03152018 business

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THURSDAY, MARCH 15, 2018

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Bahamas seeks $100m disaster funding facility

DPM: We must review taxation after ‘blacklist’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government is seeking a $100 million ‘contingent’ loan facility that will finance “extraordinary spending” in the wake of hurricanes and other natural disasters.

Its ‘emergency financing’ plans are revealed in a just-published Inter-American Development Bank (IDB) document, which details the proposal to provide the nine-figure credit line through its Contingent Credit Facility for Natural Disaster Emergencies (CCF).

The disclosures show the Minnis administration has wasted little time in seeking to avoid the Christie administration’s fate, after it was forced to make a $150 million emergency borrowing in October 2016 to deal with the worst effects of Hurricane Matthew.

That credit facility took time to put together, and

* To finance ‘extraordinary spending’ post-storm * Deal with IDB to address ‘emergencies’ * Storm damages total $662m in 2015-2017 blew the 2016-2017 Budget projections regardless of the pre-election spending splurge. The Government appears to have learnt some lessons from Matthew and the devastating impact of hurricanes Irma and Maria on other Caribbean nations last year, even though the Bahamas’ major population centres were largely spared.

“The objective... is to alleviate the impact that a severe or catastrophic natural disaster could have on the country’s finances by increasing the availability, stability and efficiency of contingent financing to deal with emergencies caused by events of this type,” the IDB paper said of the $100 million facility.

“The contingent loan will be designed to ensure

Water Corp fires general manager

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation yesterday sacked Glen Laville as its general manager in the wake of the Ernst & Young (EY) forensic audit’s findings.

Tribune Business sources said the move came

* MOVE CONFIRMED BY EXEC CHAIRMAN * COMES IN WAKE OF AUDIT FINDINGS following Board meetings at the Corporation on Tuesday night and yesterday morning, with at least one

SEE PAGE 11

Gov’ts signals ‘go close your doors’ on Bahamasair

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cabinet Minister was yesterday said to have sent a “go close your doors” message to private Bahamian airlines by reaffirming unlimited government support for Bahamasair.

* SKY CHIEF: MINISTER’S DISPIRITING MESSAGE * $6.5M SUBSIDY CUT IF RUN AS BUSINESS * TAXPAYER FUNDING TO RISE $25M YEARLY SEE PAGE 4

Don’t ‘throw baby out in bath water’ on EU response

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former financial services minister yesterday urged the Bahamas not to ‘throw the baby out with the bath water’ in addressing the European Union (EU) concerns that saw it ‘blacklisted’.

* EX-MINISTER: DON’T ELIMINATE STRUCTURING * BAHAMAS WOULD ‘NO LONGER BE VIABLE’ * BUT URGES ‘RING FENCING’ END ‘FROM GET-GO’ SEE PAGE 5

a fast provision of liquid resources to finance extraordinary public expenditures during emergencies caused by severe or catastrophic natural disasters; and have an adequate amount of resources, within the limits established by the CCF, that can meet the foreseeable financing needs of the Bahamas when such disasters take place.”

The IDB paper says the $100 million facility will only be drawn down if the Bahamas is struck by a major hurricane, or some other natural disaster, that meets the “location, type and magnitude” terms previously agreed with the Government.

“The eligible events that can trigger potential disbursements will be outlined

between the country and the bank in the Operating Regulations (OR) of the programme,” the IDB said. “The loan will initially provide coverage for hurricanes.

“However, during loan implementation, at the borrower’s formal request and once the bank has developed the corresponding parametric triggers for the respective hazard, other relevant hazards for the country could be included under the loan’s coverage.”

The IDB added that the $100 million credit facility will initially be available to the Bahamas for five years, and could be extended for the exact same duration depending on an agreement

SEE PAGE 10

THE Deputy Prime Minister yesterday said the Bahamas’ tax system must be reviewed following the European Union (EU) ‘blacklisting’, with the Government “praying” for a swift removal.

K P Turnquest told Tribune Business he was hopeful that the Bahamas may be removed from the nine-strong list of noncooperative jurisdictions “in a very short period of time”, following what he described as “positive” talks with EU officials yesterday.

Shedding more light on the events that led to the Bahamas’ ‘blacklisting’, Mr Turnquest said the 28-nation EU had been seeking “specific words” that this nation did not supply in committing to address the bloc’s concerns.

He added that the EU

* WON’T BE DRAWN ON CORPORATE INCOME TAX * BAHAMAS MUST ASSESS ‘IBCS, OTHER STRUCTURES’ * EU WANTED ‘SPECIFIC WORDS’ IN COMMITMENT “may not have appreciated” how much progress the Bahamas had made in tackling the “deficiencies” it had identified, describing the ‘blacklisting’ as “an unfortunate interpretation of where we are”.

While emphasising that he did not want to “jump ahead” of government deliberations, Mr Turnquest said the Bahamas needed to review both its taxation and the use of International Business Companies (IBCs) and other structures

SEE PAGE 8

THE TRIBUNE

Thursday, March 15, 2018, PAGE 3

WTO membership will aid blacklisting fight

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

* No defence to ‘moving goal posts’ * Top negotiator: We’ll seek Wal-Mart protection

THE Bahamas would be better able to defend itself against the European Union’s (EU) ‘blacklisting’ if it was a full World Trade Organisation (WTO) member, this nation’s lead negotiator argued yesterday.

Raymond Winder, addressing a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) breakfast on WTO’s impact, said this week’s ‘blacklisting’ underscored the importance of completing the WTO accession.

