04052018 business

business@tribunemedia.net

THURSDAY, APRIL 5, 2018

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Insolvent bank’s chief accused of ‘sham deal’

EU response ‘undercuts’ FDI allure

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he principal of a defunct Bahamian bank, who claimed to have financed the PLP’s 2002 election win, has been accused of using a sham mortgage “to defeat legitimate creditors”.

Raymond Winder, Deloitte & Touche (Bahamas) managing partner, is alleging that Mohammed Harajchi has “contrived a paper transaction” with his wife in a bid to sell his $20 million-plus Paradise Island mansion and exit the country without returning depositors’ funds.

Mr Winder, the courtappointed liquidator for

* Harajchi bid to ‘defeat creditors’ on PI home * Suisse Security liquidator seeks Gov’t block * Just 1% of claims by client accepted Mr Harajchi’s Suisse Security Bank & Trust, said he has “made strong and detailed representations” to the Government’s Investment Board in an effort to block the Harajchis’ alleged scheme.

However, Tribune Business sources have confirmed that his position has weakened, and that Mr Harajchi’s wife has made progress towards obtaining a Certificate of Validation for two mortgage loans - allegedly made to her husband - which are secured

on the Paradise Island properties.

Mr Winder, in his latest report to the Supreme Court, revealed that Sonja Harajchi obtained a Supreme Court Order on July 30, 2012, that gives her permission to foreclose on loans that are allegedly worth a combined $9.5 million.

Detailing his suspicions, the Bahamian accountant said the Paradise Island properties were supposedly RAYMOND WINDER

SEE PAGE 10

A former attorney general yesterday warned that the Bahamas’ ‘blacklisting’ response “strikes right at the heart” of its decades-long policy to attract foreign direct investment (FDI).

Alfred Sears QC told Tribune Business that the Multinational Entities Financial Reporting Bill effectively “undercuts” the preferential tax regime used to attract major overseas developers and investors by eliminating ‘ring fencing’.

Mr Sears said that while this could lead to the creation of a ‘level playing field’ on tax incentives, something long called

* BILL ‘STRIKES AT HEART’ OF PREFERENTIAL REGIME * EX-AG: BEPS NON-DISCLOSE AN ‘ABSURDITY’ * KEY QUESTION: ‘HOW WE REINVENT OURSELVES’ for by many Bahamians, it would also force a major reevaluation of how this nation lured FDI. And he blasted as “an absurdity” the Government’s failure to-date to

SEE PAGE 8

SHELL, NEW FORTRESS BATTLE FOR BPL DEAL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO liquefied natural gas (LNG) giants were yesterday said to be the front-runners for Bahamas Power & Light’s (BPL) generation contract, which has become “bogged down” in Cabinet.

Multiple Tribune Business sources familiar with developments said Shell Gas North America and New Fortress Energy were the main contenders for the energy supply contract, which will likely involve construction of a new LNG-fuelled power plant at Clifton Pier.

This newspaper was told that BPL’s Board and consultants had

* Approval ‘bogged down’ in Cabinet * Observers: ‘Little change from Christie’ * BPL chair: ‘Everything on hold’ till decision recommended Shell as the preferred bidder, but New Fortress’s offer had several qualities that were gaining traction among some ministers - hence the delayed Cabinet decision in awarding the contract.

The drawn-out wait yesterday prompted one source to suggest that the Minnis administration was little different from its PLP predecessor when it came to moving swiftly, and decisively, addressing the Bahamas’ longstanding energy woe - and its need for cheaper, more reliant power.

Minister’s $90m fish exports double ‘goal’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A CABINET minister yesterday said he had set himself the “goal” of doubling the Bahamas’ annual $90 million fisheries exports.

Renward Wells, minister of agriculture and marine resources, said fisheries exports - $70 million of which are spiny lobster and crawfish, and the remaining $20 million conch, stone crab and snappers - represented an important avenue to

increase the Bahamas’ foreign currency earnings.

“I’m looking as a minister to see how we dramatically increase our foreign exports to get that foreign exchange into the country,” he said. “I believe the Bahamian fishing sector, probably over the next year to two, can double the $90 million. We can look at $180-$200 million. That’s my goal and we will see how close we can get to that.”

While promoting the 2018 Agriculture Expo that will be held at the Gladstone Road Agricultural

SEE PAGE 4

Conch-rete not what it’s cracked up to be

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net USING conch shells in concrete mixes and slabs was exposed as especially “ill-advised” when Hurricane Matthew smashed into North Andros, a storm impact report has revealed.

An Inter-American Development Bank (IDB) report on the damages and economic losses stemming from the October 2016 storm revealed that weak Code enforcement, and construction costs that were 30 per cent higher than New Providence, rendered

* MATTHEW EXPOSES ‘ILL-ADVISED’ CONSTRUCTION * 30% HIGHER OUT ISLAND COSTS ADD TO WOE * FUND DELAYS HIT ANDROS CORPSE RETRIEVAL Family Island structures especially vulnerable to hurricanes.

