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Fronting ‘more ferocious’ if no pre-WTO crackdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Bahamas must crack down on widespread ‘fronting’ that threatens to become more “ferocious” once this nation joins the WTO, a governance reformer has urged.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that Bahamians will find themselves in a “subservient economy” unless the Government and private sector move quickly to enforce the law.

He warned that the National Investment Policy, and reservation of certain economic sectors for Bahamian ownership only, was constantly being undermined by local attorneys, accountants and politically-connected persons

* Bahamians in ‘subservient economy’ if no action * ‘Lackadaisical’ rule of law already hurting * ORG chief urges self-regulation answer acting as ‘fronts’ for businesses that were really owned and controlled by foreign companies/ investors.

Fearing that this will further shrink Bahamian economic ownership once this nation becomes a full World Trade Organisation (WTO) member, Mr Myers called on the Government to foster selfregulation throughout the economy’s key industries, given that private sector players were best-placed to identify ‘fronting’ and those operating illegally without the necessary approvals.

“The lackadaisical and inequitable enforcement

ROBERT MYERS of the rule of law in this country is already causing problems for small and medium-sized enterprises (SMEs) in the Bahamas,”

Mr Myers told Tribune Business.

“The Government is allowing projects to come into the Bahamas and is not stipulating that they use local SMEs, thereby enabling these investors - at our expense through the tax concessions - to use foreign competitors. They’re not giving local entrepreneurs the opportunity to grow from foreign direct investment (FDI).”

Foreign real estate developers have traditionally brought their own project managers, lead contractors, architects and engineers with them, which has often

SEE PAGE 8

Bahamas needs $200m to replace lost WTO revenue

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas will have to replace almost $200 million or 10.5 per cent of government revenues in a “realistic scenario” for WTO accession, a consultant has revealed.

Dr Derk Bienen, who helped drafted a government-funded study on the implications of becoming a full World Trade Organisation (WTO) member, illustrated the scale of the tax reform challenge facing the Bahamas when it starts to eliminate/reduce import tariffs that are seen as barriers to trade.

“In the current situation, you would have collectable duties of about $540 million,” Dr Bienen explained. “If the realistic scenario comes into play you would be collecting

500 hospital fees to come in July 1

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government plans to proceed with implementing 500 fees at the Princess Margaret Hospital (PMH) from July 1, amid warnings that it “can’t put essential services at risk”.

Dr Duane Sands, minister of health, told Tribune Business that many of these fees had been “legislated and in place for more than 40 years”, but were never enforced due to the “false” cultural and political narrative that healthcare is free.

With the Public Hospitals Authority (PHA) facing an annual $28 million funding deficit, and the Government’s Budget woes preventing this from being covered by Bahamian taxpayers, the Minister

* Legislated for over 40 years, never enforced * Minister: ‘Can’t put essential services at risk’ * Balanced Budget needed to ‘keep economy afloat’ said he had little choice but to “bridge the gap” through new revenue measures and/or spending cuts.

While many Bahamians were demanding improved healthcare service quality, Dr Sands said they were often failing “to connect the dots” between such desires and how this was to be paid for.

He added that the Government’s political opponents were bound to exploit what will amount, in many cases, to fees equivalent “to 10 per cent” of the cost of services provided, and said he would be

“shocked” if the Proand in place for more gressive Liberal Party than 40 years. The (PLP) “admits fiscal problem is they were responsibility is a good never enforced because thing”. of the culturally and Although the propolitically false view posed increases to that healthcare is free. morgue charges had “The problem is attracted most public that I’ve got to find attention, Dr Sands told $28 million a year, Tribune Business: “This and if I can’t find that is one of more than 500 $28 million deficit; if I DUANE SANDS can’t bridge it or close fee changes.....

“July 1 is when we that gap, I find myself plan to introduce the permitted fees. The fees have been legislated SEE PAGE 4

A MAJOR Freeport hotel says its near-30 percentage point increase in annual occupancy rates is “good for us but bad for the destination”, which needs to be “made relevant again”.

Magnus Alnebeck, Pelican Bay’s managing director, told Tribune Business that the resort had just enjoyed “the best year-and-a-half ever” in its history even though the city’s tourism market is effectively non-existent.

Pointing out that Freeport stands to miss three ‘winter seasons’ based on the Grand Lucayan’s projected re-opening timeline, he warned that the island faced a major challenge to put itself “back on the map” with the

* Pelican Bay enjoys ‘best 18 months ever’ * Despite there being ‘no tourism market’ * City must be ‘made relevant again’ travel industry, airlines and potential leisure visitors.

While Pelican Bay and other properties, such as Viva Fortuna, have benefited from the Grand Lucayan’s two-and-a-half year closure driving visitor traffic to their doors, Mr Alnebeck said this meant the city’s room inventory levels were woefully inadequate to support even reduced business levels.

He revealed that the Grand Bahama Shipyard was having to accommodate expatriate workers “on ships” whenever they were required for a vessel refit, while the

reduction in American Airlines’ service from Miami had sometimes pushed round-trip air fares as high as $1,300 for a short flight.

Mr Alnebeck said he understood the Government was “very close to having a deal done any minute now” for the Grand Lucayan’s re-opening, something that was confirmed by Tribune Business sources familiar with the negotiations.

