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MONDAY, JULY 3, 2017

$4.15 BONDED WAREHOUSES ‘GOOD BUSINESS ALL AROUND’, SAY DEALERS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AUTO dealers believe it will be “good business all around” if recent Customs visits mark the first step towards being able to establish bonded warehouses at their properties.

Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, said the initiative - long urged by the industry would boost business cash flow and eliminate any impact on existing inventory from Budget tax changes.

“If we can get it off the ground it will help considerably for convenience and cash flow savings,” he told Tribune Business. “There are a number of benefits. It will be a good item if we can get it in place.”

Mr Albury was speaking after Customs personnel visited several auto dealerships within the last 10-14

Customs inspects auto premises BMDA chief sees ‘considerable help’ Aids cash flow, protect on rate changes days to assess the suitability of their premises for hosting bonded warehouses.

Such facilities would enable auto dealers to defer paying Excise Tax at the border, and instead move imported vehicles swiftly from the dock into a bonded warehouse. They would only become liable to pay these taxes once the vehicle is removed from bond and sold.

The ‘bonded warehouse’ initiative, if it comes to See PG B4

TOURISM MINISTER’S ‘CONCERN’ AT AIRPORT SECURITY DEMANDS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Tourism yesterday admitted that the short timeline given to meet enhanced US aviation security demands was “causing concern”, with the greatest impact likely to be felt at Family Island airports.

Dionisio D’Aguilar told Tribune Business he did not want to think about the potential impact these measures will have on airline ticket prices and airport user fees, saying he was concentrating first on the “customer experience”.

He confirmed that the Government was currently assessing whether the Bahamas’ airports possess the necessary equipment and trained staff, and in sufficient quantities, to conduct the enhanced explosives screening and more rigorous security checks demanded by the US See PG B7

US gives 21 days for explosive screening Bahamian airports, airlines to be impacted

$4.19

$4.19

$4.19

CCA fearing Baha Mar completion miss

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHA Mar’s main contractor is raising the alarm that it will again miss the $4.2 billion project’s completion deadline, following the eruption of a legal dispute with a key supplier.

China Construction America’s (CCA) Bahamian subsidiary, in legal filings obtained by Tribune Business, warns that itself and Baha Mar - will “suffer incalculable and irreparable damage” if a Florida-based supplier continues to withhold 50 per cent of the project’s lounge chairs.

CCA, in a lawsuit filed with the south Florida fed-

Supplier withholds over pre-Chapter 11 debt Contractor: October 15 finish now in peril Warning of ‘incalculable, irreparable damage’ eral court last Thursday, alleges that these chairs are “essential to the timely completion” of the Cable Beach development.

It warns that it will be unable to meet the October See PG B5

THE BAHA Mar site. Long awaited papers were finally unsealed, revealing the heads of terms on the resort.

Major bank’s account used to launder $2.6m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE US authorities have been granted access to the financial records of a Bahamian company, and its account at a local bank, which were used to launder $2.632 million from an illegal Internet pharmacy scam.

The Court of Appeal, in

an unanimous verdict, upheld the Supreme Court’s decision to provide assistance under the Bahamas’ Mutual Legal Assistance Treaty (MLAT), rejecting claims from the target company that the US was engaged in “a fishing expedition”.

It gave the objections from Gesbo Enterprises, and its attorneys, led by

Keith Cargill, “short shrift” after finding that there was “a preponderance of evidence” disclosed about the company’s links to an illegal Internet pharmacy that generated $55 million in sales in just two years.

Dame Anita Allen, in her written verdict, said the Attorney General first sought a court Order on See PG B4

US given records of Bahamas entity Illegal online pharmacy used UBP account Appeal Court rejects ‘fishing expedition’

D’Aguilar: Worry on costs, tourist experience

DIONISIO D’AGUILAR

Insurance chair brands NHI Authority’s $10m ‘excessive’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Insurance Association’s (BIA) chairman says the $10 million to create the NHI Authority is “quite excessive”, and suggested more money should be directed to frontline healthcare services.

Emmanuel Komolafe, while questioning how the new government will make the 71.5 per cent cut in NHI funding work, said proposed changes to the scheme could encourage insurance industry innovation and enable it to cover more Bahamians.

He compared the $40 million allocated to NHI

Queries how 71.5% funding cut will work But new Govt’s reforms give opportunity Aiming to keep health dollars in Bahamas in the 2017-2018 Budget with the $100 million that was assigned by the former Christie administration for primary care alone, together with a further $24See PG B6

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PAGE 2, Monday, July 3, 2017

THE TRIBUNE

ADVISER: SMALL BUSINESS CENTRE MUST BE ‘HOLISTIC’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A SMALL business advisor has urged the Government to involve the sector in establishing the Small Business Development Centre, warning that the concept must be “holistic” and clearly define those it will help.

Mark Turnquest, principal of Mark A Turnquest and Company, told Tribune Business: “Whatever mod-

el is created it has to focus on grant funding, business management training and business management consulting. It has to be all under one roof at one time; it can’t be in isolation.

“Every department that caters to small business in the country has to be on one accord. There has be synergy. I don’t mind what they call it but it has to make sense and ensure that small businesses benefit.”

Deputy Prime Minister,

K Peter Turnquest, revealed last week that the Ministry of Finance, the US Small Business Development Centres and the University of the Bahamas are currently collaborating to create the Bahamas Small Business Development Centre, which will be hosted at the University of the Bahamas.

Mr Turnquest added: “There has to be incentives for small businesses to get in business and stay in business. It can’t simply address one or two things;

it has to be holistic.