“By not being a member of WTO, every time they move the goal posts we have to move whether we like it or not. There is no one to complain to; we just have to move. As long as we are not a member those around us will push us around,” said Mr Winder.

The Minnis administration intends to complete the WTO accession process by

end-2019. This was begun in 2001 when the first Ingraham administration was in its second term, and Mr Winder said the Bahamas has not been aggressive in driving for membership.

He also accused the private sector, who he claimed would benefit the most, of being “lackadaisical” on the issue.

“We will be continually blacklisted and not be in a position to make our case to any court as to why what they are asking us to do is too much,” said Mr Winder.

Mr Winder said there were many issues affecting Bahamian businesses that should not be mixed with fears over WTO accession. “There are many things going on in our country that have nothing to do with WTO and have had a devastating impact on businesses,” he added, pointing to the ‘ease of doing business’ as one challenge.

Mr Winder said that with the Government now moving in earnest towards WTO accession, the private sector should “make its case” over impediments that make it difficult to do business.

“There are some things causing you not to be competitive that have nothing to do with WTO. Let’s make the case on those issues and not use WTO as the scapegoat. Make sure that you are very specific,” said Mr Winder.

He added that while certain industries have been exclusively reserved for Bahamian ownership for many years, “we have done a poor job of protecting those industries”.

Acknowledging concerns over whether Bahamian businesses will be able to compete under WTO, and the impact ‘Wal-Mart type’ companies could have on the Bahamian economy,

GOV’T IN $45M DEAL FOR HARBOUR ISLAND

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A $45 million Harbour Island resort development is expected to create 150 construction jobs and 70 permanent posts, it was revealed yesterday.

The Government yesterday signed a Heads of Agreement (HOA) with 4 M Harbour Ltd for the redevelopment of the Harbour Island Marina.

Prime Minister Dr Hubert Minnis said the project, which is set to be completed in two-and-a-half years, will “stimulate” the Harbour Island economy and surrounding communities.

The marina property is set to be redesigned into a luxury mega yachtbased resort community, with a 55-slip marina, clubhouse, restaurants, retail and a resort residential community.

The latter will include single and two-storey town homes with a total of 28

guest rooms, 10 villas and a swimming pool.

Dr Minnis said the project has received “overwhelming support” from Harbour Islanders, who he said “eagerly” await the potential benefits.

“This is part of our desire to provide greater opportunities in the Family Islands.

It will serve to encourage

Family Islanders to remain on the islands of their birth, enjoy a sustainable future, and provide for the needs of their families,” said Dr Minnis.

Michael Wiener, principal of 4 M Harbour Ltd, said he was “grateful” for the opportunity to participate in the development of Harbour Island.

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Mr Winder said: “One of the things we will fight for

is some sort of protection regarding the size of corporations coming here, because we understand the potential impact of a WalMart coming here.

“We have to do all we can to protect local business,”

RAY WINDER Mr Winder suggested, however, that the Bahamas must consider whether this would hinder the economy’s growth.

PAGE 4, Thursday, March 15, 2018

BAHAMASAIR FROM PAGE 1

Captain Randy Butler, Sky Bahamas’ chief executive, said Dionisio D’Aguilar’s confirmation of continued taxpayer support for the national flag carrier’s ‘below cost pricing’ meant existing market distortions will endure.

Mr D’Aguilar, minister of tourism and aviation, said taxpayer subsidies were essential to keeping Bahamasair ‘in the air’ given the current Government mandate for the national flag carrier.

With almost $15 million allocated to the airline in the 2017-2018 Budget, the Minister said the only issue to be decided was the “extent” of Bahamian taxpayer support, as he listed examples of how government policy increased such subsidies.

With the airline seen as an essential transportation link to sparsely populated Family Islands, Mr D’Aguilar said Bahamasair was flying routes it would never touch if it was a

commercial airline because they were simply not economically viable.

“Bahamasair continues to operate several routes in and around the Bahamas which, if business and profitability ratios were the only determining factors, the airline would not operate those routes,” he conceded.

“There is a real cost attributable to the Government for demanding that Bahamasair provides that service. Bahamasair has quantified that cost to be approximately $3 million per annum.”

Mr D’Aguilar then revealed that Bahamasair wanted to increase domestic air fares to cover ever-increasing costs, but had been prevented from doing so by the Government for fear of a voter backlash and that it might price Bahamians out of the air transportation market in tough economic times.

“A $20 fare increase across the board on domestic fares would provide an

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THE TRIBUNE additional $3.5 million to Bahamasair, which would improve the bottom line and decrease the subvention,” the Minister confirmed.

His comments, made in the House of Assembly during the mid-year Budget debate, highlight how Bahamasair’s existing subsidy of $14.8 million could be reduced by $6.5 million or 44 per cent if the carrier was allowed to operate as a business on just these two issues.

And, with a 650-strong workforce, Mr D’Aguilar said it was “unquestioned that the airline is overstaffed but, again, the Government has instructed that there be no major downsizing at Bahamasair”.

It has had to rely on ‘attrition’, with workers retiring, leaving or being fired, to reduce payroll costs by $1.3 million this fiscal year.

Captain Butler, who listened to the Minister’s address, questioned why the Government “continues to treat Bahamasair like a baby” through neverending subsidies that lead to “predatory pricing” and distort the market for private Bahamian carriers.

“All the other businesses might as well close up because Bahamasair is the Government’s airline,” he told Tribune Business of the Minister’s message. “We might as well close the door.

