05072018 business

business@tribunemedia.net

MONDAY, MAY 7, 2018

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Airport’s $14m loss ‘not major concern’ for NAD

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

N

ASSAU’S airport operator says its latest $14.153m net loss, and $56.5m total deficit, is “not a significant concern” as it continues to meet all payments on its $500m-plus debt.

The Nassau Airport Development Company (NAD), in e-mailed replies to Tribune Business questions, said the latest “red ink” resulted largely from a “one-time, retroactive change” in accounting policies and pointed instead to the $2m-plus increase in its operating revenue.

The Lynden Pindling International Airport (LPIA) operator added that its performance for the year to end-June 2017 was “in line with budget projections”, as its net comprehensive loss decreased year-over-year by 14.2 per cent or $2.35m - from $16.489m to $14.153m.

Despite the persistent net losses, NAD told this newspaper that they were no cause for alarm, with the airport operator even going “above and beyond” the requirements of its debt repayment schedule

* NAD blames ‘one-time accounting policies’ * Going ‘above and beyond’ on $500m debt * Runways need $32m resurface in 2023

LYNDEN PINDLING INTERNATIONAL AIRPORT to return money to lenders when it can.

“This should not be a significant concern,” NAD said of its loss and balance sheet “negative net equity”. “Our net loss in fiscal year 2017 is as a result of a one-time, retroactive change in accounting policies related to our capital assets. This resulted in increased expenses for amortisation and depreciation.

“As in prior years, NAD continues to meet its financial obligations and recognise positive operating income or earnings

before interest, taxes, depreciation and amortisation (EBITDA).”

NAD’s amortisation and depreciation costs remained relatively “flat” with 2016 comparisons, standing at a total $19.675m and $4.892m, respectively.

The amortisation of operational, and leasehold and financing, assets is an accounting treatment that involves allocating their costs over a period of time.

Similarly, depreciation is the reduction in the value of an asset over time, which is usually caused by “wear and tear”- in this case,

LPIA’s terminal buildings, runways and other physical infrastructure.

Without these $24m “accounting treatment” costs, NAD would likely have enjoyed an eight-figure profit for 2017, as total operating income grew by 4.2 per cent year-over-year to $53.063m.

This gave it ample headroom to pay $42.305m in interest on its long-term debt, which was taken on to finance the $409.5m redevelopment of LPIA into a world-class airport consistent with the standards and image of this nation’s tourism product.

Successive NAD management teams have argued that “cash flow”, and the airport’s ability to meet debt repayments from its own resources, are the key performance indicators by which it should be judged - especially in its initial years when the size of the outstanding principal debt results in higher interest payments to lenders.

SEE PAGE 4

Insurers: VAT treatment clarity ‘extremely critical’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net INSURERS are warning the Government it is “extremely critical” it clarify the VAT treatment of property and casualty products with another hurricane season less than a month away.

Industry executives told Tribune Business it was “urgent” that they “get on the same page” with the Government, especially if it forces any changes in the sector’s business model that impacts the claims process and Bahamian consumers.

They added that the Government had promised to present its formal position on the issue to the insurance industry “within a week or so” several months ago, but this had not been forthcoming.

The sector is still

* New storm season makes issue ‘urgent’ * Left waiting for promised gov’t position * Warn both sides need to ‘get on same page’ understood to be awaiting multi-million dollar VAT refunds/credits on Hurricane Matthew-related claims stemming from 2016, and wants the Government to provide “clarity, not certainty” on whether the 7.5 per cent levy will continue to apply to property and casualty insurance premiums.

“The industry and the Government have yet to reach a landing on this issue,” Tom Duff, Insurance Company of the Bahamas (ICB) general manager told Tribune Business. “The industry is waiting on the Government to formalise its position.

“We expect fairly soon

that the Government will have completed its review, which will give the industry a definite position on VAT and how it’s applied. I think at the moment we all believe applying VAT to property and casualty insurance products is probably not the best way for the industry and government to go.

“It’s proven to be extremely complex, especially when faced with hurricanes like we’ve had for the last several years,” Mr Duff added. “I think the industry will be wanting to sit down with the Government and review all options for this.”

The Bahamas is one of very few countries to levy

VAT on property and casualty insurance premiums, with most opting not to because of the difficulty in determining where the “value is added” and the complexity when claimsrelated credits/refunds are sought.

With The Bahamas in the “hurricane belt”, a major storm strike results in multi-million dollar refund/ credit submissions, as illustrated by the aftermath of Hurricane Matthew - sums the cash-strapped Public Treasury is struggling to meet.

Kevin Seymour, the former Grand Bahama

SEE PAGE 6

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Water corp targets saving ‘millions’ via governance reform

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WIDE-RANGING corporate governance reforms will save the Water & Sewerage Corporation “millions of dollars”, its chairman is asserting, while enabling it to “embrace a business-like” culture.

Adrian Gibson, pictured, told Tribune Business that the Corporation is “implementing” multiple anti-corruption procedures intended to address the numerous deficiencies identified in the recent Ernst & Young (EY) audit, with a focus on overhauling procurement and supplier dealings, plus the conduct of its own staff.

He revealed that all corporation workers, especially management executives, will be required to “make declarations” of any outside business interests - especially company shareholdings and ownerships

* UTILITY ON PATH TO ‘BUSINESS-LIKE’ CULTURE * ‘CONFLICT OF INTEREST’ DECLARATIONS KEY FOCUS * STAFF, SUPPLIERS MUST ABIDE BY CODE OF CONDUCT - in a bid to avoid “conflicts of interest”.

An “employee manual”, setting out a “Code of Conduct” that corporation staff must abide by, is also being readied for distribution, addressing what Mr Gibson described as a decades-long deficiency.

Besides a “whistleblower” policy that is currently in draft form, the corporation’s chairman also promised enhanced scrutiny of all current and

SEE PAGE 7

Fly fish chief slams ‘doom and gloom’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE BAHAMAS Fly Fishing Industry Association’s (BFFIA) president yesterday fired back at opponents of the industry’s regulations, suggesting they were pushing a “doom and gloom” narrative to pressure the Government to back down.

“It’s not scaring anyone off,” Prescott Smith told Tribune Business. “The critics are using these conflicting narratives and talk

* ‘SPECIAL INTERESTS PRESSURING GOV’T * MINISTER SAYS REGULATIONS STILL IN EFFECT about hurting the industry, which is not true. You can’t go to any of those other countries and do what they want to do here.

“All the talk is simply trying to paint the narrative to the Government that it will hurt the industry, but

SEE PAGE 9

DEFICITS ‘THING OF THE PAST’ IF OIL EXPLORER SUCCEEDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OIL EXPLORATION success would make The Bahamas’ fiscal deficits “a thing of the past”, a former Cabinet minister is arguing, with the benefits felt before a single barrel is pumped.

James Smith, pictured, a Bahamas Petroleum Company (BPC) director, told Tribune Business that confirmation of recoverable,

* BENEFITS FELT BEFORE ANY OIL PUMPED * EX-MINISER CITES IMPROVED CREDIT RATING commercial quantities of oil beneath this nation’s waters could lead to an almost-instant improvement in the country’s credit ratings.

He explained that the likes of Moody’s and

SEE PAGE 8

PAGE 2, Monday, May 7, 2018

Bahamasair back to Bimini after 40 years BAHAMASAIR last Thursday launched its 60-seat round trip flights from Bimini to Miami, marking the first time it has serviced the route for 40 years.

The launch of the new flights was commemorated with traditional water showers and a Junkanoo performance at both Miami International Airport and Bimini International Airport.

Flights will depart Miami at 1.30pm and arrive in Bimini at 2pm, with the return flight leaving the Bahamian island at 2.30pm.

The flights are scheduled to run four times weekly, beginning in May, on Sundays, Mondays, Thursdays and Fridays.

“The launch of this route to Bimini is an opportunity to create more reciprocal opportunities for both of our respective communities in Miami and in The Bahamas,” said Bahamasair chairman, Tommy Turnquest.

“Our continuing aim as a key tourism partner is to continue to bring as many visitors as we can, and showcase all that our beautiful country has to offer. Likewise, the new flights from Bimini to Miami will continue to strengthen the links of commerce that define the connection between our country and the state of Florida.”

Frankie Campbell, minister of transport and local government, said this new flight has strengthened ties between Bimini and Miami.

