05212024 BUSINESS

Uncertainty surrounds Red Lobster’s future

By NEIL HARTNELL Tribune Business Editor

sur-

rounds the Red Lobster restaurant brand’s future in The Bahamas with both domestic and international developments conspiring against the franchise’s plans. Representatives for the estate of the late Chris Mortimer, the former Galleria Cinemas’ principal who was the franchise’s main financier and equity sponsor, and James Owen, its now-former chief financial officer, last week both directed Tribune Business to speak to the other when this newspaper inquired about its progress.

‘Take bull

• Principal’s estate, ex-CFO both point to each other

• Seafood chain’s Chapter 11 clouds local franchise

• Concern for 800 who invested via crowd-funding

longer a director, cannot speak for the seafood restaurant and had stepped back from it, Ms Mortimer added: “We all have.”

• Bahamian bank defends KYC processes as more charged

• One account owner based in Cambodia ‘crypto scam hub’

• Other ‘provided false assets’ to encourage its onboarding

Mr Owen, apart from revealing he has stepped down as a director and is no longer able to speak for Red Lobster, declined to comment when reached by this newspaper. He instead referred it to Paulette Mortimer, sister of Mr Mortimer, who he described as the representative of his late business partner’s estate.

She then reiterated: “No, no. I’m not dealing with it. He’s [Mr Owen] the one dealing with it all along. He’s the best one to answer what’s happening. I don’t know anything. I’m not involved with it. I cannot give you any more details because I do not know.”

But, when eventually tracked down by Tribune Business, Ms Mortimer instead urged this newspaper to speak to Mr Owen. “Call him back. He’s the one dealing with it,” she initially replied. When informed that Mr Owen had disclosed he is no

Ms Mortimer declined to comment further.

Red Lobster and its parent, Pinnacle Franchise Brands, were the first entity to successfully complete a crowd-funding raise via the ArawakX

by horns’ on BPL’s load shed crisis

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light’s (BPL) holiday weekend load shedding woes reinforce the urgency to “take the bull by the horns” and resolve the country’s energy crisis, an ex-Chamber chair argued yesterday.

Robert Myers, speaking as Bahamians were warned

to brace for a long, hot and uncomfortable summer at the state-owned utility’s hands, told Tribune Business that while it made sense to break the status quo the Government needs to ensure any BPL outsourcing agreements are “well thought-out” to prevent businesses and households from being “gouged” by private providers.

Ex-Freeport Harbour chief backs PM’s GBPA stance

By NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

A FORMER Freeport

Harbour Company chief has backed the Prime Minister’s Grand Bahama Port Authority (GBPA) stance because the latter has not sufficiently invested in and developed Freeport for 20 years.

Raymond Jones, who once headed an entity still 50 percent owned by the Hayward and St George families via Port Group Ltd, told Tribune Business that Philip Davis KC has a “fiduciary duty” to hold the GBPA and

its shareholding families accountable for their development and governance obligations under the Hawksbill Creek Agreement.

Arguing that it was “foolishness” to suggest that the Government should not intervene, or become more involved, in Freeport, he acknowledged the “fears” some GBPA licensees harbour about Nassau taking over responsibility for Freeport’s administration and governance even though Mr Davis denied this is the objective. However, Mr Jones pointed out that

His comments came as BPL blamed its weekend load shedding, which some New Providence residents asserted lasted for up to five to ten hours, on record-breaking heat and temperatures coinciding with the loss of 50 Mega Watts (MW) of generation capacity. That is between one-sixth and one-seventh

Water Corp’s $25m debt blocks supplier dividends

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BISX-listed firm’s Bahamian subsidiary has been unable to pay its parent and other shareholders a dividend for almost two years due to persistent $20m-plus debts owed by Water & Sewerage Corporation. Consolidated Water, which supplies virtually all of the Corporation’s New Providence customers with water from its Blue Hills and Windsor reverse osmosis plants, revealed in its latest quarterly results filing that the Government has

pledged to “substantially reduce” sums owed to its local affiliate during the remainder of 2024.

Similar promises have been made to Consolidated Water before, but it revealed that the $25.6m owed by the Water & Sewerage Corporation as at March 31, 2024, is “adversely impacting” the liquidity and cash flow of its Bahamian operation given that 79 percent of this sum - or almost $4 out of every $5 due - is delinquent and more than 90 days past due.

“Consolidated Water (Bahamas) accounts receivable balances, which

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DELTEC Bank & Trust yesterday reiterated that it swiftly closed two bank accounts used to launder almost $74m generated by crypto currency frauds once alerted to the scams.

The Bahamian financial institution, responding to Tribune Business inquiries after US federal authorities unveiled criminal charges against two more alleged leaders of an international money laundering ring, defended its Know Your Customer (KYC) procedures by asserting that none of the defendants were beneficial owners of the entities that opened and operated the accounts. But Chris Saunders, the US Secret Service special agent investigating the

fraud and money laundering syndicate, alleged in an April 8, 2024, affidavit that one entity, GTAL (Cambodia) Ltd, was registered in Shianoukville, a city in the same south-east Asian nation that was previously identified as “a hub.... for crypto currency investment scams”.

The other account, through which $35m in fraudulent proceeds allegedly flowed, was beneficially owned by an unnamed Los Angelesbased “co-conspirator” and their business partner. Mr Saunders alleged that the former fooled Deltec Bank & Trust by providing a June 8, 2022, screenshot of his account with Binance, the rival crypto exchange to now-collapsed FTX, showing it contained $1.017m.

ROBERT MYERS

SHEDDING THE LOAD WHICH CLIMATE CHANGE IMPOSES

By LIAM MILLER

Let us face it. This Whit Monday weekend was scorching. The heat was palpable, whether you were revelling in the Carnival festivities, marching in solidarity at the Jesus March, vibing at JT’s concert, or simply enjoying time with loved ones. The frequent power outages only added to the discomfort. I found myself guzzling more icecold Kaliks and Sands than I care to remember, and cheering the Minnesota Timberwolves on in Game seven of the NBA western conference semi-finals (we won, by the way). But the blistering temperatures we experienced this holiday weekend are just a glimpse of a much larger problem. A problem that will persist throughout summer 2024. A problem that goes beyond blackouts and rising temperatures to threaten our very existence as a nation. This problem is climate change, and it is not going away any time soon.

Summer 2024 will be a sweltering season. Eerily, summer 2024 is projected to

yield temperatures higher than summer 2023, which was documented to be the hottest in recorded human history. The extreme temperatures of summer 2023 have already begun to adversely impact the health of our planet in various ways, including heightened droughts, floods and storms, to name a few. In the summer of 2024, climate change will prominently manifest in rising temperatures and hurricanes. A “term” thrown around this past weekend has been “load shedding”. According to Law Insider, load shedding is “the systematic reduction of system demand by temporarily decreasing load in response to the transmission system or area capacity shortages, system inability or voltage control considerations”. In other words, load shedding refers to the intentional interruption of electricity supply to avoid excessive load on the generators. Load shedding attempts to balance the demand and supply equilibrium of electricity within a country. Hence, if more persons consume electricity than is available, the

Government (specifically Bahamas Power & Light (BPL) will resort to scheduling load shedding.

