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FRIDAY, MARCH 16, 2018

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IDB: Only 22% of local companies ‘innovative’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Government is targeting the ‘Blue economy’ and agribusiness for economic diversification in an environment where just 22 per cent of Bahamian companies “innovate”. The Minnis administration’s plans to broaden the Bahamas’ economic base, which also feature ‘IT and the digital economy’ as a third diversification pillar, are revealed in an InterAmerican Development Bank (IDB) report that

* Bahamas’ productivity 17% below Caribbean * Gov’t targets ‘Blue economy’, agribusiness * Paper reveals economic diversification focus says there is “insufficient innovation activity” in the private sector.’ The Government is seeking the IDB’s assistance to identify opportunities in these three sectors, then develop a ‘road map’ to capitalise on them, despite the “challenges with competitiveness and innovation” identified in the bank’s report. The document, obtained by Tribune Business,

revealed that Bahamian productivity was 17 per cent lower than the Caribbean average based on a competitiveness survey the IDB conducted in 2017. While some 56 per cent of Bahamian companies were described as “potentially innovative”, the IDB highlighted the higher energy costs and crime levels, poor infrastructure availability and “financial limitations” together with the regulatory

and approvals inefficiencies - that face the private sector as this nation prepares for full World Trade Organisation (WTO) membership by 2019. “Only 19.73 per cent of firms are large (over 100 employees), and only 6.7 per cent of large firms, 16 per cent of medium-sized firms and 12.7 per cent of small firms export,” the

SEE PAGE 4

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BAF gets Supreme Court approval as CLICO manager By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Supreme Court has approved the transfer of CLICO (Bahamas) remaining in-force insur- GOMEZ ance policies to BAF Financial’s management, Tribune Business can reveal. The approval, which is understood to have been granted last week, will freeup the insolvent insurer’s liquidator, Craig A. ‘Tony’ Gomez, to focus on pursuing its Trinidadian principal in a bid to recover the near$36 million loss incurred in

* CHESTER COOPER’S FIRM TO TAKE OVER PORTFOLIO * FREES LIQUIDATOR TO PURSUE $35M DEFICIENCY * ‘CONCERN’ OVER $7M CASH PILE DEPLETION selling its main asset. The Baker Tilly Gomez accountant and partner, in multiple reports to the Supreme

COOPER

SEE PAGE 5

National debt strikes WATER CORP UNION: FORENSIC AUDIT HAD TO ‘DIG DEEPER’ $7.9bn at end-2017 * Middle manager ‘reservations’ on some findings By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ national debt hit $7.882 billion at year-end 2017, coming close to the 70 per cent debt-toGDP ‘danger threshold’ despite the upward revision to this nation’s GDP data. The Central Bank of the Bahamas, in its quarterly economic review for the 2017-2018 fourth quarter, revealed that the country’s debt increased by almost $300 million during that

* ROSE $832M IN PRIOR 12 MONTHS * DEBT-TO-GDP BACK CLOSE TO 70% * CONSTRUCTION UP AFTER ‘SLUGGISH DECADE’ three-month period despite the Minnis administration’s efforts to rein in the ‘red ink’.

SEE PAGE 8

Bahamas must be ‘more sophisticated’ in blacklist response By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must employ a “more sophisticated response” to its ‘blacklisting’, a former Attorney General yesterday urging it to lobby for United Nations (UN) oversight of the matter. Alfred Sears QC told Tribune Business that the Bahamas should form a strategic alliance with other

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Ernst & Young (EY) forensic audit into the Water & Sewerage Corporation needed to dig deeper, the head of its management union argued yesterday. Ednol Rolle told Tribune Business there were several areas in the report where he and his members had “reservations” over the findings, suggesting that they - as middle managers - could have provided some answers and clarity to the accounting firm’s concerns. Declining to identify these “areas” until he had discussed them with the “new” management team, following Glen Laville’s termination as

* Unsure if EY ‘asked the right questions’ * ‘Purge handling’ will determine fall-out general manager, Mr Rolle said the Water & Sewerage Corporation’s short-term performance depends heavily on how far the Government goes in “purging” the state-owned body. “There were a couple of things that, on the surface, there’s a bit more investigation required in some of these areas,” the management union chief told Tribune Business of the forensic audit. “A lot of that stuff we know, we had information, and a lot of it could have been explained in some

respects. They [EY] went with what was in front of them, and I don’t know if they asked the right questions. There are a number of things we have reservations about.” Mr Rolle’s comments will likely raise questions over how deeply EY probed the Water & Sewerage Corporation’s affairs, given that the union’s members - as middle managers - would have been tasked with implementing and overseeing many of the projects/areas scrutinised, and be in possession of key

operational information. They also back-up, to some extent, the concerns of Mr Laville, who will likely take legal action against the Corporation for wrongful dismissal. He, too, disputed many of the EY audit’s findings, previously telling this newspaper had had “admonished the auditors not to make conclusions and seek information to support” their assertions. Mr Rolle, meanwhile, said the general manager’s termination, and