The unfair, unlevel playing field and predatory pricing will continue, and there’s no way we can deal with it.

“The Minister needs to consider that. I don’t know what accounting he’s using.

What you’re telling the

private airlines is get out of the business. He’s admitted they charge below cost and run specials that are below price. No other carriers will be able to survive.

“The Government, whether Bahamasair is an essential service or not, whether it has the right equipment or not, whether it has too many people or not, is going to continue to support this airline and grow the debt on the backs of the Bahamian people who will pay more and more.”

Bahamasair has racked up more than $500 million (over half a billion dollars) in losses since it first took off in 1973, and Captain Butler urged Mr D’Aguilar to confirm whether the Minnis administration will “go back to the original vision” for the airline.

This, he argued, was to develop new international routes and bring in tourists, before allowing private carriers to take over once sufficient market demand had been established. “It was never the purpose of Bahamasair to compete with domestic carriers,” he told Tribune Business. “It’s only going to Miami and Fort Lauderdale, carrying Bahamian shoppers and taking money out the country.”

Captain Butler argued that continued taxpayer subsidies will “kill the competition”, and added: “There is nobody in the Bahamas that can compare or compete with the Treasury, which seems to be bottomless and where Bahamasair gets unlimited money with no accountability. How did they get those planes and money with no

accountability or Parliamentary approval.”

The Sky Bahamas chief was referring to the $120 million loan, secured during the former Christie administration, that allowed Bahamasair to acquire five new aircraft and refinance its existing debt.

Mr D’Aguilar, during the mid-year Budget debate, revealed that Bahamasair’s taxpayer subsidy was likely to increase by a total $25 million per annum as a result of having to pay interest and principal on the loan.

He suggested that debt servicing costs alone would amount to $9.7 million of that sum, with between $15$16 million due in annual principal payments. While no principal repayments have been made to-date, they are due to begin in the upcoming 2018-2019 Budget year.

“Discussions are ongoing with the lenders to defer principal payments for a further year, with voluntary principal reduction payments of $6 million,” the Minister said, conceding that the deferral was akin to “kicking the can down the road”.

Turning to more positive developments, Mr D’Aguilar said Bahamasair required no further subsidies this fiscal year, with revenues projected to grow by 16 per cent - from $74 million to $86 million.

He added that during 2017’s calendar fourth quarter, from October to December, Bahamasair saw a 15,000 year-over-year increase in passenger numbers from its four Florida routes, which was attributed to Baha Mar’s opening.

The national flag carrier will also start a four-day weekly service between Bimini and Miami in April 2018 to support Resorts World Bimini, and begin a once-weekly service for Club Med between Miami and San Salvador in October 2018.

This, Mr D’Aguilar said, would include a stop in Nassau as the Government sought to “line up the connections”.

He added that while Bahamasair was satisfied with its new routes to Haiti and Houston, “the jury is still out” on their long-term viability.

For 2018-2019, the Minister said Bahamasair was projecting a 10.4 per cent revenue increase that would take its top-line to $95 million, largely through the acquisition of a Boeing 737 jet with 138-144 seats.

The new aircraft will increase “turns into Florida”, improve the carrier’s reliability and enable it to offer more charter services.

“Bahamasair is actively searching for the additional aircraft and the good news is that it is expected that no additional funding will be required from the Government for the acquisition of this plane,” Mr D’Aguilar said.

“The airline, in conjunction with its lenders, will seek to acquire the additional aircraft through the transfer of collateral assets.

The banks are currently holding cash collateral on the company’s $120 million loan and have indicated that they would be willing to allow the airline to replace the cash collateral with an additional aircraft as collateral.”

THE TRIBUNE

Thursday, March 15, 2018, PAGE 5

Don’t ‘throw baby out in bath water’ on EU response FROM PAGE 1 Ryan Pinder, now a Graham, Thompson & Company attorney and partner, warned that the Bahamas would “no longer be a viable financial centre” if it eliminated the ability for the industry and its clients to establish and domicile corporate structures here. Calling on the Government to be “careful” and measured in its response to the EU’s ‘economic substance’ concerns, Mr Pinder suggested that the Bahamas combine the reporting mechanisms required by 28-nation bloc and the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS).

He argued that this would minimise costs for “a small country with limited experience” on the issue, and suggested the Bahamas address the EU’s ‘ring fencing’ concerns first.

Suggesting that a ‘preferential tax regime’ for non-resident entities was “no longer relevant”, Mr Pinder said eradicating ‘ring fencing’ was a relatively easy move that should be “done from the get-go” to show the EU the Bahamas is meeting its demands.

“It would seem we were ‘blacklisted’ because we provided an inadequate response with respect to the question posed on criterion 2.2; the use of structures without economic substance, which may be used to avoid or taxation, rather than anything that was transparency-related,” Mr Pinder told Tribune Business.

The EU justified its decision to ‘blacklist’ the

Bahamas, and include it among nine jurisdictions considered non-cooperative in the fight against tax avoidance, on the grounds that it did not receive a ‘high political level’ commitment to prevent products and financial structures from being used for such purposes.

In particular, the EU flagged the failure to receive the necessary commitment on co-called criterion 2.2, which demands that countries not permit corporate structures that allow companies to move, and book, profits and losses if they have no physical presence - or conduct no substantial activities - within that jurisdiction.

