business@tribunemedia.net
MONDAY, APRIL 30, 2018
$4.40
$4.63
Oil exploration one step closer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
O
IL exploration in Bahamian waters is one step closer to reality after an application for environmental approval was submitted to the Government late last week. Bahamas Petroleum Company (BPC), which has spent more than a decade on its exploration project, confirmed it has “lodged an application for Environmental Authorisation” with the Ministry of the Environment and Housing over its plans to drill a first well in waters south-west of Andros. Simon Potter, BPC’s chief executive, told Tribune Business yesterday that
* BPC applies for ‘Environmental Authorisation’ * Oil price rise ‘quite attractive’ for JV partners * CEO: Success chances ‘the best I’ve seen’ the submission was another “step” in the process to ‘spudding’ that first well, having taken two years to complete. He added that it would aid BPC’s search for a joint venture partner, which has received a further boost in recent months from the increase in global oil prices to over $70 per barrel. This, Mr Potter explained, had made the Bahamas - and specifically BPC’s project - “quite attractive” again to oil industry players whose exploration appetites have been stoked by the rise in
global prices and potential profit margins. He further described BPC’s prospects of discovering commercial quantities of extractable oil as “the best I’ve seen”, based on the company’s $100 million investment to-date in obtaining seismic data and ‘de-risking’ the project. BPC is currently working on a ‘parallel track’, which involves obtaining the necessary environmental approvals from the Government at the same time as it seeks to secure a ‘farm in’, or joint venture, partner to share the
financial and technical burden of drilling that first exploratory well. The ‘Environmental Authorisation’ submission indicates that BPC is likely making progress on its joint venture partner search, although Mr Potter declined to provide details on this aspect of the company’s work. He branded the application as an “intense piece of work” that took two years to complete, but which was required under regulations
SEE PAGE 4
$4.63
$4.63
SPECIALIST: GOV’T FACING ‘MINEFIELD’ ON OWNERSHIP REGISTRY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN IT specialist is warning the Government it faces a technical “minefield” over its Beneficial Ownership Registry, whose operations he urged it to outsource to the private sector. Bruce Raine, International Private Banking Systems (IPBS) principal, told Tribune Business his complete “lack of confidence” in government was behind the call for the Registry to be run by a ‘third party’ such as a law firm. With data protection and security key to calming investor fears over the Registry’s creation, Mr Raine said just one well-publicised data leak could “scare off” clients and business from the Bahamas. The Government last week tabled legislation in the House of Assembly to
* IT SPECIALIST’S ‘LACK OF CONFIDENCE’ * ‘THIS IS ONE THING WE MUST DO WELL’ * OUTSOURCE CALL ON SECURITY FEARS create a central registry containing details of beneficial ownership for all Bahamas-incorporated legal and corporate entities, suggesting this was necessary to meet international anti-money laundering and automatic tax information exchange standards. Mr Raine, though, argued that the data stored by the Registry needs to be “encrypted”, especially given that the lives of financial services clients and their families living in crimeridden Latin American
SEE PAGE 5
Gov’t urged: Delay WTO until 2021’s new power plant established By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT was yesterday urged to delay the Bahamas’ WTO accession until 2021 to coincide with the prospect of lower energy costs for New Providence at least. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the proposed timetable for Shell’s liquefied natural gas (LNG) power plant “gives the timeline” for when the Bahamas should seek to become a full World Trade Organisation (WTO) member. Reiterating that he was
in favour of the Bahamas ultimately joining the WTO once it could realise the full benefits, Mr Myers again urged that accession be delayed to properly position the economy for this. Suggesting that the Government was currently on a WTO “sales mission” and “blowing smoke up our backsides” over the need to join global trade’s rulessetting body, the ORG chief said his personal experience called into question the advantages said to flow from membership to Freeport. Mr Myers argued that Freeport should instead be labelled “bureaucratic port”, recalling how the imposition of 1 per cent
* ‘Reason enough’ to put accession off * Freeport ‘bureaucratic port’ with 2 Gov’ts * Gov’t ‘sales mission’ not tackling problems
ROBERT MYERS Customs processing fees on all imports and exports plus a doubling in Customs attendance fees - ultimately
sank his VTrade transhipment/logistics business. VTRade’s business model was built on quick turnaround, bringing in bulk shipments for ‘break down’ and forwarding on to consumers via smaller loads. However, the extra costs and bureaucracy introduced by the former Christie administration ultimately undermined its existence and forced the company’s closure. “Why do they think the WTO is going to open up Freeport?” Mr Myers told
Tribune Business. “What’s closing down Freeport is that you have to deal with two governments: the Grand Bahama Port Authority (GBPA) and the Governmentx. “You’ve got to jump through all the Port Authority stuff, and still have to deal with Immigration and Customs, and have Customs breathing down your neck. They imposed a 1 per cent fee on all goods imported and exported, and then doubled the Customs attendance fee.
“Every time you imported or exported something, you had to have Customs come in and inspect it. That’s not a ‘Freeport’; that’s a bureaucratic port. That’s what put me out of business. Until you get Customs and Immigration, and government, out the way, it’s a ‘bureaucratic port’.” Mr Myers argued that the Government seemed to be solely focused on selling WTO membership’s supposed merits, rather than addressing productivity, energy, and cost/ ease of business challenges that made Bahamian businesses uncompetitive with their international and
SEE PAGE 4
QC: Licensees ‘can’t BAHAMAS’ GDP GROWTH trust’ Port over WTO ‘25%’ OF WHAT’S NEEDED By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
FREEPORT needs “two seats” in the WTO negotiations because the Grand Bahama Port Authority (GBPA) cannot be trusted to look after its licensees’ interests, an outspoken QC has warned. Fred Smith QC, the Callenders & Co attorney and partner, said the deal agreed with the former Christie administration over Freeport’s expiring tax breaks exposed the willingness of
the GBPA to “sacrifice” its 3,000-plus licensees. While the GBPA, Hutchison Whampoa and all their affiliates received an automatic 20-year renewal of their expiring incentives, all other Freeport businesses were required to apply to the Government to receive the same - until the May 10 general election produced a change in administration and policy. As a result, Mr Smith told Tribune Business that the GBPA and its licensees need to be represented
* WANTS ‘TWO SEATS AT TABLE’ FOR FREEPORT * TAX BREAKS SNAFU SHOWS INDEPENDENCE NEED * GOV’T TOLD: ‘DON’T BURY FREEPORT UNDER CARPET’
“independently” in the Bahamas’ upcoming World Trade Organisation (WTO)
SEE PAGE 7
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE BAHAMAS is just “25 per cent of the way” towards generating the economic growth its needs following real GDP expansion of 1.4 per cent in 2017. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that while welcome last year’s growth was still well short of the 5.5 per cent needed to slash existing
unemployment in half and absorb all new workforce entrants. The International Monetary Fund (IMF) has estimated that an average annual growth rate of 5.5 per cent, sustained over a five-year period, is needed to achieve such an objective, indicating the Bahamas still has much work to do. “We still need to be at 5.5 per cent,” Mr Myers told Tribune Business. “We’re just over 25 per cent of the way there. Our GDP still
* HAS TO EXPAND ALMOST FOUR-FOLD * TO MEET IMF’S 5.5% TARGET * DPM HAILS ‘RECOVERY’ SIGNS has to come up four times’. There’s still a long way to go, and there’s still some cost-cutting to do. “When we’re at 4.5 per
SEE PAGE 8
PAGE 2, Monday, April 30, 2018
THE TRIBUNE
Development Bank BFSB takes insurance cuts losses by 43% conference ‘captive’ THE BAHAMAS Development Bank (BDB) cut its losses by 43 per cent last year, the Deputy Prime Minister has said, as he urged entrepreneurs to “take another look” at the institution. K Peter Turnquest, speaking at a press conference to highlight the BDB’s 40th anniversary, said: “I want to invite the Bahamian public, particularly young enterprising Bahamians, to take another look at Bahamas Development Bank (BDB) as a source of financing and support.” Mr Turnquest and BDB chairman, Lynden Nairn, reaffirmed the BDB’s commitment to develop micro, small and medium-sized enterprises (MSMEs) in
K PETER TURNQUEST, MP The Bahamas. The Government earlier this year committed some $25m towards the development of small businesses over the next five years,
including the launch of a Small Business Development Centre. Mr Turnquest said; “We want the majority of this investment to get into the hands of entrepreneurs to fuel and fund their dreams.” He reassured Bahamians that the Government is committed to the BDB’s success, and called on the bank to be even more nimble, dynamic and innovative with its services to MSMEs. The BDB recently launched an apiary (beekeeping) program in Grand Bahama, and is working closely with the Ministry of Agriculture and Marine Resources to build a robust poultry sector and support the agricultural industry more broadly.
