04132018 business

business@tribunemedia.net

FRIDAY, APRIL 13, 2018

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Land Registry in 20 years to ‘get straight’

Bahamas First’s ‘banner year’ as profits up 548%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

ealtors yesterday hailed the Government’s Land Registry plan as taking the Bahamas to “first world status”, but warned: “It will take 20 years to get straight.”

Leading industry players, while giving their backing to the Minnis administration’s just-announced plans, told Tribune Business there were “so many pieces and loose ends to sort out” before its ambitions for a system of registered land can be realised.

They acknowledged, though, that the Bahamas “has to start somewhere” on land reform, given its importance to economic

* Realtors: ‘Lots of loose ends’ to sort * But would give Bahamas ‘first world status’ * Must be ‘priority’; sector economically ‘vital’ development and social well-being as a sector that effectively acts as the economy’s ‘third pillar’.

Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, said the goal unveiled by Elsworth Johnson, minister of state for legal affairs, “means you can go to a certain location and see who owns a piece of land”.

Applauding the Government’s intentions, he nevertheless warned that it would take at least two decades to build a Land Registry where - as stated

BAHAMAS First’s chief executive yesterday hailed 2017 as “a banner year” where profits increased almost seven-fold, adding: “Everything we needed to go in our favour did.”

Patrick Ward told Tribune Business that the “buildings blocks” laid by the property and casualty insurer in prior years had paid off by producing net underwriting income of $34 million, a 93 per cent increase over a prior year dominated by Hurricane Matthew claims payouts.

Conceding that Bahamas First and its competitors were “a little bit lucky” that Hurricanes Irma and Maria did not strike this

by Mr Johnson - “every piece, parcel, lot or tract of land will be easily identifiable” by a folio number, with all claims, charges and liens against them recorded.

“It’s still going to be a damn mess because there are so many pieces and loose ends to sort out. It will take 20 years to get straight,” Mr Lightbourn told Tribune Business.

“It’s all needed; nobody can doubt that. Everybody’s talked about it [a Land Registry] for years. It will

SEE PAGE 8

MIKE LIGHTBOURN

* ‘EVERYTHING WE NEEDED TO GO RIGHT DID’ * INSURER SEES $34M UNDERWRITING RECORD * ‘BUILDING BLOCKS’ THERE FOR 2018 ‘REPEAT’ nation’s major population centres, Mr Ward said their severity - and the ever-increasing threat from natural catastrophes - had already forced adjustments

SEE PAGE 4

BPL urged: ‘Ramp NO WORD ON BAHAMAS EU ‘BLACKLIST’ ESCAPE up quickly’ to get * DPM hopes for ‘indication in coming days’ * ‘100% confident’ Gov’t done what needed $500m Shell saving * Says of delisting: ‘Everything’s on them’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light (BPL) was yesterday urged to “ramp up very quickly” on its generation deal with Shell, amid hopes it could result in $500 million of annual economic savings.

Private sector chiefs, while hailing the

Government’s approval of Shell North America as BPL’s long-term generation partner, called for the two sides to execute swiftly and lower one of the costliest, longest-running burdens on Bahamian businesses and consumers.

Michael Maura, the Bahamas Chamber of Commerce and Employers

SEE PAGE 6

Shell deal to help ‘revolutionise’ BPL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SHELL’S selection was yesterday described as another step in “revolutionising” Bahamas Power & Light (BPL), as the utility looks to close its short-term financing “within weeks”.

Darnell Osborne, BPL’s chairman, declined to provide further details on the deal on the grounds that BPL now has to finalise the

THE Bahamas has yet to hear whether it has escaped the European Union’s (EU) ‘blacklist’, with the Deputy Prime Minister yesterday hoping “for an indication over the next few days”.

K P Turnquest had earlier this week expressed hope that the Bahamas might be delisted at yesterday’s meeting of ‘technocrats’ and officials on the EU’s Code of Conduct Group, which oversees the 28-nation bloc’s anti-tax avoidance

contract with the winning generation bidder.

Given the detailed bid submissions already supplied by Shell North America, Mrs Osborne said the contract completion “should be fairly straightforward” as she confirmed that the energy supplier/ trader will now put together the consortium for developing the 270 Mega Watt (MW) liquefied natural

initiatives. However, it now appears that the Bahamas may have to wait until the EU finance ministers’ meeting on May 25, with Mr Turnquest reiterating that this nation’s fate rests entirely with the group as “we have done everything we were supposed to do”.