But how does load shedding tie into climate change and economics? As temperatures soar, people are driven to increase their electricity consumption to cope with the unbearable heat. However, this leads to increased emissions from generators, which in turn harm the environment. Load shedding disrupts economic activity, particularly for small businesses that are less likely to have back-up generators. This results in significant financial losses, jeopardising job security for many Bahamians. Load shedding also disproportionately affects low income communities, which often lack the resources to own a generator. Given the projections for summer 2024, BPL is expected to implement more load shedding in the coming months, further threatening economic activity and exacerbating energy poverty.

How do we combat load shedding in the context of climate change? To combat load shedding effectively,

SEBAS BREAKS GROUND ON SEVENTH OF $510M PROJECTS

we must adopt a new economic framework that integrates environmental and financial policies. Some have coined this framework a ‘Green New Deal’. It would combine climate adaptation and mitigation strategies aimed at building a greener Bahamian economy.

Climate Adaptation

1. Decentralised energy systems: Developing microgrids and off-grid solutions in the Family Islands allows localised energy to be available, particularly during load shedding periods. The Government must continue to develop the ‘Request for Proposal’ (RFP) for Family Island new energy generation by microgrids, cleaner fuels and renewables.

2. Consumer Incentives: The creation of electricity bill subsidies, particularly for low income communities, allows them to cope with rising energy costs while enhancing their quality of life and well-being.

3. Public Awareness: Creating a public awareness platform would educate Bahamians on energy conservation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEBAS Bastian’s Brickell Management Group yesterday announced it

practices, especially during periods of expected high usage.

Climate Mitigation

1. Renewable energy sources: Increasing investment in cleaner energy sources such as solar, wind and hydro allows for the eventual reduction of fossil fuel usage, contributing to fewer greenhouse gas emissions.

2. Carbon pricing: The creation of a formal carbon pricing system (for example, a carbon tax) that assigns a cost to carbon emissions can encourage businesses and individuals, especially high emitters, to reduce their carbon footprint.

3. Research and Development (R&D): Continual investment in R&D for innovative climatefriendly businesses and technologies, prioritising energy efficiency.

While the above recommendations are crucial for building a green economy, we must acknowledge that The Bahamas, in common with other small island developing states (SIDS), does not have the financial resources of countries such

has broken ground on the seventh of 14 planned real estate developments with a collective value of $510m. The developer, in a statement, said it has begun construction on Vilara Villas at Love Beach. The residential project features six luxury town homes, each crafted with a tropical modern design. Each two-story villa at Vilara Villas features three bedrooms and 2.5 bathrooms. The outdoor space

as the US or the United Kingdom to make this transition alone. It is important to remember that The Bahamas is not a significant emitter of greenhouse gas emissions on a global scale. In fact, we will unfairly deal with the worst consequences of the actions of countries who are larger carbon emitters. Therefore, international support from ‘global north’ countries and multilateral development banks is not just beneficial, but essential, in helping The Bahamas implement these changes effectively.

Dr Martin Luther King Jr. once said: “We are caught in an inescapable network of mutuality, tied in a single garment of destiny. Whatever affects one directly affects all indirectly.” If there is one thing that climate change has taught us, it is that our actions, however large or small, good or bad, impact each other. Defeating climate change requires adopting a new economic mindset that adequately safeguards the destinies of our people.

incorporates a private plunge pool and an outdoor kitchen. Vilara Villas is targeted for completion in summer 2025.

Brickell Management Group’s 14 projects include both residential and commercial developments. Currently under construction are The Shoppes at Venetian Village, Westfield Commerce Park, Aspara Social Club, Sevyn Residences and University House.

INVESTOR FORUM AIMING TO MAKE BAHAMAS ‘BLUE ECONOMY’ LEADER

AN INVESTOR forum has announced that its three-day Freeport summit, set to start tomorrow, will focus on how to improve The Bahamas’ resilience and make it “a leader in the blue economy”. Forum for Impact (FFI), in a statement, said its FFI Americas 2024 conference will feature four Bahamian Cabinet ministers including Michael Halkitis, minister of economic affairs; Ryan Pinder KC, the attorney general; Clay Sweeting, minister of works and local government; and Ginger Moxey, minister for Grand Bahama.

They will be joined by investors, family office representatives and business executives from the UK, UK, Canada and Europe. Antoinette Russell, regional leader for Forum for Impact, said:

“We are honoured to host this annual impact investor dialogue in The Bahamas and help shine a spotlight

on sustainable investment in the region.

“We hope our gatherings can help build resilience in the region and contribute to economic development, while helping The Bahamas build a more sustainable and impactful future.” Among the four major topics to be discussed this week, from May 22-24, is “helping to build resilience in The Bahamas”.

“A key takeaway from the 2023 dialogue was the importance of resilience and how it can be used to build more stable and sustainable projects for investors and the local economy,” Forum for Impact said. “We have been working with Bahamian organisations throughout the year to promote this idea for impact investment and highlight some of these efforts in the 2024 dialogue.”

SEE PAGE B4

VILARA VILLAS RENDERINGS

IRATE BAHAMIANS SLAM BPL ON LOAD SHEDDING

By FAY SIMMONS

BAHAMAS Power & Light (BPL) last night said it was meeting its New Providence demand and “does not anticipate any load shedding” as it targets 300 mega watts (MW) in available generation for the capital.

The utility, in a statement, said it is working to increase generation capacity following a holiday weekend plagued by load shedding that prompted numerous angry Bahamians to flood its Facebook and other social media outlets with complaints.

“Yet what we’re told is it’s a heat wave. Stay hydrated. Stay indoors. How do we do this with the power being turned off periodically throughout the day or week. Make it make sense. Campaign on how you fixed BPL. How it is using energy efficient generators or alternative sources of fuel

which is leading to lower power bills for all,” said one message.

“Fuel cost is too high for us to be load shedding. I mean every year we have to put up with such inconvenience. The heat makes us very miserable and now we have to suffer cause your generator has a shortfall. This is ridiculous,” wrote another Facebook user.

Another Facebook user criticised the utility’s practice of load shedding every summer while another called for an investment in the electricity company so it can better accommodate its load demand.

“BEC/BPL been load shedding every summer from I was a kid. Almost 45 years later and we still doing it,” read a Facebook comment.

“It’s time to invest in BPL so this stops happening every summer. This definitely is not progress. It’s obvious they cannot meet the current demand. There is never a year when they can. People are tired of load

shedding,” said another Facebook comment.

During the load shedding exercise residents reported experiencing outages that lasted longer than the announced two to three hour rotations. One user complained of power outages that lasted over 12 hours while another reported five hours.

