06182020 BUSINESS

business@tribunemedia.net

THURSDAY, JUNE 18, 2020

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Developer hit by $327,000 Bahamas Food Services unveils in ‘unauthorised contracts’ staff terminations

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HARBOUR Island developer fears he will suffer “irreparable harm” if he fails to honour more than $300,000 worth of “unauthorised” contracts agreed by his former project manager.

Michael Wiener, principal of 4M Harbour Island Ltd, is alleging that Bernard Ross, who has a history of convictions and run-ins with law enforcement, broke his contractual obligation not “to pay bonuses or side contracts” without first obtaining the developer’s approval.

The latest legal filings in

• Briland project principal fears ‘irreparable harm’ • Alleges ex-convict manager made ‘side deals’ • Bahamian contractor paid to ‘keep work going’

the duo’s escalating fight, which have been obtained by Tribune Business, allege that Mr Ross entered into more than $327,000 worth of contracts without permission.

These included $100,000 due to an Eleuthera-based contractor, Mickyles Enterprises, and its principal, Michael Johnson, for work that 4M’s principal should have been performed by Mr Ross.

Mr Wiener alleged that he had been forced to pay Mr Johnson some $50,000, or 50 percent of what he is owed, “to

keep work progressing” on the Briland Residences & Marina development. A further $127,438 was said to be owed to RH Sasso/Coastal Systems International, the latter of which is a Floridabased company known for its work on marina and water-based developments in The Bahamas.

The 4M principal’s affidavit, filed on June 8 in response to Mr Ross’s bid to obtain a “partial summary judgment” against him for allegedly breaching their settlement agreement, indicated that “unauthorised”

deals executed by the former project manager likely involved more than the $327,000 known.

Apart from the agreement to pay $100,000 to Erik Sanderson, an “unknown” sum was also owed to a “Bobby Bargar”.

Mr Wiener explained that these previously unknown liabilities, which he discovered subsequent to the “settlement agreement” with Mr Ross and his wife, Holly, were why he has not paid the final two

SEE PAGE 5

COVID testing change may hit tourist opening

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday conceded that maintaining the existing COVID-19 testing requirements for tourists entering The Bahamas could negatively impact both travel decisions and hotel re-openings.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business he “wouldn’t be surprised” if potential visitors, hotels and other Bahamas-based tourism operators rethink their plans as a result of the government’s decision to continue demanding negative COVID-19 PCR swab tests before persons are allowed to enter this nation beyond July 1.

The Bahamian tourism

• Visitor, hotel decisions may be impacted • ‘Quite complicated to restart the engine’ • Marina chief: ‘My phone’s blowing up’

industry had previously argued that keeping this mandate in place would be impractical once the sector fully re-opened on that date, but Mr D’Aguilar said growing unease over increasing COVID-19 infections in the US - the country’s major

Bahamasair eyes baggage fees and ticket price hikes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMASAIR is being “implored” by the COVID19 crisis to increase revenues by $7.5m annually through the levying of “nominal” ticket price rises and baggage fees, a Cabinet minister revealed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told the House of Assembly during the 2020-2021 budget debate that the fiscal realities imposed by the pandemic and Hurricane Dorian, coupled with years of deficit spending by previous administrations, meant

the national flag carrier had no choice but to reduce its burden on the public purse.

He added that Bahamasair was set to implement recommendations from PricewaterhouseCoopers (PwC), the accounting firm, which was hired by the Ministry of Finance to conduct a study on how loss-making state owned enterprises (SOEs) such as the airline can reduce the annual $400m-plus burden they inflict on Bahamian taxpayers to subsidise them.

PwC, which found that Bahamasair had not increased its ticket prices for

SEE PAGE 9

BPL’s $535m bond in Singapore listing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) mammoth bond refinancing aims to raise $535m and will be listed in Singapore when placed with international and local investors, a Cabinet minister revealed yesterday.

Desmond Bannister, minister of works, told the House of Assembly during the 2020-2021 budget debate that the Minnis administration’s Cabinet has approved

DESMOND BANNISTER the total sum to be raised by the state-owned utility as part of efforts to place it on a more sustainable financial footing.

SEE PAGE 8

source market accounting for 82 percent of its visitors - and the threat they pose to this nation’s gains against the virus meant the pre-testing regime has to stay in place.

“Probably, probably. I wouldn’t be surprised,” Mr D’Aguilar replied, when asked by this newspaper whether the government’s reversal will impact both travel bookings and hotel openings. “The fact we’re opening on July 1 affected some decisions anyway.

Even when we didn’t have it [the requirement for COVID-19 pre-testing] people were deciding not to open.

“One could argue that for those not opening it probably confirms they shouldn’t open yet, and for those opening it will probably cause a rethink, but that’s alright. Now we have made the decision we have to make it work.”

Magnus Alnebeck, general manager of Freeport’s Pelican Bay resort, echoed Mr D’Aguilar’s acknowledgement that the revised COVID-19 protocols could change the outlook for hotels that had planned to re-open on July 1 - especially if they believed the insistence on pre-testing

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Food Services’ US parent yesterday confirmed that the wholesale giant has been forced to permanently terminate staff due to the protracted nature of the tourism industry’s COVID-19 recovery.

Sysco, in response to Tribune Business inquiries, said the pandemic’s devastating impact on its core hotel and restaurant business with most properties either closed or suffering from much-reduced business volumes - had left it with no choice but to align workforce costs with revenues.

“The COVID-19 pandemic has had a serious impact on the economy in The Bahamas. Many of our hotel and restaurant customers have closed due to the severe decline in tourism, resulting in a significant impact to our business,” Sysco said of its Bahamian subsidiary.

“Earlier this year, we furloughed associates in hopes of being able to recall them in the summer as the crisis subsided but, unfortunately, the economy is expected to take more time than previously anticipated to recover.

“As a result, we made the very difficult decision to permanently reduce the size of our workforce. We are constantly monitoring the economic environment, and are eager for tourism to rebound in The Bahamas so that we may be able to ultimately hire workers back.”

Sysco declined to detail how many persons have been terminated, but sources suggested up to 100 may have been impacted at the Gladstone Road-headquartered firm. Tribune

Business understands that those impacted were largely workers who this newspaper reported in April had been temporarily furloughed when the COVID-19 crisis hit.

Wholesale industry sources said Sysco Bahamas Food Services had been especially vulnerable because a significant amount of its business is concentrated in the hotel and restaurant sector. “It’s like someone turned off a tap,” one contact said.

“They’re not that strong on the retail side. It’s a dire situation, it really is.”

Tribune Business was tipped to the terminations on Tuesday afternoon by a source, speaking on condition of anonymity, who said they had been carried out over the last three weeks.

However, John Pinder, director of labour, told this newspaper he was unaware of any Sysco Bahamas Food Services terminations and understood that the company had merely placed staff on reduced work weeks.

“They have their employees on a short-term work week is what they said.