“Many intrepid Americans made their first international boating trip across the gulfstream, from South Florida to Bimini. For years, they have seen Bimini as a place to visit by boat.

This new flight, hopefully, would help to change that perception and encourage

FROM left: Tracey Cooper, managing director Bahamasair; Orville Tommy Turnquest, chairman Bahamasair; Frankie Campbell, MP and minister of transport & local government; Pakeisa ParkerEdgecombe, MP for West End and Bimini; and Patricia Ann Lawrence, president Resorts World Bimini. The ribbon cutting ceremony took place at the Bahamasair Miami airport departure gate. The welcome ceremony was held at the Bimini airport.

Photos: Kemuel Stubbs

more and more Floridians – and Florida visitors - to experience Bimini by air,” he said.

Tyrone Sawyer, senior director of airlift in the Ministry of Tourism, also hailed the benefits of the new flights.

“It positions Bahamasair strategically as a tool of tourism development,” he said. “We’ve got a lot of airline partners that come with large networks that feed their respective hubs. Now we are seeing Bahamasair starting to use their new aircraft to position themselves in markets like Miami and Fort Lauderdale.

“We hope that this is a

trend that will continue, where Bahamasair will come into the market and bring good air fares that impacts the attractiveness of our ability to grow tourism.”

Bahamasair has also partnered with Resorts World Bimini to increase the headcount on its flights, while boosting occupancy levels at the multi-million dollar resort.

Vince Angelo, Resorts World’s general manager, said this partnership will increase already high occupancy levels for the summer.

“It is very, very exciting for the island. Any opportunity that we are going to be able to have to

bring more travellers to this beautiful island is going to prosper for everyone,” he said.

“Visitors have been demanding more opportunities to get to the island versus the somewhat limited ways that we have now.

Having this flight on schedule now four days a week is going to encourage them to want to fly more.

“It’s a phenomenal airline, and I know the visitors are going to enjoy this as well. The summer will be extremely busy, and now with Bahamasair it could increase that occupancy and we are just really waiting to see that.”

THE TRIBUNE

APP EXPOSES BAHAMAS TO GLOBAL TRAVEL AUDIENCE AN APP showcasing The Bahamas and its attractions to the world has hit the market.

Aye! Bahamas Travel Guide has unveiled its smartphone application – a palm-size, digital brochure designed to make tourists and potential visitors aware of where to stay and dine, and what to see and do, while visiting this country.

“Essentially, our app conveniently allows visitors who are planning a trip to The Bahamas, or who are already here, to navigate the local scene like a native.

They are able to research dining options, LESLIE activities, historic and Gelin. cultural sites, explore tours and waters sports and more while vacationing here,” said Grand Bahama native, Leslie Gelin, who developed the concept for the app with his business partners.

“For locals, the app is a plus, allowing a quick look at restaurants or excursions they may never have tried.”

Mr Gelin, an insurance executive by profession, has always been fascinated with developing solutions using electronic tools. The former restaurateur went in search of his next business idea in the wake of his family restaurant and lounge, The Office, closing in 2005 after a threeyear run.

“After the restaurant experience, I attributed the time and treasure lost as education and learning for the next project. So my eyes were open, and my mind

was actively working,” he said.

Last October, Mr Gelin came up with the idea to create a digital tour guide that would allow users to explore The Bahamas at their own pace. He assembled a team to build the app and, within ten weeks, it was able to be tested.

Two weeks later it was in Android stores for Samsung users. And, two weeks after that, the app was available for download on Apple devices.

Mr Gelin said the app, which takes its name from the standard local greeting, “Aye”, is designed to evolve to meet users’ demands. It currently focuses on six areas: Shopping, dining, entertainment, activities, accommodation and transportation.

“The advertising advantages to local business are huge,” he added.

“There is the potential for far greater reach of specific target markets at just a fraction of the cost. Our partners in the business community have full control of their content 24 hours a day, seven days a week.

This means they are able to update their customers in real time about upcoming events, promotions, discounts and the like.”

For the month of May, new businesses subscribing to the app for the first time will be featured free for 30 days.

“Potential advertisers get to try before they buy,” said Mr Gelin. “We want businesses and individuals to install and test drive the app so we’re making it free for a limited time.”

THE TRIBUNE

Monday, May 7, 2018, PAGE 3

AIRLINE ADDS Bahamian firms warned over EU data regulations FIVE FLIGHTS FOR XMAS AMERICAN Airlines has added five new flights with 453 total seats to its Bahamas routes, increasing the number of non-stop and connecting flights from three major US cities.

Beginning in December 2018, the new flights will offer more options and improved connectivity to Nassau, Grand Bahama, North Eleuthera and Abaco for visitors travelling from the Chicago, Miami and Charlotte gateways.

Non-stop flights from O’Hare International Airport (ORD) in Chicago to Lynden Pindling International Airport will begin on December 22, operated by a B737-800 aircraft. The new service will add 160 seats per week from the major Midwest hub.

Seasonal flights from Miami International Airport to Freeport, Grand Bahama, will launch on December 18, 2018, operated by the E175, a 76-seat aircraft. The two morning departures will transport Miami-area travellers in less than one hour, with the first flight departing Miami at 9.02am and arriving in Freeport at 9.50am, and the second departing at 10.32am and arriving at 11.20am. Both weekly flights add 152 seats to Freeport, bringing valuable support to the island.

The airline will also launch year-round service from Charlotte Douglas International Airport (CLT) in North Carolina to two destinations in The Bahamas. Saturday service into North Eleuthera Airport will begin on December 22, 2018, adding 65 seats on the CRJ aircraft.

A second Saturday-only service will introduce 76 new seats into Marsh Harbour Airport, operated by the E175 aircraft. The weekly flights will bring a total of 141 new seats to The Bahamas.

Dionisio D’Aguilar, minister of tourism and

MINISTER of Tourism Dionisio D’Aguilar.

aviation, said the new flights will help fill increased room inventory created by new hotel developments throughout The Bahamas.

“The addition of several new flight options from American Airlines is welcomed news for the local tourism industry,” said Mr D’Aguilar. “As our room inventory increases, we are eager to meet that demand with more seats bringing travellers to our islands.

The benefits will be felt especially during our winter months when tourists from cold areas are looking for a warm, sunny vacation.”

The new air service will further boost an encouraging trend in air arrivals to The Bahamas, as recently reported by the Nassau Airport Development Company (NAD). Arrivals have reached the highest level in 11 years, exceeding even pre-recession numbers.

More than 150,000 visitors landed at LPIA in December 2017, and preliminary results for March 2018 are even more impressive – up by 24 per cent over 2017 arrivals.

Travelers can book flights beginning on May 14, 2018, via American Airlines’ website.

A BAHAMIAN information manager has warned that local firms could be exposed to hefty financial penalties if they fail to comply with impending European data protection rules.

Chris Sawyer, pictured, Sunryse Information Management’s president, warned that Bahamian companies doing business with entities falling under the European Union’s (EU) General Data Protection Regulation (GDPR) regime could be impacted when it comes into affect on May 25.

He added that companies failing to comply with specific data collection guidelines, as outlined in the GDPR regulations, while conducting business with EU companies could be exposed to fines of up to 20 million euros or four per cent of their annual revenue.

“How companies collect, store and eventually destroy data from agencies or organisations in the EU member states will be further scrutinised once the new GDPR regulations come into effect this month,”

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

Mr Sawyer explained.

“Businesses in The Bahamas must look at their overall process and have a handle on what personal information is being gathered from clients, be that names, e-mail addresses, credit card details, banking information, insurance details or any other personal details specific to that individual.”

He added: “There also has to be a clear understanding of the chain of command as the data moves from the customer through various channels within your organisation.

“Once collected, it is also important to determine how a company manages the information now in its possession. Careful consideration should be given to obtaining consent from clients when passing client data between entities.”

Mr Sawyer started Sunryse Information Management 18 years ago, with the goal of helping

companies properly dispose of confidential information through shredding. Since then, the data management company has expanded its services to include secure storage of physical client files, and also digitising client documents for companies seeking to store and manage information digitally.

For firms in The Bahamas, conducting business with EU clients or customers where there is any exchange of goods or services - or if the company is monitoring the behaviour of persons based in the EU - the responsibility for compliance ultimately rest with the business gathering the information.

The first step towards determining compliance is to become knowledgeable about the new regulations.

Sunryse said it is urging its own clients to evaluate their current data collection and retention policies.