“My power has been off for 12 hours and counting. At this point, I don’t even know if we’re still a part of this rotation exercise, or if we get kick off the grid altogether,” complained the commentator.

“How can you be on your second rotation and the first one hasn’t been completed? My lights have been off for more than two hours.

C’mon BPL you need to do better,” said another Facebook user.

“This is a new level of heat in May....Anyone who thinks it won’t get worse is delusional .....BPL needs to do whatever it takes to keep the electricity in a

reliable state,” demanded a Facebook user.

BPL blamed the load shedding on two days of “record-breaking temperatures” coinciding with the “sudden failure” of one it its primary 25 MW generation units. This also occurred at the same time as another 25 MW, this time rental generation capacity, was taken offline for “maintenance and other issues” to leave the utility suddenly without 50 MW of generation capacity for New Providence.

Businesses in Palmdale reported experiencing power outages from around 4pm on Saturday that extended into closing time.

“BPL was able to return its (25 MW) unit to service shortly after 6pm on Sunday but, with load demands exceeding projections by 20 MW, there remains a shortfall resulting in load shedding during peak hours in New Providence,” BPL said in a statement.

“BPL is presently working with its rental

generation partners to return at least 10 MW of power to the grid within the next 24 hours, and another 10 MW should be available by the end of next week, May 25. Additionally, BPL is working to return three units that are offline due to scheduled maintenance by the end of the month. These units will add 59 MW to the current capacity.

“The company maintains that load shedding remains a possibility if unforeseen incidents impact available capacity at its plants, and if temperatures continue to hover over 100 degrees Fahrenheit, increasing demand,” BPL continued.

“Nonetheless, BPL assures its customers that it uses all available resources to limit supply interruptions. BPL’s Battery Energy Storage System helps to reduce the generation shortfall and BPL continues to use the Generation Assistance Plan (GAP) where large commercial customers self-generate to

allow BPL to redistribute power.”

BPL said it continued to work towards its “summer readiness plan” and anticipates 300 MW of available generation by June. “BPL continues to work towards its summer readiness plan, which includes restoring all rental generation capacity before the end of the month and completing repairs on three major units,” it added.

“By June, BPL anticipates 300 MW of available generation and is also working on other solutions to add additional megawatts to the grid, allowing the company to meet the projected summer peak with sufficient reserves to accommodate for increased demand or loss of generation.”

However, that 300 MW only slightly exceeds the 281 MW projected peak demand for New Providence this summer that was forecast recently by Ryan Pinder KC, the attorney general.

Treasure Cay in sewage infrastructure upgrades

THE Water & Sewerage Corporation says it has completed major upgrades to Treasure Cay’s sewer infrastructure with the installation of new pump stations and force mains.

The initiative, which involved the installation, testing and commissioning of sewer force mains and pump stations by a team of engineers, aimed to improve sanitation and environmental health in the area.

With some 16,500 linear feet of sewer force mains and 14 lift stations installed, the Corporation added that the project represented a major investment in modernising Treasure Cay’s infrastructure using state-of-the-art technology and sustainable practices.

“We are thrilled to have led the Treasure Cay sanitary

sewer pump stations and force main project,” said Fané Austin, project lead. “Our team was dedicated to delivering high-quality infrastructure improvements that benefit residents and protect the environment.

“We love the upgrade; it’s made a huge difference in our community. If there’s a challenge and we call the Water & Sewerage Corporation team they respond almost immediately, and they come daily to ensure the system is running. We are very appreciative,” said Mick Mickelson, Treasure Cay resident.

By investing in sanitation infrastructure, the project aimed to enhance public health, promote environmental sustainability and improve the quality of life for residents in Treasure Cay.

TREASURE Cay Sanitary Sewer Pump Stations and Force Main Project Successfully Completed.

‘Take bull by horns’ on BPL’s load shed crisis

of the island’s total generation capacity. Besides the failure of a 25 MW engine at its Clifton Pier power station, BPL also disclosed that the same amount of rental generation was unavailable due to what was described as “planned maintenance and other issues”. And, even when the 25 MW unit at Clifton Pier was returned to service on Sunday, May 19, at 6pm, BPL said customer demand still exceeded its projections by 20 MW.

As a result, with total New Providence electricity demand still exceeding BPL’s supply capacity, the state-owned utility was forced to reduce the burden via load sheddingand rotating which areas it

temporarily cut-off - during peak hours. BPL, in a statement, said it was working with rental generation providers - such as FOCOL Holdings - to return 10 MW to the grid within 24 hours to reduce the shortfall. It added that another 10 MW should be restored by this Friday, while BPL said it is working to return another three units that are offline for maintenance by end-May in a bid to meet peak summer demand.

“These units will add 59 MW to the current capacity,” BPL said, not detailing whether these are its own generation assets or ones which it has rented. Neither Jobeth ColebyDavis, minister of energy and transport, nor Shevonn Cambridge, BPL’s chief executive, responded to

Tribune Business calls and messages seeking comment before press time last night. However, BPL’s statement will likely raise questions as to why maintenance is still being carried out on generation assets now when this should have been done in winter ahead of peak summer demand.

And Michael Pintard, the Opposition’s leader, also challenged whether two of the seven Wartsila engines at Clifton Pier’s Station A, which Mr Cambridge last year said were offline for maintenance and due to come back online by July 2023, have actually been restored to service. He again questioned the wisdom of the decision to part company with Wartsila’s operations/maintenance contract and bring it back into BPL.

Mr Myers, meanwhile, told Tribune Business: “I don’t know what the specific issues are but BPL has been plagued with high operating costs and operational difficulties for the last 40 years. Do we keep doing the same thing and expecting a different result, or do we actually take the bull by the horns and figure out the most cost-effective solution and management?

“I can tell you we’ve seen people indicate that they can come in here and run it [BPL] at a significantly lower price. Some of those are tested and some are untested. There’s no doubt something other than what’s been happening needs to happen. It doesn’t make sense to keep doing the same thing. The sooner that happens the sooner we

will be able to get out of the mess that we’re in.” The Davis administration would argue it is doing exactly that, and “taking the bull by the horns” via the Electricity Bill 2024 and Natural Gas Bill 2024 that it is moving through Parliament into law. This legislation is designed to facilitate BPL’s breakup into three potential separate generation, transmission and distribution, and customer service/billing entities.

Shell North America and FOCOL Holdings have been named as one consortium vying for the generation contract, while Pike Electrical out of the Carolinas is said to be the front-runner to take over the transmission and distribution business. Rather than a pure privatisation, it is thought this will involve outsourcing/management contracts being granted to these entities via publicprivate partnership (PPP) deals.

With BPL’s capital needs said to total $1bn, broken evenly into $500m of new investment requirements and half a billion dollars in legacy debt and liabilities, the Davis administration is also thought to be relying on these private partners to raise and provide the necessary financing. Ryan Pinder KC, the former attorney general, recently said neither BPL nor the Government can afford these sums.