Mr Turnquest said the Government was hoping to receive some indication from the EU yesterday on

the delisting progress but, in speaking with Tribune Business, said he was hopeful an announcement will be made in the next few days. “They are not on our schedule, we are on their schedule. I personally don’t expect to hear anything today, but hopefully over the next few days we will get some kind of indication of what the results were,” he added.

“We are 100 per cent confident that we have done everything we are supposed to be doing from our side.

One of the kind of anomalies about this situation is we have never missed any deadlines. We have done everything we are supposed to do, even up to the time we were ‘blacklisted’.

“The ultimate deadline is

SEE PAGE 3

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PAGE 2, Friday, April 13, 2018

THE TRIBUNE

Talking with workers is a matter of trust COMMUNICATIONS skills are essential for a productive workplace, as they allow employees to work together cohesively and professionally. Business owners will do well to hire employees with such solid skills, and there are ways to further improve communications through training exercises and behaviour modelling to give your company a competitive edge.

Some people are inherently more social than others, but anyone can learn and practice effective communications skills to increase job effectiveness. Here are some simple lessons in effective communication: Be Open and have open meetings Successful leaders communicate with the objective of gaining understanding from the person they are interacting with. Keep an open mind when communicating with your team so you can see things from their point of view. It will make it easier to explain what you want from them if you put yourself in their position.

It is easier to communicate your passion, and how you feel, via open meetings. In this kind of forum, workers will not only hear what you are saying; they will also see and feel it. This approach still remains one of the best for communicating effectively with a team.

IAN FERGUSON BY

Avoid Monologue Do not talk TO your team; talk WITH them.

People are more receptive to a dialogue-type of communication than if they feel they are being ordered to do something without any chance to have their input.

Approaching communication this way will help you gain an understanding, and insight, into the inner workings of your team, which is especially valuable for the future.

Clarity Effective leadership communication is clear and simple. Do not be vague when discussing what you want from your team. Make sure they know exactly what you expect and when you expect it. If they do not understand what you are

saying to them, they will not know what they should be doing. You lose productivity when they have to circle back to you for clarification on important information.

Trust One of the most important things a leader or team member must establish for effective communication to take place is trust. If your employees do not respect you, they will not listen to you. Simple as that.

Listen Communication is a twoway street. You have to be a good listener before you can start talking. Listen to the interests of your team and get a feel for their perspective on how to achieve goals. Effective listening will help you build relationships, solve problems, ensure understanding and improve accuracy. Taking a moment to listen will help you waste less time in the long run, making you more productive.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com

ELEUTHERA OUTLOOK TO FEATURE BUSINESS LICENCE WORKSHOP WITH the Minister of Public Works as principal speaker, the sixth Eluethera Business Outlook conference will feature a workshop by the Department of Inland Revenue on the new Business Licence format.

The conference, to be held on Thursday, April 26, at Valentine’s Residences, Resort & Marina on Harbour Island, will show Eleuthera businesses how to take exploit the speed and ease of the Government’s new process.

To be held under the theme, Creating a world class Eleuthera, Harbour Island and Spanish Wells, the Outlook will feature presentations from leaders, developers, businesspersons and tourism and promotion board representatives.

Besides Desmond Bannister, who will deliver the keynote address, other speakers include: Howard Rickey Mackey, MP for North Eleuthera; Thomas

A Sands, president, Eleuthera Chamber of Commerce, and chief executive/director Rock Sound Properties (1976); Erma Carey; treasurer and corporate secretary, Eleuthera Properties Ltd; Dean Spychalla, managing director, Valentine’s Residences, Resort & Marina, and president, Bahamas Out Island Promotion Board; Ryan Pinder, partner, Graham, Thompson & Co; Senator Clay Sweeting, owner, Tees R Us; Chuck Pinder, councillor, the Spanish Wells local government board; Andre Knowles, chief commercial officer, BTC; and Michelle Natasha Evans, private sector analyst, IDB. Moderating will be Kerry Fountain, executive director, Bahamas Out Island Promotion Board.

Joan Albury, president of the TCL Group, and developer and chief organiser of the 26-year old Business Outlook Series, said: “From its inception, the goal of the Business Outlook Series

has always been to bring greater awareness to the challenges and opportunities for developing business and, consequently, for contributing to building the Bahamas as a whole.

“We have started to add workshops to each Outlook that will assist Bahamians in acquiring the know-how to take advantage of new opportunities. or more successfully confront existing challenges.

“This year, attendees will have the opportunity to learn from the experts the ‘ins and outs’ of the new Business Licence programme in order to take advantage of the processing ease and speed which it affords them. In 2017, we launched this aspect of our programme with workshops on using social media to advantage.”