Under the new regulations, individuals have the

right to access and review their personal data. The company collecting the information must correct all inaccuracies and erase any information that an individual requests to be removed or redacted. Individuals can also object to being solicited through direct marketing based on information collected, and have the right to move data collected to another entity.

With this in mind, Bahamian companies impacted by the new GDPR regulations must determine how they will organise and store information in a way where it is secure and can be easily provided upon the request of a client or a consumer.

Finally, Sunryse is encouraging companies to put a comprehensive plan in place to manage data throughout its complete lifecycle - from collection, retention and destruction of records on client request.

Having automated processes with built-in restrictions in place further protects client data and reduces the chances of companies becoming non-compliant.

A leading vacation resort seeks to employ a

SR. DIRECTOR HOTEL OPERATIONS FRONT OFFICE DEPARTMENT Job Summary: The Senior Director of Hotel Operations is ultimately responsible and accountable for the daily operations of all aspects of the Front Office, and serves as the senior operating executive in the absence of the Vice President & General Manager of Harborside Resort. This person is instrumental in providing leadership, training, and is responsible for the safety and security of all guests; which is coordinated through the Hotel Assistant Managers.

Main Duties and Responsibilities: • Plans and manages the Front Office Operations and related areas of operations to achieve guest satisfaction and quality • Drives the Guest experience to ensure that the company and divisional goals of 100% or better are met.

• Provides guidance and leadership to all aspects of the operations, including Housekeeping, Procurement and consistent compliance of hotel policies and quality customer service while maximizing departmental profits.

• Conducts ongoing training and development programs; works directly with Department Heads.

• Displays outstanding interviewing skills and applies behavioral interview methods when interviewing.

• Develops Annual Financial Budgets for related departments for VP of Hotel Operations Review.

• Manages annual performance review process for all related departments.

Required Qualifications: • Seasoned professional with at least five years’ experience as a department head in front office, reservations and/or housekeeping in a large resort property or in a department that is proven to be complex.

• Demonstrated evidence of strong leadership and communication (written & verbal) skills • Competent in the execution of employee recognition and discipline matters.

• Thorough working knowledge of the Labour Laws and the Union Employee Industrial Agreement.

• Competent in Process Improvement Projects and Root Cause Analysis • An in depth knowledge of managing a divisions profit and loss statements with the ability to drive changes and hit new targets as they become necessary.

For consideration please forward resumes to:

Jacquelyn.Gardiner@harborsideresort.com

PAGE 4, Monday, May 7, 2018

THE TRIBUNE

AIRPORT’S $14M LOSS ‘NOT MAJOR CONCERN’ FROM PAGE ONE

The company’s ability to increase aeronautical and other fees, should this become necessary to meet its debt repayments, provides a further bulwark

against problems in this area.

NAD has also received a recent major boost from Fitch upgrading its credit rating back to “investment grade” status, the airport operator telling Tribune

Business the move was “very important to our debt servicing costs”.

It added that both interest costs, and amortisation and depreciation charges, were expected to decrease as time progressed and

debt principal was repaid, propelling LPIA to profitability.

Tribune Business sources have suggested NAD may be in the initial stages of exploring a potential refinancing of some existing debt tranches, in a bid to reduce debt servicing costs to more favourable levels through lower interest rates. Nothing has been decided, though, and the airport operator made no mention of this in its replies to this newspaper’s questions.

“NAD has consistently met all its debt covenants, and has even gone above and beyond the requirements of its debt repayment schedule,” its recentlyreleased 2017 annual report said.

When asked what this meant, the airport operator replied: “When possible during the fiscal period we applied extra principal payments towards our debt, and we met all required debt obligations as per our agreements.”

LPIA’s financial performance has already received a major boost from Baha Mar’s phased opening over the past year, and the full effects will be felt from May 26-27 when the Rosewood property opens to coincide with the US Memorial Day holiday.

The net 2,100 increase to New Providence’s room inventory should push LPIA’s passenger annual traffic north of the 3.3 million mark, where is has been stuck since 2015, thereby increasing revenue for the airport, its retail/restaurant concessions and the Government’s tax take.

For 2017, NAD’s revenues increased by 1.4 per cent or just over $1m to $77.027 million, with a similar drop in operating expenses helping to produce the 4.2 per cent increase in operating income. The airport’s total debt stood at $519.2m at end-June 2017, while it facilitated 78,512 aircraft movements by 23 airline to 57 destinations over the prior 12 month period.

Looking ahead, NAD’s 2017 financial statements refer to the “present value” of the estimated $32m that will be required to resurface LPIA’s runways in 2023.

The airport operator is required to present an “annual estimate” of the expenditure that will be required to meet this, and it told Tribune Business: “A significant amount of preliminary work, studies and planning is being undertaken, and will have to be undertaken, in this regard.

It is difficult to provide details at this time.”

In the short-term, NAD said it is planning to upgrade LPIA’s retail and restaurant offering over the next 12 months, and is also focused on designing and installing a new oversized baggage handling system that will start operating during its 2019 financial year.

“Preliminary work has begun on the design of a new oversized baggage handling system,” the company’s annual report said. “Set for completion in fiscal year 2019, the project will reduce our direct labour costs and provide passengers with a smoother baggage

handling experience.”

Expanding on this to Tribune Business, NAD said: “The oversized baggage system is a capital expenditure that will improve service to stakeholders at LPIA. “We anticipate some savings related to overtime currently needed to ensure we meet the level of service required by our partners during peak periods. The initiative is currently moving at the projected pace.”

Eyeing LPIA’s future expansion, NAD has been moving existing services and utilities from LPIA’s old “Terminal 1” building to its new assets. “ Terminal 1 refers to the old airport building east of the redeveloped terminals.

The migration of services in that building is complete and the terminal is not in use. No date is set for the terminal to be demolished.

“This is the first step in decommissioning the terminal, which will ultimately be demolished,” NAD’s annual report said.

“Once complete in 2018, the project will include the transfer of IT, electrical, fibre, telephone and cable infrastructure.”

NAD subsequently told Tribune Business that the transfer is now complete, although no date has yet been set for the old building’s demolition.

To advertise in The Tribune, contact 502-2394

We’re hiring Risk Manager The opportunity A Manager will understand our clients’ operations, their industry and the issues they face in order to provide risk and other advisory services. The combination of our specialist skills, industry expertise and on-going investment allows us to anticipate complex business problems for our clients and recommend preventative action. The incumbent will be responsible for developing and maintaining a portfolio of clients on a day to day basis which will include planning, day to day management of the team including review of testing and reports, liaison with key client staff and the management of the reporting process. The incumbent will be expected to drive quality and client service excellence, actively develop and mentor their team and participate actively in business development opportunities. Essential functions include; • • • • • • • • • • • • • • •

Manage a portfolio of clients to involve planning, budgeting, work in progress management, management of the team, allocation of resources, reviewing work papers and reporting Assist in developing and implementing existing and new market propositions across a number of industry sectors Employ a structured approach to project management to ensure complete client satisfaction and project profitability, review and finalize written reports on findings and recommendations from team’s project work Understand our clients’ business environment and leading risk management approaches, building and developing long term relationships with senior stakeholders across our client organizations Have a broader perspective of potential issues encountered when managing diverse teams and the strategies to overcome them Promote and enforce compliance with mandated professional practices and maintain a comprehensive understanding of leading edge tools and methodologies Collaborate with the broader Risk Services and Deloitte team to provide a whole of firm/value added service to our clients Understand complex business management processes, demonstrating an advanced understanding and the ability to advise clients on business processes, internal control risk management and related standards Identify and evaluate complex business risks, internal controls which mitigate risks, and related opportunities for risk management improvement Facilitate use of technology-based tools or methodologies to review and assess risk, assess the strength of relevant controls, products and processes Develop an expertise in a specialization and reputation as a business advisor, with the ability to leverage cross-geography insights and practitioners to enhance client service delivery Develop an advanced level of understanding in key industry(ies) and trends of focus to drive the development of impact sustainable risk management solutions Play an active role in practice growth and business development through various marketing activities (proposal writing, events, public speaking, article writing, targeted marketing initiatives, account plans) Focus on managing the practice to include budgeting, profitability, strategy, developing capabilities, recruitment, training, competitor analysis and managing quality and risk Drive Deloitte’s risk mechanism for client and engagement acceptance

The successful candidate will possess: • Strong academics, including a minimum of a Bachelor’s degree: Business/ Accounting or Risk related field is strongly preferred • Qualified in a minimum of one or more of the following designations: ACCA, ACA, CPA, CA, CIA, CISM, CISA, CISSP or other relevant professional designations • 5+ years practical experience working in business or technology risk within a professional services firm or large scale business; 3+ years post qualification experience preferred All applications should be submitted online at: https://jobs2.deloitte.com/bs/en Keyword: BS149323CA Please note to apply for this position you will need to submit a cover letter and CV through the above link.

