07022020 BUSINESS

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THURSDAY, JULY 2, 2020

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Registry’s deed woe set to ‘wreak havoc’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BAHAMIAN developer yesterday warned new dubious land practices are threatening to “wreak havoc” for the construction and real estate industries.

Franon Wilson, Arawak Homes’ president, told Tribune Business that “significant mischief” looms after a deed purporting to transfer ownership of a 1,000-acre western New Providence land parcel - including the upscale Lyford Hills and Serenity subdivision - was accepted

A CABINET minister has predicted that the Bahamian economy and its vital tourism industry will feel COVID-19’s negative impact for at least a further two years.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business it was “anyone’s guess” when visitor bookings and volumes will return to prepandemic levels as Atlantis delayed its re-opening by 23 days due to the surge in infections in its core market.

“Let’s put it this way; this pandemic is probably going to affect us for the next 12-24 months,” he replied, when asked by this newspaper when the industry will start to fully rebound.

“When we return to

‘Unreliable’ BPL hits productivity in financial services

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FINANCIAL services providers have complained that Bahamas Power & Light’s (BPL) unreliability impacted staff productivity during the COVID-19 crisis.

Charles Littrell, the Central Bank’s inspector of banks and trust companies, disclosed in his 2020 second

for recording in the Registry of Records.

Carl Bethel QC, the attorney general, last night confirmed that an internal government probe was being carried out into the “vesting deed” in question given that it was “defective” and non-compliant with the law.

He added that the Registrar General was trying to determine “how it got FRANON WILSON

CARL BETHEL QC

SEE PAGE 4

• Minister predicts COVID impact for 12-24 months • Says Canada leaves Bahamas solely reliant on US • Warns of tourism ‘twists and turns’ for months ahead

DIONISIO D’AGUILAR

DARRIN WOODS

pre-COVID conditions is anyone’s guess. We remain hopeful that will happen in the next 12-24 months, but it relies on continuing to control the spread and, ultimately, the creation of a COVID-19 vaccine.”

The latter development is likely to still be months out, if it ever occurs at all.

Mr D’Aguilar, meanwhile, revealed that The Bahamas is now almost totally dependent on the US to kick-start its tourism revival

quarter supervisory letter that the concerns were revealed in a survey of 72 Bahamas-based financial institutions that was undertaken to better understand COVID-19’s impact on the industry.

“Respondents noted challenges with local utility dependability, which decreased productivity of some work-at-home staff,” Mr Littrell wrote in a thinlyveiled reference to BPL. While showing that BPL still faces much work in being able to provide consistent energy supply, the Central Bank executive added all international financial institutions “were able to continue offering reasonable service levels to their clients” during the height of the pandemic’s lockdown.

SEE PAGE 8

Bahamians warned: ‘No-no’ to let others use your account

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIANS were yesterday warned they could “land in jail” for money laundering and/or fraud if they let others use their bank accounts for illicit transactions.

Superintendent Matthew Edgecombe, head of the Royal Bahamas Police Force’s anti-corruption and financial crimes unit, said allowing others to receive and/or send money from your personal or business bank account should be “a no-no”.

Speaking at a press conference where Commonwealth Bank warned customers

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Abaconians promised action on unregulated shanty development

• AG probing 1,000-acre parcel transfer • Developer warns of ‘significant mischief’ • High-end areas caught in ‘owner change’

‘Anyone’s guess’ on full tourism rebound

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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not to fall prey to so-called “phishing” e-mail scams, he revealed that the police have “seen an increase” in these types of fraud across multiple financial institutions since the start of 2020.

Davine Dawkins-Rolle, Commonwealth Bank’s vicepresident of internal audit and credit inspection, revealed that the BISX-listed institution had first become aware of a two-tier “phishing” scam targeting its customers from May 2020.

She revealed that clients were being lured by fake e-mails into parting with

SEE PAGE 9

due to Canada’s travel restrictions effectively knocking out eight to nine percent of its visitor market.

He pointed out that Canada’s requirement for persons returning from abroad to quarantine for 14 days was a major disincentive to travel for leisure/tourism purposes.

With Europe’s borders still largely shut down, this has left The Bahamas almost totally reliant on a US nation where new daily COVID-19 cases yesterday hit 45,000.

“It’s the conundrum,” Mr D’Aguilar told

SEE PAGE 5

AN AERIAL VIEW OF A SHANTYTOWN ON ABACO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday pledged that the government will take all action necessary “within the law” to halt further unregulated development on Abaco.

Desmond Bannister, minister of works, told Tribune Business that the Minnis administration’s Cabinet was “very concerned” after aerial surveillance showed new construction taking place in a shanty town known as the Farm.

Disclosing that it is the last shanty town earmarked for clearance on the island in Hurricane Dorian’s aftermath, Mr Bannister said the government was somewhat restricted in the action it could take due to the fact persons are still living there and by previous Supreme Court orders obtained by human rights activists.

He nevertheless promised that the government will mobilise all the relevant agencies given that any new construction in the Farm was a violation of “no build orders” issued by his ministry.

“Cabinet is very concerned by what we saw happening in essentially one location in Abaco,” Mr Bannister told this newspaper.

DESMOND BANNISTER “Cabinet is very concerned about it, and I believe you will see some action in relation to that shortly with any number of government agencies.

“That area is called The Farm, and there are aerial photos all of us have become very concerned about.

Remember, after Dorian we cleared away three shanty towns - The Mudd, Pigeon Pea and the Sandbanks. This area, the Farm, was the last one.

“We were unable to clear it because families were occupying it. The government is going to utilise its resources to clear it as best we can within the law. There shouldn’t be any construction going on,” he continued.

“I anticipate there’ll be action based on our discussions in Cabinet. A number of Orders were made in relation to shanty towns and the

SEE PAGE 5

PAGE 2, Thursday, July 2, 2020

THE TRIBUNE

RETURN ROAD ‘PRETTY SLOW’ FOR BUS DRIVERS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net JITNEY drivers yesterday said their return to the road was “pretty slow” as they await the government’s decision on whether to approve a proposed fare increase.

Rudolph Taylor,

the Bahamas Unified Bus Drivers Union’s (BUDU) president, told Tribune Business that high unemployment combined with the COVID-19 mandated 50 percent reduction in seating capacity was likely responsible for small passenger loads.

While he was not

personally on the road, Mr Taylor said his union members had informed him it was “pretty slow”.

He added: “Persons aren’t moving like that because a lot of people aren’t employed, so there wasn’t a big movement of persons.

“I don’t know when it’s going to pick up. With so

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many persons out of work, I don’t think that it’s going to be possible until, hopefully, when the hotels start. So let’s hope for the end of the month, and I guess we will see how it all goes.

Mr Taylor said jitneys were working every route this morning, but not all drivers came to work.

“Things seems to be rough on the road at this time,” he added. “Bay Street was dead for months now, and I recognise persons weren’t going to work downtown and they aren’t moving as free as they normally would. Persons are strapped for cash. All

of these are factors play a role.”

Jitney drivers are also “waiting on a response from the government” on the proposed fare increase that was submitted to it last month. Drivers had been hoping for a response prior to yesterday’s resumption of business.