Pegging damage to the Bahamian housing sector at

SEE PAGE 5

“They’ve been in office 11 months now, and this should have been dealt with in six,” one observer, speaking on condition of anonymity. “It’s bogged down. Nothing is fundamentally improved. We are still living off rental generation, and in a short while oil prices will go up and we will not have done anything to create any energy security in the country. It’s just more of the same.” Another added: “The process has been derailed. Whatever comes out now is the same old, same old.”

Desmond Bannister, minister of works, and Darnell Osborne, BPL’s chairman, both declined to confirm Shell’s selection as the preferred bidder when contacted

by Tribune Business yesterday.

Mr Bannister, who has ministerial responsibility for BPL and was in the process of returning to the Bahamas from a holiday, pledged that approval of the winning bids would not take much longer.

“I suspect we’ll have that dealt with very shortly. That won’t be out there much longer,” he told Tribune Business. As for the Shell recommendation, he added: “I can’t confirm or deny that. It would be wrong for me to do that.... I’m sure you have very good sources.”

Mrs Osborne, meanwhile, suggested that BPL’s long-term refinancing via the proposed Rate Reduction Bond (RRB) offering was effectively “on hold” until the Government made a decision on the long-term generation contract.

“We made our recommendation to the Government, to the Cabinet and we’re waiting for the Prime Minister to make the announcement,” she said, indicating that the generation deal could determine how much funding is required through the RRB. “Let’s just hope the Government can make the announcement soon, and once that’s made we can move forward,” Mrs Osborne

SEE PAGE 9

PAGE 2, Thursday, April 5, 2018

THE TRIBUNE

Getting the correct mix with gradients THERE are many baseline rules in web and graphic design, especially those concerning the use of colour, shape, line quality and font. These rules typically include gradients, which are the gradual blending of different colours, but their use in graphic design tends to provoke contrasting opinions.

One argument seems to be that they are not a very clean or appealing design, and are more trouble than they are worth, because gradients work on both dark and light backgrounds.

They are also less flexible due to the constraints imposed when other text or graphic elements are added. I myself sometimes find it difficult to explain the use of gradients, since they involve the application of good design principles and an understanding of viewer psychology.

Many designers, but not all, tend to use gradients as

a crutch to disguise weak design concepts. There might not be a single word that defines gradients, but they enable the designer to almost create a new colour that produces a threedimensional hue. It allows multiple colours to be used, where one colour gradually fades and changes to another. It is an attempt to make objects stand out by adding a new dimension and realism. In simple terms, gradients add depth.

In the age of flat design, gradients were totally gone, but they are back and showing an upward trend on many websites. Indeed, they are now driving modern designs in a big way, and being used on the Internet in bold fashion. So, yes, gradients are gaining popularity.

Business advertisements are among the designs that can profit from gradients to create digital and graphic messages. Notably,

Instagram was the first large company to start using a gradient in their logo and web design. The use of gradients in logos is a pretty polarising topic, for while some dislike it, others simply adore it.

In my view, the correct use of gradients increase the design value for business advertisements.

Gradients create many colours and tones, and are eye-catching and memorable since they make for visuals we are not used to seeing.

The ‘do’s and don’ts’ of using gradients in logo design There are good and bad ways to use gradients: * Do create an effective solid version of your logo before you add gradients.

Do add gradients to your logo that are professional and well-executed. * Don’t add gradients to your logo that make it

difficult to reproduce or read. * Don’t use gradients that look like they were created without any thought processing.

Remember that your client deserves a professional design, not something they could have easily made themselves, so ensure your gradient is functioning professionally.

If you wish to represent a light shining on your logo, determine the proper source for that light. Meaning that if it is designed to bring emphasis to a certain part of your logo, never cluster different types of gradients to make your point. Place your gradients with intent. The moral of this story is: If your gradient is not helping your client’s logo, it is harming it. Find another solution.

Gradients generally do not always print well, and can potentially result in an unsightly banding effect

depending on the quality of your printer. Thus it is important to prepare your files, starting with the design phase for the best results.

Ultimately, there are numerous views on gradients, but in my humble opinion gradients are best used when they provide depth. A gradient should never take away from a design or distract from the message of the project.

Gradients should always add creative value to your work. The best applications come when used in a subtle way to draw attention, or provide depth and texture to a design.

Finally, design elements are supposed to underline a bigger concept or message. A gradient make things pop, and subtly helps to manipulate the user in determining what the most important information is.

There is always a valid point of expression when

The Art of Graphix

BY DEIDRE M BASTIAN

using gradients. If your design can profit from a gradient, then why not?

Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

Contest to ‘reimagine’ Central Bank, Nassau THE Central Bank of the Bahamas plans to unveil designs for the construction of a new head office, and plans for a rejuvenated City of Nassau, in two weeks’ time.

The regulator, in a statement yesterday, said submission of these designs by a team of Bahamian architects will launch a competition featuring local and international judges, plus a ‘People’s Choice’ voting contest designed to give residents a direct say in reimagining their city.

