05012017 business

business@tribunemedia.net

MONDAY, MAY 1, 2017

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QC slams Blackbeard’s Cay’s ‘perverse conduct’

D’AGUILAR BLASTS NEW TAX EVASION CLAIMS AS ‘LIES’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* CLAIMS DEVELOPER USING LEGAL SYSTEM TO ‘OBFUSCATE’ * AND PREVENT ENFORCEMENT OF RULING TO SHUT IT DOWN * BUT COURT GRANTS DOLPHIN PRIVY COUNCIL APPEAL

T

he Blackbeard’s Cay developer has been accused of “perverse conduct”, and exploiting the Bahamian legal system to prevent enforcement of a near three year-old ruling to shut down its $12 million project.

Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, argued that Blue Illusions Ltd was pursuing a Privy Council appeal over the ownership of the project’s dolphins simply to delay their return to his Honduran client.

Mr Moree, who represents

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BRIAN MOREE the dolphins’ supplier, Instituto De Ciencias Marinas (IMS), alleged that previously-emphatic

Supreme Court and Court of Appeal rulings meant that the developer and its principal, Samir Andrawos, had little prospect of success with the highest court in the Bahamian judicial system.

And he added that the Privy Council appeal, together with four other Supreme Court actions launched by Blue Illusions fol-

SEE PAGE 4

THE two ‘asset transfers’ necessary to effect Baha Mar’s sale to Chow Tai Fook Enterprises (CTFE) were “exempt from all relevant taxes”, including VAT and Stamp Duty, with the $4.2 billion project’s completion also escaping the 7.5 per cent levy until end-2019.

The Heads of Agreement between the Government and the

* PROJECT’S TWO SALES ‘EXEMPT FROM ALL TAXES’ * CONSTRUCTION, FURNISHING VAT-FREE UNTIL END-2019 * BUT GOV’TS COMPLETION DEAL WITH BANK STILL SEALED Hong Kong-based conglomerate, signed on April 25, 2017, effectively confirm that the Christie administration has traded tax concessions for Baha Mar’s completion and $101.5 million payment to Bahamian creditors.

Baha Mar’s ‘soft opening’ on April 21 seems to have triggered

both the Heads of Agreement’s completion and its public disclosure, which confirms that the mega-resort’s construction completion and furnishing is free of all VAT and import duties.

“VAT (when applicable) would have been paid on all materials and services necessary for con-

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

struction and equipping of the project,” the Heads of Agreement’s ‘clause 8.1’ states.

“In order to complete and open the project, the project company shall be eligible for exemption through December 31, 2019, from Value-Added Tax and all exemptions granted under the Hotels Encouragement Act and other legislation, including but not limited to, exemption from Customs duty in respect of all materials

DIONISIO D’Aguilar yesterday slammed fresh attempts to smear him as “lies, half truths and utter distortions”, following claims his Superwash business deliberately under-valued a shipment of imported washers by $100,000.

The FNM’s Freetown candidate told Tribune Business that the latest attempt to portray him as an “habitual tax dodger” showed the governing Progressive Liberal Party (PLP), and particularly its chairman, Bradley Roberts, were “becoming more and more desperate” in their efforts to retain power.

Mr D’Aguilar declined to respond directly to the ‘tax

SEE PAGE 6

SEE PAGE 5

BAHA MAR ‘ASSET TRANSFERS’ VAT AND DUTY FREE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* BROKER UNDER-INVOICED $100K ON SUPERWASH BEHALF * $19K IN FINES PAID TO CUSTOMS DEPARTMENT * ROBERTS CLAIMS ‘HE’S HABITUAL TAX DODGER’

Chamber chief: Get financial guarantees from event organisers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must prevent future Fyre Festival-type debacles by demanding that event organisers post up-front financial guarantees, the Exuma Chamber of Commerce’s president is urging.

Pedro Rolle told Tribune Business that he and other Exumians became suspicious one month ago that the much-hyped Fyre Festival, organised by hip hop artist, Ja Rule, and his technology entrepreneur friend,

* URGES PERFORMANCE BOND TO STOP FYRE FESTIVAL DEBACLES * EXUMIANS: FESTIVAL ‘DID NOT ADD UP’ OVER MONTH AGO * ‘VERY CONCERNED’ FOR ISLAND, NATION’S REPUTATION Billy McFarland, was “not adding up”.

Mr Rolle said the level of on-site preparation in the

SEE PAGE 8

Bahamas ‘can withstand’ Fyre Festival’s fall-out

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net and NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism has expressed optimism that “the Bahamas’ brand will withstand any negative fallout” from the Fyre Festival debacle, amid increasing questions over how much his ministry knew before disaster struck.

Obie Wilchcombe told Tribune Business on Friday that the outcome of the event, organised by hip

* MINISTER OPTIMISTIC NATION’S ‘BRAND’ STILL SAFE * QUESTIONS GROW ON WHAT TOURISM MINISTRY KNEW * MINISTRY SAID IT WAS ‘FESTIVAL PARTNER’ IN APRIL 3 RELEASE hop artist, Ja Rule, and his technology entrepreneur buddy, William McFarland, had been “unfortunate”.

“We must appreciate that

SEE PAGE 7

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PAGE 2, Monday, May 1, 2017

THE TRIBUNE

New pizza franchise targets 4 Nassau sites

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamian franchisee for Little Caesars Pizza is targeting as many as four Nassau restaurants, after investing nearly $500,000 in the first outlet, which will create 30 jobs.

