Issuu

business@tribunemedia.net

FRIDAY, MAY 26, 2017

$4.20

$4.15

$4.35

Blackbeard’s Cay meet halt after activist threat By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE public meeting on the Blackbeard’s Cay project’s Site Plan application was indefinitely postponed yesterday, after environmental activists threatened to launch ‘contempt’ and Judicial Review proceedings against the Government. Attorneys for reEarth, the group that obtained a Supreme Court judgment ordering the $12 million development’s closure, had earlier this week warned that legal action would start unless last night’s Site Plan meeting was “put on hold” for 30 days. And the Government appears to have granted their wish and more, postponing the Site Plan application meeting indefinitely. “The public is hereby notified that the public meeting and consultation process.... on behalf of Blue Illusions Ltd for Balmoral Island (also known as Blackbeard’s Cay) is postponed until further notice,” said a newspa-

After contempt, Judicial Review legal warning Govt urged: ‘Uphold the rule of law’ and close

Gov’t urged: ‘Come clean’ on country’s fiscal position By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE new Government was yesterday urged to “come clean” over the Bahamas’ true fiscal position, amid calls for it to slash recurrent spending by 5-10 per cent in the upcoming Budget. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business that public expenditure cuts were one of the recurring themes in discussions among private sector players over how to get the Bahamian economy growing again. He suggested that a 5-10 per cent spending cut across all government ministries and departments would be a good place for the Minnis administration to start, given the growing tax and bureaucratic burden placed on the private

Fiscal hawk calls for 5-10% spending cut Tells Minnis administration: ‘Lay it on line’ sector to fund a bloated Government. “Lots of ink has been spilled detailing the everincreasing regulations as a result of the new tax regime of Value Added Tax (VAT), so the new government has a major task with streamlining the bureaucracy and excessive burden on business,” Mr Lowe wrote to Tribune Business. “First of all, it appears that businesses pay and collect more taxes on behalf of the Government – import taxes and VAT – than the government collects with all other taxes combined, See PG B5

BTC’S $8M NETWORK TO BOOST GB SERVICE By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Telecommunications Company (BTC) yesterday said an $8 million fibre network investment will enable it to launch its FlowTV product on Grand Bahama within the next two weeks. Leon Williams, its chief executive, told Tribune Business that the company was using the infrastructure damage inflicted by Hurricane Matthew to develop a better network for customers. “Hurricane Matthew destroyed a lot of our plant, and so rather than build a copper plant we will rebuild with fibre, which gives the

Williams: We’re defying the doubters Carrier ‘holding own’ against rivals Matthew enables network rebuild Grand Bahama residents an even better network,” Mr Willams said. “As a result of Hurricane Joaquin, islands like San Salvador and Mayaguana now have fibre to the home.” Mr Williams added that apart from the FlowTV offering, BTC provides Flow To Go, which allows its mobile customers to access 29 channels for free. See PG B4

KHAALIS ROLLE

FYRE FESTIVAL ORGANISERS WANTED FREE CROWN LAND

Project’s Site Plan hearing postponed indefinitely

per advertisement signed by Charles Zonicle, acting director of physical planning. The public notice came after Fred Smith QC, the Callenders & Co attorney and partner, warned the newly-elected Minnis administration that he would bring contempt proceedings on reEarth’s behalf if last night’s meeting was not postponed. Mr Smith, in a May 22, 2017, letter seen by Tribune Business, argued that the Town Planning Committee and its responsible minister, the Minister of Works, had breached Justice Stephen See PG B6

$4.15

Ex-minister: Request rejected outright Asks: ‘What would be the justification?’ Promoters talked Norman’s Cay resort By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BLACKBEARD’S CAY

GOV’T TO ENSURE MINORITY INVESTORS MAKE BOB BOARD By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government yesterday pledged to ensure minority investors are represented on Bank of the Bahamas’ Board, as it urgently explores options for a multi-million dollar recapitalisation of the troubled institution. K P Turnquest, the Minister of Finance, con-

firmed to Tribune Business that the Government is also hastily moving to organise an annual general meeting (AGM) for the 2016 financial year before end-June 2017. Suggesting that BISXlisted Bank of the Bahamas (BOB) has just over a month left to comply with capital markets regulations regarding the holding of AGMs, Mr Turnquest said See PG B7

Exploring multimillion recapitalising options Also looking to hold AGM before end-June Markets, depositors to be ‘happy’ with Board

THE former minister of investments yesterday revealed he swiftly rejected the Fyre Festival’s organisers when they asked for free Crown Land in the Exumas. Khaalis Rolle told Tribune Business that the illfated festival’s promoters approached his ministry in late 2016, seeking Crown Land for a proposed resort development on Norman’s Cay. However, he and his officials “quickly lost interest” when they asked to be given a national asset for free. Mr Rolle said it would have been impossible to justify what would have been a gift to foreign developers. Emphasising that neither himself, nor the Bahamas Investment Authority See PG B4

PAGE 2, Friday, May 26, 2017

THE TRIBUNE

DON’T SUCCUMB TO PAIN CAUSED BY COLLEAGUES

EVERYONE in the workforce has been burned, or experienced some hurt, pain and loss, at the hands - and sometimes ill-intent - of another. People hurt us, sometimes tell untruths about us, often misjudge us and, in a few cases, they maliciously slander our names and reputation for their own selfish benefit. It leaves us wondering what is in the heart of a person who seems to take pleasure in the suffering or discomfort of another. Why do we seem to have a stronger preference towards harming and ridiculing, rather than helping and encouraging. The question we seek to answer today is: What is the professional response to workplace hurt, which can be deliberately inflicted by fellow employees, supervisors and, sometimes, senior leaders? How do we push past the pain that is caused when your name has

been sullied, your reputation trashed and your spirit dashed? As you rise from the ashes, how do you work alongside someone who has truly hurt you? * Remain professional and ethical. Do not allow your frustration or anger to make you uncouth. Your actions, and level of service, has to be maintained at a high standard despite what you encounter on the job. * Use appropriate language. Guard your words well when dealing with team members with whom you have a negative history. You cannot avoid them, and it is unwise to do so. Soft, well-chosen words with positive body language will get you by day after day. Do not engage in conversations that have

the potential to become volatile.

* Avoid revenge tactics. Your time should never be spent plotting ways to get back at the person who has hurt you. Sometimes, people should be left to their own devices. They are often in self-destruct mode, and are attempting to take others down with them. * Do not engage in conversations about the person, as this might get back to them. You may cause some further issues if you find yourself talking about an employee to another team member. Avoid any conversation about the individual. Even those that seem harmless may become a trap.

* Be sure to document issues that may arise.

