03152021 BUSINESS

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MONDAY, MARCH 15, 2021

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seize Sarkis’ Family in decade-long ‘We’ll damages if he wins’ property tax nightmare

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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LONG Island property owner and his family yesterday voiced optimism that their decade-long battle to settle disputed real property taxes may finally be drawing to a close.

Freddie Jones told Tribune Business there suddenly appeared to be “some movement” by the Department of Inland Revenue (DIR) after his efforts to resolve a five-fold difference in the valuation of their properties had been met with a two-year silence.

The outreach by Gaynell Rolle, the Department of Inland Revenue’s acting controller, came after this newspaper started making inquiries over Mr Jones’s complaint that his “good faith” efforts to agree a settlement with The Bahamas’ main tax collection agency were not being reciprocated.

The New York state native’s assertions were

• Say finally ‘movement’ by tax authority • Silence met ‘good faith’ settlement efforts • Collector: Most ‘egregious’ case I’ve seen backed by Kevin Brennan, principal of RPT Recovery Authority, a US-based company that until 2019 was contracted by the Ministry of Finance to pursue overseas-based real property tax delinquents.

He described the plight of Mr Jones and his two sisters as being “as egregious as any that I’ve seen” in terms of the Department of Inland Revenue’s failure to properly engage with a property owner who was willing to settle and pay a significant sum in tax at a time when the Public Treasury needs every cent of revenue it can get following Hurricane Dorian and COVID-19.

Confirming that Ms Rolle had contacted him, and mentioned that his sisters would be eligible for a 100 percent waiver on the outstanding penalty charges if they pay the outstanding

Harbour Island resorts oppose cruising plans

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARBOUR Island resort operators yesterday warned the government it will hurt “the goose that laid the golden egg” if they try to make the island a cruise tourism destination.

Tom Sherman, owner and partner in the Coral Sands resort, told Tribune Business that making Harbour Island a weekly port of call for Crystal Cruise on its 16 seven-night voyages between July and October threatened to undermine the very essence of the island’s tourism model.

Besides an infrastructure that was unable to cope with the up to 900 passengers aboard the Crystal Serenity, Mr Sherman said the absence of mass market cruise tourism was one of the very reasons that had enabled Harbour Island to build up its high-end client base of boating visitors, hotel guests vacation renters and property owners in the first place.

Warning that this was now being endangered, he told this newspaper: “There’s no infrastructure to support the amount of people coming ashore. There’s not even a dock that’s acceptable. There’s no public bathrooms. There’s multiple reasons it’s the wrong thing for the island.

“The island is an attraction because we’ve not had

cruise ships. Somebody’s trying to change the landscape. It might be good for Nassau, but not for Harbour Island. I think it was a shortsighted decision whoever made it.

“You cannot make an Out Island a major island.

You cannot make a little Out Island, what they call the jewel of The Bahamas, a cruise ship destination,” Mr Sherman continued. “I don’t understand what the minister of tourism [Dionisio D’Aguilar] and the Prime Minister are thinking.

“I understand there’s the economic needs of the country, but if they shoot the goose that laid the golden egg they’ll be hurting themselves..... It’s not particularly good news for us who have investments in Harbour Island, no.”

Mr Sherman’s concerns were echoed by Benjamin Simmons, proprietor of The Other Side and Ocean View properties, who said that while he understood the urgency to revive the tourism product in COVID-19’s wake the cruise ship model was not aligned with Harbour Island’s high-end positioning.

“I understand that the economic climate is such that the government has to embrace any and all options to regenerate commercial activity,” he told Tribune Business. “I would say I would be slightly

SEE PAGE 7

principal, Mr Jones acknowledged he was likely not a high priority given that the total taxes being demanded total around $108,000.

However, arguing that “I’ve got to believe there are others just like us, he added that his family have set aside “a significant sum” in escrow that will be used to pay the real property tax provided the Department of Inland Revenue is finally prepared to agree what he described as a “reasonable” settlement.

Mr Jones, describing how he and his family arrived at their Bahamas impasse, said they had been on a near ten-year journey of “frustration, anger and sadness” via their dealings with multiple senior government officials after they themselves alerted the Ministry of Finance and its agencies to potential tax

liabilities and issues with their properties.

He revealed that his family’s association with Long Island began in the 1960’s when his father’s cousin was one of the original developers of the Cape Santa Maria property. His family started visiting the island in the late 1960s, and Mr Jones said they were twice-yearly visitors from the moment he was born in 1970.

His family acquired lots at Cape Santa Maria, but ultimately their properties were in the way when a new developer took over the resort. To solve the problem, Mr Jones said they “struck a deal” whereby he and his two sisters agreed to exchange the family’s real estate parcels for lots B-24, B-25 and B-26 on nearby Galliot Cay in a 2002 arrangement that was

SEE PAGE 4

BAHA Mar’s receivers have threatened to claim any damages awarded to Sarkis Izmirlian if he wins his battle with China Construction America (CCA) so they can repay $1bn to the project’s lender.

Darach Haughey, the Hong Kong-based accountant who was appointed as one of the project’s three receivers, argued in a July 30, 2020, affidavit that previous guarantees given by the original developer and his Baha Mar Properties vehicle meant they “could be entitled to claim the proceeds of any judgment” that Mr Izmirlian wins in the New York State Supreme Court.

He based this assertion on the fact that Baha Mar Properties pledged its shares in Baha Mar Ltd, the company ultimately placed into receivership, as security for the initial $2.45bn construction loan advanced by China Export-Import Bank.

The Chinese state-owned lender that appointed Mr Haughey and two others, including Raymond Winder, then-Deloitte & Touche (Bahamas) managing

Receivers: $1bn owed to Baha Mar lender

SARKIS IZMIRLIAN partner, as receivers for the Cable Beach-based resort project following the illfated Chapter 11 bankruptcy protection bid launched by Mr Izmirlian in 2015.

Although the mega resort was subsequently completed and is now under different ownership, Mr Haughey said the China ExportImport Bank has “not given up its rights” on collecting some $954.122m that it claims Baha Mar and Mr Izmirlian still owe it.

And, with Mr Izmirlian’s claims against CCA involving alleged breaches of the Chinese state-owned contractor’s obligations towards

SEE PAGE 6

PAGE 2, Monday, March 15, 2021

THE TRIBUNE

BAHAMIANS URGED: ENTER THE CRYPTOCURRENCY SPACE A FINANCIAL services provider has urged Bahamians to develop a full understanding of digital assets so that they can participate in the global cryptocurrency market.

Brian Jones, Leno’s wealth solutions managing director, told a virtual symposium hosted by the Ministry of Financial Services, Trade & Industry and Immigration that Bahamians must become increasingly empowered and engaged to enter the FinTech (financial technology) space.

“The US dollar has fallen against Bitcoin,” Mr Jones said to the nearly 500 attendees. “Even looking at

BRIAN JONES gold, in a couple of months, we have taken another sharp downturn in terms of debasement. The point is there are unintended consequences and implications for countries like The Bahamas with US dollar-based

exchange rates or national debt regimes.