Mr Pinder described this as “a perplexing issue” that had had also baffled colleagues in the Cayman Islands, the fellow Caribbean international financial centre (IFC) that has had to grapple with the same issue in its dealings with the EU. “It’s a little bit perplexing and we have to approach it with some caution,” the former financial services minister told Tribune Business. He said the EU’s guidelines on ‘criterion 2.2’ suggested it was looking for countries to implement “certain reporting mechanisms” that would allow home country tax authorities to know the earnings of multinational corporations on a country-by-country basis.

Such information would have to be transmitted to these authorities, as the EU seeks to ensure multinational companies are taxed appropriately in the countries where their profits are generated.

Mr Pinder said this was similar to the Organisation for Economic Co-Operation and Development’s

(OECD) Base Erosion and Profit Shifting (BEPS), which also aims to prevent multinational companies exploiting gaps and mismatches between different countries’ tax rates and rules, and artificially shift profits to low or ‘no tax’ jurisdictions despite conducting no or minimal business there.

The Bahamas has committed to meeting the ‘minimum standards’ on BEPS, one of which relates to ‘transfer pricing’ - the practice sometimes used to disguise the artificial movement of monies by multinationals through transactions between group affiliates based in countries with different tax laws and rates.

Mr Pinder suggested that the Bahamas “consolidate” the reporting mechanisms required by the EU and BEPS into one, so that it could minimise costs and ‘red tape’ and maintain its competitiveness.

“We are a small country, and we have limited capacity and limited experience in these reporting mechanisms,” he said.

The EU itself appeared to offer a ‘road map’ for criterion 2.2 compliance, suggesting that the Bahamas either “impose substance requirements” or “introduce additional accounting and tax reporting obligations” on multinational affiliates.

The ‘road map’ laid out sounds similar to the legislative changes revealed to Tribune Business at the weekend by Carl Bethel QC, the Attorney General.

He disclosed that his ministry had completed the draft of a Bill that will impose ‘countryby-country’ reporting of profits and losses on Bahamian entities that are part

of a multinational company’s corporate network, once the latter’s consolidated annual revenues are above a certain threshold.

Mr Pinder, though, urged care in the Bahamas’ response to the EU’s concerns, warning that escaping the ‘blacklist’ needed to be balanced with maintaining the financial services industry’s competitiveness.

“We want to be careful that we don’t got too far in the legislation in that it really restricts the ability for the jurisdiction to have structuring and entities as viable components of financial services,” he told Tribune Business.

“If we eliminate structuring in the jurisdiction, and we are already feeling attrition on the banking side, we will no longer be a viable financial centre. How do we comply without completely

eliminating the ability to structure?”

“Speaking to businesses and institutions, we mustn’t isolate the business opportunities away so we effectively have nothing.

We have to be very cautious in how we approach this.”

Another attorney, speaking on condition of anonymity, yesterday suggested the Bahamas may have to prevent International Business Companies (IBCs) and other products from being used as ‘nominee’ entities or passive fronting vehicles.

IBCs have multiple uses, one of which is as a ‘nominee’ entity in corporate structures, and there is nothing wrong with this in and of itself. However, the EU justified its ‘blacklisting’ by saying the Bahamas had not done enough to prevent corporate structures and

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side

vehicles being used for tax avoidance purposes.

Mr Pinder, meanwhile, said the EU’s ‘ring fencing’ concerns were much easier for the Bahamas to address. He argued that the ‘preferential tax regime’ for non-resident entities should be eliminated, especially since Bahamians were increasingly using the same products and structures in the domestic economy.

“That has to go away,” he told Tribune Business of ‘ring fencing’. “Business Licences are ‘ring fenced’.

Non-resident entities pay a flat fee of $300, resident entities pay on turnover.

That needs to be equalised.

“Ring fencing is no longer relevant. That’s an easy fix.

That should be done from the get-go, and done right away to demonstrate we’re moving in a spirit of compliance with the EU.”

2017/CLE/gen/FP/00260

BETWEEN: TAMARIND DEVELOPMENT (GRAND BAHAMA) LTD. -andMOONSTONE INVESTMENTS LIMITED

Plaintiff

Defendant

NOTICE OF WRIT OF SUMMONS TO:

Moonstone Investments Limited R/O Nottage, Miller & Co., P.O. Box F-42420, Freeport, Grand Bahama TAKE NOTICE that TAMARIND DEVELOPMENT (GRAND BAHAMA) LTD. has began an action against you in the Supreme Court of the Bahamas

by Writ of Summons filed on October 19, 2017: which writ is endorsed as follows:STATEMENT OF CLAIM 1.

The plaintiff is and was at all material times a duly incorporated company under the Laws of the Commonwealth of the Bahamas carrying on the business of developer and the responsible party for maintenance of the subdivision where the property described as Lot 8, Block 10, Unit 3, Fortune bay Subdivision, and the collection of service charges for the said subdivision from lot owners within the said subdivision (“the subdivision”).

2.

That the defendant is and was at all material times the owner in fee simple of property situate as Lot 8, Block 10, Unit 3, Fortune Bay Subdivision, (“the property”) by way of conveyance (“the conveyance”).

3.

That by the conveyance, the Defendant agreed to pay to the Plaintiff service charges along with interest thereon as a contribution to the expenses of maintenance of the subdivision.

4.

That as of March 2017, the Defendant, in breach of the agreement, has failed and or refused to pay the said service charges and the amount currently outstanding is $5,482.13.

5.

That despite repeated demands the defendant fails and refuses to pay to the plaintiff the said service charges for the maintenance of the subdivision.

6.

That as a result of the defendant’s breach, the plaintiff has suffered loss and damages.