Barrett McDonald, part-owner of the Little Caesars Bahamas franchise, told Tribune Business at the grand opening of its unagu-

ral Oakes Field outlet: “We aim to have about 30 employees at least.

The demand is that great.

“Little Caesars thinks that we could expand to four locations over time. We definitely have the next one in mind. We are looking at the Palmdale area at the moment.

“In fact, we have already secured the place. We’re just waiting to recoup some of the funds we expended and make arrangements to fund the next location.”

Mr McDonald and his brother’s investment group have benefited from Hotels Encouragement Act incentives, which allowed them to bring in the necessary equipment duty-free.

As to how they secured the franchise for the third largest pizza group in the US, Mr McDonald said: “There was an advertisement in one of the dailies indicating that they were looking for investors. We contacted them and we started discussions, and

then we had to prove that we had the capability to be able to fund the venture.

“We approached some banks, but their requirements were so onerous it didn’t seem to make sense to us right there and then, and so we decided to go on our own and get it done. That’s why it’s so important to develop savings habits. My brothers and I put the funds together to fiance the venture.”

Andres de Robina, Little Cae-

sars’ regional managing director for Latin American and the Caribbean, said the Detroit-headquartered pizza company, famous for its ‘Pizza! Pizza’ advertising catch phrase, was expanding its global footprint.

He added that the Latin American and Caribbean region are an important part of that expansion. Little Caesars will now go head-to-head with Marco’s Pizza, Dominos and Pizza Hut in the Bahamian market.

BTC opens new GB head office THE Bahamas Telecommunications Company (BTC) opened its new Grand Bahama Headquarters on Friday on Freeport’s Mall Drive.

“We’ve introduced 360 degrees of managing customer accounts. The classic management style typically doesn’t have the follow through on the sale that we now want to introduce” explained BTC’s northern vice-presdent, Eldri Ferguson-Mackey.

“We’ve equipped every sales team member with sales support staff, and what they do is they carry out that support; they answer customer queries and

manage the customer’s accounts.”

“The road to this opening has been long time coming,” explained BTC’s chief executive, Leon Williams.

“It was a long and winding road, but it was very important that BTC establish a location on the Mall in downtown Freeport. For us it must be about more than Nassau; that’s what separates BTC from our competitors. We are also very concerned about developing our people”.

Despite sustaining more than $40 million in damage to its infrastructure, BTC successfully stayed online before, during and Hur-

ricane Matthew. This was largely due to the company’s emergency generation and relay system, which redirected traffic in areas that were being battered by high winds and rains.

BTC has fully funded all recovery efforts in the northern Bahamas and is currently 98 per cent complete. “BTC’s history in being an excellent corporate citizen is far reaching,” said Ms Ferguson-Mackey. ”I like to say we don’t just fly in here, we live here. So the managers responsible for making the decisions live in the various communities, which we try to have a positive impact on.”

BTC chief executive, Leon Williams, addresses members of the Grand Bahama community who turned out for the official opening and ribbon-cutting ceremonies at BTC’s corporate enterprise location on the Mall Drive.

Photo: Alfred Anderson for Barefoot Marketing

THE TRIBUNE

Monday, May 1, 2017, PAGE 3

Gov’t commits to year end landfill resolution

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has committed to resolving the New Providence landfill’s woes by year-end December 2017 as part of its Heads of Agreement with Baha Mar’s new owner.

The Christie administration’s April 25, 2017, Heads of Agreement with Chow Tai Fook Enterprises (CTFE), released last night, stipulates that any failure by the Government to resolve the landfill’s problems by that date will be treated as “a force majeure” event.

If that occurs, then CTFE and its Baha Marowning affiliate will be released from performing their Heads of Agreement obligations for as long as it takes to remediate the landfill’s problems, although the Hong Kong-based conglomerate will keep its investment incentives.

The Heads of Agreement’s clause 15.2 states: “The Government acknowledges, and will undertake to ensure, that the environment for the guests of the resort is pleasant and enjoyable.

“The parties recognise that the Government shall commence and diligently purse remediation, and improve operation and management of the Harrold Road landfill.”

December 31, 2017, is given as the date by which the Government must “address the foregoing concerns”.

The landfill heads the Government’s ‘infrastructure improvements’ commitments to CTFE and Baha Mar, which probably explains its haste to initiate the Request for Proposal

* MAKES INFRASTRUCTURE PROMISES TO BAHA MAR OWNER * AGREEMENT WITH CTFE INCLUDES ANTI-CORRUPT CLAUSE (RFP) and give bidders just eight days to submit detailed management and remediation plans.

Tribune Business sources have revealed that just two bids had been submitted when the proposals were formally opened at the Ministry of Finance on Monday, with one of the offers coming from the Bahamian Waste Resources Development Group (WRDG) and its partner, Providence Advisors chief, Kenwood Kerr.

The landfill appears to have been prioritised above Baha Mar’s energy needs, which requires the Government and Bahamas Power & Light (BPL) to “address reliable and consistent supply of electricity on the island of New Providence, which will include the ability to meet the requirements of the project”.

This involves the installation “of all supporting infrastructure necessary to support secure and dependable electricity supplies to the project, without the need for unusual loadshedding or other interruption in electricity supply to the project”.

Again, this must be completed by December 31, 2017, which could well prove a tall order for the Government and BEC/ BPL, given that both are cash-strapped, and based on the utility’s past perfor-

mance.

Finally, in the list of extensive infrastructure commitments that the next government will be bound by, the Christie administration has pledged to complete a waste treatment facility from the Water & Sewerage Corporation - also by December 31, 2017.