“Whatever model the Government wants to create, it has to be done based on consultation and must clearly define what is a small business . Small businesses have to be involved in developing the structure.”

Mr Turnquest, who was addressing the Billionaire Roundtable conference last week, said of the proposed small business centre: “All of the services will be provided free to the public as a public service. Our aim is

to ensure that we maximise the efficiency of every dollar of capital invested in entrepreneurial activities

by Bahamian businesses.

“We want our investments to succeed, and to minimise unnecessary failure. Funding for the Centre has been allocated in the National Budget, premises have already been secured and I am advised that plans are well under way to making this dream a reality in the coming months.”

MARK TURNQUEST

Sunryse welcomes returning business development chief SUNRYSE Information Management has named Fabian Fernander as vice-president of business development for its document management business.

Mr Fernander joined the company on June 6, and brings more than a decade of experience in marketing, sales and project management to his new role.

The brings him full circle, for in 2008 he joined the company’s predecessor, Sunryse Shredding Services, as its first sales and marketing co-ordinator.

Mr Fernander left Sunryse in 2010 to become the sales and marketing manager for a retail wholesale distribution company. He oversaw the full rebranding and sales force for the company, guiding a team of 13 in developing marketing budgets for each brand and monitoring the effectiveness of each campaign.

As vice-president of business development at Sunryse, Mr Fernander will oversee the company’s market expansion projects.

FABIAN Fernander joins Sunryse Information Management as the company’s Vice President of Business Development.

Photo/KOVAH DUNCOMBE

In addition to document destruction services, the records management firm securely stores, catalogues and images data for clients in industries including banking, insurance, medical and financial services.

“Fabian is well qualified to lead our sales and marketing efforts as we continue to strategically position our business in the country and regionally,” said Chris Sawyer, Sunryse Information Management’s presi-

dent and chief executive.

“His experience spans all major sales and marketing areas, and I am confident in his ability to provide the level of service required by our business clients, vendors and associates here at Sunryse. We are pleased to welcome him back to the Sunryse family. We have placed great trust in his skills and are confident in his ability to reach specific sales targets and lead effective marketing projects.”

GBPA executives raffled one all-expenses paid trip to attend the largest manufacturer, wholesaler and distributor trade show in North America for one GBPA Licensee during its Business Innovation & e-Commerce Boot Camp, held on June 8. Pictured is GBPA president, Ian Rolle (centre), drawing a raffle ticket, assisted by Glendia Sweeting, business development officer (right), as Derek Newbold, senior manager of business development and Invest Grand Bahama (left), looks on.

GBPA TARGETS MAJOR SUPPLIER CONVENTION THE Grand Bahama Port Authority (GBPA) and its Invest Grand Bahama (IGB) promotional unit will feature the benefits of doing business on the island at the 2017 Source Direct at ASD Trade Show & Expo.

The four-day event is slat-

ed for July 30-August 2 at the Las Vegas Convention Centre. The GBPA’s senior manager of business development and Invest Grand Bahama, Derek Newbold, said: “Source Direct at ASD is one of the world’s largest and best known manufacturers, wholesalers and buyers events globally.

“Grand Bahama is ripe for investments within the light manufacturing, value addition/assembly and distribution sectors. Our infrastructure and proximity to North America, combined with free zone concessions, provides an ideal environment from which to conduct business, especially for these industries.

“Further, there appears to be a growing advantage for near-shoring as opposed to offshore manufacturing and distribution for many US producers, which could be a significant opportunity for Grand Bahama.”

Mr Newbold added that, as part of the GBPA’s Business Diversity Initiative, the Invest Grand Bahama Small Business Bureau will sponsor the winning licensee, drawn during its recent Business Innovation Boot Camp, to join the IGB Team at the event.

“Source Direct is a

massive event featuring nine different trade shows all under one roof. And, as we push our Diversify.

Innovate.Grow theme for 2017 – the possibilities for sparking new and innovative ideas for small businesses are endless,” said GBPA business services Manager, LaShawn Dames.

“With retail businesses accounting for the largest percentage of our liensees, our goal as a result of this initiative is to bring greater diversity and growth to the sector via exposure to new ideas, products and methodologies.”

Ian Rolle, the GBPA’s president, said: “GBPA’s participation at this event from an investment promotion aspect is deliberate.

On one hand, the team will focus on spurring interest from foreign companies, with a view to attracting new investments and creating new economic opportunities.

“And, on the other, we are actively demonstrating our commitment to building the local economy by encouraging investments in unique and diverse products, business ideas and services, all of which add tremendous value to the island’s future economic development goals.”

INNOVATIVE CONCEPTS: Technology and innovative concepts were key topics during the recent Business Innovation Boot Camp hosted by Invest Grand Bahama Small Business Bureau.

AeroFarm, leaders in urban vertical farming, were a featured presenter at the event. Pictured is the AeroFarm Team speaking to the advantages and benefits of in-door vertical farming.

From left to right: Emily Bacon, AeroFarm operations manager; Alex Filipau, AeroFarm systems engineer; and Alex Highstein, AeroFarm corporate development

THE TRIBUNE

Monday, July 3, 2017, PAGE 3

Union chief demands a ‘level playing field’

By NATARIO McKENZE Tribune Business Reporter nmckenzie@tribunemedia.net

BRENT SYMONETTE, minister of financial services, trade and industry and Immigration (right), greets honorary consul of Jamaica in the Bahamas, Patrick Hanlan (centre) and Caribbean Market Mission lead, Marlene Porter, before the start of the trade mission in the Bahamas.