AND THE PLAINTIFF CLAIMS: 1.

2.

3.

4.

5.

The Sum of $5,482.13; Damages; Costs; Interest; Such further or other relief as to the Court may seem fit.

AND you are required within 14 days after receipt of this notice, inclusive of the day of receipt, to cause an appearance to be entered for you in the said Court to the said action, and in default of your so doing the said Plaintiff may proceed therein and judgment may be given in your absence.

You may enter an appearance in person or by an attorney by handing in the appropriate forms duly completed, at the Supreme Court registry, Garnet Levarity Justice Centre, Freeport, Grand Bahama, The Bahamas.

If you enter an appearance then unless a Summons for Judgment is served on you in the meantime, you must also serve a Defence on ParrisWhittaker, the attorneys for the Plaintiff, within 14 days after the last day of the time limited for entering an appearance, otherwise Judgment may be entered against you.

PAGE 8, Thursday, March 15, 2018

DPM

FROM PAGE 1 to ensure they complied with this nation’s “international obligations”.

Confirming that legislative reforms were likely “in the

near term”, the Deputy Prime Minister declined to comment when asked by this newspaper whether the ‘review’ would likely lead to the introduction of a corporate income tax.

Many observers believe the EU’s ultimate goal is force the Bahamas to adopt

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THE TRIBUNE such a tax, but when this was put to Mr Turnquest he replied: “Your words, not mine.”

Speaking after he and Brent Symonette, minister of financial services, met EU officials over the Bahamas’ ‘blacklisting’, the Deputy Prime Minister said: “We were well received. I think the meetings went well, and we pray for a very favourable result in a very short period of time.”

The Cabinet ministers, accompanied by senior officials, travelled to Europe on Sunday in a last-ditch bid to head off the EU’s planned action, which was leaked to the Reuters news agency last week in a likely

bid to increase the pressure on the Bahamas to bow to Europe’s demands.

This effort was unsuccessful, although it left the Bahamian delegation positioned to begin immediate discussions on securing this nation’s de-listing. The EU justified the Bahamas’ ‘blacklisting’ by arguing it did not give a ‘high political level’ commitment to prevent its corporate vehicles and structures from being used for tax avoidance purposes.

The Deputy Prime Minister previously revealed that the Bahamas’ February 8 letter, committing to address the EU’s issues, was signed by acting Ministry of Finance financial secretary,

Marlon Johnson. Yet he argued that the Europeans had subsequently ignored letters and communications, signed by himself, reaffirming the pledges given by the senior official.

In particular, the EU raised concerns over socalled ‘ring fencing’ and the existence of a preferential tax regime for non-resident entities. It also expressed unhappiness that Bahamian vehicles and structures could be used by multinational corporations to move, and book, profits and losses even if they had no physical presence - and conducted no substantial business - in this nation.

Mr Turnquest said EU officials present at

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yesterday’s meetings “did” provide an explanation for why his affirmation of the Bahamas’ commitment, subsequent to Mr Johnson’s letter, had seemingly been ignored. He declined to divulge details, though, saying he would “speak to that” when he returns to Nassau on Friday.

As for whether the Government failed to recognise the EU’s ‘ring fencing’ and ‘substance’ concerns, Mr Turnquest denied this and said it had “sent some clarifications” on the issue in response to these questions.

The EU, in a January 26, 2018, letter to the Bahamas, identified three “deficiencies” that it demanded be addressed before this nation would be regarded as ‘cooperative’ in the fight against tax avoidance.

These required the Bahamas to comply with the Organisation for Economic Co-Operation and Development’s (OECD) Common Reporting Standard (CRS) on automatic tax information exchange, plus join its Base Erosion and Profit Shifting (BEPS) Inclusive Framework and commit to meeting the ‘minimum standard’.

Messrs Turnquest and Symonette signed the Bahamas met the first two EU demands when they visited Europe pre-Christmas 2017 to sign CRS-related treaties and agreements. Legislation to give effect to these commitments was subsequently passed by Parliament, while the Government also gave commitments to join the BEPS initiative and meet the minimum standard.

The Bahamas thus seemingly addressed all three “deficiencies” identified, only for the EU to seemingly ‘circle back’ to the

SEE NEXT PAGE

THE TRIBUNE

Thursday, March 15, 2018, PAGE 9

DPM: We must review taxation after ‘blacklist’ FROM PAGE 8 ‘ring fencing’ and substance concerns that were not listed in the same annex.

There are also suspicions that the EU altered ‘the rules of the game’, given that it had previously said nations would have until year-end 2018 to implement measures addressing its concerns.

Mr Turnquest, though, denied that the EU had “changed the goal posts”.

Admitting to choosing his words carefully, he said: “The timeline has not changed in terms of December.

“What can be said is that..... there could have been better clarity around some of the issues raised.

They didn’t change the goal posts. They were looking for some specific words from us.”

Asked what this language was, Mr Turnquest replied: “It’s complicated.

In some respects it is a bit of an unfortunate interpretation of where we are in terms of being put on this list of non-cooperative tax jurisdictions.

“They [the EU] may not have appreciated where we are in the process, which may have led to some assumptions that were not necessarily the facts of where we are at this time.”

Asked about the specific actions the Bahamas must now take to be de-listed,

Mr Turnquest told Tribune Business that taxation, legal and regulatory reforms will likely be required, “I don’t want to get ahead of consultations with Cabinet and policy decisions, but it’s fair to say we have to look at our tax system,” he said. “We have to look at how IBCs and other structures work within our international obligations and our obligations to be transparent partners.