They have not terminated anyone to-date; at least they have not said anything to me. This letter was sent to me on May 8 and it was going to come into effect on May 11,” Mr Pinder said.

“I heard they were going to terminate staff, but they have not said anything to me. Maybe they have said something to the minister (Dion Foulkes). What they would do is send the notification to the minister and carbon copy me, or the minister would send the copy to me, so I haven’t gotten a

SEE PAGE 8

PAGE 2, Thursday, June 18, 2020

Hurbert Edwards, in the fourth of a five-part series, identifies the areas that require attention if The Bahamas is to improve its value proposition.

THE TRIBUNE

TIME TO GET THE ‘BOOT’ OFF FINANCIAL SERVICES’ NECK

BY HUBERT EDWARDS

R

EGIONAL or similar-sized competitor jurisdictions essentially have the same value proposition as The Bahamas. What becomes clear relatively quickly is there are marked differences in how each do the same thing, the extent to which it is done and the value it communicates to investors. Their tax, regulatory and legislative regime all operate on similar principles. The implementation of each is usually the difference-make for their financial services jurisdictions.

According to a paper by the Securities Industry Association: “Many diverse factors contribute to the creation of a long-lived and reputable world-class financial centre. They reflect some combination of at least four important features: 1) A stable and open political and economic regime; 2) fair, transparent, efficient and reasonable

legal, regulatory and tax regimes; 3) A skilled labour force and flexible labour regime; and 4) High quality physical infrastructure.”

A number of these are present in The Bahamas, but to create a major strategic shift all must be comprehensively looked at.

Therefore, beyond the big vision and tinkering of strategic arrangements, there are necessary and practical matters which must be addressed. These factors impact the value proposition of the financial centre

and become fundamental to it being long-lived, reputable and world-class. This section of the recommendation tackles this reality.

Legal and professional services sector The Bahamas should consider how it can open up the legal and professional services sectors to competition. To create greater vibrancy, international practitioners must be allowed to create a physical presence in The Bahamas, providing services on a competitive basis with local practitioners. While there is some level of competition in other professional areas, the legal sector is generally closed to foreign practices.

Any ambition to advance beyond what currently exists will require a careful look in this direction.

Against the backdrop of a struggling economy, with its leading industry limping, it is imperative that all productive capacities and avenues are leveraged for the benefit of The Bahamas.

The legal sector represents an important part of the financial services cluster, and can provide significant market access, for example, especially in the area of fund management. A closed approach in this sector will continue to exert negative influences on the development of the financial services industry.

The Taxation regime The Bahamas should set up a task force of industry participants, with support from tax experts, to study and make recommendations on the future taxation regime that The Bahamas will employ.

The terms of reference should be to recommend the best approach, having studied the full range of options available.

The objective is to implement a regime that enables the government to finance its obligations; provides for capital and infrastructure development; and allows The Bahamas to effectively manage its deficit and debt without harming the jurisdiction’s competitiveness.

The recent European Union (EU) demands should create some urgency here. In my opinion, there are limited options, and therefore a full study should be undertaken to inform the eventual solution being informed by same.

There is a clear recognition that this issue is politically sensitive and emotive. However, the assessment must be done within the context of the current tax system’s continued viability and the extent to which the future development of the Bahamian economy will be impacted.

Proposed changes must seek to address the fact that government revenues have shown evidence of shrinking, and the fact that a top-flight financial services industry requires the existence of a well-functioning economy where fiscal deficits are controlled, and the performance of the economy is healthy over time.

Taxation methods should bear in mind the need for The Bahamas to remain competitive as a jurisdiction and not erode its value proposition.

I am aware of work that was at least started in this area, but am not sure if there are any definitive

conclusions. Those studies must now be completed, and the national discourse initiated, with a view to determining how any decision will impact the economy. It is possible that the answers already exist.

Therefore, if the “foot on neck” threat is real, the space for manoevering is limited, and what must be focused on is how to best implement a direct taxation system without harming the local economy. I will return to this in a subsequent paper.

Infrastructure and cost of doing business The infrastructure of The Bahamas can generally be considered reasonable, but it needs further improvement and development.

The cost of doing business in The Bahamas tends to be high, but it holds the advantage of location, currency value and population size over Caribbean rivals.

Reducing the cost of operating from The Bahamas will increase its competitive advantage and position it to be more attractive to investors. In this regard, attention must be placed on Bahamas Power & Light (BPL) as a means of reducing the cost of energy.

The recent thrust to privatise and liberalise the telecommunications industry is paying dividends.

The same approach may be required for other utilities. Physical infrastructure such as airports, seaports, roads attractions and office spaces must continue to receive attention. The project underway with Nassau’s cruise port, and discussions around the redevelopment of Bay Street, should be viewed as important linkages with the financial services industry. The general environment within which a financial centre exists must be of a consistently high standard.

Educational strategies for financial skills The government must immediately move to establish a long-term strategy for addressing educational training with one eye on impacting the financial services industry. The long foreshadowed creation of a chair at the University of The Bahamas (UB) for financial services studies should be initiated and developed with a sense of urgency. While UB will be

the point of output for the industry, there must be clear linkages to secondary education. Defined strategies must be employed to secure more finance/banking inclined students flowing into the tertiary system. As a matter of national policy, the ministries of financial services and education should work out annual plans for skills development geared towards the financial services industry. The development of specialised studies at UB should be assessed by these two ministries on a collaborative basis.

Skills development should not be limited to formal educational pursuits.

Through public-private partnerships (PPPs), a creative means of expanding the knowledge base should be explored and implemented. Areas such as mentorship, secondments and tours of duty can be addressed at policy levels.

Inducements for employers to train should be actively enforced within the immigration regime. The government should also consider creating a means for incentivising long-term training programmes.

The ever-changing nature and complexity of financial services demands that studies in areas such as financial engineering and risk management become more central to the skill-set being prepared for the industry.

These areas, as examples, represent viable options for offshoring for major international financial institutions. The development of educational standards must necessarily be looked at from an economy-wide perspective, and as a strategic imperative for economic development. But there must be dedicated policymakers looking out for the interest of the financial services industry in this regard.

Capital markets and stock exchange The approach to capital market development needs to become more focused and holistic. All government securities should be immediately listed on BISX. Initiatives to increase education and understanding, within the general population, on how capital markets and investing work must be

SEE PAGE 9

THE TRIBUNE

Thursday, June 18, 2020, PAGE 3

GOVT ALTERS COURSE ON TOURIST COVID TESTING

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE government yesterday reversed course on its COVID-19 tourism protocols by announcing that all visitors must produce evidence of negative PCR swab tests to enter The Bahamas from July 1.

Dionisio D’Aguilar, minister for tourism and aviation, told the House of Assembly that the government had decided to maintain the existing requirements, or status quo, for the tourism industry’s full re-opening because of the threat posed by rising COVID-19 infection rates on its largest visitor source market, the US. He used his budget debate contribution to say: “There has been much concern expressed about the re-opening of the country to foreign visitors, allowing them and Bahamians returning home, after July 1, to enter the country without some form of testing to determine their COVID-19 status.