The sector is seeking a 60 percent increase in adult fares from the present $1.25 to $2, while maintaining those for senior citizens and children at the present level. The rise in margins is designed to compensate for lower passenger volumes.

“It’s difficult on us as well with this slow period because, as gasoline prices went down, diesel prices didn’t go down,” Mr Taylor added. “But gasoline prices are back up on the rise again, and it is only a matter of time before we go back up on the diesel.

“So that is a factor that we also have to add into the costs again, along with hand sanitzer, signage on the bus, limited customers, masks as well as some opting to wear face shields. So these is some of the things that are coming into effect along with different protocols.”

Govt allocates $48m to COVID jobless benefits

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

Press Release 17th June 2020

Ms. Sandra Juanita Knowles

The President of Benchmark (Bahamas) Ltd., is pleased to announce the appointment of Ms. Sandra Juanita Knowles as Chairman of Benchmark Advisors (Bahamas) Ltd. Benchmark Advisors, is licensed by the Securities Commission of The Bahamas as a Class 1 Broker Dealer and is registered as an authorized Broker Dealer for BISX listed securities. Benchmark Advisors also provides through its digital plaform global securities, commodities, currencies and cryptocurrencies execution for the Groups nonresident clients.

Benchmark’s board selected Ms. Knowles for the position as she brings a wealth of knowledge and experience which makes her well suited for leading and directing the growth and development of Benchmark Advisors.

Born in The Bahamas in 1951. She received a University of London Teaching Certificate in 1974 and a degree in Social Studies from the University of Miami in 1997 (cum Laude). She spent five years as an educator and headed the History Department in Government High School. She spent more than eighteen years in the international investment and private banking financial arena of which five plus years were spent on the regulatory side of The Bahamas Financial Services sector.

From 1993 -1997 Ms. Knowles was the General Manager of the Broadcasting Corporation of The Bahamas, the first female to hold this position. She was responsible for the first major technological upgrade of the television facilities since inception, emphasizing strong focus on local programming in television and radio.

In July 1997, Ms. Knowles became the first female Inspector and Executive Director of the Securities Commission of The Bahamas. As one of its principal architects she was responsible for its significant growth and development. She was instrumental in formulating policies for the promotion of an efficient and knowledgeable regulatory environment.

She held this position until November 2002.

Ms. Knowles was a Director of Benchmark (Bahamas) Ltd. From 2004 to 2007. Deputy Chairman and Director of the Board of The Hotel Corporation of The Bahamas for nearly ten years and a Director of the Board of Bahamasair for one year.

A MINISTRY of Finance official yesterday confirmed the government has allocated $48m towards various COVID-19 jobless benefit initiatives in the 2020-2021 budget.

Marlon Johnson, acting financial secretary, said a portion of this sum will finance a 13-week benefits extension for those unemployed persons who have “maxed out” their initial National Insurance Board (NIB) allocation. The funding for this will be coming from the government, though, with NIB just administering the payout.

“The Ministry of Finance can confirm that $48m has been allocated to finance an expansion of the government’s unemployment assistance programmes, administered by the National Insurance Board (NIB), for workers that fall under four categories,” Mr Johnson said.

“Self-employed tourism workers who remain unemployed and were receiving assistance prior to July 1; Hurricane Dorian survivors who remain unemployed and were receiving unemployment assistance prior to July 1; NIB contributors who are under 35 years-old, and who were unemployed during the COVID-19 shutdown but did not meet the contribution threshold to receive a benefit; and for individuals who have maxed out their 13-weeks of eligibility under the ordinary National Insurance unemployment benefit scheme.”

Mr Johnson added: “Today, the Ministry can announce that the first payments for NIB beneficiaries that are eligible for the 13-week extension are scheduled to be issued on July 17 under the new initiative.

“Eligible applicants will be required to declare their employment status using an online portal prior to receiving payment. The portal will be available in approximately two weeks.

MARLON JOHNSON “In keeping with the prime minister’s mandate, the Ministry of Finance has allocated resources for NIB to administer a new unemployment assistance programme on behalf of the government. Unemployment levels are not expected to stabilise for some time, and the various forms of assistance in the new budget will assist employers and employees during this time to crisis,” Persons who have completed their initial 13-week NIB benefit will be eligible to receive $150 per week in government assistance for a further 13 weeks of unemployment up until March 23, 2021.

K Peter Turnquest, deputy prime minister, added: “All the tax concessions included in the 2020-2021 annual budget take effect today [yesterday], including the duty reductions on construction material and those put in place to stimulate the fishing and agricultural sectors.

“The expanded tax credit and tax deferral programme also takes effect, and will include all VAT registrants - not just those with an annual turnover of $3m or more. This will provide payroll support for hundreds more eligible businesses allowing them to keep more people employed.

“The start of the new budget cycle means additional funding is now available to invest in small businesses, to maintain employment levels, and to expand the social safety net for displaced workers and other vulnerable Bahamians.”

THE TRIBUNE

Thursday, July 2, 2020, PAGE 3

TOURISM INDUSTRY OFF TO A SLOW REOPENING

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamian tourism industry’s post-COVID re-opening made a slow start yesterday with New Providence hotels reporting minimal guest arrivals.

Muna Issa, Breezes Bahamas managing director, told Tribune Business via e-mail: “We are open and ready for business. We have four guests checking in today, but we don’t have flight information, so we aren’t sure what time they will arrive.

“Everyone is very excited to welcome our first guests.

Excitement is almost on par with our grand opening

25 years ago on September 1, 1995. Based on the source of the booking they should be coming from the US, but we won’t know the exact state until they arrive.

We also don’t have a time, but we understand the first flight lands at around 11am, so hopefully by 1pm.”

Ms Issa voiced hope that The Bahamas’ reopening will give potential travellers sufficient confidence to resume bookings and travel to this nation. She revealed that Breezes had been expecting several group bookings “that have since cancelled”, and said: “We are hoping now that we have opened confidence will be restored and persons will start to book again.”

The Nassau Airport Development Company (NAD), Lynden Pindling International Airport’s (LPIA) operator, had earlier this week said it expected to receive six incoming international flights from various US markets as The Bahamas opened its borders following a near three-and-a-half month lockdown.

However, several of those flights were to originate from areas such as Miami, Fort Lauderdale and Houston - all of which are in the middle of a surge in COVID-19 cases.

The increased infection rates in its key tourism source markets illustrate the dilemma The Bahamas

faces between re-opening its largest industry in a bid to save the economy and the health risks involved in potentially exposing its citizens to visitors infected with COVID-19.

Dionisio D’Aguilar, minister of tourism and aviation, said the health protocols implemented by the tourism industry can mitigate - not eliminate - the risk presented by travellers who are potentially carrying the virus.

The government has narrowed the timeframe during which visitors must obtain a negative PCR COVID-19 test from ten to seven days prior to arriving in The Bahamas to further counter

the increased US infection rates.

Meanwhile Pablo Casal, the British Colonial Hilton’s general manager, said the resort was “getting a few guests, but very limited” after remaining open throughout the pandemic.

Diane McTague, the Holiday Inn Express’ general manager, said her property as well as the Hilton and Courtyard Marriott had stayed open throughout COVID-19.