THE BAHAMAS Financial Services Board (BFSB) attended the annual Risk Management Society (RIMS) conference in a bid to attract external (captive) insurance business. The RIMS annual conference and exhibition, held from April 16-19, is the key global conference event for the risk management and insurance community. It attracted more than 10,000 delegates, and featured 130 hours of educational sessions. The BFSB was among hundreds of exhibitors, as it sought to demonstrate the Bahamas’ commitment to strengthening its presence as a captive insurance domicile and seek new clients from the risk management and insurance sector.
Representatives from the Insurance Commission were also present. The Bahamas is
targeting captive insurance as a means to diversify and grow its financial services industry.
FROM L: Guilden Gilbert, CG captive managers; Indira MunroeFarrington/BFSB; Michelle Fields, superintendent/ICB, Kentrel McPhee/ICB
BAHAMAS REPRESENTED AT FINANCE CRIME FORUM THREE Bahamian executives represented this nation at the Financial Action Task Force’s (FATF) annual Private Sector Consultative Forum (PSCF) that deals with fighting financial crime. The Forum, held from 23-24 April, 2018, was hosted by the United Nations Office on Drugs and Crime (UNODC). The Bahamas was represented
by BFSB Board members Cecil Ferguson, chairman, Society of Trust and Estate Practitioners (STEP), Bahamas branch; Fareda Sands, president, Bahamas Association of Compliance Officers (BACO); and Emmanuel Komolafe, chairman, Bahamas Insurance Association (BIA). The meeting was chaired by the FATF’s vice-president, Jennifer Fowler of the
US. More than 250 representatives from the financial industry and other businesses subject to AML/CFT (anti-money laundering/ counter terror financing) obligations; civil society; and FATF members and observers participated in this year’s Forum. The Forum allows the FATF and its members to engage directly with the private sector on anti-money laundering and counterterrorist financing issues. It provides a regular platform for the FATF to learn more about the private sector’s views and concerns on the subject. Over the two days of the Forum, participants held discussions over the following issues: 1. Combating De-risking 2. Fintech & Regtech: Digital Identification and Crypto Assets
FROM L: Cecil Ferguson, chairman, Society of Trust and Estate Practitioners, Bahamas branch; Emmanuel Komolafe, chairman, Bahamas Insurance Association; and Fareda Sands, president, Bahamas Association of Compliance Officers (BACO). 3. Risk-based approach for Securities sector 4. Risk-based approach for the Life insurance sector 5. Engagement with Financial Institutions (FI),
Designated Non-Financial Businesses and Professions (DNFBP) and Non-Profit Organisations As part of the Forum, Mr Ferguson, who is also a
bank examiner at the Central Bank of the Bahamas, was invited to report to attendees on the progress of the Bahamas’ National Risk Assessment (NRA).
THE TRIBUNE
Monday, April 30, 2018, PAGE 3
BAHAMAS TO HOST CARIBBEAN’S MAIN AVIATION FORUM
Brewery profits increase 10% on election boost
THE BAHAMAS will host the Caribbean’s largest aviation conference this June, bringing together major players from the sector and tourism industries for three days of discussions. The third annual Caribbean Aviation Meet-up is scheduled for June 12-14 in Nassau, with its main goal to find new ways to increase airlift into the region. Atlantis will host the conference. This year’s event will include 31 sessions and presentations, and involve 40 presenters, including Dionisio D’Aguilar, pictured, minister of tourism and aviation, and tourism director-general, Joy Jibrilu. Other industry professionals will join speakers from the US, Caribbean, Canada and Europe. The programme will include topics such as regional airlines, route development, airport development, airlift impact on tourism and the economy, investment considerations, trends in regional travel and tourism, innovation in products, services and infrastructure, and tourism product development. “The Meetup is not a typical conference just to sit down and listen. It encourages interaction between speaker and audience, and within the audience, with the speaker as moderator. The Meetup has streams of parallel breakout sessions, so that participants can create their own programme and choose from a variety of sessions that may be of interest to them. Which makes the event more efficient,” said Commander Bud Slabbeart, chairman and coordinator of the Caribbean Aviation Meetup. “The purpose of the
A GENERAL election boost and product innovation drove a ten per cent profit increase for Commonwealth Brewery last year to $18.8m. Unveiling its results for the 12 months to end-2017, the Kalik and Heineken brewer enjoyed a 13 per cent year-over-year revenue boost to $133.1m, compared to $117.8m in 2016. The vertically-integrated, BISX-listed company said the top-line was “driven by positive volume growth, largely in the first half of the year, given timing of the general election, and also due to the benefit of pricing and favourable mix from spirits”. It added: “Kalik performed particularly well during the period. Commonwealth
Meetup is to gather audiences of differing backgrounds to inspire each other. If two differing parties have access to the same information, it creates a better understanding and better chance for co-operation, new ventures and new opportunities. Now, they can network and explore co-operation in areas that they never thought of before.” The 2018 Caribbean Aviation Meetup is hosted by the Ministry of Tourism and Aviation. “We are pleased to welcome hundreds of participants to this year’s conference, and look forward to showing them the best in Bahamian hospitality. We are also looking forward to the many benefits of such a forum. We know that airlift is vital to tourism, and tourism is vital to all economies in the Caribbean region,” said Mr D’Aguilar. “The Bahamas is no exception. This conference will not only allow us to discuss and act upon essential airlift issues that affect our archipelago; we will also be able to acquire valuable feedback and information from the international experts who will attend the conference.” Conference participants are expected to attend from 28 countries. They are Anguilla, Antigua, Bahamas, Barbados, British Virgin Islands (BVI), Canada, Commonwealth of Dominica, Dominican Republic, Guadeloupe, Guyana, Jamaica, Luxembourg, Nevis, New Zealand, Puerto Rico, Saba, St Barts, St Eustatius, St. Lucia, St Maarten/St Martin, St Vincent, Suriname, Switzerland, Trinidad, Turks and Caicos, United Kingdom, US and US Virgin Islands.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Brewery continued to focus on innovation, with a number of new products launched in 2017. Innovations included the launch of Kalik Radler Cranberry, Kalik Radler Pina Colada, Kalik Gold and Kalik Light Platinum 12 ounce cans. Eclipse beer 16 ounce cans were also introduced.” Revenue growth filtered down the income statement, as income from operating activities jumped ten per cent to $18.9 million. Basic and diluted earnings per share (EP) stood at $0.62, compared to $0.57 in 2016. Hans Neven, who will step down from his position as Commonwealth Brewery’s managing director on June 30, said in a statement: “Despite volatile economic conditions and continued pressure on consumer spending, we delivered strong performance in 2017 demonstrating
HARBOURSIDE MARINE LIMITED is looking to hire the following: • • • •
Service Manager Sales Persons Jr. Technician Boat Captain
Please email your resumé to: ian@hbsmarine.com
successful execution of our strategy and the benefit of the diversity of our extensive portfolio complimented by further innovations.” Commonwealth Brewery also received a total settlement of $11.9m as a result of its Hurricane Matthew insurance claim, with $7.3m recognised in the 2017 financial statements. The company also revalued its land and buildings on November 24, 2017, resulting in a surplus of $5.4m.