However, Mr Myers warned that the terms of these PPPs, and any power purchase agreements (PPAs) with private providers to supply electricity

to BPL, must be carefully negotiated to maximise the benefits for the Bahamian people and ensure they are not further disadvantaged.

“If you bring a third party into run it, and it’s not going to be a state-owned enterprise, they have to guarantee they can provide electricity at a specific cost based on whatever the cost of the fuel they are using is,” he told Tribune Business. “That guarantees you are not going to get gouged by independent third parties.

“You are going to be beholden to the quality of that agreement. If that agreement is not well thought-out you could put the Bahamian people in a worse position than they are already. What does that PPP look like, and what guarantees are in there? What’s happening with our debt, and how much are our energy costs going to drop?

“What percentage of that power price is covering up expenses, operating costs, debt, contingent debts? It’s important to see that.” Nevertheless, Mr Myers agreed that the time to reform BPL

“came and went ten years ago. It’s just getting worse and worse every second we wait. It’s not improving.

“It’s undoubtedly going to be hotter and hotter, and more storms,” he added.

“It [the weekend load shedding] is an insight into what is to come without a doubt. We’ve got to hope that action is taken, and the most responsible and efficient action is taken, for the Bahamian people. That’s all I can say.

“We won’t know that until we see the agreement.

Investor forum aiming to make Bahamas ‘blue economy’ leader

Another key focus was described as “making The Bahamas a leader in the Blue economy, including blue carbon”. The ‘blue

economy’ involves the sustainable use of the ocean’s resources to drive job creation, incomes and economic growth while maintaining the health of underwater ecosystems.

“The ‘blue economy’ portion of the dialogue in 2023 was a popular discussion, and underscored how critical the blue economy is for The Bahamas. We aim to help make the region

I get that they’ve got to sort this thing out, work through things, and then they should present it to the public and let us know what they have done.” Mr Pintard, too, called for greater transparency on the Government’s plans in light of BPL’s weekend load shedding woes.

“Are they committed to competitive bidding so that we can get the best possible option for service providers to transform the system?” the FNM leader said. “That’s exactly what we have been doing consistently: Asking the Government to be open as to what the plan of action is.”

As to what occurred at the weekend, Mr Pintard added: “People are extremely concerned, residents are extremely concerned given that we are at only the beginning of the summer period and the beginning of hurricane season. We call on the Government to lay out its plan to address the issue of how they will handle the peak demand given that we’re at this stage, the beginning of summer.

“The load shedding was at a time of heat advisories. Persons are now locked in their home without the benefit of electricity or AC. We have not hit the most intense part of summer yet. This is what we are up against.” Mr Pintard also warned that the situation could inflict “serious reputational damage” on The Bahamas as a tourism destination given that some vacation rentals in which visitors stay may not have generators.

a leader in this regard,” Forum for Impact added.

Promoting investment that makes a difference, and improving the lives of Bahamians, are the two remaining key discussion points.

“A key theme in 2023 was ‘people’; the resources on the ground that make our investments in impact real.

This, of course, includes jobs but also research and

engagement at all levels, local and national. A key outcome for Forum for Impact’s efforts for 2024 will be improving the lives of the people in Grand Bahama and The Bahamas in total,” the statement said. Forum for Impact (FFI) is described as a collaborative initiative among persons involved in sustainable investment. It stages private, invitation-only discussions and represents family office principals, investors and private business owners.

NOTICE IS HEREBY GIVEN that at an Extraordinary General Meeting of the Shareholders of the above-named Company duly convened and held on the 12th day of April, A. D. 2024 the following resolutions were passed:

RESOLVED that SUNSKY LIMITED be wound up voluntarily.

RESOLVED FURTHER that DAVID BUTLER be appointed the Liquidator for the purpose of such winding up.

Dated the 16th day of May, A. D. 2024.

H & J CORPORATE SERVICES LTD. Registered Office For the above-named Company

The 44th Annual General Meeting of the Public Workers’ Co-operative Credit Union Limited (PWCCUL) will be held on Friday, May 31st, 2024, with registration starting at 4:00 p.m. and the meeting at 6:00p.m. at the Fusion Superplex, Gladstone Road, for the following purposes:

1. To receive and ratify the Board of Directors’ Report

2. To receive and ratify the 2023 Audited Accounts

3. To receive and ratify the (proposed) 2025 Budget

4. To elect members to the: i) Board of Directors (3); ii) Supervisory Committee (2); iii) Credit Committee (2); and iv) Nomination Committee (3) All members in good standing are encouraged to attend and participate.

Water Corp’s $25m debt blocks supplier dividends

include accrued interest, due from the Water & Sewerage Corporation amounted to $25.6m and $26.9m as of March 31, 2024, and December 31, 2023, respectively,” Consolidated Water said in its filings with the US Securities & Exchange Commission (SEC).

“Approximately 79 percent and 80 percent of the accounts receivable balances were delinquent as of those dates, respectively. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary.

Consolidated Water (Bahamas) has been unable to pay a dividend to its shareholders since August 2022 due to liquidity constraints.

“From time to time, including presently, Consolidated Water (Bahamas) has experienced delays in collecting its accounts receivable from the Water & Sewerage Corporation,” the water supplier added. “When these delays occur, we hold discussions and meetings with representatives of the Water & Sewerage Corporation and

the Government and, as a result, payment schedules are developed for Water & Sewerage Corporation’s delinquent accounts receivable.

“All previous delinquent accounts receivable from the Water & Sewerage Corporation, including accrued interest thereon, were eventually paid in full. Based upon this payment history, we have not provided for a material allowance for credit losses for Consolidated Water (Bahamas’) accounts receivable from the Water & Sewerage Corporation as of March 31, 2024.

“Consolidated Water (Bahamas) held discussions with the Water & Sewerage Corporation in March 2024, and with representatives of the Government in April 2024, during which Consolidated Water (Bahamas) was informed that the Government intends to substantially reduce Consolidated Water (Bahamas)’ accounts receivable from the Water & Sewerage Corporation over the course of 2024,” the company added.

“If Consolidated Water (Bahamas) is unable to collect a sufficient portion

of its delinquent accounts receivable, one or more of the following events may occur. Consolidated Water (Bahamas) may not have sufficient liquidity to meet its obligations; we may be required to cease the recognition of revenue on Consolidated Water (Bahamas)’ water supply agreements with the Water & Sewerage Corporation; and we may be required to provide a material allowance for credit losses for Consolidated Water (Bahamas’) accounts receivable. Any of these events could have a material adverse impact on our consolidated financial condition, results of operations and cash flows.”

The Water & Sewerage Corporation’s debt to Consolidated Water (Bahamas) decreased by 4.8 percent, or $1.3m, from $26.9m to $25.6m during the first three months of 2024. The volume of water sold by the Bahamian subsidiary also dropped by 2 percent yearover-year for the 2024 first quarter, while lower energy costs decreased the energy pass-through component of the company’s bulk water rates.