BAHAMAS MINISTER URGES CARIBBEAN TRADE LINKAGES A BAHAMIAN Cabinet minister called for more regional co-operation on trade during the final leg of JAMPRO’s Caribbean Market Mission in the Bahamas.

Thirteen Jamaican companies promoted their products for export to the Bahamas on one of JAMPRO’s largest trade missions, which covered three key markets in the Caribbean region.

Brent Symonette, minister of financial services, and trade and industry, said the Bahamas was a strong partner for Jamaica, given that it was home to 10,000 Jamaicans.

He said: “It is only through developing trade in the region that we can grow the region as Caribbean nationals….we have to work together for the benefit of nationals throughout the region.”

Mr Symonette praised JAMPRO for the sophistication of the Caribbean Market Mission initiative, and said he looked forward to positive outcomes from the visit to the Bahamas.

Robert Scott, JAMPRO’s vice-president of export and market development, said the agency was pleased with the reception Jamaican companies had received while in Trinidad and Tobago, Barbados and the Bahamas.

The companies had favourable meetings with potential buyers, and were able to investigate the needs of companies and consumers in all markets. The delegation included products

from apparel, beauty, agroprocessing and other sectors.

Mr Scott said: “I am pleased that we were able, with the support of our partners, to execute this Export Max initiative.

JAMPRO is confident that the companies will receive more positive feedback on their return to Jamaica, and that the relationships built will be fruitful. We are excited about the outcomes to date, and extremely hopeful about sustained business arising from the mission.”

The Caribbean Market Mission’s participating companies are Export Max enterprises Crimson Dawn Manufacturing Company; Dawson Trading Company; R & D Commercial Holdings (formerly EG Wellness Brands); Free Form Factory; Grace Agro-Processors (Division of GK Foods & Services); Jamaica Drip Irrigation; Tripple C Manufacturing; Very Amazing Products (VAP); Island Products Manufacturing Company; Boss Furniture Company; Carita Jamaica; Country House Products; Country Traders and JABEXCO Limited - Best Dressed Foods. Manufacturers King Pepper Products; Southside Distributors and AG Chem Plant participated on select missions.

The Export Max programme is executed in partnership with the Development Bank of Jamaica, The HEART Trust/NTA, Scotiabank and The Jamaica Productivity Centre.

JAMPRO is an Agency of the Ministry of Economic Growth and Job Creation.

A TRADE union leader is urging the Government to lift the Employment Act’s redundancy cap, and demanding a “level playing field” for workers across the Bahamas.

Obie Ferguson, the Trade Union Congress’s (TUC) president, told Tribune Business he supported the Government’s pledge to raise the ‘12-year’ redundancy cap for worker compensation.

“We certainly support the position of the minister with respect to increasing the redundancy period,” Mr Ferguson said. “The maximum is 12 years and

we support lifting it, because if a worker works for 34 years with a company it must be unreasonable - and certainly unconscionable - for that worker to be entitled to the same redundancy amount as someone who worked for 12 years. That cap ought to be lifted and we support the minister on that position.”

Mr Ferguson added: “ We also support him in the establishment of a redundancy fund. That has been the position of the TUC for years. When a company goes belly up there will be funds for those workers to get some money to bring some kind of relief while they make all efforts to find employment.

“We also support him in this independent arbitrator concept. We have been

a major supporter of the industrial side of the Supreme Court being made to accommodate labour issues. We certainly are in support of that, and we are in support of the Tribunal being able to enforce its own rulings and decisions, and being empowered to fast-track cases in order to maintain industrial harmony.”

Dion Foulkes, minister of labour, during his Senate Budget contribution last week said the Minnis administration has pledged to remove the ‘12-year’ redundancy cap. “In this term in office we pledge to move the redundancy cap of 12 years for workers’ compensation and institute a new cap after consultation with the Tripartite Council,” said Mr Foulkes.

At present, line staff remain entitled to a maximum 24 weeks or six months’ redundancy pay, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. Managers remain at a maximum of 48 weeks, or one month for every year worked up to 12 years.

The redundancy cap was a contentious issue between employers and the trade unions when Employment Act reforms were introduced last year under the Christie administration.

Mr Foulkes promised, though, that the Government would work with unions and employers to establish a redundancy fund and empower the Industrial Tribunal to enforce its own decisions.

Vendors benefit through Junkanoo Summer Fest Food and craft vendors said business was brisk at the opening of Junkanoo Summer Festival (JSF).

Cherrel Rolle, of Da Point Island Delight, said she enjoys the opportunity of catering to Bahamians and tourists alike.

“Business hasn’t been bad at all; I’m enjoying the people and I like cooking, so it’s a joy for me to cater to my Bahamian people and tourists alike. The response has been very good so far, even though it’s my first time to Junkanoo Summer Festival,” she said.

Calverna Swann, of Club 900, added: “It’s my first time at JSF and I’m hoping to have a great time as a vendor. I always come and watch, but this is my first time as a vendor. By the end of the night, I’ll be completely sold out.”

Bahamian handcraft artist, Ava Forbes of Ava Forbes Creations, creates handcrafted jewellery and souvenirs using sea glass, seashells and native flowers. “Business has been excellent,” she said. “It isn’t my first year at JSF, but festivals such as this are good for companies because it gives us exposure to the Bahamian public as well as to international visitors that come to the Bahamas, and they’ve been thrilled with the products I produce.”