With a supervisor, subordinate or fellow team member, ensure that you document anything that might be brought up on ‘row day’. Records of conversations, their frequency, intensity and words used, may clear your name on the day of reckoning. * Always have credible witnesses at future encounters. You may not be thinking revenge or retaliation, but others just might. Protect yourself and always have witnesses. Do not allow anyone to corner you in a room alone or in any form of seclusion. * Do not avoid the individual. Try to engage them peacefully in professional and social settings. The best way to address most issues is to confront them. Be

cordial, and try to break the ice and bad blood as best you can. Staff socials, parties and other relaxed environments are some of the best places to do this. * Apologise and let them know you have moved on. Many in the workplace lack the social maturity to ‘let it go’ and move on. You must muster the strength, though, irrespective of the hurt caused, to heal and let them know that you are over it. * Find opportunities to compliment and congratulate others. Everyone is good at something. Find the good in that individual, and take every opportunity to lift and praise them.

• NB: Ian R. Ferguson is a

IAN FERGUSON talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

NAD TO BUILD ON STRONG PERFORMANCE INDICATORS THE Nassau Airport Development Company (NAD) aims to build on its improved 2017 first quarter performance in the New Airport Service Quality (ASQ) survey. Cleanliness of airport terminals topped the list of

high scores for the Lynden Pindling International Airport (LPIA), with 4.46 on a possible five-point scale. This was followed by the ease of customers finding their way through the facilities (4.4), and the courtesy and helpfulness of check-in

staff (4.33). Passengers also found overall airport ambiance and inspection staff a positive experience, ranking these categories 4.31 and 4.25, respectively. Vernice Walkine, NAD’s president and chief executive, said the numbers

reflected investments in systems such as the Automated Passport Control (APC) in US Customs, and the development of new customer service training initiatives. “We began the ASQ surveys six years ago to

HIGH satisfaction in customer service at LPIA. determine how we ranked regionally, and to test how LPIA stacked up against other facilities of a similar passenger size,” Ms Walkine explained. “Since then, we have seen natural spikes occur in overall passenger satisfaction as we opened new terminals. Today, we are pleased to note high scores, particularly in our US Departures terminal, which has been in full operation for six years. How we maintain our physical structures and continue

Calling All High

SCHOOL STUDENTS

Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year. In the supplement we feature the profiles of high school students across the Bahamas and Family Islands. We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).

How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format. By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau. By hand to The Tribune office The deadline for the profiles is June 30, 2017 and there is no cost involved. For any questions please contact Tribune Features at 5022380 or 502-2391.

to improve on our levels of service is critical to LPIA’s ability to meet the demand in airlift required to grow and sustain our tourism economy. “ In March, the Airports Council International (ACI) awarded LPIA the ‘second best airport with over two million passengers per year’ honour for Latin America and the Caribbean. This was based on strong scores in all four quarters in 2016. See PG 7

THE TRIBUNE

Friday, May 26, 2017, PAGE 3

BTC set to expand store ‘touch points’

YONI EPSTEIN, chairman and chief executive, – itel-BPO Solutions, and founder and chairman, Alpha Angels; Pamela Coke Hamilton, executive director, Caribbean Export; Deborah Duperly-Pinks, senior development office, High Commission of Canada; Ganesh Rasagam, practice manager, innovation and entrepreneurship, World Bank; Galina Sotirova, World Bank Group’s country manager for Jamaica; Joseph M. Matalon, chairman, ICD Group Holdings, and co-founder and chairman, First Angels Jamaica.

Angel investors yet to reach Bahamas By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net NONE of the Caribbean’s seven newly-formed ‘angel investor’ groups are based in the Bahamas, despite efforts to boost this source of entrepreneur financing throughout the region. The Caribbean Export Development Agency (CEDA) co-hosted the inaugural Caribbean Angel Investor Forum in Montego

Bay earlier this month, together with the World Bank Group. The event, which attracted some of the region’s key business people, sought to lay the foundation for a more active angel investor system within the Caribbean. The investor forum is just one of the activities of the LINK-Caribbean programme that is being funded by the World Bank Group and government of Canada, as part of the EnSee PG B7

THE Bahamas Telecommunications Company (BTC) is still aiming to increase its “touch-points” across the Bahamas despite expanding to 34 franchise locations. Leon Williams, its chief executive, said yesterday that the company’s continuing franchise roll-out will boost Bahamian entrepreneurship, adding that several former BTC employees have themselves become franchisees. “We are giving Bahamians an opportunity to develop their own business,” he said. “We first targeted some of the former BTC employees. We want to increase the amount of touch points that our customers have so they don’t have to drive 10-20 minutes to topup or buy a phone. We also want to segment our markets to have stores for Creole and Spanish speakers, so the folks can go in and feel like they are home.” Mr Williams added: “ After privatisation a lot of our stores were closed, and we are trying to reopen those stores under the franchise models as opposed to the BTC model. On some is-

PELICAN BAY PLANS $1M IN UPGRADES GRAND Bahama’s Pelican Bay resort last week celebrated its 12th anniversary, after being the only hotel to stay open following Hurricane Matthew. The 184-room hotel suffered significant damage from the Category Four storm, but this did not dampen the mood of staff who attended the anniversary celebration in its lobby. “We have worked hard to maintain our standards during a very difficult time for our island,” said Magnus Alnebeck, Pelican Bay’s general manager. “My staff was exceptional in keeping our doors open, and our success is due to them and our consistent work to improve our quality of product and service.” He added: “We are very pleased to announce that our company will now reinvest back in our hotel as we undergo over $1 million in renovation work, creating rooms that maintain our island feel but offer modern amenities and technology

PELICAN Bay’s staff last week celebrated 12 years of success in Grand Bahama. Local baker, Cindy DeGregory, created a cake and cupcakes with the hotels signature Pelican ‘Happy’ for all to enjoy. Photo/ALFRED ANDERSON for Barefoot Marketing for our tourist and business clientele.” In addition to the upgrades, Pelican Bay recently added a spa service and is finishing work on an inhouse gym. “It’s been a great year despite Hurricane Matthew,” said Della Bridgewater, Pelican Bay’s opera-

tions manager. “Our staff has helped us fulfill our motto of being the ‘happiest hotel’ on the island, and our guests have been very accommodating and supportive both during the storm and after. We are excited about the future and improving our product for Grand Bahama’s success.”

lands persons have to drive long distances because BTC closed the sites in some of the settlements, and we are trying to get our products closer to those customers.” BTC introduced the franchise concept in 2011. Last weekend, BTC saw the opening of three franchise stores -one in Pinder’s Point, one in West End,

Grand Bahama, and another in Guana Cay, Abaco. BTC yesterday hosted executives from Samsung Miami & Latin America after launching the Samsung S8 and S8 Plus last week. “We have had a very good relationship with Samsung over the years,” said Mr Williams. “The Bahamas is a

Samsung, android country. We have done well with the S7 and S6, and now we have the S8. We are not going through any third parties. We are going directly to the sources. Our phones are not refurbished; they are directly from the manufacturer.”