SEE PAGE 7

* EX-AG URGES: LOBBY FOR UN OVERSIGHT * BRING TAX, AML UNDER GLOBAL CONVENTION * OTHERWISE NO ‘LEVEL PLAYING FIELD’ international financial centres (IFCs), and push for all

SEE PAGE 6

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PAGE 2, Friday, March 16, 2018

THE TRIBUNE

Plans for overcoming resistance to change CHANGE happens. It happens everywhere and to everyone. It is inevitable that our workplaces will change. The leadership will change. The strategy will change. The vision, goals, objectives and core values will change. The job of successful leaders is to manage and stabilise the transition through these ongoing changes. Leadership is an imperative when managing change, and leaders who inspire a cultural shift in their staff have the greatest success in managing change and its outcomes. • Here are seven strategies for overcoming

resistance to change in the workplace: 1. Structure the team to maximise its potential Give team members appropriate roles and responsibilities that use skills to their best advantage, while also providing the potential for personal and team development. 2. Set challenging, achievable and engaging targets Be clear in guidance about goals and targets. Break change projects into smaller milestones, and celebrate achievements. Goals should be seen as progressive, and in line with values and beliefs. 3. Resolve conflicts quickly and effectively

Be diligent in regulating and controlling communication breakdowns. Encourage openness and honesty, and engender an environment of mutual trust and respect. 4. Show passion Communicate passionately and be an example of belief in the future vision. When other people see leaders displaying behaviours required by change, they more quickly come into line with what is required become change advocates themselves. 5. Be persuasive Engage employees in change by being an energised leader. Focus on opportunities, and

persuade rather than assert authority. Share experiences as you make the case for change through stories that focus on positive change. 6. Empower innovation and creativity Give opportunities for feedback, and remain flexible as you alter course towards your change goals. Encourage people to be creative, discover solutions to unfolding problems, and to become part of the change process. The process is difficult for everyone involved, and your team will be more invested with solutions they have created themselves, rather than those dictated to them.

7. Remain positive and supportive People find change unsettling, even though change is a constant in personal lives as well as professional environments. They will need the support of a positive leader who inspires free thought, honest communication and creativity as personal and team development is encouraged. Employees expect leaders to manage change. Inspirational leaders create a culture where change becomes the responsibility of all. Make a move towards being that leader today.

IAN FERGUSON BY

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

HOTELS TEAM WITH GOV’T ON BUSINESS LICENCES THE Bahamas Hotel and Tourism Association (BHTA) partnered with the Department of Inland Revenue and other government agencies to host a ‘Business License’ training workshop. Under the new ‘Easier, Faster, Better - Ease of Doing Business Initiative’ spearheaded by the Ministry of Finance, the workshop targeted small and medium-sized entrepreneurs - particularly those involved in “creative, cultural or artistic-based businesses”. Attendees included ‘Tru Tru Bahamian’ entrepreneurs; cultural leaders such Pam Burnside of Creative Nassau; and other small and medium-sized enterprises (SMEs). The workshop began with a candid address

byMarlon Johnson, financial secretary at the Ministry of Finance, who said he took “full responsibility” for the Bahamas’ low ranking in the World Bank’s ‘Ease of Doing Business’ index. He emphasized his commitment to bring to implement the reforms necessary to allow Bahamians to spend more of their time and effort on developing businesses, as opposed to onerous processes and procedures. “We were most pleased to have Mr Johnson attend the recent Local Sourcing Development Committee meeting,” said Suzanne Pattusch, BHTA executive vice-president. “At the meeting it became evident there were still some questions surrounding the

newly-streamlined Business License application process. “The financial secretary and his formidable team immediately agreed to host the training and workshop session. We were most grateful for the opportunity to help educate people about the positive changes made to the application process, to help entrepreneurs attain a Business License and thus have access to benefits provided by key legislation such as the Ministry of Financial Services’ Industries Encouragement Act.” Other agencies present at the seminar included the Ministry of Financial Services, Trade and Industry and Immigration; the National Insurance Board (NIB); Department of Physical Planning, and

FRONT row from L to R: Suzanne Pattusch, BHTA; Patricia Johnson, Ministry of Finance; Daisy Almgreen, NIB. Back Row from L to R; John Williams, Department of Inland Revenue; Kristina Sweeting, Ministry of Finance; Anton Francis, Department of Inland Revenue; Athena Marche; Melissa Poitier, DIT; Sean Moss, DIT; Colin Keith, DIT Environmental Health. The BHTA last year spearheaded a Local Sourcing Development Committee, co-chaired by Brent Symonette, minister of financial services, trade and industry and Immigration, and

Carlton Russell, BHTA president, to promote local sourcing and further diversify the Bahamian economy. The committee features a group of public-private sector representatives, including

established Bahamian entrepreneurs, representatives from the Ministry of Financial Services, Ministry of Finance, Ministry of Tourism, BAIC, Chamber of Commerce, Trade Portal and Creative Nassau.