Those wishing to register for the sixth annual Eleuthera, Harbour Island and Spanish Wells Business Outlook can do so online at www.tclevents.com

THE TRIBUNE

Friday, April 13, 2018, PAGE 3

Critical financial crime Bills to pass next week

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government yesterday said it remained focused on “shoring up” weaknesses in its anti-money laundering and counter terrorist financing (AML/CTF) regime, ahead of a June inspection.

K Peter Turnquest, Deputy Prime Minister told Tribune Business that the Proceeds of Crime Bill and Financial Reporting Bill - two pieces of legislation he said are crucial to the Government’s efforts to overhaul the financial services regulatory regime - will likely be

passed in Parliament next week.

The two Bills are essential to addressing the deficiencies identified last year in the Caribbean Financial Action Task Force’s (CFATF) assessment of the Bahamas. This nation is due to be imminently assessed by that organisation’s parent, the Financial Action Task Force (FATF), to determine whether the necessary corrective action has been taken. A negative finding could result in sanctions/counter-measures again being taken against this nation.

“We are rated as largely compliant,” Mr Turnquest said. “We recognise that there have been some

PETER TURNQUEST weaknesses that have been identified that we know we have to address. We are focused on shoring up those weaknesses, strengthening our AML/CFT regime, changing processes to more risk-based to ensure that

we are at the cutting edge of these processes. “That includes strengthening the organisations that are involved in the whole regulatory aspect of AML/CTF. We believe that we have made improvements, and will continue to strengthen and make further improvements as we move along to continue to maintain our high ratings levels.”

A national anti-money laundering and countering terrorism financing conference is set to be held in Nassau on September 17-18, in a bid to highlight the Bahamas’ efforts to address financial crime and its prevention.

The conference will provide an opportunity to

engage in dialogue on global trends impacting AML/CTF, as well as focus on risk management issues within specific industries.

Mr Turnquest said: “The Government has taken the approach that we want to be the thought leaders in terms of AML/CTF, as well financial regulation overall.

We have historically been chasing developments, particularly in respect to regulations and best standards and best practices, following the EU or the US and any number of international regulators.

“We want to join the conversation so we can help to shape the direction in which financial services is going in terms of best practices,

and make sure that the international community understands and appreciates the vulnerabilities that we, as small island states and international financial centres, have.

“We also want to expose the quality of our jurisdiction and our professionals on the regulatory and private sector side.”

John Rolle, Central Bank Governor, added: “Our intention is to strengthen awareness, effectiveness and compliance for the entire financial services sector.

A part of that approach is going through sector by sector to identify areas where those improvements need to be most targeted.”

NO WORD ON BAHAMAS EUROPEAN UNION ‘BLACKLIST’ ESCAPE FROM PAGE 1 December. Even now it’s premature in any event.

It is their rules and we have to make sure that we adapt and, from here on out, make sure that were are completely, cooperative, transparent, proactive about the communications we have with them, and very technical about those responses. They have indicated to us in our meetings with them that we have done everything that we

need to do, so it’s just on them to act.”

Mr Turnquest recently told Tribune Business the Government at least hoped to “satisfy” the demands of the EU’s technocrats at yesterday’s meeting. Achieving that would mean the Bahamas’ delisting was a relative “formality” when the bloc’s finance ministers meet on May 25.

The EU formally ‘blacklisted’ the Bahamas on March 13, having ‘leaked’ its intentions the previous

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.

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PAGE 4, Friday, April 13, 2018

THE TRIBUNE

Bahamas First’s ‘banner year’ as profits up 548% FROM PAGE 1 to the underwriter’s business model. These changes, he explained, have required a “deepening” of Bahamas First’s product offering and geographical diversity through operations in the Bahamas and Cayman Islands. Mr Ward said the general insurer had also altered how it buys reinsurance, and become “a bit more selective” over the risks it agreed to insure.

He emphasised that while Bahamas First was not seeking to abandon homeowners, those in flood and storm surge-prone areas were likely to experience increased premiums and stricter terms that are better aligned with risk.

And, with total comprehensive income up 548 per cent year-over-year, Mr Ward said it was critical for Bahamas First and other property and casualty underwriters to use such profits to insulate their balance sheets against future hurricanes.

Expressing optimism over the health of both the Bahamian and Cayman Islands economies, the Bahamas First chief predicted the company was on track to enjoy “a repeat performance” on net underwriting income depending on the upcoming storm season.

“Everything that we needed to go in our favour did work in our favour and, as a result, we had a banner year,” he told Tribune

Business of Bahamas First’s 2017 performance.

“On the one hand I think we were a little bit lucky in the sense that the Bahamas did not get a direct hit on a high population centre, like we did in 2016. We benefited from focusing on products in prior years, ensuring we were pricing the product correctly, and we enjoyed some organic growth while maintaining underwriting discipline.”