The five days of online voting in the ‘People’s Choice’ competition will take place between April 16-20 at nassaureimagined. com and the Central Bank’s Facebook page, under the theme ‘Our City, Our Bank, Our Choice’. Bahamians will select their choice for a

new Central Bank building and Nassau urban plan, featuring open green spaces, walking paths, architectural art pieces, and modern accommodations for government services.

The ‘People’s Choice’ selection will automatically receive bonus points when the panel of local and international judges makes a final determination on the overall winner. The winner will receive a cash prize, and may be awarded the contract to develop the construction documents for the new facility.

“The offices of the Central Bank sprawl across many different buildings, spanning several streets in Downtown Nassau. We want to bring everyone under one roof, while celebrating the City of Nassau and the Bahamian people.

It is simply time to construct a new building and rejuvenate the areas around the bank. So, we’re collaborating with neighboring stakeholders to reimagine our corporate home and the City of Nassau,” said Ian Fernander, the Central Bank’s administration manager.

“As a bank, we have always been engaged in our community and supportive of our culture. We are especially proud of the arts programme, where we empower emerging artists and maintain a sizeable collection of Bahamian art, and the Balcony House Museum project. We are going to move quickly on the construction of the new bank, and we know this architectural monument will be another source of motivation and drive as the Government brings the broader Nassau urban plan to life.”

Nassau Reimagined fits into a public and private effort to completely rejuvenate all aspects of Nassau, including its cultural preservation, physical infrastructure, safety, sanitation, local government, community development and other issues.

The efforts are being spearheaded by various independent but interconnected groups, including: Creative Nassau; the Over-the-Hill Community Development Partnership (OTHCD) and its Southern Recreational Grounds

Restoration; the Nassau Urban Lab, a product of the National Development Plan; and the Sustainable Nassau Action Plan, an Inter-American Development Bank (IDB) sponsored project. Efforts also include the Downtown Nassau Partnership (DNP) and the Antiquities, Monuments and Museums Corporation (AMMC), which both sit on the steering committee of the Central Bank’s Nassau Reimagined project.

Among the potential locations for the Central Bank’s new home are the former Royal Victoria site and the main Post Office Building. The urban plan will reimagine those areas and those nearby heading towards Prince George Wharf. The project’s southern border is the Bain and Grants Town Project Area, which falls under the Over-the-Hill revitalisation efforts.

“The stature and importance of the Bank demand that the new building not only satisfies a set of functional needs but also reflects the histories and tells the stories of Bahamian people, reminding Bahamians of our capabilities. Symbolically, this mirrors the success story of the Bank itself and the renowned financial services sector in the Bahamas, which has been marking important milestones since the early 1900s,” said Mr Fernander.

THE TRIBUNE

Thursday, April 5, 2018, PAGE 3

BAMSI using Resorts enjoy ‘very good’ Easter period just 22 per cent of its land

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A CABINET minister yesterday said he is aiming to expand the Bahamas Agriculture and Marine Science Institute’s (BAMSI) production, with just 22 per cent of available land currently being cultivated.

Renward Wells, minister of agriculture and marine resources, said he does not anticipate the Government increasing its subvention to BAMSI beyond the $8 million allocated in the 2017-2018 Budget.

“We are seeing yields from BAMSI’s fields.

BAMSI has 1,000 acres. It has 225 acres under production right now,” Mr Wells said. “We are looking to expand the production capacity of BAMSI in terms of bananas, how we can get corn in the field, pineapples and go after niche products in our food stores.

“We need to see what we can export as well, but we are looking first to try and fill our own domestic needs as best we can.”

As for how much the Government will likely allocate for BAMSI in the upcoming Budget, Mr Wells said: “BAMSI’s subvention

is $8 million. I don’t see us increasing BAMSI’s subvention beyond the $8 million for its operation, but we will have that discussion as we move forward. “The Budget debate will start in about eight weeks, and at that time you will see what my Ministry’s view is as to what we need to continue.

Our subvention is separate and apart from the construction side, the building side of BAMSI; that will be in the Ministry of Works.”

The Minnis administration has commissioned an audit at BAMSI. Mr Wells told this newspaper as recently as last week the audit is still ongoing.

MAJOR Nassau/ Paradise Island hotels yesterday reported “very good” business over the Easter weekend, with the Nassau Airport Development Company (NAD) receiving a “welcomed boost” from CARIFTA games.

“All terminals were busy with passengers excited to begin their holiday weekend experience. The domestic long-term parking lot was full to capacity from the March 30-April 1, 2018, which is a good indicator of the domestic travel.

The US and international carriers operated with seating capacities of 90 per cent to 100 per cent occupancy,” said Jan Knowles, NAD’s

vice-president of marketing and communications.

“The Easter period is historically a high season for LPIA. This year, with the addition of the CARIFTA games being hosted in Nassau, charter flights were added to the mix to bring in the athletes and support team. Additional charters were also incorporated to assist with the scheduled flights, which brought a welcome increase in the seating capacity. The curbside, terminals and airside operations were bustling with movement from our transportation operators,

passengers and aircraft movement.”