“This means we tend to import US inflationary pressures, monetary debasement and reduced purchasing power. There is a real impact on us, and this is why we need to be conscious and fully integrate into the global crypto community, which is expanding tremendously.”

“As the world undergoes a period of accelerated digital transformation, The Bahamas will not be left behind,” said Elsworth Johnson, minster of financial services, trade and industry and Immigration.

“We are a small nation that has consistently punched

above its weight in many respects when it comes to financial services, and there is no reason for FinTech to be any different.

“But now, with a different approach, technology can serve that purpose by offering smart contracts where law can become code and govern transactions, and this can be organised from the bottom up so you don’t have financial institutions dictating how things should go. It is touching new trends in the open global economy.”

Mr Jones encouraged participants to pay attention to the emerging decentralised finance sector (Defi) because “it

is growing tremendously, allowing for more borrowing, lending and trading. It relies on smart contracts on blockchains to offer automated financial instruments instead of rudimentary centralised financial intermediaries, democratising wealth, and is giving us the opportunity to try and transform the Bahamian and Caribbean economies to raise our standards of living.”

Panellists consisted of local, regional and international speakers who spoke to the legislation, regulation and practice of FinTech and digital assets in The Bahamas and Caribbean. They included Christina Rolle,

executive director, Securities Commission; Christian Adderley, head of policy, research and compliance, Securities Commission; Aliya Allen, partner, Graham, Thompson & Company; Grace Lindo, partner, Carter Lindo, in Jamaica.

The FinTech panel included Mr Jones; Marvin Coleby, co-founder and chief executive, RaiseKenya; Dr P Jillian Bethel, chief executive of Islandbit; C Bobby Chen, assistant manager, e-solutions, Central Bank of The Bahamas; Stefen Deleveaux, president, Caribbean Blockchain Alliance.

Water Corp supply losses cut by 71% LEAKS and other losses from the Water & Sewerage Corporation’s system have been slashed by up to 71 percent, according to the contractor responsible for delivering the savings.

Mario Tavera, MIYA Bahamas project manager, told the the Rotary Club of Nassau’s virtual weekly meeting that the company has intensified efforts to maintain the island’s water efficiency management and

conservation standards amid the challenges presented by the COVID-19 pandemic.

“In dealing with COVID19 we had to rely more heavily on technology to help us closely monitor and track water pressure levels and daily flow across New Providence. This was especially helpful in cases where in-person teams were restricted by Emergency Orders.” he explained.

MIYA began working with the Water & Sewerage Corporation (WSC) more than eight years ago on an Inter-American Development Bank (IDB) financed project to reduce non-revenue water (NRW) losses from the state-owned utility’s system.

Non-revenue water levels represent how much revenue is lost to the Water & Sewerage Corporation from leaks and other

shortfalls in its system before the water actually reaches the end-consumer.

The project has facilitated the introduction and use of cutting-edge equipment that replaced and upgraded thousands of faulty, illegal and dormant water connections which had, for years, put undue strain on the utility’s infrastructure.

“Once we had completed our initial assessments, we went ahead and implemented proactive leak detection strategies,” said Mr Tavera, “from rapid repair protocols to pressure zones and district metered areas, to the design and implementation and a series of system optimisations that included the use of GIS updating, SCADA, and the introduction of data management hardware and software.”

The upgrades have reduced non-revenue water levels by as much as 71 percent, while also increasing

MIYA Bahamas project manager, Mario Tavera, was the guest speaker at the Rotary Club of Nassau’s weekly meeting.

Photo: Barefoot Marketing revenue intake significantly from 2017 onwards.

“In addition,” Mr Tavera explained, “the $50m agreement with the IDB also aims at a major training initiative which will allow Bahamians to become fully trained to manage operations once our contract ends, which

happens in approximately one year. We have full confidence that the team we have built and trained will absolutely be able to continue the work we started.”

He credited the use of a performance-based contract for aiding the company in meeting the deadlines and objectives set at the start of the programme, and creating an environment of accountability that MIYA Bahamas employees have adhered to.

As the company’s multiyear contract enters the finishing stages, Mr Tavera said: “We have invested heavily in the necessary training. That training is currently ongoing, and so we have every confidence that once completed and the official handover is made, this competent team of Bahamian employees will be in a position to continue the work and that the operation will be in good hands”.

A $60,000 donation is providing complimentary mobile telecommunication services to residents impacted by Hurricane Dorian in Abaco and Grand Bahama. Second from left: Dwayne Davis, Aliv’s chief information officer; Pakesia Parker-Edgecombe, minister of state in the Ministry of Disaster Preparedness, Management and Reconstruction; Carlton Smith; URCA’s chief executive; Andre Foster, BTC’s chief executive; Mavis Johnson-Collie, URCA’s corporate and consumer relations manager; Shevonn Cambridge, URCA director.

Photo: Kemuel Stubbs/BIS

DORIAN HIT AREAS GAIN $60K MOBILE DONATION BAHAMIAN regulators and an international communications body teamed to donate a collective $60,000 towards providing mobile services for residents on Dorianravaged Grand Bahama and Abaco.

Carlton Smith, the Utilities Regulation and Competition Authority’s (URCA) chief executive, said itself and the International Telecommunications Union (ITU) each donated $30,000 to provide complimentary mobile telecommunications services to those still reeling from the category five storm’s impact.

He explained that in Dorian’s immediate aftermath in 2019, Doreen Bogdan-Martin, the ITU’s director, along with URCA executives toured the hurricane-ravaged communities of Abaco and Grand Bahama.

“That visit resulted in the donation of telecommunications equipment to be used in the search and rescue, recovery and repair efforts on the two islands.

Director Bodgan-Martin left promising to do more,” he added.

Mr Smith said residents who were able to remain on the two islands had no fixed telephone services and, in some cases, even today only have access to mobile services. After seeing the devastation, URCA and the ITU partnered to make the donations.

The URCA chief executive added that the partnership between the regulator and ITU has resulted in the distribution of almost 2,500 telecommunications vouchers to residents, non-governmental organisations (NGOs) and government workers.

He added that in the midst of reconstruction

efforts, the COVID-19 pandemic struck, impeding efforts to return life on those two islands to some semblance of normalcy.

“Around the world and throughout The Bahamas, there was a massive shift to ‘living online’. For some families and students, this was a huge challenge due to their inability to access the internet. This inaccessibility prevented many students from receiving online instruction even with donated devices, because they could not connect to the internet,” Mr Smith said.

“Through the ITU/ URCA project, 139 mobile Wi-Fi devices with a two-month data package plan were donated to the Ministry of Education for distribution to vulnerable students on Grand Bahama.”

SEE PAGE 3

THE TRIBUNE

DORIAN HIT AREAS GAIN $60K MOBILE DONATION FROM PAGE TWO Mr. Smith added that Aliv and BTC worked with URCA to maximise the purchasing power of the funds available, thereby enabling the regulator to purchase the additional mobile Wi-Fi devices.

Pakesia Parker Edgecombe, minister of state in the Ministry of Disaster Preparedness, Management and Reconstruction, thanked URCA and its utility partners, ALIV Bahamas and BTC, for releasing 2,211 phone cards in increments of $15 and $20 to the Disaster Reconstruction Authority (DRA).

