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‘Blacklist’ escape: Police seizure paves Bahamas may be way for ‘Radio Sebas’ delisted Thursday By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he broadcaster at the centre of Sebas Bastian’s radio licence controversy yesterday pledged to “attack” its police-enforced shut down, arguing: “The injustice needs to stop.” Navette Broadcasting’s principals slammed the seizure of ZSR Sports Radio’s broadcasting equipment, at the behest of communications industry regulators, arguing that their case has yet to receive a full hearing in the Bahamian courts. Van Ferguson and Cheryl Braynon told Tribune Business that the action, instigated by the Utilities Regulation and Competition Authority (URCA), was “just another rung on

* Authorities shut down ZSR Sports Radio * And hand frequency to Island Luck chief’s station * ZSR operator: ‘The injustice needs to stop’ the ladder” in the long-running dispute over the 103.5 FM frequency. Disclosing that the duo remained confident in the merits of their case, Mr Ferguson said there was “no way” URCA’s original decision against them will stand if the matter gets to court. The move comes as Tribune Radio plans to take legal action against URCA over its actions relating to Mr Bastian’’s new radio station, and its handling of the Navette/103.5 FM frequency dispute. Tribune Radio yesterday said it has been monitoring the situation for a number

of weeks, and is concerned that URCA has exceeded its statutory powers. Callenders & Co, alongside Higgs & Johnson, will be retained to seek leave for a Judicial Review of URCA’s actions over the last several months, which Tribune Radio believes may be “unauthorised, illegal and unlawful”. But URCA, in a statement confirming it had requested the police raid, served notice of its plans to now prosecute Navette Broadcasting for breaching the Communications Act by operating a radio station without a licence.

And the sector regulator also confirmed it had yesterday advised Paramount Systems, the broadcaster that is majority-owned by one of Mr Bastian’s corporate vehicles, that it can now start using ZSR Sports Radio’s 103.5 FM frequency. Tribune Business exclusively revealed pre-Easter how the Island Luck chief’s radio station had been been broadcasting without a licence, after the temporary three-month permission granted to it by URCA

SEE PAGE 3

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas could be removed from the European Union’s (EU) ‘blacklist’ as early as this Thursday, with the Government hoping TURNQUEST to at least get “an indication” of delisting progress. K P Turnquest, Deputy Prime Minister, told Tribune Business that the Government was yesterday “following up” with EU officials on the 28-nation’s ‘Code of Conduct Group’ to determine whether the Bahamas removal will happen on April 12. He revealed that the Government at least hoped

* GOV’T ‘FOLLOWING UP’ ON APRIL 12 OMENS * HOPING TO ‘AT LEAST SATISFY’ EU TECHNOCRATS * WOULD THEN PAVE WAY FOR MAY 25 REMOVAL to “satisfy” the demands of the EU’s technocrats at Thursday’s meeting, an achievement that would mean the Bahamas’ delisting was a relative “formality” when the bloc’s finance ministers meet on May 25. “That is our hope,” Mr Turnquest said of the April

SEE PAGE 3

PRIVATE SECTOR URGED TO SEIZE WTO CONSULTATION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE private sector was yesterday urged to make its voice heard in two weeks’ of upcoming WTO meetings, amid warnings that non-collaboration has “always proven to be a disaster”. Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, told Tribune Business it was “very, very, extremely important” that all businesses and industries use the April 16-May 3 meetings to submit their concerns and recommendations to the Government. He emphasised that these private sector ‘positions’ would be critical in informing the Government’s opening ‘offer’ for the Bahamas’ accession to full World Trade Organisation (WTO), setting the platform for this nation’s ‘terms of entry’ - including reservations and exemptions. The Bahamas will have to negotiate with other WTO members which industries are opened up to foreign competitors, and to what

extent, and Mr Pickstock warned private sector input on such issues was vital to prevent the Government from agreeing anything unfavourable to local entrepreneurs. “What we’re doing is reaching out to our members and collaborating with regard to getting the industry groups on board,” he said of the meeting. “Quite frankly, it’s a short period in space and time to get these guys galvanised. “It’s in these briefings and consultations that the business community will be able to get their concerns out. This is a negotiating process, and they have to tell the Government exactly what they are prepared to give up and not give up. “I said to the Government: What people don’t understand, naturally they will reject. We have to explain in the simplest possible form what is happening.” The Bahamas has to negotiate its terms of accession to the body that sets global trade’s rules with a ‘working party’ of its members. This will be formed from all the countries that have an interest in trading