Commonwealth Brewery said it does not intend to make any distribution from the properties revaluation reserve, and these items are not reclassified to profit or loss. Looking ahead to 2018, the company said: “Management expects a continued volatile economy, with consumer spending constrained. Nonetheless, management is confident that there is a clear strategy to deliver sustainable shareholder value.”
NOTICE NPDC WATER COMPANY LIMITED (In Voluntary Liquidation)
Registration number: 60655c Notice is hereby given, pursuant to Section 239 (2) of the Companies Act 1992, that the final meeting of the above named company will be held at the Registered Office of the Company, Gail Lockhart Charles & Co., #4 Pineapple Grove, Western Road, Nassau, New Providence, Bahamas on 30th May, 2018 at 9:00a.m. for the purpose of laying before the meeting an account showing how the winding up has been conducted and the company’s property disposed of and of hearing any explanation that may be given by the liquidator and to determine whether the liquidator should have his release.
30th April 2018
Philip Simon Liquidator
PAGE 4, Monday, April 30, 2018
THE TRIBUNE
Oil exploration one step closer FROM PAGE ONE passed by the former Christie administration in 2016 to specifically govern offshore oil exploration in Bahamian waters. “Commencing field operations is a complex process, and involves several steps. This is one of them, and a new one mandated by the Government,” Mr Potter told Tribune Business. “The Government came forward with some specific new regulations, which expanded the process for commencing all field operations, including that of exploration, to include a new step. “This is a tier of authorisation in the Bahamas that is unique to petroleum operations, and certainly as a company BPC embraces any and all acts by the Government seeking to further better environmental oversight and governance. We intend to fully comply with it.” BPC’s submission was made in accordance with the Petroleum (Offshore Environmental Protection and Pollution Control) Regulations 2016, and its
application will now be scrutinised by both the Ministry and the Bahamas Environment, Science and Technology (BEST) Commission. Obtaining the required ‘Authorisation’ was described by BPC as “the first step in commencing offshore field activity”, with Mr Potter branding it as “the in-depth part” of the company’s environmental compliance. Apart from the Environmental Impact Assessment (EIA) completed in 2012, BPC’s latest submission also includes an Environmental Management Plan (EMP). Mr Potter said other features involved “safety plans and systems, engineering plans and designs, quite a lot of scenario planning ‘what happens if’, and all specific response plans”. The BPC chief executive added: “This is required by the new regulations, and goes down into quite some details. It goes all the way down to garbage and how we will handle waste water. It also includes an environmental sensitivity map that covers all the western islands of the Bahamas, including land use maps that go down to 5
kilometres x 5 kilometres. “This is a process, and this is the next step in the process. This is an intense piece of work that took two years to complete, and involved talking to many experts and communities.” Mr Potter said that since the ‘Environmental Authorisation’ was a new step, BPC was not sure of the Government’s expectations, but remained “ready, willing and able to comply with the regulations as and how the Ministry directs”. Disclosure of BPC’s ‘Authorisation’ application will likely trigger alarm bells among many environmental activists, who are instinctively opposed to any oil exploration or petroleum-related activities in the Bahamas due to the potential negative consequences for many ecosystems and a tourism industry that depends on them. However, Carl Bethel QC, the Attorney General, recently suggested the Bahamas would have to confront ‘hard choices’ and soon decide whether to give BPC and companies engaged in similar activities the go-ahead, given the
country’s economic needs.’ Suggesting that the Bahamas could not ignore the possibilities for economic diversification, he told a Senate debate: “Where will we find future foreign currency earnings to make up for the losses being incurred in our second economic pillar? “Can tourism alone bring in the kinds of foreign currency inflows needed in an economy which has to import the vast majority of its most basic needs, and to pay for such necessities in US dollars? “Well, we know that we have to make a decision some time in the near future on the Bahamas Petroleum Company and its proposal to drill for oil in the area just off the southernmost part of the Great Bahama Bank. The hard decision may have to be taken.” Mr Potter yesterday said the ‘Environmental Authorisation’ submission would also aid BPC’s efforts to tie-down a joint venture partner for the first exploratory well, given that it represented a tangible sign of progress. “The global oil price has not helped us over the
preceding few years, but in the last few months it has gone over $70 per barrel,” he told Tribune Business. “So it’s back on a trend that makes this project quite attractive. “Every step forward helps the process. Every bit of progress that we tick off, cross off and pass by, moves us forward and moves a potential partner forward.” Describing BPC’s prospects as “a tremendous project”, Mr Potter added: “It’s as good a technical project as I’ve seen. That’s what’s kept the team together, kept the team pushing forward. “When I say technical project, it’s chances of success are very good. Five wells have been drilled in the Bahamas, and all found oil, but not with the technology we’ve been able to apply. “It’s the scale, the size of the project, and location here in the Bahamas that means I’m very confident that this project will ultimately succeed.” BPC’s current licence is valid until 2019, the company having been granted an extra year to compensate for the wait for regulations
governing its activities to be put in place in 2016. Mr Potter pointed out that the planned location for BPC’s first exploratory well is more than 100 miles from the nearest settlement in Andros, and 300 miles from Nassau. With the site closer to Cuba than populated Bahamian islands, he added that the 2016 regulations had created a regime “over and above” the existing maritime laws and international conventions that had largely protected this nation from major shipping incidents. Given that BPC’s work has spanned four administrations and 11 years, Mr Potter said: “We feel we have identified a considerable national asset and, as a company, we have an obligation under our licence to fully assess the value of this asset for the Government. “In the event of successful exploration, the people and Government have a substantial stake in this asset through the royalty payments embedded in the company’s licence.”
