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Corporate taxation won’t ‘put two fingers up to EU’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Bahamas does not need corporate taxation to escape its latest ‘blacklisting’, a KPMG tax expert yesterday saying: “That won’t put two fingers up to the EU.” John Riva, head of tax for the accounting firm’s ‘Islands Group’, told a seminar that the Bahamas needed to separate its immediate response to the European Union (EU) from potential tax reform (see other article on Page 1B) given that this is not needed to address the 28-nation bloc’s concerns. He instead argued that the Bahamas’ short-term focus needed to address ‘economic substance’, and the EU’s concern - used

* Expert: Tax not necessary to escape ‘blacklist’ * Calls on Bahamas to exploit ‘opportunity’ * And ‘set standard’ on economic substance to justify the ‘blacklisting’ - that this nation had not done enough to prevent its corporate vehicles from being used by multinational companies for tax avoidance purposes. The KPMG executive urged this nation to turn challenge into opportunity by requiring the ‘managing mind’ for Bahamian corporate vehicles to be domiciled in this nation, thereby ensuring they passed the ‘economic substance’ test and satisfied the EU’s demands. “You can’t introduce a corporate tax and put two

fingers up to the EU,” Mr Riva told assembled Bahamian financial services professionals, suggesting that tax reform was a longterm project that should prioritise this nation’s “There’s nowhere that says you’ve got to introduce corporate tax. This is all about having a legal requirement to have substance to do business in the Bahamas..... Nowhere does it say you’ve got to have corporate tax. “They [the EU] are saying that since you don’t have corporate taxation, it provides incentives for

non-residents to incorporate companies in the Bahamas, and since there are no legal requirements to have substance you can stick a load of profits in the Bahamas without having any substance in the Bahamas,” the KPMG tax head continued. “That’s what you’ve been charged with. What they want you to do to enable me to incorporate an IBC is I need to satisfy some form of substance test to do that. After that, I’m fine. If I fail the substance test, someone

SEE PAGE 6

A VIEW of the Baha Mar resort on West Bay Street.

Baha Mar’s lender needed ‘incentivising’ to finance completion By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s financier had to be “incentivised” through government tax breaks to compensate Bahamian creditors and finance the $4.2 billion project’s completion, it has been revealed. The revised Baha Mar construction contract,

* TAX BREAKS ESSENTIAL TO FINISH * CCA HAD TO TACKLE MOLD worth $700 million and tabled with the New York Supreme Court, discloses just how vital tax

SEE PAGE 8

Insurance chair EXPERT: CORPORATE TAX ‘IS A FIVE-YEAR PROJECT’ urges: We must shed * ‘Can’t be rushed in 9 months’ for EU * Is long-term reform tied to ‘vision’ ‘tax haven’ label * Economic impacts must be known By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Insurance Association’s (BIA) chairman yesterday urged the country not to lose sight of ‘the bigger picture’ in using tax reform to shed its ‘tax haven’ label. Emmanuel Komolafe told Tribune Business that while corporate taxation

* EU BLACKLIST CAN’T BE ‘SOLE REFORM MOTIVATOR’ * MUST BE ‘UNDERPINNED BY BIGGER VISION’ * FINANCIAL SECTOR MODEL MUST ‘WITHSTAND’ SEE PAGE 4

Bahamas urged to talk with EU over IBC ‘grandfather’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday urged to negotiate a ‘grandfathering’ clause with the European Union (EU) over the 20-year tax exemptions for existing IBCs. Paul Riva, KPMG’s head of tax for its ‘islands group’, including the Bahamas, suggested that the

* CHANGES HIT 20YEAR TAX INCENTIVE GUARANTEE * NATION NEEDS ‘STRONG LEGAL ARGUMENT’ * ASSESS STAMP DUTY ON IBC SHARE SALES EU would be open to such

SEE PAGE 7

A KPMG tax expert yesterday warned that a Bahamian corporate tax is “a five-year project”, adding: “You can’t rush it in nine months.” John Riva, head of tax for the accounting firm’s ‘Islands Group’, told local financial services executives that the introduction of such taxation needed to be bound to “a vision” of what this nation wanted its financial services industry and economy “to look like in five to 10 years”. Addressing a breakfast seminar, Mr Riva said it

was both unnecessary and impossible to property implement corporate taxation in the nine months before the Bahamas has to meet the European Union’s (EU) anti-tax avoidance demands. Emphasising that the EU was not requiring this of the Bahamas, the KPMG executive said such far-reaching tax reform needed to be accompanied by a proper analysis so that its full economic impact

was understood prior to implementation. “You cannot introduce corporate taxation unless you have a vision,” Mr Riva warned. “You need to have a vision of what financial services, your economy, will look like in five to 10 years. “You are not going to introduce a corporate tax in nine months. No one will make you ever do that..... If you are going to introduce corporate taxation, you do it for your long-term

economic vision, map it out and understand the economic impact of doing so. “You do not rush it in nine months. This is a five-year project so that businesses can manage their expectations and deal with it.” Mr Riva explained that Bahamian businesses would want absolute certainty on tax type, rate and timing among other details, as they

SEE PAGE 5

PAGE 2, Wednesday, March 28, 2018

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MARINAS ENJOY ARRIVALS INCREASES OF UP TO 60% MEMBERS of the Association of Bahamas Marinas (ABM) have reported 2018 first quarter arrivals increases of up to 60 per cent, leading to predictions of an “excellent” full year.