* Upcoming meetings to set first offer * Non-cooperation a ‘proven disaster’ * ‘Businesses trade, not the Gov’t’ with this nation, such as the US, Canada, European Union, China, UK, fellow Caribbean states and possibly the likes of Brazil and Latin America. It will be down to the skills of the Bahamas’ negotiators to obtain the best possible terms, but Mr Pickstock warned they can only achieve this if armed with what the private sector is seeking to meet its needs and properly position the economy. Officials from the WTO Secretariat were in the Bahamas two weeks ago to explain the accession process and what’s required, as this nation bids to complete its full membership by end-2019. Recalling those meetings, Mr Pickstock said: “People had questions, they had concerns, but ultimately they seemed to be in favour of WTO accession as long as the Government is prepared to hear what they are prepared to accept or not

accept. “What that’s saying to me is they [the private sector] want a seat to at the table with them [the Government]. “That’s the purpose of these consultations and they will be extremely important. “Their concerns, or whether it’s recommendations or whatever, coming out of these meetings will be wrapped up in what the Government presents when it negotiates on a bilateral or multilateral basis. It’s important for the business community to say to the Government: This is what we want you to take to the table for the first round of negotiations.” The Bahamas’ WTO accession negotiations will then kickstart, with offers sent back and forth to and from the ‘Working Group’. “The Government doesn’t trade,” Mr Pickstock reiterated to Tribune Business of the consultations set to begin next week.

“It’s the only way the Government knows what the concerns are if they hear from the business community. “It would be very concerning to go down this road and not hear from the business community.... We don’t want a position where the Government goes ahead and negotiates on behalf of the private sector without hearing its concerns and recommendations, and then presents it with something. That’s always proven a disaster.” As an example Mr Pickstock, a partner at the Glinton, Sweeting & O’Brien law firm, said the Bar Association had already rejected the notion of opening up the legal profession to foreign attorneys and firms pre-WTO. This issue, he added, would “raise its head again” now. Mr Pickstock said one way around it would be to reserve certain segments of the legal services market,

such as real estate, which he described as “the bread and butter”, for Bahamians. The Government, in a questionnaire for goods providers, justified its WTO membership drive as essential to improving the Bahamian economy’s openness and competitiveness, thus repositioning it for greater growth. It added that full WTO membership would protect Bahamian goods and services exports from protectionist policies, such as tariffs, that other countries can currently impose to deny them access to overseas markets without consequence. This, in turn, would “unlock” Freeport’s potential while ending the Bahamas’ isolation as the only western hemisphere nation that is not a WTO member. “The Government considers it important to create a more open and competitive economy in order to enable Bahamians to compete successfully in today’s global environment. Membership in the WTO is an important tool that can

SEE PAGE 4

Contractors chief CCA attorneys slam Sarkis’s brands Pointe labour ‘ridiculous’ ‘bailout salvo’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

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THE Bahamian Contractors Association’s (BCA) president yesterday branded local participation at the $200 million Pointe project as “ridiculous”, and demanded proof the developer was abiding by its Heads of Agreement. Leonard Sands also told Tribune Business he was “saddened” by the lack of unity among Bahamian contractors over issues impacting the sector, with less than 4 per cent of Bahamian contractors members of the BCA. Reiterating his concern over the ratio of Bahamian versus Chinese

workers employed at the Pointe in downtown Nassau, Mr Sands said: “It’s ridiculous what’s going on up there. They say the ratio is 70/30 or whatever, but I can’t see it. Where is the proof of that?” Mr Sands previously called for proof that 150 local contractors were currently employed at The Pointe, as claimed by developer China Construction America (CCA), expressing scepticism over that figure. Daniel Liu, The Pointe’s president and a CCA vicepresident, told the Prime Minister and his Cabinet during a tour of the project as recently as February that 150 Bahamian contractors

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATTORNEYS for Baha Mar’s main contractor have accused Sarkis Izmirlian of trying to besmirch its reputation by claiming it received “a bailout” to complete the $4.2 billion project. China Construction America’s (CCA) attorneys, in March 22 legal arguments before the New York State Supreme Court, alleged that Baha Mar’s original developer was using its $145 million ‘remobilisation’ payment as “the first salvo” in a longrunning public relations campaign to damage their client’s reputation.