GOV’T URGED: DELAY WTO UNTIL 2021’S NEW POWER PLANT ESTABLISHED FROM PAGE ONE Caribbean counterparts. “I’m not buying it. Nobody’s talking sense yet,” he told Tribune Business. “They’re on a sales mission to cram WTO down our throats without thinking. When they stop doing that, and start having real conversations, dealing with the gorilla in the room, they’ll have better traction. “Until then, they’re on a sales pitch. There may be some people buying it, but I’m not. The Government is talking about WTO, but it has the biggest monopolies in the country that are killing us on price. Get some competition in your yard before you do it to us.” Mr Myers said it took 18 months for the former government to respond to his concerns over the Freeport tax changes, by which time he had been forced to close VTrade and lay-off 18 persons. He called for WTO membership to be delayed until the Government had addressed
“the underlying problems” making the Bahamian economy and private sector uncompetitive, one of which is energy costs and supply reliability. Pointing out that these factors were largely outside the private sector’s control, and rested with the Government, Mr Myers suggested deferring WTO accession until at least 2021, which is when Shell’s LNG plant is scheduled to begin supplying Bahamas Power & Light’s (BPL) operations with lower cost energy. “If it’s going to take two years to get LNG, that gives you the timeline,” he told Tribune Business. “We won’t be competitive with the rest of the region on the cost of energy for two years. That there’s reason enough to put WTO off. “Until we get power costs down to 21 cents per kilowatt hour, don’t talk to me about WTO. Tell the WTO you’ve got to fix this first, or you’ll torpedo the rest of the economy. Let’s fix some of these problems and fix our cost base.”
“There are advantages to WTO, just not now. I’m for WTO, but only if it benefits us and when the playing field is level. I’m very pro-WTO; it could have a very positive impact for us.” Mr Myers likened the Government’s WTO push to the Christie administration’s efforts to introduce VAT, adding: “They seem to be hell bent on pushing us down this road. I don’t know why. “It’s like when we tackled VAT. The external forces were saying this is what you have to do, and no one in government wanted to roll up their sleeves, do the hard work and determine what we had to do. I don’t want that again. They have to listen, figure out the right solution and do the economic modelling. “A 15 per cent VAT with all those exemptions would have put us in stagflation and killed us, the Bahamian people. Slow it down, pump the brakes and do the work. Let’s come up with a viable solution. Currently, they’re throwing mud at the wall.”
CAREER OPPORTUNITY
A specialist, international, boutique law firm is currently searching for a graduate calibre secretary and paralegal with at least five years of prior experience. You will provide support to a corporate and commercial Litigation Principal. Responsibilities include: -
Drafting engagement letters Liaising with clients Managing payments and expenses Dictation (correspondence and emails) Diary management Office management
Further, you will receive a hands-on opportunity to learn: - How to carry out corporate transactions, from beginning to completion - How to open and close case files This role is ideal for a legal professional seeking to expand their career horizons, and wanting to learn how to become a successful litigator themselves. it is expected that you will be passionate about Commercial Litigation. You will be supporting a busy and active litigator who often goes to court. If invited to interview, you should expect to answer questions concerning your knowledge of Commercial Litigation and why you have chosen this career path. Above all, emphasis will be placed upon the candidate’s drive, eagerness, attitude and willingness to learn. It is a fast-paced, energetic position which will challenge you to succeed. You must be motivated, self—directed and a lateral thinker. Requirements: - Undergraduate degree - Prior paralegal, administrative and secretarial experience - Must have secretarial litigation experience - Trust administration experience preferred - Proficient in Microsoft Office Suite (Mac also preferred) - Excellent command of the English language
Contract type: Permanent Hours: Full-time If interested, please send an updated copy of your CV and a current photo to: slegalofficebah@gmail.com Applicants who fail to include a current photo will not be considered.
THE TRIBUNE
Monday, April 30, 2018, PAGE 5
Specialist: Gov’t facing ‘minefield’ on Ownership Registry from page one countries could be endangered by unauthorised disclosures. “Given the standard of government services and things, it’s scary,” he told Tribune Business of the Registry proposal. “It’s scary anyhow. Just the talk of it scares people. They [the Government] can’t even maintain office premises. “I don’t know that the Government does anything particularly well, and this is one that has to be done particularly well. Otherwise people will not have confidence, and they will leave. I see no reason why they can’t contract that out and have professional people deal with it; a third party who will have responsibility and, if they screw it up, will be held accountable.” Mr Raine said an established, respected law firm would be his preference to operate the Beneficial Ownership Registry, given that they were used to protecting
data and client confidentiality. An accounting firm was another option. He added that he had spoken to Brent Symonette, minister of financial services, trade and industry and Immigration, on the Registry’s creation once the news broke last week. Mr Symonette indicated it would be located “in a separate room, not connected to the Internet” to make it harder to penetrate or hack. This backs up comments by K P Turnquest, deputy prime minister, who last week suggested to Tribune Business that the Registry would not be in the ‘cloud’ or linked to the Internet to ensure the tightest security possible. Mr Raine, though, said it was a must that all Registry data be encrypted, as “good practice in the IT industry” required it to be copied - with the ‘back up’ held at an alternative location - in case the main site was compromised. “Are you going to do it on a CD, and who has the CD?”
