06282019 BUSINESS

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FRIDAY, JUNE 28, 2019

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‘Impossible to stay in this business’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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NCREASED costs linked to Nassau’s main airport being reduced to one runway are the latest factor “making it impossible to continue in this business”, a Bahamian airline chief warned yesterday.

Captain Randy Butler, Sky Bahamas’ chief executive, told Tribune Business that Lynden Pindling International Airport’s (LPIA) closure of Runway 09/27 for $20m worth of essential maintenance had

• Sky chief: ‘I would love to stay in this industry’ • LPIA runway loss squeezes ‘slim’ airline margins • Take-off and landing delays raising sector costs

CAPTAIN RANDY BUTLER

added between 30-45 minutes to his airline’s flight times due to both incoming and outgoing delays.

With planes having to wait longer on the ground and in the sky, he disclosed that “very slim” profit margins are being further squeezed by the increased fuel consumption, labour costs and flight times this produces.

Captain Butler said the

longer waiting times were effectively increasing the flight time for a one-hour round-trip flight from LPIA by 50 percent, and told Tribune Business: “I love the industry. I would love to stay, but right now the taxes that are coming in, the increases in fees that are coming in, the increases in operating charges and flight

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Union leaders ‘unaware’ of BTC family island sick-out

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net TRADE union leaders yesterday denied knowledge of a sick-out that resulted in the closure of most of the Bahamas Telecommunications Company’s (BTC) self-owned Out Island retail stores.

The communications carrier, in a statement, said that its Family Island retail operations with the exception of Andros were closed as “a number of colleagues did not report for duty”. BTC said its two flagship stores on New Providence remained open, and predicted that retail operations across The Bahamas will return to normal on Monday.

Garry Sinclair, BTC’s chief executive, said: “Our union partners have not

‘Miscarriage’ costs exbanker $155k CIBC damages

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR banker’s $155,000 damages award against CIBC FirstCaribbean International Bank (Bahamas) has been overturned due to “a substantial miscarriage of justice”.

Byron Miller, a 22-year CIBC veteran who rose to the post of district manager before his 2011 termination over credit facilities provided to a gospel awards

BTC NASSAU HEADQUARTERS yet contacted me, so I’m frankly unaware of what might have precipitated this action. However, it comes right on the heels of several positive developments regarding the welfare of our colleagues.

“We recently completed the terms of an industrial agreement with the BCPOU at the end of April, an agreement that had been pending for programme and vehicle importer, saw his first-round legal victory rejected by the Court of Appeal on the basis that the Industrial Tribunal “exceeded its authority” by failing to follow its own procedures.

Appeal Justice Stella Crane-Scott, in a unanimous verdict, found that then-Industrial Tribunal vice-president, Keith Thompson, had erred by allowing Mr Miller to change the basis of his claim from “wrongful” to “unfair” dismissal during the main hearing of the case.

She backed arguments by CIBC FirstCaribbean’s attorney, Ferron Bethell, that the Industrial Tribunal “had exceeded its authority” in permitting this because its

SEE PAGE 5

Nassau Flight sale timeline ‘aggressive’ but needed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister has admitted that the Nassau Flight Service (NFS) privatisation timetable is “aggressive”, but argued that “there’s nothing wrong with that” ahead of today’s bid deadline.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he was “not going to discourage” a schedule that aims to place the airport ground handling services provider in private sector

hands by October 2 this year.

He revealed that there had been “a lot of interest” shown by Bahamian investors and groups in Nassau Flight Services, but cautioned that “we won’t know until the fat lady sings” how many of these will translate into actual bids.

Mr D’Aguilar hinted, though, that the underfive months timeline for privatising Nassau Flight Services was unlikely to be met due to the need for any sale to obtain Cabinet approval - a stage that he

SEE PAGE 8

almost two years. Immediately thereafter, we began contract negotiations with the BCPMU. We already provide an impressive compensation and benefits structure, which cannot be rivalled in this country.

“Just two weeks ago, we introduced the most progressive parental policy in the region. Parental leave was increased to eight weeks for fathers and those

becoming parents through adoption and surrogacy, and to sixteen weeks for mothers.”

Mr Sinclair added: “While I’m sure service disruptions like these are done with the best of intentions, we also have to ensure that in this rapidly-changing competitive environment, the customer is at the heart of everything we do.

“They now have a viable mobile alternative to BTC, and it’s imperative that they always believe they’re our highest priority. I apologise to our customers, and I thank them for their continued patronage. I intend to reach out to the presidents of both unions to determine what is required for a return to normal operations in the shortest possible time.”

The sick-out indicates

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‘Economic lifeblood’ threat from EU list

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE “lifeblood of the Bahamian economy” will be threatened if this nation is unable to avoid a revised European “high risk” list, the Inter-American Development Bank (IDB) has warned.

A policy brief produced

by IDB officials warned that there will be “non-negligible implications for The Bahamas” if the 28-nation European Union (EU) still perceives it as non-compliant in the global fight against money laundering, terror financing and other financial crimes.

The European Commission is currently preparing a revised list of countries who pose a “high risk” of vulnerability to financial crime following the rejection earlier this year of its initial effort - which included The Bahamas - by the EU’s 28 member states.

Should The Bahamas be listed again, the IDB paper warned that this would place renewed pressure on the correspondent banking relationships Bahamian financial institutions have with their overseas counterparts. These ties, which are already under strain, are vital to the ability of Bahamian companies and individuals to conduct international commerce, underpinning the country’s economic model.