“The prospects for boating to the Bahamas look excellent for 2018,” said Stephen Kappeler, the Association’s president. “Boat sales in Florida have been up, reflecting

CAREER

OPPORTUNITY Field services firm seeks applicant for the following position: Professional (Licensed) Land Surveyor. Requirements: • Degree from an accredited College or University in Land Surveying with a minimum of fifteen (15) years relevant work experience. • Licensed and experienced as a Professional Surveyor in The Bahamas, Caribbean and South America • Proven experience in Geographical Information Systems software (e.g ArcGIS Suite, QGIS) and CAD software (AutoCAD) • Extensive experience in Photogrammetry, Topographic Surveys, Cadastral Surveys, Hydrographic Surveys, Engineering Surveys and Route Surveys • Be willing to travel to family islands, Caribbean and South America for varying lengths of time Please send application letter and resume by April 7, 2018 to: info@atametrics.com

insurance settlements after hurricane devastation in 2017. “In fact, boat sales have also been up in other markets from which The Bahamas is now more accessible because of the improved Customs processing facilities at Stuart in Martin County, Florida.” The Okeechobee Waterway, from which Stuart is a major exit point, is the only channel available to cross Florida by boat to reach the open seas. This makes it relatively easy for Martin County boaters and others using the waterway to visit The Bahamas. A newly-opened US Customs facility at Stuart has further simplified access to The Bahamas by avoiding the time and expense associated with clearing at the next-nearest facilities in Fort Pierce or West Palm. Earlier this year, the ABM and the Ministry of Tourism capitalised on this advantage through a Bahamas pavilion at the Stuart Boat Show. “Boat owners with new boats need somewhere to go,” said Peter Maury, ABM past president and operator of the Bay Street Marina, which has seen an increase in boat arrivals of 15 per cent for the 2018 first

quarter. “The atmosphere at the Palm Beach Boat Show was very upbeat, and interest in The Bahamas was high. I believe we’ll have as good a year this year as we did last year, or likely much better.” At the Flying Fish Marina on Long Island, manager Andrew Fox was positive about business prospects for 2018, having experienced an arrivals increase of 20 per cent compared to the first quarter 2017. “We have had to turn boats away on occasion, and have a very positive outlook for April, May and June,” he added. The ABM said prospects had been boosted by the sale of 260,000 new powerboats in 2017, an increase of six per cent over the previous year. Sales of large yachts have also increased. The mega yacht industry has been reporting increases of 53 per cent in southern Florida. According to a recent study by Thomas J Murray & Associates, these sales have tripled over the past decade, with the south Florida region at the forefront of a worldwide boom for mega yachts - vessels 80 feet or larger in size.

NOTICE Anwar Rolando Morley the father of Antwone Raymond Morley who is also the minor son of Desiree Russell, (deceased) of Lowe Sound Andros is asked to contact, Ms.Rebecca Delrea Moss, the Grand Mother of the Minor child at tel# 242-823-6570

A VIEW of some of the marinas in The Bahamas.

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Wednesday, March 28, 2018, PAGE 3

Island Luck chief: IPO ‘very soon’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net ISLAND Luck’s Sebas Bastian yesterday said an initial public offering (IPO) of shares in the web shop operator remains in progress, with a

formal announcement likely imminent. Mr Bastian, when asked if his long-promised IPO will go ahead, replied: “It is. The next time I speak about it it’s going to be with a formal announcement, which I anticipate to be very soon. I don’t want to comment any further right

SEBAS BASTIAN

directly on Island Luck, but said the exchange had received no recent IPO submissions from any company. Mr Bastian, meanwhile, said the gaming industry is working to mitigate any “vices” the sector may cause.”We have the data and we’re using it to better tailor our approach to the community in a way that everyone is protected; the patrons, operators and regulators,” he added. “We will continue to work with the stakeholders and regulators to ensure that everyone is protected.”

now.” Mr Bastian, who was responding to questions at a press conference to announce this year’s OWN Bahamas entrepreneurial grant initiative, had foreshadowed his IPO intention as far back as 2013 during the run-up to the controversial gaming referendum. He said at the time that once the industry was legalised and regulated, which it ultimately was, he would do everything in his power to ensure a gaming industry initial public offering (IPO) became a reality. In an interview with Tribune Business, Mr Bastian said he would be willing to offer as much as a 49 per cent stake in Island Luck. Keith Davies, the Bahamas International Securities Exchange’s (BISX) chief executive, yesterday declined to comment

VACANCY NOTICE PRODUCTION ASSOCIATE Cable Bahamas Limited is seeking to employ an experienced Production Associate. The successful candidate must have experience in Media and Camera work and the ability to collaborate effectively with the Media team. JOB SUMMARY The Production Associate will be responsible for assisting with all aspects of work related to the internal and external technical operations of OurTV. JOB DESCRIPTION • • • • • • • •

• •

Responsible for the electronic news gathering function as it relates to OurTV, inclusive of but not limited to Primary Camerawork, ENG Field producing and Editing; Liaising with our strategic news partner for the purposes of gathering news and the technical production of the same; Studio and field camera operation; General IT Support for the OurTV Department. This includes troubleshooting and software support where necessary; Maintenance of the quality standards for broadcast on internal and external productions; Liaising with the Technical Manager on all technical aspects as related to the operation of the Community Channel; Liaising with the Administrative Producer and Executive Producer as related to the production needs of the Community Channel; Operation of OurTV programming which includes directing, producing, editing, shooting, writing, lighting and audio as deemed by your immediate supervisor; Submission of daily production reports to your supervisor; Perform allother media related task as assigned by management.