Talent Deloitte Ltd. 2nd Terrace West Centreville Nassau N-7120 Bahamas Telephone: (242) 302 4800

THE TRIBUNE

KEY NEW MEXICO CLINIC IN HIV TREATMENT TO EXPAND SANTA FE, NEW MEXICO Associated Press SOUTHWEST CARE Center, a once-tiny New Mexico clinic at the forefront of HIV/AIDS research since its founding in 1996, is seeking to expand its research program.

The center’s director of research, Tamara Flys, said this week Southwest CARE of Santa Fe is looking for partnerships to delve into geriatric, pediatric, diabetes and primary-care research, the Santa Fe New Mexican reported .

The move comes as the centre has seen rapid growth over the past five years.

In early 2013, Southwest CARE logged 600 patients, all of them HIV-positive.

Today, after an institutional overhaul that saw the addition of primary care, pediatric, diabetes, women’s health and other services, the center treats 12,000 patients in six New Mexico cities.

In addition, the centre’s staff grew from about 35 employees in 2013 to 185 today.

Over its 22-year history, the centre has participated in 100 clinical trials, while also initiating some of its own research into HIV and AIDS. “For a small, communitybased clinic like us to be represented in the scientific community as prominently as we’ve been over the years is a unique distinction,” said Jeff Thomas,

Monday, May 7, 2018, PAGE 5

COMMONWEALTH OF THE BAHAMAS

IN THE SUPREME COURT

Legal Notice

COMMON LAW AND EQUITY DIVISION COMMONWEALTH OF THE BAHAMAS

2016

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 Johnsona Mortgage as Borrower andthe Scotiabank IN THE MATTER of the property comprised dated 11th day of(Bahamas) December BETWEEN Limited as Lender.

2007 made between Raquel Tiffany Johnson as Borrower and Scotiabank (Bahamas)

BETWEEN

BETWEEN

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 the Revised Statute Laws of the Commonwealth of The Bahamas.

BETWEEN

AND SCOTIABANK (BAHAMAS) LIMITED RAQUEL TIFFANY JOHNSON SCOTIABANK (BAHAMAS) LIMITED

SCOTIABANK (BAHAMAS) LIMITED AND

AND

ANDORDER RAQUEL TIFFANY JOHNSON RAQUEL TIFFANY JOHNSON

Plaintiff Plaintiff

Defendant

RAQUEL TIFFANY JOHNSON TAMARA FLYS, director of research at Southwest Care, prepares Defendant a patient’s blood sample to be sent out for testing. The HIV/AIDS th April, 2017 the ORDER TAKE NOTICE that on the 18 following Order was granted to the Plaintiff upon app clinic has been at the forefront of AIDS research over the past 30 ORDER ORDER the 2nd day of November, 2016 before the Honour years.

Photo: Luis Sánchez Saturno/AP Originating Summons and Affidavit both filed on Justice Renae Mckay.

TAKE NOTICE that on the 18th April, 2017 the following Order was granted to the Plaintiff upon application by the centre’s CEO. Thomas said. “We were 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 For years, the clinic treating people who were IT WAS HEREBY ORDERED: nd day of November, 2016 before the Honoura Justice Renae Mckay. ndthe Originating Summons and Affidavit both filed on 2of Originating Summons and Affidavit both filed on the 2 day November, 2016 before the Honourable Acting remained a tight-knit, HIV-positive, but we were 1. That the Defendant do deliver up to the Plaintiff vacant possession of the property comprised in a Mortga Justice RenaeMckay.

Mckay.

Justice Renae community-based opera- taking care of their diabeth day IT11 WAS HEREBY ORDERED: - made between Raquel Tiffany Johnson of the one part and Scotiabank (Baham of December 2007, tion while developing an tes, their hypertension, their 1.

That the Defendant do deliver tointhe vacantofpossession Mortgage the P IT WAS HEREBY ORDERED: - up of the other part and recorded thePlaintiff Registry Records of in the theproperty City ofcomprised Nassau inona the Islanddated of New IT WAS HEREBY ORDERED: - between international reputation for heart disease, their issues of 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 10301 pages toin111 being THAT piece parcel oroflotthe of property land being Numbered Two 1.Volume That the Defendant do 94 deliver up Registry to the ALL Plaintiff vacant possession comprised in a Mortgage research. These days, phar- aging more so than focusing of other partatand recorded the of Records in the City theScotiabank Island ofLot New Providence in H th day 11the of December 2007, made between Raquel Tiffany Johnson of of theNassau one partonand (Bahamas) Limited th Thirty-seven (237) situated in the Jubilee Gardens Subdivision Phase III in the Western District of(Baham the Is 11 day of December 2007, made between Raquel Tiffany Johnson of the one part and Scotiabank Volume 10301 at pages 94 to 111 being ALL THAT piece parcel or lot of land being Lot Numbered Two Hundred and maceutical companies come on specialty HIV care.” of the other part and recorded in the Registry of Records in the City of Nassau on the Island of New Providence in Providence which said piece parcel orALL lot of land such position boundaries marks and dimen of the other part and 94 recorded in the Registry ofhas Records City of Nassau on the Island ofofNew Pro Thirty-seven (237) situated in Jubilee Gardens Subdivision Phase III theshape Western District of the Island New to them when they need Today, much of the Volume 10301 at pages to the 111 being THAT piece parcel orin lotthe of in 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 help testing drugs for HIV, research department’s work Thirty-seven (237)at situated in the Jubilee Gardens Subdivision Phase III inor the Western District ofA.D., the Island on the diagram plan annexed Conveyance dated the 10thshape dayPhase offor August, 2005 between The Minister Thirty-seven (237) situated in the Jubilee Subdivision III inA.D., the Western District ofby Isla AIDS or Hepatitis C. involves PrEP, or Pre-Expoof shown Housing and National Insurance and The Minister Responsible Housing and the Borrower Mond Providence which saidor piece parcel orto lota of landGardens has such position boundaries marks and dimensions asthe are th day of Housing and National Insurance and The Minister Responsible for and the Borrower by Monday, 17Minister thHousing shown on the diagram or plan annexed to a Conveyance dated the 10 day of August, A.D., 2005 between Thomas, who joined as sure Prophylaxis therapies, Providence which said piece parcel or lot of land has such position shape boundaries marksThe and dimens of of July, 2017; July, 2017; th day of Housing and The Minister Responsibledated for Housing Monday, CEO in 2008 and has over- which are taken to prevent 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; seen the expansion, said HIV exposure in at-risk 2. That of Housing and National Insurance and The Minister Responsible for Housing and the Borrower by Monda the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the 2. That the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the rate of 8.25% r his goal is for Southwest populations. The Food 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% CARE to be the health care and Drug Administration and th day of April 2017 and thereafter at the statutory rate of 6.75% from the date of Judgment until paid in full; and as at the 18 provider of choice in the approved Truvada, the first 2. and That the Plaintiff be at liberty to enter Judgment against the Defendant for the sum of $137,261.93 at the rat communities it serves.

HIV preventative medica3. 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.

The idea to expand, tion, in 2012. and the Defendants do pay the Plaintiff’sthcosts of this action to be taxed if not agreed.

3. That Thomas said, grew in Santa Fe resident Patrick AND FURTHER TAKE NOTICE that on the 9 day of November, A.D., 2017 His Lordship Mr. Andrew Forbes, Justice of FURTHER TAKE NOTICE that the 9th of day ofwas November, A.D., 2017 Hisway Lordship Mr. Andrew Forbe response to the demand he Coss has participated in AND 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 the Defendants do pay the Plaintiff’s costs of this action to beHistaxed if not agreed.

ThursdayCourt, for twoordered (2) consecutive weeks inofthe newspapers Tribune and The Guardian. saw for more comprehen- two preventative drug trials theand Supreme thatservice service thelocal said Order to beThe effected upon you by way of the Supreme Court, ordered that of the said Order was to was benamely, effected upon you by way ofNassau publication on publication Monday sive care in Santa Fe — and through Southwest CARE. andand Thursdayfor fortwo two (2) (2) consecutive weeks in theinlocal namely, The Tribune andTribune The Nassau Thursday consecutive weeks thethnewspapers local newspapers namely, The and Guardian.