Warning that any new “high risk” listing would endanger The Bahamas’ correspondent relationships with EU countries, the IDB paper said: “Although the EU directives do not mandate any sanctions or restrictions on trade relations or aid to be applied, the reputational fallout may lead to increased scrutiny by financial institutions in Europe and other jurisdictions.

JOHN ROLLE “This is of particular concern at a time when The Bahamas, like other jurisdictions in the Caribbean, is facing the threat of withdrawal or restriction of correspondent banking relations as a result of the de-risking practices by large global banks.

“This has implications for the ease of doing business, cross-border trade, and other financial transactions which are the lifeblood of the Bahamian economy.” While the Bahamian financial services industry has yet to suffer any major disruption from the loss of correspondent banking relationships, a Central Bank survey in 2017 found that 26 percent of respondents had suffered restrictions or terminations.

“If The Bahamas is again included on an EU antimoney laundering/counter terror financing list which is subsequently adopted, EU banks will be required to observe this list as well as the FATF (Financial Action Task Force) list,” the IDB paper warned.

“Although FATF advocates a risk-based approach, EU banks may find the risk of dealing with Bahamian banks too great to justify the provision of correspondent banking relationships and may withdraw or restrict

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PAGE 2, Friday, June 28, 2019

THE TRIBUNE

STRATEGIES TO BEAT WORKPLACE ‘HATERS’

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VERYONE who has been in a work environment for more than a year claims to have “haters” on their backs.

The Bahamian definition of a “workplace hater” is someone who has no logical reason to dislike or harm another employee, but does so anyway.

My advice has always been to pay no attention to haters because usually their own venom and toxins take them out. The old Bahamian adage teaches the lesson: When you dig one grave, prepare to dig another the same time.

The laws of reciprocity still apply: We reap what we sow.

More recently I have observed how vital it is to call out deliberate acts of sabotage, and sinister plots to hurt and destroy others in the workplace. At all

levels in public and private businesses, some people seem fixed on vengeful behaviour against their fellow team members. This has to be stopped, and behaviour and actions of this nature must be met with real consequences.

For those suffering under the cruel hand of haters, here are some useful tips to cope and overcome these workplace woes: 1. Make criticism your fuel, not your kryptonite Negative feedback can either be the anchor you drag through the desert or the wind behind your sail.

Do not allow someone’s negative words about you to define you. Use it as a driving force to pursue greater achievement. Know who you are and live that out loudly every day.

2. Take it as a compliment The Bahamian popular song, with poetic lyrics,

says: Dog don’t bark at parked cars. The fact they are talking is evidence that you are going places.

Pat yourself on the back and keep stepping. Criticism is the best proof that you are bound to be wildly successful.

3. Remember that successful people do not need to put others down My maternal grandmother often repeated: ‘Hurting people hurt people’. The sick and weak lives of the emotionally deprived, who live and work among us, sometimes cause them to project their hurt, disappointments and issues on to everyone else around them. Misery likes company, so brush them off.

“Haters” often communicate out of love or a cry for help. When we tear others down, we reveal more of our true character than theirs.

Bahamas nominated to represent region on UN agriculture body

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas is the sole nominee to represent CARICOM on the United Nations’ Food and Agricultural Organisation (FAO) for the next three years, with elections set for today.

Michael Pintard, minister of agriculture and marine resources, is leading the Bahamas delegation at the FAO’s 41st meeting, which is currently being held in Rome.

Verna Grant, The Bahamas’ FAO ambassador, and Delreese Moss-Grant, national correspondent for the FAO in the ministry of agriculture and marine resources, met with outgoing director-general, Jose Graziano da Silva, on Sunday. His replacement, Dr Qu Dongyu of China, met with the Bahamian delegation on Monday.

Mr Pintard said: “Meetings such as these give small countries like ours an opportunity to sit at the table with more developed nations to speak as peers, but also to gain support through technical assistance, training opportunities, attract investments, receive grants and learn best practices.

“We will aggressively pursue conversations that are strategic to our goal of securing the most

HIGHLIGHTS from the minister’s trip.

productive links for The Bahamas at the FAO.” He added that “the priority for the Bahamian delegation was to conduct bilateral meetings with as many countries as possible in order to address crucial needs the country presently faces”.

Caribbean representatives have been meeting since Sunday to discuss ways to forge closer relations as well as develop exchange programmes and the sharing of information.

The Bahamas delegation held a number of bilateral meetings to create links

with other international organisations, private sector firms and countries.

It also met with Jeri Kelly, a Bahamian national working for the FAO in Rome.

4. Kill them with kindness To use the words of scripture: ‘Love your enemies, do good to those who hate you, bless those who curse you and pray for those who mistreat you’. Some haters will respond favourably to love and kindness. Do not stress too much about the haters without souls; they take care of themselves eventually.

5. Gauge and manage your reaction You cannot control what people say or how they feel about you. You have absolute control over what you say and do in response.

Do not fight fire with fire.

Sometimes a little water is needed or, as the proverb says, softs words turn away wrath.

6. Take the opportunity to check in with yourself Some of us are cursed with a natural desire to please everyone with our

personal and professional choices. No matter what you do, people will always criticise your actions when you try to achieve success. The quicker you can embrace that, the better you will be. If everyone is happy with what you do, chances are you are not happy with you.

7. Listen to criticism but do not give up The best, most powerful advocates often start out as your toughest critics. Do not ignore critics’ feedback.

Listen to them and engage with them constructively.

Hear them out and win them over with logic and reason.