the IPBS chief queried. “It will be off-premises. If they do have access, do they have the keys to encrypt the data? It’s a big challenge, but I certainly don’t have the confidence in the Government being the entity that is keeping, holding that data and managing it.” Mr Raine said the Registry faced tremendous technical challenges in collecting beneficial ownership data on hundreds of thousands of Bahamas-domiciled companies from their respective registered agents, then formatting this into one usable database. He suggested it would “take years”, and added: “Then you’ve got the other side, which I’ve spoken to other people about. People don’t want their wealth exposed for legitimate reasons. “People in Trinidad, people in Brazil, they’re kidnapped for their money. You don’t want information leaked that allows people to tie ‘two and two’ together, and shows ‘so and so’ is the
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division BETWEEN PEACE HOLDINGS LIMITED
2012 CLE/gen/01592
AND FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED (by Original Action) AND BETWEEN:FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND PEACE HOLDINGS LIMITED ALBERT BALLARD LAKE PROPERTY HOLDINGS LIMITED
Plaintiff Defendant
Plaintiff
First Defendant Second Defendant
(by Counterclaim)
Third Defendant
NOTICE OF AMENDED DEFENCE AND COUNTERCLAIM To:
Lake Property Holdings Limited Nassau, The Bahamas
TAKE NOTICE that by an Amended Defence and Counterclaim filed on 4th February 2014, an action was commenced by FirstCaribbean International Bank (Bahamas) Limited (“FCIB”) against Peace Holdings Limited and Albert Ballard seeking, inter alia, a sale of the Charged Property as defined in the Amended Defence and Counterclaim. AND TAKE NOTICE that on 21st March 2018, FCIB filed a Summons supported by the Affidavit of D’Andra Johnson, seeking leave to add Lake Property Holdings Limited (“LPHL”) as a Third Defendant to FCIB’s Amended Defence and Counterclaim and for an order of substituted service. A copy of the said Summons and Affidavit can be collected from our Chambers at the address below. TAKE FURTHER NOTICE that pursuant to an Order filed on 23rd April 2018, His Lordship, the Honourable (Acting) Chief Justice Stephen Isaacs has given leave to add LPHL as a Third Defendant to FCIB’s Amended Defence and Counterclaim and for notice of the same to be served by this advertisement. A copy of the said Order, and the Amended Defence and Counterclaim can be collected from our Chambers at the address below. AND FURTHER TAKE NOTICE that you must within fourteen days from the publication of this advertisement, inclusive of the day of such publication, acknowledge service of the said Amended
Defence and Counterclaim by filing a Notice and Memorandum of Appearance in the Registry of the Supreme Court, BAF Building, Ground Floor, George Street, Nassau, The Bahamas and you must also deliver a copy to Lennox Paton. 00518384-1
Dated this 25th April 2018 LENNOX PATON Chambers 3 Bayside Executive Park West Bay St and Blake Rd Nassau, The Bahamas Attorneys for FCIB
owner of that business. If that gets out, that person is in a whole heap of trouble, yet they’ve not done anything wrong.” Mr Raine continued: “If that’s what they [the Government] think they have to do, they’ve got to be very careful how they do it. If this is something we have to do to stay out of jail we have to do it, but we have to do it with the utmost care. “It is a minefield, and if it doesn’t scare people off before, if something goes wrong it sure as hell will. I think they need to explain pretty clearly and go through the whole thing; this is how it’s going to be done, and this is why it’s safe. But if it’s not safe, don’t do it.” Michael Paton, a former Bahamas Financial Services Board (BFSB) chairman, told Tribune Business he
was unaware of anyone in the financial services having seen the draft legislation for the Beneficial Ownership Registry prior to its tabling in Parliament last week. While Carl Bethel QC, the Attorney General, had indicated such a Bill was coming during the Government’s European Union (EU) ‘blacklisting’ briefings with the sector in March, Mr Paton added that no one was aware the legislation was so advanced. The Lennox Paton attorney and partner, though, said the Bill was accompanied by an ‘Appointed Day Notice’, indicating that the Registry would take time to be implemented and come into effect once the legislation was passed by Parliament. Suggesting that the Bill was likely intended to demonstrate to international
bodies, such as the Financial Action Task Force (FATF) and Organisation for Economic Co-Operation and Development (OECD), that the Bahamas is implementing its commitments, Mr Paton said the Bill itself was unlikely to provoke a storm of protest provided “we have to do it”. “The issue is going to come down to how this Registry works in practice, and the security aspects of how we deliver data to the Registry,” he told Tribune Business. “If someone delivers you a flash drive, is that safe? “These security issues are beyond my comprehension, but we have to think these things through. If we’re relying on people sending in data, we have to make sure it’s not coming in with Trojan Horses and viruses.”
PAGE 6, Monday, April 30, 2018
THE TRIBUNE
Sprint and T-Mobile agree to combine in $26.5bn deal
NEW YORK Associated Press
T-MOBILE and Sprint reached a $26.5bn merger agreement on yesterday that would reduce the US wireless industry to three major players — that is, if the Trump administration’s antitrust regulators let the deal go through. The nation’s third- and fourth-largest wireless companies have been considering a combination for years, one that would bulk them up to a similar size as industry giants Verizon and AT&T. But a 2014 attempt fell apart amid resistance from the Obama administration. The combined company, to be called T-Mobile, would have about 127 million customers. Consumers worry a less crowded telecom field
could result in higher prices, while unions are concerned about potential job losses. In a conference call with Wall Street analysts, Sprint CEO Marcelo Claure acknowledged that getting regulatory approval is “the elephant in the
room”, and one of the first things the companies did after sending out the deal’s news release was to call Ajit Pai, chairman of the Federal Communications Commission. The companies stressed that they plan to have more
International Financial Institution is looking for a Relationship Manager for Private Banking Core Responsibilities Expand the client base through the identification and acquisition of new clients. Promote the jurisdiction and the institution and its services in developing markets, possess a book of clients and reports to the Head of Private Banking. The position is open to candidates who match the following profile: • Bachelor’s Degree in Business or Finance • Minimum 7-10 years advanced experience in, and excellent knowledge of private banking • Has established networks with existing portfolios • Willing to travel • Ability to work under pressure • Flexibility in office hours and hands-on approach when required • Goal oriented, self-motivated, positive attitude and outlook • Excellent oral and written communication, public presentation and client relationship management skills • Proficiency in Microsoft Office • Fluent in English and Spanish (French, German and/or Italian would be an advantage) Interested persons should submit their curriculum vitae along with a cover letter by May 1st 2018. Private & Confidential Relationship Manager c/o The Tribune Box DA 107040 P.O.Box N-3207 Nassau, The Bahamas
employees following the combination, particularly in rural areas, than they do as stand-alone companies now. They also emphasised that the deal would help accelerate their development of faster 5G wireless networks and ensure that the US doesn’t cede leadership on the technology to China. And they said the combination would allow them to better compete not only with AT&T and Verizon but also with Comcast and others as the wireless, broadband and video industries converge. “This isn’t a case of going from four to three wireless companies — there are now at least seven or eight big competitors in this converging market,” T-Mobile chief executive John Legere said in a statement. He would be the CEO of
the combined company. The all-stock deal values each share of Sprint at slightly more than 0.10 T-Mobile shares. Deutsche Telekom, T-Mobile’s parent, would own about 42 percent of the combined company. Japan’s SoftBank, which controls Sprint, would own 27 percent, and the remainder would be held by the public. The companies said they expect the deal to close by the first half of 2019 and would result in about $6bn in annual cost savings. Investors have been anticipating a deal like this for some time. In addition to the thwarted attempt three years ago, the two companies were poised to combine in October, but the deal was called off after what analysts said was a disagreement over control of the combined company.
The deal will have to be reviewed by the Justice Department and the FCC. National carriers had not been able to get a deal through under President Barack Obama. But the FCC in September deemed the wireless market “competitive” for the first time since 2009, which some analysts say could make it easier to present a deal. The 5G aspirations are at the heart of the agreement, and the new technology could allow companies to provide faster service to people’s homes. Sprint’s Claure likened going from 4G to 5G to switching from black-andwhite television to color. The combined company plans to invest up to $40bn in its network in the first three years, which executives said would drive more hiring and better service for customers.