* PART OF PR OFFENSIVE TO HARM REPUTATION * NEW YORK JUDGE SHRUGS OFF MEDIA CLAIM * DISPUTE ‘MAJOR BAHAMIAN CONCERN’ Mitchell Berger, in successfully arguing for non-disclosure of CCA’s financial compensation for completing Baha Mar, also complained to Judge Saliann Scarpulla about Tribune Business’s coverage of the claims against the Chinese state-owned contractor. This was immediately dismissed by the judge, who

SEE PAGE 4

PAGE 2, Tuesday, April 10, 2018

THE TRIBUNE

Tourism targets Latin American expansion THE Ministry of Tourism has brought Latin America to the Bahamas through a recent familiarisation trip for journalists. Media personalities from Colombia, Peru and Panama visited Nassau and Paradise Island to receive a taste of Bahamian culture, as this nation seeks to open up new visitor markets in the southern hemisphere. Giovanni Grant, the Ministry’s general manager of multi-destinations, said: “Latin America is hugely important to the Bahamas because when Latin Americans come they stay longer; they spend a lot more and they go into

the local community. So they come downtown, they shop for luxury goods and food is huge for the Latin Americans.” While in Nassau, the journalists visited the forts, the Queen’s Staircase, Educulture, Graycliff, restaurants and other cultural experiences. “Copa Airlines has four flights per week – Wednesday, Thursday, Friday and Saturday from Panama City non-stop to Nassau,” said Mr Grant. “What that does is connect all of Latin America, which is their hub, and they fly to Nassau. “The population of Brazil and Mexico exceeds the

MEDIA personalities from Colombia, Peru and Panama visited Nassau and Paradise Island to receive a taste of Bahamian culture. population of the United States, so this is a huge market that we have had a relationship with and Copa Airlines is that partner to do it.” The Ministry of Tourism is also marketing with Copa Airlines in Argentina, Brazil and Panama. “We are doing online, newspapers, magazines and cinema. We are going back into the market with new vigour to let everyone in Latin America know we are here, and we are here to stay,” added Mr Grant. “We want the journalists to take

home the message that the Bahamas is open for business. We have new products to offer, new experiences. The Bahamas is still a sexy destination. Everyone wants to come to us and it’s an exciting time to come to the destination.” The Ministry of Tourism said language barriers are not an issue, as there are tour operators to help Latin Americans navigate the Bahamas. Clint Sawyer, a tour operator of Bahamas Tours en Español, whose clients are 80 per cent Latin American,

said: “For me, it’s important to show them the true Bahamian experience. “I want them to see Bahamian culture, to see how the Bahamian people are. I want them to come again and again and tell others to come as well.” Dani Dini, an Argentinian social media influencer, said of her visit: “This is an amazing place. I’m amazed at this conch salad and conch fritters and the drinks. “It is like a very vibrant and funny place. You can feel the energy and you just

lounge in Nassau. I don’t want to leave.” She has a blog with 30,000 followers, and added: “It’s very easy to come here, and it is definitely worth coming here because of the climate and the people, landscapes and amazing beaches. We don’t have anything like it in South America. “I’m trying to communicate in real time the experience that we are having. The food that we are eating, what we are experiencing — the city, the island and all they can do here.”

THE TRIBUNE

Tuesday, April 10, 2018, PAGE 3

Canadian bank’s work permit bid rejected By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Director of Labour yesterday said work permit applications from a Canadian-owned commercial bank had been rejected as it “aggressively” ensures foreigners do not fill posts where there are qualified Bahamians available. Robert Farquharson said 8,500 applicants have been added to the Department’s job seekers database since January, as he declined to identify the bank whose applications were rejected beyond confirming it was a

‘RADIO SEBAS’

