “for peace, order and good governance internally we need to incentivise national capital, which will be there in good times and bad”. He argued that other countries geared their investment incentive regimes towards domestic businesses first, and foreign investors, second. Mr Sears said foreign investors coming to The Bahamas typically had access to insurance, guarantees and soft loans provided by their home country’s exportimport banks and such like, giving them an automatic competitive advantage over locals. The exchange control regime also typically restricted capital and financing sources for Bahamian businesses, forcing them to pay a higher price (interest rate) than foreign rivals. “If we are talking about sustainability, talking about equality, talking about

‘Legal question’ over Promotion Boards’ $50m FROM PAGE ONE are foreign owned and controlled; the Ministry of Tourism has neither a seat on the boards of directors nor a vote in the running of the Promotion Boards. “Today, the portion of the resort levy that is annually retained by the Promotion Boards amounts to approximately $50m. The Ministry of Tourism itself has allocated about $20m to promotion. Therefore, the bulk of the tourism promotion budget, from taxes, is controlled by the Promotion Board, beyond the control of the Ministry of Tourism and is not accountable to Parliament. “There is no statutory authority for the Promotion Boards/hotels to collect these taxes or levies, apart from the 1970 letter from the Ministry of Tourism. Therefore, it is, I believe, a live legal question whether

this approximate $50m, outside of the statutory framework, is a proper tax or levy.” Tribune Business understands that the Promotion Board levies are based on room rates, with the percentage charged depending upon location in The Bahamas. The Nassau/Paradise Island Promotion Board rate is ten percent, but this drops to eight percent and six percent for Grand Bahama and the Family Islands, respectively.

responsible governance, the Privy Council has said time and time again we’re one of the few places in the world where you can get a Heads of Agreement without an approved Environmental Impact Assessment (EIA),” Mr Sears added. “The project can change the life of the community and impact the environment. No man.” Mr Sears described crown land as “a hold over from the colonial era”, with the law giving the minister of land “prerogative power” to determine who should receive grants and leases in

the complete absence of any policy and oversight. Multiple grants and leases have been granted to resort-based development projects, and the former attorney general called for the minister’s power to be removed such and replaced by national resources legislation that “provides for the rational, transparent and accountable use and disposition of all natural resources, including the two million acres of crown land, to be operated by a public authority, under Cabinet policy supervision and

accountable to Parliament”. “I want to encourage the public to talk about how we create a new architecture that puts us on a sustainable path,” Mr Sears told Tribune Business. “We need to have the will to transform it and come up with something better for this time and who we are. “This is not a partisan conversation; it’s a national conversation. Kicking the ball down the road makes it difficult for future generations. This is why we have to look at a progressive form of taxation.”

NOTICe TO OUR LONG STANDING & VALUeD CUSTOMeRS:

Mr Sears, meanwhile, noted that the government’s total projected revenues of $2.5bn for 2018-2019 equalled the estimated unfunded public sector pension liability, with the national debt standing at $8.2bn and gross national product at $12.9bn. Describing this as “a broken model”, he added: “When you look at this scenario it’s not a sustainable scenario, it’s not a sustainable trajectory.”

NOTICE Notice is hereby given that BGRS Certificate No’s. 94174, 95219, 97145 & 101029 in the amounts of $50,000, $10,000, $60,000 & $5,000, which are due to mature in 2031, 2032, 2033 & 2021, respectively, are lost. If these certificates are found, please write to P. O. Box N-7525 Nassau, Bahamas.

Corri Miller and Theo Kemp (former employees) are no longer employed with GG Fire & Safety Services and is NOT authorized to conduct any business; under any circumstances, on behalf of the company.

If these individuals are found or seen perpetrating please contact the police.

PAGE 6, Thursday, March 7, 2019

THE TRIBUNE

DPM: ‘New chapter’ for financial services FROM PAGE ONE current internationally acceptable levels, and the underlying investor protections and market conduct provisions they encapsulate are absent from the prevailing legislation.” Turning to the new Bill, he enthused: “This bold piece of legislation seeks to fill those regulatory gaps with a framework of rationalised definitions of fundamental terms and the realignment of fundamental, though critical, functions and responsibilities. It proposes to open the industry in key ways that will allow Bahamians greater access to international service providers to enhance their operations and client offerings.” The 2019 legislation rebalances a regulatory approach that previously “placed an inordinate emphasis” on fund administrators as the focal point for licensing and regulation, rather than the risk attached to a particular fund’s underlying activities. More focus will be placed on fund managers and custodians, who play key roles in the investment funds industry, ensuring they are properly regulated and governance responsibilities properly aligned to help tackle a deficiency identified in the IMF’s last assessment of the Bahamian financial services industry in 2012. The Bill also ensures The Bahamas remains