Sensitive to the constant accusations regarding the alleged ‘lack of transparency’ surrounding the Baha Mar deal, the Government and CTFE have also in-

cluded an Anti-Corruption clause at clause 28.

This states that neither the Government, nor CTFE or its entities, have offered - directly or on their behalf - anything that could be construed as a bribe “for the purpose of influencing any act or decision of any public official”. It binds both sides’ top executives to comply with these anticorruption provisions.

Clauses 2 and 3.1 of the Heads of Agreement were “intentionally omitted”.

Notice The Long Island Museum will be closed beginning Monday 1st May 2017 to allow for outstanding repairs to be completed. The Antiquities, Monuments and Museum Corporation appreciates the cooperation of the public and patrons as we work towards improving our facilities for pubic and staff use. thank you

PAGE 4, Monday, May 1, 2017

THE TRIBUNE

QC slams Blackbeard’s Cay’s ‘perverse conduct’ FROM PAGE 1 lowing the initial dolphin verdict, were “obfuscation” attempts designed to prevent Blackbeard’s Cay’s closure - as ordered in July 2014.

However, the Court of Appeal ruled against Mr Moree and granted Blue

Illusions leave to appeal the dolphins’ ownership to the Privy Council, finding he had not shown that the developer’s conduct was completely “oppressive, perverse, or frivolous and vexatious”.

However, the appellate court’s April 3, 2017, ruling is another reminder of Blue Illusions failure to ac-

cept the ‘rule of law’, and the Government’s failure to enforce it, in relation to the July 2014 ruling that quashed all Blackbeard’s Cay’s licenses and permits.

The project has remained open ever since in defiance of that judgment.

Mr Moree argued that holding this verdict “in abeyance” was the true

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motivation for Blue Illusions’ latest dolphin ownership appeal, and suggested that the developer was using the courts and legal process merely to delay the inevitable.

“Counsel for the intended respondent [Mr Moree] asserts that given the strength of the evidence as to the ownership of the dolphins against the [Blue Illusions], the only reasonable inference that can be drawn from its intention to proceed with this appeal is for the collateral purpose only of further delaying and deferring the export of the dolphins, in order that the appellant may continue to work the dolphins and to profit from them,” Dame Anita Allen, the Court of Appeal’s president, wrote in her verdict.

“In this regard, [Mr Moree] posits that this appeal is yet another attempt, following the four actions brought by the intended appellant after the decision of Justice Evans, to perpetuate the dispute, recognising that as long as these actions, or an appeal were extant, the order quashing the licenses to operate the facility made

by Senior Justice Stephen Isaacs would be in abeyance, and [Blue Illusions] would be able to continue to operate the facility.”

Senior Justice Stephen Isaacs’ ruling, in favour of environmental group, reEarth, quashed all Blackbeard’s Cay’s approvals because the Government had failed to follow its own statutory permit-

ting processes.

That sparked the ownership dispute over the project’s dolphins, with IMS requesting that the mammals be repatriated to Honduras - a move that was blocked by Blue Illusions’ competing claim. reEarth subsequently obtained a ‘penal notice’ to go with its July 2014 ruling, requiring the relevant government agencies to close Blackbeard’s Cay down.

The Government, though, has steadfastly refused to act and, just to make sure it does not, Blue Illusions and its attorneys subsequently initiated numerous court battles in a bid to prevent enforcement.

Four such actions were initiated in the Supreme Court in 2016, with three commenced by entities under Mr Andrawos’s control, and another initiated by the brother of his business partner, Virginia Iglesias.

Mr Moree referred to these four actions before the Court of Appeal, branding them as “obfuscation” and “perverse conduct” because they had been “either struck out, discontinued or stayed”.

Describing them, Mr Moree said they included actions designed “to re-litigate the reEarth case”, and another against his client “for fees for the veterinary services performed by the brother of Mr Andrawos’ partner”.

A third case, against IMS and the Attorney General, alleged “inducement to

breach the operating, management, and facility management agreements” for Blackbeard’s Cay. Mr Moree also complained that while the case before the Court of Appeal was argued on two points, Blue Illusions’ Privy Council appeal raised 14 grounds, “six of which were not argued in the Court of Appeal”.

However, Gail Lockhart-Charles, acting for Blue Illusions, argued that the Court of Appeal had no right to refuse leave to appeal under section 23 of the Court of Appeal act.

Agreeing with Blue Illusions’ position, Dame Anita ruled: “I have considered the conduct complained about by [Mr Moree] and the interjections by [Mrs Lockhart-Charles], and while I may hold a particular view about the appeal’s chances of success, I am yet not satisfied that [IMS] has demonstrated that in all the circumstances the conduct of the appellant in bringing this appeal is oppressive, perverse, or frivolous and vexatious, requiring the exercise of this Court’s inherent jurisdiction to prevent abuse of its process and injustice.”

With the dolphins a major attraction for the cruise passengers and other visitors to Blackbeard’s Cay, their potential loss threatens to deal the business a severe blow - hence Blue Illusions determination to prevent their return to Honduras.

THE TRIBUNE

Monday, May 1, 2017, PAGE 5

D’Aguilar blasts new tax evasion claims as ‘lies’ FROM PAGE 1 evasion’ claims against him, saying he would “not sling mud with the PLP’”, and instead added that he was focusing on how to make the Bahamas better.

The Superwash president was responding to the latest ‘document dump’ by Mr Roberts, which showed that a broker acting on the laundromat chain’s behalf had submitted “a falsified invoice” to Customs in June 2013.