Meanwhile Ed Fields, Atlantis’s senior vice-president of public affairs, told Tribune Business: “Business is very good and we are very pleased with occupancies.”

Gary Williams, Sandals Royal Bahamian’s general manager, said that while the resort was not full during the Easter period, business has picked up. “We were not full during Easter but we’re full right after Easter; right now were full.

We’re running high 90s all of April,” he added.

PLP ‘SHOULD BE THE LAST TO SPEAK’ ON FISCAL PROPRIETY THE Deputy Prime Minister last night said the Opposition “should be the last to open their mouths on fiscal propriety” as he hit back at criticisms of the Government’s borrowing.

K P Turnquest, pointing to the “massive ramp-up” in the national debt under the Christie administration despite VAT’s introduction, slammed Philip Davis for challenging how its successor is running the country’s finances.

The Opposition leader had questioned what the Government was doing with its $1.4 billion approved borrowing, but Mr Turnquest retorted: “Make no mistake about it, this last administration had oversight of millions of dollars in inflated contracts of questionable value, and should be the last to open their collective mouths with anything to do with financial matters or fiscal propriety.”

Targeting the about fiscal pro“excessive use” of priety.

Their taxpayer dollars on government grossly schools and clinmismanaged the ics in Mr Davis’s country’s financial constituency of resources, exceedCat Island, Rum ing their last budget Cay and San Salby over $500 milvador, he added lion alone, so his that this all fell critique particu“curiously” within larly rings hollow.” the former deputy Of the Governprime minister’s ment’s approved TURNQUEST $1.4 billion borterritory.

“Under his watch rowing for the as a Minister in the former 2017-2018 fiscal year, Mr government, the Opposi- Turnquest said $323 miltion Leader helped preside lion was to cover this year’s over a massive ramp-up of deficit, while another $400 government debt even after million was “to settle unpaid introducing Value Added bills” left behind by the Tax (VAT), which added former administration. hundreds of millions of new “Subsequent to the passrevenue to the Govern- ing of the Budget, additional ment purse,” Mr Turnquest unpaid bills were identified blasted. that have been paid thus far “With this dismal record from the current fiscal year’s of performance, quite approved budget, meaning frankly the Opposition our deficit may have been Leader and his colleagues even lower if we did not are in no position to talk have to pay these unplanned

expenses,” the Deputy Prime Minister added.

The remaining amount was wrapped up in the Government’s $750 million US dollar bond issue, which was used to roll-over maturing debt issues and repay shortterm facilities.

A further $100 million borrowing to redeem bonds issued to Bank of the Bahamas was approved in the mid-year Budget, while some $90 million in credit from the Inter-American Development Bank will not be drawn down until the next fiscal year. “This current FNM administration has now recorded two budget surpluses in the past 11 months, most recently in January of this year, and our aim is to arrive at the point of consistency in this regard, bringing down the deficit and eventually the massive debt accumulated under the PLP’s watch,” Mr Turnquest added.

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THE TRIBUNE

Minister’s $90m fish exports double ‘goal’ FROM PAGE 1 Centre (GRAC), beginning on April 13, Mr Wells stressed the need for the Bahamas to produce more of the food it consumes.

“One of the areas we can do it immediately is in the marine environment in fisheries, especially in identifying the pelagic species. We don’t harvest tuna, wahoo or deep water grouper, and there are tons

of deep water crabs we are not exploring as a people.

We need to be able to encourage Bahamians to get into the pelagic fishing,” the Minister said.

The goal of Expo 2018 remains the same as in previous years; to expose our nation’s farmers, processors, agri-business people, craftsmen, artisans and marine business people to the consuming public, while at the same time educating our population on the

opportunities that exist in farming and fishing in our country.”

Mr Wells added that this year’s Expo will feature demonstrations such as honey production, canning tomatoes, operating a successful farming business and more. It will also feature a live meat fabrication demonstration to show what an entire carcass looks like, and help farmers identify quality cuts to maximise their profits.

THE TRIBUNE

Thursday, April 5, 2018, PAGE 5

Conch-rete not what it’s cracked up to be FROM PAGE 1 just over $200 million, the IDB report said: “Building standards in the Bahamas are higher than in practically all United States hurricane zones, including the very tough standards of South Florida.

“The present Code was issued in 2003, and its use is mandatory for design and construction of all buildings, including private dwellings and public buildings. However, the lack of qualified inspectors to conduct structural inspections in more remote areas contributes to substandard construction and structural deficiencies. This is likely to contribute to major damage in future events.”

The lack of enforcement, the IDB report said, manifested itself in the severe damage inflicted by Hurricane Matthew in north Andros, which was hit by storm surges as high as nine to 12 feet in locations such as Lowe Sound and Conch Sound.

“During the field visit, the team observed on several occasions that beach sand was being used for the preparation of concrete,” the report said. “Salts adsorbed to the sand reduce the durability of reinforced concrete structures.

“In plain concrete or mortar for plaster, this may be less detrimental.

However, beach sand has other attributes that limit its desirability, including aggregate shape and size.

Beach sand tends to be very fine and rounded, which is not advisable for making mixes.”