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • •

• • • • • • • • • • •

Post-secondary degree or certification in video production or related field; Computer literacy, with a good working knowledge of MAC Environments, Final Cut Pro 7 and 10, Adobe After Effects, Photoshop and Word, Excel and PowerPoint essential; Experience in ENG and or an EFP Production Environment; Strong Interpersonal skills to effectively work with team members within the departments and throughout the company; Reliability, punctuality and good interpersonal skills are essential; Ability to work independently with limited supervision; Ability to manage deadlines and high stress situations; Accuracy, neatness and efficiency; Effective communication skills, both oral and written; Excellent leadership skills; Physical dexterity required; Must be flexible to work in a dynamic environment to meet the needs of the organization; Demonstrate a high level of integrity and commitment to service.

Qualified applicants should submit Resumes on or before Wednesday, March 28, 2018, to the Director of Human Resources, P.O. BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Production Associate to humanresources@cablebahamas.com.

PAGE 4, Wednesday, March 28, 2018

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Insurance chair urges: We must shed ‘tax haven’ label FROM PAGE 1 may not be necessary to escape the European Union’s (EU) ‘blacklist’, the Bahamas needed to look beyond this and examine such reforms as a means to position the financial services industry and wider economy to withstand future international regulatory assaults. Speaking after a seminar given by John Riva, KPMG’s head of tax for its ‘islands group’, Mr Komolafe said he agreed

with much of what was said, but added that the Bahamas’ EU response needed to be “underpinned by a bigger vision”. Acknowledging that the Bahamas might struggle to achieve its long-term goals before the EU’s self-imposed compliance deadline of December 2018, Mr Komolafe said: “I’m not sure nine months is enough to carry out comprehensive tax reform. “Comprehensive tax reform has to tie in with

a strategic plan for the country. We cannot always be reactive, so if there is another ‘blacklist’ or changing international standard we have to develop a model that withstands the test of time. “The sustainability of the financial services industry and economy as a whole must be the driving force, and not necessarily the motivation to get off an adverse listing.” Mr Komolafe’s views align with those of former

Bahamas Financial Services Board (BFSB) chairman, Michael Paton, who earlier this week told Tribune Business that the imposition of a low-rate corporate tax might be necessary to move this nation from ‘offshore’ to ‘mid-shore’ and out of the EU/OECD ‘line of fire’. The BIA chairman said one element missing from yesterday’s presentation was the need for the Bahamas to shed its ‘tax haven’ label in terms of outside perceptions, while also questioning Mr Riva’s assertion that implementing a corporate tax is a “fiveyear project”. Pointing out that the Bahamas had implemented Value-Added Tax (VAT) in just two years, Mr Komolafe told Tribune Business: “In relation to the consideration of corporate taxation, the conversation has also been centred around the need to shed the ‘tax haven’ label. “While it may not be necessary immediately, in the industry there’s also discussion about shedding that tax haven label. As long as we have a zero or nominal tax regime, we run the risk of being labelled a ‘tax haven’.” Mr Komolafe said tax reform, and the EU ‘blacklisting’ response, have to tie into a “bigger picture strategic plan” to grow the Bahamian economy and financial services industry. “This all has to be

underpinned by a bigger vision for financial services going into the future,” he argued. “What do we want to be known as, how do we grow this industry rather than just deal with attacks and survival. We want to look beyond that. “When we come off this ‘blacklist’, then what? What is the strategy? What is the plan? Are we going to take the myopic view of getting off this list, or take the comprehensive approach which is tax reform? “We may just be focusing on coming off this list, and meeting the requirements of the EU, rather than comprehensive reform, which will be a squandered opportunity. We can’t just look at the issue of tax reform to get off this ‘blacklist’.” Suggesting that the Bahamas’ approach may be “too narrow”, Mr Komolafe said fiscal policy was key to encouraging the development of a country’s economic plan and vision, given that it could be used to incentivise certain industries, activities and behaviours. “Changes to a tax system should not be ad-hoc or spontaneous,” he said, adding that the Bahamas needed to implement “what works best for our economy”. “Key considerations in the discussion of changes to our tax system should include rebranding of the Bahamas as an IFC (international financial centre);

encouragement of entrepreneurship and industries; implications for accession to the WTO and the modernisation of the existing system. “A comprehensive tax reform exercise, which results in the creation an effective, efficient, equitable and progressive tax system, should be the ultimate goal of the Government. “There is, however, the possibility that the Government will focus solely on the December 31 EU deadline on the premise that there isn’t adequate time to take such a holistic view.” Mr Komolafe added: “The sentiment exists among Bahamians and residents that the overall tax burden in the Bahamas is already high with multiple taxes, fees and levies, albeit we don’t seem to receive credit for this reality from multilateral agencies. “Hence, tax reform in the Bahamas should not result in an increase in the overall tax burden on Bahamians. Additionally, the overall net effect of this reform should not complicate the ease of doing business or increase the cost of doing business in the Bahamas for Bahamian businesses.” Mr Komolafe added that corporate clients typically expected “some level of taxation” wherever they operated, reiterating that escaping the EU’s ‘blacklist’ “cannot be the sole motivation for tax reform”.