FROM PAGE 1 expired on March 21. Mr Bastian’s radio joint venture was initially supposed to use the 103.5 FM frequency employed by ZSR Sports Radio, a station that was established by Olympic triple jump medallist, Frank Rutherford, and late sports broadcaster, Phil Smith. Mr Rutherford and Mr Smith’s widow are Mr Bastian’s minority partners in Paramount Systems, but they - and the 103.5 FM frequency - subsequently became embroiled in the legal challenge mounted by Navette Broadcasting. The latter, which operated ZSR Sports Radio, has consistently opposed the station’s majority takeover by Mr Bastian on the basis that itself - not Mr Rutherford and the late Mr Smith - is the true holder of the 103.5 FM licence. With Navette continuing to use that frequency despite URCA’s October 26, 2017, “cease and desist” warning, Paramount has been broadcasting on 105.3 FM while it waits for the regulatory dispute to be resolved. Stephen Bereaux, URCA’s chief executive, indicated in a recent Tribune Business interview that the regulator planned to deal with the matter once and for all notwithstanding Navette Broadcasting’s ongoing legal challenge. The regulator appears to have made good on its word, although Mr Ferguson yesterday complained that the police officers involved in Navette’s shutdown failed to produce the warrant showing on what basis - and on whose authority - they were acting. Recounting how his company was taken ‘off air’, he told Tribune Business: “It had just left the studio around 1.30pm, and at about 2pm I got a call that there were a ton of police at the station.” Mr Ferguson

‘BLACKLIST’ ESCAPE FROM PAGE 1

12 meeting. “They [EU officials] had indicated when we were over there they would have a meeting on the Friday following our meeting, and they were hoping to put our issue on the agenda. “We did not make it, and the next available opportunity is April 12. We’re following up on that, and hoping to get some success there. If not, we’ll be moving on to the full EU council agenda on May 25. “We’re hoping we’ll be dealt with on April 12. If not in full, at least the technical committee are satisfied, and we move on to the full ECOFIN (finance ministers) on May 25, which will then hopefully be a formality in terms of a review.” Such an early delisting, if the EU does act in the Bahamas’ favour on April 12, would provide a muchneeded boost to both the Minnis administration and the Bahamian financial services industry, both of which are badly in need of positive developments. The EU formally ‘blacklisted’ the Bahamas on March 13, having ‘leaked’ its intentions the previous

Canadian-owned commercial bank. “We have employers who seek to hire non-Bahamians for various positions, and they have to come to the Department of Labour and apply for a labour certificate,” Mr Farquharson said. “The policy of this government is that where qualified Bahamians are available, no non-Bahamian will be considered for that job. “We are aggressively pushing that policy. I just turned down a couple of applications for non-Bahamians from a major bank in this country. I said to them: ‘You will not be employing a non-Bahamian’, and sent them 10 résumés.

“I can’t tell them who to hire, but I said you have 10 qualified Bahamians who meet your qualifications. That Bahamian was hired and that is why we need as many persons as we can to come and register.” Mr Farquharson was speaking at a press

conference to announce the upcoming ‘Labour on the Blocks’ job fair for this Saturday, April 14. He said that since January 2018 more than 8,500 job seekers have been added to the Department’s database, which has about 79,000 persons registered. Mr Farquharson was quick to clarify that this did not represent a total number of unemployed persons in the Bahamas, noting that once the PC Recruiter portal is fully rolled-out, persons who have been hired will be identified also. Commenting on the job fair, he added: “We already have confirmed 16 employers who

will be on site. Between now and Saturday we will have some others. These are employers who have confirmed that they are actively looking to employ persons.” Among the employers at the job fair will be Fusion Superplex, Commonwealth Bank, Caribbean Bottling Company, Rubis Bahamas the John Bull Group of Companies, Atlantis and Diamonds International. It will be the last one for New Providence this year and will be held at the Doris Johnson Senior High School for the constituencies of Fox Hill, Seabreeze, Elizabeth, St Anne’s and Yamacraw.