Similarly, Christine Davis, of Christine Davis Sea Glass, added: “Seeing that this is my first time doing this, I’m really glad that I took up the opportunity to do it, and I would do it again because it’s been that good. The response from

the visitors have been really great because some of them don’t know what sea glass is and they’ve never seen anyone work with it before.

Theresa Lehmann, of Pennsylvania, said the last time she was in the Bahamas was more than three decades ago.

“I was here about 35 years ago and this was my first time since,” she added. “We were on Eleuthera the last time we were here and it really hasn’t change that much; it’s still beautiful. But this is my first time in Nassau and it’s exactly what I have always been told it was; colourful, active, filled with friendly people.

I’m enjoying this festival very much. The Junkanoo is amazing and they’re so colourful. I’m hoping to be back very soon.”

First-time visitor, Kelly Snyder of Ohio, said: “The

Bahamas is fantastic and the people here are so friendly; I can’t describe how friendly they are. It’s amazing. I’ve been to this festival for an hour and a half and I think I’ve tried everything from cracked lobster to I don’t even

know. I’ve tried everything, I’m going to gain ten pounds here. My favourite dish, however, is the crab and dough. It was fantastic and the parade is fantastic; the music is wonderful, I can’t wait to see the end.”

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PAGE 4, Monday, July 3, 2017

THE TRIBUNE

Major bank’s account used to launder $2.6m From pg B1 the US authorities’ behalf on May 31, 2010. This required Union Bancaire Privee (Bahamas) to produce all financial records relating to Gesbo Enterprises and the account, 3003802, that the Charlotte Housebased institution held on its behalf.

Gesbo Enterprises, and its account, were said to be beneficially owned and controlled by Michael James Arnold and Diego Podolsky Paes - two individuals suspected of violating US law through an illegal online pharmacy whose prof-

its were being recycled/ laundered through the Bahamas. There is nothing to suggest Union Bancaire Privee (Bahamas), or any of its officers or directors, did anything wrong in relation to this matter.

Sharada Humes, then-an attorney in the Attorney General’s Office, disclosed in an affidavit that Arnold and Paes’ operation had generated $55.554 million in revenues through the sale of 3.455 million pills over the Internet in the 26 months to June 2007.

“These pills were distributed without valid prescrip-

Bonded warehouses ‘good business all around’, say dealers From pg B1 fruition, will effectively be modelled on the system that already works in Freeport under the Hawksbill Creek

Agreement.

“Customs sent their people out for quick inspections of different facilities,” Mr Albury

tions; without any legitimate medical purpose; and outside the scope of professional medical practice,” Ms Humes alleged, thus making the online pharmacy illegal under US law.

“As part of their scheme to launder the illegal proceeds from their Internet pharmacy operation, Arnold and Paes used numerous shell corporations to establish bank accounts in, among other places, the United States, the Netherlands Antilles, Switzerland, the Bahamas, Brazil, Panama, St Kitts and Nevis.

“Arnold and Paes then used these bank accounts to acquire high value assets such as luxury vehicles and real estate.”

Ms Humes added that the Union Bancaire Privee

(Bahamas) bank account, and Gesbo Enterprises, were used “to promote their illegal business”.

“According to the [US] prosecutor, during the period August 10, 2005, through January 1, 2007, there were 72 wire transfers from the Gesbo account in an amount totalling $2.632 million,” she alleged.

“These transfers were used to pay pharmacies participating in Arnold and Paes’ illegal Internet pharmacy operation; and to pay online advertising fees associated with the promotion of Arnold and Paes’ Internet pharmacy.”

Ms Humes said the US Drug Enforcement Administration (DEA) had been unable to trace any legitimate income sources

for Arnold and Paes, and had concluded that Gesbo Enterprises’ account contained monies “derived from the illegal sale of controlled substances through the Internet”.

“Moreover, the transfer of funds into and out of the Union Bancaire Privee (Bahamas) account.... is consistent with the pattern of activity discussed above,” she added, “by which Arnold and Paes have attempted to shield their illegal assets from law enforcement seizure by concealing funds in accounts held in the names of shell corporations and moving funds among those accounts in an effort to disguise their source.”

One of the websites used for the Internet pharmacy

operation was registered to Gesbo Enterprises, but the company’s attorneys argued that the MLAT Order be discharged because the alleged offences did not fall within its purview.

They also argued that, if not discharged, the disclosure Order should be narrowed to only include bank records relating to the Union Bancaire Privee (Bahamas) account where it could be proven that it was beneficially owned by Arnold and Paes.

These arguments were made before both the Supreme Court and Court of Appeal, but the latter noted that the alleged offences fell within Bahamian laws such as the Pharmacy Act and Proceeds of Crime Act.

confirmed. “There’s a few more to be looked at, but the process is moving along.

“The big benefit is to make our inventory that is not sold duty neutral. In the event the Government decides to lower duties, the impact would be lessened for us.”

He explained: “When the previous government came into power, duties on trucks

were 85 per cent. They reduced the duty to 65 per cent and, having already paid the 85 per cent on vehicles in existing inventory, had to eat the 20 per cent.

“This would allow us to have inventory and, no matter what the tax rate will be, we’re not impacted by any decrease or increase.”

Mr Albury added that bonded warehouses would also eliminate the frustration currently associated with applying for Excise Tax refunds on vehicles leased to the Government, due to the deferral of payment at the border.

“There’d be a lot of savings to certain clients,” he told Tribune Business. “The buses we import, mainly for jitneys, taxis and tour buses, they are basically sold dutyfree “For the last few years I’ve taken these vehicles to Freeport, put them in bond there and then, when the customer wants them, taken them to Nassau.