VACANCY NOTICE NEWS EDITOR Cable Bahamas Limited is seeking to employ an experienced News Editor. The successful candidate must have experience in Media and Editing and the ability to collaborate effectively with the Media team. JOB SUMMARY The News Editor will be responsible for providing technical assistance with all aspects of the internal and external operations of OurTV -The Community Channel and all OurTV in-house productions with specific responsibility as a News Editor. JOB DESCRIPTION • • • • • • • • •

Responsible for the day to day editing requirements relative to OurTV news process; Providing technical support to OurTV news process; Assisting with the production and editing of materials needed for the community channel as deemed by supervisor; Assisting with camera operations where required; Providing production assistance on in-studio and field productions; Providing assistance with the general operation and maintenance of OurTV’ s production studios, edit suites and field equipment; Providing technical support for OurTV personnel including assisting with the Cable Cares Foundation and Corporate Media; Assisting with any and all aspects of the production process as related to the production original OurTV programming; Performing all other related tasks of OurTV operations (including directing, producing, editing, shooting, writing, lighting and audio) as assigned by Management.

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • • • • • • • • • • • • •

Qualified applicants should submit Resumes on or before Wednesday, March 28, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: News Editor to humanresources@cablebahamas.com.

THE TRIBUNE

Wednesday, March 28, 2018, PAGE 5

EXPERT: CORPORATE TAX ‘IS A FIVE-YEAR PROJECT’ FROM PAGE 1 would not want to enter long-term contracts preimplementation that could suddenly be hit with corporate tax - a development that could “destroy cash flow” and other financial indicators. The KPMG executive said corporate taxation and the EU’s ‘economic substance’ demands were two distinct, separate issues, with the 28-nation bloc not requiring the Bahamas to implement such a levy to escape its ‘blacklist’. His assertion was backed earlier this week by Michael Paton, the Lennox Paton attorney and partner, who also told Tribune Business that a corporate tax is not necessary to appease the EU. He, though, suggested tax reform - likely involving some form of corporate taxation - will be required to remove the Bahamas from the crosshairs of future international regulatory initiatives. Mr Riva’s remarks, though, will likely intensify debate over the Government’s proposal to pave

the way for corporate taxation’s introduction on a wide range of financial services products in a bid to address the EU’s other concern, so-called ‘ring fencing’. This involves the existence of ‘preferential’ tax regimes for nonresident entities and foreign investors, which the proposed Multinational Entities Financial Reporting Bill aims to remove by permitting the Government to introduce corporate taxation on the likes of International Business Companies (IBCs) at ‘the stroke of a pen’. These provisions, contained in the Bill’s ‘second schedule’, have already caused tremendous concern for the financial services industry and its clients because of the uncertainty they create - a natural disruptor for any market. Mr Riva yesterday warned that corporate taxation was extremely complex, and the Bahamas needed to determine what it was going to tax - and why - should it opt to ultimately go this route. For starters, he said this nation needed to decide

if it will implement such a levy on a ‘territorial’ basis, and tax only income/profits generated in the Bahamas, or whether it will go for ‘residence-based’ taxation on an entity’s worldwide earnings. Corporate taxation regimes are also well-known for their complexity, offering numerous deductions, exemptions and ‘carve-outs’, which is partly why the Christie administration opted in favour of Value-Added Tax (VAT) in 2015 rather than any form of income tax. Mr Riva said an everexpanding network of anti-avoidance provisions will be needed to police a corporate taxation regime, bringing with them additional costs and bureaucracy, and “getting a little industry going” that was “good for accountants”. “The key is: What do you want to tax?” he said. “What are you trying to do with corporate taxation? We now know it’s not to get off the EU ‘blacklist’. “Whatever you do you must understand the implications. The changes to your ‘ring fencing’ will have an economic impact.

Employment Opportunity: Program Associate (Project Manager) The Organization: Templeton World Charity Foundation, Inc. (“TWCF”) is a global nonprofit foundation created by Sir John Templeton in 1996 to provide support for scientific breakthroughs and practical tools relating to the search for meaning, purpose, and truth. Through sharing these spiritual discoveries, we seek to impact individual lives across the world. The current grant portfolio of the Foundation comprises over 150 projects in more than 30 countries. The Foundation’s offices are located in Nassau, The Bahamas. Purpose and Scope: The Program Associate will support the wider program team in many day-to-day operational activities of the Foundation, and will play a critical role in a vibrant office culture. The Program Associate should be comfortable with managing multiple simultaneous projects, motivating others, and working creatively to overcome obstacles. Efficiency, attention to detail, flexibility, and good judgment will be critical in this role. Position Summary & Responsibilities ● Serve as a project manager or coordinator for multiple initiatives, including prioritizing tasks, tracking progress against deadlines, and ensuring clear communication between multiple stakeholders. ● Assist in scheduling and planning for events, including taking detailed notes and drafting meeting summaries. ● Work on special projects that may include conducting background research, analysis of data, and drafting of reports in both written prose and slide presentation formats. ● Track, monitor, and prioritize ongoing projects. ● Assist with all aspects of proposal development and grant management. ● Support all general office administrative duties as needed, including official correspondence, monitoring payout budgets, record keeping, expense reports, meeting preparation and logistics Required Qualifications and Skills ● Bachelor’s degree from a highly ranked and globally recognized university or college is required. Masters degree preferred. ● Excellent organizational, analytical, and problem-solving skills. ● Excellent interpersonal skills and comfort in working in a small, interdisciplinary team. ● Skilled verbal and written communicator able to work with professionals within the organization and communicate with external parties. ● Demonstrated competence in word processing and presentation software, with ability and willingness to work on a range of different software. Required Experience ● Prior experience as a project manager or equivalent, preferably in an operational or administrative role for a complex and fast-paced organization. ● Experience in setting priorities and meeting deadlines, balancing the needs of multiple individuals. ● Professional experience in a foundation or research setting preferred but not essential. ● International experience is highly desired. ● Communications experience including web design and social media is highly desired. ● IT project planning and execution is highly desired, including use of Google Docs, Adobe, and Microsoft Powerpoint. Personal Qualities ● Evidence of interest in aspects of the specific philanthropic aims of the Foundation and Sir John Templeton required. ● Strong attention to detail. ● Maturity and discretion. ● A humble spirit and a desire to benefit others. ● Demonstrated positive, flexible and collaborative approach to work. ● Willing to travel on occasion. Competitive salary & benefits package are commensurate with experience. Bahamian citizens or work-permit holders only. Qualified candidates only should submit CV and a cover letter via email to: Manager, Human Resources at hr@templetonworldcharity.org on or before April 10, 2018.