Writing in Bahamas First’s annual report, Mr Ward said the insurer’s topline gross written premium income had increased “for the first time in a number of years”, rising 3 per cent from $138.686 million to $143.177 million in 2017.

This brought ‘revenue’ back close to 2015 levels,

with Bahamas First’s chief executive attributing the improvement to “positive rate movements and strong organic growth”. He added that it “restored us to a path of prudent growth” without sacrificing underwriting performance.

Mr Ward, in particular, played up the near-doubling in Bahamas First’s net underwriting income, which jumped from $17.599 million in 2016 to $33.909 million. While 2016 comparatives were impacted

by Hurricane Matthew, the 2017 figure was still 18.9 per cent ahead of the $28.5 million recorded for 2015.

“As the year progressed it became clear that our core earnings were trending in the right direction and, in many respects, we were ‘firing on all cylinders’,” Mr Ward told shareholders.

“During 2017 we earned an underwriting profit in every line of business across the group, and this is reflected in the record level of net underwriting income total of $34 million, which is almost twice the level achieved in 2016. The most recent result is also higher than any of the prior years without a major loss event.”

Net underwriting income is a key indicator of an insurance company’s performance, as it measures how well it has done in assessing, pricing and managing the risks it covers to ensure sustainable profitability.

Underpinned by the improvement in its core business, Bahamas First’s total comprehensive income jumped almost seven-fold from $2.543 million to $17.247 million year-over-year. The 2017 figures were also 92 per cent ahead of the $8.982 million ‘bottom line’ performance produced in 2015.

“As a consequence of this stellar outcome, the group’s return on equity (ROE) increased to 25 per cent for 2017, with the rolling threeyear average improving to 16 per cent,” Mr Ward wrote in the annual report.

“For the first time in our existence, the group’s total equity has eclipsed the $70 million mark, and supports a book value of $1.74 per common share compared to $1.41 in 2016. As we previously reported, dividends

paid during 2017 amounted to $0.12 per share or $4.4 million, compared to the 2016 payout of $2.9 million, or $0.08 per share.”

Although the Bahamas largely escaped the wrath of Irma and Maria, Mr Ward told Tribune Business the increased severity and frequency of storms had already prompted Bahamas First to adjust key aspects of its operations.

“We’ve done a number of things,” he said. “We’ve ensured we deepen the diversity of our product offering and geographical footprint. We’ve made some changes to how we buy reinsurance to allow for the increased frequency and severity of these storms, and we’re a bit more selective with the underwriting approach in both the Bahamas and Cayman.”

Asked whether this meant Bahamas First is dropping and/or rejecting coastal-based risks, Mr Ward said that while the underwriter will never abandon clients such properties could see tougher “terms and conditions” apply.

“We try not to walk away without providing some level of protection, but if you are exposed it’s going to come at a cost,” he warned.

Mr Ward added that generating high earnings

in non-hurricane years was critical to enabling Bahamas First to ‘buffer’ its balance sheet against future multi-million dollar claims payouts, such as those incurred in Hurricane Matthew’s wake.

“We’ve been laying the building blocks for a number of years,” he said.

“One of the things that’s very important to our business, given the threat of big catastrophe losses, is to make sure revenue and income levers are in place to take advantage of when there are no losses.”

Expressing optimism that Bahamas First can repeat its underwriting performance in 2018, Mr Ward said the company was “very hopeful and very encouraged by early signs of improvement in the overall economic environment in the Bahamas” and continued growth in the Cayman Islands.

“We’re very optimistic about the outcome of this year,” he told Tribune Business.

“Certainly, from the underwriting perspective, we think the building blocks are in place to have a repeat of the underwriting performance.

“We think there’s an opportunity to have another really good year; I wouldn’t necessarily say better.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I TABITHA THEMIKA MUNROE of New Providence, Bahamas, mother of TREMYA NYVEAH MUNROE intend to change my child’s name to TREMYA NYVEAH SEIFERT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE RIVER COUNTRY HOLDINGS LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RIVER COUNTRY HOLDINGS LTD. is in dissolution as of April 11, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ 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

PAGE 6, Friday, April 13, 2018

THE TRIBUNE

BPL urged: ‘Ramp up quickly’ to get $500m Shell saving FROM PAGE 1 Confederation’s (BCCEC) chairman, told Tribune Business: “From the Chamber’s perspective we’re happy to hear that Bahamas Power & Light has made a decision, and we look forward to much cleaner energy and a much lower cost. We hope things ramp up very quickly, as we’ve been paying far too much for energy for too long.”