in compliance with the European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD), thereby preserving access to the EU market and investors for funds and managers/administrators domiciled in this nation. Noting that there were 749 licensed investment funds in The Bahamas at end-December 2018, Mr Turnquest told Parliament yesterday that the Bill will introduce “an overhauled legal and regulatory framework that is compliant with international standards and best practices, and is replete with improved provisions to protect investors and lay the foundation to attract new and increased business to The Bahamas”. He added: “When the current investment funds legislation was introduced, its provisions were, largely, suitable for the regulation of the industry at the time. The legislation provided for the supervision and oversight of investment funds in an environment where the majority of the consumers of the investment fund product in The Bahamas were sophisticated investors, or the trustees, private bankers and wealth managers that represented them. “The regulatory framework was in line with the structure and needs of the Bahamian financial services industry at the time and sufficient to satisfy the international standards and best practices of the day.”

Mr Turnquest said the International Monetary Fund’s (IMF) Financial Sector Assessment Programme in 2012 found the Bahamas failed four out of five principles for investment fund regulation. The new Bill rewrites what an investment fund is for the purpose of licensing and regulation, and what it means to carry on investment fund business in or from The Bahamas. “The result is that the conditions that would require or trigger a fund or its various operators, managers, related parties, etcetera, to be licensed, have been changed in the proposed legislation,” he said. “The definition of an investment fund in the new Bill is a “unit trust, company, partnership or investment condominium that issues or has equity interest, the purpose or effect of which, is the pooling of investor funds with the aim of spreading investment risks and achieving profits or gains from the acquisition, holding, management or disposal of investments.” “Unlike the previous definition, there is no other requirement for a connection or ‘nexus’ to The Bahamas built into it. Under the provisions of the Bill, licensing as an investment fund is triggered by an entity that fits the definition of an investment fund carrying on, or attempting to carry on business in or from The Bahamas.”

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

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he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

THE TRIBUNE

Thursday, March 7, 2019, PAGE 7

To advertise in The Tribune, contact 502-2394

Bahamas urged: Use EU reprieve for own ‘assault’ FROM PAGE ONE Prior to its release there had been strong lobbying by the UK and others against the inclusion of Saudi Arabia, while the US reacted furiously postpublication to the naming of American Samoa, US Virgin Islands, Puerto Rico and Guam. The EU governments “cannot support the current proposal”, a strongly worded draft statement that will be approved by ministers, is purported to say. Diplomats complained that the way the EU Commission had drawn up the list was unclear and potentially vulnerable to legal challenges, adding that it “was not established in a transparent and resilient process that actively incentivises affected countries to take decisive action while also respecting their right to be heard”. Emmanuel Komolafe, pictured, a compliance expert, told Tribune Business that The Bahamas should focus on escaping the Financial Action Task Force’s (FATF) monitoring list before the EU issues a revised listing. The Bahamas’ inclusion on the listing by the FATF, the global standard-setter for financial crime, was cited by all of the EU, UK and US as the rationale for their own advisories warning their financial institutions to

apply increased scrutiny to transactions with this nation. With all The Bahamas’ woes flowing from the FATF listing, Mr Komolafe said: “It’s obvious what we need to do. Ultimately, it’s about getting off the FATF list and making sure we’re off the list. “We want to be off this one [EU] additional list but, from what I have seen, from an industry perspective it is more concerned about the FATF listing than anything else. The additional scrutiny it attracts for The Bahamas, we’ve seen that more from the FATF listing than the EU listing, and as long as that’s the one industry is concerned with I would encourage the Government to do what it can to get off that list. “Make sure the FATF understands the changes we’ve made and gives us credit where it’s due rather than keep on listing us.” Mr Komolafe agreed that EU developments “buy us some time to get off the FATF list” but, while positive news, the bloc’s rejection of its own 23-strong listing was not cause for “over-celebrating” just yet.

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PAGE 10, Thursday, March 7, 2019

THE TRIBUNE

Democrats flex power by taking aim at money in politics WASHINGTON Associated Press FLEXING their new majority, Democrats are moving to push through the House a comprehensive elections and ethics reform package they say will reduce the role of big money in politics, ensure fair elections and restore ethics and integrity to Washington. The legislation, called HR

1 to signify its importance, would make it easier to register and vote, tighten election security and require presidential candidates to disclose their tax returns. The sweeping, 570-page bill also would make Election Day a holiday for federal workers and require “dark money” political groups to make their donors public. And it would create a public financing system for congressional campaigns that

Democrats say will cut down on corruption and reduce the power of lobbyists and other special interests. “The public is smart enough to know that where you get your money, that’s where you get your marching orders,” said Rep John Sarbanes, a Maryland Democrat who is the bill’s main author. “The public is saying, ‘Build a system of financing campaigns that we own and we’re in charge of,’ not

PUBLIC NOTICE To:

Mr. Keod Smith Perpall Tract Nassau, New Providence The Bahamas

TAKE NOTICE that:-

1. By the Notice of Motion filed on 8th February, 2017 in Judicial Review Proceedings No. 12 of 2013, the Coalition to Protect Clifton Bay and 2 ors, the Applicants therein (“the Coalition”), seek to have you, KEOD SMITH, committed to prison for contempt of Court (“the Committal Motion”). 2. AND TAKE NOTICE that the Court previously set the Committal Motion down for hearing at 12 noon on Thursday, 21st February, 2019 before the Honourable Justice Keith Thompson of the Supreme Court situate on the 3rd Floor, Ansbacher Building, Nassau, The Bahamas. 3. The Coalition has attempted to personally serve you, KEOD SMITH, with the following documents without success, the: i. ii.

Notice of Hearing of the Committal Motion filed on 14th February, 2019 with a return date on 21st February, 2019; Notice of Motion [Committal Proceedings against Keod Smith] filed on 8th February, 2017;

iii.

23rd Affidavit of Martin A. Lundy II [in support of ExParte Application for Order of Committal against Keod Smith] filed on 6th February, 2017;

iv.

Statement Pursuant to O. 52, R. 2(2) [in support of ExParte Application for Order of Committal against Keod Smith] filed on 6th February, 2017;

v.

Ex-Parte Order [granting leave to apply for an order of committal against Keod Smith] filed herein on 8th February, 2017; and

vi.

Ex-Parte Summons [seeking leave to apply for an order of committal against Keod Smith] filed herein on 6th February, 2017. (“the Documents”)

4. AND TAKE NOTICE that the Court has now set the Committal Motion down for hearing at 2:30 pm on Thursday, 2nd May, 2019 before the Honourable Justice Keith Thompson of the Supreme Court at the address aforesaid. 5. AND TAKE FURTHER NOTICE THAT by Ex-Parte Order filed on 21st February, 2019 (“the Substituted Service Order”), the Court has ordered that service of the Documents together with the following documents is to be effected on you by, inter alia, this Advertisement, the: i.

Notice of Notice of Hearing of the Committal Motion filed on 21st February, 2019 with a return date of 2nd May, 2019;

ii.

Ex Parte Summons [Substituted Service of Notice of Hearing (Notice of Motion-Committal Proceedings against KD filed 14th February, 2019)] filed on 21st February, 2019;

iii.

Amended Ex Parte Summons [Substituted Service of Notice of Hearing (Notice of Motion-Committal Proceedings against KD filed 14th February, 2019)] filed on 21st February, 2019;

iv.

Substituted Service Order;

v.

2nd Affidavit of Sergeant Matthew Albury [Attempted Service of Notice of Hearing of Committal Proceedings] filed on 21st February, 2019; and

vi.

Affidavit of Sergeant Stan Davis [In support of ExParte Summons for Substituted Service] filed on 21st February, 2019 (jointly “the Substituted Service Documents”)

6. A copy of the Documents together with the Substituted Service Documents may be obtained from the Supreme Court Registry, Ground Floor, British American Building, Nassau, New Providence, The Bahamas OR from the Attorneys for the Coalition at their address below mentioned OR at their Nassau Office situate at One Millar’s Court, Nassau, New Providence, The Bahamas. DATED this 7th day of March, 2019 CALLENDERS & CO. Chambers - Island House The Mall Drive Freeport, Grand Bahama The Bahamas Attorneys-at-Law for the Coalition

the insiders and the lobbyists,” Sarbanes said in an interview. “We want to set it up so the public gives us our marching orders.” Lawmakers began debate on the bill yesterday, with passage expected tomorrow. Republicans call the bill a thinly disguised power grab that would expand government and use billions in taxpayer money to pay for congressional campaigns. Senate Majority Leader Mitch McConnell has pronounced the measure dead on arrival in the Senate, while the White House says President Donald Trump would veto it if it ever

reached his desk. “This is a terrible bill,” said Rep Rodney Davis of Illinois, the top Republican on the House Administration Committee. “Who in the world is asking for taxpayer dollars to go into congressional campaigns? That’s what Democrats are trying to hide in this bill.” Democrats deny that and say money for political campaigns would come from a surcharge on federal settlements made with banks and corporations that run afoul of the law. “A lot of interests that pay for campaigns now are the same ones that lean on the