Do you know what they are? You cannot introduce legislation in a vacuum.” Many financial services industry executives have argued in favour of introducing a low-rate corporate tax, arguing that this will enable the Bahamas to shed its ‘tax haven’ label and reposition both the economy and financial

services industry by opening up ‘double taxation’ and bilateral investment treaties. Such taxation may also be needed to satisfy the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative, but Mr Riva warned

that establishing a meaningful ‘double taxation’ network will also not occur overnight. The KPMG executive, who works on such arrangements for the Jersey government, said establishing such a network often took 10 years. “It won’t be super duper fast,” he added.

NOTICE VACANCY (for an) ACCOUNTING ASSISTANT Applications are invited from suitably-qualified applicants for the position of Accounting Assistant. Applicants must possess the following qualifications: •

• • •

Bachelor’s Degree in Accounting OR; an Associates of Arts Degree, with a minimum of two (2) years experience as a Trainee Accountant OR; two (2) subjects at the BGCSE level, and, at least, six (6) years’ experience as a Senior Accounts Clerk; Excellent organizational skills; Excellent communication skills (oral and written); analytical and conceptualized thinking skills; excellent interpersonal skills; Excellent computer skills,(proficiency in Excel required);

The Accounting Assistant will report to the Financial Controller. SUMMARY OF DUTIES: 1. 2. 3. 4. 5. 6. 7. 8. 9.

Prepares payment of invoices; Assists with the preparation of the monthly reports; Assists with the monthly reconciliations; Liaises with departments on outstanding invoices for payment; Responds to suppliers’ queries; Assists with budget preparation; Assists with the issuance of cheques; Assists with the maintenance of company records; Maintains Accounting files.

Letter of application and curricula vitae should be submitted to: The General Manager; P.O. Box N-1986, Nassau, Bahamas; to be received NO LATER THAN Friday, April 20th, 2018. Please note that only short-listed applicants will be contacted for interviews.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the position of:Executive Assistant to the President, responsible for providing comprehensive executive level support to ensure the overall efficiency of the President’s Office and manage the President’s administrative needs to advance the priorities of the office. Duties and responsibilities include: maintaining the calendar of the President by scheduling meetings with internal and external stakeholders; planning and coordinating meetings, in collaboration with the Chief of Staff, and other engagements for the President including reserving space, compiling agendas and materials, attending to any catering and set-up needs, and arranging travel and accommodations; preparing internal and external correspondence; assisting in the processing of purchase orders, vendor contracts, and other routine financial transactions, in accordance with university policy; and prioritizing items requiring the President’s immediate attention, re-routing matters to the appropriate Vice President, with notation to the President of action taken. A minimum of a master’s degree or equivalent from an accredited college/ university and a minimum of 3-5 years of administrative experience, preferably in higher education or executive setting, are required. Applicants should deliver a completed application package, by hand, to the attention of Maelynn Seymour-Major, Chief of Staff, Office of the President by Friday, 30th March, 2018. Dean of Students, Oakes Field Campus, with primary responsibility for creating and maintaining a safe, healthy, and supportive environment and culture that blend the intellectual, physical, social, emotional, and spiritual development of University of The Bahamas students. Duties and responsibilities include: providing operational direction and coordination for Health Services, Residence Life, Campus Life, Intramural Sporting activities, and Student Leadership; serving as advisor for Student Government; managing student complaints, facilitating the resolution of disagreements and coordinating the disciplinary process; developing and coordinating policies and procedures relative to all student activities; and preparing all required administrative and student affairs reports, including annual and other reports, operational plans and analyses. A Doctorate or Master’s degree from an accredited university in Student Affairs Administration, Student Development, Education or other directly related field; experience in Student Affairs Administration; and excellent leadership and managerial skills with evidence of programme development, budget management, evaluation and supervision in Student Affairs are required. Persons interested these positions should submit the following documents via email to hrapply@ub.edu.bs and the attention of the Assistant Vice President, Human Resources, by Friday, 6th April, 2018: • A completed University of The Bahamas Application for Employment (www.ub.edu.bs/wpcontent/uploads/2017/01/Application-for-Employment-Staff.pdf);

• A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Relevant Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B Card; • One passport photo; • Copy of official transcript; • At least three, written professional references. For more information on each position announcement visit: https://www.ub.edu.bs/about-us/career-opportunities/ .