She explained that the DRA partnered with NGO teams on Abaco and Grand Bahama, and three NGO groups - SBP, Mercy Corps and Rotary received 28 phone cards.

Also, the DRA partnered with the National Emergency Management Agency which offered to Bahamas Defence Force officers a total of 70 phone cards.

“To date, DRA has distributed 920 phone cards to Abaconians and 320 phone cards to Grand Bahamians who are in the categories of ‘major’ and ‘destroyed’ in the DRA’s small home repairs programme,” she added. “Now that the small home programme has been resumed, the balance of the cards will all be given to home owners.”

Also in attendance at the press conference were Andre Foster, BTC’s chief executive, and Dwayne Davis, Aliv Bahamas’ chief information officer.

Monday, March 15, 2021, PAGE 3

BPL FIRST: PRICES UNDER INDEPENDENT REGULATION

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ELECTRICITY regulators have launched a public consultation on the framework they will use to assess and approve energy tariff (price) applications by the likes of Bahamas Power & Light (BPL).

The Utilities Regulation and Competition Authority’s (URCA) move thus signals the start of a process that will place the prices that BPL levies on businesses and households, via their monthly billings, under independent oversight and scrutiny for the first time in Bahamian history.

BPL, and its Bahamas Electricity Corporation (BEC) predecessor, as 100 percent-owned government corporations have largely been able to do as they like

previously when setting their base tariff and fuel charge.

Changes only required Cabinet approval, and were not subject to independent regulation until the Electricity Act 2015 was passed.

However, that law was subsequently changed in 2018 to extend the date when BPL’s prices would first come under URCA’s regulation by a further three years until 2021.

That date has duly arrived, with URCA noting that key objectives of its tariff review are centred on consumer protection.

It adds that the key goals include “protecting consumers from paying more than necessary so that they pay only that which is a fair, just and reasonable amount for the services they receive and commodities they consume”.

This is to be balanced

by “ensuring that utility providers charge only that which is necessary, and receive a fair rate of return on their investment”. It remains to be seen how effective URCA is, but the transition to an independent regulatory regime at least holds out the promise that Bahamian consumers may no longer have to pay for BPL’s own inefficiencies and excessive costs.

The regulator, in its consultation document, noted that under the terms of its licence BPL will have to “maintain separate accounts for generation, transmission and distribution and supply services, in order to assist in tariff setting”.

“And URCA shall determine BPL’s rates for electric power pursuant to URCA’s powers under the Electricity Act as amended from time to time and on

the principles set out in its licence,” the regulator added.

It acknowledged that BPL’s prices will have to include the additional charge associated with servicing the $535m debt generated by the utility’s forthcoming Rate Reduction Bond (RRB) issue, as well as being based on revenues, demand and the need to recover investment in systems upgrades.

“Consequently, the licence stipulates that BPL shall develop any expansion plans in consultation with the Government and submit to URCA for approval, when satisfied that the plan represents the least economic costs for the electricity supply system expansion,” URCA added.

The regulator said the same principle will guide its assessment of price applications by other “public

electricity suppliers” elsewhere in The Bahamas “to ensure consistency for tariff setting across the islands”.

This presently only applies to BPL, as Grand Bahama Power Company is contesting URCA’s ability to regulate it via the Supreme Court.

“The Government needs to keep the longterm growth and economic development of The Bahamas in view, and thus wants present tariffs to support improvements and future investments in electricity supply,” URCA said.

“Consumers should not pay more than necessary to receive electricity service of a given standard, and the utility should be able to charge tariffs in such a manner that it can cover all its costs. This includes operating, maintenance and investment costs.”

MARIJUANA ADVOCATE FEARS ZONING ‘CART BEFORE HORSE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

AN advocate for the development of legalised marijuana industries has voiced concern that the government may be placing “the cart before the horse”.

Terry Miller, chairman of the Bahamas Cannabis Research Institute (BACARI), told Tribune Business he is puzzled by the government’s push towards zoning for marijuana cultivation when the industry’s

regulations and legislation have not been settled.

Also pointing to the absence of widespread meaningful consultation with industry stakeholders, Mr Miller said: “How can they put up zoning regulations and the industry hasn’t been regulated yet?

That’s like jumping the cart before the horse. How could they zone something they haven’t legalised yet?”

The prime minister announced in early February that his government intends to introduce legislation to legalise marijuana

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for medicinal use, and that he is looking forward to “expunging the records” of young persons who have been caught with the drug.

Mr Miller, who is more of a proponent for industrial hemp cultivation, and not legalising marijuana for personal use, has advocated the benefits that it can bring to The Bahamas through its various bi-products.

But he added: “The problem that I am having with the government’s position is that verbally they would say this is something we are thinking, and then

they turn around and they don’t do it. I can’t take any of that any more.

“The prime minister said he was going to put out a White Paper for the Bahamian people to have input into this legislation and that’s what I’m waiting for.

Pointing to Dr Minnis’ promise to table legislation last month, Mr Miller noted: “He said he would be providing legislation by the end of February; that did not happen. I wrote the Prime Minister’s Office last week to get a copy of the draft legislation. They told me they do not have it.”

Expressing frustration about the lack of communication, Mr Miller said: “Some of the principle issues haven’t been discussed yet. For instance, one of the first and most important aspects of legislation for any marijuana industry if you intend to go international is establishing the protocols and regulations particularly to ensure the quality and consistency of the products we produce.

“We have to get this right the first time. Or we will be continually going back and forth fixing things as we go along.”

ENTERTAINERS ENDURE ‘ROUGH TIMES’ AS TOURISM SLUGGISH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN entertainers are enduring “some rough times” despite the tourism industry’s slow re-opening with hotels restricting the size of groups playing to their guests due to COVID-19 protocols.

Roney Armbrister, president of the Bahamas Musicians & Entertainers Union, told Tribune Business that while some of his members have resumed performing in the hotels this does not include the larger bands. He added that entertainers were still enduring

lean times because hotels were focused on booking one piece and two-piece ensembles.

Mr Armbrister said: “Right now it’s slow. There is nothing anybody can do about it. These are some rough times, but I just hope musicians and entertainers take this time out to tighten up on their craft.”

Entertainment venues at large hotel properties have been a consistent source of work for Bahamian musicians and entertainers, but since the COVID-19 lockdowns and associated restrictions and health measures have left then hard-pressed to find work over the past 12 months.

Mr Armbrister said his members are “primarily in the tourism business”.

He added that “moving forward” he does “not” see virtual events keeping entertainers busy, as nothing can replace live shows.

He added: “You don’t expect the tourists to come into town and go through this virtual thing with us.

They want to be entertained

in the hotel or at a bar or something of that nature.

“If they say they will put television sets in the hotels for virtual music, then what they are saying is to hell with the musicians and entertainers. I don’t see that happening.”

Mr Armbrister added: “Things were slow so musicians and entertainers had no place to perform because the hotels were closed. When they began to re-open small areas of the hotels they were getting small groups of no larger than three. Later on, those groups that they had coming in eased off because there was no one coming in the hotel “We had groups performing in the hotels since the large hotels reopened; we haven’t had large groups.