policy-making machine in Washington,” Sarbanes said. “If they do something wrong, then that’s the perfect place to go for money to empower everyday Americans to construct a new system that gets out from under their influence.” This bill allows “everyday Americans to become power brokers” with small contributions of $50 or $75 that will be matched at a six-toone rate by the government, he said. Republicans warn that the price tag could run into the billions and say the legislation amounts to a federal takeover of elections. The bill would create automatic national voter registration while expanding access to early and online registration. It also prohibits voter roll purges like those seen in Georgia, Ohio and other states, restores voting rights for ex-prisoners and increases federal support for state voter systems, including paper ballots to prevent fraud. “This new House Democrat majority’s top priority is apparently assigning themselves an unprecedented level of control over how they get elected to Washington, DC, along with ... what American citizens are allowed to say about it,” said McConnell. The Kentucky Republican, a longtime foe of public financing, mocked the bill as the “Democrat Politician Protection Act” and said Democrats were “intent on fixing our elections, even though they aren’t broken”. Among the flaws in the bill, McConnell said, is that the disclosure requirements for political donations would curb Americans’ First Amendment rights by making their private information public. McConnell found an unlikely ally in the American Civil Liberties Union, which warned in a letter to lawmakers that the bill’s disclosure requirements could harm public discourse “by silencing necessary voices that would otherwise speak out about the public issues of the day”. Fred Wertheimer, president of the advocacy group Democracy 21, called those concerns overstated, saying the bill takes needed steps toward accountability and transparency. Wertheimer called the bill “historic legislation” that would put in place a host of reforms that would begin to “fix a broken political system and a corrupt campaign finance mechanism” that threatens our democracy.

THE TRIBUNE

Thursday, March 7, 2019, PAGE 11

Senate leader trashes Whitmer’s ‘stupid’ business tax plan LANSING Associated Press A TOP Republican lawmaker yesterday strongly criticised Gov Gretchen Whitmer’s proposal to raise taxes on some businesses to help ease the burden on retirees, calling it “stupid”. The Democrat’s budget proposal would reverse parts of a tax rewrite enacted by former Republican Gov Rick Snyder and the GOP-led Legislature in 2011. Whitmer contends that the moves are needed to soften the impact of her proposed 45-cents-a-gallon fuel tax increase to fix the roads, and to restore tax breaks for pensioners and low-income earners. “I’m going to say this as gently as I possibly can: Taking actions like that would be doubling down on stupid,” said Senate Majority Leader Mike Shirkey of Clarklake. “We do not need to go back to old forms and old techniques and old gimmicks. We need to stay focused on what we’ve been doing the last eight years.” The 2011 law slashed business taxes — including by subjecting fewer companies to a new restructured tax — while effectively raising taxes on retirees, homeowners, low-wage workers and taxpayers with children by eliminating or reducing several deductions and credits. Shirkey, speaking to reporters a day after Whitmer’s budget address, also was wary of the fuel tax hike. “The citizens of Michigan, especially the folks that actually work for a living, cannot absorb a 45-cent increase in the gas tax. They just can’t do it,” he said, agreeing that $2.5bn more is needed for transportation infrastructure but adding that he had

SENATE Majority Leader Mike Shirkey, R-Clarklake, watches during the State of the State address at the state Capitol in Lansing, Mich. The top Republican lawmaker is strongly criticising Gov Gretchen Whitmer’s proposal to raise taxes on some businesses while providing relief to retirees and low-income workers. Shirkey said yesterday, that “taking actions like that would be doubling down on stupid”. The Democratic governor outlined the tax overhaul in her budget on Tuesday. It’s an attempt to reverse parts of a tax rewrite enacted by her Republican predecessor. Photo: Al Goldis/AP yet to hear the “best ideas” to generate new revenue. “We have to talk about and consider the appetite, the ability to absorb those kinds of things.” Whitmer’s office did not comment on Shirkey’s criticism of her proposed changes to business and income taxes but said she “is willing to work with anyone who is willing to work with her” to get $2.5bn more annually to fix the roads and address other priorities. “If he or anyone else has a real solution that gets to 90 percent of state roads in good/fair condition, then she’d be willing to have a serious conversation about it,” said spokeswoman Tiffany Brown. Whitmer proposes boosting taxes on 150,000 corporations, partnerships

and limited liability companies. Income from those entities was once taxed at the same rate as traditional corporations, but under the 2011 overhaul, income passed through to the entities’ owners is taxed at the personal rate of 4.25 percent. Whitmer says taxing them at the equivalent of the six percent corporate rate would provide $280m to mostly offset repealing the taxation of retirement income. The net tax hike on business owners would be roughly $100m because the state “pass-through” tax would be deductible for federal tax purposes. Shirkey said S corporations — which pass income through to shareholders for tax purposes — are the types of businesses that “generate the

PUBLIC NOTICE To:

Mr. Peter Nygard Simms Point/Nygard Cay Lyford Cay, New Providence The Bahamas

TAKE NOTICE that:-

1. By a NOTICE TO SHOW CAUSE issued by the Supreme Court of The Commonwealth of The Bahamas on 28th January 2019 and filed on 4th March, 2019 in Supreme Court Action No. 2013/PUB/jrv/00012, you are ORDERED to appear before The Honourable Justice Cheryl Grant-Thompson of the Supreme Court in open Court at the Supreme Court, Nassau, New Providence, The Bahamas on Thursday, the 14th day of March 2019 at 10:00 o’clock in the fore-noon TO SHOW CAUSE why you should not be CITED FOR CONTEMPT of Court for your FAILURE TO ATTEND in person before the Supreme Court in breach of each of the following Orders: a) An order of the Supreme Court dated 17th January, 2019 and filed on 18th January, 2019 by which you were ordered to appear before The Honourable Justice Cheryl Grant – Thompson on 21st January, 2019 at 10:00am for the Mitigation and Sentencing Hearing in respect of a Second finding of contempt made against you by the Supreme Court vide Ruling No. 30 dated 29th June, 2018 (“the 2nd Finding of Contempt”) and; b) An order of the Supreme Court dated 21st January, 2019 and filed on 22nd January, 2019 by which you were ordered to appear before The Honourable Justice Cheryl Grant – Thompson on 28th January, 2019 at 9:30am for the Mitigation and Sentencing Hearing in respect of the 2nd Finding of Contempt.

2. AND TAKE NOTICE THAT by Order of the Supreme Court made on 7th February, 2019 (“the Substituted Service Order”), the Court ordered that service of the said Notice to Show Cause be effected upon you by, inter alia, this Advertisement. 3. A copy of the said Notice to Show Cause may be obtained from the Supreme Court Registry, Ground Floor, British American Building, Nassau, New Providence, The Bahamas OR from the Attorneys for the Coalition at their address below mentioned OR at their Nassau Office situate at One Millar’s Court, Nassau, New Providence, The Bahamas. DATED this 7th day of March, 2019 CALLENDERS & CO. Chambers - Island House The Mall Drive Freeport, Grand Bahama The Bahamas Attorneys-at-Law for the Coalition

most innovation and the most jobs, and we should make sure that Michigan stays very competitive and attractive to the investment of capital.” Democrats supported Whitmer’s plan, however. Senate Minority Leader Jim Ananich of Flint called it “fair” and said business groups want the government to improve infrastructure and develop a talented workforce, and “taxes is moving farther and farther down the list” in importance. “What we used to have before the (corporate tax) was offices were treated equally,” he said. “That’s what the governor came forward with in a way to relieve seniors of a tax obligation that they weren’t prepared for. This seems like a very fair way to do it, and we’ll keep talking about it.” Sen Curtis Hertel Jr, an East Lansing Democrat, said residents “cannot bear the entire cost of fixing Michigan’s government,” and corporate taxes account for five percent of general fund revenues. “I don’t think anyone would think that was equitable,” he said. During a hearing before the Senate Finance Committee yesterday, Chief Deputy Treasurer Jeff Guilfoyle was asked by a Republican if the new business tax would encourage or discourage small companies to spend and expand. He said he did not think it “would lead to a significant change in taxpayer behavior,” adding that the 2011 business tax cut was “very large” while Whitmer’s proposal would be a “small increase back up”. Guilfoyle said there has been “significant interest in a lot of quarters in undoing” the changes to how retirement income is taxed.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ALMIRA ALVORD M. NOTTAGE of the Western District of the Island of New Providence one of the Commonwealth of The Bahamas, intend to change my name from ALMIRA ALVORD M. NOTTAGE (aka Almira Alvord M. Ferguson) to ALMIRA ALVORD MIKARA CARGILL. If there are any objections to this change of name by Deed Poll, you may submit such objections to the Chief Passport Officer, P.O. Box N-742, New Providence, The Bahamas no later than Thirty (30) days after the date of the publication of this notice.

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (4) of The International Business Companies Act, 2000, Notice is hereby given that:(a) NOVA THREE LTD. is in dissolution; (b) the date of commencement of the dissolution was March 4, 2019; (c) the name of the Liquidator is EDWARD B. TURNER of EDWARD B. TURNER & CO. 24 Leonie Place, Flax Terrance off Malcolm Road. P.O. Box N-1375, NASSAU, BAHAMAS. EDWARD B. TURNER Liquidator

PAGE 12, Thursday, March 7, 2019

THE TRIBUNE

TRUDEAU’S FORMER TOP AIDE TESTIFIES IN HIS DEFENSE TORONTO Associated Press

PRIME Minister Justin Trudeau’s former top aide tried yesterday to quell a Cabinet controversy that has shaken Canada’s government in an election year, testifying that the demotion of the attorney general had nothing to do with alleged efforts to pressure her into not prosecuting a Canadian company in a corruption case. Gerald Butts, a close friend of Trudeau and his former principal secretary, testified before a Parliament justice committee about a scandal that led to the resignations of two high-profile Cabinet ministers and Butts himself. A spokeswoman

for Trudeau announced the prime minister would take questions on the affair at a news conference today. Jody Wilson-Raybould, the former attorney general and justice minister, testified last week that Trudeau and senior members of his government inappropriately tried to pressure her to instruct prosecutors to avoid criminal prosecution of Montreal-based engineering giant SNC-Lavalin and instead require it to pay fines for alleged bribery in Libya. Butts acknowledged officials had expressed concern that prosecution could endanger thousands of jobs, but said, “I firmly believe here that nothing inappropriate occurred here and nothing inappropriate was