The Nassau Gu AND FURTHER TAKE NOTICE that Issued on thethe 9th11day A.D., 2017 His Lordship Mr. Andrew Forbes dayofofNovember, April A.D., 2018 the changing needs of HIV Coss, 52, said he feels the Supreme Court, ordered that service of the said Order was to be effected upon you by way of publication th day of April A.D., 2018 patients. a societal responsibility Issued the 11the Issued 11thnewspapers day of April namely, A.D., 2018 MITRE COURT and Thursday for two (2) consecutive weeks in the local The Tribune and The Nassau Gua “By the time I got here, to help further HIV drug Chambers MITRE COURT we were treating fewer and research, especially as a gay MITRE Chambers Issued theCOURT 11th day of April A.D., 2018 fewer AIDS-related condi- man who lived through the Chambers tions and more and more virus’ swift, deadly spread in Suite 227,COURT 2nd Floor, primary care conditions,” the 1980s.

MITRE Island Lane Building Chambers

Olde Towne, Sandyport, West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff

We’re hiring Talent Administrator The opportunity We are seeking a Talent Administrator to join Deloitte in the Bahamas. The successful candidate will work under the supervision and direction of the Talent Advisor. The Talent Administrator will be responsible for providing transactional and administrative services to Deloitte staff with a focus on Talent Support and local Operations.

Essential functions include; • • • • • • • • • • • • • • • • • • • • •

Responsible for employment contracts, ensuring that contracts are compliant with relevant legislation.

Liaise with Partners to inform them of employees’ upcoming contract and work permit end dates to determine renewals and liaises with employees to ensure ample notice to complete the process.

Responsible for tracking upcoming employee retirement dates, advising the appropriate Partner(s) and preparing notification letters.

Prepare Immigration applications and responsible for work permit process Provide support on posting job ads, renewals and promotions in the local newspaper (as applicable).

Stay current with any new policy changes, keep team members informed of the changes and provides employees with information related to Immigration, work permits, benefits and contract matters.

Provide administrative support on system including data entry into the system maintenance of personnel records and system reports, as well as any physical employee files/records.

Conduct audits of absence records and reporting and recommends any corrective action.

Prepare recruitment related documentation including employment ads. and offer letters etc.

Assist with recruitment events, including student recruitment coordination and preparation.

Arrange hotel, travel and ground transportation for new hire arrivals.

Support with staff onboarding and exit procedures.

Tracks compliance with firm and various learning requirements; communicates status to learning leaders.

Coordinates in-house classroom training including registration, ordering material, room set up, catering etc.

Provides general employee support including drafting bank letters, and maintaining employee files.

Schedule, participate in and take minutes at various firm committee meetings.

Tracks rewards and recognition of all employees via SharePoint, coordinates purchases, and distributes rewards to employees and reports on progress to the Talent Advisor monthly.

Provides assistance with the rollout of any new Talent initiatives or regional support as needed.

Support the enrollment of staff in the provident Fund.

Support to ensure staff receives Pension Fund statements as per plan rules.

Works with Finance to assist with payroll employee benefits, and pension’s administration for all employees.

The successful candidate will possess: • Associates or Bachelor’s degree with a specialization in Business Administration or Human Resources and/or minimum of two (2) years’ experience in HR, Learning and Development or a related field required.

• Previous experience and knowledge of work permit procedures is preferred.

• Proficiency in Microsoft Office Suite.

All applications should be submitted online at: https://jobs2.deloitte.com/bs/en Keyword: BS149515KW Please note to apply for this position you will need to submit a cover letter and CV through the above link.

Talent Deloitte Ltd. 2nd Terrace West Centreville Nassau N-7120 Bahamas Telephone: (242) 302 4800

PAGE 6, Monday, May 7, 2018

THE TRIBUNE

Insurers: VAT treatment clarity ‘extremely critical’

FROM PAGE ONE Chamber of Commerce president, told Tribune Business several weeks ago that the Government had effectively “trapped itself” by applying VAT to property and casualty insurance premiums.

Lacking the necessary

cash flow to meet the sector’s credit/refund claims, he said it was now resorting to demanding that companies who received Hurricane Matthew claims pay VAT from these proceeds.

Mr Seymour said that among the many unintended consequences of this move was the imposition of VAT

on cross-border, inward bound foreign exchange inflows that were vital to The Bahamas’ post-storm recovery.

Besides seemingly violating the VAT Act’s intention that the tax only be imposed on economic activity within The Bahamas’ borders, Mr Seymour said this was also

resulting in the repatriation of a portion of the claims proceeds back to the foreign reinsurer. And companies were also having to “eat” VAT on business interruption insurance payouts.

Mr Duff told Tribune Business that the “first conversation” between industry and the Government will

start once the latter presents its formal position on how VAT is to be applied to catastrophic coverage.

“The second discussion, to come later, is whether applying VAT on property and casualty is the right way to go for the country,” he told Tribune Business. “It’s a very complex tax when you have the potential for large credit refunds.

“This is the problem, and we’ll have to sit down with government and decide it.

Is there a better way to deal with this?”

Mr Duff’s concerns were echoed by Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, who said the sector was still waiting for the Government’s position despite having held meetings on the issue with K P Turnquest, deputy prime minister, Ministry of Finance and Department of Inland Revenue officials.

“It was arguably the most important and pressing matter facing the general insurance industry at this time,” Mr Komolafe told Tribune Business, “and it becomes more important as we come to the start of the 2018 hurricane season.

“There’s a need for clarity, everyone to be on the same page as far as tax treatment is concerned. We’ve met with the Minister of Finance [Mr Turnquest], had two meetings with the Department of Inland Revenue.

There’s been several consultations between the parties.”

Mr Komolafe said the meetings concluded with the Government promising to issue its formal position

on the VAT treatment “in just a matter of days, a week or so”. That, though, was several months ago, and he added: “To this date we have not received it, and it’s extremely critical that we do.

“The industry wants clarity; it doesn’t want uncertainty. As we go into this hurricane season, it’s quite an important issue.

We’re just waiting to hear from them. It’s several weeks now, and we have not received what we expected to receive from them a few days later. It’s quite urgent.”

Mr Komolafe added that the BIA had set up a committee to specifically address the VAT issue, and added: “We just want to have clarity. It may impact the business model for general insurance companies going forward. A lot goes into this, and it’s the earlier, the better for the industry.

“We know the Government has a lot on its plate, but this has enough material implications to merit urgent attention. The general public needs to be kept abreast of what’s going on, especially if there’s any change in terms of the business model and claims process. They need to be made aware.

“If you want to increase the penetration of insurance, but have less persons insured, in the event of a national disaster those persons who are uninsured or underinsured - because of affordability - the burden gets shifted to the state and taxpayer. Does it make much sense to have VAT on insurance?

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.

Cosmetic Company seeking an

Accountant/ Book keeper for Retail stores.

Accountant Skills and Qualifications: Bachelor in Accounting or Banking & Finance At least 4 years’ experience in accounting Email resume to: Tresorrarebahamas@gmail.com

DIVIDEND NOTICE TO ALL SHAREHOLDERS The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of May 18th, 2018 of $0.09 cents per share The payment will be made on May 30th, 2018 through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Robert V. Lotmore Corporate Secretary

THE TRIBUNE

Monday, May 7, 2018, PAGE 7

WATER CORP TARGETS SAVING ‘MILLIONS’ VIA GOVERNANCE REFORM FROM PAGE ONE potential suppliers/contractors in a bid to eliminate the waste, inefficiency and mismanagement that has forced the state-owned utility to rely on up to $30m in annual taxpayer subsidies.

Pledging to “limit the risk” in the Corporation’s vendor dealings, Mr Gibson said planned reforms included “piercing the corporate veil” to determine the true beneficial owners of third-party suppliers and contractors.

Companies conducting business with the Corporation will be subjected to regular performance reviews and monitoring, and adhere to a “Supplier Code of Conduct” - including making a similar “declaration” to the utility’s staff when it comes to “conflicts of interest”.

Mr Gibson said the new procedures would boost transparency and accountability in the Corporation’s business dealings, and enable its customers and the taxpayer to gain better “value for money” through a fairer, more efficient procurement process.