THE TRIBUNE
Monday, April 30, 2018, PAGE 7
QC: LICENSEES ‘CAN’T TRUST’ PORT OVER WTO FROM PAGE ONE membership negotiations, with Freeport’s “unique” status demanding the city be “at the table”. Describing Freeport as the Bahamas’ equivalent of Hong Kong, he said its creation as a ‘free trade zone’ merited special attention and protection in the WTO talks, given that the Hawksbill Creek Agreement lasts until 2054. Praising the Government for consulting with the private sector and civil society on the accession terms the Bahamas should seek, Mr Smith said: “I hope that the Government is giving the Port Authority and the licensees a seat at the negotiating table. “I have noted that there has been very little focus on treating Freeport as an independent economic jurisdiction within the Bahamas. Freeport within the Bahamas can be compared to Hong Kong. It has a different economic model. It has unique tax and other exemptions, including Immigration.” Recalling how former Court of Appeal president, Dame Joan Sawyer, had once described Freeport as “a state within a state” in a judgment, Mr Smith urged Brent Symonette, minister of financial services, trade
cause undue problems for the Bahamas in negotiating its WTO membership terms, which have to be hammered out in multiple sessions with a WTO Working Group formed from all nations interested in trading with this country - the US, Canada, China, UK, European Union (EU) and CARICOM states. Numerous nations with ‘free trade zones’ have joined the WTO over the years, although the Bahamas will have to be careful about creating a preferential regime in Freeport that favours goods and services produced there compared to the rest of the country. Mr Smith, warning the Minnis administration against “selling out” Freeport’s interests, said the city needed “a voice at the table” in the WTO talks simply because the Nassau-based central government may not understand the potential consequences of what it was negotiating. “As a licensee, I want a voice at the negotiating table, and I also want the Bahamian government not to sell out the interests of Freeport as an independent economic zone,” he told Tribune Business. “Freeport needs a seat at the WTO negotiating table. I don’t trust central government in Nassau to properly represent the interests of Freeport. Not so much because they are against Freeport but because they simply don’t have a wellinformed appreciation of the complexity of our state within a state under the Hawksbill Creek Agreement, which is to last until 2054. “To the extent that this FNM administration has made a commitment to resurrect the Grand Bahama, then we should be treated as a major partner with the Government in the WTO negotiations,” Mr Smith continued.
and industry and Immigration, his officials and the Bahamas Trade Commission to recognise the city’s status and potential benefits to the Bahamas post-WTO. “I urge Minister Symonette and his colleagues to appoint two negotiating representatives to the table; one representing the interests of the Port Group of Companies, and the other, the licensees,” he told Tribune Business. “As we saw in the Grand Bahama (Port Area) Investment Incentives Act 2016, passed by the PLP, the Port Group of Companies sold out the interests of the licensees. The interests of the licensees were sacrificed under the Act in favour of the Port Group of Companies and Hutchison. “The licensees were left completely unprotected, and although huge 20-year tax exemptions were provided to the Port Group and Hutchison, they were not made available to the licensees. That is why I say there are two very important economic interests - the licensees and the Port - that should be independently represented at the WTO negotiations.” Freeport’s status as a ‘free trade’ or ‘special economic zone’ should not
“We are unique, we have Freeport will be buried under special interests, and we the national carpet.” know things better than Mr Smith added that anyone else. This is where Freeport’s concerns went true transparency, account- beyond mere tax exemp ability and consultation needs tions, adding that it would to occur. I am very concerned be “sensible and responthat the issues relating to sible for this government COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Legal Notice
to be very focused on the unique interests of Freeport in the WTO negotiations” given that Grand Bahama currently provided it with five MPs and two Senators, including the Senate president. 2016
COMMON LAW AND EQUITY DIVISION COMMONWEALTH OF THE BAHAMAS
CLE/GEN/01459 2016
IN THE MATTER of the property comprised a Mortgage dated the 11th day of December 2016 2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank (Bahamas) COMMONWEALTH OF THE BAHAMAS 2016 as Lender. IN THE SUPREME COURT COMMON LAWLimited AND EQUITY DIVISION CLE/GEN/01459
IN THE SUPREMEOFCOURT COMMONWEALTH THE BAHAMAS
IN THE SUPREME COURT COMMON LAW AND DIVISION CLE/GEN/01459 th day AND IN THE MATTER the Conveyancing Law ofdated Property Chapter 138 of INEQUITY THE MATTER of theofproperty comprised aand Mortgage the 11Act, of December
COMMON LAW AND EQUITY DIVISION the2007 Revised Statute Laws of theTiffany Commonwealth The Bahamas. made between Raquel Johnson asofBorrower andCLE/GEN/01459 Scotiabank (Bahamas) IN THE MATTER of the property comprised a Mortgage dated the 11th day of December Limited as Lender. 2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank th IN THE MATTER of the property comprised a Mortgage dated the 11 day of(Bahamas) December BETWEEN Limited as Lender. 2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank (Bahamas) AND as INLender. THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of Limited SCOTIABANK (BAHAMAS) LIMITED AND THE MATTER the Conveyancing and Law of Property Act, Chapter 138 of theINRevised StatuteofLaws of the Commonwealth of The Bahamas. the Revised LawsofofthetheConveyancing Commonwealth TheofBahamas. AND IN THEStatute MATTER andofLaw Property Act, Chapter 138 of
BETWEEN
BETWEEN
BETWEEN
the Revised Statute Laws of the Commonwealth of The Bahamas.
AND SCOTIABANK (BAHAMAS) LIMITED SCOTIABANK (BAHAMAS) LIMITED RAQUEL TIFFANY JOHNSON SCOTIABANK (BAHAMAS) LIMITED AND
AND
ANDORDER RAQUEL TIFFANY JOHNSON RAQUEL TIFFANY JOHNSON RAQUEL TIFFANY JOHNSON
2016/CLE/gen/00576
the Supreme Court, ordered that service of the the11said Order was to 2018 be effected upon you by way of publication th Issued April A.D., Issued theday 11ofthnewspapers day of April A.D., 2018 MITRE COURT and Thursday for two (2) consecutive weeks in the local namely, The Tribune and The Nassau Gua
Chambers
AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978. B E T W E E N: CIBC BAHAMAS LIMITED (now FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED) Plaintiff AND
JAMIEL J. CLARKE (as Mortgagee) AND NINA MARIE CLARKE (as Surety)
First Defendant
Second Defendant
ORDER Before the Hon. Justice Gregory Hilton Dated the 4th, day of October A.D., 2017