The Pelican Bay chief, though, warned that the Minnis administration and prospective purchaser needed to have a post-completion strategy for resurrecting Freeport’s

* MUST FIND 10.5% OF GOV’T REVENUE * EXPERT: TARIFFS AMONG WORLD’S HIGHEST * BUT ONE-THIRD OF REVENUE LOST TO ‘BREAKS’ $340 million, and so you would have a reduction of $196 million or, in percentage terms, 10.5 per cent of government revenues.

“That is just the reduction in duties. That is the effect of the increased level of imports and the reduced level of tariffs.” Dr Bienen added that with many tariff lines reduced or eliminated, the Bahamas level of

SEE PAGE 4

FISHING REGULATIONS SUSPENDED AFTER 40% BOOKING FALL

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

image as a major tourist destination, with much hinging on the identity of the resort’s purchaser.

“The interesting thing is the majority of the Grand Lucayan will not be open for this winter season, which means it will already have been out for three winter seasons,” Mr Alnebeck told Tribune Business. “It will be two-and-ahalf years and three winter seasons that it’s been out.

“We’re going to end up being off the map for three of the winter seasons, and that’s going to need some engagement to get us back on the map and be relevant again.

It’s going to be a challenge. Hopefully they can come up with a solution that we feel will get us back on the map. “They need to find an operator that can come in

THE Government has suspended the flats fishing regulations after their “hasty crafting and poor implementation” was blamed for up to a 40 per cent fall in bonefish lodge bookings.

The Abaco Fly Fishing Association, in a statement yesterday, said the entire Bahamas was now “feeling the pinch” due to the significant loss of tourism revenue in the Family Islands.

It blamed the Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017, introduced by the former Christie administration, for causing a major decline in anglers visiting the Bahamas to bonefish. Lodge bookings, it added, had fallen by between 20 per cent to 40 per cent.

“The Out Islands of the southern Bahamas have been especially hard hit,” the Association said.

“Bonefishing lodges on Andros and Long Island, as well as the US-based Bahamas booking agents, report declines in bookings of 20 to 40 per cent or more, which means guides and staff are not working as

SEE PAGE 6

SEE PAGE 11

NEAR-30% PT OCCUPANCY RISE ‘GOOD FOR US, BAD FOR FREEPORT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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THE TRIBUNE

Monday, April 23, 2018, PAGE 3

Bahamas to send message: Banks ‘cannot launder cash’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank wants to tell the world that the Bahamas’ international banking sector “cannot launder cash”, with virtually all institutions having ceased taking such deposits.

The regulator, unveiling the results of an anti-money laundering/counter terror financing survey that drew responses from 80 licensees, said the sector’s non-acceptance of cash was an “important signal” of how seriously the Bahamas and its institutions take their regulatory obligations.

“Only six of 72 international SFIs (supervised financial institutions) reported accepting cash deposits,” the regulator said of the survey findings. “Upon follow-up, the Central Bank discovered that four of the six had already ceased taking cash deposits, and the other two were reconsidering their position.

“The Central Bank intends to take additional steps to clarify that the Bahamian international banking and trust sectors do not accept cash. This is perhaps an obvious but important signal that this sector not only does not launder cash, it cannot launder cash.”

Such a message assumes additional importance ahead of the Bahamas’ June assessment by the Financial Action Task Force (FATF), the global standard-setting body on anti-financial crime measures.

The FATF will be assessing whether the Bahamas has satisfactorily addressed the deficiencies in its antimoney laundering/counter

* ‘Major decline in tax avoidance business’ * Survey shows Bahamas ‘repository of wealth’ terror financing (AML/CFT) regime that were identified last year by its sister body, the Caribbean Financial Action Task Force (CFATF).

Elsewhere, the Central Bank said the survey showed the impact of recent international regulatory initiatives on the financial services industry’s client base, with portfolios increasingly featuring Latin American customers amid a “substantial decline” in tax avoidance business.

“Generally, the results indicate that the international sector’s historic focus upon European clients is shifting to a focus upon North and Latin American and other regional clients,” the Central Bank said.

“This reflects the substantial decline of the Bahamas as a jurisdiction for tax avoidance, and its growing importance as a preferred western hemisphere centre for private wealth preservation. A substantial Swiss and British base of business, however, has remained with the Bahamas, on a tax-compliant basis.

“It is clear that, by and large, Bahamian international banking and trust clients are not conducting their main operating accounts in the Bahamas.

Instead, they are using this jurisdiction as a repository of wealth.”

The Central Bank, meanwhile, said the survey showed that “at least a minority of the industry needs to improve its performance” when assessing

whether their institution’s policies and procedures comply with Bahamian anti-financial crime laws and regulations.

“This is a point of clarity to be communicated to SFIs. SFIs cannot rely solely or primarily upon regulators for such assessments,” the Central Bank added: “The Central Bank intends to look more closely at the quality and depth of board reviews on AML/CFT risk.

“We consider that a quarterly board review is reasonable in many cases.

The Central Bank will expect to see evidence, however, that in addition to regular reviews, Boards are conducting at least an annual, in-depth review of their SFI’s AML/CFT risks, controls and realized outcomes.”

The Central Bank survey found that licensees

deemed almost 15 per cent of their accounts to be ‘high risk’, while the figure for the domestic commercial banking industry is just 1 per cent. Around 2.9 per cent of international financial institution accounts were related to politically exposed persons or PEPS, meaning persons who are either government ministers, senior civil servants and their friends and families.

In total, across the domestic and international banking sectors, some 12,392 accounts containing a collective $67.032 million were flagged by institutions as ‘high risk’. This compares to 472,756 nonrisky accounts containing $111.147 million, although the latter figure does not include a dollar value for the domestic commercial banks.