His sentiments were echoed by Robert Myers, the Organisation for Responsible Governance’s (ORG) chairman, who suggested that the Bahamian economy could receive a half a billion dollar annual boost if the Shell deal slashes electricity rates by around 50 per cent.

“It’s fantastic news, but it’s a shame they didn’t do it sooner,” he told Tribune Business after Shell’s selection was confirmed. “The

sooner the better, as it’s currently a complete waste of money.

“We hope this is going to drive our power prices down to the anticipated 20-21 cents per kilowatt hours (KWh), which includes both generation and transmission and distribution costs. This is a big one.”

While the Bahamas was unlikely to ever match Florida’s energy costs dollar-for-dollar, Mr Myers said the promise of reduced energy costs was especially timely given the need to improve this nation’s economic competitiveness ahead of its planned accession to full World Trade Organisation (WTO) membership.

Both Mr Maura and Mr Myers’ comments also hinted at likely widespread private sector relief that at last a decision has been taken, and a tangible step towards energy sector reform has been taken,

* Business relief energy reform finally moves * ‘We’ve been paying too much for too long’ * Will boost ‘everyone’s bottom line’ following a decade of ‘false starts’ that has spanned three generations.

Apart from the environmental and health benefits of moving to a cleaner fuel such as liquefied natural gas (LNG), which will be burned at the new Shellconstructed power plant at Clifton Pier, the promised lower energy bills will remove a major weight from the backs of Bahamian businesses and households.

Any reduction in household energy bills will free up disposable income for increased consumer spending in an economy where, University of the Bahamas (UoB) studies have shown, around two-thirds of economic activity is driven by

consumption. As for businesses, reduced energy costs could allow some companies to move from a loss position to profit. It will also free up capital for investment in job-creating expansion opportunities, helping to reduce unemployment while also paving the way for the Bahamas to attract new industries.

Mr Myers told Tribune Business that BPL’s deal with Shell should “narrow the gap” between energy costs in the Bahamas and its main competitors, including south Florida.

“The net effect of bringing power costs down to 21 cents per KWh is close to half a billion dollars a year,” he said, recalling studies

conducted for the Coalition for Responsible Taxation (CRT).

“That goes straight to everyone’s bottom line. It’s a huge plus, a big win. The faster we do that, the better.

It’s positive for our competitiveness in the region, and the savings become disposable income for anyone wanting to expand, create a new business, make new hires, upgrades.

“It stimulates the economy, and is a big step for the Government as it narrows their deficit. The Government consumes a tremendous amount of power, so to lower their cost lowers their cost of operations. K P Turnquest should be really happy about that.”

BPL has provided few details apart from confirming Shell has been selected to lead development of New Providence’s new power plant, and that construction of its LNG-fuelled solution will be completed in 2021 and provide up to 270 Mega Watts (MW) of capacity.

BPL’s statement said: “Nineteen companies passed the vetting process

but, in BPL’s Board’s opinion, Shell NA provided the best solution for the company’s new direction and its commitment to renewable energy.

“In the Board’s opinion, Shell NA’s commitment to power generation with the inclusion of LNG in BPL’s fuel mix will provide longterm energy security, new employment opportunities for Bahamians, stimulate economic growth and the stabilisation of customer rates.”

It added: “Shell NA has proposed an integrated ‘gas to power’ solution that would include construction of an LNG plant at Clifton Pier and enable BPL to produce up to 270 MW of power generation.

“This will have a positive impact on consumers and the environment. The LNG project is scheduled for completion in 2021.

Shell NA has committed to continue providing HFO (heavy fuel oil), diesel or other interim fuels until LNG and the necessary power infrastructure is operational.”

NOTICE SCIMITAR INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SCIMITAR INC. is in dissolution as of April 11, 2018

MARKET REPORT THURSDAY, 12 APRIL 2018

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

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

BISX ALL SHARE INDEX: CLOSE 1,980.95 | CHG -0.77 | %CHG -0.04 | YTD -82.62 | YTD% -4.00 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 3.45 8.80 6.10 4.13 10.07 2.73 1.50 7.87 6.10 10.44 6.23 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 2.75 1.50 7.78 6.10 10.44 6.23 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.00 0.00 0.02 0.00 -0.09 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

110.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.09 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

110.22 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

2,450

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 27.0 4.5 N/M 5.4 14.1 7.5 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% 2.18% 3.33% 1.08% 4.92% 4.79% 2.41% 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%

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

LIQUIDATOR ______________________

NOTICE BARONETTE ALPS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BARONETTE ALPS INC. is in dissolution as of April 9, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE Access One Ltd. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Access One Ltd. is in dissolution as of April 6, 2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE

Friday, April 13, 2018, PAGE 7

SHELL DEAL

FROM PAGE 1 gas (LNG) plant at Clifton Pier. “They are not builders of plants, so a plant builder will be selected and we go from there,” Mrs Osborne said. While rival bidders had previously questioned Shell’s suitability for the BPL deal because it is not a builder, operator and owner of power plants, some had yesterday muted their criticism in recognition that it has the financial muscle to ‘buy’ the necessary expertise.