The IDB assessment continued: “Another illadvised practice observed was the used of conch shells in concrete mixes, and as the main filler material for concrete slabs.

“These shells are abundant and inexpensive, making them popular for use in filling and preparing concrete, instead of a more appropriate aggregate.

However, when economy demands, conch shells are used, and their use is adequate so long as this complies with respective codes of practice.”

The IDB warned that higher construction costs in the Family Island, due to extra transportation costs and the scarcity of skilled labour, were contributing to the problem of sub-standard properties.

“In the Family Islands, construction costs are about 30 per cent higher than in New Providence,” the report added. “The cost of transporting building materials to the Family Islands by boat contributes to a situation in which many contractors and owners are building below required standards.

“In Andros, a high percentage of houses are built of timber and plywood, due to lack of materials and aggregates for masonry construction.... Poorlyengineered structures, particularly homes, were the most extensively damaged.

“As on the other islands, the houses most frequently destroyed or severely damaged were older homes.

The team observed that some homes had inadequate pier foundations or a

complete lack of pier reinforcement, causing severe structural damages.”

The IDB report also identified concerns over centralised control over hurricane relief efforts by the National Emergency Management Agency (NEMA) Nassau, which was blamed for delaying the distribution of supplies and release of funds.

“Several officials in affected islands expressed concerns about the highlycentralised nature of the disaster response, with local efforts hampered by the need to wait for NEMA or other officials in Nassau to direct the distribution of supplies and use of relief funds,” the assessment revealed.

“In Grand Bahama, there was a concern that relief supplies were directed through the airport in Nassau instead of directly to Freeport. This created delays and additional complication in the effort to provide relief to the affected population.”

Citing practical examples, the IDB report found: “In Andros, local officials said they experienced delays accessing and directing relief funds due to the need to seek prior approval from Nassau.

“For example, there was a need to hire local people to retrieve coffins and corpses that had been scattered when a cemetery was impacted by storm-surge, but local officials did not have immediate access to funds to do so.

“In another example, a school administrator used her personal funds to establish a bank account to

finance expenses relating to relocation of a school that had been heavily damaged.

It was anticipated that funding for these activities would eventually be provided by the government, but there was

a need to cover expenses incurred before such funding became available.

“Officials in Andros recommended the establishment of a mechanism to ensure that district governments have early access to funds

that they are able to control in an immediate post-disaster situation.” The IDB report also noted that while all information flows to NEMA, this is not distributed to stakeholders “in a timely manner”.

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PAGE 8, Thursday, April 5, 2018

THE TRIBUNE

EU response ‘undercuts’ foreign direct investment allure FROM PAGE 1 publicly disclose the agreement it made in signing up to the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative.

The former attorney general said this made it impossible to fully understand and analyse the Multinational Entities

Financial Reporting Bill’s implications, given that the BEPS agreement was needed to set it in the proper context.

While acknowledging that the European Union (EU) ‘blacklisting’ was “not the end of the world”, Mr Sears said the Bahamas was again being forced by external pressures to “reinvent itself” and enact reforms it should have initiated itself for its own interests.

“Quite frankly, it’s only when you go through it that you get a sense of the full magnitude,” he told Tribune Business of the Bill. “We’re talking now about a major overhaul and under-cutting of what has been the national policy, by and large, for incentives to attract foreign direct investment.

“It goes well beyond the financial sector. The whole national policy, administered from the Prime Minister’s Office in these Heads of Agreement, is based on preferences and exemptions. It’s not just the financial sector; it goes right to the heart” of how the Bahamas attracts FDI. The EU ‘blacklisted’ the Bahamas for allegedly being non-cooperative in the fight against tax avoidance, especially by multinational companies.

Of particular concern to the 28-nation bloc was the absence of ‘economic substance’ requirements, which it views as enabling companies to shift profits/ income earned in other countries to Bahamiandomiciled vehicles that either have no physical presence or conduct no business activities here.

The EU believes this could allow multinational enterprises to avoid taxes in other countries, and the second element of its concerns is ‘ring fencing’ - the

existence of a preferential tax regime for foreign investors and non-resident entities compared to that enjoyed by their Bahamian counterparts.

The Multinational Entities Financial Reporting Bill eliminates such ‘ring fencing’ for International Business Companies (IBCs), Foundations, Executive Entities, Investment Condominiums (ICONs) and Exempted Limited Partnerships.

Yet in so doing, and complying with the EU’s demands, Mr Sears yesterday warned that the elimination of ‘ring fencing’ was removing “the primary basis on which the Bahamas has sought to attract foreign direct investment from Sir Stafford Sands’ time”.

“In other words, the basic concept of national development in the Bahamas is that FDI is the engine, and the way we attract FDI is through preferences,” he told Tribune Business. “The whole idea, when you read the Bill and the relationship it has to the BEPS initiative, is that all of that is considered to be a hostile act and a ‘harmful tax practice’.

“It states right in its body that it’s not for the peace, order and good governance of the Bahamas; it’s for the benefit and interests of the EU. What

ALFRED SEARS

we do with our investment strategy is a ‘ring fencing’.