She added: “We are expecting a few guests today. We are expecting more than three guests, and we are looking forward to that absolutely. We’re probably about 90 percent down on occupancy because we

would be full this time last year, but not now obviously with the new world.”

“We’re only a small hotel with just 58 bedrooms, so the hotel fills up pretty quickly. For the larger hotels, carrying more rooms than we have, it’s probably going to take longer for them to get back to normal occupancy.”

Voicing optimism over the Holiday Inn’s shortterm prospects, she said: “The big resorts are closed right now so that might help us as well with some occupancy. We just have to wait and see. We have put all of our protocols in place, and we are just looking forward to having guests back.”

Govt pins hopes on recovery committee

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE government is pinning its hopes on the Economic Recovery Committee’s (ERC) work to beat Moody’s projection that GDP will return to preCOVID levels only after 2024.

K Peter Turnquest, deputy prime minister, said: “Last week, we acknowledged the decision by credit ratings agency Moody’s to downgrade the country’s credit rating as a result of the economic shocks caused by the COVID-19 pandemic.

Similarly, Italy, India and even Canada have also seen downgrades.

“I want to reiterate that fair-minded Bahamians know our current state of fiscal affairs is a result of these external shocks, and not because of our performance as a government.

“As Moody’s highlighted, this administration has shown leadership by significantly improving the government’s fiscal credibility and effectiveness through our accountable, and responsible, fiscal policy framework and consolidation efforts.”

Asked what the government is planning to do to quicken the economic recovery pace, Mr Turnquest said it is placing its hopes on the Economic Recovery Committee, which “is tasked to think outside of the box and to consider the current circumstance”.

He added: “We anticipate that this committee will bring back recommendations that we will be able to execute in the medium to short-term to encourage some additional non-traditional activity.

“But, in the longer term, to help us to visualise and to conceptualise what the restructuring of this economy may look like if, for instance, tourism takes longer than we anticipate to rebound.”

Mr Turnquest voiced

Gyms, fitness centres hail ‘smooth’ reopening

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GYMS and fitness centres yesterday hailed a “smooth” reopening after being closed for more than three months as a result of the COVID-19 emergency measures.

Sofia Whitehead, owner of Club One Fitness, told Tribune Business: “We had a really great morning so far. We are only allowing 40 people on the floor every hour-and-a-half, and then after that we have a 30-minute clean down and it’s working well.

“People have booked in advance online, and they come in and they renew their membership. We have way more space than 60 spaces per person, and they have to clean down the machines before and after their work out.

“Clients get sanitised on both their hands and their feet upon entrance.

They also get their temperature taken at the door.

It’s working really well. I’m happy.”

little bit more on the multilateral entities, principally the IDB (Inter-American Development Bank) and also the CDB (Caribbean Development Bank).

“There is a facility from the World Bank, which is a guarantee facility that the World Bank provides, that

K PETER TURNQUEST optimism that the more than 500 businesses supported with funding arranged via the Small Business Development Centre (SBDC) will “carry some of the load” during this period by generating additional economic activity and employment.

Despite larger hotel properties on New Providence electing not to reopen yesterday, the deputy prime minister said Family Island resorts had returned and he had heard “encouraging” news from Eleuthera and Exuma on the private boats and yachts market.

Mr Turnquest said: “We are seeing a move towards a more specialty product or indigenous product, which we anticipate will have an even more impactful benefit for local Bahamians.”

Marlon Johnson, acting financial secretary, said in response to the possibility that there would be another downgrade from Standard and Poor’s (S&P): “The impact of any credit downgrade weighs obviously on your borrowing cost.

“What we had known is that Moody’s had already signalled the downgrade to happen, so in our calculations with our borrowing costs we factored in the notion that the downgrade was likely and is happening around the world in similar jurisdictions.”

He added that the government will be “moderating” the impact of the Moody’s downgrade, along with the possibility of similar action

by S&P, through “relying a Club One Fitness does a complete half-hour, gymwide clean down every 90 minutes, at which time no one is allowed inside the facilities. “We are definitely going to be keeping it like that for two weeks until things pick up more, because I don’t think it might be necessary,” Ms Whitehead said.

“It’s definitely not part of the government’s protocols, because the government said you should only clean down the facilities twice a day, but we are being very extra cautious because we are very concerned about people’s health.

“We want to make sure everyone feels safe, and we are just opening up and we want to keep everything very strict.”

Jennifer Godet, owner of J-Line Fitness, said: “The opening was great. Everything is fine. Everybody came in with their masks on, and they know they have to keep them on until they exercise and they are done.

“Everyone came through.

The gym is social distanced now as we spread our machines out, so everyone kept their distance. It was great.” Ms Godet reiterated that clients to not have to wear masks while they are “actively exercising”.

we remain eligible for,” Mr Johnson said. “The good news about those facilities is that the borrowing rates are not dependent on the international market; we are member shareholders in these entities.

“So we are able to get interest rates on those

loans at a fraction of what we pay on the open market, and often a grace period on principal payment. The repayments are extended over 20 years or 25 years in most cases.”

Mr Johnson added, though: “Underlying all of those rating agencies is the

reality that whatever we do we have to move towards fiscal balance as quickly as possible, and that means following through on reform efforts once this shock is over and the fiscal consolidation exercise that the government was on resumes as quickly as possible.”

PAGE 4, Thursday, July 2, 2020

Registry’s deed woe set to ‘wreak havoc’ FROM PAGE ONE through” the established system of pre-recording checks, and he himself is now “awaiting a report” on the matter before deciding what action to take.

Mr Bethel and the Attorney General’s Office were alerted to the 1,000-acre “vesting deed”, which was accepted for recording on December 11, 2019,

by Arawak Homes and its in-house attorney, Tavares LaRoda, who voiced alarm that it could trigger multiple land title disputes.

Mr LaRoda, in a June 9, 2020, letter to Mr Bethel said the company’s own research into the parties behind the western New Providence situation had revealed their involvement in “dozens of similar deeds with identical deficiencies” that should have prevented their recording by the Registry of Records.

Mr Wilson, meanwhile, told Tribune Business that the western New Providence “vesting deed” highlighted a questionable new practice being employed by persons to claim title to land/real estate that neither they nor their family has ever been connected to.

Typically finding someone to claim that a long-dead relative, such as a great-great grandmother or father, had left themselves and their family property via a will, Mr Wilson explained that those behind the scheme were simply drawing up deeds saying they inherited specific property.

Once they get these deeds recorded in the Registry of Records, they then use the

documents to claim ownership and try to take possession of the land - even though it may already be occupied by a household or business with perfectly good title.

Mr Wilson said this threatened to cause long, expensive and time-consuming court actions if homeowners and businesses are to protect their interests, and many may not have the financial resources and/or will to prevail in a drawn-out battle.

He added that Royal Bahamas Police Force is reluctant to intervene on the basis of a civil not criminal matter, saying this was brought home to home when a work colleague and his siblings were informed by neighbours that someone was trespassing on property left for them by their deceased mother.

When confronted in the presence of the police, the man produced legal papers claiming it was his property and the officers declined to intervene.