“Shell is a legitimate major fuel supplier,” one source told Tribune Business on condition of anonymity. “They have the balance sheet and capability to do this type of project.

They’re a global player, they have the balance sheet and certainly have the wherewithal.”

Mrs Osborne said BPL would have to approve Shell’s selection of power plant contractor, but said the long-term generation agreement - approved this week by the Minnis Cabinet - was just one of many steps taken by the current Board to lower energy costs

and improve reliability for Bahamian consumers.

“The Board felt this was the best way forward in terms of ensuring future reliability and reduced energy costs,” she told Tribune Business of Shell’s selection. “When we [the Board] took over in July, our sole focus would have been on ensuring, in the shortest possible time, that businesses and residents would have been able to see more reliable power and reductions to lower the cost.”

With the new LNGfuelled power plant just one component of this plan, Mrs Osborne added: “There are other things we have been doing since July to ensure the systems in BPL save money.

“There are other things we have been doing to bring down the cost. Some of those are staffing issues, some involve changing the procurement process to bring it closer to international best practices for the benefit of the Bahamian people. This [the Shell deal] is another step. It’s another piece in the puzzle, and we’re closer to a solution.”

The BPL chairman said the Board had also concentrated on “reducing the wastage and making people more accountable”, the latter of which has involved

NOTICE

NOTICE is hereby given that MICHAEL LIVINGSTON BAIN of Pinewood 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 13th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

changes to the utility’s management in Abaco following the recent lengthy outages caused when the last remaining water pump at the Wilson City plant broke down.

Procurement reforms are estimated to have generated $10 million in savings to-date, and Mrs Osborne confirmed that Shell’s selection will pave the way for other essential reforms, including BPL’s longterm debt refinancing and re-negotiation of its shortterm generation deal with Aggreko.

“As a Board, we try to get the best value for the Bahamian people,” she told Tribune Business. “I’m an accountant by profession, so that is how I think.

I run my own businesses, and try and get the best value for my dollar. That’s how I treat, and the Board

as well as we’re mostly businessmen.

“We are trying to get the best value for the Bahamian people’s dollar. We are all experiencing the effects of high energy costs and unreliability. We feel it every day, just like every Bahamian.”

Mrs Osborne said BPL hoped to tie down the $100 million in short-term financing from the Credit Suisse-led lending syndicate within weeks, with the latter awaiting a finalised business plan and other information from the utility.

“We’re almost there,” she told Tribune Business.

“We’re finalising some of the business plan and tying up loose ends.

“Then we should be in a position to receive the money within a few weeks. They’re [the syndicate] really waiting on

NOTICE

NOTICE is hereby given that FERNANDE RIDORE PINDER of P.O. Box SB-50739, #33 Guinep Tree Street, Pinewood Garden, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

information from us right now.”

Mrs Osborne reiterated that BPL will turn its attention to refinancing its long-term debt, including the unfunded pension deficit and other liabilities, once the short-term funding “is behind us and complete”.

She confirmed that BPL will raise the necessary capital via a Rate Reduction Bond (RRB) issue that it hopes to place with investors before year-end 2018 “if at all possible”.

NOTICE International Business Companies Act (No. 46 of 2000) GOODSWAY TOTTENHAM LTD. Registration Number: 167878 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) GOODSWAY TOTTENHAM LTD. commenced voluntary liquidation on the 11th day of April, 2018.

Any person having any claim against GOODSWAY TOTTENHAM LTD. is required on or before the 14th day of May, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of GOODSWAY TOTTENHAM LTD. GSO Corporate Services Ltd. Liquidator

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I DUSHORN CARMETA BOWLEG nee McINTOSH formerly DUSHORN CARMETA SIMMS nee McINTOSH of Dundas Town, Abaco, The Bahamas, mother of RYAN ONEAL SIMMS JR., intend to change my child’s name to DREWSHORN WESLEY BOWLEG. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

“That’s what we’re working towards,” Mrs Osborne said.

“I think the long-term financing should not be a problem. The legacy debt has to be dealt with; it’s not going anywhere. We have to address that, and we intend to address it with the Rate Reduction Bond.”