The broker, High Rollers Trucking, submitted an invoice in its name for 21 commercial washers, 33 commercial dryers and 53 coin boxes, valuing the shipment at $159,165.

Freight charges brought the total to $160,760.

However, the original invoice, sent to Superwash

by Florida-based Laundry Pro on April 5, 2013, valued the shipment with freight at $260,498 - an almost $100,000 difference.

This was picked up by Brian Wallace, a Customs officer at the Gladstone Road freight terminal, when the goods - placed in the name of High Rollers Trucking - arrived via two shipments on Richard Shipping on June 4, 2013.

Mr Wallace, in a July 23, 2013, letter to the Customs Comptroller, said another Customs officer released one of the shipments, identified as RS16266W. “However, it was noted that the entry was no longer attached in the CAS (Customs Automated System) to RS16266W, and was now placed on RS16256 (two containers,” Mr Wallace wrote, referring to the other shipment.

“This left RS16266W as an outstanding shipment....

On obtaining a copy of the documents for these shipments and comparing them with those submitted, it is very clear that the invoice submitted was falsified.

Thus revenues had been lost. This invoice shows that this shipment was undervalued by $140,872.”

Based on the maths, and the figures contained in the documents, the undervaluation appears to be $100,872. However, taking the $140,872, Mr Roberts yesterday alleged that the under-valuation and falsified invoice had cost the Government $63,392.

The documents released

by Mr Roberts, though, suggest that it was High Rollers Trucking, the broker, that was the guilty party, not Superwash and Mr D’Aguilar.

Not least because the documents are all in the broker’s name.

A letter written by Mr D’Aguilar to the Customs Comptroller on July 31, 2013, confirms the shipment’s total value of $260,498, which indicates he made no attempt to hide

DIONISIO D’AGUILAR it once queried.

“Please accept this letter as confirmation that the Laundry Shop ‘sales order’ representing washer/dryer items totalling $260,498 dated April 5,2013, is a pro forma document,” Mr D’Aguilar wrote.

“This shipment was consigned to Highrollers Trucking Company. Highrollers Trucking Company, as the proprietor of the shipment of items, was responsible for the transactions from Laundry Shop as reflected on their commercial invoice totalling $160,760. We appreciate a

speedy conclusion of this matter.”

Mr Roberts said: “High Rollers Trucking was then directed by the Customs Department to pay the difference and penalties of some $14,000 and $5,000, totalling $19,000 in fines.

“However the fines were paid by SuperWash....

There is clearly a pattern of dishonest behaviour on the part of Mr D’Aguilar that would lead any logical thinking person to conclude that he is indeed a serial tax dodger.

“I call on the Bahamas Customs Department and the Ministry of Finance to conduct a review of all of the invoices submitted by companies owned by Dionisio D’Aguilar. As the old saying goes, once may be excused but twice is a habit.”

Mr D’Aguilar declined to respond directly to Mr Roberts’s claims, other than to say: “This attempt to slander me is, once again, lies, half truths and utter distortion.

“It is very, very clear that the PLP are becoming more and more desperate as Election Day approaches and, not surprisingly, Bradley Roberts and the PLP has sunk to the politics of personal destruction in an attempt to hide their failed corruption.”

In an e-mailed reply to Tribune Business, he added: “There are 10 days of campaigning left and I am going to spend the remainder of the campaign on the ground in Freetown talking

about how we are going to better our country…..not sling mud with the PLP.” Mr D’Aguilar last week blamed another, unnamed unscrupulous broker for submitting another false entry on Superwash’s behalf, which led to more fines and penalties as a result of under-invoicing.

Mr Roberts, though, cast doubt on the FNM Freetown candidate’s explanation, asking whether Superwash and Mr D’Aguilar had taken legal action against the unnamed broker.

The PLP chairman also alleged that the invoices in question were created “inhouse at Superwash, and not by a broker as claimed

by Dionisio D’Aguilar”.

Mr Roberts added that “no broker’s name appears on the Custom’s Duty Entry form”. Tribune Business understands that while the invoices were created in-house, the broker filled out the entry and signed it when it was submitted to Customs.

PAGE 6, Monday, May 1, 2017

THE TRIBUNE

BAHA MAR ‘ASSET TRANSFERS’ VAT AND DUTY FREE FROM PAGE 1

Operations vehicle.

The Heads of Agreement reveals that CTF BM Operations will inherit “all of the benefits and concessions” granted to the China Export-Import Bank and Perfect Luck by the Government in their August 22, 2016, Heads of Terms.

That document is the one that remains sealed by the Supreme Court, upon the request of the China ExportImport Bank. The Christie administration has repeatedly promised that it would seek the Supreme Court’s permission to disclose this, too, but has recently said the Heads of Terms can only be unveiled with the bank’s cooperation.

Still, the CTFE Heads of Agreement confirms: “It is understood and agreed that pursuant to the Heads of Terms, the transfer of assets in connection with the project from Baha Mar to Perfect Luck or its affiliate, and subsequently the transfers of assets or shares from Perfect Luck to [CTF BM Operations] would be exempt from all relevant taxes related thereto.”

Opposition politicians had again previously criticised this aspect of the deal, arguing that the application of the 10 per cent real estate ‘transfer tax’ could have generated between $100-$200 million in muchneeded revenues for the Public Treasury, given the country’s $7 billion-plus national debt.

However, Gowon Bowe,

and equipment used in the construction, equipping, furnishing, completing and opening of the project.”

Opposition politicians howled with outrage earlier this year after Tribune Business revealed that Baha Mar’s construction completion was entirely VAT-free.