said he called his attorney, Maria Daxon, as he “had no idea what this was about, although I figured it was not good”. The Navette principal said the police had left his radio studio by the time he returned, so he presented himself at the Wulff Road Police Station. The officers involved eventually arrived, demanding to know where Navette’s broadcasting equipment and tower site were located. Told by his attorney not to answer, Mr Ferguson said of the officer’s response: “He said they had a warrant to take away our equipment. He refused to show it to us, so we could not see who signed it. He threatened me with arrest; I don’t know what the grounds were.” Mr Ferguson said ZSR Sports Radio subsequently “went off air” early yesterday afternoon, as the police found its broadcast location and seized all computers and other relevant equipment. URCA later confirmed that, with the police’s assistance, it had “successfully executed a search and seizure warrant at the transmitter site”. The regulator added that its action was designed to halt Navette’s operation of a radio station without a licence, accusing the company of ignoring the October 26, 2017, warning “to cease an and desist its unlawful activity”. URCA added that its move came after Navette’s appeal against its original June 15, 2017, decision finding that Mr Rutherford and the late Mr Smith were the true holders of the 103.5 FM licence - was rejected by both the Supreme Court and Utilities Appeal Tribunal (UAT). However, both judicial forums declined to hear the matter on jurisdictional grounds. The Supreme Court ruled that it should first be heard by the UAT, but the latter than decided it must first go to arbitration. This means that the merits of Navette’s case have yet to be heard and determined. The broadcaster has since been seeking to obtain dates for

hearings at the Court of Appeal and Supreme Court to challenge the earlier verdicts, but without success. While URCA was free to take yesterday’s action, given that Navette never obtained an injunction or other legal mechanism to block it, the regulator’s swift move - given that legal processes are ongoing, and that the substantive case has not been aired - and use of police officers will likely be of interest to observers. Mr Ferguson said URCA’s actions suggested it had no interest in a hearing on the merits of Navette’s case, arguing the regulator did not want to admit its initial determination may have been wrong. “Today just seems to be another application of their machinery going into play to cover all their [URCA’s] previous errors,” he told Tribune Business. “From the pressure the media was putting on them over Sebas’s licence, something had to be done. They’re trying to save face.” URCA’s June 15 decision found that Navette only operated ZSR Sports Radio on Messrs Rutherford and Smith’s behalf, with the duo being the actual licensees. But Navette is countering that URCA ignored the fact that the licence could not have existed without it following passage of the 2009 Communications Act, which required all broadcast licences to be held by incorporated companies. ZSR’s licence, issued pre2009, was in the names of Messrs Rutherford and Smith and thus non-compliant with the new Act. This non-compliance was even admitted by URCA, which ruled that it made the application for the licence’s takeover by Mr Bastian “ineffectual”. The regulator’s solution, though, was to PERMIT the takeover because this would bring ZSR’s licence into compliance with the law. Ms Daxon yesterday argued that Navette and its principals were never given due process during URCA’s initial deliberations and eventual findings. Mr

Ferguson said they only received a letter from URCA in April 2017, which informed them of the 103.5 ‘change of control’ application but provided no other details. The letter requested Navette’s views, which were provided, but the broadcaster allegedly only learned of URCA’s June 15 decision in August 2017 - two months later. Ms Daxon argued that her clients were never permitted an opportunity to respond to the verdict. “We’ve been run through the mill in the last six months of 2017 going into 2018,” Mr Ferguson told Tribune Business of Navette’s battles with URCA. “This is just another rung on the ladder. “This is very demoralising, but because we feel so right we are motivated to continue because, at the end of the day, people will be surprised at how right we are and how wrong they [URCA] are.” Mr Ferguson argued that URCA seemed determined to find a frequency for Mr Bastian and Paramount without breaking its selfimposed moratorium on issuing new radio licences, and Navette happened to be “the weakest denominator” in the industry. “They said the licence was void,” he recalled of URCA’s June 15 decision. “How can they give it to Sebas if that’s so? We’ve never had any issue with URCA until Sebas wanted a radio licence. Sebas wanted one so the weakest denominator had to go.” Despite paying the previous eight years, Mr Ferguson said URCA had rejected his annual licence fee payment for 2018. “The attorneys are going to attack this, and get us into court,” he told Tribune Business. “They’ve looked at June 15 and seen a lot of areas to attack. I have a lot of faith in what I’ve seen and heard, and the justice system. This will come out in our favour at the end of the day. “There’s no way, if this gets to be heard, they [the