The hotels have been using smaller groups, so they could hire a one piece or two-piece band. It is just not feasible for the hotels to hire a big band and, at the end of the day, there is no one in the hotel for that band to play for.”

PAGE 4, Monday, March 15, 2021

THE TRIBUNE

BIDDERS BRIEFED ON SOVEREIGN WEALTH FUND’S REQUIREMENTS LEGAL and financial consulting firms interested in providing services for the design of the government’s Infrastructure and Growth Investment Platform (IGIP) attended a briefing session on Friday.

The meeting was held by the Inter-American Development Bank (IDB) as part of the bidding process, known as requests for Expressions of Interest

(REOI), for companies seeking to obtain advisory work on this initiative.

The virtual meeting gave firms the information needed to submit proposals in accordance with IDB procurement procedures on work that involves the development of a National Infrastructure Fund (INF) and sovereign wealth fund (SWF).

“The IDB is committed

to providing technical support to the Government of The Bahamas in the development of this Infrastructure and Growth Investment Platform, as this aligns with the Economic Recovery Committee’s recommendations to make transformative investments in critical infrastructure by leveraging state assets and partnering with the private sector,” said IDB country

representative, Daniela Carrera-Marquis.

“The objective of this meeting was to provide more clarity on two key aspects the structural elements of the proposed Investment Platform (IGIP) and details on IDB’s procurement and selection process to provide the firms with comprehensive knowledge to submit their proposals”.

The REOI will be

followed by a Request For Proposals (RFP) inviting a shortlist of firms to participate. Once an eligible, top-ranking firm or consortium is selected, the IDB would contract their consulting services to provide technical assistance in the development of these instruments. Expressions of interest must be delivered using the IDB Portal by 5pm on March 18, 2021.

The consulting firm or consortium - legal and financial consultancy firms - will assist in designing the legal and financial structuring of the IGIP’s main components.

These aim to maximise private capital mobilisation into infrastructure sectors that will support economic growth through recovery and reconstruction activities post-hurricane Dorian and post-COVID-19.

Family in decade-long property tax nightmare

get this resolved.” Mr Jones said he first met with David Cates, then acting head of the Licensing and Valuation unit in December 2012, who “gave a verbal assurance they’d be willing to settle the matter” and address the complaints of an unrealistic valuation.

Mr Jones said he obtained a realtor’s appraisal in March 2013 valuing his lot at $285,000, which was nearly 50 percent lower than the government’s valuation.

He and his sisters all sent in “notices of objection” to their tax bills and valuations, with his siblings obtaining similar valuations.

In the meantime, Mr Cates had been replaced by Roger Forbes, who told Mr Jones and his sisters to deal with his officials. In the meantime, the family’s frustration grew as tax bills continued to be sent to Mr Graham rather than themselves and, while the valuation for Mr Jones’ lot was adjusted based on the new appraisal, his sisters’ taxes continued to be based on the $525,000 valuation.

After five years of trying to resolve the dispute, Mr Jones said that in 2016 he was confronted with a letter from Mr Brennan, at RPT Recovery Authority, threatening that the government would seize and sell-off his lot to recover the outstanding property taxes due unless they were resolved.

After explaining the situation to Mr Brennan, and after outreach to the Department of Inland Revenue

proved fruitless, Mr Jones said: “It became clear we had to sell one of the lots to pay the taxes claimed or they’d move on all three lots. We put it for sale at the appraised value of $285,000, but had no offers.

“We started lowering the price and received an offer for $130,000, which is one-quarter of the astronomical value the Department of Inland Revenue put on it.

These are rock lots; they are not beach lots.

“We had no choice but to accept the offer, but the buyer was told by the Department of Inland Revenue that the lot was listed at a significantly higher value in their system and wouldn’t accept the purchase price [and the stamp duty, now VAT due on it].

“The Department of Inland Revenue was blocking the sale because they were not going to get the tax they thought,” Mr Jones added. “To get the Department of Inland Revenue to accept the sale the buyer had to get another appraisal and that valued it at one-third of the Department of Inland Revenue value, $160,000.”

The delay in completing the sale meant Mr Jones’ ownership went into another tax year, resulting in an additional bill with growing penalties and surcharges, thereby forcing him to pay even more. “And to add insult to injury, to keep the buyer at the table and close the sale, we had to pay additional VAT on the appraised value to the buyer at a price 40 percent higher than we were selling at,” he added.

Disputes with the Department of Inland Revenue over sales prices/valuations, and the amount of tax due, are relatively commonplace. While the sale settled outstanding taxes on his former lot following what he described as a “coerced” sale, Mr Jones said his sisters retained ownership of theirs along with the disputed billings.

He explained that he was advised by his attorney, Chad Roberts at Callenders & Co, not to take legal action against the government due to the costs involved but to instead seek to settle the matter with the Department of Inland Revenue.

Mr Jones said he reached out to Ms Rolle in late 2018, and at a virtual meeting with her in January 2019 made an offer on his sisters’ behalf to settle the dispute. He added that Ms Rolle promised to reply within four days to his proposal, but he had been waiting more than two years for a response until her contact last week.

“In the meantime we continue to receive tax bills,” Mr Jones told Tribune Business. “My sister just received them a week ago, and they are calculated on the original value assessed by the Department of Inland Revenue that are not credible and four times’ what the value of a lot is based on the most recent appraisal.

“I’m exhausted from the process. It’s been money for me, it’s been a lot of lost hours for me. I would say that I’m extremely disappointed, and frustrated at the lack of communication

and reciprocity of goodwill here. Given the budget situation, it’s difficult to watch people I know and love in the Family Islands suffer when there’s $600m in outstanding real property tax due.

“We’re not wealthy people. I realise in the grand scheme of things we’re not a $5m tax bill, but I’ve got to believe there are others like us who want to get this thing settled and hopefully this will help. We’ve withdrawn our previous offer and will negotiate when they [the Department of Inland Revenue] get here. We have a significant amount of money sitting in an account that we are ready to pay and settle..

“To say this matter is astonishingly unfair is a gross understatement in my view. There has now been a decade-long series of misjudgments of this situation, and lack of communication and transparency with us around what is going on.”

Mr Brennan, of RPT Recovery Authority, described what Mr Jones and his family had gone through as “unbelievable but it is what it is”. He added: “I don’t know if I’ve seen any as egregious as Mr Jones’ but it’s not good. It’s unfortunate.

“This is not all that unusual. The reason being is that valuations are all over the place. That’s a big issue.

There are two big issues.

One is communication. I’ve seen a lot of taxpayers go missing in the records. From my perspective it’s a little bit chaotic.”

FROM PAGE ONE brokered by the late Peter Graham.

The former Graham, Thompson & Company founding partner represented both buyer and seller in the transaction, with the lots priced at $100,000 apiece. Mr Jones said that while Mr Graham had informed him the conveyances were lodged for recording in the Registry of Records, thereby securing the passing of title, he received no confirmation that the property tax unit was informed of the sale.

While Bahamian-owned land in the Family Islands is not subject to real property taxes, foreign-owned land is. The sale to Mr Jones and his sisters thus meant the lots started to attract real property tax from 2002, but the former said he did not want to attribute blame to Mr Graham because the notification may have become lost in the bureaucracy.