8.

Stick to your convictions Amazing breakthroughs are usually first met with great resistance. When you begin to disrupt the status quo, dissenters will gather. People are naturally

IAN FERGUSON BY

sceptical of change and reluctant to accept things they do not understand. Do not be bothered; stay the course.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

BAIC TARGETS IMPROVED BUSINESS PLAN CRAFTING THE Bahamas Agricultural and Industrial Corporation (BAIC) has has held a two-day workshop to equip staff with the skills for helping entrepreneurs write business plans that can be financed.

The seminar, staged by BAIC’s entrepreneurial planning and development department, was attended by new and veteran business plan writers, senior supervisors and clerical staff. It was held at BAIC’s New Providence head office, and at satellite offices in Exuma, Eleuthera, Abaco and Grand Bahama.

Staff were lectured by presenters from the Bahamas Development Bank (BDB), the Bahamas Entrepreneurial Venture Fund and the Small Business Development Centre (SBDC) on what each entity requires from a business plan to be able to finance it.

Lester Stuart, senior manager of BAIC’s entrepreneurial planning development department, said the workshop was “a capacitybuilding initiative to alert business plan writers to the intricacies of business plan writing, and to find out about changes or improvements in requirements by lending agencies”.

Winston Rolle, senior advisor at the Small Business Development Centre, said the business plan tells the story of how the entrepreneur intends to achieve their overall objective.

“The business plan is the road map for the business, and those who are tasked with helping the client with their plan must ensure that the plan is attractive,” he added.

BAIC’s Deputy GM Debbie Stratchan presents to attendees.

Some 4,000 Bahamians have made online inquiries seeking help from the SBDC in starting a business since September 2018. The SBDC provides advice, coaching, mentoring and training in small business principles. Accepted applicants attend classes for 12 hours over a two-week period.

Vernita Campbell, the Bahamas Entrepreneurial Venture Fund’s administrator, said many entrepreneurs do not invest enough in research and marketing strategy before presenting their business plans. “They do not determine how far they wish to take their business,” she said, emphasising that “marketing is critical”.

The Bahamas Entrepreneurial Venture Fund also insists that a balance sheet

must be presented as a part of the business plan. For successful applicants, the Venture Fund provides up to 40 percent of their funding requirements with an interest rate of 6.25 percent over a five-year period.

Ian Rutherford, the BDB’s credit manager, stressed the importance of security, equity and cash flow - along with supporting data - as key components in a business plan. He urged workshop participants to ensure their clients provide as much information about themselves and the business venture as possible, as everything about it must be revealed to a lending agency.

At the end of the two-day workshop, business plan writers were required to develop an executive summary of a business plan.

THE TRIBUNE

Friday, June 28, 2019, PAGE 3

Miller defends BPL $42m Superplex ‘firing on all cylinders’ again during his watch

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A FORMER Bahamas Power & Light (BPL) chairman yesterday defended the utility’s performance under his watch, arguing that the length and frequency of outages has “never been like this”.

Leslie Miller, pictured, the ex-Cabinet minister and former Tall Pines MP, told Tribune Business: “This thing is destroying businesses and destroying people’s lives. We saved the Bahamian people 40 percent on electricity bills over three years; $50m collectively we saved them, and yet we don’t get credit.

“I call it the way I see it. It has never been like this. The record is there to show that. This administration has had two years and nothing happened yet.”

Mr Miller was hitting back at Desmond Bannister, minister of works, and who has responsibility for BPL. Mr Bannister argued earlier this week that despite several consecutive days of load shedding by the state-owned energy monopoly, BPL’s performance so far this summer has been better than any of the years under the former Christie administration.

“The Minister is a respectable man, he’s a good man, but I strongly disagree with that statement and I’m disappointed that the media didn’t challenge him on that,” Mr Miller said. “The union had to speak out. We had the best team there in

BPL Headquarters the history of BEC in 2012.

We had a group of people there specialist in all of the areas necessary to make the company successful.

“I am proud of the team I had the privilege to work with. There’s been no real communication with the public on what’s going on.

The power is going off for hours multiple times a day.

You see a bunch of cars parked up on the beach.

That never happened under us.”

Tribune Business, though, can recall several times when power supply to the whole of New Providence was interrupted for the entire night when Mr Miller was chair. Customer reaction was just as fierce then as it is now, with BPL load shedding affecting only certain areas of the island - although perhaps for longer and more frequently in recent days than during prior incidents.

What is clear is that BPL’s network infrastructure, and supply reliability, have continued to deteriorate across successive administrations - both PLP and FNM. The current situation has been some 15 years in the making, and reflects poor

business and bad planning stemming from cuts to the then-BEC’s base rate in 2004 that left it selling electricity below cost.

While the impact of this was masked for two years, it helped plunge BEC into annual-$20m plus losses.

Given the extent of this “red ink”, maintenance on BEC’s generation engines and transmission network was cut, and investment in new assets curtailed. All of which has led to the current load shedding and blackouts.

Mr Miller, meanwhile, called for the government to reveal the outcome of investigations into the fires at the Clifton Pier plant last year which damaged BPL’s two most efficient generation engines.

“They lost over 100 MW of power. Who is going to pay that bill? Is the insurance going to pay for it? The first thing you determine is why those engines burned down at Clifton; who is responsible,” Mr Miller said. “That needs to be explained to the Bahamian people. What happened to the engines, whether those engines can be replaced or not. Is the insurance company going to pay?”

IMAGES of Fusion Superplex’s front entrance and courtyard.