Mr Wilson said Arawak Homes also suspected the scheme may have been behind two trespassing incidents that occurred on a 100-acre tract of land owned

by Luxury Homes Bahamas, an affiliate in which it holds a controlling interest, that lies between Solomon’s Yamacraw and the Treasure Cove subdivision.

The developer subsequently obtained a Supreme Court Order on June 10, 2020, to prevent further episodes after tractors operated by unknown persons cleared a significant portion of the site and ripped down the fence separating Luxury Homes Bahamas property

THE TRIBUNE from Treasure Cove.

Mr LaRoda, in a May 27, 2020, affidavit supporting the Supreme Court application warned that the unregulated clearing could inflict “catastrophic damage” on Water & Sewerage Corporation piping infrastructure that served nearby eastern New Providence communities.

Mr Wilson and Mr LaRoda, in an interview with Tribune Business, yesterday urged the government to protect “the integrity” of the Registry of Records given that it appeared to be the source facilitating the latest land schemes.

“We’re still struggling with the idea that we don’t have registered land in The Bahamas. It’s gotten a bit worse,” Mr LaRoda added of the present situation. “A lot of challenges have been caused by people getting certificates of title from the courts, but there is now a new dimension.

“They are now just recording deeds that says they inherited the land, and are using that to take possession of the land. People are being allowed to record deeds that they shouldn’t be under law. The police are taking the position that they’re not going to get involved in a civil matter.”

Mr LaRoda said legitimate property owners were faced with the “very expensive process” of having to go to court and obtain an injunction to protect their interests, which likely included the biggestever investment most would make in their lives - their home.

Mr Wilson said its Luxury Homes Bahamas’ travails prompted Arawak Homes to do some digging, which turned up the “vesting deed” for the 1,000 acres in western New Providence that was accepted for recording less than seven months ago.

Tribune Business has the “vesting deed” in its possession, which shows that is

Vacancy Announcement

The American Embassy in Nassau is accepting applications for the following position:

Accountability Service Center (ASC) Supervisor Salary $47,052.00 – $70,584.00

Duties: The Accountability Service Center Supervisor is one of eight positions assigned to the Accountability Service Center (ASC), our “one-stop shop” for managing all accountable aspects of Property Management, Real Estate, Emergency Preparedness, Fleet Management, etc. The ASC safeguards against waste, fraud and abuse of U.S. government property through impeccable record keeping, analysis of processes and information; performs or arranges management audits; establishes and recommends improvements in management controls. Incumbent responds to requests, executes tasks, and participates in various projects assigned by the Management Counselor. Incumbent reports and is reviewed by the Management Counselor and provides supervision to the Fleet Management Analyst, Property Management Analyst, Real Estate Management Analyst, Emergency Preparedness Coordinator, Contracting Officer’s Representative and two Clerks.

Interested candidates are required to possess the following skills and qualifications: •

Education: Completion of high school education and two years of university studies are required.

•

Experience: A minimum of five years administrative management experience in a large organization and one year supervisory experience is required. Experience can be concurrent.

•

Language: Level IV (fluent) in English is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, July 10, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

purportedly based on a will dating back to February 1942 and the subsequent probating of two persons’ estates. A 96 year-old Fox Hill woman last October swore an affidavit purporting to confirm that she knew the person behind the original will.

This newspaper is not naming the persons involved with the “vesting deed” for legal reasons, but the documents recorded with the Registry of Records incorporate numerous survey plans of the existing Serenity and Lyford Hills subdivisions “as built out right now”.

Mr Wilson, pointing out that these subdivisions were now full of residents, and homes that have mortgages on them, said they now potentially have to deal with a competing ownership claim to the entire area.

Setting out his concerns in the June 9 letter to Mr Bethel, Mr LaRoda said the 1,000-acre “vesting deed” appeared to violate the VAT Act because there was no stamp confirming whether due VAT had been paid on the sale/transfer.

And it also seemed to breach the Registration of Records Act’s clause five by not recording the signature, address and occupation of the person preparing it in the margin’s first page - something Mr Bethel confirmed was an accurate concern.

“It has come to our attention that a deed purporting to transfer in excess of 1,000 acres in western New Providence has been recorded in the Registry of Records,” Mr LaRoda wrote.

“Our review of transactions involving the parties to the vesting deed reveals dozens of similar deeds with identical deficiencies which should have rendered them unable to be lodged for recording under the terms of the Registration of Records Act. “It is to be noted that this deed purports to transfer the ownership of a significant portion of western New Providence and will create significant mischief.

As a matter of the greatest national importance, we urge your respective offices to review the procedure for the registration of records to ensure that documents entering the register comply with our laws,” Mr

LaRoda continued.

“We believe that by allowing documents such as the vesting deed to be recorded - in breach of our laws - exponentially increases the risks associated with investing in Bahamian real estate.

“The continuation of this pattern will result in untold damage to our construction and real estate industries as disputes from the creation of duplicated title ensues.

In our view, the Registry of Records should not be tainted by adding documents to the register which the law itself prohibits from being recorded.”

Mr Bethel, in messaged responses to Tribune Business, confirmed that the 1,000-acre western New Providence “vesting deed” is being probed by the authorities. “I am only aware of one case, which I have referred to be internally investigated, and am awaiting a report before taking further steps,” he replied.

“It was a vesting deed done, apparently, after some kind of purported probate or administration action. The document was otherwise defective as it did not have the lawyer’s signature in the margin.

“The Registrar General is trying to ascertain how it got through, as our policy is that all documents lodged for recording must be checked by the officers in the Registrar General’s Department for technical compliance.”

Messrs Wilson and LaRoda yesterday called for stiffer penalties to be imposed on persons who sought to seize land in questionable circumstances, adding that the person typically put forward as the ‘front’ with the link to the property in question often has no assets to claim against in a court action.

“This is the start of something all over the island from east to west,” Mr Wilson told Tribune Business. “People have found a new way to try and seize land, and this could wreak havoc in The Bahamas. Today, this, for real estate in The Bahamas, is the biggest threat.

“With COVID-19 everyone is trying to keep their costs down, and there’s a group out there wreaking havoc that will inevitably drive up the costs of

development and real estate.

The registry is being used to facilitate this. If someone asks what’s the biggest challenge in real estate in The Bahamas, it’s not COVID; it’s this.”

Calling for the government to enforce the laws, Mr LaRoda argued that this was the only way to protect legitimate property owners and save them from having to pay five to six-figure sums in legal fees to safeguard their investment.

“We need to do more to protect the integrity of the registry,” he added.

The Arawak Homes attorney, in his affidavit dealing with the Luxury Homes Bahamas matter, said one of the two trespassers at Yamacraw Hill Road had turned around and initiated a Supreme Court action claiming the company was the trespasser. No ruling has been given, and the firm has filed a defence.

Turning to the second “trespass”, Mr LaRoda alleged: “On Friday, May 15, I received call from a resident of Treasure Cove subdivision advising that persons unknown had tractors on the Yamacraw property (a portion of which abuts her residence) and were tearing down her fencing.”

After summoning security to the site, and conducting an investigation himself, the attorney found that “the locks to the entrance gates were broken, numerous trees were destroyed and a large portion of the land was cleared.