However, Tribune Business sources confirmed that Baha Mar was enjoying the same VAT-free incentives under former developer Sarkis Izmirlian prior to the Chapter 11 bankruptcy filing. They pointed out that every developer normally included a clause in its agreements with the Government to protect them from any new taxes being imposed while construction was ongoing, such as VAT, which was introduced on January 1, 2015. Mr Izmirlian’s team and the Government, Tribune Business understands, agreed to treat VAT as a deferred tax.

Meanwhile, the CTFE Heads of Agreement confirms that no VAT or Stamp Duty, representing the 10 per cent real estate ‘transfer tax’, will be paid on the two ‘sales’ of Baha Mar’s assets.

The first sale was from Baha Mar’s Deloitte & Touche receivers to the China Export-Import Bank’s Perfect Luck vehicle, taking Baha Mar’s assets out of receivership. The second involves the mega resort’s sale, once its construction is completed, from Perfect Luck to CTFE’s CTF BM

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity

the Bahamas Chamber of Commerce’s chairman, reminded them that the 7.5 per cent VAT element would be treated as a ‘business input cost’, and offset or netted off against future VAT payments generated when Baha Mar became operational.

He said the Government had the option of collecting its VAT money now or later, once the property became operational, and the Christie administration has clearly opted for later.

However, the Heads of Agreement added: “VAT shall not be payable on any complimentary costs related to hospitality customers and activities during the operation of the resort.”

However, the 7.5 per cent levy is payable on complimentary revenues “and ancillary services” for gaming customers.

The Heads of Agreement also makes clear that Baha Mar’s sale to CTFE will be achieved via the China Export-Import Bank’s sale of shares in Perfect Luck, with this sale - and any subsequent security taken over the shares for debt financing - to also be VAT free. Stamp Duty on any Perfect Luck share security taken “within 12 months of construction completion” will only attract Stamp Duty of $100.

Baha Mar’s new owner has also been granted the standard 10-year real property tax exemptions, along with the typical incentives handed to residential units placed in a rental pool.

2016/CLE/QUI/00141

IN THE MATTER OF A SUBDIVISION called “ROLLE TERRACE” comprising of a tract of land by Survey 4.963 acres situate immediately Southwest of Mount Vernon Estates and Southeast of High Vista Estates and on the Northern side of Step Street and approximately 525 feet West of Cockburn Street Fox Hill in the Eastern District of the island of New Providence which said subdivision, has such position shape marks boundaries and dimensions as are shown and delineated on the diagram or plan recorded in the Department of Lands and Surveys and in the Ministry of Public Works, as Plan No. 5716 NP and thereon coloured Pink.

AND IN THE MATTER of The Quieting of Titles Act 1959, Chapter 393 Statute Law of The Bahamas AND IN THE MATTER OF THE PETITION OF SEAN ANTHONY CARLOS DEAN, (also, called “Shawn Dean”) ADMINISTRATOR of The Estate of Petral Rolle, Deceased ==================== NOTICE ====================

Petitioner

Notice is hereby given that Sean Anthony Carlos Dean is applying to the Supreme Court of the Commonwealth of The Bahamas to have the title of the following subdivision investigate under Section 3 of the Quieting Titles Act 1959 and the nature and extent there of determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act:– “ALL THAT SUBDIVISION called “ROLLE TERRACE” comprising a tract of land containing by survey 4.963 acres situate immediately Southwest of Mount Vernon Estates and Southeast of High Vista Estates and on the Northern side of Step Street and approximately 525 feet West of Cockburn Street Fox Hill in the Eastern District of the island of New Providence which said subdivision, has such position shape marks boundaries and dimensions as are shown and delineated on the diagram or plan recorded in the Department of Lands and Surveys ad in the Ministry of Public Works, as Plan No. 5716 NP and thereon coloured Pink.

A plan of the said subdivision may be inspected during normal working hours at the following places: a) The Registry of the Supreme Court, British American Building, Marlborough Street, Nassau, N.P. Bahamas, or b) The Chambers of Corporate Legal Services, Pickstock Place, Robinson Road, Nassau, Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or an adverse claim or a claim not recognized in the said Petition at all on or before the expiration of thirty (30) days after the final publication of these presents file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of his 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 such claim on or thirty (30) days after the final publication of these presents shall operate as a bar to such claims.

Arlean P. Horton-Strachan Corporate Legal Services 110 Pickstock Place Robinson Road Nassau, Bahamas.

Attorneys for the Petitioner

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2016/CLE/gen/01692

Common Law & Equity Division IN THE MATTER OF property comprised in an Indenture of Mortgage dated 11th day of 11th August A.D. 2005 between Ricardo E. Adderley of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9338 at pages 64 to 75.

BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND RICARDO EUGENE ADDERLEY TO:

Ricardo Eugene Adderley

Plaintiff Defendant

TAKE NOTICE that: 1.

An Originating Summons and Affidavit filed herein on the 22nd December 2016 have been issued in the Supreme Court of The Bahamas by First Caribbean Inter national Bank(Bahamas) Limited, by the Plaintiff herein.

2.

AND THAT by an Order made in the Supreme Court by Registrar in Supreme Court Action No. 2016/CLE/gen/01692 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the Defendant, Ricardo Eugene Adderley be effected by way of this Advertisement.

3.

That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements 4.

You must within 14 days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the Originating Summons and Affidavit by filing a Memorandum of Appearance on the Attorneys, Messr.

GrahamThompson whose name and address appear below, otherwise judgment may be entered against you.

Dated the 7th day of March A.D. 2017 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas.