“I think these reforms will save us millions,” he told Tribune Business, “and foster an environment of greater accountability, while certainly heightening the thrust to embrace a business-like environment at the Water & Sewerage Corporation.

“We are implementing a number of new procedures at the Corporation. These guidelines will establish the governance template. This framework is designed to ensure procurement is consistently in accord with the Corporation’s policies and standards, and at all times must be transparent.”

The EY audit, tabled in the House of Assembly earlier this year, showed how relentless political interference in the Corporation’s internal affairs, combined with mismanagement and poor corporate governance, had resulted in the loss of millions of dollars.

Mr Gibson has made no secret of his ambitions to transform the Corporation’s culture into that of a private sector-driven entity, and views the planned governance and procurement reforms as a first step to combating the weaknesses identified by EY. “There was much reference to conflicts of interest, so everyone from the Board of Directors down to new employees will have to make a declaration, particularly persons in management,” he revealed. This will require Corporation staff to disclose any and all outside business interests, in a bid to prevent contracts being awarded to companies in which they have an interest.

The EY report found that two senior members of the Corporation’s executive committee had failed

to disclose their position as shareholders in a real estate developer, Infinity Enterprises Holdings, which was developing the Southern Dreams housing subdivision in New Providence.

It found that Cyprian Gibson, assistant general manager and head of the Corporation’s Family Island operations division, negotiated on Infinity’s behalf with one of Water & Sewerage’s vendors to perform construction work in that same subdivision.

The accounting firm added that Robert Deal, the Corporation’s deputy general manager and division head for New Providence operations, engineering and planning, eventually did disclose his shareholding in Infinity to former general manager, Glen Laville, in 2013, just before “internal approvals for the works to be completed at Southern Dreams were being discussed”.

However, the EY report found that Cyprian Gibson was also involved with another developer, Navy Lion Investments, which was behind the McAllen Estates subdivision.

Cyprian Gibson was alleged to have described himself as the “subdivision engineer”, and again negotiated on Navy Lion’s behalf with a different Corporation vendor for the provision of construction services.

Adrian Gibson, meanwhile, added: “We are putting in place

anti-corruption policies.

The Corporation operates without an employee manual. I’ve had an employee manual drafted and prepared for distribution throughout the staff.

“The Corporation previously relied on its various industrial agreements with the two unions representing its staff, but every institution should have its own employee manual. That’s something that’s being done, and will be distributed to staff in short order.”

Apart from internal reforms, Mr Gibson said the other major focus is a comprehensive overhaul of supplier relationships and procurement. “We have developed a policy with respect to due diligence of vendors, knowing who is the true owner of these entities and companies,” he added.

“We obviously limit the risk by the focused due diligence efforts of the Corporation. Going forward, we’ll be thoroughly vetting and diligently reviewing any person or vendor before we make a decision. It mitigates

and reduces our risk.”

Mr Gibson said the Corporation planned to centralise all reports and documents relating to vendor/contractor relationships, in a bid to properly track the progress and performance of their work, and monitor when these contracts were due for renewal.

He added that upgraded procurement processes, and standardised contracts, were also central to how the Corporation plans to conduct business moving forward.

“We’ve developed a supplier registration form.

We’ve also developed a supplier “conflict of interest” form, meaning all entities interested in conducting business with Water & Sewerage must provide such a form before supplying goods and services,” Mr Gibson said.

“They must conform with the Corporation’s conflict of interest policies. The Supplier Code of Conduct sets out how companies and persons conduct business with the Corporation in a manner that is consistent

with prudent business practices.”

Mr Gibson added that an “Appeals Board” will be established to hear the grievances of companies claiming they have not been treated fairly by the procurement process. The Corporation’s procurement activities will be overseen by three newly-created committees - Contracts and Infrastructure; IT; and Goods and Services.

“The procurement governance guidelines have been drafted and put in place to ensure such activities are conducted in an honest, fair, sustainable, diverse and transparent manner, and delivered through sustainable business decisions,” he told Tribune Business. Vendors will also have to provide proof of insurance, plus VAT, Business Licence and NIB compliance.

Payroll automation and improved document management, both relying on the use of technology, form another part of the proposed reforms.

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 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, Spanish, French and Italian Interested persons should submit their curriculum vitae along with a cover letter by May 15th, 2018.

Private & Confidential Relationship Manager c/o The Tribune Box DA No. 109193 P.O. Box N-3207 Nassau, The Bahamas

Vacancy Announcement The Residence of the United States of America in Nassau is presently considering applications for the following position: RESIDENTIAL CHEF The position is responsible for: - Planning, preparing, and executing formal dining events using the highest standards of food safety.

- Coordinating, ordering, and purchasing supplies related to household operations for private and official events.

- Ensuring the proper accounting of funds for food and beverage purchases.

- Maintaining accurate and separate inventories of official and private food, beverages, flatware, dishware, cookware, appliances, and crockery.

- Planning, preparing, and presenting on a weekly basis daily meal plans for the household.

The successful candidate for this position will possess/demonstrate the following knowledge, skills, attributes, certifications, and/or qualifications: - A high school diploma is required.

- Must have completed training & certification in culinary arts or equivalent.

- Must have current Public Health Certificate for food handling.

- Must have three years’ experience as a residential or commercial Chef.

- Basic computer skills (for drafting and emailing menus).

- Time management skills with the ability to work under pressure to ensure deadlines are met.

- Workplace management skills i.e. ability to maintain a sterile environment.

- Flexibility, adaptability, dependability, decorum, and discretion.

- Willingness to perform duties in multiple residential, recreational, and/or commercial locations as directed.

- Willingness to work a highly irregular schedule including variety of shifts and many weekends and holidays.

- An ability to collaboratively work with a diverse workforce.

- Valid driver’s license.

- Must have own transportation suitable for the transport of food items.

- Language: Excellent working knowledge of spoken and written English (Level IV).

Applicants must be a Bahamian citizen or foreign resident who is otherwise eligible for employment in the Bahamas.

Please submit resume and three references via e-mail to Nassauhr@state.gov addressed to the Human Resources Office no later than May 11, 2018.

Telephone calls will not be accepted in reference to this advertisement.

PAGE 8, Monday, May 7, 2018

THE TRIBUNE

DEFICITS ‘THING OF THE PAST’ IF OIL EXPLORER SUCCEEDS FROM PAGE ONE

Standard & Poor’s (S&P) would recognise oil as a natural resource The Bahamas can “monetise” into a significant revenue stream and future earnings, helping to return this nation to “investment grade” status.

The former finance minister said such benefits could immediately accrue to The Bahamas and its economy if BPC struck “black gold”, even though he estimated that it might take four to five years - following confirmation of a significant find - to begin full-scale production.

“I think one of the most important elements of this whole exercise is that we are in a position to confirm or not whether there is a saleable resource,” Mr Smith told Tribune Business, pointing to the fact that all oil exploration activities conduced in Bahamian waters since the 1950s had confirmed the

presence of oil.

He added that previous exploration efforts had lacked the necessary technology to extract oil from the ocean’s depths, which he said would not be a problem for BPC. The Bahamas-based oil explorer appears to have made significant steps forward in the past two weeks, making progress on its environmental and commercial “twin tracks”. Besides submitting its Environmental Authorisation, seeking the necessary government approvals for its first exploratory well in waters 100 miles south-west of Andros, BPC has also signed a 90-day exclusivity with a “major oil company” to become its potential joint venture partner on that well.

Mr Smith said the first exploratory well’s location near the Cuban maritime boundary was “a very good one” from an environmental standpoint, given its distance from Nassau and

other major population centres and islands.

“They’ll be able to go in, establish if it’s there in commercial quantities, the type of oil that’s there,” he explained. “They’ll be pretty much able to determine the scale of that resource, ‘x’ barrels per day, and be able to establish from that the revenue flow.”

Should BPC prove successful, Mr Smith said the passage of legislation to create a Sovereign Wealth Fund to receive royalty payments - as the company’s licence obligates it to make - would preserve some of oil exploration’s benefits for future generations.

Suggesting that The Bahamas would face a “high opportunity cost” if it decided not to pursue oil exploration, especially since BPC has assumed 100 per cent of the financial and technical risk, Mr Smith said: “We have a dwindling financial services sector, and now we are going in pursuit

of petroleum resources in The Bahamas.