courts] can agree with how this decision was done on June 15. No way. It cannot stand. For us, this is less about Sebas and more about how URCA is affecting us.” Mr Ferguson said the decision to give Paramount temporary use of the 105.3 FM frequency had caused “confusion” among the radio listening public, given that the digits were the same as ZSR’s but just ordered differently. He added that URCA’s ruling, and the ongoing dispute, had caused an “income squeeze” that had cut Navette’s once 10-14 staff to just himself and Ms Braynon. “You can’t run a business on and off. It killed us,” Mr Ferguson said. “You can’t convince anyone to do business with you if you don’t know if you’re on air or not.” Ms Daxon said she had asked Carl Bethel, QC, the attorney general, who has responsibility for relations with URCA, and K P Turnquest, Deputy Prime Minister, who oversees communications sector policy, to intervene on her clients’ behalf. “Let everything be until the case has finished. Let the court decide who is the owner of the licence,” she told Tribune Business. “Injustice in this country needs to stop, and everyone needs to have their day in court before the Government agencies do some stuff that damages the poor man’s reputation and business. “This needs to stop, and things must be put in order. The Government and its agencies are not above the law. They should not be allowed to do as they please. The small man gets killed in this country, but it’s the people’s time.” Mr Bereaux was yesterday said to be off-island when Tribune Business attempted to reach him. This newspaper was referred to Clara TaylorBell, URCA’s in-house counsel, who in turn put it on to URCA’s spokesperson who issued the release last night.

week, for allegedly being non-cooperative in the fight against large-scale tax avoidance by multinational companies. The 28-nation bloc complained that it did not receive the ‘high level political commitment’ it had been seeking from the Bahamas to address its concerns, which largely related to ‘ring fencing’ and the absence of ‘economic substance’ requirements for corporate vehicles operating in this jurisdiction. Mr Turnquest subsequently said letters he had personally signed committing the Bahamas to compliance with the EU’s anti-tax avoidance drive were “obviously not taken into account” in the ‘blacklisting’ decision. He suggested that miscommunication, and related misunderstandings, had contributed to the Bahamas’ ‘blacklisting’, not least that its ‘commitment letter’ to the EU was signed by a senior civil servant in the shape of acting financial secretary, Marlon Johnson, as opposed to a Cabinet minister. “We are confident,” Mr Turnquest said yesterday of the Bahamas’ delisting prospects. “As I have indicated in earlier releases, the [EU] technical committee had already indicted we have done everything we

need to do, so we are confident we ought to be off the list. “We’ll see what happens. A lot of factors go into these decisions, technical and political, but we’ll see. I don’t know if we can come off without a full [finance ministers’] meeting in May, but we’re certainly hoping for an indication we’ll be off.” The Bahamas is seeking to address the EU’s concerns over economic substance/physical presence and ‘ring fencing’, the latter of which involves ‘preferential tax regimes’ for non-resident entities and foreigners, through the Multinational Entities Financial Reporting Bill. The Bill raised immediate alarm by seemingly enabling the Minister of Finance to eliminate ‘ring fencing’ through the implementation of corporate taxation, on a range of key financial services products, at ‘a stroke of the pen’. Mr Turnquest, though, subsequently described such concerns as ‘unfounded, and yesterday pledged that the Government would give financial services and private sector feedback full consideration. “We are listening to industry and we will respond, certainly in coordination with the advice we receive from them, in

conjunction with the advice we receive from our technical team,” he told Tribune Business. Michael Paton, the former Bahamas Financial Services Board (BFSB) chairman, is among those arguing that the Multinational Entities Financial Reporting Bill is too complex because it attempts to address the EU’s concerns and the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative in one piece of legislation. He is calling for the EU’s ‘ring fencing’ fears, and the BEPS country-by-country financial reporting requirements, to be dealt with in two separate Bills. Meanwhile, acknowledging that tax reform was “a hot button topic”, and corporate taxation in particular a “live conversation”, Mr Turnquest said the Government “welcomes” such debate. “At the end of the day we want to have the best, most efficient and progressive tax system for our people, and ensure the most vulnerable are not unduly burdened,” he told Tribune Business. “But, by the same token, it must allow the Government to earn the revenues to provide essential public services and correct the

deficits we have had for many years.” Mr Turnquest added that the reduction/ elimination of import tariffs resulting from the Bahamas becoming a full World Trade Organisation (WTO) member would require an “adjustment of the tax system to compensate for any losses” of revenue. “We stand alert and prepared to do what has to be done to protect the Government’s earnings,” he said.