THE TRIBUNE

Friday, March 16, 2018, PAGE 3

Mail boats: It won’t be ‘business as usual’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A CABINET minister says it cannot be “business as usual” with the mail boat system, acknowledging the need for government intervention to improve the system. Frankie Campbell, minister of transport and local government, during his contribution to the midyear Budget debate also conceded that attention had to be paid to existing mail boat contracts. “There are 22 mail boat routes which are serviced by 19 mail boat operators,

FRANKIE CAMPBELL all of whom receive a government subvention to

undertake this service,” Mr Campbell told Parliament, noting that just over $2 million has been paid out to operators during the six months to end-December 2017. “This system is a source of constant commentary by the Bahamian public, much of which speaks to the improvements required in the system, specifically in the area of customer satisfaction. “It is absolutely necessary that Family Islanders receive their goods in accordance with established schedules, and that the goods are in an acceptable condition when they arrive at island destinations.

LONG ISLAND LOSING HOPE OVER BANKING SOLUTION By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net LONG Islanders were yesterday said to be losing hope over regaining a full-service bank any time soon with Royal Bank of Canada (RBC) set to pullout in the coming weeks. Businessman Mario Cartwright, a director of the island’s Chamber of Commerce, told Tribune Business there may not be an immediate solution, adding that the absence of a full-service bank sends the “wrong economic message” and is “not good for commerce”. Back in January, RBC announced the closure of its Andros Town and Long Island branches with effect from March 30 and April 13, respectively. Long Island’s MP, Adrian Gibson, last mont said discussions were underway to establish at least one Bank of the Bahamas branch on the island in the coming months. “I know that Mr Gibson was trying to encourage BOB to come here. We really need a bank. We don’t see anything happening in that regard, and if they start that process today they probably would not be in place for another

three months,” Mr Cartwright said “We haven’t heard anything since. We don’t have very much hope seeing as they just pulled out of Exuma, and they have far more economic activity. Some folks are circulating a petition to try and convince Commonwealth Bank to come here.” Mr Cartwright said Scotiabank has a branch on Long Island, but it is only open two days a week with limited services. “They will accept deposits but don’t dispense cash. You can’t do wire transfers,” he added.

“There does not appear to be an immediate solution to our concerns. Many people have closed their RBC accounts and have gone to Scotia in the hope that that will encourage them to offer full banking service.” Mr Cartwright described the situation as “sad”, arguing that it will further hinder the island’s economy. “The community is not happy. This will turn away business. We seem to be moving backwards. This could cause the the island to become even more economically depressed,” he added.

Business as usual cannot continue in this essential sector, and there is need for government to make some interventions to improve the system.” Mr Campbell continued: “I also acknowledge the need for attention to be given to the existing mailboat contracts, which have been in place since March 2008.” He added that of greater importance is the need to ensure that mail boats,

ferry boats and large vessels involved in commercial activity are safe for the carriage of passengers and cargo. Speaking with Tribune Business in October last year, Raphael Moxey, president of the Mailboat Owners and Operators Association, said operators have been advocating for an increase in the tariff “for sometime now”, an issue that will be raised with the Minnis administration.

Roderick Simms, chair of the Chamber’s Family Island division, previously told Tribune Business he was receiving constant complaints from the southern Bahamas that some mail boats were not abiding by government-imposed freight tariffs.He added that other complaints related to infrequent sailings; missing goods; and perishables that went bad during voyages because refrigeration equipment was broken.

PAGE 4, Friday, March 16, 2018

THE TRIBUNE

IDB: Only 22 per cent of local companies ‘innovative’ FROM PAGE 1 IDB said of the Bahamian private sector’s structure. “Private sector firms also experience low productivity (17 per cent lower than the Caribbean average); low complexity (existing industries are not closely connected and face challenges in upgrading goods or moving to other industries); and insufficient innovative activity (only

22 per cent of firms innovate, and innovation is more prevalent in the manufacturing sector, while 56 per cent of Bahamian firms are potentially innovative). “Firms in the Bahamas face high energy costs, low infrastructure availability, high crime and financial limitations, as well as a business and innovation climate that requires modernisation.” Having summarised the challenging climate Bahamian businesses face, the IDB pointed out that the

Bahamas’ traditional job and growth drivers - tourism and financial services - were both being squeezed by intense pressures. While tourism accounts for 45 per cent of GDP and almost half the Bahamian labour force, the report said competition from rival destinations was starting to shrink its market share. And consistent international regulatory pressures, as shown by this week’s European Union (EU) ‘blacklisting’, were keeping the financial services industry off-balance. “The Bahamas has been losing market share in the Caribbean, and the high operating costs combined with the absence of quality services affect the sector’s competitiveness,” the IDB said of Bahamian

tourism. “Since 2012, economic growth has been stagnant, attributed partially to natural disasters and interruption in the completion of Baha Mar. “The Bahamas is also characterised by a strong geographical concentration of economic activities, which results in very unequal income distribution. Production and services are concentrated in New Providence and the larger islands, while the numerous Family Islands have lagging entrepreneurship and are far from achieving a satisfactory level of agricultural production and exploiting the opportunities offered by the tourism and services industries, while having very fragile ecosystems.” As a result, the IDB said the Minnis administration