And, while failing to record property sales to foreign buyers and/or notify the authorities of the sale is a long-established tax avoidance practice when it comes to Family Island real estate, Mr Jones said he and his sisters were unaware of the

need to notify the Ministry of Finance and assumed that Mr Graham had dealt with everything.

He added that he and his family only became aware, via a conversation with a Long Island resident in 2011, that taxes may be due and accruing on their lots.

Mr Jones said they themselves alerted the Ministry of Finance to the likelihood that taxes were due and had been accruing since 2002, triggering a ten-year saga that continues to this day.

He added that the three lots were still in the name of Mr Graham’s company, Calabash Ltd, but on November 28, 2012, the first bill of $39,640 - for back as well as current taxes - arrived based on a $525,000 valuation of Mr Jones’ lot.

This was a sum more than five times’ what he had paid to acquire the lot, and he said: “It was my family that first discovered this error, not the Ministry of Finance..... That resulted in a tax bill we have disputed from day one and attempted to resolve for more than ten years.

“Repeated is a gross under-statement.

We’ve made well over a dozen attempts at outreach to three different people to

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR ADMINISTRATION University of The Bahamas invites suitably qualified candidates to apply for the position of Vice President of Finance and Business Enterprises.

Reporting directly to the President, but also working collaboratively with all other vice presidents and senior administrators, the VP Finance and Business Enterprises serves as senior staff to the Board Committee on Finance and also works closely with the Chief Internal Auditor. Among other duties and responsibilities, the successful candidate will: • Direct the University community in all matters relating to operating budgets and planning; financial and treasurer accounting records and core systems; and ancillary services.

• Ensure the University’s financial operations are administered in accordance with institutional policies, government requirements and International Financial Reporting Standards (IFRS).

• Oversee the preparation and delivery of financial reports to the President, Board of Trustees, government and other relevant agencies.

• Advise the President and Board of Trustees on all aspects of financial management, including long-range economic trends; consequences of financial compliance and regulatory changes; and internal resource management • Conduct annual budget hearings (November of each year) with all direct reports to the President (all Vice Presidents) in preparation for February/March submission of the new academic year budget to the President and the Board.

• Provide financial oversight to the University’s campuses and research and field stations.

To read the full position announcement, visit www.ub.edu.bs/about-us/career-opportunities/administration/ Qualifications include earned credentials as a Certified Public Accountant from an accredited institution; at least ten (10) years of work experience at a leadership level in finance or accounting in a complex organization, preferably in higher education; and applicable accounting and finance certifications and training.

Applicants should submit the following: • A letter of application highlighting work experience and

accomplishments relevant to the position; • Resume; • The names and contact information of three professional references.

Applicants must submit electronically by Monday, 15th March 2021 to: Chief of Staff, Office of the President maelynn.seymour-major@ub.edu.bs University of The Bahamas Poinciana Drive & University Drive Nassau, The Bahamas hrapply@ub.edu.bs

THE TRIBUNE

Monday, March 15, 2021, PAGE 5

THE $1.9TN AMERICAN BAZOOKA

ACTIVTRADES WEEKLY

By RICARDO EVANGELISTA www.activtrades.bs

L

AST Thursday, in the Oval Office of the White house, Joe Biden signed into law a $1.9tn stimulus package for the American economy. The final approval occurred a day earlier than had previously been announced, signalling the President’s desire to enact, without further delay, one of the top legislative objectives of his tenure.

The American Rescue Plan, as the Act is known, includes direct payments of $1,400 to Americans earning $75,000 or less a year, as well as a $300 a week top-up of unemployment benefits.

There is an obvious social intervention side to the package, which was justified by the President ,and law makers who voted for it, by the need to support the lower and middle income citizens, but above all the plan is designed to kickstart the post-pandemic economy with a bang.

The package’s approval process, which also required rubberstamping by both the congress and the senate, run, as expected, strictly along party lines, with every single Republican lawmaker voting against it.

However, fears related to potential negative collateral effects extend beyond the partisanship of American politics. Economists are also divided, with some defending the policy as the only way to escape the stagnation of the economy, while others warn about the danger of unleashing too much consumer firepower,

SENATE Majority Leader Schumer holds news conference. and the detrimental effect a inflation, a dark force that sudden boom in economic hasn’t made its presence felt activity may have in price in the developed economies stability. of the West since the 1970’s.

This stimulus package has It is this fear of conbeen described as a gamble sumer prices getting out of high stakes, as illustrated of control that is scaring by the front cover of The politicians and economists Economist’s latest edition. into advising against the The reasoning is the fol- size of the programme. If lowing: It is estimated that this “gamble” pays-off, due to the lockdowns, con- America will achieve the sumers, unable to go out incredible feat of escaping a and spend as usual in res- long-lasting recession in the taurants, cinema, bars, etc, wake of the biggest peacehave accumulated around time economic contraction. $1.6tn in excess savings over However, there is also a the last 12 months, which real risk of the country should be added to the ending up with high infla$1.9tn value of the stimulus, tion, unprecedented levels in order to get an idea of the of public debt and a central spending power at the dis- bank with no choice but to posal of Americans in the tighten monetary policy and post-pandemic period. stifle future growth.

If vaccination goes Will Joe Biden’s signature according to plans, as we wager place him alongside all hope it does, an almost FD Roosevelt and AbraCOVID free reopened ham Lincoln, as one of economy will be engulfed America’s great presidents, by the sudden consump- or if he will be remembered tion demands of crowds as the one who gambled all of shoppers with plenty of his chips in one risky bet spare cash to throw around. and lost? We will have to This could trigger a spike in wait and see.

To advertise in The Tribune, contact 502-2394

PAGE 6, Monday, March 15, 2021

THE TRIBUNE

‘We’ll seize Sarkis’ damages if he wins’ FROM PAGE ONE

Baha Mar Ltd, rather than Baha Mar Properties, Mr Haughey alleged that any judgment proceeds won by the original developer should come to the receivers so they can settle what is owed to China ExportImport Bank.

Outlining his legal rationale, Mr Haughey alleged that “if claims do lie against CCA” and its affiliates “I believe they may properly belong to the company (Baha Mar Ltd) for the benefit of its secured creditor, China Export-Import Bank” rather than Mr Izmirlian.

“By a pledge of shares dated January 28, 2011, Baha Mar Properties and China State Construction (CCA’s parent) each pledged its shares in the company as security for amounts owed to China Export-Import Bank,” he asserted.

“In the case of Baha Mar Properties, the pledge charged the shares owned

by Baha Mar Properties in the company and all related rights in relation to the shares. The joint receiver/ managers consider that such rights include rights in the

investor agreement. Baha Mar Properties’ claims in the New York proceedings appear to be based on alleged breaches of the investor agreement.

“In particular, Baha Mar Properties alleges breaches of the investor agreement in failures by China State Construction to report to Baha Mar Properties as day-to-day manager of the company and breaches of China State Constructionappointed directors of the company,” Mr Haughey continued.

“Properly analysed, these alleged breaches do not appear to constitute breaches of independent duties owed to Baha Mar Properties. Rather they appear to be (allegedly) either breaches of duties owed to the company (Baha Mar Ltd) or owed to shareholders and the rights attaching to the shares.