PAGE 4, Friday, May 26, 2017

Fyre Festival organisers wanted free Crown Land From pg B1 (BIA), had any involvement with granting Fyre Festival the permits and approvals it needed, Mr Rolle said he only had a brief encounter with the organisers. “They came to us and expressed the idea to us,” the former minister recalled, “and asked for and said they were interested in some Crown Land. They wanted the Government to give them Crown Land. “We told them: ‘Under no circumstances’. What would be the justification for it? They were talking to someone who convinced them it would be a good idea to come and ask the Government for Crown Land. Somebody told them that. I don’t know who it was.”

Mr Rolle said his encounter with the Fyre Festival organisers was brief and not scheduled, as he met them “just one day when I was walking into my office”. He added: “It was just a preliminary discussion. They said they wanted to do a major festival on Norman’s Cay, and they also wanted to do a hotel/resort development on Norman’s Cay. “I think the point that interested us was when they said they wanted to do a resort development on Norman’s Cay, but we lost interest immediately when they said they wanted Crown Land to do it. That was the first and last discussion with them.” Mr Rolle said it appeared as if the Fyre Festival was

THE TRIBUNE intended to be “part of the marketing” for the proposed resort, and he gave the event no further thought until someone mentioned in conversation that they had several friends coming in to attend. Subsequent events have proven Mr Rolle’s caution over the Fyre Festival and its organisers correct, although he could not recall whether he met its principals, hip hop artist, Ja Rule, and his technology entrepreneur partner, William McFarland. The duo’s purported hotel plans, and request for free Crown Land - an asset held in trust for the benefit of the Bahamian people have never been disclosed before. However, it could be the source of their claim to potential Fyre Festival investors that they had been given $8.4 million worth of land at Roker’s Point in Ex-

uma in exchange for holding the festival and promoting the Bahamas. The 30th page of Fyre Festival’s private placement memorandum (PPM), headlined ‘Land Ownership’, claimed: “Fyre has been given $8.4 million of market value land on Black Point, Exuma, in exchange for hosting the festival and advertising the island.” Dionisio D’Aguilar, the minister of tourism, branded the claim “absolute bulls***”. And Pedro Rolle, the Exuma Chamber of Commerce’s president and a realtor by profession, told this newspaper that there was “no way” the eventual Fyre Festival site could have been worth that amount, saying “a hell of a lot” of land and beach was needed to meet that valuation. The Fyre Festival organisers’ ‘$8.4 million of Bahamian land’ claim is as-

ESTEE LAUDER (WEST INDIES) LIMITED _______________________________________ NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of ESTEE LAUDER (WEST INDIES) LIMITED is hereby called to be held at 767 Fifth Avenue, New York, NY on the 16th day of June, 2017 at 10 am in the morning. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, Delano Aranha, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator.

suming great significance amid the numerous lawsuits launched against it in the US, with investors alleging it induced them to hand over funding to McFarland. And with the FBI and US attorney’s office in southern New York now probing the event, the organisers may have left themselves open to allegations of ‘fraudulent misrepresentation’. Mr Rolle, meanwhile, said he told the Fyre Festival organisers to contact the BIA once they had a firm investment proposal ready to submit. Explaining that this was the extent of his dealings with them, he added: “When they came in it was just on an idea, but we had no involvement with them other than a discussion of the idea. “My office had nothing to do with it, absolutely nothing. We didn’t know that they were actually still around until I was at the opening of the Warwick Paradise Island just prior to the election, and there was someone there who said they had some people coming in for Fyre Festival. “When we had the preliminary discussion with them, I don’t think they’d decided on the how and why; any of those things. It was not concrete at the time, and I didn’t give it a second thought.”

BTC’s $8m network to boost GB service From pg B1

Dated the 26th day of May, 2017. Delano Aranha LIQUIDATOR of ESTEE LAUDER (WEST INDIES) LIMITED

NOTICE ESTEE LAUDER (WEST INDIES) LIMITED (In Voluntary Liquidation) _______________________________________

Finance Corporation of Bahamas Limited (FINCO) is presently considering applications for:

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P. O. Box SS-19084, on or before the 9 day of June, 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 26th day of May, 2017.

Mortgage Specialist

Delano Aranha LIQUIDATOR of ESTEE LAUDER (WEST INDIES) LIMITED

What is the opportunity? RBC FINCO is looking for a Mortgage Specialist to contribute to meeting team sales plans by acquiring and growing profitable client relationships. In this role, you provide peace of mind to clients by providing customized mortgage solutions and advice. What will you do? • Contribute to meeting team sales plan, and related activities through effective assessment of customer financial needs, providing product solutions • Maintain and grow the customer portfolio by identifying and promoting personal banking solutions for customer needs with a continuous focus on relationship building • Develop and maintain relationships with service partners to optimize business opportunities and referrals. • *Required to work every other Saturday What do you need to succeed? Must have: • 3 or more years Banking Experience • AICB Diploma or a degree in banking or a related field would be an asset • Previous experience in portfolio and liability administration would be an asset What’s in it for you? We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual. • A comprehensive Total Rewards Program including competitive compensation and flexible benefits • Leaders who support your development through coaching and managing opportunities • A world-class training program in financial services • A collaborative dynamic culture where personal initiative and hard work are recognized and rewarded Interested persons should apply by May 31st, 2017. and forward your resume to:tt-ec-bbrecruitmentjobpostings@rbc.com

www.rbcroyalbank.com/caribbean

® / ™ Trademarks of Royal Bank of Canada. Used under licence.

N O T I C E ESTEE LAUDER (BAHAMAS) LIMITED (In Voluntary Liquidation) _____________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P. O. Box SS-19084, on or before the 9 day of June, 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 26th day of May, 2017.

He said the carrier was still “holding its own”, despite the arrival of mobile competition, adding that this had pushed the quadplay provider to increase its productivity and innovation. Speaking with Tribune Business at BTC’s Southwest Plaza outlet, Mr Williams said: “So far things have been good. There were the doubters who said that when competition came BTC would go under, but we’re holding our own. “I think competition is healthy. It just means that we have got to be more creative, more innovative, and develop new revenue streams. We also have to ensure that we improve customer services.”

The Bahamas’ second mobile provider, which operates under the brand Aliv, launched its mobile services last November. To-date, its executives say the company has more than 60,000 subscribers out of a thought to be at least 315,000-strong. Mr Williams said: “Unlike our competitors, who are in just one or two spaces, we provide full telecommunications services and that is sometimes our challenge. We’re in fixed-line, broadband, fibre to the home, prepaid and post-paid. “Again, that is an opportunity for us. We also have got to service from Inagua in the south to Grand Bahama in the north. I can say that we are holding our own. It is making us a bit more agile, more productive and more innovative.”

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

ESTEE LAUDER (BAHAMAS) LIMITED ____________________________________________ NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of ESTEE LAUDER (BAHAMAS) LIMITED is hereby called to be held at 767 Fifth Avenue, New York, NY on the 16th day of June, 2017 at 10 am in the morning. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, Delano Aranha, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator. Dated the 26th day of May, 2017.