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TFRALGOG LIMITED

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) TFRALGOG LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 14th March, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

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HERUC EURO HOLDING LTD. Company No. 195815 (In Voluntary Liquidation)

NOTICE

White Cube Ltd.

was eyeing economic diversification as a way to generate more sustained economic growth for the Bahamas. It was “focusing on the development of complex, sustainable and innovative industries, linked to global value chains with high expected global demand, to support potentially emerging sectors that also respond to the islands’ environmental challenges”. Outlining the sectors targeted, the IDB said ‘Blue Economy’ initiatives could involve bioWave and bioStream energy produced by the ocean; algae-based textile products and integrated fish farming systems. “Every year the Bahamas loses 1.99 per cent of its GDP due to climate change shocks, particularly from extreme weather events that cause floods and sea surges,” the report said. “Its high dependency on imports, such as oil and food, impact not only the competitiveness of traditional sectors but also its security as a nation. “The Bahamas’ sea zone (estimated to be 242,970 square miles) represents a greater significant amount of development space in comparison to the country’s limited land area, yet the potential of oceans as a sustainable and viable avenue for creating more value and long-term economic growth has not been fully explored. “The harmonisation of ocean-based economic activities with the longterm capacity of ocean ecosystems to support such activities, whilst remaining resilient and healthy, could be the core of a Blue or sustainable ocean economy for the Bahamas.” As for ‘boutique agribusiness products’, the IDB paper suggested the Bahamas focus on citrus, avocados and mangoes as foods that “present higher productivity and competitiveness”. “Although agriculture and fisheries contribute only 1.9 per cent to the GDP of the Bahamas, and account for 3 per cent of employment, they are an important source of potential diversification of the economy,” it added. “Approximately 17 per cent of the total population live in rural areas, and

in some rural areas agriculture and fisheries are still the main employment opportunities. Most food (92 per cent) is imported, however, whereas some specific fisheries and vegetables subsectors are export-oriented. “The role of agriculture and fisheries in trade is more important than in production. Agri-food products represent 15 per cent of total merchandise export earnings. Fish and crustaceans account for over 90 per cent of agri-food exports and are exported to the EU, US and Canada. The volumes and values of fish exports, however, have decreased in recent years.” The IDB report said agricultural production had “increased significantly” since the turn of the century, even if crops and livestock remain a small part of the overall Bahamian economy. “The agricultural sector in the Bahamas still faces several challenges, such as high trading costs across borders, high transport costs between islands, lack of human capital and land property rights, management of agrochemicals, lack of information, and exposure to climate change, among others,” the bank said. “These challenges are more adverse in the Family Islands, where the larger potential for the blue economy lies.” Turning to IT and the ‘digital economy’, the IDB said: “The technological indicators in the Bahamas are low, including subscription to broadband and cellular, publication of scientific papers, the granting of patents and expenditure in technology..... “Digital technology offers the opportunity to small Bahamian businesses worldwide to use digital platforms to connect with suppliers and customers in other countries and access new markets, overcoming some of the natural constraints. “Bahamian firms that incorporate digital technologies into their business strategy will be able to drive digital transformation and create new and innovative business models that lead to growth.”

NOTICE

REBEMAF Ltd.

___________________

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that HERUC EURO HOLDING LTD. is in voluntary liquidation. The voluntary liquidation commenced on 7th March, 2018 and IVAN GABRIEL MEDJIMOREC of Gospodska ulica 23, 10000 Zagreb, Croatia, been appointed as the Sole Liquidator.

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 1st day of December, 2017.

Amicorp Bahamas Management Limited

Dated this 8th day of March, 2018 Sgd. IVAN GABRIEL MEDJIMOREC Voluntary Liquidator

LIQUIDATOR Of WHITE CUBE LTD.

LIQUIDATOR Of REBEMAF LTD.