It’s a preferential treatment. This really raises a fundamental question of national policy, and we need to have a national conversation.

“The whole concept of preferential treatment of

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT EQUITY SIDE

2017/CLE/gen/1172

IN THE MATTER OF Property comprised in a Mortgage dated the 30th day of January A.D., 2007 between Josuè Arty and Akera Neely-Arty and FirstCaribbean International Bank (Bahamas) Limited and recorded in Volume 10079 at pages 496 to 511 in the Registry of Records in the City of Nassau in the Island of New Providence AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978 BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND JOSUÈ ARTY First Defendant AND AKERA NEELY-ARTY Second Defendant NOTICE TAKE NOTICE that an action has been commenced against you in the Supreme Court, Common Law and Equity Division, Action No. 2017/CLE/gen/01171 in which the Plaintiff, FirstCaribbean International Bank (Bahamas) Limited, has issued an Originating Summons filed on 27th day of September, A.D. 2017, in addition to the Affidavit of Tamika Lightbourne filed on 27th day of September, A.D. 2017 seeking the following orders:(i) Delivery up of possession of ALL THAT Unit Number Two (2) in the Building known as “Serenity Suites Homeowners Association” situate on Lot Number Ten(10) in the Western District of the Island of New Providence in the Commonwealth of The Bahamas and referred to in the Mortgage dated the 30th day of January, 2007. (ii) The said Mortgage be enforced by sale; (iii) Further and other relief; (iv) Costs.

TAKE FURTHER NOTICE that it was ordered on the 14th day of March A.D. 2018 by Assistant Registrar Mrs. Constance Delancy of the Supreme Court that the service of the aforesaid ORIGINATING SUMMONS (and the aforesaid Affidavit in support) in the said action be effected on you by way of this advertisement.

PLEASE TAKE FURTHER NOTICE that the said ORIGINATING SUMMONS (and the aforesaid Affidavit in support) filed on the 27th day of September, A.D. 2018 can be collected from the Chambers of the Plaintiff ’s Counsel as set out below.

AND FURTHER TAKE NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, acknowledge service of the said ORIGINATING SUMMONS (and the aforesaid Affidavit in support) by completing a prescribed form of Acknowledgement of Service which may be obtained on request from the Plaintiff ’s Attorneys whose name and address appear below, otherwise Judgment may be entered against you without further notice.

DATED this 14th day of March, A.D., 2018 HALSBURY CHAMBERS SUITE# 548, VILLAGE ROAD NORTH HALSBURY COMMERCIAL CENTRE NASSAU, THE BAHAMAS ATTORNEYS FOR THE PLAINTIFF

foreign enterprises is now perceived as a strategy to erode the tax bases of EU members.”

Mr Sears agreed that eliminating ‘ring fencing’ ironically “favours Bahamians indirectly” by placing them on a ‘level playing field’ for tax incentives, but argued that the Bill’s proposed changes were so fundamental that this country cannot afford to “stumble into” them without “due deliberation”.

He warned that this was impossible without disclosure of the precise terms upon which the Bahamas has agreed to comply with the OECD’s BEPS initiative, especially given that the Bill’s first half was dedicated to addressing this issue.

The Minnis administration last year said the Bahamas had committed to joining the BEPS ‘Inclusive Framework’ and implementing its ‘minimum standard’, which involves complying with four out of 15 criteria.

These are (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution. Yet without the timelines, terms and conditions on which the Bahamas has agreed to implement BEPS, Mr Sears said it was impossible to have a “meaningful conversation” on the way forward for this nation.

“How the hell can we do it if we don’t know what has been agreed to in our name,” the former attorney general told Tribune Business. “We seem to be complicit in keeping this away from public conversation. Word make a difference.

“How can I make a sensible, informed public intervention and assist the Government? I need to know what’s in the agreement. Let us see what it is that we have committed ourselves to. We need to know what was signed on our behalf. How can you sign such a far-reaching thing? This is what I call an absurdity.”

Mr Sears said transparency, disclosure and information were essential to a democratic society, adding that “angst and paralysis” would be the inevitable result if the private sector is ‘kept in the dark’ on BEPS. “The more fundamental question is how do we reinvent ourselves,” he told Tribune Business. “It’s not the end of the world.

The world is changing. It’s the external threats that are going to force us to do what we should have been doing long time.”

THE TRIBUNE

Thursday, April 5, 2018, PAGE 9

Shell, New Fortress battle for Bahamas Power & Light deal FROM PAGE 1 added. “Right now, everything’s on hold, but the Board has certainly completed its work in terms of getting the ball rolling.”

BPL last year called for bids to supply it with 80 Mega Watts (MW) of shortterm generation capacity for a five-year term, essentially seeking a better deal than it obtained from current provider, Aggreko.

However, BPL executives were quick to acknowledge that long-term generation offers were also welcome, and “modified” the process accordingly. Among the 19 bids received were those from Shell Gas and New Fortress, both of which are offering LNG-driven power plant solutions.