Delano Aranha LIQUIDATOR of ESTEE LAUDER (BAHAMAS) LIMITED

N O T I C E

NOTICE

EXXONMOBIL CHINA UPSTREAM LIMITED _____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a)

Messrs Ja Rule and McFarland ultimately proceeded to disaster, with thousands of festival-goers left stranded in Exuma after the event was ultimately cancelled, provoking a mad scramble to leave the Bahamas. “I guess when they had the discussion about Crown Land, and that discussion didn’t go so well, they continued on with their idea,” Mr Rolle said. “I don’t know how they got where they ended up. I don’t know how they got down to Black Point, and who convinced them to go there. I didn’t know that they were able to engage people to the extent they did without having a concrete plan for it.” Mr Rolle suggested the Bahamas’ reputation and tourism brand would suffer no long-term damage from the Fyre Festival debacle, given that it was entirely the organisers’ fault. “I think the Bahamas can recover from that,” he told Tribune Business. “Everybody saw and placed the blame with the organisers. I don’t know that this would have any long-term impact on the country if we just continue to demonstrate it was not the Government organising the event. It was a couple of individuals who were ill-prepared to do what they had committed to do.”

EXXONMOBIL CHINA UPSTREAM LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 24th day of May 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 26th day of May, 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

EXXONMOBIL CHINA UPSTREAM LIMITED ____________________________________________

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 21st day of June, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 26th day of May, A.D., 2017. R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

THE TRIBUNE

Friday, May 26, 2017, PAGE 5

Gov’t urged: ‘Come clean’ on country’s fiscal position From pg B1

so there is a fine line between taxing and regulating businesses out of business, and the benefits that accrue to the Public Treasury.” Mr Lowe added that among the numerous questions and issues being raised by a nervous, uncertain private sector was whether the Minnis administration would reform Business License fees or even eliminate them. Its Christie government predecessor had pledged to reduce Business Licenses to a flat $100 fee once revenues derived from VAT were predictable, but despite the latter tax exceeding expectations it showed no inclination to follow through on its promise. Mr Lowe suggested the new government, if unable to eliminate Business Licensee fees entirely, could make them “more equitable” by basing the calculation on business profits instead of gross income. And he added: “With a Budget to be presented in a [week], will the new government look to cut every department’s expenditure by 5-10 per cent for starters, then hold the line on spending at lower levels for a couple years at least?” Calls for the Government to cut and control its spending have become increasingly loud in recent months, amid concerns that the Christie administration was squandering

the revenue ‘windfall’ from VAT by increased expenditure on social programmes and pre-election ‘gifts’. Despite VAT’s introduction for the last two years of its tenure, the former government continued to incur $300 million-plus annual deficits (which were blamed on the hurricanes) and pushed the national debt up to $7 billion-plus. The new government now faces a difficult balancing act between controlling spending, and getting the deficit and debt under control, while at the same time fulfilling its campaign promises and not suddenly increasing the unemployment numbers by slashing the public sector. Based on the 2016-2017 fiscal year’s $2.262 billion recurrent spending, a 5-10 per cent expenditure cut as suggested by Mr Lowe would slash that figure by between $113.1 million to $226.2 million. While such a move might create ‘job security’ alarm in the public sector, many observers feel there are substantial enough inefficiencies and wastage in

government that could be cut without endangering employment. Mr Lowe suggested the Government cut the number of overseas trips taken by ministers and officials, or at least reduce the size of delegations, and that it move to accrual accounting. He also called for it to lift the burden created by Tax Compliance Certificates (TCCs), adding: “There are legitimate questions about its legality, but there are numerous laws that cover methods of collecting taxes rather than adding more red tape to hand-cuff businesses that pay their taxes.” “The Minister of Finance will have a full plate considering these are just a few items that have become the bane of business that need resolving with the upcoming Budget,” Mr Lowe said. “It does not help the Government or the country by putting business out of business.” Mr Lowe yesterday told Tribune Business that it was in the new administration’s own best interests to “come clean”, and lay out in next week’s Budget presentation the true fiscal position of the Bahamas and the dangers it presents.

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS

The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position:

ASSISTANT MANAGER – MARKET SURVEILLANCE The Assistant Manager is to report to the Manager and is responsible for: Assisting in the oversight and monitoring of activities of market participants (registered firms, investment fund administrators, public issuers and financial and corporate service providers). • Supporting the Manager by overseeing the Market Surveillance Officers (MSOs) ensuring that: deadlines are met and MSOs are effectively monitoring their portfolios and providing timely updates to weekly and monthly reports. • Supporting the Manager regarding the development of policies, rules, and guidelines, as necessary, for observance of international best practices and standards. This also includes assisting in the development of proper risk management systems to assess market participants on an ongoing basis for compliance with solvency and other prudential standards. •

Principal Responsibilities • Develop guidelines to facilitate regulatory compliance • Assist in the design and implement of the risk management frameworks to assess registrants’ risk, controls and financial position • Implement and maintain programs designed to monitor and evaluate risk and compliance for market participants • Design and develop reports to identify market developments and trends through collection of statistical data from market participants (i.e. surveys, questionnaires, etc.) • Oversee the review and analysis of interim and audited financial statements and annual reports for compliance with regulatory capital requirements • Review and verify reports of material change notification for compliance with laws, regulations, guidelines and best practice • Provide guidance on the identification and assessment of issues related to market participants and products and make appropriate recommendations • Identify issues and gaps in legislation stemming from surveillance activities • Provide support to onsite surveillance in focusing their work program on areas of high risk and weaknesses • Assist in the promotion and fostering of an environment of open dialogue amongst colleagues • Ability to assist in the orientation, training and coaching of subordinates • Assist onsite surveillance in focusing their work program on areas of high risk and weaknesses • Provide guidance on the proper application and interpretation of laws, rules, regulations and policies • Assist in creation of programs that train subordinates and industry regarding compliance with securities laws • Assist in the development of systems designed to monitor and detect breaches of securities laws • Regular/routine contact with market participants through courtesy call meetings • Advise industry on regulatory developments and policies of the Commission • Monitor developments in the international securities and capital markets to assess the degree of impact and implications • Ability to interpret laws, rules, regulations and policies and make independent decisions • Ability to assign and instruct officers in the preparation of reports and papers

“They’ve got to let the true liabilities be known,” he said. “They can’t keep covering this stuff up. It’s figuring into a real problem. They need to bring home what the situation is.” By doing so, Mr Lowe said the Minnis government would be able to manage voter expectations, and explain why it may be delayed or limited in delivering on its manifesto promises. The ‘Speech from the Throne’ indicated the Government is already narrowing its VAT ‘exemption’ and Over-the-Hill tax breaks plan, and Mr Lowe said: “If they don’t come

clean and give the details on what the fiscal position is, they’re going to be expected to do so much more as people won’t believe the country is in dire fiscal straits. “They’ve got to find a way to lay it on the line. What are the payables, because we’re constantly hearing rumors that the cheques have piled up on the table desperately waiting for the VAT money to come to release a few of them. “Lay out the true fiscal position and the timelines for people to see, so if they’re not able to do things that’s the reason why.”