Casinne Investments Limited Company No. 211393 (In Voluntary Liquidation)

TAKI FINANCE S.A. Company No. 1631469 (In Voluntary Liquidation)

NOTICE Jofra International Corp. In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Casinne Investments Limited is in voluntary liquidation. The voluntary liquidation commenced on 8th March, 2018 and Markus Ducrey of Ob der Steig 8, 5082 Kaisten, Switzerland, has been appointed as the Sole Liquidator. Dated this 9th day of March, 2018 Sgd. Markus Ducrey Voluntary Liquidator

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that TAKI FINANCE S.A. is in voluntary liquidation. The voluntary liquidation commenced on 13th March, 2018 and Bert Martin Marxer of Im Kresta 30, 9494 Schaan, Principality of Liechtenstein, has been appointed as the Sole Liquidator. Dated this 14th day of March, 2018 Sgd. Bert Martin Marxer Voluntary Liquidator

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Jofra International Corp. is in dissolution as of March 13, 2018 CANDEO OVERSEAS SA situated at British Virgin Islands is the Liquidator. LIQUIDATOR ______________________

THE TRIBUNE

Friday, March 16, 2018, PAGE 5

BAF gets Supreme Court approval as CLICO manager FROM PAGE 1 Court, confirmed he had selected BAF Financial & Insurance (Bahamas) - the company headed by PLP deputy leader and Exuma MP, Chester Cooper - to take over management of CLICO (Bahamas) remaining life insurance and pension policies. “In August 2016, Colina Insurance, BAF FInancial & Insurance (Bahamas) and Family Guardian Insurance Company were invited to bid on the active CLICO insurance portfolio,” Mr Gomez wrote in his 22nd and latest report to the Supreme Court. “Colina advised that it had no interest in the portfolio. Both BAF and Family Guardian expressed interest and signed nondisclosure agreements, and performed a due diligence on the portfolio. BAF has been selected to manage the active CLICO insurance portfolio. “As at the date of this report, the official liquidator and BAF were reviewing the draft of a management agreement outlining the responsibilities of each party.” Mr Gomez is ‘gagged’ from speaking publicly on the CLICO (Bahamas) liquidation by Supreme Court Order, but Tribune Business contacts familiar with developments confirmed that negotiations with BAF Financial had progressed to the point where terms had been agreed and the necessary judicial/regulatory approvals obtained. The deal will likely restore some confidence among the insolvent insurer’s long-suffering policyholders, who have continued to faithfully pay their premiums, now that the remaining portfolio is in the hands of an actual insurance company. It will also free Mr Gomez and his staff from the nine-year burden of having to run an insurer themselves, receiving premiums, obtaining Supreme Court permission to pay claims and dealing with reinsurers, which is a task they have been performing ever since CLICO (Bahamas) was placed into

liquidation in February 2009. BAF Financial will only manage the policy portfolio, though, with the liquidator eventually hoping to sell it - whether to Mr Cooper’s firm or another Bahamian life and health insurer. Still, the transfer will now enable Mr Gomez and his staff to focus on other issues, chief of which appears to be the pursuit of CLICO (Bahamas) ultimate principal to recover the losses sustained in the liquidation to-date. His Supreme Court reports, which have been obtained by Tribune Business, make no secret of Mr Gomez’s determination to pursue Lawrence Duprey, the Trinidadian head of CLICO (Bahamas) parent, CL Financial, which also collapsed into liquidation at the same time. CLICO (Bahamas) advanced $73 million to finance the development of a high-end real estate project in West Palm Beach, named Wellington

NOTICE Math Fund Management Limited (SAC). (Voluntary Liquidation)

Preserve, but Mr Gomez was only able to recover $38 million - just over half this sum - in selling the asset to a host of real estate buyers. “The property development owned by Wellington Preserve was sold and the company dissolved,” Mr Gomez reported to the Supreme Court. “Wellington Preserve was indebted to CLICO Enterprises [a CLICO Bahamas affiliate] for $73.802 million. “CLICO Enterprises was able to recover only $38.002 million, resulting in a loss of $35.8 million to CLICO Enterprises. It is the intention of the official liquidator to pursue the directors of CLICO Enterprises, Mr Duprey in particular, to recover this loss.” It is unclear how imminent legal action against Mr Duprey is. However, Mr Gomez informed the Supreme Court he has admitted defeat in his lawsuit against former CLICO (Bahamas) directors including Mr Duprey.

His report revealed that the action brought against Mr Duprey and his wife, Sylvia Baldini; Karen Gardier; Claude Dacon; and Ian Garcia for “fraudulent breaches of fiduciary duties, gross and wilfull negligence, fraud and dishonest assistance” rendered to the Trinidadian principal had been set aside by the Supreme Court on September 12, 2016. Mr Gomez said he had chosen not to appeal this decision, which is likely due to the need to preserve CLICO (Bahamas) dwindling cash pile. The insurer, which was suffering a $55.817 million solvency deficiency at end-June 2017, had at that date just over $7 million in its accounts to pay ongoing expenses. “At the date of this report, CLICO (Bahamas) had $7.41 million in its bank accounts, which is a major concern in the liquidation,” Mr Gomez wrote. “Professional fees, medical and death claims, coupled with the staff, building and

operational expenses, have to be paid on a regular basis (daily and monthly). “There continues to be a depletion of the available funds as a result of the payments of the aforementioned expenses. I will continue to monitor cash flow.” The disposal of CLICO (Bahamas) in-force insurance policies will also enable Mr Gomez to concentrate on selling its Bahamas-based real estate assets, as well as pursue the $58 million guarantee its Trinidad parent gave to secure the Wellington Preserve advances. The liquidator’s reports reveal that efforts to sell Bahamian real estate assets have been held up by the absence of Bahamas Investment Authority (BIA) permits, confirming CLICO (Bahamas) and its affiliates had been approved to acquire the land in the first place.

