THE TRIBUNE
Tuesday, April 4, 2017, PAGE 3
Port Dept ‘clears up’ $5m in owed revenue
By NATARIO McKENZIE
nmckenzie@tribunemedia.net
Welcomes AuditorGeneral ‘follow-up’
The Port Department has “cleared up” the nearly $5 million in outstanding revenues highlighted by an Auditor General’s report last November, its acting Controller yesterday welcoming a follow-up assessment. A recent Auditor General’s report, which examined the agency’s accounts over a two-year period to endJune 2016, had expressed “great concern” over “weak internal controls” and its failure to enforce the law. The report revealed that at end-June 2016 some
$3.868 million in annual fees and tariffs for services provided by the Port Department had not been collected in New Providence or the Family Islands. And a further $921,390 in due revenues was outstanding at Potter’s Cay, with the monies due including pierage fees for mailboats and fishing vessels, plus water provided by the Port Department. Providing an update on the Department’s response, Captain Cyril Roker told
Tribune Business Reporter
Tribune Business: “One of the biggest problems we have in this country is that there is a lot of revenue collected in the Family Islands, but it is not reported as Port revenue. “Customs collected revenue at the Price George Dock for us. When they collect it, it is there but doesn’t go in as the Port’s. When my team came into office we recognised that, and we made amendments. “So now whatever revenue Customs collects on behalf of the Port, it goes in as Port revenue. One of our biggest businesses in this country is foreign yacht charters. The first agency they meet is Customs, and
so whatever their charter fee is, if Customs collects that it is never reported on our books. Maybe 90 per cent of the monies was there. It was not being reflected as being collected as Port revenue.” The Auditor General’s report had noted that the world’s two leading cruise lines, Carnival and Royal Caribbean, owed the Port Department some $628,284 for water supplied to them at Prince George Wharf. Some of those debts dated back to 2010, with the cruise lines’ accounting for 86.5 per cent of the total $725,535 owed for water usage at the Bahamas’ main cruise port.
Captain Roker said: “You can’t blame the auditors because when they come in and see the books there was no document to support the revenue being collected, but it was. “There are one or two write-offs. There was also a computer procedure that the ships have that we didn’t have. Them supposedly being delinquent in payment had nothing to do with them. They wanted to pay but we were not forwarding the receipts as we should have. Whatever was mentioned in the auditor’s report has been cleared up. We would invite them to come and do another report.”
$30m PI condo project hitting budget, schedule
A $30 million Paradise Island condominium project is ahead of schedule on construction more than halfway through, and has yet to incur a single cost overrun. “What is happening is the dream of every developer and every company financing a project,” said David Kosoy, chairman and chief executive of Sterling Global Financial, which partnered with Aristo Development to develop THIRTY SIX. In November, when Khaalis Rolle, minister of state for investments, toured the site with Sterling and Aristo, the only things visible above ground were a vision and Baker Construction’s heavy equipment sinking infrastructure and pilings below ground. Now, by late March, the glass, block and steel structure was up to penthouse level. “The efficiency, speed, workmanship - the delivery of promises on time and on budget on this project - have just been incredible,” said Matthew Marco, Aristo’s director of sales and marketing. “I’ve marketed projects in many locations around the world, including elsewhere in the Bahamas. and I
Four months after investments minister Khaalis Rolle, second from right, toured the site where a $30 million condominium would be built on Paradise Island, the project called THIRTY SIX is up to penthouse level. Pictured L to R: Aristo sales and marketing director, Matthew Marco; Sterling Global Financial chairman and chief executive, David Kosoy; Mr Rolle; and Sterling Global Financial president and chief operating officer, Stephen Tiller. don’t think I have ever seen one go any smoother than this.” Aristo’s president and chief executive, Jason Kinsale, credited both the steady financing from equity partner, Sterling Global Financial, and recent work on its other project, ONE Ca-
ble Beach, for the progress. “We have just gone through a project that in many ways is similar to this, so we knew what the costings were for the quality we wanted,” said Mr Kinsale. “That was a big help. Then having a partner like Sterling Global Financial,
with all its expertise in real estate construction and development financing, is the dream of any developer.” While construction progress has been “amazing,” according to the partners, so have sales. “We are still about one year away from completion, so to be just
over 60 per cent sold is well beyond projected budgets,” said Mr Marco. “Every time I visit the site the work reaffirms my initial reasons for partnering in the project,” said Mr Kosoy. “We liked it because it was in the right place, Paradise Island, designed for the right price, units starting at a little over $700,000, ranging to a little over a million, and being built by the right company, Aristo, which has a solid track record of success. “We believe the demand is driven by all the right reasons – location, price point and quality – and will remain high. There is no other place quite like Paradise Island, and there has not been a new condominium offering on the island in more than a decade.” Sterling has acted as an equity partner in THIRTY SIX, while its investment funds have backed other projects as a lender, including the redevelopment of the recently rebranded Marriott Courtyard in downtown Nassau, and Ocean Terraces, a major overhaul and revitalisation of an abandoned West Bay Street project.