Mr Lowe also urged the Government to draft future legislation such that the responsible minister is not all-powerful, with the ability to individually overrule decisions and be “the final arbiter of everything that is anything”. “That’s a bane of the business community,” he told Tribune Business. “It’s typical of the legislation written for decades. It puts all the power in the hands of the Minister or, in the case of VAT, it seems to be the Financial Secretary who can make all the regulations they want without deference to Parliament.”

Banca del Sempione (Overseas) Ltd. Employment Opportunity For the position of the

Chief Portfolio Manager Responsibilities: Analysis of investment strategies and opportunities in support of the portfolio management of clients of the Bank. Implementation of investment strategies. Leading and supervision of the portfolio management team. Reviewing and reporting on the performance of portfolios. Overview of the securities trading department. Minimum qualification: University degree and 10 years experience in a similar position with documented evidence of achievements . Excellent knowledge of European/Asian/American financial markets. English and Italian written and spoken fluently, additional knowledge of other foreign languages is an advantage, especially Spanish. Salary and benefits will be commensurate with position and experience. Interested candidates should forward a copy of their resume to: Human Resources Banca del Sempione (Overseas) Ltd. P.O. Box N-8159 Nassau The Bahamas Only persons being interviewed for this position will be contacted.

A leading Investment Company is in search of a

Senior Investment Analyst Position Summary:

Reporting to the President, the Senior Investment Analyst will be responsible for developing suitable investment strategies and providing investment recommendations for all local and international investment portfolios. The successful candidate will also be responsible for conducting financial research/provide associated reports on a wide range of issues.

Essential Duties & Responsibilities: • Acts as the in-house expert on investments and serves as a Voting member of the Investment Committee • Compile advisory reports and make informed recommendations on new investment opportunities that could enhance or diversify local and international portfolios • Examine and assess economic reports and market trends, earnings prospects, financial statements, etc. - to determine investment strategies for the local, regional and international markets • Develop financial models for the local, regional and international markets • Conduct annual reviews of local and international Fund managers • Support new business development, relationship management, marketing, technical and/or product development as needed

Knowledge/Skills The candidate must possess strong communication, analytical, organizational skills, time management and decision making skills. The candidate must also be proficient in the Microsoft office suite and be able to work independently. Additionally, the successful candidate should demonstrate: • Strong technical knowledge of the industry and products; including accounting and risk management frameworks • Knowledge of financial services legislation (e.g. Securities Industry Act, 2011 and Investment Funds Act, 2003)

• Monitor and report on data affecting investment programs, such as price, yield,

Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business Administration, or equivalent • Chartered Financial Analyst (Level 1) would be an asset • Strong knowledge of capital markets, products, legislation and regulatory environment • 5-7 years industry and management experience

• Competent practitioner of econometrics and basic qualitative financial techniques

Compensation and Benefits • Competitive salaries and benefits offered Contact Information:

Manager, Human Resources Department Securities Commission of The Bahamas Tel: (242) 397-4100 Fax: (242) 326-4802 E-mail: hrm@scb.gov.bs Deadline for applications: 2 June 2017

stability, future trends in investment risks, and economic influences

Qualifications/Experience: • Minimum CFA level II pass required (CFA charterholder preferred) • Bachelor’s Degree in Finance, Economics or Accounting • 3-5 years' experience as an investment analyst • Excellent financial, analytical, research, presentation and problem solving skills • Well developed interpersonal, written and verbal communication skills

Qualified Applicants may send their Resumes to: investmentcareer@outlook.com.

PAGE 6, Friday, May 26, 2017

THE TRIBUNE

Blackbeard’s Cay meet halt after activist threat From pg B1 Isaacs’ July 2014 judgment and subsequent Order by failing to enforce Blackbeard’s Cay’s closure. He also warned that a Judicial Review action would be launched against the Town Planning Committee, ministers of works and the environment, and the director of physical planning over their decision to “entertain” the Site Plan application from the developer, Blue Illusions Ltd, despite the closure Order’s existence. “This letter is to put you on notice of reEarth’s intention to initiate contempt proceedings against the Town Planning Committee and the Minister [of Works], and to apply for leave to bring Judicial Review proceedings challenging the decisions and seeking an interlocutory injunction preventing the Site Plan application from being considered pending determination of the Judicial Review,” Mr Smith wrote.

“By failing to take any, or any sufficient, action to require Blue Illusions to cease the development of the facility and to restore the land to its original use and condition as required by the Order, the Town Planning Committee has acted in breach of the Order and is in contempt. “The contempt is proven by the Town Planning Committee’s failure, and by its decision to entertain a Site Plan application in relation to the facility.” The letter, which was addressed to Mr Zonicle and Carl Bethel QC, the attorney general, added that the Minister of Works, who is responsible for planning, was also in ‘contempt of court’ by failing to have Blackbeard’s Cay’s dolphins removed from the development. Mr Smith said: “The fact that the Government is (or at least the previous administration was) entertaining an application for Site Plan approval for the dolphin enclosure at the site further

INSURANCE AGENTS

establishes the breach and the contempt.” Doubling down, Mr Smith also warned the new administration: “In addition to contempt proceedings, reEarth is considering an application for leave to bring Judicial Review proceedings to challenge the decisions of the Town Planning Committee, the director of physical planning, the Minister [of Works] and the Minister of the Environment.” The basis of such an action, he added was the decision “to entertain, or allow there to be entertained”, the Site Plan application” and related public consultation despite the existence of Justice Isaacs’ closure Order. Given the circumstances, Mr Smith argued that the process incorporating last night’s planned meeting was “ultra vires and/or irrational”, given the failure of the Government and its agencies to enforce the July 2014 ruling. The Christie administration spent almost three years failing to act against Blackbeard’s Cay, and Mr Smith wrote: “We appreciate, and hope, that the change of administration, especially with the new Prime Minister, on the occasion of his swearing in last week, committing his administration to respect to the ‘rule of law’, quite

unlike the previous Prime Minister and his administration..... may give rise to a reconsideration of the decisions, and a reappraisal of the decisions not to comply with and [not] to take action in breach of the Order. “To enable the new administration to consider and reappraise the position, we respectfully suggest that the Site Plan application consultation process that was begun by the previous government, by the Government notice on May 4, 2017, be put on hold for 30 days.” Mr Smith warned that the contempt and Judicial Review proceedings would be launched on Wednesday this week if the Government failed to suspend the process. It has now done so, and it is unclear if the actions have been filed. “Our client earnestly wishes to work with the new administration and does not wish to launch proceedings,” the Callenders & Co partner added. Sam Duncombe, reEarth’s founder, yesterday said no response had been received to Mr Smith’s letter from the Government. She reiterated the environmental group’s demand that the Government “uphold the rule of law” and move to enforce the Supreme Court’s closure Order, rather than facilitate

NOTICE

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

Growing Insurance Agency is hiring experienced Insurance Agents.