Besides these title problems, Mr Gomez’s woes have been exacerbated by difficulties in locating conveyancing documents in the insolvent insurer’s files, together with liens and other charges over the properties. He told the Supreme Court, though, that a sale of the Grand Bahama Millwork and Building Supplies property, the former hardware and construction materials supplier, was “pending” to Black & Blacks, a Bahamian company. And interest had “spiked” in 12.472 acres of land at Westridge, which is divided into 12 lots, following Baha Mar’s opening. As for the eight-unit Golf View Apartments complex in Freeport, Mr Gomez said that apart from missing conveyances and BIA permits, this property also had to contend with a CIBC FirstCaribbean International Bank (Bahamas) lien.

NOTICE AQUEMINI COMPANY LIMITED (Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business CompaniesAct 2000 the above‐named Company is in dissolution, which commenced on the 13th, day of March 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator) Legal Notice

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

BEAM TRADING LIMITED In Voluntary liquidation

NOTICE

CAMBELTON BAY INVESTMENTS LTD.

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 14th, day of March 2018. The Liquidator is Dillon Dean of Nassau Bahamas.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Cambelton Bay Investments Ltd., has been completed and the company has been struck from the Register on the 28th day of February, 2018.

Dillon Dean (Liquidator)

Shareece E. Scott Liquidator

NOTICE

ORFEX TECHNOLOGIES INC.

STARGATE GLOBAL LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Orfex Technologies Inc., has been completed and the company has been struck from the Register on the 28th day of February, 2018.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Stargate Global Ltd., has been completed and the company has been struck from the Register on the 26th day of February, 2018.

Shareece E. Scott Liquidator

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), BEAM TRADING LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 2nd day of March, 2018.

Lauren Ramsay, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Liquidator

PAGE 6, Friday, March 16, 2018

THE TRIBUNE

Bahamas must be ‘more sophisticated’ in blacklist response

FROM PAGE 1

taxation and anti-money laundering initiatives to be brought under an “international convention” governed by the UN. He argued that this is the only way the Bahamas can guarantee fair and equal treatment, and participate in shaping “the rules”, instead of allowing the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) to act as judge, jury and executioner. Mr Sears said his experience as Attorney General between 2002-2006, when he successfully led and co-ordinated efforts to prevent the Bahamas from being ‘blacklisted’ again by the Financial Action Task Force (FATF), had convinced him this nation will never obtain “a level playing field” if developed

nations are permitted to “exclusively” craft the rules. Speaking in the wake of this week’s EU ‘blacklisting’, Mr Sears said: “The Bahamas must lobby for the convening of a global forum so that we can establish an international convention on taxation, anti-money laundering and countering the financing of terrorism. “It would then be under the supervision of the UN.... It’s only if it’s subject to an international convention that small IFCs like the Bahamas will have an opportunity to participate and ensure an even, uniform application of the rules. “This is why I have consistently been calling for the Bahamas, as part of its response, to show more sophistication. We should invite all IFCs to a conference, meeting, and there should be a global lobby for the UN to make taxation and anti-money laundering subject to an international

convention. That’s how international countries behave.” The 28-nation EU this week ‘blacklisted’ the Bahamas on the grounds that it did not adequately commit “at a high political level” to satisfying its concerns over corporate products and structures being used to facilitate potential tax avoidance. In adding the Bahamas to its nine-strong list of noncooperative nations, the EU said Bahamian entities 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. It also raised concerns over so-called ‘ring fencing’ and the existence of a preferential tax regime for non-resident entities. Mr Sears, though, told Tribune Business that his experience as Attorney General had taught him there were typically “two

sets of rules” - one for the Bahamas and other small IFCs, and the other for EU and OECD members. While the Bahamas and others “have to pay an extra cost” for any infractions, in terms of sanctions and penalties, developed countries with the same regulatory deficiencies normally escaped without such measures being imposed. Further illustrating the ‘double standards’, Mr Sears said US states such as Delaware and Nevada had been allowed to keep the ‘bearer shares’ and other products that the Bahamas had relinquished in 2000 to escape the FATF’s ‘anti-money laundering’ blacklist. With “the regulatory process exclusively controlled by onshore centres”, the exAttorney General said the Bahamas was confronted with a situation where the EU and OECD had taken on the role of “global regulator” even though they lacked the authority and

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

BISX ALL SHARE INDEX: CLOSE 2,028.36 | CHG -6.99 | %CHG -0.34 | YTD -35.21 | YTD% -1.71 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 3.62 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