PAGE 4, Monday, April 23, 2018

THE TRIBUNE

Bahamas needs $200m to replace lost WTO revenue FROM PAGE 1 imports would increase, generating more VAT and Excise tax revenues once get passed the ‘port of entry’.

This may partially compensate for the revenues foregone in reducing Customs duties, but reform and restructuring of the Bahamas’ existing tax system will be one of the main WTO accession challenges that will impact virtually every Bahamian.

Among the Government’s reform options is an increase to the existing 7.5 per cent Value-Added Tax (VAT) rate, or the introduction of new taxes and/or increases to other existing

levies. The International Monetary Fund (IMF) last year suggested the Bahamas introduce a low-rate corporate tax to compensate for the WTO-related loss of revenue.

Dr Bienen told a WTO panel discussion at the University of the Bahamas (UoB) Harry C Moore library that Bahamian tariff rates are among the highest in the world, but around one-third of potential revenues are given up via tax break incentives and concessions He added that all Bahamian tariff rates do not necessarily have to be lowered or eliminated, and this nation may be given time to phase-in the reductions

once its terms of accession are determined.

“Duties in government revenues is still sizeable, but have greatly reduced overtime.

“In 2016-2017 in the Budget, the share of import duties was 15.4 per cent of total government revenues.

This means that, in a worst case, a theoretical case, if all tariffs would have to be set at zero, government revenue would be reduced by 15.4 per cent and that’s kind of an extreme theoretical limit,” he added.

The Government-commissioned ‘vulnerability study’, highlighting the Bahamas’ main weaknesses in a WTO accession, was prepared using 2015 data.

Dr Bienen said the revenue impacts were derived from a comparison of this nation’s economy with Seychelles, which joined the WTO in 2015, and the previous offer prepared by the Bahamas government.

“We used a combination of those factors to come up with a scenario of what we thought was a likely outcome of the negotiations.

That was then put into the model to calculate the revenue,” he explained.

“What is also important is in the Bahamas there are high statutory tariffs and, at the same time, there are a lot of exemptions, and so many of those duties that are payable according to the statutory rates are not payable.

“It is a common practice in countries to have those exemptions in place, but the Bahamian case is a bit extreme. One third of the duty that is not being collected is quite a lot, and we took that into consideration.”

Dr Bienen said the Bahamas faces four main vulnerabilities with respect to WTO - the reduction in tariffs and an immediate impact on government revenues; reduced protection for domestic industries behind the tariff wall; increased competition in both the goods and services sectors; and an imbalance of trade.

He added that WTO members are bound to respect the rules that

govern trade-related laws and regulations.

“You cannot do as you please.

When you look at the most favoured nation principal (MFN), you could not even if you wanted - apply one tariff on the imports of one county and one tariff on the imports of another,” said Dr Bienen.

He added that the Bahamas faces ‘limited vulnerabilities’ in the service sector, but said WTO will not provide better market access or export opportunities than those granted to other countries.

“They apply their tariffs and conditions on exports from the Bahamas just as they do any other country,” according to Dr Bienen.

500 hospital fees to come in July 1 FROM PAGE 1 in a situation where essential services are put at risk.” The PHA Act already allows the Authority to levy fees, with the schedule gazetted decades ago, but many were never collected as the Government continued to subsidise its operations from the Consolidated Fund - the central pool into which all taxpayer revenue streams are placed.

Dr Sands, though, warned that the Government’s financial difficulties - saddled with $300 millionplus annual deficits and a national debt approaching $8 billion - meant this era had to end if Bahamians are to enjoy continued access to quality healthcare.

“We can no longer assume the Consolidated Fund is going to make up that [PHA] shortfall,” he explained, “so I either cut my expenses by

a comparable amount, or increase revenue or a combination of the two.

“I know for a fact the whole world is going to come kicking and screaming, saying what a horrible human being I am. For me, what I say is: ‘Let’s take the chaffing’, and if we have the revenue to provide the service safely we will eliminate some of the challenges - people saying this is terrible, we don’t have this, don’t have that, you have

failed to provide what you need to provide. Some of the public discord will go away.”

Dr Sands urged Bahamians to recognise the new fiscal realities, and how it will impact them and the services they receive, emphasising that the PHA’s $28 million deficit cannot simply be ‘wished away’.

“The culture that this administration is seeking to introduce is one of fiscal responsibility, and I guess you can call it a level of fiscal conservatism, but the idea you can hope the money will be there and hope the Consolidated Fund will be able to pick up $20 million for Bahamasair, $28 million for the PHA, $10 million for this operation and $20 million for that operation, those days are gone,” he told Tribune Business.

“Everybody has got to get their house in order if you are going to provide a specified menu of services without reducing the options.

“If you say I can’t raise the money, there is no more waste to cut, the only reasonable thing to do is reduce the services and that’s unpalatable for many.

“I can guarantee that when we say you should pay what ought to be paid, I will be burned in an effigy as a heartless, uncaring soul,” Dr Sands added.

“Believe me, the political spin has already started.

Because the rhetoric is welcome and appeals to the base of a political organisation, they will use it, and use it and use it, even though they recognise the right thing to keep this economy afloat is to get as close as we can to a balanced Budget.

“I would be shocked if any member of the side opposite or their surrogates recognises being fiscally responsible is a good thing.”

The Minister of Health said Bahamians must understand that the quality of healthcare services they are demanding requires increased investment that must be paid for somehow.