PAGE 6, Wednesday, March 28, 2018

CORPORATE TAXATION FROM PAGE 1

in the Bahamas needs to notify the EU that I’s trying to avoid tax by allocating profits to the Bahamas. That’s what you’ve been charged with. That’s what you need to sort out.” Mr Riva’s assertion that corporate tax is not necessary to escape the EU’s ‘blacklist’ will likely raise questions over whether the Government’s proposed response goes too far, given

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that the Multinational Entities Financial Reporting Bill effectively paves the way for the introduction of such taxation on a host of Bahamian corporate vehicles. The Bill’s second schedule allows the Minister of Finance, at a time, form and rate of his choosing, to levy corporate taxation on International Business Companies (IBCs), Foundations, Exempted Limited Partnerships, Executive Entities and Investment Condominiums (ICONs) - all key products for the international financial services sector and its clients.

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000) Quartzo Investments Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Quartzo Investments Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 22nd day of March, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the30th day of April, 2018. Luciane Ribeiro Moreno Liquidator

Tribune Business sources said the resulting uncertainty, generated by the wide powers granted to the minister, was continuing to cause consternation in the industry, with clients already inquiring whether they needed to move their business from the Bahamas to other jurisdictions due to the Government’s planned reforms. Mr Riva, meanwhile, said the Bahamas was “in good company”, with fellow international financial centres (IFCs) such as Jersey, Guernsey, the Isle of Man, Bermuda, British Virgin Islands (BVI) and United Arab Emirates (UAE) having also failed the EU’s ‘fair taxation’ test. The Bahamas, though, was the only one ‘blacklisted’, despite having met the EU’s other two criteria - tax transparency and compliance with the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative. The EU’s aim is to ensure corporate activity, such as revenues and profits, are booked and taxed in the countries where they are generated. With the Bahamas currently having no legal requirement that IBCs and other vehicles have a physical presence, or conduct real business, in this jurisdiction, the 28-nation bloc fears multinationals may be able to exploit gaps in different countries’

tax types, rates and rules to artificially shift profits here and avoid due taxation elsewhere. “It’s not the fact you don’t have a corporate tax that you’ve failed it; it’s because you don’t have a substance test,” Mr Riva reiterated. “Nowhere is the EU telling you that you need to introduce a corporate tax. You need to introduce some form of substance test. It’s a marrying up of profits and economic activity.” Mr Riva said that the Bahamas needed to better understand its business portfolio, and what vehicles such as IBCs are used for, in determining its strategic response to the EU. And he suggested that this response could merely involve enshrining established business practices into law. To satisfy the ‘substance test’ demands, Mr Riva said it “might be as simple as” having Bahamas-based directors; Board meetings in the Bahamas; local bank accounts; and/or holding a corporate vehicle’s financial information here - all of which would “show the nexus of the company in the Bahamas”. “I can’t any legislation telling me that’s what I have to do,” the KPMG tax expert said, suggesting that the Bahamas “introduce legislation that enacts what we do in practice”. Turning to industries and activities that were a particular focus of EU attention, Mr Riva cited

N O T I C E IS HEREBY GIVEN as follows: (a) TRUE ORACLE CORP. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

NOTICE DIGITECK LIMITED

(b) The dissolution of the said company commenced on the 27th March, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

NOTICE IS HEREBY GIVEN as follows:

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(a) DIGITECK LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

Dated this 28th day of March, A. D. 2018

(b) The dissolution of the said Company commenced on the 26th day of March, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

_________________________________ Bukit Merah Limited Liquidator

MARKET REPORT TUESDAY, 27 MARCH 2018

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,925.64 | CHG -50.66 | %CHG -2.56 | YTD -137.93 | YTD% -6.68 BISX LISTED & TRADED SECURITIES 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

PUBLIC NOTICE

The Public is hereby advised that I, JULIAN GUION WALLACE of P.O. Box EE16075 intend to change my name to GUION JULIAN WALLACE. If there are any objections to this change of name by Deed Poll, you may write such objections to Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

TRUE ORACLE CORP.

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.50 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 8.78 5.67 3.35 12.01 10.00

IBCs and other corporate vehicles domicile their ‘managing mind’ here, thus generating real business in this jurisdiction. Much of this activity is currently conducted ‘offshore’, and Mr Riva suggested the Bahamas’ greater population when compared to the likes of BVI and Cayman Islands gave it an advantage in the provision of company directors. While BVI has 400,000 companies and 36,000 persons, and the Cayman Islands some 110,000 corporate entities and an 80,000 population, the Bahamas has 37,000 IBCs and near400,000 inhabitants. “I think this is an opportunity for the Bahamas, and I think very much you should be looking at this as an industry in that way,” Mr Riva said. “This is an opportunity for you. “If you set the standard here, it will never be lower than what you set with the EU. The Bahamas has set substance as one or two local directors. Cayman, you have to match that. You can’t be a director of 5,000 companies. That’s physically impossible.” Mr Riva also suggested that it was “not unreasonable” to adopt the economic substance criteria used by the EU’s own member nations in a bid to escape the ‘blacklist’.