Tribune Business sources said BPL was “very keen on the solution offered by Shell, and the Board made a recommendation for Shell North America and an LNG plant at Clifton”.

However, one contact added: “New Fortress has

a more complete solution, and has the ability to finance the entire project.”

New Fortress, the subsidiary of a multi-billion dollar New York asset manager founded by its principal, Wes Edens, was selected by the former Christie administration as its preferred energy reform partner in a highly-secretive process that was exposed by Tribune Business just before the 2017 election.

The group, which has already inked an LNG supply deal with Jamaica’s electricity supplier, Jamaica Public Service Company (JPS), is said to have merely dusted off its prior proposal, refined it and then resubmitted it under the new process.

And New Fortress also has some significant local partners, including BISX-listed Arawak Port Development Company (APD), the Nassau Container Port’s operator, and Bahamian investment advisory firm CFAL, formerly Colina Financial Advisors.

Mike Maura, APD’s chief executive, told Tribune Business earlier this year: “In an effort to participate in the Bahamas’ energy reform, APD has partnered with New Fortress Energy and CFAL in a tender to BPL to provide natural gasfuelled power generation.

“The group believes that the new business opportunity provides a national benefit and shareholder value. The introduction of LNG to the Nassau Container Port provides a new revenue stream for APD, and offers new cold storage opportunities for local seafood and agriculture.

“The new business will add incremental income, which will serve to cover a portion of the port’s operating expenses, while reducing the risk to APD’s 11,000 shareholders stemming from a dependence on traditional cargo

throughput, and introduce new investment opportunities for all Bahamians.”

Mr Maura did not provide further details on the APD-New Fortress-CFAL offer, although it will likely involve the development of an LNG storage/regasification terminal at the Arawak Cay port location.

New Fortress, as the fuel supplier, will likely ship the LNG to APD from its facilities in Florida. From there, the gas will likely be transported by pipeline from Arawak Cay to BPL’s Blue Hills power plant, where it will be used to drive the utility’s generation equipment.

New Fortress also recently agreed an LNG supply deal with Freeport-based Polymers International, which will see the latter use the fuel to run its boilers. Greg Ebelhar, Polymers’ chief

NOTICE IN THE ESTATE OF VIRGINIUS CONRAD WELLS late of the Settlement of Mangrove Bush, Long Island, one of the islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 30th day of April, A.D., 2018, and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above-mentioned date the assets will be distributed having regard only to the proved debts or claims of which the Administrators shall have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the 30th day of April, A.D., 2018.

Dated this 22nd day of March A.D., 2018 DELANEY PARTNERS Attorneys for the Administrators Lyford Manor (West Bldg.), Western Road, Lyford Cay Nassau, The Bahamas

operating officer, revealed that New Fortress was also interested in establishing an LNG terminal in Grand Bahama.

A key attraction of the Bahamas’ market for LNG suppliers, besides local power needs, is the possibility to provide fuel for the hundreds of cruise ships that ply this nation’s waters.

Around 20- per cent of such vessels already use LNG, and more are expected to convert in the near future.

Tribune Business sources also suggested that Shell’s desire to secure the BPL fuel supply and long-term generation contract was motivated, at least in part,

by a desire to stop New Fortress dominating the Caribbean LNG market.

The latter announced a $1 billion infrastructure investment in Jamaica in late 2017, which includes the construction of several power plants, and securing the Bahamas would give New Fortress a second - and one of the largest Caribbean markets - and the one that is closest to the US. Shell Gas is largely a fuel supplier, not a power plant owner/operator, and this newspaper understands that it has already reached out to other BPL bidders for potential assistance with these aspects should it win.

PAGE 10, Thursday, April 5, 2018

THE TRIBUNE

Insolvent bank’s chief accused of ‘sham deal’ FROM PAGE 1 mortgaged “without proper regulatory permission being granted” under either the Immovable Property (Acquisition by Foreign Persons) Act 1993 or its successor, the International Persons Landholding Act.

The latter Act, though, allows a foreign mortgagee such as Mrs Harajchi to apply for a Certificate of Validation if prior approval from the Government is not obtained.

“Mrs Harajchi did not apply at the time of the alleged mortgage, but she has now applied for a Certificate to validate the

purported mortgages,” Mr Winder alleged.

“I have made strong and detailed representations to the Investment Board (the Cabinet) opposing the grant of the Certificate of Validation requested by Mrs Harajchi.

“In my opinion, the alleged mortgages are no more than a paper transaction contrived to defeat legitimate creditors of Mohammed Harajchi. My position in this regard is reinforced by the fact that both Mr and Mrs Harajchi were aware of the requirement for approval under the 1983 Act and failed to seek or request this.

“Further, both of them failed to advise the Central Bank of the Bahamas of the payment of the sum being loaned/borrowed, and there is no paper trail evidencing the actual payment by Mrs Harajchi to Mohammed Harajchi.”

The outcome of this battle is critical to Mr Winder’s efforts to recover $17.717 million in depositor funds that the Harajchis spirited out of the Bahamas in 2001, prior to the liquidator and his team taking control at Suisse Security.