“The concern expressed has been as a result of what we have all being watching on our televisions, and reading on social media and in the newspapers, about what is happening in the US, the source of 82 percent of our foreign visitors.

“With the reopening of businesses in all 50 states, and the protests that have been taking place in many of the major cities throughout the US, most states are now reporting spikes in the number of positive results from COVID-19 tests.”

As a result, Mr D’Aguilar

DIONISIO D’AGUILAR said: “This has put The Bahamas in an extremely difficult position. On the one hand, we need foreign visitors to return to our country to restart out economy. Foreign visitors from the US, especially from nearby Florida, Georgia and Texas and the northeast states of New York, New Jersey, Connecticut and Massachusetts, form the bulk of our annual visitors. We need them to come to restart our tourism sector and put our people back to work.”

“However, there are the legitimate health concerns that these very people that we need to restart our vital tourism sector, and put our people back to work, could end up causing a spike in COVID-19 cases here in The Bahamas and undoing the excellent results that the Ministry of Health has achieved in keeping our death rate low.”

“Unfortunately, the government faces a dilemma to which there is no easy decision. Open up and face a potential spike in COVID19 cases and possible deaths, or stay closed and face continued economic hardship,” he continued.

“Given the spike in the number of positive

COVID-19 tests in the US, and the uncertainty surrounding just how many cases will require hospitalisation, the Government of The Bahamas has decided to maintain the current status quo until further notice. What we mean by that is that the Government of The Bahamas, which now requires a COVID-19 test to enter the country up to July 1, will also require a COVID-19 after July 1.”

Mr D’Aguilar’s announcement confirms that the negative COVID-19 PCR tests that must be provided by visiting boaters and private aviation passengers, after those niches were opened up on June 15, will remain in place indefinitely as a requirement that all incoming tourists must fulfill.

The government had previously hoped to admit tourists through checks at the border point-of-entry, including health declarations and temperature scans, but the recent spike in US COVID-19 infections - especially in Florida and other major tourist source markets - made such relaxation impossible.

Both Dr Duane Sands, the former minister of health, and the Consultant Physicians Staff Association (CPSA), representing the more senior doctors at Princess Margaret Hospital (PMH), had all warned against removing the requirement for a negative PCR swab test for COVID-19 amid concerns that this could compromise The Bahamas’ gains to-date in containing the virus.

Mr D’Aguilar told the House of Assembly

US wants share of overflight revenues

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE US has “indicated they want a piece of the pie” if The Bahamas starts charging airlines for flying through its national airspace, a Cabinet minister revealed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, confirmed that the US government will likely seek a share of the overflight fees that the government is seeking to charge from early 2021 as The Bahamas finally moves to “monetise” its airspace.

He was responding to questions raised by Glenys Hanna-Martin, who had ministerial responsibility for aviation under the former Christie administration, after she pointed out that American airlines are currently charged no overflight fees by their government for transiting Bahamian airspace.

“If we start charging they have indicated they want a piece of that pie,” Mr D’Aguilar said. “We will negotiate with them as best as possible, and use the six-month period to consult with all of the airlines and industry partners and let them know what we’re thinking” to develop a solution satisfactory to all parties.

Mr D’Aguilar, who recently revealed that he hopes to start levying overflight fees by January 2021, said the charge will generate a new revenue stream for the government that can be used to finance the civil aviation sector. In particular, he suggested the income earned could help finance the Bahamas Civil Aviation Authority and end its reliance on government subsidies that have reached as high as $19m.

“Most civil aviation authorities, and most air traffic control providers, generate fees from the provision of their services, and so the Bahamas Civil Aviation Authority has begun, in earnest, the journey to do just that,” the minister said, adding that it was due to receive a $15m subsidy from the government in the 2020-2021 budget year.

“Monetising the sovereign airspace of The Bahamas would involve the implementation of the necessary technology to measure and track each and every aircraft that flies through our airspace. Over 1,000 planes fly through our airspace every day. Almost 90 percent of them never stop. In addition to tracking these aircraft, the technology would need to generate a bill for the distance travelled through the sovereign airspace of The Bahamas,

send that bill electronically to the owner/operator of the aircraft, and then pursue that owner/operator for payment.”

Mr D’Aguilar said the Bahamas Civil Aviation Authority had hired outside consultants, ALG Global, an airport and aviation specialist, to help determine the number of flights passing through Bahamian sovereign airspace (overflights); the number of flights into and out of the country’s airspace from international destinations; and the number of domestic flights within the sovereign airspace.

ALG Global will help the government determine who to charge, how much and under what circumstances, Mr D’Aguilar said, based on the distance travelled by planes.

“While the consultation period with industry is ongoing, we will begin the process of selecting a company, hopefully a Bahamian company, that has the technology to track every flight through and within

SEE PAGE 10

yesterday: “When we made our initial decision, evidence supported the opening of the tourism sector without the test. We had the full support of the tourism sector for this decision. But things have changed. The situation has become unclear and ever-changing, so a prudent government must reassess and readjust all decisions

related to this COVID-19 virus as the situation evolves on the ground.

“But I wish to impress, once again, on the Bahamian people, the difficulty of the decisions that we have to make. Stay closed, and make it difficult for the economy to reopen, and we will continue to suffer economic hardship and high unemployment, or

open too quickly or too wide and face an increase in the number of COVID-19 cases and possible fatalities.

“This is a hard situation to get right, Mr Speaker, but we will do our endeavour best to walk that fine line to mitigate the risks of COVID-19 as best as we can, hopefully with the full support and prayers of the Bahamian people.”

PAGE 4, Thursday, June 18, 2020

THE TRIBUNE

COVID testing change may hit tourist opening FROM PAGE ONE will further reduce alreadydepressed business volumes to the point where losses meant it was not worthwhile to come back.

“It will be interesting to see how many more hotels say they will wait until after the hurricane season because it’s getting too complicated,” Mr Alnebeck told Tribune Business. “At Pelican Bay we are open and remaining open, but our market is more corporate than tourist, so we will continue to be open with the little occupancies we have.

“We need to somehow start this engine, but it’s quite complicated to start an engine that has been shutdown for a long period of time. That’s what we’re finding. You definitely cannot please everybody, and there are difficult decisions to make. The only thing we have to accept is this virus will be with us for a long time and we have to find a

way to co-exist with it and control it. That’s the reality.”

Mr Alnebeck added that the decision to maintain pre-travel COVID-19 testing requirements could also impact airlift to The Bahamas if major airlines determined that fewer travellers will result in further reduced load factors.

Noting that American Airlines does not plan to return to Freeport until August 18, he added: “What other airlines will reconsider how many flights they do or downsize their equipment because there is no question there will be less people coming in. It’s already reduced.”