“The people of the Bahamas, if you demand a particular level of service as Bahamians are demanding, and say that what is provided now is inadequate and you have to improve the service and make the investment, that investment requires revenues,” Dr Sands told Tribune Business.

“It is convenient not to connect the dots, and look at this as a silo and pretend it is a unique concern.

You cannot say you are not prepared to adequately fund the hospital and, at the same time, complain we don’t have the money, we have run out of medicine, don’t have the latest equipment and don’t fund equipment maintenance.

“We have to ensure the conversation has a level of honesty and openness, so people can understand why this bitter medicine is necessary. Had we taken a smaller dose of it over the years, we wouldn’t have to swallow such a big dose now.”

THE TRIBUNE

Monday, April 23, 2018, PAGE 5

Doubling fisheries exports is ‘most insane concept’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN environmental activist has branded a Cabinet minster’s call for the Bahamas to double its annual fisheries exports as “the most insane concept”, calling for him to instead focus on curbing poaching.

Sam Duncombe, reEarth’s president, told Tribune Business: “This notion about fully exploiting our fisheries, when all of the studies suggest that 90 per cent of the big fish are gone and the fish we eat regularly are being exploited, almost to the max......

“Instead of taking the conservative approach, we seem to be saying to hell with the science; we are

going to catch whatever is out there because someone else is going to take it.

“That is the most insane concept. We should be looking at ways to conserve our fisheries and stop poaching.”

Earlier this month, Renward Wells, minister of agriculture and marine resources, said he had set himself the “goal” of doubling the Bahamas’ annual $90 million fisheries exports.

He added that this nation’s fisheries exports - $70 million of which are spiny lobster and crawfish, and the remaining $20 million conch, stone crab and snappers - represented an important avenue to increase the Bahamas’ foreign currency earnings.

Mr Wells also suggested there is the potential to

catch other fish, such as tuna and wahoo for export.

Mr Wells’s comments were backed by Keith Carroll, the Bahamas Commercial Fishers Alliance’s (BCFA) vice-president, who agreed that this nation was only scratching the surface of its fisheries potential.

He told Tribune Business: “We don’t fish our ocean; only our banks.” He said the reason Bahamian fishermen do not exploit the likes of tuna and swordfish is due to the controversy surrounding long-line fishing methods.

Mrs Duncombe said she and other environmental groups have strongly opposed such methods for years.

“The fact that we are having to revisit all of these so-called victories we have

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had over the years is such a regressive step, it’s terrifying,” she added.

“While we did not get an all-out ban on long-line fishing, what the law says is that if Cabinet gives full approval someone can get a license to long line fish. We were not happy with that.

We considered it a loophole then and still consider it a loophole.

“To me, the fact that fishermen mentioned it says to me that those discussions are happening.”

Mr Wells’s goal is also being opposed by environmental group Save The Bays (STB), with its chairman, Joseph Darville, calling the proposal “reckless, dangerous and an insult to the hard work and sacrifice of countless conservationists over the years”.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

DOVER DEUX HOLDINGS LTD. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) DOVER DEUX HOLDINGS LTD. is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 19th April, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

PAGE 6, Monday, April 23, 2018

THE TRIBUNE

Near-30% pt occupancy rise ‘good for us, bad for Freeport’ FROM PAGE 1 with a solid product, and the airlift and marketing, and hit it in one go. The only such operator I can see at the moment is Sunwing.

At the present moment there is no reason to speak to an airline about adding airlift. They say: ‘Come back when you are open’.”

Tribune Business sources have disclosed that the current strategy is to re-open the property formerly operated by Sunwing’s affiliate, Memories, by October this

year. The Grand Lucayan’s remaining two properties, Breaker’s Cay and Lighthouse Pointe, both suffered more damage from Hurricane Matthew, and March 2019 is being targeted for their re-opening.

Contacts familiar with negotiations confirmed these timelines are correct, but both are dependent on the Grand Lucayan’s sale being closed imminently.

The Toronto-based Wynn Group signed a Letter of Intent (LOI) for the purchase pre-Christmas 2017, and this newspaper was told

NOTICE CHAPLIN OVERSEAS LTD. Incorporated under the International Business Companies Act, 2000 of The Commonwealth of The Bahamas.

Registration Number 38,032 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 1st day of September, 2017.

Articles of Dissolution have been duly registered by the Registrar. The Joint Liquidators are Benjamin A. Rhodes of Grant Thornton Limited, P.O. Box 313, Lafebvre House, Lafebvre Street, St. Peter Port, Guernsey, Channel Islands and Kendrick K. Christie of Grant Thornton, Paje House, Marlborough Street, P.O. Box N-8285, Nassau, The Bahamas. Persons having a Claim against the above-named Company are required on or before the 21st day of May, 2018 to send their names, addresses and particulars of their debts or claims to the Joint Liquidators of the Company, or in default thereof may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 23rd day of April, 2018.

Benjamin A. Alexander and Kendrick K. Christie Joint Liquidators

late last week that its deal while yet to close - remains “on track”.

However, Tribune Business was told that rival purchasers have surfaced, giving the Government a ‘Plan B’ option and alternatives should Wynn be unable to ‘seal the deal’ with Cheung Kong Property Holdings, the Grand Lucayan’s owner, and the company into which Hutchison Whampoa spunoff all its real estate-related assets.

And Bradley Roberts, the former Progressive Liberal Party (PLP) chairman, last night suggested that the Grand Lucayan sale was off and that “negotiations have fallen flat”.