AND UPON HEARING MRS. NADIAfiled A. WRIGHT Counsel for A.D., the Plaintiff 2016; there being no appearance by UPON ORIGINATING SUMMONS herein onofthe 26th April or on behalf of the Defendants; AND UPON READING the Affidavit in Support S. Lightbourne filedthere herein on the 24th day of May AND UPON HEARING MRS. NADIA A. WRIGHTofofTamika Counsel for the Plaintiff being no appearance by IT A.D., IS HEREBY ORDERED AS FOLLOWS: 2017; or on behalf of the Defendants; 1. That the Defendants pay toA.the Plaintiffofmonies by the mortgage in no theappearance sum UPON HEARING NADIA WRIGHT Counselsecured for the Plaintiff there being by ITAND IS HEREBY ORDEREDMRS. AS FOLLOWS: or on behalfofof$98,357.11 the Defendants; inclusive of principal, interest and late fees calculated as at the 29th day 1. That the Defendants pay to the Plaintiff monies secured by the mortgage in the sum IT IS HEREBY ORDERED FOLLOWS: of October A.D.,AS 2015; of $98,357.11 inclusive of principal, interest and late fees calculated as at the 29th day 2.1. That the Plaintiff of All piece parcel or sum lot of land ThatthetheDefendants Defendantsdeliver pay topossession the Plaintifftomonies secured by That the mortgage in the of October A.D., 2015; th situate in the vicinity of Farrington Road northward of the Royal Air Force Cemetery of $98,357.11 inclusive of principal, interest and late fees calculated as at the 29 day in the 2. That the Defendants deliver possession to the Plaintiff of All That piece parcel or lot of land Western District the said Island of New Providence and being Lot Number Five (5) on a of October A.D.,of2015; situate in the vicinity of Farrington Road northward of the Royal Air Force Cemetery in the of the lots Defendants laid out by Winifred Hall and filed in the office of of All theThat Public Board of Works 2. plan That deliver possession to the Plaintiff piece parcel or lot which of land Western District of the said Island of New Providence and being Lot Number Five (5) on a said pieceinparcel or lot of is bonded onnorthward the West by claimed Harold J. Dean in andthe situate the vicinity of land Farrington Road of land the Royal AirbyForce Cemetery plan of lots laid out by Winifred Hall and filed in the office of the Public Board of Works which others and District runningofthereon One hundred (100) feet on theand South byLot Lot Number Number Five One (5) (1) on on a Western the said Island of New Providence being said piece parcel or lot of land is bonded on the West by land claimed by Harold J. Dean and theplan saidofplan thereon Hall Fiftyand (50)filed feet inonthe theoffice East by Lot Public Number Six (6) the said lots and laid running out by Winifred of the Board of on Works which others and running thereon One hundred (100) feet on the South by Lot Number One (1) on plan running thereon One hundred (100)onfeet onbytheland North by a Twenty (20)J.foot road saidand piece parcel or lot of land is bonded theand West claimed by Harold Dean and the said plan and running thereon Fifty (50) feet on the East by Lot Number Six (6) on the said others andand running thereon One hundred (100) feet on the South by Lot Number One (1) on reservation running thereon Fifty (50) feet. plan and running thereon One hundred (100) feet and on the North by a Twenty (20) foot road the the saidOrder plan and runningPossession thereon Fifty on the East Lot Number (6)days on the said 3. That for Vacant is (50) to befeet suspended for abyperiod of SixtySix (60) from reservation and running thereon Fifty (50) feet. running thereon and on the North by a Twenty (20) foot road theplan 4th and day of October A.D., One 2017hundred to the 2nd(100) day feet of December A.D. 2017. 3. That the Order for Vacant Possession is to be suspended for a period of Sixty (60) days from reservation and be running thereon Fiftythe (50) feet. 4. That the Plaintiff at liberty to sell said property pursuant to Order 77 rule 1(b) of the the 4th day of October A.D., 2017 to the 2nd day of December A.D. 2017. 3. Rules That ofthetheOrder for Vacant to be suspended a period of Sixty days138 from Supreme Court Possession 1978 and toisexercise its Powerfor of Sale pursuant to (60) Chapter 4. That the Plaintiff be at liberty to sell the said property pursuant to Order 77 rule 1(b) of the th nd the 4 22 dayofof the October A.D., 2017 and to theLaw 2 of dayProperty of December A.D. 2017. Section Conveyancing Act forthwith after the expiration of Rules of the Supreme Court 1978 and to exercise its Power of Sale pursuant to Chapter 138 4. Ninety That (90) the Plaintiff be at liberty to sell the said property pursuant to Order 77 rule 1(b) of the days. Section 22 of the Conveyancing and Law of Property Act forthwith after the expiration of Rules the Supreme 1978ofand exercise Power of taxed Sale pursuant to Chapter 138 5. That the of Defendants pay Court the costs this to action, suchitscosts to be if not agreed. Ninety (90) days. Section 22 of the be Conveyancing and this LawOrder. of Property Act forthwith after the expiration of 6. That the Defendants duly served with 5. That the Defendants pay the costs of this action, such costs to be taxed if not agreed. Ninety (90) days. 6.5. That dulytheserved thisaction, Order.such costs to be taxed if not agreed. ThatthetheDefendants Defendantsbepay costs with of this 6.
BY ORDER OF THE COURT That the Defendants be duly served with this Order. BY ORDER OF THE COURT REGISTRAR BY ORDER OF THE COURT REGISTRAR
Defendant
AND FURTHER TAKE NOTICE that on the 9 day of November, A.D., 2017 His Lordship Mr. Andrew Forbes, Justice of
Common Law & Equity Division
IN THE MATTER OF Property comprised in a Mortgage dated the 9th day of August A.D., 2005 between JAMIEL J. CLARKE (as Mortgagee) and NINA MARIE CLARKE (as Surety) and FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9513 at pages 188 to 199.
Defendant
AND FURTHER TAKE NOTICE that the 9th of day ofwas November, A.D., 2017 Hisway Lordship Mr. Andrew Forbe the Supreme Court, ordered that that service of the Order to be effected upon you by of publication onJustice Monday AND FURTHER TAKE NOTICE on on the 9th said day November, A.D., 2017 Lordship Mr. Andrew Forbes, of 3. That thefor Defendants do pay the Plaintiff’s costs of this action to beHistaxed if not agreed. Thursday two (2) consecutive weeks in the local newspapers Tribune and The Guardian. theand Supreme Court, ordered that service of the said Order to beThe effected upon you by way of the Supreme Court, ordered that service of the said Order was to was benamely, effected upon you by way ofNassau publication on publication Monday and Thursdayfor fortwo two (2) (2) consecutive weeks in theinlocal namely, The Tribune andTribune The Nassau andAND Thursday consecutive weeks thethnewspapers local newspapers namely, The and Guardian. The Nassau Gu FURTHER TAKE NOTICE that on the 9th day of November, A.D., 2017 His Lordship Mr. Andrew Forbes Chambers MITRE COURT MITRE Chambers Issued theCOURT 11th day of April A.D., 2018
IN THE SUPREME COURT
Plaintiff
TAKE NOTICE that on the 18th April, 2017 the ORDER following Order was granted to the Plaintiff upon app ORDER ORDER Originating Summons and Affidavit both filed on the 2nd day of November, 2016 before the Honour Justice Renae Mckay. TAKE NOTICE that on the 18th April, 2017 the following Order was granted to the Plaintiff upon application by th both filed Originating Summons and Affidavit the following 2nd Order day ofwas November, Honourable Acting TAKE NOTICE that the Order was 2016 granted tothe the Plaintiff upon appl TAKE NOTICE that onon thethe 18th18 April,April, 2017 2017 the on following granted to thebefore Plaintiff upon application by IT WAS HEREBY ORDERED: -Affidavit nd day of November, 2016 before the Honoura Justice Renae Mckay. Originating Summons filed Originating Summons andand Affidavit both both filed on theon 2ndthe day2of November, 2016 before the Honourable Acting 1. Justice That the Defendant do deliver up to the Plaintiff vacant possession of the property comprised in a Mortga Renae Mckay. Justice Renae Mckay. th day IT11 WAS HEREBY ORDERED: - made between Raquel Tiffany Johnson of the one part and Scotiabank (Baham of December 2007, 1. That the Defendant do deliver tointhe vacantofpossession Mortgage the P ITofWAS ORDERED: - up the HEREBY other part and recorded thePlaintiff Registry Records of in the theproperty City ofcomprised Nassau inona the Islanddated of New IT WAS HEREBY ORDERED: - between 11th day of Decemberdo2007, made Raquel Tiffany Johnson of of the the one part and Scotiabank (Bahamas)dated Limited 1. That the Defendant deliver up to the Plaintiff vacant possession property comprised in a Mortgage the Volume 10301 at pages 94 to 111 being ALL THAT piece parcel or lot of land being Lot Numbered Two 1. of That the do deliver up Registry to the Plaintiff vacant possession of the property in a Mortgage otherDefendant part and recorded in the of Records in the City theScotiabank Islandcomprised of New Providence in H th day 11the December 2007, made between Raquel Tiffany Johnson of of theNassau one partonand (Bahamas) Limited th