Keith Davies
BISX breaks 50 fund listings mark The Bahamas International Securities Exchange (BISX) yesterday revealed it is now home to more than 50 investment funds, after receiving three more listings. The exchange announced that the Panorama Fund LDC and two sub-funds of Matrix Fund Investments - Matrix Fund Investment Class AG and Matrix Fund Investment Ltd Class MK - have completed its listing process. Keith Davies, BISX’s chief executive, said: “We continue to be pleased with the faith that our service provider partners place in BISX for listing their mutual funds, especially Credit Suisse, the sponsor member that brought these three funds to BISX. “We are also thrilled that with these listings we have crossed the 50 fund threshold and now have 51 funds listed on the exchange. We now look with optimism to crossing the 100-plus fund threshold.” Matrix Fund Investments Ltd is an International Business Company (IBC) registered as a Segregated Accounts Company (SAC) under the Segregated Accounts Companies Act 2004. Panorama Fund LDC is registered as a Limited Duration Company under the International Business Companies Act 2000. Credit Suisse’s Nassau branch served as the BISX sponsor member that brought these funds to the Exchange.
BTC: 2,000 clients make LTE switch
Exuma set to catch ‘Fyre’ with festival Exuma will receive a late April economic boost from the Fyre Festival, which promises to deliver a combined music, culture, art and culinary experience over two weekends. The Ministry of Tourism is working with with festival organisers to ensure the 2017 festival matches the expectations of 5,000 guests expected to arrive on the island between April 28-30, and again on May 5-7. “We are proud that Exuma has been selected as the 2017 festival location, and official Fyre Festival launch pad,” said Carla Stuart, the Ministry of Tourism’s senior director of national planning and special events. “We are even more proud that within a very short period of time the festival is a first for the group, and has sold out its first weekend. Organisers have attracted more than 100,000 interests on the event, and we realise that the exposure from a festival of this magnitude is already tremendous.” The Ministry of Tourism is a partner for the festival, and serves as liaison between the organisers and various government and Bahamian entities on Exuma. Ms Stuart said: “Our goal is to work with the organisers to ensure that the festival meets all of the local standards in safety, security, environmental, etc. “We will also ensure that all local approvals required to co-ordinate a successful event of this magnitude are secured. “Of course, ultimately, with a minimum of 3,000 persons on the island, we would wish to work together with the community to
provide greater opportunities and ensure maximum benefit for locals. Exuma and its residents are jewels, and event organisers will have an opportunity to explore the same.”. Mr Stuart continued: “The Fyre team is committed to ensure that guests have the opportunity to explore Exuma and the Bahamas as a whole. “The Fyre team has agreed to provide links to various tour offerings, as provided by the Exuma community. As an incentive, transportation will be provided during the daytime for the free movement of persons to various sites around Exuma, including downtown, the fish fry, regatta site and any other popular attractions. “The idea is to create as many opportunities for persons to explore while on island, as opposed to being confined to the site. Once the festival climaxes on the Sunday, the benefits will extend to the islands, as persons who stay for the week may purchase numerous package offerings to explore other islands.” The musical performances will feature artists such as the G.O.O.D. Music Family, Major Lazer, Disclosure, Blink 182, Migos, Lil Yachty, Matoma, Claptone and Le Youth. Fyre Festival has partnered with ZERO to bring artists Lee Burridge, Rampue, Bedouin, Niconé, Daniel Cowel, Jan Blomqvist, Lovecraft, Bo and Stephanie Roxanne to Fyre’s ‘Pirate’s Cove’ stage. Thug******, Blond:ISH, Tensnake and Beto Abrahão will also perform.
The Bahamas Telecommunications Company (BTC) says 2,000 customers switchhed to its new LTE network on Saturday through a one-day special offer. Alphanique Duncombe, BTC’s vicepresident for mobile, said: “We were able to move an additional 2,000 customers to our 4G LTE network. We had a special instore offer for all of our customers, where they were able to purchase the Samsung J2 Prime at an affordable rate. “As an extra value add, each customer received a free data trial. The J2 Prime is one of the premium LTE devices from the Samsung suite. This device is a customer favourite as it is brand new, with impeccable quality, great features and an even better price point.” In 2011, BTC was one of the first countries in the Caribbean to possess a 4G network. In 2014, it became one of the first to offer 4G LTE data services. BTC’s LTE (Long Term Evolution) network offers increased data speeds, clearer voice calls and the ability to use a smart phone and browse the Internet
seamlessly. BTC added that it is currently working with its providers as it eyes the new 5G platform. Internationally, 5G services are expected to be launched late 2018. “These new customers that have moved over to our LTE network are enjoying limitless possibilities that LTE provides,” Ms Duncombe said. “Our data and video traffic, especially, have grown by leaps and bounds over the last two years. “The new generation of smart device users are on our data network. Voice traffic has slowed tremendously, so it is imperative that we continue to push our customers to move over to the LTE network. More than 90 per cent of our customer base are using the LTE network, and with the special offer, that number has increased.” BTC offers 4G LTE mobile services throughout the Bahamas. It has begun introducing its new mobile plans. Two new prepaid plans were released, along with a special roaming centric plan for business customers.
Compliance Officer The Compliance Officer will be responsible for providing overall support to the Head, Compliance and the Compliance Department. Requirements • A diploma in compliance from the ICA as first option or alternatively an advanced certificate in compliance also issued by the ICA; • At least three years of experience in a related field; • High work ethics and reliability; • Attention to detail; • Ability to plan, and prioritize; • Ability to work in a team structure; • Ability to manage and oversee projects as designated by the Head, Compliance; • Ability to take initiative and propose recommendations to enhance existing or, developing new procedures; • Proficiency in Microsoft Office Suite; and • Self-motivational work attitude and absolute honesty. Send resume to: c/o The Tribune P.O. Box N-3207 DA# 113762 Nassau, Bahamas
Alphanique Duncombe