“As Baha Mar Properties pledged the shares in the company pursuant to the pledge, and the joint receiver/managers were appointed to realise the assets subject to the pledge, the joint receiver/managers consider that if Baha Mar Properties is successful in

BAHA MAR the New York proceedings, the , the joint receiver/managers could be entitled to claim the proceeds of any judgment against the CCA parties which form part of the related rights accruing to the pledged shares.”

Mr Haughey’s assertions add a new twist to the near three-year legal battle between Mr Izmirlian and his former contractor over the former’s $2.25bn fraud and breach of contract claim, which relates to events that plunged the now-$4.2bn Baha Mar project into Chapter 11 bankruptcy protection and

ultimately saw it sold to present owner, Chow Tai Fook Enterprises (CTFE).

Whether the former Baha Mar Ltd’s joint receivers/ managers have any right to such judgment proceeds will likely be heavily contested in the courts. It is unclear what motivated Mr Haughey’s statement, which was contained in an affidavit filed with the New York courts last week, although some may interpret it as an effort to dissuade Mr Izmirlian from pursuing his case against CCA, which is currently in the final stages of completing construction on

downtown Nassau’s $200m development, The Pointe.

Mr Haughey also asserted that Mr Izmirlian’s claims against CCA for failing to complete Baha Mar’s construction on time, and on budget, were worth just over a “net” $57m based on a valuation that the receivers commissioned from a US law firm.

Describing the China Export-Import Bank as the only entity “with an economic interest” in Baha Mar Ltd, he revealed: “The amount which remains owing to China ExportImport Bank was in excess of

$954.122m excluding interest as at 30 June, 2020. China Export-Import Bank has not given up its rights to that shortfall.

“The maximum value of the construction claims, as advised by Chaffetz Lindsey, was only around $53.447m (net), and therefore, if it could be said that there was a loss in the value of the construction claims as a result of the disclosure of the construction opinions and/or the reports to CCA Bahamas, or any of the other CCA parties, it could only conceivably be of detriment to China Export-Import Bank.”

THE TRIBUNE

Harbour Island resorts oppose cruising plans FROM PAGE ONE

disheartened they would not recognise the value of a clientele that is not appreciative of the cruise ship product.

“Harbour Island is not traditionally a cruise ship destination. It may threaten the value Harbour Island has built up for that clientele over a period of time.”

Mr Sherman said Harbour Island hoteliers were due to discuss their Crystal Cruises concern with Mr D’Aguilar and Ministry of Tourism officials during a conference call today. The minister did not respond to Tribune Business messages seeking comment before press time last night.

However, one Harbour Island resort operator, speaking on condition of anonymity, said: “It’s a disaster for the Family Island product. We’re not a cruise destination. The only plus is that it’s happening at a time when the island is slow and there is an opportunity for local persons to make an extra buck.

“It’s a very divisive issue, but I don’t think big cruise lines are aligned with the Family Island product. It’s going to be a turn-off for our guests, our traditional clients. I think it’s a desperate idea that is incredibly bad for tourism on the island.

Our clients will say it’s the end.

“They’ve missed the whole concept of Harbour Island. They’ve missed the boat. They don’t get it.

They’re graffitiing the tourism product in Harbour Island. It’s akin to spraying spray paint on the Mona Lisa. Harbour Island is built on generational tourism, where season after season children come back, grandchildren come back.

The cruise ship industry is

Monday, March 15, 2021, PAGE 7 the opposite of that. I’m gobsmacked.”

Another Briland resident, speaking on condition of anonymity also, said when informed of the Crystal Cruises plan: “I don’t want to hear that. First of all, the reason Harbour Island is desired by high-end tourists is because there’s no cruise ships. It will be a nightmare.

People have these multimillion dollar homes here because there are no cruise ships.”

Mr D’Aguilar last week said he anticipated a minority might push back against the Crystal Cruises plan.

He described the company’s plans as “a tipping point” for tourism and the wider economy as it will become the first cruise line to ever home port in The Bahamas through its multi-island schedule for summer 2021.

The minister of tourism and aviation told a conference call that Crystal Cruises’ decision to base one of its vessels in this nation for seven-day voyages exclusively in the Bahamas represented “a significant milestone” in efforts to revive tourism in both the near and long-term.

The upscale, luxury cruise line, which offers butler service for 30 percent of its passengers, will use Nassau and Bimini as home ports for week-long cruises set to begin on July 3. The Crystal Serenity will call on Harbour Island, Great Exuma, Long Island and San Salvador via an itinerary designed to boost to island economies, traditionally not on a cruise industry schedule, that are still reeling from COVID. “This a milestone achievement,” Mr D’Aguilar said, speaking just one day after revealing that four cruise lines are presently in negotiations to use Nassau as their home port. “After a year of despair, uncertainty and doubt.... this will prove to be the tipping point for our citizens, tourism industry and nation.”

Jack Anderson, Crystal Cruises’ president and chief

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KAI-AJ DENZEL CLARKE, of Nassau, Bahamas intend to change my name to KIA-AJ DENZEL ST. GERARD. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

executive, said the Crystal Serenity will “offer a 100 percent Bahamian itinerary through to at least October” with the possibility that its exclusive stay in this nation could be extended further. “I think it’s very likely. No final decision has been made,” he added, when questioned by Tribune Business.

“We’re certain of one thing: These Bahamas cruises are going to sell out very quickly, and that will most likely encourage us to to extend.” Crystal Cruises is capping passenger numbers on the Serenity to 900 guests to ensure compliance with COVID-19 health and safety measures, especially social distancing.

Mr Anderson indicated that Crystal Cruises has selected The Bahamas for its sailing resumption because of the multiple destinations and island experiences it offers, together with the ease of complying with COVID-19 health protocols.

PAGE 8, Monday, March 15, 2021

THE TRIBUNE

STOCKS MOSTLY SHAKE OFF A WEAK START, EDGE TO MORE RECORDS Associated Press A LATE-afternoon burst of buying helped nudge several US stock indexes to all-time highs on Friday, despite a pullback in Big Tech companies as bond yields headed higher.

The S&P 500 rose 0.1% after having been in the red for most of the day.

The benchmark index also notched its second straight weekly gain. Financial and industrial companies led a broad rally, outweighing the slide in technology and communications stocks.

The Dow Jones Industrial Average and Russell 2000 index of smaller company stocks also hit all-time highs for the second day in a row.

The tech-heavy Nasdaq composite fell, shedding some of its gains from a day earlier.

The bond market was the dominant force in pulling tech stocks mostly downward, because as yields push interest rates higher,

they make high-flying stocks look expensive. After remaining stable for most of the week, the yield on the ten-year Treasury note jumped to 1.62% from 1.52% a day earlier. Investors had sold off stocks late last week after that yield crossed above the 1.60% mark.

“Bond investors are trying to determine how much future growth is in the economy and what that means for inflation,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It could be over the course of this year or the next couple in terms of trying to find the right level.”