“We will have to make some decisions and, potentially, some amendments within the near term.” Carl Bethel QC, the Attorney General, revealed to this newspaper last weekend that his office was completing the draft of a Bill to tackle the EU’s ‘ringfencing’ and ‘economic substance’ concerns.

Mr Turnquest declined to be drawn on whether the Bahamas will have to implement a corporate income tax to address the EU’s concerns, but many observers believe the ‘writing is on the wall’ on this issue.

Paul Moss, Dominion Management Services’ president, and others have argued that introducing a low-rate corporate tax would both enable the Bahamas to shed the ‘tax haven’ label and reposition its financial services industry for growth and new business opportunities.

They believe it would pave the way for the

Bahamas to enter double taxation agreements and various investment treaties, enabling it to attract multimillion dollar capital flows and better penetrate the corporate market.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, has previously told Tribune Business that the Bahamas needs to study corporate income tax’s introduction.

And the external pressure is not originating solely from the EU. With the Government planning to make the Bahamas a full World Trade Organisation (WTO) member by end2019, a corporate income tax is one of the options for replacing the revenue lost

by Customs duty eliminations and reductions.

The International Monetary Fund (IMF) said as much in its Article IV consultation last year, urging the Bahamas to implement a low-rate corporate income tax.

The EU’s ‘blacklisting’ initiative stems from a belief that European citizens and

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

companies are siphoning away taxable income to low or ‘no tax’ jurisdictions such as the Bahamas and other international financial

centres (IFCs), depriving their home countries of much-needed tax revenue.

However, many in the Bahamian financial services

industry believe the real goal is to undermine this nation’s competitiveness and drive it out of the financial services business.

VACANCY

FOR ABACO LAW FIRM Major law firm is immediately seeking a detail oriented, hands-on individual to fill the position of Legal Secretary in Abaco. The successful candidate must be an exceptionally motivated, hardworking and dynamic individual having at least 5 years’ previous legal experience in the real estate practice area.

Required qualifications, skills, knowledge: • Experience in the preparation of agreements for sale, conveyances and mortgages, and other relevant documents; • The ability to use initiative, multi task, work accurately under pressure, possess exceptional organizational and communication skills and be able to work overtime and weekends; • Computer literacy, including advanced proficiency in the use of Microsoft applications.

Compensation: Commensurate with qualifications and experience; excellent benefits.

Only short-listed applicants will be contacted.

Reply in confidence to: vacancy50@gmail.com

PAGE 10, Thursday, March 15, 2018

DISASTER

FROM PAGE 1

between the Government and the bank. The Minnis administration has made no secret of its desire to implement contingency funding mechanisms to reduce the Bahamas, and Public Treasury’s vulnerability to natural disasters, with the IDB revealing that hurricanes inflicted a collective $661.6 million in damages on this nation between 2015-2017.

THE TRIBUNE

“In the last three years, three major hurricanes have made passage through the country,” the IDB paper recalled. “Hurricane Joaquin (2015) which affected southeastern islands having a relatively low population, causing damage and losses of US$105 million.

“Hurricane Matthew (2016) greatly impacted the country’s major population centres in New Providence and Grand Bahama, as well as the district of North Andros, causing damage

and losses of $438.6 million, and Hurricane Irma (2017) affected the provision of basic services in Grand Bahama and caused significant damage in Ragged Island, Acklins, Inagua and Bimini, with an estimated total damage and losses of US$118 million.”

Highlighting the Bahamas’ vulnerability to hurricanes, the IDB said this was exacerbated by the location of key infrastructure, economic assets and communities in low-lying coastal areas, exposing them to

PUBLIC NOTICE

flooding and storm surges.

It added that a “one in 100 years” hurricane would wipe out 8.5% of Bahamian gross domestic product (GDP), a sum equivalent to more than $850 million based on revised national statistics.

“This number increases to almost 28 per cent of GDP when considering an event with recurrence of one in 500 years,” the IDB added.

“These trends are likely to worsen as a result of climate change. The Bahamas is highly vulnerable to sea level rise and storm surge

NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHARLENA DIAN BOWE of Highland Terrance P.O. Box N-7815, Nassau, Bahamas intend to change my name to DIANE CHARLENE BOWE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

EASTER INVESTMENTS LTD. NOTICE IS HEREBY GIVEN as follows: (a) EASTER INVESTMENTS LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 11TH day of January, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

NOTICE WORLD-WIDE HOLDINGS AND INVESTMENTS LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 20th day of February, 2018.

Delano Aranha Liquidator of WORLD-WIDE HOLDINGS AND INVESTMENTS LIMITED

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

BISX ALL SHARE INDEX: CLOSE 2,035.35 | CHG -4.69 | %CHG -0.23 | YTD -28.22 | YTD% -1.37 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.50 8.70 6.30 5.30 11.50 2.59 1.56 8.21 6.10 10.55 9.00 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 6.00 3.15 9.00 2.18 1.40 7.70 5.83 8.78 5.67 3.35 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

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

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

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

LAST CLOSE 4.14 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.64 9.87 2.70 1.50 7.67 6.10 10.10 6.41 4.47 12.51 10.00

CLOSE 4.14 17.43 9.09 3.34 1.00 0.18 3.62 8.70 6.10 4.60 9.88 2.73 1.50 7.66 6.10 10.10 6.41 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 -0.04 0.01 0.03 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.35 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.81 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

109.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

500 1,400 2,500 6,570 1,000

1,900

2

VOLUME

EPS$ 0.475 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.7 18.7 N/M 11.9 N/M N/M -2.5 13.6 10.5 26.9 15.7 26.8 4.5 N/M 5.4 13.6 7.7 15.0 23.0 0.0

YIELD 1.93% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.61% 6.98% 2.20% 3.33% 1.10% 4.92% 4.95% 2.34% 2.68% 4.56% 0.00%

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

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

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

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

INTEREST 6.00% Prime + 1.75% 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 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

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

Since 2014, the level of international reserves has experienced a steady decline, and it is expected to keep declining in the next couple of years.