Muna Issa, Breezes Bahamas’ vice president for marketing, voiced optimism that maintaining the COVID-19 pre-testing requirement could work in this nation’s favour because it “may make the visitors feel safer and more at ease”. She added: “It is important to keep The Bahamas safe and we hope conditions will

change soon so that this will no longer be required.”

Audrey Oswell, Atlantis’ president and managing director, said in a statement: “Atlantis supports the decision, as it will contribute to maintaining a safe environment for our guests, team members and community.

Links to various test sites will be added to our website.”

However, the altered travel policy has sparked further alarm among hotel workers already bracing for a wave of terminations to rock the industry. With Baha Mar and the Melia already planning to downsize their workforces by between 15-20 percent, further concern was created when John Pinder, director of labour, said in a TV interview on Friday that resorts such as Atlantis and Comfort Suites were also looking at full separations.

No details were provided, but one hotel worker speaking on condition of anonymity said it came as little surprise that major

Bahamian resorts were seeking to cut their wage bills to better align costs with depressed revenue streams give that the tourism sector’s rebound now seems likely to be slow.

“If they had intended to reduce their staff, this is the opportunity to do it,” the hotel worker added. “They could be taking advantage of this opportunity to downsize and have less workers due to reduced business.”

Mr Alnebeck, meanwhile, said “more upmarket” tourists planning to stay in The Bahamas for several weeks, and who have booked their trips in advance, were less likely to be impacted by the latest change in COVID19 health protocols than a visitor seeking an immediate getaway for several nights.

In the latter’s case, the Pelican Bay chief said the extra cost and inconvenience of obtaining a COVID-19 swab test, plus the fourday wait for the test results, could deter that market segment from coming to The Bahamas.

“The more upscale and booked in advance tourist will not be inconvenienced so much,” Mr Alnebeck added: “The ones who are inconvenienced are the tourists making relatively short decisions before they travel and come for a three-night

getaway to somewhere like Atlantis. They now have to pay $300 for a COVID-19 test and wait four days for the results.”

He said The Bahamas was no different from other Caribbean nations who are also having to change their COVID-19 protocols and advice for travellers on an almost daily basis. However, Mr Alnebeck said this could cause US travel agents to advise clients thinking of travelling to the region to “leave it alone for a while until it settles down”.

In turn, he warned that some guests might also demand refunds if they cancel their travel plans due to reluctance to obtain the required test before travelling.

Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business “my phone’s blowing up right now” with concerns from marinas and boaters about the continued need for a swab test before persons will be admitted to this nation.

“The numbers have spiked in the US and this is what happens,” he said. “How the hotels are going to deal with it I have no idea. The biggest problem is getting the test done. The minister of tourism told us on the ABM general meeting call he was

going to try and get a list of places they will accept the COVID-19 test from. I just wish there was a simpler way. Unfortunately, right now, there isn’t.”

Mr Maury argued that the swab test was “not a big deal”, having taken three himself when moving boats between The Bahamas and the US, but he admitted that keeping it in place was likely to cost this nation some business following the marina sector’s re-opening on June 15.

“In the last couple of calls I’ve had, people are already reconsidering,” he revealed.

“I don’t know what to do at this point. Everybody is sitting there saying: ‘What do we want to do?’ I’ve had one person text me to say July 1 is out: There’s no reason to take a test.

“But if they want to come to The Bahamas, and this is what I said to the minister of tourism, now is the time to see it because no one’s here.

This is the time to see The Bahamas in a pristine state.

Take the test and come.

“You may not see it like this ever again. The marine life has come back, it’s in a pristine state and we’re safe.

There’s not much we can do about this. There are no answers to this thing. Everything changes day-by-day.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, June 18, 2020, PAGE 5

Developer hit by $327,000 in ‘unauthorised contracts’

FROM PAGE ONE

installments - worth collectively $1m - to the duo.

Suggesting he had moved to part ways when Mr Ross’ performance as project manager proved to be “more of a burden than benefit”, the 4M principal’s filings with the central California federal court alleged that the settlement only provided the ex-convict and his Harbour Island Development Management company with a “limited” release from their obligations.

“Of the obligations assumed by Harbour Development, neither Harbour Development or its manager, Ross, were authorised to commit 4M to pay bonuses or side contracts that were not approved by me as the manager/president of 4M,” Mr Wiener alleged.

“Harbour Development’s performance under the development agreement did not meet 4M’s expectations and began to be more of a burden than a benefit due to the conduct of Ross. In or about May 2019 I notified Harbour Development and Ross that I was terminating the development agreement.”

To avoid a protracted and costly legal fight, Mr Wiener said he agreed to pay Mr Ross and his wife a total of $2.3m - more than they were entitled to under the

agreements. The final deal also allegedly included “offsets” to account for the 4M chief’s personal guarantee of a loan to help Mr Ross acquire an airplane.

“The settlement agreement required Ross... to release 4M, me, my family members and other entities in which I am affiliated,” Mr Wiener alleged. “4M also provided a limited release in favour of Ross and the other plaintiffs that specifically related to the guaranty of the loan for Ross’s airplane...

“This limited release was provided because it was believed that there may be unknown and unforeseen issues and damages arising from the conduct of Harbour Island and Ross.” Still, Mr Wiener paid the first $1.319m installment due to Mr Ross and his wife before his concerns materialised.

“By October 2019, I had come to realise that, as part of his activities on behalf of Harbour Development, Ross had represented to third parties that he was an owner of 4M’s project and that he had promised payments to businesses and individuals to perform the work that Harbour Development had committed to do under the development agreement,” Mr Wiener alleged.

“Given the nature of the project and the fact Harbour Island is a small island, irreparable harm will likely be suffered by the project if the unauthorised promises of Ross are not honoured.”

Mr Wiener was backed

by Mr Johnson, the Governor’s Harbour-based contractor still owed $50,000 for his work on the Briland Residences & Marina

development.

Revealing that he first met Mr Ross in 2017, the Bahamian entrepreneur said he was initially approached about being an electrical contractor for the project.

“Subsequently, he [Mr Ross] asked me to provide assistance liaising with the Harbour Island District Council, the governing authority on Harbour Island, as well as the Office of the Prime Minister,” Mr Johnson alleged in an affidavit filed with the central California court.

“As the nature of the project is a real estate development located on a small island in The Bahamas, I knew that my historical relationships and credibility with both the Harbour Island District Council and Office of the Prime Minister would be helpful.

“This was especially true with respect to the project Ross was working on since he claimed to be an owner of the project, and it was known to me - and government officials - that Ross had a prior felony conviction and other issues with the criminal justice system.”

Mr Johnson said news articles detailing Mr Ross’s past had been widely circulated and discussed on Harbour Island. Agreeing to accept the $100,000 that Mr Ross proposed to pay him, he added: “Ross stated to me that he was an owner in the project and that I was not to communicate with Michael Wiener, who was identified to me as the manager for the owner of the project, unless I first obtained Ross’ authority to do so.