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.62 8.70 6.10 4.54 9.90 2.95 1.50 7.59 6.10 10.10 6.41 4.47 12.51 10.00

CHANGE 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.02 0.22 0.00 -0.07 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

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

110.41 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.06 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

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

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 6,000

2,500 1,671 13,250

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 8.9 18.7 N/M 11.9 N/M N/M -2.5 13.6 10.5 26.5 15.7 28.9 4.5 N/M 5.4 13.6 7.7 15.0 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.64% 6.97% 2.03% 3.33% 1.11% 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

0.0 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

While agreeing that the Bahamas should address legitimate weaknesses in its financial services regulatory regime, Mr Sears said this needed to be balanced with the preservation of sovereignty and financial services competitiveness. The Bahamas’ latest ‘blacklisting’ stems from belief of the EU and its member states that they are losing multi-million dollar sums in tax revenue to IFCs, thereby depriving their citizens of funds for public services and infrastructure. But many observers, especially in the Bahamian financial services industry, feel that the EU states should address their own issues rather than make the Bahamas and other IFCs ‘vassal tax collectors’ on their behalf. “We need to really lobby so we have a more sophisticated response, and safeguard the competitiveness of our country and the sovereignty of our country in the future,” Mr Sears told Tribune Business. “In an interdependent world, we recognise there’s no absolute sovereignty for big or small countries. One of the things we have to insist on is that we can only guarantee a measure of fairness if we participate as members with a right of review, as well as supervise the even application of the rules. “This is why small countries need sophisticated leadership. It’s not your size. “We have small countries in the world that do extremely well, but we need to have an appreciation of the world, identify opportunities and build strategic alliances to advance certain issues.”

NOTICE

MARKET REPORT THURSDAY, 15 MARCH 2018

representative membership to do so. The UN, he added, was the only forum where small-island states stood a chance of equal participation, given the suspicion that tax-related initiatives were merely a pretext for trying to impair the Bahamas’ competitiveness and drive it out of the financial services business. “Isn’t tax what the US War of Independence was about?” asked Mr Sears. “Is taxation not a fundamental expression of sovereignty? They’re saying to us: ‘You’re a low-tax jurisdiction; we can’t compete with you. We’ll eliminate you instead. “You don’t have the choice to be a high tax jurisdiction, a medium tax jurisdiction or just a low tax jurisdiction. This issue goes to the very heart of sovereignty. It shows small countries need a forum to level the playing field. This is the role the UN plays.” Making global tax matters subject to an international convention overseen by the UN, Mr Sears, would also make disputes subject to resolution by the International Court of Justice in The Hague. “Because of ‘real politick’ we often ask ‘how high do we jump’, and many times we jump higher than required because we are so fearful and reactionary,” Mr Sears told Tribune Business’ of the Bahamas’ typical ‘blacklist’ responses. “What the Bahamas needs is a government that behaves with some level of sophistication... How could a high tax jurisdiction come to me and say my taxes should be higher because capital is moving to my jurisdiction for the lower taxation?”

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

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 BRIANT TELUSMA of Claridge Road, 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 9th 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 OSMANE CYRILLE of Duncan Town, Ragged Island, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of 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 RENALD COLAS of Montell Heights, 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 9th 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 ESTIMLE LOUIS of Bowe Avenue, Montell Heights, 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 9th 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 FRITZ NELFRARD of St. James Road, P.OBox N-10326, 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 9th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

THE TRIBUNE

Friday, March 16, 2018, PAGE 7

Water Corp union: Forensic audit had to ‘dig deeper’ FROM PAGE 1 the prospect of more firings and personnel changes to come, would undoubtedly impact morale at the Water & Sewerage Corporation due to the resulting uncertainty among staff. “It’s going to be interesting over the next couple of weeks,” he told Tribune Business. “Financial indications are that we’re [the Corporation] on the up and up. Operationally, we’re doing some stuff. “Everything looked like it was going in a positive direction. The issue is: Will this cause a bump in the road, or are we going to continue moving forward? Time will tell, and that depends on how this matter is going to be handled going forward.” Mr Rolle expressed disquiet over the decision to publish the EY report’s findings before addressing them internally within the Corporation, disclosing that the union only received a copy this week. He added that persons named in the report had “no way to defend themselves” before publication, and said: “The reality is when you do it to people it will come back to you. “It’s going to mean some adjustments within the Corporation. We agree that

some policies and procedures will change. That’s automatic. Every year as things change you have to adjust. That goes without saying. “But you can see the impact on staff. Some staff, not wanting to be part of the organisation, will leave, and government will decide to move people around in any event,” Mr Rolle continued. “Any way you look at it, it’s going to affect staffing, and that creates a lot of gaps in your organisation and institutional knowledge. As people leave, that knowledge goes with them.” Mr Rolle said the management union will seek to “minimise” the extent of the impending staff shake-up, given that this will determine the Water & Sewerage Corporation’s financial and operating performance in the short-term. “There are certain things we cannot stop,” he told Tribune Business. “It just depends to what extent they go down; how deep they go with these cuts. Is this the beginning or the end? Nobody knows. “That’s one of the things we need to make sure we minimise; the ability to move key people from where they’re at because that could upset where the programme’s at.”