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE $42m Fusion Superplex complex yesterday said it was back to “firing on all cylinders” after addressing the power woes that forced it to cancel all shows on Monday.

Nikolette Elden, its chief marketing officer, told Tribune Business: “We’re firing on all cylinders now. We had some engineers come in and take a look at the generator, and we’re OK. “We got it sorted late Monday night, and I think they did some work on Wednesday. We may have been able to go Monday but we didn’t want to run the risk. Since Tuesday night we’ve been running movies all day.”

Tribune Business reported earlier this week that the IMAX-centred entertainment destination was dealt a “significant blow” after constant power woes had left it without a back-up generator to

cope with Bahamas Power & Light (BPL’s) latest outages.

It said that having to use its generator every single night since it opened last year had resulted in its failure on Sunday, leaving the company and its 400 employees at the mercy of BPL’s current round of load shedding.

The Fusion Superplex, which opened last fall, was developed by the Atavus Group.

Its executives include chief operating officer, Dominic Richards;

Carlos Foulkes, chief executive; Tecoyo Bridgewater, director and in-house legal counsel; and Demarco Gibson, chief of security, facilities and maintenance.

Targeted at all age ranges and tastes, the Fusion Superplex includes two restaurants; nine cinemas, including IMAX, 4DX, XS3 and PURE VIP theatre; an indoor supervised children’s play zone; a two-level arcade; a Starbucks coffee lounge; and Sub-Zero ice cream that is made from liquid nitrogen.

PAGE 4, Friday, June 28, 2019

THE TRIBUNE

‘Impossible to stay in this business’ FROM PAGE ONE times... everything is going up.

“Some fundamental decisions are being made.....

Some of the taxes, fees and extra flying time are making it impossible to continue in this business.”

Captain Butler did not explain what he meant by “fundamental decisions”, or his reference to the fact he would “love to stay” in the industry. However, he said all commercial airlines - foreign and Bahamian-owned - were being impacted by LPIA’s reduction to one runway with effect from June 17.

“This is adding, in some cases, half an hour to 45 minutes to the flight,” he told this newspaper. “The first part is the holding and getting in the queues. Then it’s coming in. You’re all stacked up, so you have to circle until you get in the queue.

“Half an hour to 45 minutes on these flights has the potential to impact your break even and your profit points because you calculate what your operating costs are - fuel, pilots, staff, maintenance - based on flight times. You then work out your operating costs per passenger and that is how you come up with pricing per ticket.

“Now you have half an hour added to this thing. A one-hour round-trip would have 50 percent added on

RENDERINGS of proposed runway upgrades by NAD.

to it. In some cases, you’re making ten to 15 percent margins, which are very slim. You’re costs have gone up by 50 percent, and you’re going to have to pass it on.

The last thing that the passenger wants is an increase in these times.”

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business earlier this month that all LPIA stakeholders - including the commercial airlines that use it - “must be on our ‘A’ game” to cope with the reduction to one runway.

He said the closure of Runway 09/27 for major rehabilitation was an “unavoidable necessary

infrastructure upgrade” that is essential to keep traffic at The Bahamas’ major gateway flowing.

Mr D’Aguilar added that non-commercial aircraft, meaning private planes, will be “encouraged” to shift their hours of operation to non-peak times such as between 12-3pm to minimise congestion with flights that bring the bulk of The Bahamas’ high-yield stopover visitors.

However, indicating that delays for both departing and incoming flights will likely be unavoidable this summer, the minister advised Bahamians and residents to allow more than

an extra hour to their itineraries if they had to catch connecting flights in the US and elsewhere.

Captain Butler yesterday said the runway closure had coincided with the “peak” season for Bahamian-owned airlines, which traditionally gained extra business from locals going on vacation, and to regattas and homecoming celebrations in the Family Islands.

Describing the aviation sector as “very challenged”, he again lamented the absence of an overall plan and strategy for the industry’s growth. While not afraid of competition, he reiterated that it had to be

based on a “level playing field” that is presently not there.

“It’s kind of concerning when the minister gets up to defend the Budget and, even though it’s not going to break even or be profitable, Bahamasair is going to get more taxpayer dollars,” Captain Butler told Tribune Business. “What are we to do?”

Pointing out that the annual multi-million dollar subsidies enable Bahamasair to price its tickets below cost, and price privatelyowned rivals out of the market, the Sky Bahamas chief said the government was also over-saturating

certain routes despite possessing data that showed passenger demand and whether it was “reasonable to give another competitor an opportunity to go in there”.

Citing Cat Island as an example, Captain Butler said: “We’re fighting and staying in there, and working with the people, only to hear another airline is going in there.” He added that the government had failed to follow established procedure by publicly advertising the other airline’s interest, as it is supposed to do, so that any objections can be aired and heard.

A similar situation occurred in Exuma, where a third domestic operator has come in to compete with Sky Bahamas and Bahamasair. “We stuck with Exuma when the hotel [Emerald Bay] closed down and said: ‘We will not leave you, we will support you’,” Captain Butler recalled.

“We had Bahamasair in there, but were doing three flights a day - morning, noon and evening. Western Air joined and we’re all running around at the same time. Exuma can take two, but three?

“How can you plan in this business? You have employees, planes and maintenance that requires planning. If things change like that, you’re putting things out of whack.”

Union leaders ‘unaware’ of BTC family island sick-out FROM PAGE ONE that BTC’s industrial relations climate remains far from settled despite the recently-concluded industrial agreement with The Bahamas Communications and Public Officers Union (BCPOU), which represents the company’s line staff.