“You would have that

transport fee savings to pass on to the customer. It lessens the chance of damages and makes for speedier delivery.”

Mr Albury said the ‘bonded warehouses’ proposal would bring the Bahamas into line with other Caribbean territories, such as Jamaica and Barbados, where taxes such as import duties were only paid when the vehicle was sold.

He added that the need to obtain verification from Customs that all due taxes had been paid, before a new vehicle can be licensed and registered at the Road Traffic Department, would prevent tax evasion and fraud.

The BMDA president said auto dealers would also be able to take new inventory off the dock much more quickly with bonded warehouses, as there would no need to wait until brokers had completed entries and paid the appropriate Excise Tax. “There are a number of benefits, but the main one to

me is if the Government decides at some point in time to change the duty on vehicles, it puts us in a position where we will not lose money, and in the past we’ve lost money,” Mr Albury said.

Rick Lowe, Nassau Motor Company’s (NMC) director/ operations manager, shared Mr Albury’s cautious optimism while explaining that much remained to be done to make bonded warehouses an auto industry reality.

“The only progress that has been made is that Customs has come and examined our sites to make sure we meet their requirements, and we’ve heard no more,” he told Tribune Business.

“Supposedly they’re considering it; that’s all they’re saying.

“There’d be reporting requirements, but all that’s to be decided, including what bonds we’d set up and what forms we’d have to do. Obviously, it’s a lot for them to consider. They have to have standards to accommodate it, but they do it in Freeport.”

Both Messrs Albury and Lowe said the auto ‘bonded warehouses’ discussion had begun under the former Christie administration, with the industry now asking Customs and the Minnis administration to ‘follow through’.

“Maybe they see the wisdom in encouraging business rather than discouraging business,” Mr Lowe said. “We’ve been asking for this for many years. Cash flow would be tremendously improved, and we might be able to stock more inventory, things like that.

“The way it works now, we’re floating government taxes, and when we have write-offs we can’t claim duty back. Whereas if we had bonded warehouses, if we have write-offs we wouldn’t have paid the duty. It’s good business all around; for them and us.”

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THE TRIBUNE

Monday, July 3, 2017, PAGE 5

CCA fearing Baha Mar completion miss From pg B1 15, 2017, ‘substantial completion’ deadline for finishing Baha Mar’s construction unless Source Outdoor is compelled to deliver the 1,420 chairs it is holding.

Failure to hit that date, CCA alleges, will expose it to penalty fees of $150,000 per day - rising to $250,000 per day after one month under the terms of its construction contract with the China Export-Import Bank.

However, the reason why Source Outdoor is allegedly withholding the shipment suggests that ‘shorting’ Baha Mar’s foreign creditors may have produced unintended consequences that are now coming back to bite.

In what some observers may see as a case of ‘what goes around, comes around’, CCA claims its Florida supplier is using the chairs as ‘leverage’ to force payment of pre-Chapter 11 debts owed to it by Baha Mar. CCA is alleging that it has no responsibility for these debts, and that these have no connection to the $390,500 chairs shipment, which it has already fully paid for. Yet the Chinese contractor’s lawsuit makes no mention of its role in the Baha Mar creditor payout process.

Instead, CCA is alleging that Source Outdoor is now selling Baha Mar’s lounge chairs “on the open market” in a bid to recover debts owed by original developer, Sarkis Izmirlian, prior to the ill-fated bankruptcy protection filing in the US courts.

“This conduct would allow Source to sell the same chairs twice and, more to the point, would foreclose permanently the ability of CCA to obtain the items for which they have already paid in full, and which are essential to the timely completion of the project,” Baha Mar’s main contractor blasted in its legal filings.

“Even if CCA were to immediately endeavour to pur-

chase replacement chairs, the time required for the negotiation of a new purchase order, for the manufacture of the replacement items and for their shipment to the Bahamas would result in non-compliance by CCA with the ‘substantial completion’ date, and would subject it to the extraordinarily large liquidated damages provided for in CCA’s agreement with Perfect Luck Assets, the owner of the project.

“Aside from the unmanageable financial burden that would be visited upon CCA were it unable to obtain immediate receipt of the chairs, because of the extremely high level of publicity and governmental attention being paid to this particular project, CCA’s reputation would suffer widespread, incalculable and irreparable damage.”

Raising the stakes, CCA then filed for an emergency injunction and quick hearing of its case, urging the south Florida district court to order that the 1,420 chairs be “delivered immediately” to its Miami-based freight forwarder for onward shipping to Miami.

“The project for which these chairs are intended is the most significant tourist development in recent years in the Bahamas,” the Chinese state-owned contractor said in its Friday legal filings.

“Its completion has been carefully calibrated to coincide with the start of the ‘high season’ for tourism in the islands. Because of the significance of this project, and the overriding importance of the completion date, CCA is contractually obligated to complete its activities by October 15, 2017.

“Failure to deliver the project, including this element of the project, by this substantial completion deadline will expose CCA to extraordinary liquidated damages. The liquidated damages begin at $150,000 per day for up to 31 days after the ‘substantial comple-

tion’ date. Thereafter, the liquidated damage amount increases to $250,000 per day.

CCA added that it faced “overwhelming additional harm” beyond these fines should the October 15 completion be missed, especially reputational damage with both the Bahamian government and wider construction/tourism industries.

“For a variety of reasons, this project has been the subject of an extraordinarily high level of publicity and intense governmental attention,” the contractor added.