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

Requirements: Must have own transportation

b) The dissolution of the said company commenced on the 23rd May, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Please email resume to advice1954@yahoo.com

c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Deadline for applications: May 30,2017

Dated this 26th day of May, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

MARKET REPORT THURSDAY, 25 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,874.57 | CHG 1.72 | %CHG 0.09 | YTD -63.64 | YTD% -3.28 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.76 8.60 6.10 10.60 14.50 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.30 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.70 9.00 10.50 2.18 1.31 5.80 7.50 8.56 7.25 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

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

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

LAST CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 10.50 2.34 1.55 6.00 9.75 9.00 9.75 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.77 0.12 4.05 8.60 6.00 10.51 10.50 2.35 1.55 6.00 9.75 9.00 9.75 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.49 0.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.04 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

2,600

VOLUME

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

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

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

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

P/E 145.5 15.8 N/M 21.2 N/M N/M -135.0 14.2 14.0 23.4 95.5 23.0 19.4 20.0 18.8 9.4 11.9 23.5 20.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

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

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

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

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 4.67% 2.55% 3.87% 4.00% 4.10% 0.00% 3.38% 2.03% 5.12% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Blackbeard’s Cay’s bid to obtain permits retroactively. Referring to the May 4 Site Plan application notice, Mrs Duncombe told Tribune Business: “The only further notice that we’re looking for is that the Government follows through with this court Order, and shuts this place down. “It’s [Blackbeard’s Cay] been operating illegally for almost three years now, and if this government is serious about keeping the rule of law alive in the Bahamas, they have an obligation to follow the court Order. It’s amazing, the gall of this developer. Is this government going to uphold the rule of law?” Mrs Duncombe continued: “What is even more incredible is the last government’s response: No law here. We are looking, and watching, and are looking for a favourable response from this administration to follow the rule of law, shut this place down, send the dolphins back to Honduras, and cap the number of dolphin facilities in the Bahamas at three.” The Blackbeard’s Cay situation is likely to be a tricky one for Desmond Bannister and Romauld Ferreira, the respective ministers of works and the environment. The former acted as the attorney for Blue Illusions and its principal, Samir Andrawos, at one point during the challenge to its permits, while Mr Ferreira was closely associated with Save the Bays - a group with which reEarth is affiliated. reEarth’s outrage was sparked earlier this month when the Department of Physical Planning announced the May 25, 2017, public meeting at its offices to review the Site Plan Application (SPA) submitted by the Blackbeard’s Cay developer. It argued that the Government, rather than obey the July 31, 2014, verdict by Justice Isaacs, was now staging a process to give Blackbeard’s Cay all the permits it needed through “the retroactive backdoor”. Justice Isaacs’ ruling quashed all Blackbeard’s Cay’s approvals because the Government had failed to follow its own statutory permitting processes.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

Among the permits quashed were Blackbeard’s Cay’s dolphin import licences and preliminary Site Plan Approval, on the grounds they had not been properly obtained in accordance with procedures laid down in Bahamian law. Justice Isaacs also found that the Government and developer had failed to hold proper public consultation, which is again required by law, and ordered them to return the development site located on Balmoral Island opposite Sandals Royal Bahamian, off New Providence’s north coast - to its original condition. But the Site Plan Application drawing, published in the newspapers, appeared to show that, rather than fearing its imminent closure, Blackbeard’s Cay - which employs 100 Bahamians - is actually aiming to expand. The drawing had ‘Proposed new development and renovations’ plastered on it in large text, with the Department of Physical Planning stating: “The development by Blue Illusions includes ocean pens for a dolphin/stingray encounter, a restaurant, swimming and beach facilities, a nature trail, swimming pools and support buildings and utilities.” The Blackbeard’s Cay Site Plan Application was also published a month after the Court of Appeal gave Blue Illusions leave to appeal to the Privy Council over the ownership of the project’s dolphins. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, accused Blue Illusions of “perverse conduct”, and exploiting the Bahamian legal system to prevent enforcement of both the reEarth verdict and the rulings requiring the project’s dolphins to be returned to his client. Mr Moree, who represents the dolphins’ supplier, Instituto De Ciencias Marinas (IMS), argued that the Privy Council appeal, together with four other Supreme Court actions launched by Blue Illusions following the initial dolphin verdict, were “obfuscation” attempts designed to prevent Blackbeard’s Cay’s closure. However, the Court of Appeal ruled against Mr Moree and granted Blue Illusions leave to appeal the dolphins’ ownership to the Privy Council, finding he had not shown that the developer’s conduct was completely “oppressive, perverse, or frivolous and vexatious”.

NOTICE

NOTICE is hereby given that MISSOULE BLANC JOSEPH of Joan’s Drive, South Beach, P.O.Box SP-61625, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ELIZABETH ABRAHAM SAUSANA of #32 Commonwealth Ave., Blair Estates, P.O.Box N-1078 New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEROME GREGORY DARVILLE of Yellow Elder, P.O.Box GT-2552, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOHNSON ROCK of Marshalle Road, P.O.Box SB-51252, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, May 26, 2017, PAGE 7

Gov’t to ensure minority investors make BOB Board From pg B1 the Government would use the meeting to obtain “a mandate” from all shareholders - including the 21 per cent minority. He added that the Minnis administration would follow through on promises, made under its predecessor, to appoint two independent directors to BOB’s Board to represent minority shareholder interests. “We are in the process of organising for the AGM. It has to be held before the end of June, and we’ll try and get it done as quickly as possible,” Mr Turnquest told Tribune Business. “The first thing is to put in place a Board and get a mandate from the shareholders, and then engage upon a restructuring exercise to put the bank on the proper path.” The Minister of Finance added that the Government also intended to pick up on “the movement for minority shareholder rep-

resentation on the Board” - a development begun, but never completed, under the Christie government. Mr Turnquest declined to “confirm or deny” whether Wayne Aranha, the former PricewaterhouseCoopers (PwC) accountant, and ex-Scotiabank chairman, Anthony Allen, have been selected as BOB’s chairman and deputy chairman, respectively. “We have the key persons,” he confirmed. “The investment community and depositors will be happy with the selection.” Tribune Business sources yesterday disclosed that recapitalising Bank of the Bahamas, in a bid to end its drain on Bahamian taxpayers and put the institution on a solvent footing, is among the Minnis administration’s top priorities. The Government is understood to be exploring all options, including bond and equity issues, to achieve this goal. Mr Turnquest declined to comment

NAD to build on strong performance indicators From pg B2 NAD is focused on LPIA achieving the top regional ranking within the next three to five years. NAD last year launched an airport-wide initiative to train front-line staff who deal directly with the 3.29 million passengers passing annually through LPIA.