Nor is it the first such action this year. A number of BTC retail stores on New Providence and the Family Islands were forced to close in February after many employees called in sick amid complaints over their wages and benefits.

Following the BCPOU deal, union members have held public protests over fears of further BTC redundancies, particularly the alleged shift of call centre activities to Caribbean affiliates owned by its immediate parent, Cable & Wireless Communications (CWC), and ultimate controlling owner, Liberty Latin America.

BTC has denied that further lay-offs are planned, but Liberty Latin America’s top executive, Balan Nair, has described the Bahamian carrier as its most “inefficient” subsidiary. Union

leaders have also expressed concern over employment terms and conditions.

Repeated attempts to reach BCPOU president, Dino Rolle, proved unsuccessful yesterday. However, Bernard Evans, the National Congress of Trade Unions (NCTU) president, and immediate past BCPOU head, told Tribune Business: “I have heard that some people are not feeling well today, and it has impacted operations like the company has said.

“I think there is an ongoing dispute over contracts with the BCPMU and

BCPOU. We understand that the company is pursuing another round of VSEPs (voluntary separations) and I think both unions are saying that the packages offered back in 1999 are the same packages being offered today.

“Given the increases in the cost of living, those packages are not sufficient.

The unions believe they deserve the right, as per their industrial agreements, to sit down and negotiate the terms and conditions of the VSEPs. The unions want to negotiate the contract first and to be able to

make recommendations for adjustments to the VSEP packages offered by the company. That is what I’m hearing.”

Ricardo Thompson, the Bahamas Communications and Public Managers Union (BCPMU) president, when asked about the sickout told Tribune Business: “I don’t know directly. I didn’t know about it until I read Gary’s statement. I do know that as the management union we have some outstanding matters and have filed some trade disputes.

“One issue is the incomplete industrial agreement

we have there, and not getting any movement. I’m not going to tie anything to that.

Another issue was the introduction of some titles in the company that seem to conflict with our union, which we suspect could be some union-busting tactics, but we are going to address that at the Labour Department level.

“I must say that my understanding generally is that a lot of people are dissatisfied by the kind of treatment they are getting, but we’re looking into all of that.”

THE TRIBUNE

Friday, June 28, 2019, PAGE 5

‘Miscarriage’ costs ex-banker $155k CIBC damages FROM PAGE ONE own rules mandated that such changes must be dealt with before - not during - the substantive hearing, with both sides given prior notice.

As a result, appeal justice Crane-Scott found that the Industrial Tribunal’s handling of Mr Miller’s claim breached rule nine of its own Tribunal Procedures Rules, which are set out in the Industrial Relations Act. “It is clear from the pleadings that, at the start of the hearing, the appellant [CIBC] came to meet the respondent’s [Mr Miller] claim for wrongful dismissal,” the Court of Appeal’s written verdict stated.

“On the first day of the hearing, the vice-president, in excess of the Tribunal’s jurisdiction under rule nine, acceded to the respondent’s application to amend the originating application and impermissibly proceeded to conduct the trial without adjourning the hearing or allowing the appellant the opportunity to adjust its defence.

“As we have already found, this resulted in procedural unfairness to the appellant, which was firstly denied the opportunity to properly meet the new claim of unfair dismissal and, secondly, forced to participate at a trial which raised new issues which it was not fully prepared to meet,” Appeal Justice Crane-Scott continued.

“In short, the tribunal’s errors were such that we were satisfied that a substantial miscarriage of justice occurred in the tribunal below.” The Court of Appeal thus set aside the $154,521 awarded to Mr Miller, and sent the case back to the Industrial Tribunal for a fresh hearing.

The judgment disclosed how Mr Miller, who joined CIBC in January 1989 as a customer service representative/

teller, successfully “moved up the ranks” to become a senior manager responsible for four branches - Shirley Street, Bay Street, Sandyport and Governor’s Harbour - and 69 employees come 2008.

A further promotion followed in less than two years, as he became district manager for CIBC FirstCaribbean’s retail, wealth and small business units on June 1, 2010. He was then jointly responsible for the bank’s 13 branches and a 428-strong staff.

The road to the Industrial Tribunal and Bahamian judicial system began after the bank became concerned that Mr Miller was exceeding his discretionary lending authority, which allows senior banking executives to extend loans in certain circumstances without going through all the normal processes such as the bank’s credit committee.

“In accordance with its code of conduct, the bank commenced an investigation into a number of transactions negotiated at the Shirley Street Branch which fell under the respondent’s responsibility as district manager,” the Court of Appeal found.

“He was invited to explain a particular transaction he had approved for an existing customer who had approached him for shortterm financing to facilitate paying the costs associated with clearing a number of imported vehicles.”

Mr Miller participated in CIBC FirstCaribbean’s investigation, and in a November 2010 written statement assured that “there are no other transactions of this nature in the general suspense account, outstanding or since liquidated”.

He added: “This is not the first transaction of this nature that I have accepted and/or facilitated for....or any other FCIB customer.

I authorised a similar transaction for ..... an offshore

bank with headquarters in Switzerland.”

Mr Miller was issued with what was purported to be “a final warning letter” over his conduct in December 2010, with CIBC FirstCaribbean dissatisfied with his “alleged use of suspense accounts and his use of his discretionary authorities”.

“The letter further indicated that whilst there was no loss to the bank, the breaches were deemed very serious and were said to have exposed the bank to significant risk which could have been avoided.