“The country’s vulnerability to natural disasters and its current macroeconomic environment highlight the importance of implementing measures that can help increase the Bahamas’ economic and fiscal resilience to disaster risk.”

The IDB said the Bahamas’ Risk Management Index (RMI), a measure of its institutional and community response to reducing climate change risk and vulnerability, was ranked at a low 29.76 out of a maximum 100 in 2011.

“There is an opportunity to create a long-term comprehensive financial strategy that combines a set of different instruments and mechanisms, such as reserve funds, contingent financing and insurance, in order to provide an efficient and effective coverage for the country when natural disasters of different severity levels occur based on their magnitude and probability of occurrence,” the IDB said. “Also, the local insurance market needs to be further developed and improve penetration rates by making coverage more affordable to households and businesses.” It noted the International Monetary Fund’s (IMF) revelation that 60 per cent of Bahamian households are without insurance or are underinsured. The proposed $100 million credit facility shows the Government is not relying solely on the $35 million worth of insurance coverage purchased from the Caribbean Catastrophic Risk Insurance Facility (CCRIF).

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, KACHENA LENETT RUTHERFORD of 13 Gleniston Gardens, Park Avenue, P.O Box EE 16471, Nassau, New Providence, The Bahamas, intend to change my name to KACHENA LENETT ARCHER. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

MARKET REPORT WEDNESDAY, 14 MARCH 2018

associated with increasing intensity of extreme weather events.... A recent IDB study indicates that the probable flood exposed area in Nassau will expand 8 per cent by 2050 due to the increasing precipitation caused by climate change.”

Given the Bahamian economy’s reliance on tourism, fisheries and the natural environment, the IDB said the increased frequency and severity of hurricanes was “a serious concern for future environmental, economic, and social sustainability in the Bahamas”.

“In 2016, Hurricane Matthew caused losses equivalent to 6.75 per cent of GDP, with a resultant significant impact on tourism during 2016 and early 2017,” it added. “Even when private investment has been important to rebuild the Bahamian economy after a natural disaster occurs, there are still structural challenges.

“Historically, the Bahamas has relied on the accumulation of debt to absorb the cost of recovery, contributing to the rise of public debt. The central government debt-to-GDP ratio is estimated to have increased to 73 per cent in the fiscal year ending in June 2017. The fiscal deficit is estimated to have reached 5.7 per cent of GDP for fiscal year 2017, up from 3.5 per cent of GDP in 2016, due to post-hurricane cleanup and reconstruction spending, temporary tax reliefs, disruptions in revenue collection and sharp increases in the wage bill.

“Furthermore, reconstruction activities depend heavily on imports which requires the Government to maintain an adequate level of international reserves.

MATURITY 31-May-2018 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-Jan-2018 31-Jan-2018 26-Jan-2018 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

NOTICE is hereby given that KATIANA FREDERIQUE of Shirley Street, P.O. Box N-7798, 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 15th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SHANETTE SYLVESTER TURNQUEST of Sealink Avenue, South Beach, 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 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LAURETTE SYLVESTER JULES of Sealink Avenue, South Beach, 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 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that Angela Marie Smith of Central Pines, Abaco, 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 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that NATASHA JESICA ORVIL of Dignity Garden’s, 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 8th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, March 15, 2018, PAGE 11

Water Corp fires general manager FROM PAGE 1 attended by Mr Laville.

Adrian Gibson, the Corporation’s executive chairman, confirmed the termination when contacted by this newspaper late yesterday.

“The Board of the Water & Sewerage Corporation has unanimously decided to terminate the services of Glen Laville as general manager with immediate effect,” he said.

Mr Gibson declined to comment further, and Mr Laville did not return a voice mail seeking comment, even though his voice was heard on the recording giving March 14 as the date.

Tribune Business understands that a number of Water & Sewerage

Corporation Board directors met with Mr Laville in a bid to follow “due process”, and inform of his fate, which was sealed by the EY findings.

This newspaper was told that more persons could be dismissed in Mr Laville’s wake, with a note to Water & Sewerage Corporation staff from Mr Gibson revealing that Elwood Donaldson, senior assistant general manager, replacing him as acting general manager.

Mr Laville’s firing is the first tangible action in the fall-out from the EY report, which disclosed how too much politicallymotivated interference and the ‘friends, family and connections’ network had undermined basic corporate

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394 NOTICE

NOTICE is hereby given that Jackson Mirtil of Panza Corner Blue Hill 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 15th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:SLATEBATE SA has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 1st February, 2018.

governance and established protocols.

This resulted in multimillion dollar losses and cost overruns that, ultimately, have to be covered

by Bahamian taxpayers.

Mr Laville, speaking previously to The Tribune on the EY report, disputed numerous findings against him while arguing that the report’s disclosure had caused morale at the Water & Sewerage Corporation to plummet.