“It has come to my attention that the now infamous on again, off again sale of the Lucaya Hotel complex in Grand Bahama is now off again, and the properties are back on the international market for sale,” he said, without producing any evidence.

Mr Alnebeck recalled how Sunwing/Memories had pledged to re-open within three months of Hurricane Matthew in October 2016, provided Cheung Kong Property Holdings - as landlords - carried out the necessary repairs. This never occurred.

The subsequent closure resulted in near-600 jobs losses at Memories, and the loss of 1,100 rooms

- some 59 per cent of Grand Bahama’s total inventory.

While the fall-out may have boosted other Freeport resorts, Mr Alnebeck conceded it had done nothing for the destination.

“There isn’t really a tourist market here at the moment,” he told Tribune Business. “Pelican Bay has had its best year-and-a-half ever, but our tourist business is actually down.

“The only thing we have is the Celebration coming in with passengers, but even they are having challenges selling overnight packages because there are not enough hotel rooms open.

“We don’t have enough rooms for the corporate market. When the Shipyard is doing a big refit, they are struggling to find rooms and are keeping people on a ship instead.”

Mr Alnebeck, showing how much Pelican Bay’s business has grown postMatthew, revealed that the resort’s annual occupancies are now close to 80 per cent compared to the 40-50 per cent averages enjoyed before the storm.

“It’s been extremely strong,” he told this newspaper. “We’ve done very well except for the usual problems in October, which is always a slow month in Grand Bahama for tourism and corporate business.

“We’re running on a yearly

basis close to 80 per cent occupancies. Before that we were doing in the low 50s to high 40 per cents. It’s good for us, but horrible for the destination.”

Mr Alnebeck said Pelican Bay’s corporate guests tended to focus their spending on rooms and rental cars, rather than distributing this to the retailers and restaurants like the missing leisure travellers.

Sunwing and its affiliates, Memories and Vacation Express, offer a vertically-integrated airlift, tour operator and hotel solution that is better able to control its costs - something that is critical in an expensive destination such as the Bahamas.

Vacation Express is resuming the summer airlift programme that it dropped in 2017 due to a lack of room inventory following the Grand Lucayan’s closure, and Mr Alnebeck said Pelican Bay was doing everything possible to support the relaunch.

“We’re trying to help them as much as we can,” he told Tribune Business.

“They [Vacation Express] called me yesterday and begged me to open up dates we’d closed out, and I did it as they are the only thing keeping us on the tourist map at the moment.”

Mr Alnebeck said American Airlines had dropped

NOTICE

NOTICE is hereby given that JASEMINE PHILISTIN of Hampton Street off Mount Royal Ave., 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 twentyeight days from the 23rd day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KENZY VOLMY of Mason‘s Addition, 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 23rd day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

its Miami-Freeport service from four flights per day to two, and reduce the size of its aircraft, due to lack of tourist traffic and demand.

This, he added, had pushed round trip air fares as high as $1,300 - especially when flights were full due to Grand Bahama Shipyard workers.

Sources familiar with the Grand Lucayan negotiations told Tribune Business the Government is deliberately ‘not counting its chickens before they are hatched’, as it wants to avoid the premature release of any details in case the deal does not happen.

This newspaper was informed that the Minnis administration is taking a deliberate, painstaking approach to reviving Freeport’s ‘anchor property’ in a bid to create a sustainable destination product that will enable the Grand Lucayan strip to ‘stand on its own two feet’ and compete with the likes of Nassau/Paradise Island.

“Things are very close to completion, but at the same time the attitude is: ‘It isn’t over until it’s over’,” one source told Tribune Business. “There’s some pretty exciting stuff about to happen, but it ain’t over till it’s over.

“Grand Bahama has been the secondary destination in the Bahamas for a long period of time, and there’s a good prospect now it will be able to stand on its own and compete with Nassau/Paradise Island and the region.

“The reason for a lot of the lack of success in Grand Bahama is a lack of recognition. You have to be something that’s going to compete with that, rather than be inferior to Nassau/ Paradise Island. Grand Bahama has enormous potential but it can only be realised when there’s a very strong demand, and we think we have found something that will lead to that very strong demand.”

The source added that the Government also wanted to end the previous multi-million dollar annual taxpayer subsidies that underwrote Grand Bahama’s tourism product and the Grand Lucayan, which at one point hit $29 million.

“Getting out of the subsidy business is very important,” they added.

THE TRIBUNE

Monday, April 23, 2018, PAGE 7

Realtors in foreign agent crackdown THE Bahamas Real Estate Association (BREA) is aiming to crackdown on foreign agents operating illegally in the Bahamas following its recent annual general meeting (AGM).

The event, attended by almost 100 realtors from the near-700 member organisation, were also informed of plans to ramp up ethics education and overhaul laws governing the industry.

The initiatives were unveiled as Christine Wallace-Whitfield was returned for a second term as president, while a new Board of Directors was also elected.

“There are three goals that I intend to finish within this second-year term,” Mrs Wallace-Whitfield told the crowd of nearly 100, a record turn-out for an AGM. “The first is our real estate legislation.

“We have had several successful meetings with the Attorney General’s office, and notes have been exchanged, changes made which will all go toward revising the Act successfully, and that will be a great achievement for the association.” The legislation currently governing the Bahamian real estate industry is almost 30 years old.

