business@tribunemedia.net
THURSDAY, APRIL 6, 2017
$4.10
$4.14
$4.16
Troubled broker agrees wind-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A Bahamian broker/ dealer, which admitted to misusing almost $4 million in client monies without permission, has agreed to go into voluntary liquidation after deciding it “made no financial sense” to continue fighting regulators. Roy Sweeting, the attor-
ney representing Tillerman Securities, told Tribune Business that voluntary winding-up, and appointment of liquidators, was “best outcome that could be achieved in the circumstances”. The Glinton, Sweeting & O’Brien partner added that with his troubled client barred from doing business, it would have been “bled dry” had it continued its battle against the Securities
‘No confidence’ in Baha Mar casino licensing process By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A key Sarkis Izmirlian ally yesterday said he had little confidence that the Gaming Board had done “in-depth background research” on Baha Mar’s casino license because the outcome was “pre-determined”. Dionisio D’Aguilar, a former Baha Mar Board member under the $4.2 billion project’s original developer, told Tribune Business that “putting the cart before the horse” showed it was inevitable Chow Tai Fook Enterprises (CTFE) would obtain the necessary approvals. The FNM’s Freetown candidate in the upcoming general election suggested that the casino license award was effectively a ‘fait accompli’, given that CTFE had already hired staff and imported millions of dollars worth of gaming See pg b9
Sarkis ally: Approvals for CTFE ‘pre-determined’ ‘Cart before horse’ on staff hiring, machines arrival Tells Govt: ‘Call a spade a spade’ on opening
Commission. Tillerman’s voluntary liquidation is part of a wider agreement reached with the Securities Commission to end their near two-year battle, with the regulator set to drop its own winding-up petition against the broker/ dealer. The deal was put into effect yesterday before Justice Ian Winder, with Mr Sweeting informing the Su-
preme Court on Tillerman’s behalf that the company’s directors - Hans Christian Saunders, Anthony Dupuch and attorney Craig Butler had resolved to place it into voluntary liquidation. Raymond Winder, Deloitte & Touche (Bahamas) managing partner, and his colleague, Mark Munnings, have agreed to act as Tillerman’s voluntary liquidators. See pg b11
The Bahamas has the most productive ValueAdded Tax (VAT) regime in the Caribbean, an IMF paper yesterday holding out its ‘low rate, broad base’ structure as a model for the entire region. A ‘working paper’ on tax administration reforms in the Caribbean found that the Bahamas’ VAT productivity/efficiency even exceeded the average across OECD member states, plus European and Asian nations.
IMF paper: 7.5% levy is model for Caribbean Contradicts Minnis’s VAT exemptions plan Tax grew Govt revenue 39% compared to previous The paper’s author, Stephane Schlotterbeck, measuring ‘productivity’ as the ratio of actual VAT revenues collected to potential collection if all domestic
‘Banana republic’ fear on Carnival date shift Band owners: ‘We’re already being cursed out’
‘Best outcome in circumstances’ for Tillerman
Trying to salvage ‘thousands’ from 3-4k visitors
Would have been ‘bled dry’ in Commission battle
Event now put back to original dates after backlash
Attorney: ‘Really good shot’ to regain investors’ $4m
By NATARIO McKENZIE
Bahamas has region’s ‘most productive’ VAT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.16
consumption was taxed at the same rate, found that the Caribbean average was “slightly below” international standards. “It ranges from 0.36 in St. Lucia to 0.79 in the Bahamas, with an average of 0.54 in the region compared to 0.55 in OECD countries, 0.59 in Europe, and 0.64 in Asia and Pacific,” Mr Schlotterbeck found. “A low productivity ratio indicates erosion of the tax base, exemptions, excessive zero-rating, concessional rates, evasion, and weak enforcement.” The Bahamas’ high VAT See pg b8
Tribune Business Reporter
nmckenzie@tribunemedia.net
Junkanoo Carnival band owners still face thousands of dollars in losses, their Association president said yesterday, as the farce surrounding the event deepened with its original dates being restored. Dario Tirelli, the Bahamas Junkanoo Carnival Band Owners Association’s (BCBOA) president, said organisers had misjudged the fallout from the abrupt two-week postponement. He told Tribune Business that Association members have now been left to try and salvage their relationships with revellers, who had expressed outrage at the announcement earlier this week that Carnival had been postponed to May 18See pg b10
Dionisio D’Aguilar
Labour reform ‘sticking points’ largely resolved By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The private sector is satisfied “for now” with the labour law reforms passed by Parliament, the Chamber’s chief executive yesterday confirming that “most of the sticking points” have been dealt with. Edison Sumner told Tribune Business that most of the amendments proposed by the private sector to the original Employment Act and Industrial Relations Act changes had been included in the final Bills. He added, though, that the Chamber was still having discussions on other reforms it is seeking, and will likely pursue this through the National Tripartite Council - the body created to resolve all labour-related matters via a consensual approach. “We didn’t get everything we wanted, See pg b10
Chamber chief: Private sector ‘satisfied for now’ Feels final Bills a ‘strong compromise’ Will reintroduce remaining issues at Council
Edison Sumner
STANDARD SIZE CGI WINDOWS IN STOCK Premier Dealer
Most extensive line of Windows, Doors, Entrance Doors & Hurricane Shutters
325-6633/4 | email. sales@stormframewindows.com | website. stormframewindows.com