Attorneys for the Plaintiff

THE TRIBUNE

Monday, May 1, 2017, PAGE 7

FYRE FESTIVAL FROM PAGE 1

throughout the world these things happen from time to time,” Mr Wilchcombe said, after the Exuma-based Fyre Festival disintegrated into chaos and confusion late last week.

Festival-goers, some of whom had paid $12,000 per head, found that none of the promised infrastructure, accommodations and attractions were in place, while many of the advertised bands had pulled out.

Amid the anger and frustration, and potential ‘reputational damage by association’ for the Bahamas and Exuma, Mr Wilchcombe added: “There will be some outrage and negative feedback, and the organiser will lose some credibility, but hopefully be able to fight it off and work to get it back to where they regain their credibility.

“The intent was perfect, and they wanted to do something that was spectacular, but went afoul trying to get the facilities ready in time. Unfortunately they ran into difficulties, but I believe that the brand, the Bahamas’ brand, will withstand any negative fallout.”

The Ministry of Tourism, in a statement issued after Fyre Festival unravelled, sought to distance itself from the chaos, emphasising that it was not a sponsor of the event and therefore had no financial involvement.

“The organisers of Fyre recently asked the Ministry of Tourism for support for their private event,” the Ministry said.

“Given the magnitude of this undertaking, the Ministry of Tourism lent its support as we do with all international events. We offered advice and assisted with communications with other government agencies.”

The Ministry’s statement indicated that it relied on the assurances of Fyre Festival’s organisers that all was well, raising questions as to whether it did sufficient due diligence on their capabilities and progress on putting on all the on-site infrastructure.

“The event organisers assured us that all measures were taken to ensure a safe and successful event, but clearly they did not have the capacity to execute an event of this scale,” the Ministry said.

Its latest statement stands in contrast to the glowing press release issued by the Ministry of Tourism about Fyre Festival some four weeks before its planned April 28-30 launch, at a time when the event’s problems were becoming widely known.

Tribune Business, checking its records, found the April 3, 2017, press release from the Ministry of Tourism in which it described itself “as a partner for the festival”, liaising with all government and Exumabased authorities to ensure the organisers obtained the necessary permits and approvals.

The April 3 statement said the Ministry of Tourism was “working tirelessly with Fyre Festival organisers to ensure that the 2017 festival is unforgettable” - and unforgettable it certainly has been, but for all the wrong reasons.

“The island of Exuma will come to life with an explosive and pulsating festival in late April that is set to give the island a significant economic boost,” the Ministry’s April 3 release stated.

“The Fyre Festival, described as a departure from the familiar, will deliver a one-of-a-kind immersive experience in music, culture, art, culinary delights and luxury for an unprecedented event over the two weekends.

“The Bahamas Ministry of Tourism is working tirelessly with Fyre Festival organizers to ensure that the 2017 festival is unforgettable for the over 5,000 guests expected to descend on the island between April 28-30, and again on May 5-7.”

The April 3 release goes on to quote Carla Stuart, the Ministry’s senior director of national planning and special events, and adds: “The Ministry of Tourism is a partner for the festival, and serves as a liaison between the organisers and

various government and local entities on the island.”

Ms Stuart was then quoted as saying: “Our goal is to work with the organisers to ensure that the festival meets all of the local standards in safety, security, environmental, etc.

“We will also ensure that all local approvals required to coordinate a successful event of this magnitude are secured.”

While the timing of the April 3 release indicates that the Ministry of Tourism was called upon at the last moment by Fyre Festival’s organisers, its contents raise questions as to how deeply the Ministry became involved, and how much it knew about the impending disaster.

Apart from whether the Ministry of Tourism carried out proper due diligence on the organisers, it also calls into question whether it should have spotted the warning signs - and raised the alarm earlier - about the event’s spiral into chaos.

Mr Wilchcombe, who was said to be attending a funeral in Man O’War Cay yesterday, could not be reached for further comment, having initially spoken to Tribune Business on Friday afternoon.

But Bahamian private sector executives, speaking on condition of anonymity to Tribune Business over the weekend, questioned how Fyre Festival had been allowed to proceed seemingly unchallenged despite many being aware of its mounting problems between one to two months ago.

In particular, the private sector executives queried how Fyre Festival had been able to obtain the necessary permits and approvals from central and local government, despite evidence of increasing disorganisation.

This newspaper was informed that Fyre Festival organisers approached Bahamas-based suppliers and providers of necessary infrastructure for the concert site some six-eight weeks ago, but never made the necessary payments or deposits.

Resignations of key support personnel, such as Fyre Festival’s caterers, were also

RHONE TRUSTEES (BAHAMAS) LTD. Invites qualified applicants for the following position:

SENIOR TRUST OFFICER DUTIES INCLUDE: Administration of various complex fiduciary structures.

Completion of annual trust reviews & review of client accounts.

Direct liaison with internal and external clients.

Ensure the implementation of administrative procedures and other internal Directives.

EDUCATION AND EXPERIENCE: Law Degree, STEP Certification or equivalent relevant professional qualification.

Strong trust and company administration skills plus a sound knowledge of drafting relevant documents, reporting and accounting.

Excellent written and verbal communication skills.

A minimum of eight years’ experience in trust and fiduciary services.

General knowledge of banking and investment services.

Proficiency in relevant computer applications.