FARQUHARSON

MAJOR TRADING COMPANY EYES THE BAHAMAS FOR HQ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Attorney General yesterday touted the success of the recently-passed Commercial Enterprises Bill, with several applications for “hightech” projects approved already. Carl Bethel QC, addressing the mid-year Budget debate in the Senate, said: “I am pleased to confirm that the new Commercial Enterprises Bill is already proving to be a success with several applications having been approved for hightech projects.” He added that a “quite large project’ will provide employment and training opportunities to graduating University of the Bahamas (UoB) students, and have an element of ‘headquartering’, if finalised. “In other words, a large international trading conglomerate is looking to move its headquarters to the Bahamas,” Mr Bethel said. “Such initiatives under the Commercial Enterprises Bill, and headquartering by international traders and high-tech companies, will hopefully continue to re-position the Bahamian economy, thus creating new highly-skilled and ultimately high-paying jobs throughout our economy.” The Commercial Enterprises Act, officially known as the Act for the Designation of Specified Commercial Enterprises and Specified Economic Zones in the Bahamas, “seeks to liberalise the granting of work permits to an enterprise that wishes to establish itself in the Bahamas, and requires work permits for its management team and key personnel”. The company’s investment, however, must be a minimum of $250,000.The legislation enables a ‘specified commercial enterprise’ to obtain an Investments Board certificate granting it a specific number of work permits for certain positions.The certificate, which will initially be issued for one year and can be renewed, would allow key personnel to set up the company’s physical operations in the Bahamas before they obtain a work permit. Such a permit must be applied for within 30 days of their entry, and the Act mandates the Director of Immigration to make a decision on approval within 14 days of receiving the application. If the director does not respond within that timeframe, the work permit will be “automatically deemed to have been granted”. Work permits issued under the Bill’s provisions will be for a three-year period, and are renewable for the same duration.

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PAGE 4, Tuesday, April 10, 2018

THE TRIBUNE

Contractors chief brands Pointe labour ‘ridiculous’ FROM PAGE 1 have been hired thus far. He added that Bahamians comprised one-third of the project’s professional management team. Mr Sands, pointing to the ‘150 contractors’ number, previously told Tribune Business that with the global construction industry accepted as having 22 divisions, this meant The Pointe had hired an average of seven contractors per division. He argued at the time that this made little sense given that The Pointe had only just moved

beyond the foundation stage by placing vertical pilings in the ground, meaning there was no need for electrical contractors at this stage. Mr Sands’ latest comments came as photos in The Tribune showed that The Pointe’s construction workforce appears to be almost entirely Chinese, as opposed to the 30 per cent stated in the project’s Heads of Agreement. This, though, will likely come as little surprise to many due to a combination of weak government enforcement and the fact Chinese labour and materials follow

wherever Beijing’s capital goes in the world. Robert Farquharson, director of labour, when asked about the issue yesterday, told Tribune Business: “The Department of Labour has not done a site visit at The Pointe since last year around this same time. “At that time the company was in compliance with the ratio. I can’t say what it is now but we usually do regular inspections to confirm that the provisions of the Heads of Agreement are being adhered to. Hopefully we will have one in the not too distant future.”

Mr Sands described the BCA as a “voice in the darkness”, raising the alarm on key issues, but lamented that there was not greater involvement by all industry players. “I can’t get my guys to understand that we can only be successful if we have the numbers,” he said. “It saddens me that we can’t come together. It has been proven in this country that we have been successful when we have come together. We have to be able to come together. We can’t get Bahamians to be passionate about stuff like this.”.

He added: “The BCA should right now have a membership of at least 2,000. We have 200 financial members. “There are 6,000 contractors across the country. Most guys think that they will get a job regardless and make their money, so they don’t care about coming together and advocating. “Coming together will only increase their penetration, give them a bigger reach and a stronger voice. We can get thousands of people to go to political rallies but can’t get people to stand up for their rights. Something isn’t right.”