Deltec ‘promptly closed’ $73.6m fraud accounts

However, prior to that date, Binance’s records showed the account contained less than $100. Mr Saunders alleged it received a $1m-plus injection of Tether stablecoins, which are pegged one:one to the value of the US dollar, with the bulk of that sum coming from Daren Li, who is one of the two men charged in the federal indictment.

Those funds were returned to Mr Li and another person almost immediately after they were first received, on June 8, 2022, and June 10, 2022.

The US secret service agent suggested the timing of all this frenzied activity was to “intentionally provide false assets” to induce Deltec Bank & Trust to open the account, which was held in the name of a Bahamiandomiciled entity, Axis Digital.

Legal documents obtained by Tribune Business reveal that the charges against Li and Yicheng Zhang are part of an investigation against crypto-related fraud and associated money laundering, involving the same two Deltec Bank & Trust accounts, that was disclosed

last year in the eastern Virginia district court. That court authorised the seizure of some $5.643m that the Bahamian bank owned in a US account.

Mr Saunders was the same US secret service agent involved then, but the case against Li and Zhang has been filed in the central California federal court. Both men have been arrested, with Li described as being a dual citizen of both China and the Caribbean nation of St Kitts and Nevis, and a one-time resident of Cambodia and the United Arab Emirates (UAE).

“Deltec Bank has been co-operating with law enforcement in this matter since being informed of the fraud in 2023, and it promptly closed the accounts at issue,” the Lyford Caybased institution told this newspaper. “Deltec Bank supports efforts to hold those involved in this complex scam accountable. Deltec Bank and its affiliates are not defendants in this matter and have not been accused of any wrongdoing.

“On Friday, the US Attorney’s Office for the central district of

NOTICE

California indicted two individuals alleged to have been involved in a ‘pig butchering’ fraud. As alleged, the individual defendants participated in a complex scheme by which they used shell companies and multiple bank accounts at various financial institutions, including two accounts at Deltec Bank previously identified in 2023 by the US Attorney’s Office for the eastern District of Virginia.”

Defending its KYC and compliance procedures, Deltec added: “Neither the [California] defendants nor the [Virginia] defendants were customers of, or affiliated with, Deltec Bank.

As we have previously stated, the two accounts alleged to have been used by fraudsters were not in the defendants’ names, nor were the defendants identified as beneficial owners of the accounts as part of onboarding.

“Deltec Bank conducts business in a manner that is compliant with applicable anti-money laundering (AML)/combating the financing of terrorism (CFT) regulations, and other banking supervision laws and regulations.”

Pursuant to the provisions of Section, 218 of The Companies Act, 1992 notice is hereby given that at an Extraordinary General Meeting of the Members of CLEAR CHOICE DRINKING WATER LTD. held on the 8th day of May, 2024 the following Resolution was unanimously passed:

RESOLVED that the Company take all such steps as may be necessary to effect its liquidation and forthwith cause its name to be struck off the Register of Companies in accordance with The Companies Act, 1992 AND that Peter Cartwright of 204 Saffrey Square, East & Bay Street, Nassau, N.P. The Bahamas be and is hereby appointed Liquidator of the Company for the purpose of such liquidation.

Dated the 21st day of May 2024.

PETER D. CARTWRIGHT LIQUIDATOR FOR THE ABOVE-NAMED COMPANY

However, the renewed fraud and money laundering allegations surrounding the two accounts represent a further unwanted headache for Deltec Bank & Trust given that it is continuing to grapple with the continued fall-out from FTX’s collapse. It is still battling a prolonged, drawn-out class action lawsuit filed against it and others by aggrieved former FTX clients, which it is urging the south Florida court to dismiss.

‘Pig butchering’ involves scammers and con artists setting up “spoofed” domains and websites, with addresses and features similar to those of legitimate crypto currency trading and investment platforms.

They then target victims with “unsolicited” phone calls, using techniques common to those employed in so-called ‘romance’ frauds to groom them, develop a relationship and gain their confidence. Finally, the victims are fooled into investing in crypto currency via the fake platforms that have been created, with the fraudsters stealing all their money.

Special agent Saunders, in his affidavit, said he had interviewed more than 40 victims of the scheme that employed the Deltec Bank & Trust accounts. The victims were induced to send funds to bank accounts at major US financial institutions, such as JP Morgan, Bank of America and Wells Fargo, held in the name of 74 shell companies incorporated in California and elsewhere in the US.

These companies employed names such as SMX Beauty, SMX Travel, Jimei Trading, YXJ Trading Corporation and B&C Commerce. Their US accounts were alleged to have “received over $80m in victim funds” before these monies were

largely transferred to the two Deltec Bank & Trust accounts in The Bahamas.

From there, the funds were converted to virtual or digital currency, namely the Tether stablecoin, and the assets subsequently switched to accounts with the Binance crypto exchange. The final destination for the funds generated by the fraud was a digital wallet controlled by Li.

“The second Bahamas account was opened by a Los Angeles-based individual (co-conspirator one) with his business partner (co-conspirator two),” special agent Saunders alleged.

“Based on my review of financial records, the second Bahamas account received more than $35m that came from known fraudulent shell companies.

“Also from my review of records, I also know that after funds were received in the second Bahamas account, they were converted to virtual currency and transferred to two virtual-currency addresses. One of those addresses was controlled by Li and was associated with an account held at the virtual-currency exchange Binance in Li’s name, and opened using his passport.

“The first Bahamas account was opened by an entity registered in Sihanoukville, Cambodia. Based on my participation in this investigation and reputable public reporting, I know that this location in Cambodia is a hub for, among other things, crypto currency investment scams.”

Special agent Saunders said he traced one victim’s funds to the second Deltec Bank & Trust account in The Bahamas which received a total $35.4m in fraud proceeds. “As part of the account opening process, co-conspirator one

NOTICE

provided verification of funds,” he added.

“On or around July 15, 2022, co-conspirator one provided the Bahamas bank housing the account with a screenshot of his Binance. US account balance, which showed the balance as $1.017m as of June 8, 2022. Binance.US records reveal that prior to June 8, 2022, co-conspirator one had less than $100 in his Binance.US account.

“Records show that on June 8, 2022, co-conspirator one received $999,383 in Tether stablecoins from LI’s Binance account and another $17,862 in Tether stablecoins from co-conspirator four. On June 8, 2022, and on June 10, 2022, presumably after creating the account balance screenshot, co-conspirator one returned the $999,383 Tether stablecoins to Li at his Binance account,” special agent Saunders said.

“The timing of the funds sent by and returned to LI indicates that the only purpose of the transfer from Li was to intentionally provide false assets for coconspirator one to facilitate the opening of the second Bahamas account.”