“The northern boundary wall was also vandalised by persons painting ‘private property’ and ‘no trespassing’ on the same,” Mr LaRoda alleged. “The plaintiff believes that the clearing of the property will cause irreparable harm to the said property through the indiscriminate excavation, destruction of mature trees and damage to the boundary fencing and wall.

“The plaintiff also believes the indiscriminate excavation of the said property by persons unknown is likely to damage the Water & Sewerage Corporation pipes which run across the northern part of the property. This would result in catastrophic damage to the sewerage systems in surrounding communities.”

THE TRIBUNE

Thursday, July 2, 2020, PAGE 5

‘Anyone’s guess’ on full tourism rebound FROM PAGE ONE

Tribune Business. “The US, which is our core market, we’re going to have to open very slowly and cautiously to ensure we don’t experience any increase in The Bahamas.

“Canada has a 14-day quarantine test when you return.

They’re really trying to discourage you from travel from Canada, which is our second largest market. The US is currently our only potential market for tourism.”

The minister’s comments came as a new study by the Inter-American Development Bank (IDB) reinforced that The Bahamas, together with Aruba and St Lucia, are the three tourism-dependent economies being most impacted

by COVID-19’s fall-out.

A policy brief, by Henry Mooney and Maria Alejandra Zegarra, looked at the impact on economic output (GDP), employment and the balance of payments (export earnings) for all countries in the Latin American and Caribbean region based on three scenarios.

The most optimistic of

Abaconians promised action on unregulated shanty development FROM PAGE ONE court has restricted us quite a bit in relation to them. The government will take such action within the law that the law permits us to take.”

Tribune Business was itself provided with the same aerial shots, showing construction and expansion activities at the Farm, but a concerned Abaco resident who voiced concern about the government’s seeming inaction on the matter.

Speaking on condition of anonymity, they said: “Shanty towns are rebuilding bigger than ever in Abaco and the government is doing nothing to stop it.

The police have been told to stand down.

“The Ministry of Works is allowing unpermitted construction there but strict regulations when it comes to anyone else. The Royal Bahamas Defence Force has been told to stand down.

Immigration has been told to stand down. They want the community to be the police.”

these assumes a 50 percent rebound in tourism flows in the just-started 2020 third quarter, followed by a 75 percent recovery in the final three months of the year. The second scenario assumes a 25 percent and 50 percent recovery in these two periods respectively, and the worst only a 25 percent return in the fourth quarter.

All write-off the 2020 second quarter lockdown by 100 percent. The IDD study predicts that Bahamian GDP will fall by between 8.4 percent and 13.2 percent, depending on whether the best or worst outlook comes true, with employment set to reduce by between 11.6 percent and 18.8 percent.

Many observers will likely argue that both are an under-estimate. Moody’s, the prime minister and others have all predicted that the economy may shrink by up to 20 percent this year, while the National Insurance Board (NIB) yesterday said 35,000 persons have to-date applied for unemployment benefit alone.

Dr Hubert Minnis himself has suggested that the national unemployment rate is around 30 percent,

and this week’s Baha Mar and Melia terminations are likely to send that soaring further towards 40 percent.

The IDB report, meanwhile, said The Bahamas was set to lose between 11 percent and 17.3 percent of its annual export earnings depending on the severity of COVID-19’s impact on tourism.

Mr D’Aguilar, meanwhile, confirmed that the government had chosen to narrow the timeframe in which visitors must obtain a negative COVID-19 PCR test from ten days to seven in order to better protect The Bahamas from increased infections.

“The reason we reduced it from ten days to seven is to improve the accuracy of the test when persons arrive at the border,” he explained. “Health officials felt a test between zero and seven days was a better indicator of COVID-19 status than ten days.

“They closed that window to seven days. It will probably deter more people from coming to The Bahamas but that’s the balance we in tourism have to monitor every day. How wide do we open and maintain our current excellent

COVID-19 status? This is the conundrum we deal with every day. How do we start our economy in the safest possible way?”

Mr D’Aguilar acknowledged tourism and hotel industry concerns over the frequently-changing testing and health requirements for visitors to be admitted to The Bahama, and added “What is frustrating to industry is that you’re constantly changing the goal posts.

“The tourism sector worldwide is very unsettled right now, and that’s going to significantly impact employment. It’s very disconcerting not to have a job, and very troubling to the government that people are not able to go back to work, but this pandemic is something new and affecting tourism-dependent economies and the world.

“There’s going to be twists and turns for some time to come as we open and readjust the tourism component of our

economy. At this moment there’s nothing unexpected.

Businesses are going to have to adjust based on the level of demand for their services.

“This is something no one really expected in their lifetime, and this level of uncertainty will probably result in stops and starts.”

To advertise in The Tribune, contact 502-2394

HELP WANTED Harbourside Marine

is looking for parts persons.

Must have experience with outboard motors.

Email resume to:

ian@hbsmarine.com

HELP WANTED We the company are looking to hire a Personal Assistant.

Personal Assistant Job Duties • Assist manager in different departments of the company • Prepare daily schedules for the manager, including meetings, breaks, lunches, and commitments.

• Answer incoming calls and return phone and text messages in a timely and efficient manner.

• Send and reply to emails on time.

• Coordinate travel accommodations, including ground travel, air travel, and hotel stays. A personal assistant may be required to go along on business trips with the manager.

• Handle incoming and outgoing mail.

• Take and record meeting notes.

• Complete personal tasks

Personal Assistant Job Essential Skills Organization and time management skills. The PA must be able to efficiently multitask and prioritize.

Computer skills. A personal assistant must be efficient in Microsoft Office, as well as have strong computer and administrative skills.

Flexibility. A personal assistant must be extremely flexible, as different situations arise each day, and they must be effectively handled.

Good written and verbal skills. Because the personal assistant will be interacting with many people on a daily basis, good written and verbal skills are essential.

Attention to detail. A personal assistant must be attentive to details, as they will be the main point of contact for their manager or director.

Attributes: (Efficient, discrete, flexible, self-motivated, organised, proactive, a good communicator)

Vacancy Announcement

Requirements: Must have an Associate’s Degree (preferably in Communications and/or Administration) Email: bahamaslocalpartner@gmail.com

The American Embassy in Nassau is accepting applications for the following position:

OBO Safety Program Coordinator Salary $52,920.00 – $79,380.00

Duties: Working under the Project Director of the Overseas Building Operations (OBO) project team, the Safety Program Coordinator provides professional expertise and guidance relating to site safety and health issues during all phases of construction, including site development, excavation, foundation, superstructure, exterior walls, mechanical and electrical systems, and interior finish work for the Nassau New Embassy Compound (NEC). The position is responsible for ensuring compliance with U.S. Department of State as well as host country construction safety and health regulations.

Interested candidates are required to possess the following skills and qualifications: •

Education: University degree in safety management, occupational health and safety, environmental safety, construction, engineering, or architecture is required.

•

Experience: Five years in construction with experience in occupational safety or industrial hygiene is required.

•

Language: English level IV (Fluent) Speaking/Writing/Reading is required.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs Applications will not be accepted at the Security Gate of the Embassy, by Mail, E-mail or other means of delivery.