EY’s investigators found that Mario Bastian, a “close friend” of Mr Laville, secured a $3.2 million contract with the Corporation despite being fired twice.

The auditors concluded that the tendering process

for the contract gave the appearance of bid manipulation, and noted that the company, ACO JV, was awarded the contract despite displaying characteristics that had disqualified other potential vendors.

Mr Laville said he lacks the power to ensure anyone is awarded such a contract, noting that such decisions are made by the Cabinet after input by Water & Sewerage Corporation’s board.

He added that the contract was approved by the Caribbean Development Bank (CDB) as well, although EY’s report showed the CDB rarely dissents when government officials recommend

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:SWANNKSWAG SA has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 1st February, 2018.

someone to receive a contract.

Mr Laville also questioned the relevance of a communication highlighted in the report between him and Dave Taylor, a surveyor who performs services for Water & Sewerage Corporation as a sub-contractor.

In the correspondence, Mr Taylor wrote to Mr Laville: “Can I stop in to drop off the cash to you now?”

Mr Laville told investigators the message referred to membership dues for the Bahamas Association of Land Surveyors, for which he is treasurer.

EY, however, said Mr Laville provided no

documentation supporting that the money was deposited in BALS’ bank account.

Mr Laville said: “I advised that going to the bank to deposit $100 doesn’t make any sense. I don’t go to the bank and deposit it every time I get a membership due. Furthermore, it was just $100, to even raise it as an issue…

“I admonished the auditors not to make conclusions and seek information to support it. By the inference that somehow this was an improper activity or whatever, in this small country, it would call into question any time anyone anywhere brought me membership dues.”

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:MOLDERS OF IRON LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 1st February, 2018.

C.B. Strategy Ltd. LIQUIDATOR

C.B. Strategy Ltd. LIQUIDATOR

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:QATZING COMPANY LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 1st February, 2018.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:KETTELY PURPLE LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 1st February, 2018.

C.B. Strategy Ltd. LIQUIDATOR

C.B. Strategy Ltd. LIQUIDATOR

C.B. Strategy Ltd. LIQUIDATOR

NOTICE

NOTICE

Legal Notice

REBEMAF Ltd.

Maufel Ltd.

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 19th day of February, 2018.

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

Armando Ascencio Perez LIQUIDATOR Of REBEMAF LTD.

Armando Ascencio Perez LIQUIDATOR Of MAUFEL LTD.

Legal Notice

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

TRUMPS HOLDINGS LTD. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), TRUMPS HOLDINGS LTD., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of February, 2018.

Nestor Gustavo Cardozo, Victor Raul Haya de la Torre 1729, CP 11415 Montevideo, Uruguay Liquidator

Legal Notice

NOTICE

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

BENTON INVESTMENTS LIMITED

AVAN HOLDINGS INC.

HILDALGO INTERNATIONAL CORP.

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). BENTON INVESTMENTS LIMITED, is in Dissolution.”

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).

AVAN HOLDINGS INC., is in Dissolution.”

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).

HILDALGO INTERNATIONAL CORP., is in Dissolution.”

The date of commencement of dissolution is the 7th day of March, 2018.

The date of commencement of dissolution is the 7th day of March, 2018.

The date of commencement of dissolution is the 9th day of March, 2018.

ROCKWELL LTD., of #25 Mason Complex, Stoney Ground, P.O. Box 193, The Valley, British Anguilla Liquidator

Lauren Ramsay, No. 6 Bosham Close Camperdown Heights, P.O. Box SP 63801, Nassau, Bahamas Liquidator

EDUARDO JAVIER SCHIAVO GRANDA, Circunvalacion Durango 383 Of. 101, Montevideo, Uruguay Liquidator

In Voluntary liquidation

In Voluntary liquidation

In Voluntary liquidation

PAGE 12, Thursday, March 15, 2018

Nassau Airport Development Company Ltd.

Expression of Interest (EOI) Lynden Pindling International Airport

Nassau Airport Development Company is seeking prescribed EOIs from qualified proponents for the design, financing, construction and operation of an on-airport hotel and multi-purpose facility at Lynden Pindling International Airport (LPIA).

The hotel and facility would play an important role in meeting the needs of connecting or in-transit domestic and international travelers; and enhance the passenger experience by providing conveniences, quality services and amenities for both business and leisure passengers.

Qualifications: Interested proponents should have at least 10 years of experience as a developer and operator of hotels within The Bahamas, Caribbean region or otherwise internationally and preferably in an airport environment.

Interested proponents must clearly demonstrate the ability to finance, develop and operate any hotel and multi-use facility project deemed feasible for the airport.

NAD’s Goals and Objectives are to: 1. Meet the needs of passengers and other airport stakeholders by providing appropriate amenities and services within the airport footprint.

2. Understand the current availability, capabilities and preferences of potential proponents to Design, Build, Finance and Operate an on-airport hotel and multi-use facility at LPIA. A detailed and confidential Expression of Interest Document for the above is available for distribution to potential proponents via email by contacting Ms. Jan Knowles, Vice President, Marketing and Commercial Development at jan.knowles@nas.bs.

Documents may also be collected from NAD’s Executive Offices located on the 3rd floor of The International Arrivals Terminal at The Lynden Pindling International Airport.

Documents will be distributed up to 4:00 P.M. EST on March 23, 2018.

Submissions in response to this EOI are to be received no later than Midnight EST on Friday, May 11, 2018.

After reviewing responses, NAD may request additional information or may schedule individual meetings with any respondent to gain additional information about the EOI.

THE TRIBUNE