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 4th day of March 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 7th day of March, 2019. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

PRIME MINISTER JUSTIN TRUDEAU alleged to have occurred until after the Cabinet shuffle.” Wilson-Raybould was demoted from her role as attorney general and named veterans affairs minister in January as part of a Cabinet shuffle and resigned weeks later. Wilson-Raybould testified she believes she lost the justice job because she didn’t give in to “sustained” and “inappropriate

pressure” to negotiate a remediation agreement with SNC-Lavalin. That solution would have avoided a potential criminal conviction that would bar the company from receiving any federal government business for a decade. The company is a major employer in Quebec — Trudeau’s home province. It has about 9,000 employees in Canada and more than 50,000 worldwide.

NOTICE NOTICE is hereby given that ALEXANDRA DORMAIVIL of Mildred Avenue, Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“When you boil this all down, the only thing we ever asked the attorney general to do was to get a second opinion. And we also made it clear that she was free to accept that opinion, or not,” Butts said. “The attorney general could have written or spoken to the prime minister at any time during this process to say attempts to contact her office on the matter were improper, and they should cease immediately,” Butts said. “The minister could have told the people who raised it with her that they were close to or crossing a line. The minister could have texted or emailed me at any time.” Wilson-Raybould has said that while she considered the pressure inappropriate, she didn’t believe it had been illegal and said she was not directly told to interfere. “It was and is the attorney general’s decision to make,” Butts said about whether to prosecute. “It would, however, be Canadians’ decision to live with,” saying more than 9,000 people could lose their jobs, “as well as the many thousands more who work on the company’s supply chain. “The heart of the matter is that the prime minister and those around him believed that this is a real and significant public policy challenge that deserves a robust and thoughtful response.” Butts said the SNC-Lavalin issue had nothing to do with the Cabinet shuffle, which he said was prompted by the political retirement of Treasury Board minister Scott Brison. He said

Trudeau wanted to move Jane Philpott from indigenous services minister to the Treasury post and shift Wilson-Raybould, who is indigenous, to indigenous services but she refused. Wilson-Raybould said that being attorney general and justice minister was her “dream job”, Butts testified, and that she wanted to remain in that post. “If you allow a minister to veto a Cabinet shuffle by refusing to move, you soon will not be able to manage Cabinet,” Butts said. “My advice was that the prime minister should not set the precedent that a Cabinet minister could refuse a new position and effectively remain in one position for the life of the government.” Trudeau ultimately moved Wilson-Raybould to Veterans Affairs, and Butts said that days later, WilsonRaybould accused them of being punishing her for refusing to intervene in the SNC-Lavalin case. “Trust had broken down between our office and the minister,” Butts says. “I was deeply concerned by what the minister was saying. It was all a great and sad surprise to me that she could draw those sorts of conclusions about her colleagues, including myself.” Lisa Raitt, a lawmaker in the opposition Conservative Party, said members of Trudeau’s Liberal party had blocked efforts to call Wilson-Raybould back for more testimony. “One of them isn’t telling the full story and we need to find out which one it is,” Raitt said.

NOTICE

NOTICE

NEW APPLEBY CORP.

EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA LIMITED ____________________________________________

EXXONMOBIL EXPLORATION AND PRODUCTION CROATIA LIMITED ____________________________________________

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, NEW APPLEBY CORP. is in dissolution as of February 28, 2019.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 2nd day of April, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 2nd day of April, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

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

Dated the 7th day of March, A.D., 2019.

LEGAL NOTICE

NOTICE In Voluntary Liquidation

LIQUIDATOR ______________________

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

GLADSTONE ENTERPRISE LIMITED

PARKWAVES VENTURES LTD.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GLADSTONE ENTERPRISE LIMITED is in dissolution as of February 28, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

LEGAL NOTICE

NOTICE

CORMORANT CAPITAL CORPORATION Company No. 1055305 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CORMORANT CAPITAL CORPORATION is in voluntary liquidation. The voluntary liquidation commenced on 27th February, 2019 and Angela Nichini of Claridenstrasse 25, 8002 Zurich, Switzerland, has been appointed as the Sole Liquidator. Dated this 28th day of February, 2019. Sgd. Angela Nichini Voluntary Liquidator