“CCA assumed responsibility for the procurement and delivery of furniture, fixtures and equipment after the commencement of the project, the completion of which has been determined to be a national priority by the Government of the Bahamas.

“Any failure to meet this contractual deadline would result in immediate, irreparable and incalculable damage to CCA’s reputation in the construction industry worldwide and within the Government of the Bahamas,” CCA continued.

“It would result in unprecedented derogatory publicity at the peak of the tourism season, and the resulting harm to CCA’s good name would be irreparable and virtually impossible to overcome.”

This was further backed by a June 28, 2017, affidavit from Natalia Dwornik, CCA’s Bahamas-based contract manager, who warned that the consequences of missing the October 15 completion date would be “catastrophic” for all concerned. All legal papers from Nassau were notarised by attorney Obie Pindling.

The contents of CCA’s lawsuit are likely to setoff alarm bells within the Minnis administration, and both the China Export-Import Bank and Baha Mar’s prospective new owner, Chow Tai Fook Enterprises (CTFE).

Given that Baha Mar’s 300-room SLS Lux resort is due to open in October 2017, it is likely that any construction delays would force this - and, pos-

sibly, the Rosewood’s April 2018 opening - to be postponed.

This, in turn, could delay employment for hundreds of Bahamians, and hold up economic activity crucial to expanding Bahamian GDP at a time when Baha Mar remains virtually the only investment project capable of delivering this.

If the ‘worst case scenario’ outlined by CCA comes to fruition, it will also potentially complicate the closing of Baha Mar’s purchase by CTFE. The latter’s deal with the China Export-Import Bank and its Perfect Luck vehicle only closes when the $4.2 billion project’s construction is completed, and this deadline was extended in the ‘Heads of Terms’ with the former Christie administration until December 1, 2017.

Any suggestion that CCA is likely to miss another construction completion deadline, in addition to the three that were missed under Mr Izmirlian, is also especially badly timed given that Baha Mar’s former developer just last week called for the Government to place a “moratorium” on completing Baha Mar’s sale to CTFE. Mr Izmirlian now has further evidence he can use to support these demands and his previous allegations against CCA, where he blamed “shoddy workmanship” - and its failure to complete Baha Mar on time, and on budget - as the main reasons for the project’s fall into Chapter 11 bankruptcy protection.

CCA, meanwhile, accused Source Outdoor of “commercial extortion” through its withholding of the final 1,420 lounge chairs.

“Source is apparently trying to collect money owed to it by the original owner of the project, Baha Mar Ltd, which became insolvent,” CCA alleged. “Baha Mar Ltd’s secured creditor liquidated its assets and then sold the project to owner [Perfect Luck].

“In order to coerce CCA to pay the debts of Baha Mar Ltd, which if anything are owed by a third party and demonstrably unrelat-

ed to the contract, Source is calculatedly and unjustifiably interfering with CCA’s relationship with [Perfect Luck] by withholding delivery of the chairs, thus making it impossible for CCA to achieve key construction deadlines and in this manner undermining CCA’s own contractual commitments.

“Not only is this malicious and insupportable conduct interfering with the existing contract between CCA and [Perfect Luck], it is obviously interfering with CCA’s long-term advantageous business relationship with [Perfect Luck......

“Among other forms of damages, CCA is being exposed to the dramatically severe liquidated damage provision of its agreement with [Perfect Luck], and is at risk of the loss of its valuable and lucrative relationship with [Perfect Luck], the marketing and development opportunities related to the successful grand opening of the Baha Mar resort, and subsequent construction delays stemming from Source’s breach.”

CCA alleged that Source Outdoor has ignored its May 3, 2017, demand letter for the delivery of the lounge chairs and to stop selling them to third parties.

“The deadline for Source’s response has since passed, and Source has refused to deliver any of the 1,420 chairs for which it has been paid in full,” the contractor alleged. “Contacted by counsel for CCA, Source’s lawyer advised that Source would be taking no affirmative action to provide the chairs and that CCA should ‘do what it has to do’.”

CCA’s lawsuit is less than forthcoming on its relationship to the “secured creditor” and the “owner”, who are the China Export-Import Bank and Perfect Luck.

The latter is a vehicle of the bank, and all three entities are ultimately owned and directed by the Beijing government.

Nor is there any mention of CCA’s role in the $101.5 million creditor payout process, which discriminated against foreigners and in

favour of Bahamians, despite one of the contractor’s executives sitting on the five-person committee determining who received something, and how much.

The document, though, makes numerous references to CCA’s “advantageous business relationship” with the China Export-Import Bank and Perfect Luck, and how it “has profited - and is profiting - both financially and commercially” from this tie-up.

CCA’s warnings and pleas also recall the confidential January 20, 2015, memo to its Beijing parent in which it warned that the critical March 27, 2015 opening date was likely to be missed despite assurances to the contrary that were given to then-prime minister, Perry Christie, and Mr Izmirlian just two weeks earlier.

The contractor warned then that the Baha Mar project and its stakeholders faced “irreversible and catastrophic loss” unless drastic action was taken.

“Currently, the project is at a crucial dash to meet the final deadline,” CCA warned CSCEC, its Beijing parent, in January 2015.

“However, because the professional sub-contractors failed to provide a sufficient workforce in time, several deadlines for subprojects were missed and the target completion for several sections got delayed.

“This will directly impact the target of opening on March 27. The situation is now very difficult which, if it cannot be turned around, will soon cause irreversible and catastrophic loss.”

CCA warned that it would incur a $250,000 daily fine for each day beyond March 27 that the project remained incomplete.