“If that happens, and they are successful, it would be a game changer for The Bahamas in the sense that the public [fiscal] deficits would become a thing of the past, and the resources could be ploughed back into major sectors of the economy - health, education, social services. We’ve had anemic GDP growth for the past two decades.”

Mr Smith recalled the impact of “tar sands” oil on western Canada, discovered when he was a student there, adding that the city of Edmonton “couldn’t manage it” such was the extent of the economic windfall. “We should be so lucky,” he added.

The now-CFAL chairman’s comments came as

BPC seeks to refocus the oil exploration debate on the potential economic benefits. To-date, reaction has largely focused on the environmental issues, with activists expressing concern about potential pollution and spills that could cause irreparable harm to a nation reliant on the environment for its tourism industry.

Mr Smith, though, said The Bahamas would feel the benefits of a major oil discovery long before oil was extracted from the seabed. “You can monetise this,” he told Tribune Business.

“Once informed The Bahamas potentially has ‘x’ barrels of oil, that changes your credit rating. You’re holding on to a resource.

It’s a bit like an individual with nothing in the bank

but a couple of bars of gold.

“It’s a commercial resource that the rest of the world puts a value on, and takes estimates of a country’s wealth down the road.

That opens up the possibility for improved credit ratings, and the ability to obtain goods and services and make future payments on it.”

Mr Smith acknowledged that the environment “should be paramount for The Bahamas” in addressing oil exploration, but said BPC had the technology and best practices to mitigate any impact.

He warned that improved public sector management would be required to handle the revenues generated by successful oil exploration to prevent these being squandered.

THE TRIBUNE

Monday, May 7, 2018, PAGE 9

Fly fish chief slams ‘doom and gloom’ FROM PAGE ONE it’s all foolishness being put out by special interest groups. If it wasn’t about money there wouldn’t be any noise about this.”

His comments came as Renward Wells, pictured, minister of agriculture and marine resources, yesterday said the controversial Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 remain in effect.

He said in a statement: “The significance of the flats fishing industry is fully appreciated by this Government.

In fact, the Government recognises that the stability of our economy depends on the strength of its middle class and small and medium-sized businesses.

“We have resolved to empower a new class of entrepreneurs, and that includes practitioners in the fishing industry. As a consequence, I am happy to reiterate the continuance of the Flats Fishing Regulations 2017, and I look forward to the input and continued support of stakeholders as we move this process forward.”

Mr Smith told Tribune Business that the legislation has been good for the industry. “The legislation has passed, and business has increased for all those foreign lodges. It’s the Bahamian lodges that have been hurt,” he added.

“The BFFA has been

targeted. We will have no control over the resources of this country if we lose this legislation. All of this doom and gloom talk, it’s all about creating a false perception to the Government.

We haven’t scratched the surface of this industry and we’re trying to create local ownership.”

The Minnis administration had been called upon repeatedly in recent weeks to clarify the status of the regulations, which came into effect last January. Last week, Opposition leader Phillip Davis described the ongoing confusion over whether the regulations, enacted in early 2017, have been suspended as “worrying”.

The regulations have divided Bahamian guides and the bonefish lodge owners/ operators, who are both Bahamian and foreign, into two separate camps. The Ministry of Tourism last week launched a survey to garner feedback from industry stakeholders on the current legislation.

The regulations require anglers over the age of 12, and those who wish to fish in the flats, to apply for a personal angler’s licence and pay a set fee. Non-Bahamians have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual licence. They also require a foreign vessel wishing to fish in the Bahamian flats to obtain the usual sports fishing permit, with

each person on the vessel also holding a personal licence.

The regulations also ban commercial fishing in the flats, and anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon.

One of the most contentious aspects of the regulations is the requirement of a ratio of one “certified guide” to every two anglers, if they are fishing from a boat.

While there is no opposition to regulation, the Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 have proven difficult to implement in practice as there is no online portal or payment mechanism for foreign anglers to obtain and pay for licences.

And the Abaco Fly Fishing Association, among the regulations’ major critic, is also expressing alarm that the 1:2 guide/angler ratio requirement “will have the unintended consequence of further destroying The Bahamas flats fishing tourism sector, as anglers who don’t want to hire a guide will travel to tourist-friendly destinations instead”.

Tribune Business previously revealed that the Cabinet was split on the matter, with some ministers not convinced of the arguments put forth by Mr Wells and the BFFIA. Cindy Pinder, the Abaco Association’s vice-president, said in a statement: “The current regulation allows anglers to wade for fish without a guide, but not to use a boat to get to the flats or to fish from a boat if two anglers fish together. Second homeowners who have invested hundreds of thousands, or millions of dollars, in our country because they are fisherman can no longer flats fish here if Mr Wells does not rescind the regulations.

“The exodus of fishing second homeowners will be felt country-wide when the housing market collapses.

Bahamians should expect

expat fisherman and foreign real estate investment to become a thing of the past, along with all the money that flows through our local economies because of their investment.”

Ms Pinder said the industry “100 per cent supported” a licensing system where permits were easily obtainable, and the revenues went to conservation,

education and enforcement.

Yet she warned: “So much needs to be fixed within the current regulation it would be easier to start over, and make it an easy to understand and enforceable regulation that would actually protect the fishery and grow the sport in order to bring tourist dollars into the country.

“The current regulation mandates licensing for only

five named fish. Licensing needs to be required for all fish on the flats, and the license must be easy to purchase online. The current regulation stipulates bonefish as “catch and release”, but anglers can also keep one to eat. That regulation is contradictory and ridiculous. Most of the regulation is unenforceable and needs to be abolished by Minister Wells.”

PAGE 10, Monday, May 7, 2018

THE TRIBUNE

AIRPLANE AND OIL DEALS AT RISK IN TRUMP PULLOUT OF IRAN DEAL DUBAI Associated Press FROM airplanes to oilfields, billions of dollars are on the line for international corporations as President Donald Trump weighs whether to pull America out of Iran’s nuclear deal with world powers.

Regardless of where they are headquartered, virtually all multinational corporations do business or banking in the US, meaning any return to pre-deal sanctions could torpedo deals made after the 2015 agreement came into force.

That threat alone has been enough to scare riskaverse firms, like Boeing Co, into slow-walking deals agreed to months ago. A complete pullout by the US would wreak further havoc and likely frighten off those considering making the plunge.

“I absolutely think those on the fence will not jump in,” said Richard Nephew, a former sanctions expert at the US State Department who worked on the nuclear deal and now is at New York’s Columbia University. “The only ones who will, will be those who see tremendous monetary benefit and no US risk.”

The 2015 Iran nuclear deal lifted crippling economic sanctions that had locked Iran out of international banking and the global oil trade. In return, Tehran limited its enrichment of uranium, reconfigured a heavywater reactor so it couldn’t produce plutonium and reduced its uranium stockpile and supply of centrifuges.

For Western businesses, the deal meant access to Iran’s largely untapped

MARKET REPORT THURSDAY, 3 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,948.55 | CHG 0.76 | %CHG 0.04 | YTD -115.02 | YTD% -5.57 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.71 1.56 9.25 6.10 11.48 8.10 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.30 1.40 7.30 6.00 8.78 5.67 3.35 12.01

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 Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

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 3.96 10.05 2.84 1.50 7.69 6.10 10.44 6.43 4.20 12.51

CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.96 10.05 2.81 1.50 7.69 6.10 10.44 6.43 4.20 12.51

CHANGE 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 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 1.00

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

109.77 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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

109.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 1,000

1,000 421

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

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.300 0.500 0.200 0.120 0.570

P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 23.2 15.9 27.5 4.5 N/M 5.4 14.1 7.7 14.3 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 3.03% 6.17% 2.14% 3.33% 1.09% 4.92% 4.79% 3.11% 2.86% 4.56%

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

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

market of 80 million people.

Most prominently, airplane manufacturers rushed in to replace the country’s dangerously dilapidated civilian fleet.

In December 2016, Airbus Group signed a deal with Iran’s national carrier, IranAir, to sell it 100 airplanes for around $19bn at list prices. Boeing later struck its own deal with IranAir for 80 aircraft with a list price of some $17bn, promising that deliveries would begin in 2017 and run until 2025. Boeing separately struck another 30-airplane deal with Iran’s Aseman Airlines for $3bn at list prices.

But Boeing has yet to deliver a single aircraft to Iran. The Chicago-based company’s CEO recently stressed it understands the “risks and implications around the Iranian aircraft deal”, which would be the biggest business agreement between an American company and Iran since the 1979 Islamic Revolution and US Embassy takeover.