The S&P 500 rose four points to 3,943.34, extending its winning streak to a fourth straight day. The Dow added 293.05 points, or 0.9%, to 32,778.64, lifted by industrial stocks like Boeing and Caterpillar. The Nasdaq dropped 78.81 points, or 0.6%, to 13,319.86.

The Russell 2000 picked up 14.25 points, or 0.6%, to 2,352.79 and ended the week 7.3% higher. That blows away the S&P 500’s 2.6% gain for the week.

The stock indexes were mostly lower for much of the day as technology stocks, which had spent most of the week holding steady or climbing, fell broadly as bond yields rose.

Apple fell 0.8%, Facebook dropped 2%, Google’s parent company slid 2.4% and Microsoft lost 0.6%. These giant tech companies soared last year as investors bet that pandemic-quarantined Americans would spend even more time online. But as the pandemic eases this year, and bond yields rise, more expensive stocks such as these have struggled.

The increase in bond yields comes as President Joe Biden signed into law the $1.9tn stimulus plan, which will include $1,400 checks for most Americans as well as additional payments for those with children or those who collected unemployment benefits last year.

President Biden also laid out a plan, in a primetime speech Thursday, to expand vaccine eligibility to all Americans by May 1.

These moves have given investors confidence that the US and global economy will likely experience a strong recovery in the second half of the year as well as potentially increase the rate of inflation.

Wall Street got another sign on Friday that inflation is creeping higher. The Labor Department said its producer price index, which measures inflation before it reaches consumers, rose by 0.5% last month following a record jump of 1.3% the month before.

Over the past year, wholesale prices are up 2.8%, the largest 12-month gain at the wholesale level in more than two years.

In the Estate of ELIZABETH DAMES late of #23 Johnstone Avenue, Stapledon Gardens in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 17th day of May, A.D. 2021, after which date the Executrix will proceed to distribute the estate having regard only to the claims of which she shall have had notice.

AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned.

CEDRIC L. PARKER & CO. Attorneys for the Executrix 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas

THE TRIBUNE

Monday, March 15, 2021, PAGE 9

NOTICE

NOTICE

NOTICE is hereby given that JESSICA DUMERVIL of Pine Dale, Eight Mile Rock, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LOUBENS VALCIN of Sapodilla Boulevard, Pinewood Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LATARA PIERRE, of John Street off Market Street and Blue Hill Road, New Providence, The 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 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

FRIDAY, 12 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1936.83

-15.96

%CHANGE

YTD

YTD%

-0.82 -155.63

-7.44

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.70 33.05 2.00 2.90 2.10 6.00 6.90 3.60 6.15 4.26 6.16 12.00 2.75 6.85 10.88 8.44 14.60 4.25 9.00 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.80 5.20 10.20 2.10 4.90 9.50 7.70 13.00 3.43 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

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

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

LAST CLOSE 4.55 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.75 2.84 5.00 10.20 3.02 6.84 10.32 8.40 13.92 3.80 8.35 15.50

CLOSE 4.55 32.12 1.62 2.90 1.59 6.00 6.40 3.56 4.75 2.84 5.00 10.20 3.04 6.84 10.45 8.40 13.95 3.43 8.35 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1200371 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 97.72 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.13 0.00 0.03 (0.37) 0.00 0.00

VOLUME

#########

2,000 151,400

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 19.0 34.5 N/M N/M N/M N/M 17.3 -8.1 33.9 15.4 11.1 14.1 29.8 14.6 16.2 11.5 17.1 16.9 8.9 24.6

YIELD 3.74% 3.92% 1.23% 1.03% 0.00% 0.00% 4.06% 0.00% 0.00% 4.23% 4.40% 7.06% 14.28% 0.88% 3.14% 2.86% 3.87% 3.50% 2.40% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

MATURITY

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.29% 5.65%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 15-Oct-2039 15-Oct-2049

MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.40 4.44 2.15 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79

YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A 8.60% 8.60% 11.90% 11.90%

NAV Date

31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

Publish your Balance Sheets and Financials in The Tribune.

Call 502-2394

THE TRIBUNE

Monday, March 15, 2021, PAGE 11

IRS SAYS NEW ROUND OF COVID RELIEF PAYMENTS ON THE WAY WASHINGTON Associated Press

ALONG with daylight saving time, this weekend could bring some Americans fatter bank balances.

Officials at the Treasury Department and Internal Revenue Service said on Friday that processing of the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend.

President Joe Biden signed the new $1.9tn rescue package on Thursday, the day after it won final passage

in the House. The measure provides for payments to qualifying individuals of up to $1,400, with payments to a qualifying family of four of $5,600.

“The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.

It is estimated that 85% of Americans will be eligible for the payments and the goal is to have millions of the payments disbursed in the next few weeks.

The relief measure, which passed on party-line votes in both the House and Senate,

contains the third round of economic-impact payments.

The first round passed last spring provided up to $1,200 per individual, and a second round of payments in December provided up to $600 per individual.

The latest package passed with no votes from Republicans, who objected to the size of the measure and argued it was not necessary given signs that the economy is beginning to recover.

Then-President Donald Trump called the payments in the $900bn relief bill passed in December too small and Biden agreed, pushing the total for an

individual up to $1,400 in the new package.

The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives.

Adult dependents were not eligible to receive payments in the previous two rounds of payments.

The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.

Officials said that beginning on Monday, people can check the “Get My Payment” tool on the IRS.gov website to track their own payments.

Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.

Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15.

If a person’s job situation changed last year because

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 63° F/17° C

TAMPA

uV inDex toDay

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Mostly sunny and nice

Partly cloudy

Breezy in the morning; partly sunny

Partly to mostly sunny and nice

Breezy in the morning; sunshine

Partly sunny

High: 80°

Low: 69°

High: 80° Low: 71°

High: 81° Low: 71°

High: 82° Low: 71°

High: 83° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

68° F

83°-70° F

86°-73° F

87°-72° F

88°-74° F

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 77° F/25° C Low: 70° F/21° C

7-14 knots

S

High: 83° F/28° C Low: 70° F/21° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 71° F/22° C

N E S

E

W

WEST PALM BEACH

W

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TONIGHT

High: 83° F/28° C Low: 67° F/19° C

High: 78° F/26° C Low: 68° F/20° C

MIAMI

High: 82° F/28° C Low: 71° F/22° C

7-14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 68° F/20° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.01” Normal year to date ..................................... 3.60”

ELEUTHERA

NASSAU

High: 80° F/27° C Low: 69° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 77° F/25° C Low: 70° F/21° C

N

KEY WEST

High: 82° F/28° C Low: 73° F/23° C

High

E

W

7-14 knots

S

7-14 knots

Low

Ht.(ft.)

10:00 a.m.

10:21 p.m.

2.6 2.7

3:58 a.m. -0.1 4:14 p.m. -0.2

Tuesday

10:36 a.m.

10:59 p.m.

2.5 2.6

4:37 a.m. 0.0 4:48 p.m. -0.1

Wednesday 11:12 a.m.

11:37 p.m.

2.3 2.5

5:17 a.m.

5:22 p.m.

0.1 0.0

Thursday

11:50 a.m.

-----

2.1 -----

5:59 a.m.

5:59 p.m.

0.3 0.2

Friday

12:19 a.m.