Mrs Wallace-Whitfield said BREA’s Board will also place a renewed emphasis on ethics. A new entry-level curriculum that starts with three hours of ethics-related information has been prepared for what she described

THE BAHAMAS Real Estate Association’s (BREA) 2018-2019 Board of Directors were elected at its recent annual general meeting. They include, front row: Christine Wallace-Whitfield, president, right, and Heather Peterson, vice-presiden. Second row, L to R, are directors Hartman Longley ll; Sally Hutcheson; and Elbert Thompson. In the third row are Antoine Adderley; Helen Dupuch; and James Bernard. Fourth row: Lana Rademaker; Cara Christie; and Jolika Buckner. Back row: Mike Lightbourne and Stuart Halbert. Not pictured is treasurer Sarah Callender. as a “much tougher and broader” course that will be introduced for the first time next week. The course will also be taught be a new instructor, former BREA president Patty Birch, who Mrs Wallace-Whitfield described as “exemplary”.

“Education and ethics are important factors in improving the level of excellence in our industry,” Mrs Wallace-Whitfield told attendees at the Nassau Yacht Club. “We are now taking a new approach.

“We have approved the new course outline that entails a seven-day educational course, the first day being focused on ethics with a test given right after.

A rest day on Sunday, and

classes to resume on the Monday to Friday with the exam on the Saturday.”

In addition to the expanded course for new entrants, BREA will host thjree-hour breakfast sessions for industry veterans.

Sessions will include representatives from banking, law and government to discuss matters related to real estate.

Mrs Wallace-Whitfield’s strongest warning, though, involved tackling what she called “a continuing saga of ongoing complaints of foreign realtors coming on to our shores here in the Bahamas, who try to sell and conduct real estate business transactions.” “We are seeing more foreign

ALIV LAUNCHES IN LONG ISLAND ALIV last Friday launched mobile services on Long Island, while also unveiling its store in Deadman’s Cay. Prior to the official opening, ALIV executives, staff and community members were invited to an official cocktail launch on April 19 at Lloyd’s Sporting Lounge.

Damian Blackburn, the chief ALIV officer(CAO), said: “I’m the kind of guy who does not let people down, and anybody using the Aliv network in Long Island and comparing it with the Aliv network in all the other islands will agree with me that it’s the same.

“We make good on our promises, and I promised you the last time I was in Long Island that we will be in your community and support your initiatives, and

we will also make good on that. To the ALIV team here on the ground and those not here I want to say well done, it’s an incredible achievement to launch on another island.”

Long Island’s administrator Cleola Pinder, speaking on behalf of the island’s MP, Adrian Gibson, said: “We are very happy and pleased to have Aliv here in Long Island because we certainly can use all of the economic benefits, and those who are currently now employed will agree with me.

“Any business that we have here on the island we should embrace, so we thank Aliv for being here and for a number of the things they intend to do while here, namely assisting backyard farming.”

Also in attendance at the Aliv store opening was Aliv’s central Bahamas general manager, Carl Momplaisir; chief Aliv innovato, Stephen Curran; chief ALIV solutions architect, Duane Davis; Bahamas Chamber of Commerce vice-president, Ramona Taylor; and Superintendent Victor Wells. ALIV has retail stores and authorised dealers on New Providence, Grand Bahama, Abaco, Eleuthera, Bimini, Andros, Exuma and San Salvador, with a total of 200 towers throughout these islands.

Through national roaming, ALIV subscribers can use their devices throughout the country. It is hoped that Aliv will have launched throughout the entire Bahamas by mid-summer 2018.

websites advertising our properties without our consent, which is illegal,” she added. “I am currently in conversation with Immigration, the Attorney General’s Office, the Florida Association of Realtors and our representative at NAR and the Chamber of Commerce, who have basically agreed to assist us with this increasing problem. “I also met with a few brokers/agents in Exuma who have experienced this serious problem. You will hear of this more in the news moving forward to bring awareness to everyone near and far. It is okay for a foreign real estate company to contact any licensed Bahamian broker firm on a referral basis only, but it is not okay for them to do this on their own accord.”

Mrs Wallace-Whitfield thanked outgoing board members Silvina Andrews, Anthony Wells and Laura Kimble, who were not running for re-election, Helen

Dupuch, chair of the MLS (Multiple Listing System) committee and others who

volunteer their time on various committees, including education and ethics.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

EIVISSA DEUX CORPORATION LTD. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) EIVISSA DEUX CORPORATION LTD. is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 19th April, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

PAGE 8, Monday, April 23, 2018

THE TRIBUNE

Fronting ‘more ferocious’ if no pre-WTO crackdown FROM PAGE 1

led to complaints by Bahamian professionals that they are excluded

from working on major FDI projects in their own country. Yet Mr Myers

suggested a far greater difficulty is posed by foreign competitors entering sectors supposedly reserved exclusively for Bahamian ownership, such as construction, retail, landscaping, restaurants and events management, via locals offering themselves as ‘fronts’.

He added that Raymond Winder, the Bahamas’ leading WTO negotiator, had acknowledged the existence of ‘fronting’ - and the challenges it causes for Bahamian entrepreneurs - a recent Chamber of Commerce-organised WTO seminar.

“These are industries by law restricted to Bahamians,” he told Tribune Business, “but that is being completely violated by people with no experience or track record fronting for foreign competitors.

“That has already decimated a lot of larger companies. The opportunities for growing SMEs and growing entrepreneurship has been significantly impacted without WTO because people are not adhering to the law.