She added that BPL’s Board had also been working with an international consultant that was carrying out a study of the utility’s rates.

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

2016/CLE/qui/01343

Common Law and Equity Division IN THE MATTER OF ALL THAT piece parcel or portion of a lot of land situate in Sandilands Allotment in the Eastern District of the said Island of New Providence being a portion of Allotment Number Thirty-four (34) and bounded on the NORTH by a reservation commonly known as Pine Yard Road and running thereon Thirty (30) feet and on the EAST by land the property of Kendel Lynden Hanna and Lyndell Sandrina Hanna and running thereon One hundred (100) feet on the WEST by a Thirty (30) feet wide road reservation and running thereon Ninety-four and Sixty-one hundredths (94.61) feet.

AND IN THE MATTER OF The Quieting Titles Act, 1959 AND IN THE MATTER OF The Petition of Kendel Lynden Hanna and Lyndell Sandrina Hanna

NOTICE OF PETITION Pursuant to an Order of The Supreme Court dated the 25th day of October A.D., 2016. The Petition of Kendel Lynden Hanna and Lyndell Sandrina Hanna both of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas showeth in respect of:-

NOTICE CAPRI STRATEGY HOLDINGS LTD. In Voluntary Liquidation

NANJO PROPERTY S.A. Company No. 1737684 (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CAPRI STRATEGY HOLDINGS LTD. is in dissolution as of March 28, 2018

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that NANJO PROPERTY S.A. is in voluntary liquidation. The voluntary liquidation commenced on 3rd April, 2018 and Dr. WOLFGANG RABANSER of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

Dated this 4th day of April, 2018 Sgd. Dr. WOLFGANG RABANSER Voluntary Liquidator

ALL THAT piece parcel or portion of a lot of land situate in Sandilands Allotment in the Eastern District of the said Island of New Providence being a portion of Allotment Number Thirty-four (34) and bounded on the NORTH by a reservation commonly known as Pine Yard Road and running thereon Thirty (30) feet and on the EAST by land the property of Kendel Lynden Hanna and Lyndell Sandrina Hanna and running thereon One hundred (100) feet on the WEST by a Thirty (30) feet wide road reservation and running thereon Ninety-four and Sixty-one hundredths (94.61) feet.

The Petitioners, Kendel Lynden Hanna and Lyndell Sandrina Hanna herein claim to be the owner in fee simple in possession of the said piece parcel or lot of land and has made an Application to the Supreme Court of The Bahamas under Section 3 of The Quieting Titles Act, 1959 to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the plan showing the position boundaries shape marks and dimensions of the said piece of land may be inspected during normal working office hours at the following places:(a)

The Registry of the Supreme Court, The British American Building, Marlborough Street, Nassau, The Bahamas; The Chambers of Seymour & Co, 101 East Hill Place , East Hill & Market Streets, Nassau, The Bahamas

LAGOA PROPERTIES LIMITED Company No. 39488 (In Voluntary Liquidation)

White Tree Investments Limited

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that LAGOA PROPERTIES LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 9th April, 2018 and DR. BERNHARD LORENZ of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that White Tree Investments Limited is in voluntary liquidation. The voluntary liquidation commenced on 29th March, 2018 and DR. PETER MARXER JUN. of Kirchstrasse 1, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

NOTICE is hereby given that any person having a Dower or a right to Dower or an Adverse Claim to or a Claim not recognized in the Petition shall on or before The expiration of Thirty (30) days after the final publications of these presents file at the said Registry of The Supreme Court of The Commonwealth of The Bahamas and serve on the Petitioner or the undersigned a Statement of his/her Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his/her Claim on or before the final publications of these presents shall operate as a bar to such claim.

Dated this 3rd day of April, 2018 Sgd. DR. PETER MARXER JUN. Voluntary Liquidator

SEYMOUR & CO. Chambers 101 East Hill Place East Hill & Market Streets Nassau, The Bahamas Attorneys for the Petitioners

Dated this 9th day of April, 2018 Sgd. BERNHARD LORENZ Voluntary Liquidator

Company No. 1843746 (In Voluntary Liquidation)

(b)

PAGE 8, Friday, April 13, 2018

THE TRIBUNE

Land Registry in 20 years to ‘get straight’ FROM PAGE 1 take 290 years, but we’ve got to start somewhere.

Everyone of us would love to go into a central location and find out who owns a particular piece of property, and if there are any liens on it. In the US you can do that.”

Mario Carey, principal of Better Homes and Gardens MCR Bahamas, echoed Mr Lightbourn’s concerns that the Bahamas’ current system is well below the “first world” levels employed in most countries.