12:32 p.m.

2.5 2.0

6:43 a.m.

6:39 p.m.

0.4 0.3

Saturday

1:05 a.m.

1:19 p.m.

2.4 1.9

7:34 a.m.

7:26 p.m.

0.6 0.4

Sunday

1:58 a.m.

2:15 p.m.

2.3 1.8

8:31 a.m.

8:21 p.m.

0.7 0.5

sun anD moon Sunrise Sunset

7:19 a.m.

7:19 p.m.

Moonrise Moonset

8:46 a.m.

9:25 p.m.

First

Full

Last

New

Mar. 21

Mar. 28

Apr. 4

Apr. 11

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 70° F/21° C

High: 78° F/26° C Low: 72° F/22° C

N

High: 79° F/26° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 78° F/26° C Low: 71° F/22° C

H

Ht.(ft.)

Today

High: 77° F/25° C Low: 71° F/22° C

N

S

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau

CAT ISLAND

E

W

of the pandemic, which led to millions of people losing jobs or being forced to work reduced hours, officials said that the IRS will adjust the size of the new impact payments after the 2020 return has been filed and provide a supplemental payment if that is called for. Officials said those adjustments will be made automatically by the IRS for people who have already filed their 2020 returns.

Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.

7-14 knots

MAYAGUANA High: 78° F/26° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 78° F/26° C Low: 73° F/23° C

High: 78° F/26° C Low: 72° F/22° C

GREAT INAGUA High: 80° F/27° C Low: 71° F/22° C

N

E

W

E

W

N

S

S

10-20 knots

8-16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS E at 6-12 Knots SE at 12-25 Knots SE at 7-14 Knots ESE at 10-20 Knots E at 7-14 Knots E at 12-25 Knots E at 8-16 Knots E at 10-20 Knots E at 6-12 Knots E at 12-25 Knots ESE at 6-12 Knots SSE at 12-25 Knots E at 7-14 Knots ESE at 10-20 Knots NE at 8-16 Knots E at 12-25 Knots E at 8-16 Knots ESE at 12-25 Knots ENE at 7-14 Knots ENE at 12-25 Knots E at 7-14 Knots ESE at 10-20 Knots E at 10-20 Knots E at 12-25 Knots E at 7-14 Knots E at 12-25 Knots

WAVES 3-5 Feet 5-9 Feet 1-2 Feet 1-3 Feet 2-4 Feet 4-7 Feet 2-4 Feet 3-6 Feet 3-5 Feet 4-7 Feet 1-3 Feet 3-5 Feet 1-2 Feet 1-3 Feet 2-4 Feet 3-6 Feet 1-3 Feet 2-4 Feet 3-5 Feet 4-8 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-3 Feet 3-5 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 77° F 76° F 77° F 77° F 77° F 78° F 78° F 76° F 76° F 76° F 76° F 77° F 78° F 79° F 79° F 78° F 78° F 77° F 77° F 76° F 76° F 78° F 78° F 76° F 76° F

PAGE 12, Monday, March 15, 2021

THE TRIBUNE

Pelosi pledges swift work on major infrastructure package WASHINGTON Associated Press HOUSE Speaker Nancy Pelosi yesterday pledged swift work by Congress on a job and infrastructure package that will be “fiscally sound”, but said she isn’t sure whether the next major item on President Joe Biden’s agenda will attract Republican backing.

Fresh off a major legislative victory on the $1.9tn virus relief package that passed on near-party lines, Democrats face long and tough battles ahead in winning GOP endorsement of the administration’s plans.

Road- and bridge-building legislation has a long history of support from both parties as lawmakers aim to deliver on projects back home. But Republicans disagree with Biden’s focus on the environment and the possibility of financing any programme with debt after the government borrowed heavily to address the economic

HOUSE Speaker Nancy Pelosi of Calif, walks from the House floor, during the vote on the Democrat’s $1.9tn COVID-19 relief bill, on Capitol Hill on Wednesday in Washington.

Photo: Alex Brandon/AP fallout from the coronavirus pandemic.

“Building roads and bridges and water supply systems and the rest has

always been bipartisan, always been bipartisan, except when they oppose it with a Democratic president, as they did under

President Obama, and we had to shrink the package,” said Pelosi, D-Calif.

“But, nonetheless, hopefully, we will have

bipartisanship,” she said.

Pelosi has directed key Democratic lawmakers to begin working with Republicans on a “big, bold and transformational infrastructure package”.

During the presidential campaign, Biden laid the groundwork by proposing $2tn in “accelerated” investments to shift to cleaner energy, build half a million charging stations for electric vehicles, support public transit and repair roads and bridges. The plan emphasises the importance of creating unionised jobs and addressing climate change.

The White House originally planned to come out with a plan in February, but more recently hasn’t committed to a timeline. A rollout is likely to slide into April as the administration embarks on a nationwide push over the coming weeks to sell Americans on the benefits of the COVID19 relief bill.

Sen Tom Carper, D-Del, chairman of the Senate Environment and Public Works Committee, and Rep Peter DeFazio, D-Ore, chairman of House Transportation and Infrastructure Committee, hope to pass a bill out of their committees in May. The package could include policy changes — on green energy and immigration — and even try to make permanent some of the just-passed COVID-19 assistance such as child tax credits.

“It is going to be green and it is going to be big,” DeFazio told The Associated Press.

Democrats used a fasttrack budget process known as reconciliation to approve

Biden’s COVID-19 relief plan without Republican support, a strategy that succeeded despite the reservations of some moderates.

But work on passing infrastructure legislation in a Senate split 50-50 with Vice President Kamala Harris providing a tiebreaking vote will probably prove more difficult. Moderate Sen Joe Manchin, D-WVa, recently made clear he will block infrastructure legislation if Republicans aren’t included.

Wyoming Sen John Barrasso, the No 3 Senate Republican, said he wants to see bipartisan support for an infrastructure legislation. But he said the House in the last Congress refused to embrace a $287bn bill unanimously passed by a Senate committee and changed it in a way that Republicans could not accept.

“What did the House do?

They replaced our highway bill with the Green New Deal,” Barrasso said. “So they ignored what we have done in a bipartisan way. If they would take the model that we came up with in the committee in the Senate for highway and transportation, I think that’s a very good start. I talked with the secretary of transportation, Pete Buttigieg, about it, and I think that is the model on which we should move forward on transportation and infrastructure.”

Yesterday, Pelosi declined to say whether tax increases would be required for the House legislation, stressing that Congress would explore all options, including generating revenue with something similar to the Obama administration’s Build America bonds.

Cost will be a major hurdle in passing an infrastructure plan. There’s little political interest in increasing the 18.3-cent-per-gallon federal gas tax, which generates revenue for the Highway Trust Fund, even though the rate has not increased since 1993. Biden promised during the campaign he would not increase taxes on people making less than $400,000 a year.

“This is about broadband.

It’s about water systems.

It’s about mass transit, it’s about good paying jobs all over the country,” she said.

“It’s also about schools and housing and the rest. ... So the goal is to promote good growth, creating goodpaying jobs as we protect our planet and are fiscally sound.”

Pelosi and Barrasso spoke on ABC’s “This Week”.

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