“There’s not a strong hand pushing back against the foreigners coming in with some Bahamian lawyer, Bahamian accountant or some politically-connected person fronting for them. It’s damaging our middle class and SMEs.” Darron Pickstock, chair of the Chamber of Commerce’s trade committee, voiced similar concerns over ‘fronting’ and the National Investment Policy during a WTO-related panel discussion at the University of the Bahamas (UoB) last week.

While the Policy covers 12 sectors, Mr Pickstock pointed out that it is just

that - a policy, which can be waived and amended by any sitting government.

A recent example of the National Investment Policy’s waiving was when the former Christie administration permitted Sysco, the major US food services conglomerate, to acquire Bahamas Food Services (BFS) in 2013 from fellow American company, Beaver Street Fisheries.

“We believe that this policy has merit, but is definitely in need of a full review as often the Government does not follow its own policy,” Mr Pickstock said.

“Over the years, exceptions have been made in the wholesale sector, and throughout these islands we can see foreign persons bending and breaking the rules; albeit sometimes with the help of Bahamian partners.”

Claims of ‘fronting’ have frequently been hurled around over the years, but proving the allegation has often proven extremely difficult if not impossible.

Mr Myers argued that the best cure was to ensure the different industries can adequately self-regulate prior to the Bahamas becoming a full WTO member.

“Let the industries police themselves, as they know who’s legitimately in the business and who isn’t,” he told Tribune Business. “Let the industry professionals police themselves and regulate themselves. That’s got to be the focus before WTO. “They need to get all these things battened up.

If you don’t, you’re going to move people into a subservient economy. In a WTO environment that’s [fronting] probably going to become more ferocious.

It’s going to get much more intense.

“The Bahamians will find themselves subservient to foreign entities, which will gobble up all the business and put SMEs out of business.

“It’s critical each industry has the opportunity to regulate itself. Let’s face the music: The Government has not been doing it for 35 years. It turns a blind eye when these complaints are made.”

As an example, Mr Myers recalled a recent complaint he heard about a foreign contractor on a Family Island that had not paid National Insurance Board (NIB) contributions for a year, and promptly “hauled ass” when the authorities began to investigate.

“They’re not paying Business Licences, they’re not paying NIB and are not paying VAT,” he said of such cases.

“They come into work on a private residence or resort until someone puts heat on them, and then they haul ass.

“It hurts SMEs, hurts the Government’s revenues, and the only people laughing are the contractor, service provider and the client. The Government and SMEs get completely screwed.”

Mr Myers said the absence of any ‘whistleblower protection’ legislation added to the difficulties in combating ‘fronting’.

He explained that his own experience was that Customs and Immigration officers ended up informing the subject of any complaints about both the allegations and identity of the accuser, which inevitably led to the loss of potential work.

THE TRIBUNE

Monday, April 23, 2018, PAGE 9

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BROOKEL CAROLYN MACKEY BIEN AIME of Eastern District P.OBox N-3314, mother of ELLE SIMONE EMMA MACKEY a minor intend to change her name to MERIKEL CAROLYN MACKEY BIEN AIME. 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-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CANEICEA VONSHEL NELSON of Myrton Avenue, Farrington Road, P.O.Box EE-17933 intend to change my name to CANEICEA VONSHEL BOWLES. 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-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

HELP WANTED

Administrator/Receptionist required for a small Offshore Company. Must be proficient in Excel & Word, with a basic knowledge of accounting. A working knowledge of QuickBooks would be an asset. Must have excellent communication skills, and the ability to manage the office.

Previous experience in the financial industry an asset but not a must.

Email resume to:”employ2018@outlook.com”

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

MARKET REPORT WEDNESDAY, 18 APRIL 2018

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

BISX ALL SHARE INDEX: CLOSE 1,972.10 | CHG -0.45 | %CHG -0.02 | YTD -91.47 | YTD% -4.43

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: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)

(b)

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

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.

BISX LISTED & TRADED SECURITIES 52WK HI 4.31 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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 4.25 APD 17.43 BPF 9.09 BWL 3.34 BOB 1.00 BBL 0.18 CAB 3.35 CIB 8.80 CHL 6.10 CBL 4.13 CBB 10.07 CWCB 2.90 DHS 1.50 EMAB 7.88 FAM 6.10 FBB 10.44 FIN 6.23 FCL 4.30 JSJ 12.51 PRE 10.00 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

CLOSE 4.25 17.43 9.09 3.34 1.00 0.18 3.35 8.80 6.10 4.13 10.07 2.89 1.50 7.88 6.10 10.44 6.23 4.29 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 -0.01 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

110.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.15 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

100

2,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 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 11.8 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 24.2 16.0 28.3 4.5 N/M 5.4 14.1 7.5 14.6 23.0 0.0

YIELD 1.88% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 2.91% 6.85% 2.08% 3.33% 1.07% 4.92% 4.79% 2.41% 2.80% 4.56% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

SEYMOUR & CO. Chambers 101 East Hill Place East Hill & Market Streets Nassau, The Bahamas Attorneys for the Petitioners TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | 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

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

PAGE 10, Monday, April 23, 2018

THE TRIBUNE

THE TRIBUNE

Monday, April 23, 2018, PAGE 11

Fishing regulations suspended after 40 per cent booking fall FROM PAGE 1 many hours this year and our taxi drivers are losing business. “Without the influx of operating capital by the foreign anglers being spread throughout the communities, houses are being left unfinished, medical care is put off, and plans are put on hold because of lack of income. The job of caring for one’s family and raising children has gotten harder because of the flats fishing regulations, as noted by one lodge owner on Andros.