The letter also informed the respondent that as a result of the matter his yearend bonus was reduced by 50 percent,” the Court of Appeal recorded.

CIBC FirstCaribbean then began a new probe just six months later over an overdraft facility that Mr Miller had approved for a regional gospel awards programme. The bank alleged that this had breached its disciplinary and conduct codes, and Mr Miller was suspended with full pay and benefits until the probe’s completion.

He was ultimately dismissed on May 26, 2011, with CIBC FirstCaribbean accusing him of breaching his discretionary lending and “delegated authorities” in approving the gospel awards overdraft.

“These breaches are deemed to be very serious, constituting gross misconduct and exposed the bank to what we deem to be serious risk which could have been avoided,” the bank told Mr Miller in his termination letter.

An “aggrieved” Mr Miller filed a trade dispute with

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the Department of Labor in August 2011 but, “conciliation efforts having been unsuccessful”, the director of labour referred the case to the Industrial Tribunal on November 9 that year.

Mr Miller filled out paperwork confirming the basis of his claim was “wrongful

dismissal”, not the “unfair dismissal” that the Industrial Tribunal incorrectly allowed it to be changed to at the start of the main hearing.

The Court of Appeal, in its ruling, said it had found in a previous decision that no party to an Industrial Tribunal case could proceed with

a dispute that was different to the one referred to it by the minister of labour.

It suggested that Mr Miller and his attorney, Rawson McDonald, would have faced “an uphill task” to persuade it that the previous ruling was wrong should the issue have been raised by CIBC.

PAGE 6, Friday, June 28, 2019

Church organises financial seminar

in Highbury Park.

The seminar, which will start tonight at 6.30pm and be repeated tomorrow between 8am and 2pm, is being held under the title Let’s talk money - the family meeting. It is a challenge for families to communicate their financial goals, ideologies, theology, HOLY Cross Angli- challenges and corrective measures. can Church is hosting a Organisers have managed financial seminar over two to attract a variety of finandays, beginning today, at cial speakers, while several the church and Canon companies have agreed to Neil E Roach Hall participate as booth vendors.

THE TRIBUNE

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Friday, June 28, 2019, PAGE 7

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PAGE 8, Friday, June 28, 2019

THE TRIBUNE

‘Economic lifeblood’ Nassau Flight sale timeline ‘aggressive’ but needed threat from EU list FROM PAGE ONE

FROM PAGE ONE the provision of correspondent banking relationships to Bahamas-based banks.”

John Rolle, the Central Bank’s governor, in a Wednesday address to an anti-money laundering conference said it “will require a year or two” to improve risk management in the money transmission sector. However, he suggested average transaction amounts were likely too small to present a material risk that the sector is vulnerable to exploitation by money launderers.

Drawing on cross-border payments by licensed money transmission services providers over the two-month period between October and December last year, the Central Bank said some $50m was moved via 172,000 transactions. While the largest transfer was $44,000, the average size was just $290, with the greatest volumes going to the US, Haiti and Jamaica.

“As these statistics demonstrate, the money transmission business transaction flow is dominated by payments averaging a few hundred dollars, with no payments over $50,000,” Mr Rolle said.

“As we have ramped up our anti-money laundering supervisory focus since January 2018, we have discovered a number of areas for necessary improvement in money transmission business risk management. This work is in progress, and we

expect it will require a year or two to reach a fully satisfactory outcome.”

Mr Rolle said the Bahamian bank and trust company sector was clearing anti-money laundering deficiencies, which could result in regulatory action, “more or less as fast as we are identifying them”.

Yet he warned: “On the other hand, in the domestic sector, there is a disproportionate concentration of requirements among the non-bank sector, comprising credit unions and money transmission businesses.

“Over the past 18 months, the Central Bank has concentrated heavily on lifting the anti-money laundering performance of banks and trusts companies, which account for over 99 percent of the relevant industry assets. From late 2019, we will deploy more supervisory attention on the smaller domestic licensees.”

But, sending an upbeat message, Mr Rolle told the conference: “Above all, as an industry and as a society, we are definitively out of the money-hiding business.

“Given that many jurisdictions cannot make this claim, the world’s dirty money managers are on notice that they should take their business elsewhere. From what we can see, which vision is not yet as perfect as we would like, the world’s dirty money managers are heeding this message.”

conceded is often impossible to predict in terms of how long it will take.

Responding to suggestions that the privatisation schedule is unrealistic, he told Tribune Business: “Probably, but there’s nothing wrong with that. We have to set ourselves some aggressive deadlines to move this process along.

“When we initially set the deadlines, those are standard norms. One step you cannot speed up is the Cabinet approval. That part of it is really unknown.

However, you have to say something and that’s what we proposed.

“Cabinet is not to be rushed in its deliberations, and will want to evaluate all options. Those driving the RFP (Request for Proposal) on behalf of the government set themselves a fairly aggressive schedule and I’m not going to discourage that.”

The government’s involvement in any commercial deal tends to slow the process down, based on its track record. The Nassau Flight Services (NFS) prospectus, a copy of which has been seen by Tribune Business, reveals the Minnis administration is targeting a tight two-month window in which to choose a winning purchaser/franchise operator.

All bids are due to be submitted by today, June 28. Interviews with the best

DIONISIO D’AGUILAR offers will be held “if necessary” on July 12, with the preferred bidder selected one week later and the “purchase/franchise agreement” awarded by July 26, 2019.

Setting out a breathless pace, the Nassau Flight Services RFP allows only one week between the award and contract execution on August 2, 2019.