“I would say that it would give us first world status in an area that is vital to our economy, and I think it should be made a top priority for the Government,” he told Tribune Business of the Land Registry plan.

“Almost everyone in the world, especially the US and Canada, and any English-speaking first world country, that’s how they have things. In the US, once you have a folio number you can pull up everything on a property, get title insurance and close in two days. For first world countries, that’s the way they operate.”

The Government’s Land Registry plan ties directly to its ambitions of improving the Bahamas’ ‘ease of doing business’. The World Bank’s annual report currently ranks the Bahamas 167th out of 190 countries when it comes to registering property, largely because of the time taken to complete transactions (122 days or three-four months) due to the need to undertake title searches and record conveyances at the Registry of Records.

A complete, accurate Land Registry database that was accessible to all could thus significantly reduce the time and cost associated with both commercial and residential real estate deals, given that title and liens/charges information could be seen by all - not just attorneys.

This, in turn, would boost the Bahamas’ economic competitiveness and attraction for both foreign and local investors, since typical problems currently encountered in establishing good title would be eliminated or reduced.

Mr Carey yesterday urged the Government to focus on its Land Registry/ registered land plans simply because “so many lives” and jobs will be impacted by reforms that deliver improvements.

“Anything that focuses on real estate to make it easier, more transparent and better for this country is great because it impacts jobs,” he told Tribune Business. “It’s such a domino effect. If you have effective, transparent land reform and policies that stimulate the real estate sector, and procedures that attract investors and developers, there are so many lives impacted by that. There’s no end to it.

“I’m so pro-real estate because it stimulates the economy, stimulates growth and improves people’s net worth. We need to start ticking the boxes that help us get to first world status, and this could be one of them.”

Mr Carey said a Bahamian Land Registry should contain information such as valuations, title searches and outstanding real

property taxes for all properties, and added: “It won’t be written by hand. Why can’t we do that? Why is it so difficult?”

The Government is preparing a so-called ‘White Paper’ to outline its proposals, which include dusting-off the three-strong legislative package that was shelved by the last Ingraham administration and never revived by its immediate successor.

These are the the Land Adjudication Bill, the Registered Land Bill and the Law of Property Bill, all of which date from 2010.

These were all designed to give commercial and residential real estate buyers greater certainty they had good title to their properties, ending the economic and social disruption frequently caused by problems in this area.

Creating a Bahamas Land Registry, which is what the Registered Land Bill seeks to do, would move the Bahamian real estate and conveyancing market away from one based on “first to record” the title deeds.

A Land Registry would contain all information relating to a specific parcel of land in one database, including its location, dimensions, ownership interests and all encumbrances, such as mortgages and other liens/charges.

This, in turn, would boost efficiency and reduce issues associated with title problems.

The Land Adjudication Bill was an attempt to reform and do away with the concept of generation land, aiming to grant title over one acre to persons who can show they have

been in uninterrupted possession of that real estate parcel for 12 years or more.

Persons in that situation will receive a Certificate of Title to that one acre, or possibly 1.5 acres in certain circumstances. Generation and commonage land are frequently found in the Family Islands, and it could help development in those areas.

Mr Johnson told Parliament on Wednesday that the Government is eyeing comprehensive reform, with plans to address whether or not the Quieting Titles Act should be repealed given suspicions that it is being used to effectively ‘steal land’.

This was the case in the long-running saga affecting hundreds of homeowners in the Nassau Village/Sir Lynden Pindling Estates area, which stems from a Quieting Titles fraud that induced the Supreme Court to grant a certificate of title that was later ruled invalid and set aside.

Tribune Business has also reported extensively on cases such as the ‘estate of the late Effie Knowles’, which triggered an orgy of speculation in islands such as Long Island, Rum Cay and now Andros, with unsuspecting foreign purchasers being sold lots with dubious title.

Mr Johnson acknowledged that problems associated with obtaining clean title to land frequently inhibited social and economic development, preventing people from using real estate as a wealth creator and asset against with which to secure loans.

Christine WallaceWhitfield, the Bahamas

Real Estate Association’s (BREA) president, yesterday told Tribune Business that a Land Registry and registered land system was something that has “always been discussed” among realtors.

“I think it’s a great idea,” she said of the Government’s proposals.

“It’s something that needs to happen; we definitely support it. It’s something that’s been needed, and

needed to happen, for a little while.

“We support the Government in hopefully bringing it to fruition.

“Title searches have been something that takes too long, and are always a hassle, so to see the Government taking a look at it, making it better and an easier process for persons to make sure their title is free and clear is a positive step.”