Its memo, addressed to ‘Mr Yi’, a CSCEC director, also added that “unmeasureable damages to the brand and reputation of CSCEC will also be caused” should Baha Mar’s target opening date be missed.

PAGE 6, Monday, July 3, 2017

Insurance chair brands NHI Authority’s $10m ‘excessive’ From pg B1 $30 million for catastrophic care.

“The implications of the change in Budget allocation for NHI is worth considering,” Mr Komolafe told Tribune Business. “One hundred million dollars was originally projected for the primary care phase, and

$24-$30 million estimated for selective catastrophic care. The question arises as to how the existing programme, with ongoing enrolment, will be impacted seeing that the allocation for NHI in the 2017-2018 Budget is $40 million.”

Dr Duane Sands, minister of health, previously

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THE TRIBUNE told Tribune Business that the former government never properly identified or sequestered a source of funding for NHI, meaning that the scheme’s launch had to be funded from the Government’s Consolidated Fund.

He added that the Minnis administration was now left with the challenge to fund NHI. “According to the Minister of Health’s contribution to the Budget debate, $10 million will be spent on the establishment of the NHI Authority; a new government agency, and an amount which is quite significant), $15 million on primary care and $15 million on catastrophic care,” Mr Komolafe said.

“This represents an 85 per cent, or $85 million reduction, in the allocation for primary care,

and 62.5 per cent or 50 per cent ($9 million or $15 million) reduction in the allocation for catastrophic care.

“The projected cost for the establishment of NHI Authority had not been disclosed publicly before now.

However, an expenditure of $10 million on the forming of a new government agency - and hiring new persons in the public sector - seems quite excessive,and one would have expected that more of that sum will be allocated to the delivery of actual healthcare to individuals rather than on staffing an additional government agency.”

Still, Mr Komolafe added: “In my opinion, with proper reform and realignment of duties within the existing agencies or departments within the Ministry of Health and the Insurance Commission of the Bahamas, the objectives of the NHI Act can be achieved without the additional costs or layers of bureaucracy.

“This is an important conversation that ought to be had, and a project worth undertaking, when we consider that $429 million has been allocated to stateowned enterprises in the 2017-2018 budget.”

“The fundamental question is what our national

fiscal dilemma, and the reduced allocations for NHI mean, for the NHI programme going forward.

What adjustments will be made to fit the established budget, and implement an affordable as well as sustainable programme?”

Mr Komolafe said the BIA was informed at a meeting with Dr Sands and senior NHI officials that the number of consultants working on the scheme has been reduced to just two persons from the KPMG accounting firm.

The NHI public relations campaign has also been revised in line with the new government’s objectives, and Mr Komolafe said reforms to the scheme’s model could prove beneficial if implemented by the Minnis administration.

The BIA chief, in his interview with Tribune Business, said the adjustments could help to keep healthcare spending in the Bahamas through the creation of a new product that allowed individuals and businesses to purchase - and choose insurance they can afford.

“Our meeting with the Minister of Health focused not just on challenges posed by the NHI scheme, but also on opportunities for collaboration between

the Government and the insurance industry,” Mr Komolafe said. “One of the items discussed is the feasibility of developing an insurance product branded as Bahamian, with a primary focus on the provision of healthcare locally.

“This product will ideally be developed in conjunction with other stakeholders and as part of the NHI programme. A stated goal in embarking on such a venture will also be the building of local capacity in the healthcare sector, which could benefit the Bahamian economy in the medium to long-term.”

He explained: “The majority of private health insurance companies already have processes in place to encourage their clients to obtain healthcare in the Bahamas, with the need for proper referrals as well as reimbursement provisions.

However, this new product will potentially be an addition to the existing suite of products within the market, but with an incentive to keep the healthcare dollars at home.

“The details will have to be worked out with local providers, fees will have to be negotiated and tax incentives - such as the removal of the over 10.5 per cent tax on health insurance premiums - provided by the Government to make the premiums for such a product affordable.”

Mr Komolafe continued: “We will also have to ensure that individuals continue to maintain the flexibility - and availability - of local and overseas choice by having a wide product range to suit their needs. A revamped NHI product, with buy-in and cooperation of all stakeholders, provides us as a nation with a unique opportunity to increase access to health insurance across our archipelago of islands. However, this can only work if all stakeholders make sacrifices and the Government maintains its traditional role as legislator, regulator and enforcer of rules without getting into a business.”

THE TRIBUNE

Monday, July 3, 2017, PAGE 7

Tourism Minister’s ‘concern’ at airport security demands From pg B1 Department of Homeland Security.

The Department’s guidelines, disclosed after the New York Times obtained an International Air Transport Association (IATA) memo, require all 280 airports that are the last points of departure for the US to possess equipment capable of detecting explosive residue on passengers’ hands.

This must be in place within 21 days, with the tougher security checks initiated by fall 2017. The New York Times reported that airports which fail to implement the explosives-detecting equipment could be cut-off from direct flights to the US. That represents a particular problem for the Bahamas, given its archipelago layout and the numerous

Family Island airports, such as those in Abaco, Eleuthera, Exuma and San Salvador, which provide direct commercial airline connectivity to and from the US. “That’s where it’s going to cause the greatest level of concern and the greatest expense,” Mr D’Aguilar told Tribune Business of the new US aviation security demands, although he suggested the major Family Island airports possessed the necessary technology.

“It affects the Family Islands more. I’m not sure whether every Family Island airport, for which there are direct flights to the US, has the equipment in place....These are all additional costs that this new directive will impose on the Bahamian people.”