“Based on Mr Ross’

Dividend Notice 28 May 2020 The Board of Directors of Benchmark (Bahamas) Ltd. at its 24th April, 2020 board meeting unanimously elected to suspend the dividend payable for 30 June, 2020, following the outbreak of the novel Corona virus (COVID-19).

Suspension of the June, 2020 dividend was agreed by the board in response to the economic uncertainty that COVID-19 has created globally. With governments around the world closing their economies to protect human lives and the unknow impact that such measures will have on future economic growth, gave the board the rational to deploy financial containment measures across the company ensuring that financial strength can be maintained post COVID-19. Once more certainty can be gained as to the real economic impact of these governmental measures and the potential outcome they are likely to have on global and domestic future economic growth and activity the policy will be reviewed.

Brent Roberts Secretary

promise, I devoted a substantial amount of my time and effort towards this project with the expectation that I would be paid the $100,000 promised by Mr Ross. After Ross left Harbour Island in June 2019, I communicated with Michael Wiener more frequently... When I asked Michael Wiener when I would receive $100,000 as per my agreement with Ross, Michael Wiener informed me knew nothing about such agreement.”

Mr Ross has subsequently refuted much of the allegations by Mr Wiener and Mr Johnson, alleging that a significant portion of their respective affidavits is based on events they have no firsthand knowledge of. He and his wife are pushing for a

“a partial summary judgment” against the 4M chief on the basis that he and his corporate entities have no defence to their claim that he breached the “settlement agreement:” by failing to pay the outstanding $1m.

Court filings previously reported on by Tribune Business revealed that Mr Ross - who was convicted of heroin possession in the US in 1976, and served a prison sentence - was effectively handed the keys to the project and given wideranging responsibilities by Mr Wiener. The duo’s legal battle is now heating up as they head towards a January 2021 trial in the California courts with multiple as-yet unnamed witnesses coming from The Bahamas.

4M’s Briland Residences & Marina project has also been subject to Judicial Review challenge in the Bahamian Supreme Court by rival Harbour Island hotelier, Benjamin Simmons, and Briland Island Responsible Development.

Both sides agreed that the site plan approval initially granted for the project should be quashed, having been wrongly granted by the government’s Town Planning Committee instead of the Harbour Island District Council. Confusion then arose over whether the council subsequently granted site plan approval, with councillors having voted in favour of doing so but nothing was produced in writing.

PAGE 8, Thursday, June 18, 2020

Bahamas Food Services unveils staff terminations

THE TRIBUNE

BPL’s $535m bond in Singapore listing FROM PAGE ONE

JOHN PINDER FROM PAGE ONE copy of anything from Sysco sent to me yet and I can only speak to what I have now.”

Mr Pinder added of the short work week: “That means you can only work for three days a week, or work for 16 hours out of the week. They said the schedule is supposed to be attached but they haven’t sent it to me. They may have sent it to the minister but he hasn’t carbon copied me.

They were supposed to have a list of the workers who would be impacted attached but they have not sent it to me, or at least I don’t see it in the file.”

“The bond quantum amount of $535m was recently approved by Cabinet, and the use of proceeds rubric has been adjusted to reflect this,” said Mr Bannister, who has ministerial responsibility for BPL. “In addition, Singapore has been approved for listing the bonds and an engagement letter has been executed.”

BPL had initially sought to raise $650m through the placement with investors of its rate reduction bond (RRB), the proceeds from which will be used to retire some $321m in legacy debts as well as provide new working capital to upgrade the utility’s aged transmission and distribution (T&D) infrastructure, tackle its environmental liabilities and tackle other pressing needs that have been repeatedly deferred.

Mr Bannister pledged that the Boards at BPL and

BPL HEAD OFFICE

Bahamas Rate Reduction Bond Ltd, the latter being the special purpose vehicle (SPV) that will issue the bonds and ensure investors are paid their interest, will “be in a state of readiness once the markets that were

impacted by COVID-19 reopen so that the transaction can be brought to a favourable conclusion”.

“The positive momentum for the RRB prior to the COVID-19 pandemic has not dissipated. The change

in circumstance means only that BPL must wait for a more favourable market window opens in order to put the bond to market,” the minister added.

Mr Bannister’s upbeat comments to the House of Assembly contrast with his Tribune Business interview earlier this month when he said the government may have to move BPL aside and secure the nine-figure refinancing the state-owned utility requires itself.

“There’s a question as to whether BPL will go out at all, and if the government will do the whole thing. We’ll watch the markets and see what’s best.

It would simply mean that the government would get the best deal it can get, and the funding would be available through it to BPL. BPL would be responsible for repaying it,” the minister said then.

“If the market conditions do not improve sufficiently that BPL can go out on its own, that’s something that will have to be decided. We have to look at the economy and what the markets are like, and what type of appetite financiers have.”

The initial obstacle to placing BPL’s RRB was the need to obtain a credit rating for the issue from the major rating agencies - something that was not accomplished prior to COVID-19. And Mr Bannister said in early March 2020 that feedback from the international capital markets had urged the government to amend the bond’s supporting legislation to provide investors with greater protection given that the issue would have no state guarantee behind it.

BPL’s entire turnaround plan, and the provision of reliable, lower cost energy to its business and residential consumers, depends on placing this bond issue.

It has been structured to keep the $535m debt that will be incurred off the

state’s balance sheet and eliminated previous loan guarantees made on the utility’s behalf.

Mr Bannister, meanwhile, again pledged to Bahamian businesses and consumers that the additional charge that will be added to their bill to repay the bond investors will not result in their overall monthly energy costs increasing over the medium to long-term.

He added that the new charge will be offset by reduced fuel costs and efficiency gains, produced by BPL’s new Wartsila and General Electric (GE) engines on New Providence, such that the impact on overall bills will be “cost neutral”.

“Our goal is for the NUIC (National Utility Investment Charge) to be rate-neutral within six to ten months of its introduction,” Mr Bannister said.

“What this means in simple terms is that compared to 2018 rates, with a number of assumptions, the increase in cost that will result from the addition of the charge will be offset by savings derived from fuel savings and increases in efficiency and management of resources.”

He added, though, that delays in placing the bond issue had forced the Government to step in and refinance $246m worth of bank loans where “the balloon payment” was due on June 11, 2020. “To address this, the Government of The Bahamas agreed to transfer the governmentguaranteed loan from BPL’s balance sheet to the balance sheet of the government,” Mr Bannister explained.

“The creditor agreed to extend the due date from June 11 for 45 days to allow the parties time to complete a new bridge loan. That new bridge loan – which will cover the $246m outstanding – will be a loan between the creditor and the Government of The Bahamas. The government will then execute a side agreement with BPL requiring BPL to service the new loan, which will remain on the government’s balance sheet.

“Let me emphasise that BPL will remain responsible for repayment of this loan. The Government of The Bahamas is taking this extraordinary step only to allow the company to have the room to operate, in order to deliver on its promise of consistent, reliable power at a lower cost to consumers.:” The $246m debt consists of two loans. The first is a $211m loan from a Bahamian commercial banking syndicate, headed by CIBC FirstCaribbean International Bank (Bahamas), while the $35m balance is a separate loan from that same bank.