INTENT TO CHANGE NAME BY DEED POLL

NOTICE

52WK HI 4.38 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 9.00 13.67 12.51 11.00

banks as an example. With a minimum of two Bahamas-based executives, and designated management, staff and assets domiciled in this nation, he argued that the banking industry already met the ‘economic substance’ requirements. “All you need to do is pick up the [Central Bank] guidelines and plop them into a legal document,” he suggested. “The way I look at this is this is the way we do it in reality, but we don’t have a legislative mechanism to say that.” Mr Riva identified captive insurance; inter-group financing/leasing companies; invoicing companies; and intellectual property as other EU ‘targets’ that the Bahamas will have to address, although he suggested few IBCs were used to hold the latter. “You look at your industries and what you actually undertake through these IBCs, and start to determine what is the minimum standard,” the KPMG accountant, who has advised Jersey’s government on dealing with the OECD and US FATCA, said. He suggested the Bahamas needed to view the EU ‘blacklisting’ as an opportunity to both set international standards on ‘economic substance’ and boost GDP growth by requiring that

LAST CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 4.05 10.07 2.85 1.50 7.66 6.10 10.44 6.43 4.47 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 3.66 10.07 2.85 1.50 7.72 6.10 10.44 6.43 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.39 0.00 0.00 0.00 0.06 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

110.05 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.30 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

10,350

7,710

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 0.293 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 13.8 10.5 21.4 16.0 27.9 4.5 N/M 5.4 14.1 7.7 15.3 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 3.28% 6.85% 2.11% 3.33% 1.09% 4.92% 4.79% 2.33% 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

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

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company NOTICE BESTECK SERVICES LIMITED NOTICE IS HEREBY GIVEN as follows: (a) BESTECK SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of March, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company NOTICE LEADWELL TECHNOLOGY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) LEADWELL TECHNOLOGY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of March, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Wednesday, March 28, 2018, PAGE 7

Bahamas urged to talk with EU over IBC ‘grandfather’ FROM PAGE 1 an approach if this nation put forward a “strong legal argument” for why this was essential. The Bahamas’ legislative response to its ‘blacklisting’ by the EU, the Multinational Entities Financial Reporting Bill, repeals the existing tax incentives regime for International Business

Companies (IBCs) in a bid to eliminate ‘ring fencing’ - a key demand of the 28-nation bloc. Among the provisions removed is the ‘guarantee’ that an IBC will enjoy multiple tax incentives for the first 20 years following its incorporation, a move that threatens to cause disruption and uncertainty for both the Bahamian financial services industry and its clients.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SHANIQUA CAROL SAWYER nee PAUL of P.O. Box SS19720 intend to change my name to SHANIQUA CAROL PAUL SAWYER. If there are any objections to this change of name by Deed Poll, you may write such objections to Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

Acknowledging that IBCs, and their beneficial owners, had “set their strategies by that” guarantee, Mr Riva said the Bahamas had a strong argument for negotiating a ‘grandfathering’ clause with the EU. This would allow existing IBCs to continue enjoying the exemptions under that 20-year promise, as stipulated by the current Act, but deny them to ones incorporated after the new legislation’s passage into law. “It would be reasonable for the Bahamas to say we’ve given guarantees to those companies, so we’ll ‘grandfather’ them in, but any new companies we can’t,” Mr Riva said.

“It’s a matter of negotiating, sitting down and explaining to the [EU’s] Code of Conduct Group the issue you’d have as a jurisdiction; the issue you’d have breaking that condition. You’d need to come up with a legal argument for why this would be so bad for you. “Believe it or not, these people are reasonable. The EU is good on the rule of law. They will understand you.” The implications of the Multinational Entities Financial Reporting Bill for Bahamian-domiciled IBCs, especially the repeal of their existing tax incentives and provision

NOTICE

NOTICE is hereby given that JOHNETTE CELA of #40 Sea View Drive, Grove West, P.O. Box FH-14392, 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 21st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ARITHA ST. REMY of Hampton Street off Wulff 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 21st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that GENETTE SAINTVIL of Ridgeland Park, 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 28th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE WELBRIGHT LIMITED

NOTICE DWTECK LIMITED

for the implementation of corporate taxation, have already caused concern and uncertainty in the financial services industry. Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business earlier this week that the proposed Bill was likely to produce adverse ‘unintended consequences’ - especially through its repeal of the Stamp Act exemption for IBCs. Currently, IBC tax exemptions include their freedom from Stamp Duty on transactions involving their shares, debt and security. Mr Riva yesterday suggested the Bahamas needed to assess whether

this tax should be assessed on the buying/selling of shares in such companies. Pointing to difficulties in collecting such taxes, Mr Riva added: “I can see there being a case for charging Stamp Duty on the sale of shares in companies that are rich in Bahamian property. “Companies that don’t own Bahamian land, it may be time to get rid of it. It’s more likely to put people off using a Bahamian company if every time the company changes hands they have to pay Stamp Duty. “You need to do the sums and figure out how much it costs [in government revenue].”

NOTICE MARWARI LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MARWARI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 27th March, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 28th day of March, A. D. 2018 _________________________________ Leeward Nominees Limited Liquidator

PUIDA MANAGEMENT INC. Company No. 1590411 (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:

(a) WELBRIGHT LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(a) DWTECK LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 26th day of March, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

Dated this 22nd day of March, 2018 Sgd. Mr Alexej Martin Voluntary Liquidator

NOTICE DIVINE TECHNOLOGY LIMITED

Legal Notice

NOTICE ART F. CORPORATION S.A. In Voluntary Liquidation

NOTICE IS HEREBY GIVEN as follows: (a) DIVINE TECHNOLOGY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of March, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company NOTICE TOP TECH LIMITED NOTICE IS HEREBY GIVEN as follows: (a) TOP TECH LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 26th day of March, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

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

HARRIER MANAGEMENT LIMITED In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). HARRIER MANAGEMENT LIMITED, is in Dissolution.” The date of commencement of dissolution is the 21st day of March, 2018.