Deadline: Friday, July 10, 2020.

Due to the high volume of applications, unsuccessful candidates will not be contacted.

PAGE 8, Thursday, July 2, 2020

‘Unreliable’ BPL hits productivity in financial services FROM PAGE ONE

“As for income and capital risk, respondent financial impacts were aligned with their exposures. Those with interest income exposure and fee income based on assets under management reported revenue concerns,” Mr Littrell said.

“Those with substantial asset portfolios, not supported by group structures, reported concerns with asset devaluation. Many respondents expressed concern over the unknown nature of the future economic conditions,

THE TRIBUNE

especially those supervised financial institutions exposed to market risk (in particular, interest rate risk).”

Elsewhere, Mr Littrell said the Central Bank remained confident that The Bahamas will maintain sufficient foreign currency reserves to support the one:one US dollar peg for the foreseeable future.

He revealed that the reserves stood at $2.08bn at end-June 2020, some 33 percent higher at the same point last year, when they stood at $1.56bn. Mr Littrell added that they were also slightly higher than the $1.97bn mark achieved at end-February 2020 just prior to the COVID-19 outbreak.

“The COVID-19 outbreak is a substantial economic challenge, but has yet to place appreciable pressure on the external reserves position,” the Central Bank official wrote. “The reduction in economic activity since March has materially

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side BETWEEN

reduced foreign exchange outflows.

“There is also the consideration that the Central Bank retains several policy tools, which it will deploy in need, to preserve the external reserves position. The Central Bank expects to allow some run-down in the external reserves from the current historic highs to finance necessary imports and to support high-value developments in the tourism sector.

“These developments will stand the country and economy in good stead when tourist traffic eventually returns to more normal levels. The Central Bank remains confident that it will retain sufficient reserves to maintain the Bahamian dollar/US dollar peg.”

Mr Littrell’s remarks echo those contained in the Central Bank’s monthly economic report for May, which was released earlier this week, disclosing that the foreign currency reserves

were maintained at around $2bn through the peak of the COVID-19 lockdown.

The report revealed that the reserves, which are critical to both funding imports and securing the one:one peg with the US dollar, closed May at a still-relatively healthy $1.972bn ahead of a forecast $1bn drawdown over the remainder of 2020 as businesses and the economy re-open.

The Central Bank data shows they are greater than prior year levels, having expanded by almost $214m over the first five months of 2020, and said: “External reserve balances are projected to contract during the year on account of a decline in foreign currency inflows related to tourism sector activity, and a rise in imports to aid [Hurricane Dorian] reconstruction work.

“Nevertheless, external balances are estimated to remain more than adequate to sustain the Bahamian dollar currency peg.”

2019 CLE/QUI/263

NOTICE

THE QUIETING TITLES ACT1959 Chapter 393 The Petition of Patronella Ericka Bain of the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas in respect of: ALL THAT piece parcel or lot of land comprising 11,233 square feet situated on the Southern side of Reeves Street and running thereon One Hundred and fourteen and Fifty Hundredths (114.50) feet and to the EAST by land privately owned and running thereon One Hundred and One and Eighty-seven Hundredths (101.87) feet and to the SOUTH by land said to be the property of Theophilius Moss and running thereon One Hundred and Two and Forty-five Hundredths (102.45) feet and to the WEST by property belonging to Harry Burnside and running thereon One Hundred and Five and Ninety-seven Hundredths (105.97) feet.

The Petitioner, Patronella Ericka Bain claims to be the owner in possession of the fee simple estate of the said land and has made application to the Supreme Court of the Commonwealth of the Bahamas under section 3 of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and the extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. The Petition and filed Plan of the said land may be inspected during normal office hours at:1. The Registry of the Supreme Court British American Building, Ground Floor, Marlborough Street, Nassau, Bahamas.

2. The Chambers of Monique V. A. Gomez & Co., The Oschloe Building, #73 East Street & Cordeaux Ave, Nassau, Bahamas.

NOTICE is hereby given that any person having Dower or right to Dower or any Adverse Claim or claim not recognized in the Petition shall within Thirty (30) days after the appearance of the Notice herein filed in the Registry of the Supreme Court and serve on the Petitioner on the undersigned or Statement of such Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve his/ her Statement on or before the said thirty (30) days herein will operate as a ban to such claim.

Monique V. A. Gomez & Co. Chamber The Oschloe Building #73 East St. & Cordeaux Ave. Nassau, Bahamas Attorneys for the Petitioner

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 30 JUNE 2020

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,124.69 | CHG: 3.08 | %CHG: 0.15 | YTD: -106.91 | YTD%: -4.79 BISX LISTED & TRADED SECURITIES 52WK HI 4.24 22.65 7.00 6.75 2.58 2.00 5.47 12.77 6.16 4.50 8.59 3.64 5.10 10.88 8.44 16.99 9.40 4.25 15.21

52WK LOW 3.15 20.91 5.50 5.39 1.78 0.67 2.00 11.05 5.60 3.62 5.41 2.53 2.20 8.00 7.10 13.04 8.00 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

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

52WK HI 2.31 4.40 2.10 198.39 168.29 1.69 1.85 1.77 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 1.64 1.77 1.72 1.07 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.17 17.43 6.00 6.75 1.78 1.62 2.74 11.26 6.16 4.00 5.92 2.88 5.10 9.53 8.44 14.50 8.60 3.88 15.20

CLOSE 3.17 17.43 6.00 6.75 1.78 1.62 2.76 11.26 6.16 4.00 5.92 2.89 5.10 9.62 8.44 14.50 8.97 3.84 15.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.00 0.09 0.00 0.00 0.37 -0.04 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

LAST SALE 100.00

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

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

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

VOLUME

5,455 250

2,500 3,500

3

VOLUME

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 1.69 1.81 1.77 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.31 10.01

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

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 13.3 18.7 N/M 18.3 N/M N/M -6.3 15.6 13.7 21.7 42.3 28.3 10.9 14.9 11.6 17.8 9.6 18.9 24.1

YIELD 5.36% 7.23% 0.00% 3.85% 0.00% 1.23% 0.00% 6.39% 3.57% 3.00% 0.00% 15.02% 1.18% 3.41% 2.84% 3.72% 2.23% 3.13% 4.01%

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

0.00% 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% 4.50% 6.25% 3.50% 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-2022 26-Jun-2045 15-Oct-2018 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% 1.88% 3.90% -2.26% 2.49% 0.76% 3.56% -11.03% -8.03% -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-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-Mar-2020 31-Mar-2020 31-Mar-2020

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

To advertise in The Tribune, contact 502-2394 PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIETTE JOSEPH of Pine Yard Road Nassau, The Bahamas, mother of SKYLER DEVONIKA JOSEPH A minor intend to change my child’s name to SKYLER DEVONIKA BURNSIDE If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that LEVEL SAINVIL, Twynam Avenue, P.O.Box N-356 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the Wednesday 25th 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 IMOSE TELCY SAINVIL, Twynam Avenue, P.O.Box N-356 New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the Wednesday 25th day of June 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Amicorp (Bahamas) Ltd. Voluntary Liquidation

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a)

Amicorp (Bahamas) Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000.

b)

The dissolution of the said Company commenced on 25th June 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

c)

The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Streets, P.O. Box N-4865, Nassau, Bahamas.