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PARKWAVES VENTURES LTD. is in dissolution as of February 28, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION CROATIA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION CROATIA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 5th day of March 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 7th day of March, 2019. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Dated the 7th day of March, A.D., 2019.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

LEGAL NOTICE In the ESTATE OF ROBERT W. KNAUS Deceased, late of the City of Palm Beach, in the State of Florida one of the States in the United States of America. Notice is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 15th day of April A. D. 2019 after which date the Executor of the Estate will proceed to distribute the assets having regard only to those claims of which they shall then have had notice. AND TAKE NOTICE that all persons indebted to the Estate are required to make full settlement on or before the date hereinafter mentioned. L.C. Hull & CO. Chambers Attorneys for the Executor P.O. Box AB-20415 1100 East Bay Street Marsh Harbour, Abaco Bahamas.

THE TRIBUNE

Thursday, March 7, 2019, PAGE 13

Obama says he based decisions on ‘facts, reason and logic’ SALT LAKE CITY Associated Press FORMER President Barack Obama said yesterday that he tried to build a culture centered around problem-solving and not personal gain while in the White House — an effective strategy for any organisation that also prevents “big scandals and indictments”. Obama’s comments drew applause from a crowd of about 9,000 people at a business conference in Salt Lake City. Obama didn’t mention President Donald Trump and wasn’t asked about him during a questionand-answer session, but he made several comments that seemed to allude to the state of the country and the Trump administration. “Things like rule of law, democracy and you know, competence and facts;

those things are not partisan, but they also don’t happen automatically,” Obama said. “There has to be citizens who insist on it and participate to make sure it happens. Democracy is a garden that has to be tended.” Obama said he felt confident he was making the best possible decisions during his presidency about difficult problems such as Osama Bin Laden and the US banking crisis because he surrounded himself with smart people who didn’t always agree with him. He said he strived to get all perspectives about the topic at hand. Calling himself “old-fashioned”, he said he believed in “things like facts and reason and logic”. The remark triggered loud applause and laughter before Obama responded: “Thank you. We have a

FORMER PRESIDENT BARAK OBAMA

fact-based crowd here. That’s good.” He lamented the “polarised time” we live in in which people get “fractured” information. “People want their own facts that are suited to their opinions rather than shaping their opinions around facts,” Obama said. He answered questions from Ryan Smith, CEO of Qualtrics International Inc, a Provo, Utah-based survey-software provider that hosted the conference. The company, which was bought last year by SAP for $8bn, makes technology that helps companies get feedback from employees and customers. The conference brings several big-name speakers, including Richard Branson, who went on stage before Obama and delighted the audience with stories about how started his airline

NOTICE

STAFF VACANCIES Temple Christian School 2019 - 2020 Temple Christian School invites applications from qualified Christian persons for the following positions for the 2019-2020 school year: • Physical Education/Agriculture Teacher, grades 7 – 12 • Maths Teacher, grades 7 - 9 • Maths, Business & Economics Teacher, grades 10 - 12 Applicants must: A) Be a practicing born again Christian who is willing to subscribe to the Statement of Faith of Temple Christian School. B) In the case of a high school teacher, have a Bachelor’s Degree or higher in the relevant field and/or a Teacher’s Certificate/Diploma from an accredited/recognized college or university. C) In the case of Mathematics, Accounts and Business Studies, have the ability to prepare students for the BJC and BGCSE examinations. D) Have a minimum of two (2) years of teaching experience in the relevant subject area. E) Be willing to participate in the school’s extra-curricular programs. Teaching applications are available on the school’s website www.templechristianbahamas.com and at the Administrator’s Office, 4th Terrace East Collins Avenue (directly behind the New Evangelistic Temple). A detailed job description is also available at the Office of the Administrator.

IN THE ESTATE OF CAROL MOSS late of Chester’s Acklins, one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 28th day of March, 2019 to send their names, addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned, to come in and prove such debts or claims or in default thereof they will be excluded from the benefit of any distribution AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned AND NOTICE is hereby given that the expiration of the date hereinbefore mentioned, the assets of the Estate of the said CAROL MOSS, deceased, will be distributed among the persons entitled thereto having regard only to the claims of which the Administrators of the Estate shall then have had notice. DATED the 7th day of March A.D., 2019 PROVIDENCE LAW 16 Samana Hill Village Road North New Providence, Bahamas Attention: Mr. Merrit Storr

company and came up with the name for his brands, Virgin. He lit up about his “ridiculously exciting” Virgin Galactic’s venture that is working toward commercial operations that will take passengers on supersonic thrill rides to the lower reaches of space to experience a few minutes of weightlessness and a view of the Earth below. He said he hopes to go up in one of his ships in July. At one point, Obama weighed in on about his worries about the internet and social media’s influence on children.