A 30-day transition to the new owner/franchise operator will then begin on September 2, 2019, with the takeover closing on October 2, 2019, in a process lasting less than five months.

“There’s been a lot of questions, interest and information provided by the Department of Aviation,” Mr D’Aguilar told Tribune Business of potential bidders’ response to the privatisation process.

NOTICE

NOTICE

NOTICE is hereby given that THAKURDAYE WILLIAMS, of Oleander Gardens, Gregory Town, North Eleuthera, 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 28th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that ALMIKA CECILE CATES of P.O. Box CB-13028, Tienna’s Crescent, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28thday of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 27 JUNE 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,157.81 | CHG: -0.10 | %CHG: 0.00 | YTD: 48.36 | YTD%: 2.29 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.60 2.00 3.10 11.05 6.17 4.64 12.50 2.74 2.00 9.51 7.01 15.60 7.75 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 8.98 6.13 3.54 9.00 2.35 1.70 7.50 6.10 11.00 6.20 3.01 12.51

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

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

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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 4.24 17.43 6.00 5.40 2.51 1.95 2.13 11.05 6.16 4.50 9.02 2.80 2.00 10.10 7.00 14.45 7.65 3.41 14.00

CLOSE 4.24 17.43 6.00 5.40 2.51 1.95 2.13 11.05 6.16 4.50 9.02 2.80 2.00 9.98 7.00 14.45 7.65 3.41 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.12 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

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

845

VOLUME

EPS$ 0.167 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.209 0.000 0.611 0.743 0.939 0.205 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -4.9 15.6 12.8 24.5 14.4 27.5 9.6 N/M 11.5 19.4 8.1 16.6 22.2

YIELD 3.77% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.52% 3.57% 2.67% 0.00% 2.43% 3.00% 3.29% 3.43% 3.74% 2.61% 3.52% 4.29%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST 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% 1.22% 3.96% 0.74% 3.42% 0.97% 2.67% 2.06% 4.97% 4.52% 0.96% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 30-Apr-2019 30-Apr-2019 26-Apr-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.23 4.27 2.05 188.32 158.55 1.62 1.76 1.70 1.15 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.64 1.08 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 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 Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.23 4.27 2.05 188.32 154.49 1.62 1.76 1.70 1.15 7.66 8.94 6.71 11.25 11.94 10.59 9.92 8.68 11.38

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

“I’m encouraged by the level of interest. I’m interested to see how bids come in, and the extent of them.

It’s very exciting and we’ll see how it pans out when the bids are revealed and evaluated. Obviously a recommendation will be made to the Cabinet if there is one to make.

“A lot of people have expressed interest, but whether they put in a bid remains to be seen. We’ve been been informed there’s a lot of interest being registered but we won’t know until the fat lady sings who responds.”

The Minnis administration views Nassau Flight Services as “low hanging fruit” when it comes to privatisation, outsourcing and getting the government “out of business”. Mr D’Aguilar identified the ground handler, which provides services at Lynden Pindling International Airport (LPIA), Exuma and San Salvador, as such a target in its 2017-2018 budget address.

The government also sees the privatisation as part of its drive to create more Bahamian entrepreneurs, diversify the economy and spread the wealth, hence its insistence that foreign bidders need not apply given that Nassau Flight Services’ size makes it a prime candidate to remain in local hands.

Nassau Flight Services is projected to enjoy somewhat modest growth in its main business line, ground handling, over the next decade to 2028. Top-line revenue from this source is forecast to rise by 21.9 percent over this period, or two percent per annum, increasing from an actual $6.251m in 2018 to $7.62m in 2028 - a relatively modest pace of growth that, in total, is less than $1.5m.

“NFS has managed an average of 6,600 flights

during the period 20152018, and is projecting a two percent annual growth over the next ten years,” the bid documents confirm.

“NFS has managed an average of 6,600 flights during the period 2015-2018.”

The number of flights handled by Nassau Flight Services is also forecast to increase from the 6,850 handled in 2018 to 8,350 by 2028 - an increase of 1,500 annually, or 21.9 percent, that matches the level of revenue growth.

The ground handler currently has 244 total employees split between 166 full-time workers and 78 temporary staff, who provide services at Lynden Pindling International Airport (LPIA), Exuma and San Salvador airports.

The fate of the staff, and the industrial deal with the Airport, Airline and Allied Workers Union (AAAWU) that any buyer will inherit, are likely to be key subjects in negotiations between the government and preferred bidder.

The union deal is valid until February 2020, and the government’s RFP says it will accept either an acquisition of “minimum ten-year franchise agreement” from the winning bidder.

Nassau Flight Services’ client base comprises British Airways, Air Canada, West Jet, Sunwing Airlines, InterCaribbean Airlines, Caribbean Airlines, COPA Airlines and Cubana Airlines at LPIA’s international terminal, and Jet Blue, Southwest Airlines, United Airlines and Silver Airlines at the US terminal.

It also serves a host of charter and other operators, including Air France and Condor, while in Exuma it serves Air Canada and takes care of American Airlines and Air Cariabes in San Salvador.

NOTICE

NOTICE is hereby given that CHRISTIANN GRETCHAN ORNELL PALMER, of #24 Roberts Street Nassau,Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE POLTAVA INVEST LTD. NOTICE is hereby given as follows:

(a) Poltava Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 28th day of June, 2019.

