business@tribunemedia.net
THURSDAY, JUNE 15, 2017
$4.15 ‘NEW SHERIFF’ PM RECALLS HOW CORRUPTION HURT HIM By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Prime Minister yesterday promised the private sector there was “a new sheriff in town”, as he recalled how his business ventures had twice been impacted by Bahamian government corruption. Acknowledging that corrupt practices has cost the Bahamas “hundreds of millions or more” over the decades, Dr Hubert Minnis pledged that “times have changed” as he sought to reassure businessmen they would not lose their livelihoods and profits due to graft. Addressing the opening of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) fourth National Conclave of Chambers of Commerce, Dr Minnis said investors should not have the cost of See PG B10
Minnis: Graft has cost ‘hundreds of millions’
DOWNTOWN Nassau’s revival could be sparked by moving key government agencies there “to spur economic activity”, a wellknown accountant arguing the area should not solely rely on tourists. Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, told Tribune Business that moving government offices back downtown - especially to the section ‘east of East Street’ - would provide “the framework” to attract Bahamian entrepreneurs to return. He explained that the presence of government workers, and members of the public accessing the services they provided, would provide a ready-made customer base to ensure the economic viability of Bahamian retailers and restaurants. “We’ve just got to enhance the physical plant of the Bahamas, and See PG B4
$4.27
$4.27
Troubled broker’s ‘asset deficit’ facing scrutiny
Pledges to stamp out bad practices
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Only transfer for corrupt officials is Fox Hill’
LIQUIDATORS for a troubled Bahamian broker/ dealer, which admitted to misusing almost $4 million in client monies without permission, were yesterday assessing how to deal with its asset “deficit” after it was place under Supreme Court supervision. Raymond Winder, Deloitte & Touche (Bahamas) managing partner, told Tribune Business that he and fellow accountant, Mark Munnings, had to de-
Tillerman liquidators face ‘shortfall allocation’ Court now overseeing company’s wind-up termine “how to allocate” the multi-million dollar loss between Tillerman Securities’ clients. Disclosing that he met with some of the broker/ dealer’s creditors yesterday, Mr Winder confirmed that
Tillerman’s liquidation had been placed under the Supreme Court’s supervision earlier this week. That move was another step in the agreement reached between Tillerman and the Securities Commission to end a near twoyear legal battle, which saw the regulator drop its own winding-up petition in return for the broker/dealer consenting to its voluntary liquidation coming under the court’s remit. “The Securities Commission had a matter they had initiated against the company, and as part of not
moving forward with that and having it struck off, Tillerman’s liquidation had to be court supervised,” Mr Winder told Tribune Business. “Today, I met with a number of the creditors [of Tillerman]. We’re looking at our options to deal with the shortfall or deficit we met there.” Mr Winder confirmed that the financial hole’s size was “several million dollars”, and added that most of the creditors fall into the “fiduciary” category - meaning Tillerman was See PG B8
Electronic payment licence Island Luck’s ‘top priority’ PM DR HUBERT MINNIS
By NEIL HARTNELL Tribune Business Editor and NICO SCAVELLA Tribune Staff Reporter
Relocate Govt offices to revive Bay Street By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.20
Staff, public would ‘spur economic activity’ Would be ‘framework’ to attract entrepreneurs
ISLAND LUCK CEO SEBAS BASTIAN
SEBAS Bastian’s Island Luck group yesterday said it was targeting remittance and electronic banking licenses as “top priority”, as it prepares to submit paperwork for an initial public offering (IPO) by next week. Mr Bastian, the web shop chain’s chief executive, said its investment house affiliate would apply for the
licenses once the Central Bank finalised the regulations for electronic payments solutions providers. He added that Investar Securities would be “a good force” in the sector, given that it could exploit Island Luck’s nationwide physical presence and technology infrastructure to provide such solutions - especially in remote Family Island communities which the commercial banks have withdrawn from. See PG B9
Sebas: Investar affiliate will be ‘good force’ Web shop targets IPO filing ‘next week’ Says revenues starting to ‘stabilise’
Accountant: ‘One activity leads to another’
CRAIG A. ‘TONY’ GOMEZ
‘Devil is in details’ on Fiscal Responsibility By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is “definitely on the right track” with its promised Fiscal Responsibility legislation, a governance reform group said, while warning: “The devil is in the details”. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that “buy in” from both the private sector and civil society was critical if a well-crafted Fiscal Responsibility Act is to work. Emphasising that such legislation needed to be combined in “a one-two
Reformers praise Govt as ‘on right track’ Private sector, civil society ‘buy in’ vital Legislation ‘one-two punch’ with FOIA punch” with a Freedom of Information Act, Mr Aubry said the two reforms would improve economic development and decision-making, while also boosting consumer confidence and trust in government. See PG B8
STANDARD SIZE CGI WINDOWS IN STOCK Premier Dealer
Most extensive line of Windows, Doors, Entrance Doors & Hurricane Shutters
325-6633/4 | email. sales@stormframewindows.com | website. stormframewindows.com