“This is most alarming because the anglers are still flats fishing; they are just doing it in other places.

Cuba, Belize, Mexico, Central America, Christmas Island and the Seychelles are the recipients of those tourist dollars now.”

The Association said the Minnis administration has now suspended enforcement of the regulations until their impact can be reviewed, as angler licenses have been extremely difficult to obtain and pay for.

The regulations require anglers over the age of 12, and those who wish to fish in the flats, to apply for a personal angler’s license and pay a set fee. NonBahamians will have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual license.

The regulations also require a foreign vessel wishing to fish in the Bahamian flats to obtain the usual sports fishing permit, with each person on the vessel also holding a personal license. The regulations ban commercial fishing in the flats, and anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. A

Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas is to be established.

The suspension was immediately slammed by PLP chairman Fred Mitchell as “an act of madness”, adding that the Opposition was “confounded” that the Government had “stripped away protection” for the fishing grounds and Bahamians.

Accusing the Government of “looking out for foreigners and not for Bahamians”, Mr Mitchell added: “The PLP put in place regulations which protected fly fishing for Bahamians, and maximum protection against pilferage by strangers coming into this country to pillage our fish stocks.

“All the patient work done by the Fisheries Department under the PLP has been scrapped, and now there is open season in our fishing flats.”

Describing the situation as “shameful”, Mr Mitchell said Renward Wells, minister of agriculture and marine resources, had failed to “stand up” for conservation and Bahamian bonefish guides while foregoing the revenue that will now be lost from licenses.

“The PLP pledges as soon as it returns to office to return the provisions and rules to protect Bahamian fishing stocks and the fly fishing sector for Bahamians,” he added.

When the proposed regulations for the industry were first unveiled, they created considerable controversy and effectively divided the 400 local guides and the lodge owners.

The latter were more opposed to the proposals, while there was concern that the regulations, as initially drafted, gave the impression that the Bahamas was being too protectionist, restrictive and anti-foreign, tying up access by foreign anglers in bureaucracy and red tape, not to mention increased costs.

“A flats fishing license with funds supporting conservation, education and enforcement is supported by 100 per cent of visiting anglers, guides and lodge owners. But the roll-out of the licensing process has been confusing and extremely difficult for anglers and lodge owners,” the Association said.

“With only a few days prior notice, licensing was put into effect in January 2017. Officials on Out Islands were scrambling to obtain the documents from central government to initiate licensing sales.

Anglers were to buy the licenses at the Administrator’s Office. Administrators were busy, so they gave the licensing materials to the fisheries offices to sell, leaving anglers wandering around trying to find the proper offices in which to buy the license.

ADVERTISE TODAY IN THE TRIBUNE, CALL 502-2394

BAHAMAS FIRST GENERAL INSURANCE COMPANY LIMITED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2017 (Expressed in Bahamian dollars)

2017

2016

ASSETS Cash Trade accounts receivable, net Receivable from reinsurers Sundry receivables and prepayments

$ 8,295,270

$ 15,270,135

10,827,249

13,485,758

1,002,417

-

480,120

2,666,660

6,355,721

6,285,602

Unpaid claims recoverable from reinsurers

25,838,596

65,332,883

Deferred reinsurance premiums

23,670,996

25,395,686

Investments

31,600,524

33,914,039

Receivables from related companies

Deferred commission costs

14,423,002

21,387,251

Property and equipment

9,443,713

9,687,910

Intangible asset

2,692,559

2,692,559

TOTAL

$ 134,630,167 $ 196,118,483

2017

2016

LIABILITIES AND EQUITY LIABILITIES: Accrued expenses and other liabilities

$ 2,443,933

$ 1,238,117

-

20,517,813

6,323,415

6,490,524

Unearned premiums

35,702,045

36,962,852

Unpaid claims

40,160,774

80,909,177

84,630,167

146,118,483

7,500,000 14,100,000 6,203,588 22,196,412

7,500,000 14,100,000 6,084,766 22,315,234

50,000,000

50,000,000

$ 134,630,167

$ 196,118,483

Payable to reinsurers Unearned commission income

Total liabilities EQUITY: Share capital Contributed surplus Reserves Retained earnings Total equity TOTAL

Approved by the Board of Directors on March 8, 2018 and are signed on its behalf by:

Director

Director

Copies of the full financial statements can be obtained on our website at www.bahamasfirst.com

“To complicate matters for the angling visitors, who would naturally surmise that a fishing license would be sold by the Department of Marine Resources, after a few weeks, fishery offices were told to stop selling licenses and only administrators were authorised to do so.”

The Association added: “There is a license application available for download on the Government’s website. But there is no way to actually buy the license online. The application must be filled out, printed, signed by the angler and then presented to the island administrator’s office for issuance when they arrive at their fishing destination.

“The website also advises that the turnaround time is one day, and that opening hours are 9am to 5pm, Monday to Friday, except public holidays. Most tourists travel Saturday to Saturday.

“The Government must stop the bleeding of our tourism dollars to other countries and bring our flats fishing tourists back to the Bahamas by enacting sensible flats fishing regulations that welcome visitors.

Prime Minister Minnis should return the flats fishing tourism portfolio to the Ministry of Tourism, who did a much better job of welcoming angling tourists to our islands before the Bahamas Fly Fishing Industry Association’s ideas led to the decline of angling tourism.”