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED. Qualified applicants should deliver their Resume BY HAND no later than 9th May 2017 to: Director – Trust Services Rhone Trustees (Bahamas) Ltd. Building 1, Bayside Executive Park West Bay Street & Blake Rd. Nassau, Bahamas

widely known several weeks out. What is currently not known is the potential financial loss suffered by Bahamian workers and service providers, such as the 10 jitney drivers induced to take their vehicles from Nassau to Exuma, in the belief they would be providing transportation services for Fyre Festival.

Mr Wilchcombe on Friday told Tribune Business that the festival had nonetheless been a “very courageous and exciting plan” even though the muchhyped luxury music event, with tickets costing up to $12,000, has been branded a “disaster”.

“It is an unfortunate de-

velopment but it does represent a very courageous and exciting plan the organisers had put together,” the Minister said.

“The plan remains a good one and I think it could be saved. They will obviously have to think about how they move in the future and stage a major event like that anywhere in the world, which requires moving so many people.”

In a statement on its website on Thursday night, the Fyre Festival organisers said: “Due to circumstances out of our control, the physical infrastructure was not in place on time and we are unable to fulfill on that vision safely and enjoyably

for our guests. At this time, we are working tirelessly to get flights scheduled and get everyone off of Great Exuma and home safely as quickly as we can.

“We ask that guests currently on-island do not make their own arrangements to get to the airport as we are co-ordinating those plans.

We are working to place everyone on complimentary charters back to Miami today. This process has commenced and the safety and comfort of our guests is our top priority. The festival is being postponed until we can further assess if and when we are able to create the high-quality experience we envisioned.”

Dependable, Highly Organized, Multi-Tasker, Attention To Detail. If you possess these qualities, we invite you to apply for the position of:

Customer Service Representative Job Summary Fidelity Bank (Bahamas) Limited, is seeking proficient service-oriented Customer Service Representatives (Tellers) to join our team on a one year contract. This position requires a great attitude, professional out-going personality, with a high degree of precision and competence in performing banking transactions for our customers. The ideal candidate must be someone who can multi-task while maintaining a high level of accuracy. Practice good communication skills including speaking clearly, succinctly, and accurately while using a pleasant tone and common conversational courtesies. Have the ability to cross-sell Fidelity’s products and services. Ability to work shifts and weekends as needed.

Requirements / Qualifications: • High school diploma or equivalent vocational training • Minimum 2 years’ experience in the Financial Services or Hospitality Industry • Cash handling experience • Ability to accurately maintain and balance a cash drawer • Ability to navigate multiple applications and computer systems • Proficient in Microsoft Office Suite

PLEASE SUBMIT BEFORE May 5th, 2017 to:

HUMAN RESOURCES Re: Customer Service Representative careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 8, Monday, May 1, 2017

THE TRIBUNE

Chamber chief: Get financial guarantees from event organisers FROM PAGE 1 run-up to the Fyre Festival’s planned April 28-30 debut did not match what was required for an event where tickets were sold for $12,000 per head.

When the Chamber heard the ticket prices being offered, Mr Rolle said it assumed visitors were being housed at Exuma’s highend properties, such as Sandals Emerald Bay and Grand Isle Villas.

However, the Chamber found that “not a single deposit” for rooms at either resort had been paid

by Fyre Festival organisers, immediately making executives suspicious that “something’s not right”.

Disclosing that he was “not surprised at all” by the fiasco that occurred over

the weekend, Mr Rolle said he was “very concerned” about the reputational damage that Exuma and the wider Bahamas may have suffered as a result.

He called on the Bahamas to safeguard its good name against foreign promoters by mandating that they lodge a performance bond or some form of financial guarantee prior to the event’s staging, thus providing some evidence they had the necessary financing and would be penalised if they did not.

“We should have done our due diligence on Ja Rule and his entity,” Mr Rolle told Tribune Business. “We should have done all these things.

“We can all be Monday morning quarterbacks, but everything didn’t seem to

NOTICE

VIC GLOBAL LIMITED

be in place from the beginning, and some of that has to be on us.”

The Exuma Chamber president added: “What should happen, if folks are coming in to put on this kind of a project, which is a high-end project; we should have place a letter of credit or bond from them, which compels them to ensure a certain level of production is done.

“If they can’t afford to put a certain amount of money down, they can’t afford to put this project on in a timely fashion.

“We need to do due diligence, and have financial commitments made, so that there are no disgruntled local workers, local contractors, whoever it is. Their payments should be guaranteed.”

To further guard against

Bahamians being left outof-pocket by foreign concert and event promoters, Mr Rolle said locals should be incorporated into the management and planning teams for such showcases.

“Fundamentally, I think we could have done a better job of ensuring everything was in place before this thing started getting promoted,”he reiterated of the Fyre Festival.

“This is a personal scepticism at the Chamber and its administrative level in Exuma. The question we were asking was this: For the money we heard people were paying, where were they were being housed?

“We thought it would be a combination of Sandals and Grand Isle for that kind of money. Those are the very high-end products in Exuma,” Mr Rolle con-

NOTICE

PRAISE GLOBAL LTD.

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) VIC GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) PRAISE GLOBAL LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2017

Dated this 1st day of May, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator NOTICE

HAI RUN HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: a) HAI RUN HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE

JEFF WOOD LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) JEFF WOOD LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator NOTICE

KINAKRIS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) KINAKRIS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

tinued.

“When we checked, no deposit had been paid.

Don’t tell me people are spending this kind of money and are going to be housed in tents.

“That’s when we said something’s not right. It’s not adding up. We had no proof that everything was not in place. We didn’t have any facts. But that was our concern.”

Ja Rule and Mr McFarland said last week that they had supplied Fyre Festival, which was switched from one of the Exuma cays - believed to be Norman’s Cay - to the Exuma mainland, with a $20 million budget.