dayofof Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District of the Is 11 December 2007, made between Raquel Tiffany Johnson of the one part and Scotiabank (Baham Volume 10301 at and pages 94 to 111 being ALL THAT piece parcel lot of of Nassau land being Two Providence Hundred and of the other part recorded in the Registry of Records in the orCity on Lot the Numbered Island of New in Providence which said piece parcel or lot of land has such position shape boundaries marks and dimen of the other part and recorded in the Registry of Records in the City of Nassau on the Island of New Pro Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District of the Island of New Volume 10301 at pages 94 to 111 being ALL THAT piece parcel or lot of land being Lot Numbered Two Hundred and th day Providence which said piece parcel or lot of has such position shape boundaries dimensions asNew are Hu Volume 10301 pages 94 to 111 being THAT piece parcel lot of land beingandLot Numbered Two shown on the diagram or plan annexed toland aALL Conveyance dated the 10 ofmarks August, 2005 ofbetween Thirty-seven (237)at situated in the Jubilee Gardens Subdivision Phase III inor the Western District ofA.D., the Island th day of August, A.D., 2005 between The Minister shown on the diagram or plan annexed to a Conveyance dated the 10 Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District ofby Isla of Housing National Insurance Housing and the dimensions Borrower Mond Providenceand which said piece parcel or and lot ofThe landMinister has such Responsible position shape for boundaries marks and asthe are th day of Housing anddiagram National and toThe Minister Responsible and theA.D., Borrower Monday, 17Minister thHousing shown on the orInsurance plan annexed aorConveyance dated the for 10position day of August, 2005 by between Providence which said piece parcel lot of land has such shape boundaries marksThe and dimens of of July, 2017; July, 2017; th day of Housing and The Minister Responsibledated for Housing Monday, shown on and the National diagramInsurance or plan annexed to a Conveyance the 10thand daytheofBorrower August, by A.D., 2005 17 between T of July, 2017;and National Insurance and The Minister Responsible for Housing and the Borrower by Monda of Housing 2. 2.That beatatliberty liberty to enter Judgment the Defendant sum of $137,261.93 at the r Thatthe thePlaintiff Plaintiff be to enter Judgment againstagainst the Defendant for the sumforof the $137,261.93 at the rate of 8.25% thth day of atJuly, 2017; the 18 daybe of 2017 thereafter at the rate of 6.75% from theofdate of Judgment until paid in full; unt at the ofApril 2017 and thereafter atstatutory the rate of 6.75% from the date ofrate Judgment 2.asas That the18 Plaintiff atApril liberty toand enter Judgment against thestatutory Defendant for the sum $137,261.93 at the of 8.25% andand as at the 18th day of April 2017 and thereafter at the statutory rate of 6.75% from the date of Judgment until paid in full; 2. and That the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the rat 3. That Defendants do April pay the Plaintiff’s costs of thisataction to be taxed if not 6.75% agreed.from the date of Judgment until asthe atthethe 18th day of and thereafter 3. That Defendants do pay2017 the Plaintiff’s costs ofthe thisstatutory action torate beoftaxed if not agreed. and the Defendants do pay the Plaintiff’sthcosts of this action to be taxed if not agreed. 3. That
Issued the 11 day of April A.D., 2018
COMMONWEALTH OF THE BAHAMAS
Plaintiff
Suite 227,COURT 2nd Floor, MITRE Island Lane Building Chambers Olde Towne, Sandyport, West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff
PAGE 8, Monday, April 30, 2018
THE TRIBUNE
Bahamas’ GDP growth ‘25%’ of what’s needed FROM PAGE ONE
cent to 5.5 per cent, that’s when we get excited. If we get this WTO thing wrong, GDP could plunge again. This is a serious issue. We’ve got to get this right.” K P Turnquest, Deputy Prime Minister, yesterday hailed the 1.4 per cent GDP growth projection from the Department of Statistics’ national accounts data as a further sign of economic recovery. “I am pleased to see concrete signs of economic recovery based on the 2017 economic data published by the Department of Statistics last week,” he said. “The growth in real GDP of 1.4 per cent in 2017 is in line with previous forecasts made by the Government. “I am confident that when the full weight of the administration’s policies take hold, we shall continue the momentum of positive economic growth, reversing the chronic economic stagnation that had characterised the previous 10 years.” He added: “The facts bear out that investor and consumer confidence is finally on the rise once again in the Bahamas. The 13 per cent growth in gross fixed capital formation is a positive indication that businesses are increasing their investment output and economic impact. The 9 per cent increase in household consumption also confirms signs of the economic recovery.” Mr Turnquest, though, conceded that “it is far too early to declare victory
MARKET REPORT FRIDAY, 27 APRIL 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,971.48 | CHG -2.03 | %CHG -0.10 | YTD -92.09 | YTD% -4.46 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 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.02 2.82 1.50 7.74 6.10 10.44 6.42 4.29 12.51 10.00
CLOSE 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.02 2.84 1.50 7.83 6.10 10.44 6.43 4.24 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 0.02 0.00 0.09 0.00 0.00 0.01 -0.05 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
109.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
109.63 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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 Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
1,350 900
750 1,500 2,300
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 0.200 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 15.9 27.8 4.5 N/M 5.4 14.1 7.7 14.5 23.0 0.0
YIELD 1.88% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 2.91% 6.89% 2.11% 3.33% 1.07% 4.92% 4.79% 3.11% 2.83% 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 2.14 4.13 2.00 179.39 135.02 1.54 1.69 1.62 1.09 7.16 8.22 6.39 11.30 11.67 10.19
YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
in the transformation of the country’s economic fortune”. He added: “We still have much work to do – and tough decisions to make – to get our fiscal house in order and to reverse the persistent deficits and growth in debt that could derail any economic recovery. “We also have to quicken the pace of structural reforms and economic transformation if the Bahamas is to keep pace in an increasingly competitive modern global economy. As such, the Ministry of Finance will continue to work aggressively to implement the Government’s transformational socioeconomic growth agenda that will guide us over the next four years. Throughout, we will be fully transparent and accountable to the people, and we will provide the good governance that Bahamians rightfully deserve.”
JOB OPPORTUNITY
BISX LISTED & TRADED SECURITIES 52WK HI 4.31 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.59 1.56 9.25 6.10 11.48 8.10 13.67 12.51 11.00
ROBERT MYERS
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-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018
A Bahamian Corporate entity that deals with International clients is seeking a person with diplomatic skills, proper protocol and knowledgeable in foreign languages. Interested person may send their Curriculum Vitae to: lintona83@gmail.com
NOTICE
NOTICE is hereby given that MICKECIA ABIGAIL QUAMINA of #13 Sheila Frazier Street, Mount Tabor Estate East, Nassau, 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 30th 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 JUNIOR ERNE of Johnson Road, Fox Hill, P.O. Box FH-14412, Nassau, 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 30th 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.
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.