Mr Rolle said the EY report contained “some serious undertones” with respect to its findings on certain persons and companies, but the management union’s members “seem to be in the clear”. Pointing out that Mr Laville had been “at the helm” for some time, the union president said the general manager’s firing was bound to cause unease among the Water & Sewerage Corporation’s several hundred workers because he had been “pushing forward for certain changes”. “When you look at how how it happened, people will start to worry and automatically, and until we find out where we go from here I think everyone will be apprehensive for a while,” he told Tribune Business. “Morale automatically drops. You would have had certain assurances under the previous team as to where things are going, and now those are no longer valid, so obviously it does affect morale. “The Corporation is going to be reorganising, and that realignment takes time. It’s a natural way of doing things. Everyone has to see where they fall in this new organisation. They all have their job to do, and it’s the way you do it that makes it easier or hard on people.”

Rhone is a Swiss company established in 1982 with offices in Geneva, The Bahamas and Singapore. It creates and administers legal entities. To bolster its Bahamas based team, Rhone is seeking

COMPLIANCE OFFICER MISSION To act as a Compliance Officer and Deputy MLRO and to assist the Compliance Director. Together with the Compliance Director you would be responsible for Rhone’s Compliance requirements in The Bahamas and also provide supervision and certain support for the Group‘s other offices, principally in Switzerland and Singapore. RESPONSIBILITIES INCLUDE o Review of new business, payments etc. to ensure compliance with internal procedures o Monitoring and Analysis of Transactions o Know Your Client checks o Clearance of Database checks o PEP reviews and reviews of higher risk rated cases o CRS and FATCA reporting (in The Bahamas and elsewhere) o Drafting and filing of Suspicious Transaction Reports o Liaison with the Central Bank of The Bahamas o Liaison with specialist compliance officers and advisors in other jurisdictions to ensure effective implementation of procedures on a Group level. PROFILE o Bachelor’s Degree in an appropriate area o AML and Compliance certification o Five years relevant experience o Proficient in Microsoft Office o Excellent command of English, oral and written. An ability to also read and speak French would be an asset o Regulatory approval is a condition of the job No telephone calls accepted. Please submit written applications to: Compliance Director Rhone Trustees (Bahamas) Ltd PO Box SP 63131 Building No. 1, Bayside Executive Park West Bay Street & Blake Road Nassau, The Bahamas Deadline for Submission: March 23, 2018

PAGE 8, Friday, March 16, 2018

THE TRIBUNE

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The twin impacts of Hurricane Matthew and the Christie administration’s pre-election spending spree were also highlighted in the figures, which showed that the national debt had increased by $832 million during the 2017 calendar year. “The national debt, which includes contingent liabilities, rose by $294.5 million (3.9 per cent) over the three-month period, and by $831.9 million (11.8 per cent) on an annual basis, to $7.882 billion at end-2017,” the Central Bank said. “In addition, the national debt-to-GDP ratio was estimated at 66.8% per cent at end-December, reflecting a gain of one percentage point over the three-month period and an increase of 4.2 percentage points year-on-year.” This puts the Bahamas’ debt-to-GDP ratio back close to the so-called 70 per cent ‘danger threshold’ identified by the International Monetary Fund (IMF), notwithstanding the upward revisions to Bahamian economic output by the Department of Statistics - which has helped to keep the fiscal ratios in check. Debt ratios that go above 70 per cent can lead to socalled ‘debt spiral’ recently identified by K P Turnquest, Deputy Prime Minister and minister of finance, where a nation’s debt can feed on

itself in the form of ever more borrowing merely to serve existing interest payments. Elsewhere, the Central Bank said there were “signs of modest improvement” in the domestic market for private sector construction “after a sluggish performance for almost a decade”. “Total mortgage disbursements for new construction and repairs— as reported by commercial banks, insurance companies and the Bahamas Mortgage Corporation—grew by 44.3 per cent to $28.9 million, a turnaround from the prior year’s 39.9 per cent reduction,” the Central Bank. “The dominant residential component rose by 38.9 per cent to $27.8 million, in contrast to a 35.5 per cent decline in 2016. Further, funding for commercial developments totalled $1.1 million, after registering no disbursements a year earlier.” The Central Bank added: “Expectations are that activity in the domestic economy will continue to improve over the near-term, as mortgage commitments for new buildings and repairs - a forward looking indicator - rose in number by 37 to 146, but fell in value by 7.7 per cent ($1.2 million) to $14.2 million. “This outturn reflected solely growth in the residential segment, as there were no new commercial commitments approved during the review period.”