“We continue to follow the US government’s lead here and everything is being done per that process,” Dennis Muilenburg said during a quarterly earnings conference call on April 25.

“We have no Iranian deliveries that are scheduled or part of the skyline this year, so those have been deferred again in line with the US government process.”

Airbus, a European airline consortium based in Toulouse, France, likewise continues its sales at the discretion of the American government. At least ten percent of its aircraft components are of American origin, meaning it requires permission from the US Treasury for its sales to Iran. Airbus has already delivered two A330-200s and one A321 to Iran.

Airbus declined to comment when asked by The Associated Press about its possible plans ahead of Trump’s decision.

European airplane manufacturer ATR struck a $536m deal with IranAir for at least 20 aircraft last year. It’s already has delivered eight of its twin-engine turboprops to Tehran after earlier winning permission from the US Treasury.

“To date, we are on track to deliver the remaining ATR aircraft in due time, before the end of the year,” ATR spokesman David Vargas told the AP. The speed at which Western airplane manufacturers went into Iran is contrasted by a slow start by Western energy firms despite the country’s vast oil and

gas wealth. The exception is French oil giant Total SA, which in July signed a $5bn, 20-year agreement with Iran and a Chinese oil company to develop the country’s massive South Pars offshore natural gas field. The natural gas pumped by the deal will go toward Iran’s domestic market.

The deal marked a return to Iran for Total, which pulled out of the country in 2008 as Western sanctions over its nuclear program began to ramp up. Total did not respond to requests for comment, though its CEO Patrick Pouyanne reportedly told Trump in February to stick with the deal.

“If the framework, the rules of the game, change, of course we will have to reevaluate,” Pouyanne told the Financial Times.

French carmaker PSA Peugeot Citroen reached a deal in 2016 to open a plant producing 200,000 vehicles annually in Iran. Peugeot, once a major player in Iran’s car market before sanctions, did not respond to a request for comment.

Meanwhile, fellow French automobile manufacturer Groupe Renault signed a $778m deal to build 150,000 cars a year at a factory outside of Tehran.

“The Renault Group is closely monitoring the evolution of the diplomatic situation,” the company said in a statement to the AP, without elaborating.

Volkswagen also began exporting cars to Iran.

“Currently we are tracking and examining the development of the political and economic environment in the region very closely,” the German carmaker said in a statement. “In principle, Volkswagen adheres to all applicable national and international laws and export regulations.”

Nuclear deal co-signers Britain, France and Germany, which have urged Trump to preserve the deal, may seek exemptions to protect their companies if the US snaps back sanctions, said Ellie Geranmayeh, a senior policy fellow studying Iran at the European Council on Foreign Relations.

“This should include a series of exemptions and carve-outs for European companies already involved in strategic areas of trade and investment with Iran, with the priority being to limit the immediate shock to Iranian oil exports,” she wrote on Wednesday.

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 INTERNATIONAL BUSINESS COMPANIES ACT No.45 of 2000

MARTOS S.A. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (8) 0f the International Business Companies Act, No.45 of 2000, the Dissolution of MARTOS SA. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 17th day of April, 2018.

THE TRIBUNE

Monday, May 7, 2018, PAGE 11

VW BOARD EYES DAMAGE CLAIMS AGAINST FORMER CEO WINTERKORN BERLIN Associated Press FORMER Volkswagen CEO Martin Winterkorn may never see the inside of a courtroom in the United States in connection with the company’s diesel emissions scandal. But his legal troubles are far from over.

A VW spokesman says the German automaker’s supervisory board is checking whether it can demand damage claims from Winterkorn in connection with the company’s diesel emissions cheating scandal.

Michael Brendel tells German news agency dpa “the investigation has been going on for quite some while and is conducted independently from the authorities’ investigation”.

German newspaper Frankfurter Allgemeine Sonntagszeitung reported yesterday that Winterkorn could lose his property in connection with the company’s investigation.

Winterkorn, 70, was indicted last Thursday in the United States on charges of fraud and conspiracy stemming from the company’s diesel emissions cheating scandal. It is unlikely that he could be extradited — Germany’s constitution forbids extradition of its citizens except to another European Union member state or to an international tribunal. But he’s far from in the clear.

For one thing, he could risk arrest if he travels to another country that would be willing to send him to the US. And on top of any possible attempt by Volkswagen to seek damages, Winterkorn is among suspects being investigated in a criminal probe by prosecutors in the German city of Braunschweig, located in Volkswagen’s home region.

Volkswagen has admitted to programming its diesel engines to activate pollution controls when being tested

MARTIN WINTERKORN, former CEO of the German car manufacturer ‘Volkswagen’, arrives for a questioning at an investigation committee of the German federal parliament in Berlin.

Photo: Michael Sohn/AP in government labs and turning them off when on the road. When he resigned in September 2015 Winterkorn said he was unaware of any wrongdoing on his part. He later told the German parliament that he did not know of the emissions cheating during the years it was going on.

The indictment detailing the US charges said that Winterkorn and other top VW officials were briefed on July 27, 2015 using a PowerPoint presentation on “how VW was deceiving US regulators”, the document said. Employees suggested

that VW could seek regulatory approval for 2016 cars by providing only partial disclosures to US officials and “without revealing the existence of the cheating software”. The indictment says Winterkorn “agreed to this plan of action”.

The indictment also said that Winterkorn was sent a memorandum on the cars’ high emissions levels in May, 2014, which referred to a “defeat device”, the technical name for the software trick.

German prosecutors say their investigation is ongoing.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LANTHRO CHARTINO MUNROE aka LANTRO CHARTINO SAUNDERS of Faith Gardens #54, P.O. Box N-7364, Nassau, Bahamas, intend to change my name to LANTHRO CHANTINO MUNROE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

TENDER NOTICE EDUCATION LOAN AUTHORITY PROPOSAL FOR FORENSIC AUDIT SERVICES Proposals are invited from qualified and experienced Accounting Firms (Solicitors) to provide a Forensic Audit for the Education Loan Authority (“ELA”) for the fiscal period January 31st, 2012 to April 30th, 2018.

Proposals documents, which include instructions, specifications and other relevant information, can be collected beginning Monday, 7th May 2018 from 9:00 a.m. to 5:00 p.m. for a period of Five (5) working days (Friday 11th May, 2018) at the Education Loan Authority, 7th Terrace, No. 97 Collins Avenue.

Please submit One (1) Original Proposal, Six (6) copies of the Original Proposal, One (1) Digital copy on compact disc (CD) or on USB Flash Drive.

Proposals are to be submitted in a sealed envelope bearing the name of the individual and/or company, the address and phone number no later than May 21st, 2018 before 5:00 p.m. entitled “PROPOSAL FOR PROFESSIONAL FORENSIC AUDIT, EDUCATION LOAN AUTHORITY” and addressed to:THE CHAIRMAN TENDER COMMITTEE EDUCATION LOAN AUTHORITY 7TH TERRACE, #97 COLLINS AVENUE, P. O. BOX SS-19039 NASSAU, BAHAMAS. A copy of the VAT Certificate of the Solicitor should accompany all proposals.

Proposals received after the said date and time will not be considered and no time extensions will be accepted.

Pre-solicitation Conference / Option to Review Intentionally omitted Term of Contract Services shall commence upon the issuance of a Notice to Proceed “NTP” Letter and shall remain in effect until such time as the services acquired in conjunction with this Solicitation are completed and the findings and any associated reports are accepted by the ELA. This period shall be no longer than Four (4) weeks from the start date of this Forensic Audit.

Minimum Qualifications 0.1 The Respondent shall be licensed to do business within the Commonwealth of The Bahamas.

0.2 The Firm or its Partners shall be licensed and in good standing with the Bahamas Institute of Chartered Accountants.

0.3 The Respondent should have a minimum of Three (3) years’ experience in Forensic Audits 0.4 The Respondent must provide at least One (1) reference from a client to which it has provided said services within the last Three (3) years. If available, such reference should be a representative of the Bahamas jurisdiction.

Scope of Work The purpose of this Solicitation is to provide a Forensic Audit of the ELA’s finances in accordance with the Education Loan Authority Act, 2002.

Audit Period The Respondent shall provide a breakdown for each stage of the services commencing with January 31st, 2012 through to April 30th, 2018.

Audit Reports The Reports shall provide audited financials accompanied by the Management Representation Letter.