To-date, more than 100 airline, security and tenant employees have participated in the training. The company also works directly with the Ministry of Tourism, which offers Bahama Host Training to airport front-line staff, including the training of seven persons to act as Bahama Host-certified lead-

on this yesterday, but did confirm that whatever the Government did would be designed to keep any liabilities off its balance sheet and from adding to the $7 billion-plus national debt. The Government owns 79 per cent of BOB via the Public Treasury and National Insurance Board (NIB), and the possibility remains that taxpayers could yet be called upon to contribute further to the bank’s rescue. The Government, under the former Christie administration, financed the initial BOB ‘bail out’ in October 2014 via a ‘bonds for loans’ swap, whereby a net $45.2 million in ‘bad’ loans were taken off the bank’s balance sheet in exchange for a $100 million promissory note. The liability associated with those loans, and responsibility for collecting them, was transferred to Bahamian taxpayers. This ‘bail out’ was followed last year by the Government taking up BOB’s entire $40 million rights issue, and investing a further $10 million in the bank’s contingent convertible bond issue.

Tribune Business exclusively revealed earlier this month that Bank of the Bahamas is seeking the Supreme Court’s protection from the Central Bank’s regulatory demands, which involve an “immediate” $50 million increase in its loan loss provisions and legal action against “politically exposed” bad borrowers. The Central Bank also wants BOB to convert its $10 million in contingent convertible bonds to common equity Tier 1 capital, with “all future capital injections.... paid in cash and constituting common equity Tier 1 capital”. Bank of the Bahamas is resisting the $50 million provisioning, and $10 million convertible bonds, demands, which resulted in the Central Bank levying a $100,000 fine for non-compliance with its supervisory requirements. The demands being resisted by BOB would almost certainly require the Government to inject more capital into BOB, beyond the $170 million directly committed and over $300 million in deposits.

ers at LPIA. “Even with the considerable operating costs to maintain LPIA at worldclass standards, we are committed to long-term strategies over the next three to five years to build on our successes at the airport. Maintaining specific service standards and meeting the projected growth requires a significant financial investment as we seek to tap into the true potential of this airport,” Ms Walkine said.

LPIA last year welcomed over 3.29 million visitors, while safely landing more than 81,000 aircraft. Since NAD’s inception, around 30.5 million passengers from 67 domestic and international destinations have moved in and out of LPIA’s three terminal buildings. The facilities were designed to expand to accommodate up to five million passengers annually.

Angel investors yet to reach Bahamas From pg B3 trepreneurship Program for Innovation in the Caribbean (EPIC). EPIC, for which CEDA is the implementation agency, aims to support the development of innovative and growth-oriented enterprises in the Caribbean region. The creation of well-functioning angel groups is key component to the financing aspect. Galina Sotirova, the World Bank Group’s Country Manager for Jamaica, highlighted the importance of innovative entrepreneurs in generating jobs, economic growth and competitiveness. “Over the past two-anda-half years the World Bank has supported angel group development, and companies are getting valuable exposure to experienced, connected businesspersons. Over 70 entrepreneurs have pitched or held private meetings. Entrepreneurs in the region can become viable future economic contributors, and it is the desire to invest in Caribbean entrepreneurs that makes angels really unique and valuable to the ecosystem,” said Ms Sotirova. Five entrepreneurs delivered pitches to the international Angel audience, and so far there have been eight Angel investor ‘deals’ across the region. The LINK-Caribbean pro-

gramme, which provides supplemental funding to entrepreneurs, is aiming to generate more. There are currently seven Angel groups within the Caribbean (First Angels Jamaica and Alpha Angels in Jamaica; Trident Angels in Barbados; Renaissance Angels and IP Angels in Trinidad and Tobago; and Enclaces and Nexxus in the Dominican Republic) actively looking for investment opportunities. Their coming together via the Regional Angel Investor Network (RAIN) enables greater regional collaboration or syndication to pool resources and present more attractive investment options for early-stage investment. CEDA director, Pamela Coke-Hamilton, praised the Angel groups and independent Angels , saying that they are “pioneering alternative sources of funding for the private sector and are therefore instrumental partners for private sector development”. Deborah Duperly-Pinks, on behalf of the Canadian High Commission, added: “Now, more than ever globally, there is an increased interest in the level of entrepreneurship and small business development. Governments look to entrepreneurs in seeking solutions to address limited or slow economic growth and rising unemployment.”

EMPLOYMENT OPPORTUNITY SECURITIES COMMISSION OF THE BAHAMAS The Securities Commission of The Bahamas, a statutory agency responsible for the oversight, supervision and regulation of the investment funds, securities and capital markets, in or from The Bahamas, as well as the supervision of Financial and Corporate Service Providers, invites applications from qualified individuals for the following position: OFFICER – AUTHORISATIONS DEPARTMENT The Officer is to report to the Manager and is responsible for: • Supporting the operations of the Authorisations Department, carrying out activities/work plans related to the goals and objectives of the department. • Performing delegated supervisory tasks related to officers within the department. • Participating in special projects.

Self-starter, Ability to multi-task, Exceptional communication skills, Passionate, Keen attention to detail.

If you possess these qualities, Royal Fidelity invites you to apply for the position of:

Executive Assistant & Administrator Job Summary The Executive Assistant & Administrator will provide administrative support and assistance to the President of Royal Fidelity and the CEO of the Fidelity Group - to facilitate the efficient operation of their offices as well as providing general administrative support services for the business. As an essential point of contact with clients, the Executive Assistant & Administrator is expected to possess a polished professional brand – in both appearance and personality.

Main Duties & Responsibilities: • • • • • • • •

Ensure the professional and smooth running of the President’s and CEO's ofﬁce Coordinate and prioritize the daily activities of the President & CEO Organize meetings and arrangements; schedule appointments Manage all correspondences; receive and disburse incoming mail Interface and assist with preparation of reports Record and distribute minutes of departmental meetings Coordinate and Monitor staff vacation; maintain staff attendance records Research and prepare materials for presentations, etc.

Requirements / Qualifications: • • • • • • •

Bachelor’s Degree in Business Administration or related field Minimum of 3 years’ experience in similar role High proficiency in Microsoft Office Suite programs Highly organized with effective time management skills Exceptional interpersonal, written and verbal communication skills Ability to work in a self-motivated environment with little supervision Passionate, polished professional and highly confidential

PLEASE SUBMIT BEFORE June 1st, 2017

HUMAN RESOURCES Re: Executive Assistant & Administrator careers@fidelitybahamas.com

Principal Responsibilities • Process applications (performing due diligence, assessing fitness and propriety, etc. in line with department procedures and best practices) pursuant to the Securities Industry Act, Investment Funds Act and Financial and Corporate Service Providers Act • Conduct research and analysis on industry developments and policy matters • Identify legislative gaps that require amendment or change • Assist in review and analysis of department policies and procedures and make recommendations for improvements • Assist with fulfillment of internal audit requirements • Prepare and provide statistical data and analysis on industry developments and licensing trends • Prepare and maintain department periodic reports • Maintain current and accurate registrant/licensee information and licensing fees • Manage relationship with Unrestricted Investment Fund Administrators (UIFA) • Review Licensed by Administrator filings submitted by UIFAs • Maintain custody and tracking of investment fund licenses (as assigned) • Address internal and external queries from industry stakeholders (e.g. market participants, regulators) in an accurate and timely manner in line with department procedures • Facilitate applicant and registrant meetings • Assist in preparation of industry presentations and focus group meetings • Maintain good relationships with domestic and international regulators • Demonstrate ongoing knowledge and ensure compliance with local and International developments and initiatives (e.g. IOSCO Principles) • Review work of officers assigned to work with or back up • Support the department with any other technical or administrative assignments