Mrs. Lucia Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

Legal Notice

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

TELPIN GROUP CORP. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).TELPIN GROUP CORP., is in Dissolution.” The date of commencement of dissolution is the 21st day of March, 2018.

Diego Alberto Restrepo Pelaez c/o of CL. 26 CR 39-70 Apto 512 Bloque 1 Urbanizacion Veleros del Este Medellin Antioquia, Republic of Colombia Liquidator

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that PUIDA MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 19th March, 2018 and Mr Alexej Martin of Pflugstrasse 10/12, 9490 Vaduz, Liechtenstein, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ART F. CORPORATION S.A. is in dissolution as of March 21, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________ YUCCA INVESTMENTS CORP. Company No. 25749 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that YUCCA INVESTMENTS CORP. is in voluntary liquidation. The voluntary liquidation commenced on 21st March, 2018 and Rena-Katharina Clute-Simon of Office 2714, Concord Tower, Dubai Media City, Dubai, United Arab Emirates, has been appointed as the Sole Liquidator. Dated this 22nd day of March, 2018 Sgd. Rena-Katharina Clute-Simon Voluntary Liquidator

PAGE 8, Wednesday, March 28, 2018

THE TRIBUNE

Baha Mar’s lender needed ‘incentivising’ to finance completion FROM PAGE 1 incentives provided by the former Christie administration were, with the then-government pledging “expedited processing” of all requests by China Construction America (CCA). The Chinese stateowned company, Baha Mar’s main contractor, finally released the socalled ‘Amendment No.9’ in response to the $2.25 billion ‘fraud’ lawsuit filed by original developer Sarkis Izmirlian - but only after it was allowed by the New York court to ‘black out’ all financial figures. Still, China ExportImport Bank, Baha Mar’s lender, confirmed that the $101 million it set aside to compensate Bahamian private and public sector creditors was a ‘trade-off’ in return for receiving substantial tax incentives from the Christie administration. “The lender has expressed to the parties that, in order to incentivise lender to provide such funds [to pay creditors], lender expects the Government to provide suitable government concessions,” the construction contract with CCA, dated August 30, 2016, affirmed. Some $51 million was allocated to pay debts owed to government entities and the former Baha Mar employees, with the remaining $50 million left for Bahamian private sector creditors. The National Insurance Board (NIB), Bahamas Telecommunications Company (BTC), Bahamas Power & Light (BPL) and Water & Sewerage were to be made whole up to October 31, 2015. The importance of the Government’s tax breaks was, meanwhile, further highlighted by the separate ‘section 9’ dedicated to them in the completion agreement between CCA

and China Export-Import Bank’s Perfect Luck Assets vehicle. “The parties acknowledge and agree that the construction manager’s continued receipt from the Government of tax-related benefits granted to the construction manager to-date, as well as additional exemptions from Value-Added Tax, duties and other governmental charges are important for the success of the project,” the agreement states. “The Government has provided the parties assurances that it will give proper consideration and expedited processing to all formal requests for such government concessions for the construction manager and, promptly following the execution date, the parties shall continue their co-operation to procure such governmental concessions and submit such requests to the Government.” Tribune Business last year reported that CCA received a $145 remobilisation fee for simply restarting construction work at Baha Mar, a figure well in excess of the $75 million that Mr Izmirlian claimed it was owed when he filed for Chapter 11 bankruptcy protection in late June 2015. The sum was also higher than the $130 million CCA claimed to be owed at the same time. The construction contract’s ‘scope of works’ required CCA to “perform repair work to the Convention Centre”, the facility long plagued by problems and controversy, and which Mr Izmirlian’s team had wanted finished first. CCA was also mandated to “rectify and remediate microbial growth (mold) and water damage” across the Baha Mar campus, in accordance with the

recommendations of consultants and a remediation plan approved by the China Export-Import Bank. However, a comparison with Baha Mar’s Certificate of Substantial Completion, dated July 31 last year, reveals that CCA was subsequently released from having to complete multiple works initiated by its sub-contractors prior to the Chapter 11 bankruptcy protection filing. The construction completion agreement is key to the Chinese contractor’s bid to persuade the New York State Supreme Court that Mr Izmirlian’s lawsuit against it be ‘stayed’, and the two sides ordered into mediation, as it contains clauses compelling arbitration as a first means of dispute resolution. Mr Izmirlian, though, is arguing that himself and his BML Properties vehicle are not parties to the construction completion, which was agreed between CCA and Perfect Luck. As a result, they allege they are not bound by any of its arbitration-related clauses especially since it replaced the original deal agreed by Mr Izmirlian. Besides dismissing CCA’s arbitration demand, Mr Izmirlian and his attorneys also argued that the construction completion agreement contained “no trade secrets” or pricing information that would harm the Chinese stateowned contractor. They pointed out that CCA had no competition for the Baha Mar completion work, which was effectively a ‘no-bid’ contest, and added that the Bahamian Supreme Court’s rationale for sealing all documents related to the project - “to preserve the sales process’s integrity” had fallen away following the purchase by Chow Tai Fook Enterprises (CTFE).