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THURSDAY, APRIL 18, 2019
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Abaco development AG ‘reach pledges $2bn impact out’ over
$4.86 Investment fears on work visa plan
CARL BETHEL
web shop tax snafu By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE attorney general will “reach out” to Wayne Munroe QC today to find out why his web shop clients are not paying the taxes agreed under the government’s settlement with the industry. Carl Bethel QC told Tribune Business he wanted “to hear what he has to say” for himself after being informed that Mr Munroe, who represents the Island Game, Paradise Games and Asure Win chains, had “some issues” he and the government did not agree with. Mr Bethel’s comments came after this newspaper was informed that the web shop industry is effectively split down the middle on compliance with the taxation settlement with the government - especially when it comes to paying
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
$580M mixeduse South Abaco resort investment is pledging to create 600 full-time jobs and inject $2bn into the area’s struggling economy during its first ten years in operation. A four-page booklet produced by Tyrsoz Family Holdings Ltd, which has been obtained by Tribune Business, details plans to construct multiple hotels, residential homes, a 136slip marina, golf course, water park, nature preserve and other amenities spread across almost 1,100 acres that is split into two separate land parcels. The two parcels are said to be “under contract” for purchase by the project’s owners, who are not identified in the report. The principal figure named is Ronnie Ben-Zur, the development manager, who is chief executive of French Quarter Holdings, a hospitality development company that specialises in acquiring distressed and undervalued resort properties it then renovates, turns around and prepares for onward sale. Mr Ben-Zur was
Aircraft registry needs ‘glaring advantages’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must develop “glaring advantages” over rival jurisdictions if its proposed aircraft registry is to overcome its late market entrance, a Cabinet minister admitted yesterday. Dionisio D’Aguilar, pictured, minister of tourism and aviation, voiced optimism that hiring Aviation Registry Group to structure the registry would combine with The Bahamas’ traditional advantages such as its US proximity and stable, democratic nature to give
it a competitive advantage over more established rivals. Describing an aircraft registry as a “natural add-on” to The Bahamas’ existing industries and efforts to target high net worth individuals, Mr D’Aguilar said it was
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BPL adds 25MW to meet forecast summer demand By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A TOP Bahamas Power & Light (BPL) executive yesterday admitted the utility has been forced to secure 25 megawatts (MW) of extra rental generation to meet the summer demand. Patrick Rollins, BPL’s executive director, speaking at a Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) breakfast at the British Colonial Hilton, said: “On Monday, we had some equipment failure. A few weeks ago, we lost
a generator and we can’t find a part for it. We actually have to get some more rental generation for the summer. “We are doing our best to minimise our load shedding, and this will be our last summer of those kind of issues.” Mr Rollins said the 25MW of extra rental generation will be in place by the end of May, and confirmed it will be provided by Aggreko, the company it has used over the past several years. BPL has reported several generation shortfalls in
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• 600 full-time jobs created in south • Three hotels, 136-slip marina planned • 927 local jobs at peak construction • Developer: $9m entrepreneur funding
appeared to be no overt opposition or resistance to the Tyrsoz Family Holdings project. It is projecting to create 927 jobs for locals at the peak of construction, with the average number of hires pegged at 618. However, Tribune Business was yesterday informed that concerns are indeed building among environmental activists due to both the size and location
REQUIRING sevenyear work permit holders to leave The Bahamas for one year before an employer can reapply for their return is “not investment positive”, the government has been warned. Jeffrey Beckles, pictured, the Chamber of Commerce’s chief executive, told Tribune Business that this element of the proposed Nationality, Immigration and Asylum Bill threatens to undermine Bahamian and foreign investor confidence at a time when The Bahamas needs to enhance its ability to attract capital investment. While placing a maximum seven-year limit on how long work visas (permits) can be granted for posed no problems, Mr Beckles said mandating that key employees effectively take a year’s sabbatical before they can return to The Bahamas would disrupt business continuity, operations and - potentially - further hirings and expansions by companies. The concerns centre on
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ARTISTS’ rendering of proposed development in South Abaco. yesterday said to be travelling and unavailable for comment when Tribune Business reached out to him, but this newspaper understands he visited south Abaco last week to meet with area residents, environmental activists and other stakeholders to unveil and discuss his plans. While the $580m proposal was said to be in its “early days” in terms of obtaining the necessary government permits and
Heads of Agreement, Tribune Business was told that Mr Ben-Zur wanted to “take the temperature” of south Abaco “and find out if the community wanted it” after the project was revealed by the prime minister in a recent national address. One contact, speaking on condition of anonymity, told this newspaper that the presentations given by Mr Ben-Zur were “hugely successful” and there
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net