Applications are to be submitted to: Dr. Samuel L. Rutherford Administrator Temple Christian School 4th Terrace East, Collins Avenue P.O. Box N-1566 Nassau, Bahamas Ph: 325-1095 The deadline for the submission of teaching applications is Friday, March 29, 2019.

PUBLIC NOTICE To:

Mr. Peter Nygard Simms Point/Nygard Cay Lyford Cay, New Providence The Bahamas

TAKE NOTICE that:-

1. By a NOTICE TO SHOW CAUSE issued by the Supreme Court of The Commonwealth of The Bahamas on 28th January 2019 and filed on 4th March, 2019 in Supreme Court Action No. 2013/PUB/jrv/00012, you are ORDERED to appear before The Honourable Justice Cheryl Grant-Thompson of the Supreme Court in open Court at the Supreme Court, Nassau, New Providence, The Bahamas on Thursday, the 14th day of March 2019 at 10:00 o’clock in the fore-noon TO SHOW CAUSE why you should not be CITED FOR CONTEMPT of Court for your FAILURE TO ATTEND in person before the Supreme Court in breach of each of the following Orders: a) An order of the Supreme Court dated 17th January, 2019 and filed on 18th January, 2019 by which you were ordered to appear before The Honourable Justice Cheryl Grant – Thompson on 21st January, 2019 at 10:00am for the Mitigation and Sentencing Hearing in respect of a third finding of contempt made against you by the Supreme Court vide Ruling No. 30 dated 29th June, 2018 (“the 3rd Finding of Contempt”) and; b) An order of the Supreme Court dated 21st January, 2019 and filed on 22nd January, 2019 by which you were ordered to appear before The Honourable Justice Cheryl Grant – Thompson on 28th January, 2019 at 9:30am for the Mitigation and Sentencing Hearing in respect of the 3rd Finding of Contempt. 2. AND TAKE NOTICE THAT by Order of the Supreme Court made on 7th February, 2019 (“the Substituted Service Order”), the Court ordered that service of the said Notice to Show Cause be effected upon you by, inter alia, this Advertisement.

3. A copy of the said Notice to Show Cause may be obtained from the Supreme Court Registry, Ground Floor, British American Building, Nassau, New Providence, The Bahamas OR from the Attorneys for the Coalition at their address below mentioned OR at their Nassau Office situate at One Millar’s Court, Nassau, New Providence, The Bahamas. DATED this 7th day of March, 2019 CALLENDERS & CO. Chambers - Island House The Mall Drive Freeport, Grand Bahama The Bahamas Attorneys-at-Law for the Coalition

PAGE 14, Thursday, March 7, 2019

THE TRIBUNE

NOTICE

NOTICE NOTICE is hereby given that JOHN RICHARD GARCON of Cowpen Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that IRALIA GARCON of Turtle Drive, off Carmichael Road, 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 7th day of March, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

LUVICO RESOURCES LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 7th day of March, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, PO. BOX N-4865, Nassau, Bahamas).

MARKET REPORT WEDNESDAY, 6 MARCH 2019

Dated this 7th day of March, 2019 t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,081.91 | CHG 9.69 | %CHG 0.47 | YTD 18.34 | YTD% 0.89

(AMICORP BAHAMAS MANAGEMENT LIMITED)

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.80 0.80 3.68 10.20 6.60 4.64 12.50 2.74 1.81 8.50 6.40 15.00 6.99 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 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

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.37 17.43 7.00 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.68 1.78 8.64 6.40 14.19 6.98 3.34 13.85

CLOSE 4.37 17.43 6.49 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.69 1.78 8.62 6.40 15.00 6.98 3.34 13.85

CHANGE 0.00 0.00 -0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.02 0.00 0.81 0.00 0.00 0.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

CLOSE 100.00

CHANGE 0.00

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

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

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

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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME 3,000

751 2,278

1,000 300 3,000

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.104 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.150 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 27.9 17.5 26.4 8.5 N/M 13.3 19.7 12.1 12.1 21.9

YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.80% 5.64% 2.23% 3.37% 0.97% 3.75% 3.33% 2.15% 2.69% 4.33%

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 Prime + 1.75% 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%

NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 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 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

LIQUIDATOR

NOTICE

DTECH TECHNOLOGY CORP. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 7th day of March, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, PO. BOX N- 4865, Nassau, Bahamas). Dated this 7th day of March, 2019 (AMICORP BAHAMAS MANAGEMENT LIMITED)

LIQUIDATOR

NOTICE

DISTECNA TECHNOLOGY CORP. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 7th day of March, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, PO. BOX N- 4865, Nassau, Bahamas). Dated this 7th day of March, 2019 (AMICORP BAHAMAS MANAGEMENT LIMITED)

LIQUIDATOR

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

Thursday, March 7, 2019, PAGE 15

PAGE 16, Thursday, March 7, 2019

THE TRIBUNE