The subsequent indictment filed against Li and Zhang by the US federal authorities, unsealed last Wednesday, alleges that a total $73.6m was deposited into the two Deltec Bank & Trust accounts. Of that sum, some $59.8m had previously passed through the US shell companies set up to receive the fraud’s proceeds.

Martin Estrada, US attorney for central California, said in a statement: “Sophisticated financial scams such as these are a dangerous threat to the financial well-being of all Americans.

“While my office will continue to root out and punish these deceitful schemes, I encourage everyone to educate themselves on pig butchering and other kinds of financial fraud to protect their families against such predatory activity. Vigilance is key.”

Pursuant to the provisions of Section 222 (2) of The Companies Act, 1992 notice is hereby given that an Extraordinary General Meeting of the Members of CLEAR CHOICE DRINKING WATER LTD. will be held at the Offices of PDC Corporate Services Ltd. In No. 204 Saffrey Square, East & Bay St in the City of Nassau on the 8th day of May, 2024 at 12 o’clock in the afternoon.

The purpose of the said Meeting is to have laid before the Members of the Company the Final Statements of the liquidator showing the manner in which the winding up of the Company has been conducted, the property of the Company disposed of, the debts and obligations of the Company discharged and also to hear any explanations that may be given by the Liquidator.

All claims by creditors of the Company must be received by the Liquidator at No.204 Saffrey Square, N.P. The Bahamas before the 20th day of June 2024.

Dated this 21st day of May, 2024.

Peter D. Cartwright Liquidator of the above-named Company

Ex-Freeport Harbour chief backs PM’s GBPA stance

Freeport’s much-cited “one-stop shop” for investor approvals and the ease of doing business have not yielded the desired results for the past two decades.

And, with the Prime Minister telling attendees at the recent GB Chamber of Commerce dinner that licensees’ rights, benefits and tax breaks under the Hawksbill Creek Agreement will be preserved, he asked: “What do you have to lose?”

The ex-Freeport Harbour Company head added that, based on the past 20 years, it “might be best” for the Hayward and St George families to step aside and divest their GBPA ownership to a new purchaser with the capital and vision required to develop The Bahamas’ second city.

“I’ll tell you this. The minority of people will say they didn’t like what the Prime Minister said, but I say this,” Mr Jones said of the GBPA speech. “The majority of us listened to the Prime Minister’s speech, thought it was to the point, it was eloquently put. It was not threatening, but merely said I’m the Prime Minister and I have a fiduciary responsibility to hold them accountable for the agreement they entered into.

“What he did most importantly is that he fired a shot across the bows and didn’t back down...... It was helpful to hear the Government say we are not leaving the status quo in Grand Bahama. There’s a company charged with development of the city of Freeport. That’s the GBPA. If they don’t want us to interfere with that, they have to live up to their obligations. That’s understood and respected.”

Mr Jones said the “vast majority of people applauded the Prime Minister’s comments” following the GB Chamber address. While suggesting that some persons, who he did not name, have been swayed by those “voicing opinions not based on fact”, he added that the Government had little choice but to get more involved in Freeport given that Grand Bahama is being outpaced by other islands when it comes to growth.

This is despite those Bahamian islands not possessing the advantages bestowed by the Hawksbill Creek Agreement. “If you are an investor coming to town and have been told it’s a great place to invest, but look back 20 years and see the Port Authority, as the lead developer and investor, has not invested in any significant job creating project of its own or caused others to happen, you question their capacity and desire to increase economic activity,” Mr Jones told Tribune Business.

With the GBPA acting as a quasi-governmental entity, he added: “That comes with significant obligations to promote and cause development, or develop yourself, and if you are unable to do any of those those things then it’s only fair for the Government to say you might consider divesting and pay me the money you’re obligated to pay me.”

The Government is demanding that the GBPA reimburse it some $357m for public spending incurred over and above the tax revenues generated by Freeport during the five years between 2018 and 2022. The GBPA has denied that any sums are due, and both sides now appear headed for arbitration proceedings to determine if anything is owed and, if so, how much.

While the legal discovery process, and determining

what evidence is to be presented to the three-strong arbitration panel, will likely take months before the case makes it to actually being heard, the Government is likely hoping that arbitration will drive the Hayward and St George familiesand the trustees for their respective estates - back to the negotiating table without having to go the full distance.

And, even if $357m is not the sum owed, the Government will also hope that the two families are unable to pay any award to it and will thus be forced to sell. This, though, is the first time that the Government has invoked the relevant reimbursement clause in the Hawksbill Creek Agreement in more than 60 years.

And, given that the move comes after the Haywards and St Georges refused to sell their respective 50 percent interests to the Government, some observers are arguing that the Government is clearly using the $357m demand as

leverage or to squeeze the two families out.

Mr Jones, meanwhile, said it was never intended under Freeport’s founding treaty that the GBPA and its owners should divest all the for-profit assets such as the Harbour Company to affiliates such as Port Group Ltd. Others, such as the Power Company and airport, have been completely sold off.

While GBPA licensees, Freeport residents and The Bahamas “deserve the benefits of the economic activity happening around them”, he added that the city and wider Grand Bahama are being left behind by other Bahamian islands.

“We brag about the infrastructure we have, but we are not getting the trickle down of dollars compared to other places,” Mr Jones said. “One has to question why..... Bottom line, it’s not working, and the Government cannot sit by and keep the status quo. Twenty years is a generational impact, and it needs to change now.

N O T I C E

In the Estate of Neville Thompson, late of Adderley Terrace, Faith Avenue, in the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the abovenamed Estate are required to send the same to the Undersigned on or before the 24th day of June, A.D., 2024, and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 20th day of May, A.D., 2024.

Campbell Chase Law Chambers, Nora Leonie

71 Mount Royal Avenue at Rosetta Street

P. O. Box N-4447, Nassau, Bahamas

Attorneys for the Personal Representative

“The Government has to take a bigger role in making sure development takes place. Bring the magic back, as the Prime Minister says.” He added that the 2016 memorandum of understanding (MoU), signed by the GBPA and its affiliates and the Christie administration, committed the two families to either attract fresh investment to Freeport or sell their ownership interests.

“If you cannot get it done or cause it to happen through a third party then step aside,” Mr Jones said. “Seven years from then to now, clearly nothing is

happening, so it sound like the step aside option might be the best option....

“The Prime Minister has a duty to the licensees, residents and everybody to make sure every investor, no matter who they are, lives up to their obligations. A number of people have fears of government involvement, but the oftcited ease of doing business and ‘one-stop shop’ has not been paying off in the last 25 years.

“The Prime Minister said whatever you enjoy as a licensee of the city of Freeport you will retain. You will enjoy your rights under

the agreement. If that’s the case, what is there to lose?”

Mr Jones also rejected calls to reform the Hawksbill Creek Agreement.

“There are some quarters who say we need to update the Hawksbill Creek Agreement. No, we don’t,” he added. “It’s a good framework and has been working. We just need the Government and Port Authority to do their designed roles.