Amicorp Bahamas Management Limited Liquidator

June 30th, 2020

P/E - Closing price divided by the last 12 month earnings

June 30th, 2020

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Thursday, July 2, 2020, PAGE 9

Bahamians warned: ‘No-no’ to let others use your account FROM PAGE ONE their personal financial details and bank account information, which was then being used by fraudsters to steal money from their accounts.

The stolen money was then transferred into the accounts of other Commonwealth Bank clients who had been contacted, via Facebook, What’s App, phone call, text or SMS message, to participate in a purported “mystery shopper” exercise.

While a scheme can be used legitimately to test the quality of customer sales and service, Ms Dawkins-Rolle said the fraudsters in this instance employed the Commonwealth Bank holders who received the funds to wire money abroad or purchase commodities such as Apple gift cards.

They were allowed to keep a small amount, typically $150 to $200, for themselves, and Commonwealth Bank is concerned that naivety and economic desperation - due to the high unemployment and reduced incomes associated with COVID-19 - could lure many Bahamians into becoming victims or unwitting participants in such scams.

“In late May 2020, the bank would have received notification from several of its customers indicating people had removed funds from their accounts without authorisation,” Ms DawkinsRolle said.

“Those customers appear to have become victims of a phishing scheme.... The customers would have received e-mails, a lot of them in the form of alerts stating that a transaction has failed. A lot of them have links saying ‘get help here’, and they take the client to a web page that looks like the bank’s.”

Once they handed over their bank account information, Ms Dawkins-Rolle said the fraudsters transferred the

funds taken to the accounts of those participating in the fake “mystery shopper” scheme.

Jermaine Williams, Commonwealth Bank’s vicepresident of enterprise risk and chief risk officer, said the scam had not impacted the BISX-listed institution’s online banking platform which remains secure.

Urging customers to activate all necessary security features to protect their online accounts, and personal and banking data, Mr Williams added that Commonwealth Bank would never seek that information via an e-mail, text or online.

“Know the red flags, know the scams and the best ways to avoid being scammed,” he advised.

Superintendent Edgecombe added: “From January 1 to now we have seen an increase of such type of frauds from various banking institutions; not only Commonwealth Bank but many banking institutions.

“My team are diligently investigating such matters and are having good results. We have questioned a number of persons. We have spoken to a number of our international partners in law enforcement to trace where those funds are being sent to.”

He added: “I want to warn the Bahamian public to not become a victim or participant in something that will hurt you at the end of the day. If you’re found to have assisted somebody it may be classed as money laundering, a number of fraud offences, and you may land in jail.

“We are investigating these matters very seriously. Don’t allow persons to use your account. Many persons say: ‘My friend asked me to use the account to deposit money, send money to some place else.

“That’s a no-no. Whatever goes to your bank account, you can be held liable criminally and civilly.... A word to the wise is sufficient.”

Press Release

WHOEVER COUNTED YOU OUT, CAN’T COUNT!

Bahamian Pharmacists; The Injustice:

A governance regulatory, statutory, body must be seen to be impartial and consistent in its actions, ruling and regulations. When either of these are broken the level of confidence that one has in its decision making is impaired.

Seventeen (17) Bahamian pharmacists have been licensed and practicing for some seven to ten (7 - 10) years see inconsistencies in The Pharmacy Council actions. These actions and decisions made

by The Pharmacy Council are deemed riddled with personal agenda and biases.

On December 16th 2016, The Pharmacy Council’s Registrar and Chairman had informed these (17) Pharmacists that they were no longer registered pharmacists. They were told that the institution they studied at was not accredited by NAECOB. This action was shocking, as at the time of licensure NAECOB did not exist for any profession, and the Ministry of Education and Public Service Commission were the bodies that approved and recognized tertiary institutions in Country.

The institution in question had been given an articulation agreement with The University of Havana, signed off by the Government of The Bahamas from 2002, which is still active and current to date.

These seventeen (17) pharmacy students were enrolled in this institution, along with many other registered, practicing pharmacists whom were upgrading their skill-set in the master’s degree program which comprised of courses that were clinical in nature with research components. A request was made by The Pharmacy Council for the degree to be evaluated and standardized by an International accrediting body in the U.S.A. A private credential evaluation firm, ZOOMA Inc dba CreditEval in Laredo, Texas, confirmed the credibility of the syllabus and the degree.

EMPLOYMENT OPPORTUNITY Ambulatory Medical facility in Freeport is seeking, Qualified and Registered Pharmacist with a minimum of 5 years experience.

Contact Human Resource Manager 373-7400 ext. 235 or accounts@lucayanmedical.com

Three different Pharmacy Council compositions registered and licensed these students over a period of ten (10) years. This includes the first Council ever established, in 2010, and the following two consecutive Councils - all consisting by law of four (4) pharmacists, a physician and two other community representatives. On two of those Pharmacy Councils, Dr. Dahl-Regis, The Chief Medical Officer at the time, sat as the required physician, and those Councils voted for the registration approval of these cohorts of students. The inconsistency began with the fourth (4th) Pharmacy Council, determining to not license these persons anymore, which again sat Dr. Dahl-Regis as the required physician. As stated in The Pharmacy Act of 2009, the only grounds that allows for de-registering of pharmacists are infractions listed in Part VI. However, no infractions, breaches of protocols or public safety concerns have been noted for any of these seventeen pharmacists. What then gives this fourth Pharmacy Council sitting authority over the previous three (3) Pharmacy Councils to override previous decisions?

Further inconsistencies arose, and the conundrum escalated, when during the same period, some twenty three (23) Pharmacists were brought into country from Cuba to practice and work for the Government of The Bahamas. This was done to fill the void and lack of pharmacists in country to meet necessary demand. Some of the very persons who headed The Pharmacy Council at the time were responsible for selecting these pharmacists from Cuba. These pharmacists from Cuba all have their degrees from The University of Havana, the same education body which oversaw the institution that our Bahamian pharmacists attended. Many of noted most of these Cuban Pharmacists have challenges with English, both understanding it, and, fluently speaking it a violation of The Pharmacy Act, Part IV, 9, 3a. These twenty three Cuban Pharmacists remain employed at PMH and various Government Clinics, while seventeen Bahamian pharmacists are unemployed until this saga is rectified. It’s unseemly that such a thing can happen in the twenty first century where our own suffer penalties, whereas foreign persons remain unchecked and are allowed to work for the Government of The Bahamas. Is there a different standard for government and private sector?

The questions must arise as to what is the justification, and is there a hidden agenda or personal vendetta afoot?

The pharmacists sought advice from The Competent Authorities. Legal counsel at the Ministry of Legal Affairs advised that the aforementioned action of The Pharmacy Council was “unheard of” and “unbelievable”. They were advised to take The Pharmacy Council to court.