Clients had been directed to deposit funds with two International Business Companies (IBCs), Suisse Security Holdings (SSH) and Suisse Security Investments (SSI), rather than the bank itself.

The two IBC’s held $12.176 million and $5.54 million, respectively, when Suisse Security was placed into court-supervised liquidation, and the funds have remained under the Harajchi family’s control to this very day.

Mr Winder has effectively been engaged in a near decade-long stand-off with Mr Harajchi, having obtained a lien over his Paradise Island properties in a bid to block their sale and the Suisse Security chief’s exit from the Bahamas.

This remains the only leverage he has to force the return of depositor funds, but this will likely be lost if Mrs Harajchi is able to foreclose on the two mortgages allegedly secured on that real estate.

Should that happen, there is every likelihood that Suisse Security depositors will never see their funds again, inflicting a further ‘black eye’ and reputational damage from

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

BISX ALL SHARE INDEX: CLOSE 1,962.06 | CHG 0.06 | %CHG 0.00 | YTD -101.51 | YTD% -4.92 BISX LISTED & TRADED SECURITIES 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

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 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

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 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 3.94 10.07 2.67 1.50 7.86 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 3.94 10.07 2.75 1.50 7.85 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 0.00 0.00 0.08 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.87 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

3,000 3,380

1,500

VOLUME

EPS$ 0.361 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 11.7 18.7 N/M 11.9 N/M N/M -2.5 13.8 10.5 23.0 16.0 27.0 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% 3.05% 6.85% 2.18% 3.33% 1.07% 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

0.000 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

The Suisse Security chief is understood to have substantial assets in Europe, including a hotel on France’s Cote D’Azur near Nice, and he is thought to spend much of his time between there and Geneva.

Mr Winder’s Supreme Court meanwhile, reveals that Suisse Security’s estate continues to suffer from a $21.547 million solvency deficiency, largely due to the depositor funds still in the Harajchis’ possession.

And less than 13 per cent of Suisse Security’s clients have submitted claims against the bank’s estate, with more than one-third of its $56.29 million liabilities seemingly having no owner.

Out of 3,070 clients when Suisse Security was placed into liquidation, some 2,685 have yet to claim a collective $19.535 million said to be due to them from the bank.

The latter figure is equivalent to 34 per cent of liabilities.

Just 44 clients, representing less than 1 per cent of the total, have submitted claims which have been accepted by Mr Winder.

These, though, appear to be Suisse Security’s larger depositors, as their claims are for a collective $12.97 million or 23 per cent of the bank’s liabilities.

A further 80 claims, worth $3.629 million, were approved but Mr Winder has lost contact with those clients.

And the final 261 claims, valued at a combined $21.394 million or 37 per cent of the total, were rejected.

Mr Winder said most of the approved claims have been paid a 10 per cent dividend, and he anticipates making a further distribution that “should not be less than 10 per cent” of claims amounts imminently.

As for fiduciary assets that were held by Suisse Security, the liquidator said he had been unable to contact 74 per cent of those clients.

NOTICE

MARKET REPORT WEDNESDAY, 4 APRIL 2018

a saga that has already hurt the Bahamas. Responsibility for preventing this now largely rests with the Minnis Cabinet (which acts as the Investments Board).

Mr Winder’s latest Supreme Court report exposes how the 17-year Suisse Security saga continues to haunt this jurisdiction and overshadow the ‘blue chip’ image the Government and financial services sector are eager to present.

The Central Bank suspended, then revoked, Suisse Security’s licence in 2001 after it allegedly failed to respond to its regulatory directives, with then-governor Julian Francis determining that the bank was “badly run”.

The move triggered a furious six-year onslaught

by Mr Harajchi and his family, through the courts and using other means, in an ultimately futile attempt to regain their banking licence.

Mr Harajchi, who was called ‘The Sheik’ by some Bahamians, even went to the extent of starting his own tabloid newspaper, The Confidential Source, solely to bash the thenFNM government for the ‘sin’ of closing down Suisse Security.

He made little secret of his 2002 election donation to the Progressive Liberal Party (PLP), hoping that this would result in his bank’s return. This, though, was not in the then-Christie administration’s power to effect, as the sole authority lay with the Central Bank.

Believing he had been ‘swung’, Mr Harajchi quickly turned his newspaper’s fire on the PLP government as he sought revenge. Its long-running campaign eventually came to an end after Mr Harajchi lost all legal appeals against Suisse Security’s licence revocation, resulting in his decision to leave the Bahamas in 2006-2007, only his real estate assets remaining behind.

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 SHEVAGO DOMINIQUE JAMES of Stapledon Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 5th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DANA JOSEPH of Allen Drive off Carmichael 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 twentyeight days from the 5th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that THARA DENISE JEAN LOUIS of Soldier 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 5th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that AMICAR ARIUS of Olander Street off Mackey Street, P.O Box CR-54802, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th 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 JEAN KENDI CENATUS of Martin Town, Eight Mile Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of February, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

THE TRIBUNE

Thursday, April 5, 2018, PAGE 11

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