“We cannot put down everything that is optimal over time, but it gives you a framework that needs to be adhered to by all parties.”

Uncertainty surrounds Red Lobster’s future

platform that is now in full Supreme Court-supervised liquidation following its well-publicised regulatory difficulties and multiple concerns raised by the Securities Commission.

Tribune Business understands the company has around 800 local shareholders who invested a collective $350,000 into the start-up venture, and the lack of direction and seeming confusion surrounding the restaurant franchise’s development in The Bahamas and wider Caribbean region will likely raise concerns as to whether they will enjoy a return on their investment.

Pinnacle Franchise Brands secured an area development agreement (ADA) with Red Lobster Hospitality in 2020, granting it the rights to establish Red Lobster restaurants in The Bahamas, Trinidad & Tobago, Jamaica and the Dominican Republic in the first phase of development. However, this ambition has been thrown into further doubt, and potentially endangered, as a result of Red Lobster’s US and global parent filing for long-anticipated Chapter 11 bankruptcy protection on Sunday night. The move came after it suddenly shuttered some 100 restaurants across 27 US states, with more than 40

COMMONWEALTII OF TIIE BAHAMAS

IN TIIE SUPREME COURT

sites and their equipment auctioned off last week. Red Lobster, which was founded in Florida in 1968, has expanded to some 700 restaurants worldwide. According to its Chapter 11 filings, it has some 100,000 creditors with both assets and liabilities placed in the $1bn to $20bn range.

“There’s too many unknowns,” one source, speaking on condition of anonymity, said of Pinnacle Franchise Brands and its local Red Lobster plans. They added that the Bahamian franchisee now faces a nervous wait to see if Red Lobster Hospitality still wishes to proceed with their ADA deal if, and when, it

Common Law & Equity Division 2022 CLE'/qu1/01782

IN THE MATTER OF ALL THAT piece parcel or lot of land (hereinafter referred to as the said parcel of land) containing by admeasurement Nine Thousand Eight Hundred and Thirty-three (9,833) Sq. Ft. or thereabout being designated Lot Number Three Hundred and Sixty-six (366) in the subdivision known as "Stapledon Gardens" recorded in the Department of Lands and Surveys as 5953 New Providence and situate on the southwestwardly of Walrus Road and approximately 180 ft. west of Hampden Road in the Western District of the Island of New Providence in the Commonwealth of The Bahamas. The said parcel of land is more accurately described as follows: Commencing at a point (hereinafter referred to as the point of origin) coordinated N 2.772, 822.59 (m) E 259, 370.93 (m) running in a direction of N 92 ° 22' 15" for a distance of Eighty and Zero Hundredths (80.00) Feet to a point, thence in a direction of N 82 22' 15" for a distance of One Hundred and Thirtytwo and Fifty Hundredths (132.50) Feet to a point, thence in a direction of N 272° 22' 15" for a distance of Forty-six and Twenty-seven Hundredths (46.27) Feet to a point, thence in a direction of N 312° 04' 15" for a distance of Thirty-six and Fifty-two Hundredths (36.52) Feet to a point, thence in a direction of N 359° 24' 59" for a distance of One Hundred and Nine and Thirty-two Hundredths (109.32) Feet to the point of origin.

The said lot of land is bounded on the North by Lot No. 367 of the said subdivision on the EAST by Lot Number 365 of the said subdivision on the SOUTH by Lot Number 363 of the said subdivision and on the WEST by B.E.C. Way Leave.

The said lot of land has such position, shape, dimensions and boundary marks as shown on plan. AND IN TIIE MATTER of the Quieting Titles Act 1959 AND IN TIIE MATTER of the Petition of REVILETA VIRGINIA WALLACE

NOTICE OF PETITION

The Petition of REVILETA VIRGINIA WALLACE of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas in respect of:

"IN TIIE MATTER OF ALL THAT piece parcel or lot of land (hereinafter referred to as the said parcel of land) containing by admeasurement Nine Thousand Eight Hundred and Thirty-three (9,833) Sq. Ft. or thereabouts being designated Lot Number Three Hundred and Sixty-six (366) in the subdivision known as "Stapledon Gardens" recorded in the Department of Lands and Surveys as 5953 New Providence and situate on the Southwestwardly of Walrus Road and approximately 180 ft. West of Hampden Road in the Western District of the Island of New Providence in the Commonwealth of The Bahamas. The said parcel of land is more accurately described as follows:

Commencing at a point (hereinafter referred to as the point of origin) coordinated N 2.772, 822.59 (m) E 259, 370.93 (m) running in a direction ofN 92 ° 22' 15" for a distance of Eighty and Zero Hundredths (80.00) Feet to a point, thence in a direction of N 82 ° 22' 15" for a distance of One Hundred and Thirty-two and Fifty Hundredths (132.50) Feet to a point, thence in a direction ofN 272° 22' 15" for a distance of Forty-six and Twentyseven Hundredths (46.27) Feet to a point, the.nee in a direction of N 312 04' 15" for a distance of Thirty-six and Fifty-two Hundredths (36.52) Feet to a point, thence in a direction of N 359° 24' 59" for a distance of One Hundred and Nine and Thirty-two Hundredths (109.32) Feet to the point of origin. The said lot of land is bounded on the North by Lot No. 367 of the said subdivision on the EAST by Lot Number 365 of the said subdivision on the SOUTH by Lot Number 363 of the said subdivision and on the WFST by B.E.C. Way Leave.

The said lot of land has such position, shape, dimensions and boundary marks as shown on plan.

NOTICE I S HEREBY GIVEN that REVILETA V IRG INIA W ALLACE claims to be the owner in f ee simple in possession of t h e said land and has made application to t he Supreme Court of the Commonwealth of The Bal1amas pursuant to the Quieting Titles Act, 1959 (Chapter 393) to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act.

AND TAKE NOTICE that copies of the Petition and a plan of the said land may be inspected during normal office hours at the following places:

The Civil Registry of the Supreme Court of the Commonwealth of The Bahamas, British American Building, George Street, on the Island of New Providence, one of the Islands of the said Commonwealth of The Bahamas.

The Chambers of Clement T. Maynard & Company, G K. Symonette Building, Shirley Street, in the City of Nassau, New Providence aforesaid.

AND TAKE FURTIIER NOTICE that any person having dower or right t o dower, an adverse or a claim not recognized in the Petition shall by the 3 01h day after the last day on which the advertisement appears in the papers file in the Supreme Court and serve on the Petitioner of their Attorneys and Adverse Claim in the prescribed form supported by Affidavit.

FAILURE OF ANY PERSON to file and serve an adverse daim on or before the 30 th day after the last day on which the advertisement appears in the papers will operate as a bar t o such claim.

Dated the 22 nd day of March, A.O. 2024.

completes its restructuring and exits Chapter 11 - a process that may take months and much of 2024 at least.