The Pharmacy Council won the case solely based on the interest of “Public Safety” concerns, not competency or qualifications. However, no proof could be brought against any of the seventeen pharmacists during all their years of practice - No infractions, medication errors or a single issue of public safety. To the contrary there are any number of persons in our community who speak highly of these pharmacists; including fellow pharmacist colleagues, oncology patients, diabetics, hypertensive patient and patients with heart disorders, all claiming to have been professionally handled and counseled by these same seventeen Bahamian pharmacists.

The Pharmacy Council is the only competent authority in country to rectify its own misdoing and should reinstate these pharmacists.

Concerned Pharmacy Community

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THE TRIBUNE

Thursday, July 2, 2020, PAGE 11

THE WEATHER REPORT

5-Day Forecast

TODAY

FRIDAY

SATURDAY

SUNDAY

MONDAY

Mostly sunny

A moonlit sky

Partly sunny

Partly sunny

Partly sunny, a t‑storm in spots

Clouds and sun with a thunderstorm

High: 90°

Low: 77°

High: 90° Low: 80°

High: 90° Low: 79°

High: 89° Low: 79°

High: 90° Low: 79°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

101° F

88° F

101°-91° F

103°-89° F

102°-86° F

101°-88° F

ORLANDO

High: 94° F/34° C Low: 76° F/24° C

TAMPA

High: 91° F/33° C Low: 79° F/26° 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: 86° F/30° C Low: 83° F/28° C

6‑12 knots

S

High: 93° F/34° C Low: 77° F/25° C

6‑12 knots

FT. LAUDERDALE

FREEPORT

High: 93° F/34° C Low: 79° F/26° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 91° F/33° C Low: 78° F/26° C

MIAMI

High: 95° F/35° C Low: 79° F/26° C

3‑6 knots

KEY WEST

High: 91° F/33° C Low: 83° F/28° C

ELEUTHERA

NASSAU

High: 90° F/32° C Low: 77° F/25° C

Forecasts and graphics provided by AccuWeather, Inc. ©2020

High: 87° F/31° C Low: 81° F/27° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:53 a.m.

6:33 p.m.

2.6 3.4

12:06 a.m. 0.1 12:04 p.m. ‑0.3

Friday

6:50 a.m.

7:26 p.m.

2.6 3.4

1:03 a.m. 0.0 12:57 p.m. ‑0.4

Saturday

7:43 a.m.

8:16 p.m.

2.6 3.5

1:56 a.m. ‑0.1 1:49 p.m. ‑0.4

Sunday

8:34 a.m.

9:03 p.m.

2.6 3.4

2:46 a.m. ‑0.1 2:38 p.m. ‑0.3

Monday

9:23 a.m.

9:50 p.m.

2.6 3.3

3:34 a.m. ‑0.1 3:26 p.m. ‑0.2

Tuesday

10:11 a.m.

10:34 p.m.

2.5 3.2

4:20 a.m.

4:13 p.m.

0.0 0.0

Wednesday 10:58 a.m.

11:18 p.m.

2.5 3.0

5:04 a.m.

5:00 p.m.

0.1 0.2

sun anD moon Sunrise Sunset

6:24 a.m.

8:04 p.m.

Moonrise Moonset

5:48 p.m.

3:58 a.m.

Full

Last

New

First

Jul. 5

Jul. 12

Jul. 20

Jul. 27

CAT ISLAND

E

W

High: 87° F/31° C Low: 81° F/27° C

N

S

E

W

4‑8 knots

S

6‑12 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 ................................................... 90° F/32° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 91° F/33° C Last year’s low ................................... 77° F/25° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 24.47” Normal year to date ................................... 13.89”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 87° F/31° C Low: 80° F/27° C

High: 87° F/31° C Low: 82° F/28° C

N

High: 89° F/32° C Low: 79° F/26° C

E

W S

LONG ISLAND

tracking map

High: 87° F/31° C Low: 81° F/27° C

4‑8 knots

MAYAGUANA High: 88° F/31° C Low: 82° F/28° C

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

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND High: 86° F/30° C Low: 82° F/28° C

High: 87° F/31° C Low: 81° F/27° C

GREAT INAGUA High: 88° F/31° C Low: 82° F/28° C

N W

N E

W

E S

S

6‑12 knots

7‑14 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 SW at 6‑12 Knots WSW at 6‑12 Knots SE at 4‑8 Knots SSE at 3‑6 Knots SE at 6‑12 Knots SSE at 4‑8 Knots ESE at 7‑14 Knots E at 4‑8 Knots SSE at 4‑8 Knots S at 4‑8 Knots SW at 6‑12 Knots WSW at 6‑12 Knots SE at 6‑12 Knots SSE at 4‑8 Knots E at 7‑14 Knots ENE at 4‑8 Knots ESE at 6‑12 Knots ESE at 4‑8 Knots ESE at 6‑12 Knots SE at 4‑8 Knots SSE at 4‑8 Knots S at 4‑8 Knots SE at 6‑12 Knots SE at 4‑8 Knots SE at 4‑8 Knots SSE at 4‑8 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑2 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 0‑1 Feet 0‑1 Feet 1‑3 Feet 1‑3 Feet 1‑2 Feet 1‑2 Feet

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

502-2394

VISIBILITY 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 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 86° F 86° F 88° F 89° F 86° F 88° F 85° F 86° F 88° F 88° F 85° F 84° F 88° F 89° F 85° F 86° F 87° F 88° F 85° F 85° F 88° F 89° F 86° F 86° F 87° F 88° F

PAGE 12, Thursday, July 2, 2020

THE TRIBUNE

NIB WAGE CEILING RISE TAKES EFFECT THE National Insurance Board (NIB) yesterday said only higher-paid workers will be impacted by the latest wage ceiling increase.

The social security system, in a statement issued, said only workers

earning more than $670 per week or $2,903 per month will be impacted by legally-mandated changes that - from 2010 - require it to adjust pensions, grants and the wage ceiling for the effects of inflation every

two years.

The latest adjustment, which took effect yesterday, is designed to ensure pensions, in particular, retain their value and are not devalued by the rate of inflation as measured by the

Retail Price Index.

“The insurable wage ceiling has been adjusted to $710 per week or $3,077 per month,” NIB said.

“The adjustment in the ceiling is in keeping with the social security mandate

to maintain relative parity between the worker’s wages and benefits.

“In that regard, only higher paid workers persons whose earnings currently exceed $670 per week/$2,903 per month will be affected. This ceiling adjustment of $40 per week/ $173 per month translates to a maximum increase in contributions for employed persons of $3.92 per week.”

NIB said this will be “shared $1.56, employee, and $2.36, employer, and $15.22 per month for selfemployed persons. The adjusted ceiling will allow workers to insure more of their income and, in return, receive better benefits”.

NIB reiterated that the

adjustment in the insurable wage ceiling is not an increase in the contribution rate. The rates at which contributions are paid remain unchanged - 9.8 percent for employed persons; 8.8% percent for self-employed persons; five percent for voluntarily insured persons; and two percent for summer students and workers in receipt of retirement benefit.

Pensioners will enjoy adjustments of up to 4.8 percent that will be paid in October, and are retroactive to July this year. NIB’s maternity grant has been increased from $490 to $515, and the Funeral Benefit from $1,810 to $1,900.

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For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115