ABSOLUTELY NO PHONE CALLS

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

Qualifications/Experience • Bachelor’s/Master’s Degree – Finance, Accounting, Economics, Business Administration, or equivalent. • Knowledge of capital markets, products, legislation and regulatory environment. • 2-3 years’ industry experience Compensation and Benefits • Competitive salaries and benefits offered Contact Information: Manager, Human Resources Department Securities Commission of The Bahamas Tel: (242) 397-4100 Fax: (242) 326-4802 E-mail: hrm@scb.gov.bs Deadline for applications: 2 June 2017

PAGE 8, Friday, May 26, 2017

THE TRIBUNE

TRUMP PLAN TO SELL OFF HALF OF OIL STOCKPILE SPARKS DEBATE By MATTHEW DALY Associated Press WASHINGTON (AP) — President Donald Trump’s proposal to sell nearly half the U.S. emergency oil stockpile is renewing debate about whether the Strategic Petroleum Reserve is still needed amid an ongoing oil production boom that has seen U.S. imports drop sharply in the past decade. Trump’s budget, unveiled on Tuesday, calls for selling an additional 270 million barrels of oil over the next decade, raising an estimated $16.6 billion. The proposal, on top of planned auctions expected over the next few years, could push the reserve below 300 million barrels by 2025. It now is at 688 million barrels. The petroleum reserve, created in the wake of the 1970s Arab oil embargo, stores oil at four underground sites in Texas and Louisiana. The reserve guards against disruptions in the flow of oil from the Middle East and other countries, and lawmakers from both parties have long warned against using it to raise money. But some Republicans say North Dakota’s oil-rich Bakken region offers a de facto reserve that can be tapped if needed. “You know the world’s changed a lot,” said Rep. John Shimkus, RIll., a senior member of the House energy committee. “We’re one of the largest oil producers in the world.” Asked if he was worried that Trump’s proposal could deplete the reserve, Shimkus laughed.

AN UNDATED photo provided by the Energy Department shows crude oil pipes at the Bryan Mound site near Freeport, Texas. President Donald Trump’s proposal to sell nearly half the U.S. emergency oil stockpile is sparking renewed debate about whether the Strategic Petroleum Reserve is still needed amid an ongoing oil production boom that has seen U.S. imports drop sharply in the past decade. (Department of Energy via AP) “Not when you have North Dakota and the Dakota (Access) Pipeline,” he said. Not all Republicans agree. The petroleum reserve “is not an ATM for new spending,” Alaska Sen. Lisa Murkowski said in 2015 as the Obama administration proposed selling off a smaller of portion of the reserve to help fund a

budget agreement. Murkowski, who chairs the Senate energy committee, was reviewing Trump’s proposal but “is generally opposed to selling off emergency oil reserves, particularly as pay-fors for unrelated measures” a spokeswoman said Wednesday. Sen. Maria Cantwell of Wash-

ington state, the senior Democrat on the energy panel, vowed to defeat Trump’s plan. “We are not going to let Donald Trump auction off our energy security to the highest bidder,” she said. “The SPR exists to keep energy available and affordable in times of crisis or natural disaster, which

helps low-income communities most,” said Rep. Raul Grijalva of Arizona, the top Democrat on the House Natural Resources Committee. Selling the reserve “to pay for tax cuts for the extremely rich is especially cruel,” Grijalva said, calling the plan a “short-sighted favor to oil billionaires.” Richard Newell, a former head of the U.S. Energy Information Administration, said the plan could cause the United States to break its obligation as a member of the International Energy Agency to hold 90 days’ worth of oil imports on reserve. Currently, the SPR holds about 145 days’ worth of oil imports. Budget director Mick Mulvaney said the proposed sale would not cause a security risk, citing increased oil production from fracking and other drilling techniques that have opened up areas once out of reach. The sales should not affect global oil prices because they would be carefully staged over a decade, Mulvaney said. “I don’t need to take this much of your money and bury it in the ground out in western Texas someplace for domestic security and national security reasons when we have domestic surpluses like we do,” he said at a budget briefing this week. Jason Bordoff, director of Columbia University’s Center on Global Energy Policy, warned that selling off large parts of the reserve could cause a price spike if there’s a supply disruption in Venezuela or elsewhere.

PYONGYANG GAS PRICE SURGE: BAD NEWS FOR KIM JONG UN? By ERIC TALMADGE Associated Press TOKYO (AP) — While world attention has focused on Kim Jong Un’s recent missile tests, a monthlong surge in gasoline prices in Pyongyang is showing no signs of letting up — a puzzling problem that if allowed to drag on could be very bad news for the North Korean economy. Prices have shot up to about $2.30 per kilogram,

or about $6.44 a gallon, since the surge began in mid-April, when prices were in the $1.25-30 range. That means North Korea now has some of the highest prices in the world for gasoline. For comparison, the price in April last year was only about 80 cents per kilogram. The cause and extent of the surge remains a mystery. Officially, there has been no comment. There’s no obvious sign of less traffic

on the streets, at least in Pyongyang, which is more affluent and developed than other North Korean cities. Taxis appear to be operating normally and have not raised their fares. The North’s by now pervasive market economy, which is tolerated by the ruling regime in exchange for its own cut of the profits, has made fuel and the ability to transport goods and people so essential that demand for gasoline is not so sensitive to price.

But many gas stations around the capital, if they are selling fuel at all, have been limiting who they sell it to and how much each customer can buy. The long queues and mad dashes to fill gas tanks and large plastic storage cans that marked the beginning days of the surge appear to have subsided, though stations’ operations remain irregular and unpredictable. North Korean gas stations generally belong to chains associated with large

government enterprises or sometimes the military. Gas is also sold through more informal channels, including street-side stalls and the black market. It is sold by weight in North Korea — thus the “per kilogram” rates. Without official confirmation or data, it’s hard to conclusively say what is happening. Prices also tend to fluctuate from station to station. Several possible scenarios could be in play. It was rumored last

month that China had or was about to limit exports. That possibility, hinted at in a tabloid newspaper associated with China’s ruling party, could have set off the surge either because of an actual drop in supply or speculative buying in anticipation of a shortfall. The incentive to hoard remains because of rumors Beijing will implement sanctions if Pyongyang conducts a nuclear test. It is unclear how informed North Koreans are about the possibility of another test soon, but satellite imagery widely reported abroad suggests one could come at any time.