On a local level, Mr Mortimer, as Pinnacle’s chairman and chief executive, had agreed to provide $1.5m to finance the Red Lobster franchisee’s expansion and build-out prior to his passing. This newspaper understands the funding was to take the form if a securitised loan backed by real estate, but it is uncertain whether this will now happen.

CLEMENT T. MAYNARD & COMPANY Chambers

G. K. Symonette Building, Shirley Street Nassau, The Bal1amas Counsel & Attorneys for the Petitioner.

For a start, it is unclear whether probate has been completed and who will be named as the representatives and beneficiaries of Mr Mortimer’s estate. As a result, Red Lobster’s Caribbean plans are effectively in hold due to both local and international factors.

Mr Owen, in a note to Pinnacle Franchise Brands’ shareholders last August,

wrote: “At the current time, Nassau has a site leased (since April 2022) for its restaurant and awaits permits to commence construction (applied for since August 2022). Work on this 7,300 square foot restaurant should start in January 2024.

“Whilst the restaurant in Nassau is being considered by the authorities, the other territories in the ADA have been pursued. Trinidad & Tobago was approved by Red Lobster Hospitality in September 2022, and construction has recently started with a target opening date of the 2023 fourth quarter.

“For both Jamaica and the Dominican Republic, we have ongoing consultations with interested prospective partners and anticipate restaurants can be open in 2024 (Jamaica) and 2025 (Dominican Republic). Interest has been expressed towards Guyana, and we have been allowed to consider this territory although it is in our second tranche of the area development agreement.”

NOTICE

TTC LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 207826 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 16th day of May A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Marcelo Barrozo Henriques, whose address is Avenida Vieira Souto 310, APT 103, CEP: 22420-004, Rio De Janeiro, RJ, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 15th day of June A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 16th day of May A.D. 2024.

MARCELO BARROZO HENRIQUES LIQUIDATOR

Tribune Business understands that, as far as The Bahamas is concerned, all the necessary preparation - including obtaining the required Government and Ministry of Works permits - to start construction of the first Red Lobster restaurant has been completed. What it lacks is the financing and, possibly, Red Lobster brand depending on what happens in the US.

“They were supposed to raise $2.7m,” one source said of Pinnacle’s crowdfunding raise via ArawakX. “ArawakX never came through with what they were supposed to raise. ArawakX never fulfilled what they promised. They made a bunch of promises that never materialised.” This newspaper was also told that much of what was raised ended up being consumed by fees charged by ArawakX.

Pinnacle Franchise Brands, in its initial crowdfunding pitch to investors, said it planned to open its first restaurant at the Mall at Marathon. “There is a lack of affordable, customer service-focused, lobster and seafood restaurants in New Providence,” it said. “The average meal spend per customer is $26.59, and the restaurant expects to see 3,100 monthly customers in the first year and 2,900 in the second year...

“The cost of constructing and outfitting the restaurant, plus working capital, is estimated at $2.7.” Targeting families, and the affordable, branded section of the restaurant market, the franchise had aimed to open a second Bahamian location as well as outlets in Jamaica, the Dominican Republic and Trinidad by 2028. That strategy was altered to focus on Trinidad first. The initial financial projections showed the franchise as generating close to $4.5m in revenues, and more than $1m in net profit, by its fourth and fifth years of trading.

NEW SAFETY RULES SET TRAINING STANDARDS FOR TRAIN

DISPATCHERS AND SIGNAL REPAIRMEN

By JOSH FUNK AP Business Writer

NEW federal certification rules finalized Monday for train dispatchers and signal repairmen will set minimum standards to counteract the investor pressure on railroads to continually cut costs while making sure those employees have the skills they need to operate all the high-tech systems on today's trains.

The new Federal Railroad Administration rules are the latest steps in the agency's broad efforts to improve rail safety since the disastrous East Palestine derailment in Ohio last year although these rules were in the works years before that train crash.

FRA Administrator Amit Bose said in an interview with The Associated Press that both these crafts of workers are responsible for some of the advanced technology railroads rely on like the assortment of trackside detectors that help spot mechanical problems before they can cause derailments, so it made sense to set certification standards for them.

"Here's the bottom line for me, we want to make sure that qualified workers are doing the jobs that they are specialists in to do," Bose said. And even though technology can help railroads improve safety, he said the FRA wants to make sure that it supplements but doesn't replace existing efforts like visual inspections.

Bose said dispatchers play a key role in operating the automatic braking system known as Positive Train Control that Congress required the railroads to install. Plus, modern dispatching centers are filled with banks of massive monitors at each desk that dispatchers use to keep track of the trains moving across their territories.

Bose said the railroads are concerned about safety, but too often they only do

the minimum required as they try to control costs to boost profits.

"The industry has, learned a lot, since East Palestine and has implemented and redoubled, its efforts on safety," Bose said. "We have to remain vigilant on safety 24 hours, seven days a week. I'm encouraged by some of the efforts, from the railroad companies, but again, there's always more, to do."

But the changes railroads announced after that Ohio derailment focused attention nationwide on railroad safety haven't made a major difference in safety statistics. And larger reforms have stalled in Congress because Republicans want to wait until after the National Transportation Safety Board issues its final report on the derailment next month before considering changes.

The Association of American Railroads trade group said in a statement that the new dispatcher and signalmen rules aren't likely to make a significant improvement in safety because the railroads already train their employees.

"Ensuring all employees are well-trained and qualified to safely execute their duties is essential," AAR spokeswoman Jessica Kahanek said. "This is why railroads invest heavily to ensure our people have the necessary skills and knowledge to maintain safe operations and successfully perform their work."

But the American Train Dispatchers Association union praised the new rule because it should prevent the common practices of forcing dispatchers to work assignments they aren't adequately trained for and keep managers from working in a dispatcher role if they're not properly certified. And both the union and federal regulators will get a chance to review railroads' certification plans before they take effect.

NOTICE

Bahamas 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 13th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that DUQUESNE VASY of Bacardi Road, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that MARCIA ANGELLA WEBB of #1 Hillside Estates, P.O. Box N-8497, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Photo:Josh Funk/AP

The Public is hereby advised that I, ALYSIA BRENETTE MOSS-BAIN of Nassau, The Bahamas, intend to change my name to ALYSIA BRENETTE MOSS. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that JAMESLEE JAVON VALBRUN of Carmichael Road, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DANIELLE SAWYERS of Bahamas Boulevard, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason whyregistration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHESTER GEORGE DEVON WILSON of 49 Tower Estate Drive, San Souci, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CARON AYLAIR MAJOR NÉE PARKINSON of Romer Street, Fox Hill, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason whyregistration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CADOSH NERACE GUERRIER of P.O. Box N-9783, #4 Faith Avenue North, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason whyregistration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DAVID ALBURGA ROSE of 153 Wulff Road, P. O. Box N-8472, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any personwhoknowsanyreason whyregistration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

CROSSWORD PUZZLE

Monday, May 20, 2024