THE TRIBUNE

Thursday, June 18, 2020, PAGE 9

Bahamasair eyes baggage fees and ticket price hikes FROM PAGE ONE eight years, called for the airline to better align pricing with the cost of service on its domestic routes between Nassau and the Family Islands.

Revealing that a $20 per return ticket increase had been recommended, Mr D’Aguilar said this would boost Bahamasair’s revenues by $3m per year. And PwC also urged the airline to target “ancillary revenue streams” by levying a charge for carrying passenger bags - a common practice in the industry.

“The realities of COVID-19’s financial impact on the government implores Bahamasair to adopt these industry standard tools and pricing models to become independent of the government’s enormous subsidy,” Mr D’Aguilar said. “The combination of a $20 nominal domestic fare increase coupled with a similar $20 nominal fee for the first bag will keep the airline competitive while improving its revenue stream by some $7.5m each year.”

Referring to PwC’s work, he added: “Bahamasair must modernise its pricing models to ensure future profitability and avoid a persistent drain on the public purse. The study found that Bahamasair has not increased domestic airfares in over eight years.:” Questioning whether there was any other business that had not increased prices in line with inflation over this period, Mr D’Aguilar added: “Whereas this pricing model is beneficial for the consumer, it ultimately becomes the burden and responsibility of the public’s Treasury. The study recommends that Bahamasair adjust its domestic fares to better align with the everincreasing costs of operating a premier airline.”

The minister, though, hinted that Bahamasair’s role in providing a transportation lifeline to many remote Family Islands meant ticket price hikes could not be so exorbitant that they priced Bahamians out of the market.

“An adjustment of $20 per return ticket has been recommended to Bahamasair. This would provide

an expected increase in revenue of some $3m per year,” he said. “Now, this means that Nassau to Freeport, round trip, would cost $180 instead of $160. Nassau to North Eleuthera, again round trip, $156 instead of $136.”

As for the proposal to levy fees on bags, Mr D’Aguilar told the House of Assembly: “The reality is that this phenomenon is not localised to the Commonwealth of The Bahamas. In 2018, the airline industry brought in an estimated $92.9bn through ancillary fees for bags and on-board services.

“As we are all aware, Bahamasair hauls bags.... When compared to other carriers on Bahamasair’s international routes, there are no

justifiable reasons why the airline cannot charge a nominal fee for each bag handled. Airlines for years have relied on this ancillary fee to keep their ticket prices low.”

While many Bahamians, used to bringing huge quantities of shopping home from Florida and the US, may take time getting used to the cultural shock of paying baggage fees and higher ticket prices, change is being forced upon the national fag carrier. The Ministry of Finance has already given itself the target of reducing collective annual SOE subsidies by $100m over the next five years, of which Bahamasair accounts for a major portion.

Mr D’Aguilar, meanwhile, said the carrier estimates it

will save a further $3m per year through the March 2020 shift from its old Sabre passenger reservation system. He added that the new Hitit/Crane system was internet-based, and will enable the airline to connect to travel agencies via the internet rather than Sabre’s global distribution system (GDS), which was “historically inflexible at responding to changing market needs”.

“This new system eliminates so-called ‘Look to Book’ ratio costs,” the minister said. “Whereas the old system included a fee for all searching above a 75:1 search to booking ratio, Bahamasair will no longer be charged every time someone searches for flights and they do not actually book.

Other features include

enhanced bag tracking and new revenue accounting modules.

“This transition from the previous passenger service system to the new Hitit/ Crane system is expected to save Bahamasair an estimated $3m per year, and will greatly improve the airline’s operations and overall customer experience.

“In the 2018-2019 fiscal year, the last full year that Bahamasair used the old system, the airline paid Sabre $5.12m - with another $435,000 in ancillary costs - which will no longer be necessary under the new Crane system. For similar activities and processes, Bahamasair will instead incur costs of $2.5m, representing savings over 45 percent.”

GN-2405

TIME TO GET THE ‘BOOT’ OFF FINANCIAL SERVICES NECK

FROM PAGE TWO

immediately employed.

Both BISX and industry regulators should be mandated to provide this kind of information for general public consumption. The embedded actions of the investing public are usually “buy and hold”, which fails to fuel the market.

Consideration must be given to the need to further liberalise exchange controls to eliminate the restrictive influences they have on the capital market, and the flow of capital in and out of the country. This is recognised as an area requiring very delicate and careful balancing. While immediate dismantling is not an option, there should be a clear signal as to the extent to which the government wishes to go with a reasonable timetable supported by a practical plan that does not harm the country’s competitiveness.

The importance of the recommended approach speaks for itself. When we consider some of our competitors in the region, all have better-performing stock exchanges and more vibrant capital markets than The Bahamas.

A wider review of leading financial centres shows that none exist without viable stock exchanges or capital

markets. These are imperative for the development of a competitive financial centre. The Bahamas must therefore radically adjust its approach of not paying enough attention to the development of the stock exchange, especially the international side of the operation. Monetary or fiscal policies which work against the free flow of capital must continue to receive attention, and be adjusted in a way which benefits the economy in general, and facilitates growth in the financial services industry without imperiling the current exchange regime.

Immigration The Immigration Department, in concert with the financial services industry, should undertake a review of the current Immigration policy with a view to determining whether it is conducive to the long-term planning and development of companies in the industry. Any policy should establish clear and concise service-level agreements, which are not binding but are like social contracts, between the industry and the department. I wish to reiterate the need for clear requirements for training, understudying and skill development with proper enforcement.

To be continued.....

GN-2406

PAGE 10, Thursday, June 18, 2020

US wants share of overflight revenues FROM PAGE THREE

our airspace,” he added.

“That company will generate the bill for the airspace user, and either we will use that same company to collect the fees or we will

THE TRIBUNE

contract with IATA (International Ar Transport Association) to do so on our behalf.”

Discussions surrounding the management of Bahamian sovereign airspace have been ongoing for the last 25 years. Since 1952, some 75 percent of the air traffic through Bahamian airspace has been managed by the US Federal Aviation Administration (FAA), with Cuba handling the other 25 percent.

Air traffic within 60 nautical miles of the Lynden Pindling International

Airport (LPIA), and up to an altitude of 12,000 feet, has been managed by Bahamian air traffic controllers, but the FAA has been the one collecting the overflight fees involving Bahamian air space.

As a result, Bahamian-owned aircraft and commercial flights have been confronted with the ridiculous situation of having to pay the US to fly in their own country’s air space - an anomaly that cost them hundreds of thousands of dollars per year.

The Christie administration

rectified this during its final months in office through an agreement with the FAA. The US Office of Inspector General stated in its December 2017 audit that the FAA has billed an astonishing $800m in over-flight fees between 2006-2016. It billed an estimated $106m in 2017, with an estimated $126m to be billed in 2019.