How that money was spent, and where, remains difficult to determine, given the chaos and disorganisation that met Fyre Festival goers when they arrived on Great Exuma late last week.

Bands such as Blink 182 had already pulled out, while survival tents instead of the promised luxury accommodation greeted visitors. Food and drink were also below the promised standards, and the Ministry of Tourism was required to help organise the departure of angry festival goers.

Ja Rule and Mr McFarland denied that Fyre Festival was a scam, as many people started alleging, and pledged to refund all who had bought tickets and help get them home.

However, the Bahamas’ reputation took a pounding ‘by association’ as a result of Fyre Festival, both on social media - via photos, postings and reports from those there on Exuma - and in the mainstream media.

‘Stranded in the Bahamas’ was how the UK’s Guardian newspaper headlined the Fyre Festival debacle, while some of the UK’s more excitable tabloid newspapers, such as the Daily Mail, were reporting

how festival-goers were allegedly being attacked by “wild dogs” and “threatened” by local Bahamians.

There were also reported claims that alcohol supplies for the event were being stolen and looted.

With social and mainstream media postings being accessed worldwide by millions, and many of the Fyre Festival goers likely to be experiencing Exuma and the Bahamas for the first time, the reputational fallout for this nation could be significant.

Negative ‘word of mouth’ feedback from Fyre Festival attendees will spread rapidly, and all this comes at a time that the Bahamas can least afford such negative publicity, following four years of no economic growth.

Mr Rolle acknowledged the potential reputational fall-out, telling Tribune Business: “The Chamber were concerned from the time the event was being promoted.

“We expressed concerns earlier that if this was not done properly, that it was going to negatively impact Exuma. There are people who never heard of Exuma before this commotion started.

“Now, because of this experience, they are going to think negatively about Exuma and the Bahamas. This is bad for all concerned.”

Mr Rolle added: “We didn’t think sufficient emphasis was placed on doing the necessary due diligence.

We didn’t think that, fundamentally, they took the time necessary to put everything in place. We didn’t get the sense of urgency.

“There were certain things that should have been done on the ground that did not materialise.

We started to ask questions a month ago because they were not as far along as they should have been.”

NOTICE

ARAMBA WORLDWIDE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ARAMBA WORLDWIDE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 27th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Monday, May 1, 2017, PAGE 9

Passionate about customer service, Keen attention to detail, Ability to multi-task, Excellent communication skills If you possess these qualities, we invite you to apply for the position of:

Teller Supervisor JOB SUMMARY: Fidelity Bank (Bahamas) Limited is currently seeking qualified candidates to fill the role of Teller Supervisor. This position is responsible for providing teller services while meeting Teller Performance Standards.

Main Duties and Responsibilities: • Training, coaching, and supporting staff • Researching/resolving teller differences and client concerns • Assure operational integrity and risk management by ensuring that procedural requirements and processes are known and utilized • Oversees the staffing and performance management of all tellers • Participate in the daily teller activities needed to meet the demands of the Branch including processing teller transactions and performing standard teller activities • Meets established sales goals and acts as a leader in the Branch

Minimum Requirements & Qualifications: • Associate Degree from recognized tertiary institution - or a minimum High School Diploma along with three years’ experience in the Financial Services Industry • 3 years of cash handling experience • 2 years of supervisory experience in a cash handling position • General working knowledge of the Bank’s products and services • Excellent written and verbal communication skills • Demonstrated leadership skills • Professional appearance • Proficiency in Microsoft Office applications HUMAN RESOURCES Re: Teller Supervisor careers@fidelitybahamas.com

PLEASE SUBMIT BEFORE May 5th, 2017 to:

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

NOTICE

NOTICE is hereby given that MERLINE LOUISSAINT of #68 Miami Street, 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 24th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LEWINGSTON LUBIN DORVILUS of Mt. Tabor Drive, Pinewood Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT THURSDAY, 27 APRIL 2017

BISX ALL SHARE INDEX: CLOSE 1,886.09 | CHG -5.25 | %CHG -0.28 | YTD -52.12 | YTD% -2.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 6.76 8.50 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 9.30 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.90 8.56 7.11 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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 Famguard Fidelity Bank Finco Focol ICD Utilities 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)

Accounts clerk An established company in The Bahamas is presently considering applications for an Accounts Clerk in the Construction/Heavy Equipment field.

The position is open to candidates who possess the following qualifications.

• • • •

Quickbooks Experience Minimum of 4 years professional accounting experience Proficient in Microsoft Word, Excel Associate Degree minimum

Personal Attributes • Must have strong Organizational Skills • Must be able to multi-task • Must have a “problem solver” with an eye for detail • Must have ability to identify priorities, meet deadlines in a timely manner • Must possess Leadership skills • Able to collaborate with other team members • Must possess good communications skills All interested applicants should fax a copy of their resume to 1-242-361-1469 or email to apex pavers@gmail.com

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

52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.31 1.55 6.00 9.33 9.00 9.30 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.31 1.55 6.00 9.33 9.00 9.30 6.90 12.01 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.33 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.30 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 0.00

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

5,550

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 104.5 22.6 19.4 20.0 17.9 9.4 11.3 23.5 19.7 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 0.0

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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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%

20-Nov-2029 15-Dec-2017 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

YTD% 12 MTH% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 28-Feb-2017 28-Feb-2017 24-Feb-2017 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.26% 2.60% 3.87% 4.00% 4.29% 0.00% 3.55% 2.03% 5.33% 0.00%

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

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