Beatus Limited Liquidator

JOB OPPORTUNITY RECEPTIONIST REQUIRED FOR BUSY MEDICAL OFFICE We are looking for a well-groomed, conscientious, people oriented individual to be our receptionist.

Previous experience is required; prior work in a medical field a plus.

The successful applicant must have excellent customer service, telephone and filing skills, be detail oriented and proactive. Must be a quick-learner, have the ability to multitask in a fast-paced environment and work independently.

Computer literacy with experience in M.S. Suite and QuickBooks required.

Please send your application letter and resume to: interviews242@gmail.com

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 | BENCHMARK 242-326-7333

Only shortlisted candidates will be contacted.

PAGE 14, Friday, June 28, 2019

THE TRIBUNE

Wealthy donation to state raises concerns about transparency HARTFORD Associated Press SO EXCITED about a pledge of $100m for public education from Barbara and Ray Dalio, founder of the world’s largest hedge fund, Connecticut state officials agreed to add $100m in taxpayer money, along with some concessions that have raised concerns over transparency.

At the request of the wealthy Connecticut

couple’s foundation, Dalio Philanthropies, state lawmakers said they agreed the spending and policy-making of the new partnership will be overseen by a nonprofit entity, and not a government agency, making it exempt from the state’s Freedom of Information Act and state ethics rules. Democratic House Speaker Joe Aresimowicz defended the decision, saying the Dalios’ historic contribution was “a golden opportunity”

NOTICE IN THE ESTATE OF SIR ARLINGTON GRIFFITH BUTLER late of Number 2 Hillview Drive, Winton Estates in the North Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 12th day of August, A.D. 2019, after which date the Co-Executors will proceed to distribute the assets having regard only to the claims to which they shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

MERIDIAN LAW CHAMBERS Attorneys for the Co-Executors Chambers, P.O. Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.

for the state and he was “really excited about the opportunity to partner with individuals who are willing to put up that much money to make the state a better place”.

While Connecticut has wrestled with fiscal challenges for years, some are questioning this arrangement and how much taxpayers will know about where the money will go and exactly how the Dalios plan on it being spent. The partnership, which is supposed to include another $100m in matching funds from other private contributions, has broadly been described as an opportunity to strengthen public education and promote greater economic opportunity, focusing on communities with high rates of poverty and disengaged youth.

“The fact that tax dollars are involved, to me, mandates that there be transparency ... The fact that any time we’re fulfilling a public service, there must be transparency,” said Rep Vincent Candelora of North Branford, the second highest-ranking Republican. “Since when does our wealthy community dictate how public policy should be crafted?”

Recent education-related philanthropic giving in the US has focused mostly on improving individual school districts.

That includes Facebook founder Mark Zuckerberg’s $100m donation in 2010 to the Newark, New Jersey, public schools.

His foundation’s gift was matched by private contributions and overseen by a local foundation, which was criticised for a lack of transparency.

Legislation that authorised Connecticut’s investment in the partnership with Dalio

RAY DALIO Philanthropies specifies the nonprofit “must not be construed” as a public agency performing a government function. That surprised Connecticut Freedom of Information Commission Executive Director Colleen Murphy, who said there was no discussion about exempting the new Partnership for Connecticut Inc. from FOI rules. She noted how other entities that have performed a governmental function, such as a private company that once oversaw Connecticut’s vehicle emissions testing system, ultimately had to abide by the state’s FOI Act. Meanwhile, a representative of the nonprofit Connecticut Council on Freedom of Information, which advocates for open government, has called on lawmakers to remove the provision.

Cadence Willse, a postdoctoral research fellow at Stanford University who has studied philanthropy in education, said Connecticut’s partnership gives her pause.

“I’m not sure how people will be able to understand where their tax dollars are going,” she said, adding how

other philanthropic efforts to improve education have tested novel strategies to see if they work so the taxpayers don’t have the shoulder the financial burden. In this case, Connecticut taxpayers will be on the hook for $20m a year over five years.

The nonprofit was tucked into the new two-year state budget deal reached between Democratic lawmakers and Democratic Gov Ned Lamont, a wealthy former businessman who ran into Barbara Dalio at an elementary school in January and discussed the concept with her. Lamont’s spokeswoman, Maribel La Luz, said the administration agrees with the Dalio foundation that an independent nonprofit will provide “the flexibility to move to make decisions, to have sensitive conversations”.

Barbara Dalio, who leads the foundation’s public education efforts, added private conversations would be helpful so “people will feel more free to be open about disagreeing, coming to consensus”.

She said she understands people’s concerns about

transparency and acknowledges the arrangement is “unique”. But Barbara Dalio insisted information about the partnership and its activities will be made available to the public, just like the foundation’s work in the past.

Dalio Philanthropies has donated more than $50m over the past four years to Connecticut public schools, often working closely with local school districts and other organisations. The funds have paid for professional learning grants for teachers and programmes that focus on improving graduation rates and helping disengaged and disconnected young people succeed.

It’s the first time the Dalios have partnered with the state or worked with matching funds, she said.

Barbara Dalio pointed out that the new partnership is not a public agency and is not performing a public function or operating schools. Rather, she described it as a “nonprofit charity working to support public school systems and communities”.

She noted how the initial 13-member board of directors will be bipartisan, including the top Democratic and Republican leaders of the General Assembly, four appointees from the Dalio foundation and three from Lamont.

That group will come up with criteria for a succeeding board that includes people with experience in education, student engagement, microfinance and other applicable areas. Dalio is well-aware that other education philanthropic initiatives have faced criticism for being top-down, not working closely with those in the trenches.