A significant portion of this revenue will involve flights that have used Bahamian airspace, giving an insight into the potential earnings for this nation.

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that DWAYNE MONTIQUE, of Cathill Road, North Palmetto Point, General Delivery, Eleuthera, 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 11th day of June, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that RODNEY MILLA, of Palmetto Point, Eleuthera, 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 11th day of June, 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE OMTREASURE LIMITED NOTICE IS HEREBY GIVEN as follows: (a) OMTREASURE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 1st day of June, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

MARKET REPORT

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 17 JUNE 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,137.30 | CHG: -1.64 | %CHG: -0.08 | YTD: -94.30 | YTD%: -4.23 BISX LISTED & TRADED SECURITIES 52WK HI 4.43 22.65 7.00 6.75 2.58 2.00 5.47 12.77 6.16 4.50 10.30 3.64 5.10 10.88 8.44 16.99 9.40 4.25 15.21

52WK LOW 3.23 20.91 5.50 5.39 1.78 0.67 2.00 11.05 5.60 3.62 5.41 2.53 1.85 8.00 7.10 13.04 6.98 3.20 13.90

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 0.90

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.55 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.10 4.00 6.01 3.03 5.10 9.88 8.44 14.50 8.97 4.00 15.20

CLOSE 3.23 17.43 6.00 6.75 1.78 1.62 3.00 11.26 6.10 4.00 6.01 2.93 5.10 9.78 8.44 14.50 8.97 4.00 15.20

CHANGE -0.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 0.00 -0.10 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.90

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 1,000

120

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 13.5 18.7 N/M 18.3 N/M N/M -6.8 15.6 13.6 21.7 42.9 28.7 10.9 15.1 11.6 17.8 9.6 19.7 24.1

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.26% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.61% 3.00% 0.00% 14.81% 1.18% 3.35% 2.84% 3.72% 2.23% 3.00% 4.01% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD% 12 MTH% 1.04% 3.87% 0.61% 2.93% 0.50% 2.50% -1.34% 2.23% -12.71% -5.79% 0.94% 3.72% -3.46% 2.09% -0.11% 3.43% -3.33% 1.53% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -10.90% -4.30% -18.80% -12.00%

NAV Date 31-Mar-2020 31-Mar-2020 27-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company LEGAL NOTICE

NOTICE OMRISE LIMITED NOTICE IS HEREBY GIVEN as follows: (a) OMRISE LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 1st day of June, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

MUTUAL FUNDS 52WK HI 2.31 4.40 2.10 198.39 168.29 1.67 1.85 1.76 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 1.67 3.30 1.68 164.74 116.70 1.61 1.75 1.70 1.14 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.31 4.39 2.10 192.52 145.55 1.67 1.79 1.75 1.16 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.31 10.01

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 - 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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

31-Mar-2020 31-Mar-2020 31-Mar-2020

LEGAL NOTICE

NOTICE BAYOU INVESTMENT CORPORATION NOTICE IS HEREBY GIVEN as follows: (a) BAYOU INVESTMENT CORPORATION is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 8th day of June, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE TRIBUNE

Thursday, June 18, 2020, PAGE 11

JUDGE PARKER

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CALVIN & HOBBES

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BYn r f D oE i

● The Target uses words in the main body of Chambers 21st Century Dictionary (1999 edition)

targEt thEEach alphapuzzlE t cAn you crack the Alphabeater? grid Extra l Avocado, Opus, Sink, MENagEriE number represents a letter –across: or black square.

0907b2 aerie agin airmen amine amir Infinity, Hotdog, Embark, Flower, As in Alphapuzzle, every of the alphabet arming eerie emigree emir enigmaletter Resist, Implicit, Plum, Jogs, (Deduct th a each extraC isermine used.gain But yougamin havegamine to complete gamier Senator.the grid too! geniethe graingiven grim grime grin and imageblack down: Casino below (clue), Lummox, fullE use letters squares magi main mangier margin marine Folk, Dawdles, Gazing, Racism, d the gridMENAGERIE to start.mien themine grid is Pouffe, ‘rotationally 0907H meanie Rotund, Omnibus, Pith, miner mirage mire– in rainother ramie rani Mutter, Squirt. symmetrical’ words, it looks the *Calls cost 8D reaming regain regime regimen your telep same if you turn reign rein remain rimethe ring page upside down. network Solution tomorrow

A 22 19 35 35 19 5 13 29 26 30 2 B C 35 1 12 18 6 12 15 13 11 12 3 D E 12 5 14 21 11 31 22 30 12 37 1 F G 33 20 5 3 37 22 1 40 39 12 3 H I 4 27 22 28 25 3 4 9 19 6 1 J TODAY’S TARGET Good 18; very good 27; excellent 36 K 34 14 8 40 40 23 40 37 32 21 2 (or more). Solution tomorrow L M 26 30 19 15 22 9 17 10 21 34 1 call 0907 181 2585 N for today’s target solution O described 5 26 a number 16 35crossword, 27 21 the33task35 19 2 Best 19 as in Kakuro *Calls cost 80p per minute plus your telephone is P to fill all of the empty squares, using numbers 1 to 9, so company’s network access charge.

40 of15each20horizontal 1 19 17 the 9 number 40 to 20its 4 theQ sum block6 equals R and the sum of each vertical block equals the number left, onSits35 top. 8No number may2be used the same 11 19 40 in28 32 block 34 more 10 5 than T once. The difficulty level of the Conceptis Kakuro increases U 19 from 10 Monday 19 28to Sunday.

19 18 35 40 38 16 1 FIND where the fleet of ships shown is hidden V in the grid. The numbers to the right of and W 22 21 25 40 35 7 3 32 27 34 3 below the grid indicate how many of the squares in that row are filled in with ships or X Yesterday’s Yesterday’s parts of ships. The ships do not touch each Y 32 27 35 9 7 15 33 12 7 5 4 other, even diagonally. Some squares have ZSudoku Answer Kakuro Answer HOW many words of four letters or more can you make from the letters shown here? in making a word, each letter may be used once only. Each must contain the centre letter and there must be at least one nine-letter word. no plurals or verb forms ending in “s”.

DENNIS THE MENACE Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Conceptis Sudoku increases from Monday to Sunday

BATTLESHIPS

been filled in to start you off.