CCA attorneys slam Sarkis’s ‘bailout salvo’ FROM PAGE 1 said: “We get a lot of press in this court. I’m not put off by it, OK?” And Peter Sheridan, Mr Izmirlian’s attorney, pointed out that Baha Mar’s importance to the Bahamian economy and job creation meant the proceedings were bound to draw media attention. “The press is following this case because it’s 12 per cent of the entire gross national product of the Bahamas, so this is not something of minor public concern; it’s a major public concern and they publish about this all the time,” Mr Sheridan argued. Still, the March 22 transcript shows Mr Berger achieved his main aim, which was to prevent public disclosure of the multimillion payments made to CCA for completing Baha Mar’s construction following Mr Izmirlian’s removal as developer. Arguing that the information was proprietary, and could be exploited by CCA’s competitors, Mr Berger argued that rivals would be able to link the payment information to the ‘scope of work’ detailed in the construction contract with the China ExportImport Bank’s vehicle, Perfect Luck Assets.

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BISX ALL SHARE INDEX: CLOSE 1,983.44 | CHG 27.40 | %CHG 1.40 | YTD -80.13 | YTD% -3.88 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 8.10 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 3.41 8.80 6.10 3.92 10.07 2.71 1.50 7.89 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 3.41 8.80 6.10 4.13 10.07 2.74 1.50 7.97 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 0.21 0.00 0.03 0.00 0.08 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

110.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.01 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

110.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

11,302 6,100 4,182 118,591

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 -2.3 13.8 10.5 24.2 16.0 26.9 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% 2.91% 6.85% 2.19% 3.33% 1.05% 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

“It’s like a numerator and denominator,” Mr Berger argued. “If you take the scope of work and compare it to the payment information, you can derive information if you are a competitor or CCA or subcontractor of CCA. “In essence, what they’re willing to do for a job, and not just in ordinary circumstances, but under duress because [the construction contract] is really a settlement of existing claims. So it’s sort of like what is CCA’s point of pain. And that’s valuable information for a competitor or sub-contractor.” Mr Berger then argued that Mr Izmirlian was using any financial data provided in relation to CCA and Baha Mar construction prices to undermine the contractor’s reputation, and suggest it received “a massive bailout” for completing the project. After providing the court with one of Mr Izmirlian’s press releases, CCA’s legal counsel said “it’s not idle” to think that the original developer was seeking such payment details as part of an “ulterior purpose” and “first salvo in a long public relations campaign against” the contractor. Mr Sheridan, on Mr Izmirlian’s behalf, hit back by arguing that the pricing

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

play a key role in achieving this goal,” the questionnaire said. “The Bahamas is the only country in the Western Hemisphere that is not currently a member of the WTO. This means that unless we sign a trade agreement with the countries that we trade with, they are free to impose any trade barriers that they wish against Bahamian goods and services, even if those trade barriers are contrary to WTO rules. “For example, the largest importing country of Bahamian lobster could decide to increase the import duties on Bahamian lobster, making it less competitive on that market. This could have potentially devastating consequences for the local fishing industry. If the Bahamas were a member

information was not connected to the ‘scope of work’ in the Baha Mar construction completion agreement. And he pointed out that the $145 million figure was disclosed separately in the Heads of Terms with the Bahamian government. He also argued that CCA had failed to show why the payment information should be withheld, but this failed to find favour with the judge who ordered that the numbers be redacted. The ruling was merely an opening skirmish in Mr Izmirlian’s $2.25 billion fraud claim against Baha Mar’s contractor. CCA is trying to persuade the New York State Supreme Court that Mr Izmirlian’s lawsuit be ‘stayed’, and the two sides ordered into mediation, as the construction contract allegedly contains the 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. of the WTO, this would not be permissible since the WTO rules are essentially legal contracts that bind governments to keep their trade policies within agreed limits.” The Government added: “Additionally, the full potential of Freeport as the nation’s manufacturing, assembly and transhipment hub cannot be unlocked if Freeport-based exporters are exposed to the possibility of foreign countries making their exports uncompetitive through the imposition of trade barriers, including high duties. “As a non-member of the WTO, Bahamian businesses cannot take advantage of the benefits afforded by the WTO system including secure and predictable access to foreign markets, both in the goods and services sectors.”

NOTICE IN THE ESTATE OF REBECCA BAIN late of Bain Town in the Island of Cat Island one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 31st day of May, A.D., 2018 after which the Executor will proceed to distribute the assets having regard only to the claims which he shall then 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 date hereinbefore mentioned. DELEVEAUX GODET & CO Attorneys for the Executor Chambers P.O. Box SP-63971 No. 72 Nassau Street Nassau, Bahamas