Solution tomorrow 2

1

CRYPTIC PUZZLE 1 Snack an angler looks forward to? (4)

5 It appears we have the responsibility (4)

2 A gear in a new Renault (7)

9 One or two up for approval (5)

3 Nothing on earth could be so described (12)

11 It pushes up the water rate as well in redevelopment (8,4) 13 To attract a number break a rule (6) 14 Time may be the main issue (6) 17 Where to find data on unmarried people of one rank? (2,6,4)

4 To draw out English capital is OK in law (6) 6 Count old money (5) 7 Deciding to make no further moves? (8) 8 It will mean taking new courses (6,2,4) 12 It reduces the risk of accidents on flight (8) 15 Joins as senior on board (7)

20 About one thousand different paint drums (7)

16 Colourless type out on bail (6)

21 One transaction that can’t be better (5) 22 Buck up at the back! (4)

18 Dance begins swinging as McCartney’s band appears (5)

23 Really look on exams as trials of ability (8)

19 Misfortunes we keep well away from (4)

Yesterday’s Cryptic Solution

Yesterday’s Easy Solution

Across: 1 It’s a cinch, 8 Exist, 9 Trinity, 10 Ransom, 11 Dining, 12 Rehearse, 15 Bachelor, 18 Drafts, 20 Lordly, 21 Chamber, 22 Sinai, 23 Responses.

Across: 1 Steadfast, 8 Hoist, 9 Article, 10 Ritual, 11 Abrupt, 12 In detail, 15 Ancestor, 18 Avenue, 20 On a par, 21 Misdeed, 22 Choke, 23 Downgrade.

Down: 2 Throb, 3 Animus, 4 Full tilt, 5 Thrive, 6 Titular, 7 Still life, 11 All at once, 13 Duration, 14 Ecuador, 16 Scared, 17 Tender, 19 Upend.

Down: 2 Tarsi, 3 Auntie, 4 Integral, 5 Hecate, 6 Piastre, 7 Stampedes, 11 Doubtless, 13 Hardship, 14 Scoring, 16 Eclair, 17 Carmen, 19 Theme.

4

9

D

2

E

1

F

2

G

2

H

2

I

1

J

2

14

2

4

6

1

15

Down

1 Ruin (8)

1 A responsibility (4)

5 Beat with a whip (4)

2 Foolish (7)

9 Name of

3 Suffer effects of

haste (4,1,7)

poverty (4,3,5) 4 French national gallery (6) 6 Permission (5)

13 To nurture (6)

7 Salutation (8)

14 Fighting

8 Unruly (12)

instrument (6)

12 Seaward (8)

17 A boost (4,2,3,3)

15 Hot and dry (7)

20 Visual (7)

16 Taken by theft (6)

21 Additional (5)

18 Readily

22 Catch sight of (4) 23 Partial (3-5)

4

4 x submarine

23

11 Depart in

1

2 x cruiser

21

10 Offence (7)

1

3 x Destroyer

19

a book (5)

4

1 x Battleship

18

Across

1

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

21

22

23

24

25

26

27

28

29

30 31

32

33

34 35

36

available (2,3) 19 Brought up (4)

F P

H

■

■

■

● Alternatively, for six Extra Letter clues to your mo text DXBEAT to 84901. Texts cost £1 plus your usual op

KEIJO 3

1

2 2

7

16

22

9 10

2

12

20

8

1

11

17

7

B

10

13

6

C

5

Down

1 They are totally enthralled (8)

10 Monks and nuns may dwell this way (7)

3

5

5

8

EASY PUZZLE

Across

2

4

A

1 1

3

2

1

1

4

1

1

4

2

3

4

3

3

4

Plac the fo num diff appe a

t

PAGE 12, Thursday, June 18, 2020

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 90° F/32° C Low: 72° F/22° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

A couple of showers and a t‑storm

A couple of showers and a t‑storm

A couple of showers and a t‑storm

Partly sunny, a t‑storm in spots

Clouds and sun, a t‑storm in spots

Clouds and sun, a t‑storm in spots

High: 87°

Low: 77°

High: 87° Low: 78°

High: 87° Low: 76°

High: 87° Low: 78°

High: 88° Low: 78°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

95° F

81° F

97°-85° F

99°-82° F

98°-86° F

100°-86° F

High: 90° F/32° C Low: 76° F/24° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 82° F/28° C Low: 78° F/26° C

8‑16 knots

S

High: 86° F/30° C Low: 73° F/23° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 87° F/31° C Low: 77° F/25° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 85° F/29° C Low: 76° F/24° C

MIAMI

High: 86° F/30° C Low: 76° F/24° C

6‑12 knots

KEY WEST

High: 87° F/31° C Low: 81° F/27° C

ELEUTHERA

NASSAU

High: 87° F/31° C Low: 77° F/25° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 84° F/29° C Low: 80° F/27° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:24 a.m.

6:56 p.m.

2.2 2.9

Friday

7:08 a.m.

7:38 p.m.

2.2 3.0

1:24 a.m.

1:12 p.m.

0.3 0.0

Saturday

7:51 a.m.

8:19 p.m.

2.3 3.1

2:07 a.m.

1:53 p.m.

0.2 0.0

Sunday

8:34 a.m.

9:00 p.m.

2.3 3.2

2:49 a.m. 0.1 2:34 p.m. ‑0.1

Monday

9:17 a.m.

9:43 p.m.

2.4 3.2

3:31 a.m. 0.1 3:17 p.m. ‑0.1

Tuesday

10:02 a.m.

10:27 p.m.

2.4 3.2

4:15 a.m.

4:03 p.m.

0.0 0.0

Wednesday 10:50 a.m.

11:14 p.m.

2.5 3.2

4:59 a.m.

4:51 p.m.

0.0 0.0

12:40 a.m. 0.4 12:31 p.m. 0.1

sun anD moon Sunrise Sunset

6:20 a.m.

8:02 p.m.

Moonrise Moonset

4:20 a.m.

5:49 p.m.

New

First

Full

Last

Jun. 21

Jun. 28

Jul. 5

Jul. 12

CAT ISLAND

E

W

High: 85° F/29° C Low: 79° F/26° C

N

S

E

W

7‑14 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 74° F/23° C Normal high ....................................... 87° F/31° C Normal low ........................................ 74° F/23° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.31” Year to date ............................................... 23.57” Normal year to date ................................... 11.43”

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 85° F/29° C Low: 80° F/27° C

High: 86° F/30° C Low: 81° F/27° C

N

High: 86° F/30° C Low: 80° F/27° C

E

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 80° F/27° C

8‑16 knots

MAYAGUANA High: 87° F/31° C Low: 81° F/27° C

Shown is today’s weather. Temperatures are today’s highs and

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 81° F/27° C

H

High: 86° F/30° C Low: 81° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 81° F/27° C

N W

N E

W

E S

S

8‑16 knots

8‑16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS E at 7‑14 Knots E at 7‑14 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots E at 7‑14 Knots ESE at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 6‑12 Knots E at 8‑16 Knots E at 7‑14 Knots E at 8‑16 Knots E at 7‑14 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 3‑6 Feet 3‑6 Feet 1‑2 Feet 1‑3 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet

To advertise ALL your LEGAL NOTICES, call The Tribune’s Sales Department

502-2394

VISIBILITY 4 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 4 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 81° F 81° F 85° F 85° F 82° F 82° F 83° F 83° F 81° F 81° F 84° F 84° F 83° F 84° F 84° F 83° F 83° F 83° F 83° F 83° F 83° F 82° F 84° F 84° F 81° F 82° F