The Bahamas, a touristdependent nation with around 80 per cent of visi-

CONGRESS IS COOL TO TRUMP’S PROPOSAL TO END HEATING AID

By DAVID SHARP Associated Press PORTLAND, Maine (AP) — The summer air is sizzling as the Fourth of July approaches, yet 86-year-old Richard Perkins already worries about how he’s going to stay warm this winter.

President Donald Trump has proposed eliminating heating aid for low-income Americans, claiming it’s no longer necessary and rife with fraud. People needn’t worry about being left in the cold, he says, because utilities cannot cut off customers in the dead of winter.

But he is wrong on all counts.

The heating program provides a critical lifeline for people like Perkins, and officials close to the program don’t see any widespread fraud. Guidelines for winter shutoffs by utilities vary from state to state and don’t apply to heating oil, a key energy source in the brittle New England winter.

“It’s beyond my thinking that anyone could be that cruel,” said Perkins, a retired restaurateur who relies on the program to keep warm in Ogunguit, Maine.

The proposal to kill the program, which has distributed $3.4 billion to about 6 million households this fiscal year, will face strong opposition in Congress.

Forty-three senators from mostly cold-weather states already signed a letter urging the Republican chairman and ranking Democrat on the Appropriations Committee to ensure funding for the LowIncome Energy Assistance Program, known in many states by its acronym, LIHEAP (pronounced LY’heep).

In Maine, the poorest state in New England, the program helped nearly 77,000 people over the past winter, and those numbers represented less than a quarter of eligible households, said Deborah Turcotte of MaineHousing, which helps to run the program.

Perkins is a typical recipient.

His income was fine 10 or 12 years ago when he retired, but gasoline, food and other expenses grew faster than he anticipated.

In the winter, he keeps an eye on his oil storage tank, and the local community action agency sends 100 gallons when it gets low.

It’s difficult for him to keep warm because he’s on a blood thinner, and he shudders at the thought of being cold. But he doesn’t want to move south, either.

“I was born and raised here,” he said. “Maine is part of me. I can’t imagine living anywhere else.”

Mark Wolfe, of the Na-

NOTICE

NOTICE is hereby given that NATASHA VERONICA THOMPSON of 12 Rum Cay Drive, South Bahama, P.O.Box F-44796, Freeport, Grand Bahama, 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 3rd day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WAYNE DEXTER ANTHONY THOMPSON SR. of 12 Rum Cay Drive, South Bahama, P.O.Box F-44796, Freeport, Grand Bahama, 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 3rd day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) RENOVA GROUP LTD. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on June 30, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before July 31, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

tors coming from the US, is always disproportionately affected by new aviation regulations coming out of Washington D. C., as these impact the ease and cost of access to this country.

Mr D’Aguilar pointed to airports such as Treasure Cay, which handles one international flight per day, as those that were likely to be impacted.

“We’re going to have to think this through and execute as smoothly as we can,” Mr D’Aguilar told Tribune Business. “I’m sure there are going to be some bumps in the road to begin with.”

Asked about the potential increase in airline ticket prices, and airport user fees, that many international experts are predicting will result from these measures, the Minister replied: “We’re not there yet.

“We’re not thinking about that yet. We just want to ensure the customer experience is a pleasant one.”

The new Minnis administration has already shown it is worried about ‘access’ and aviation-related costs for visitors to the Bahamas, fearing increases here will further undermine the Bahamas’ price competitiveness.

It has demonstrated this over the Nassau Airport Development Company’s (NAD) proposed increase to Lynden Pindling International Airport (LPIA) user fees - a response to its debt downgrade.

Bahamian airlines that fly into the US, such as Bahamasair and Sky Bahamas, will also be impacted. The New York Times reported that they have just months to show they are carrying out enhanced security protocols, including the interviewing of passengers, and bring their security standards into line with those of US airlines. Otherwise heavy fines will result.

Mr D’Aguilar said the enhanced US security

measures were a response to intelligence reports that Islamic jihadists are experimenting with bombs inside laptops, cell phones and other electronic devices.

These products, together with passengers’ hands and belt buckles, face being scrubbed for explosive residue.

The Bahamas may have a head-start in complying with US desires as a result of its pre-clearance facilities at LPIA and in Freeport. The Trump administration is expressing a desire, according to the New York Times, to expand these to other nations so that Department of Homeland Security personnel can scrutinise travellers to the US. “We’re assessing it now,” Mr D’Aguilar told Tribune Business, including whether additional security measures need to be implemented at the Bahamas’ airports. “We know what our equipment is on the ground right now, and we’re seeing if it’s sufficient to process

passengers through LPIA. “It’s first to see whether we can process, and the period of time it takes, and when we’ve finished our assessment it may mean people have to go to the airport three hours ahead of their flight, rather than two hours.

“It is an inconvenience, but America finds it necessary to ensure the safety of flights and passengers going into the US.” Mr D’Aguilar said the Bahamas was “ready to do it now” from an equipment and technology perspective, but had to ensure there was “no inordinate wait” for passengers departing to the US, given this nation’s desire to provide a good ‘last impression’ of this country for tourists.

He added that the short implementation timeframe would make it difficult for the Bahamas to hire more airport screening and security personnel, given that these persons all needed to be properly trained.

tional Energy Assistance Directors’ Association, said that the Trump administration is relying on an old General Accounting Office report on the fraud claim, and that improvements have been made since then.

In Maine, for example, only 100 cases — 0.3 percent of all submitted applications — are being investigated for potential fraud, according to MaineHousing.

And programs aimed at preventing utilities from being turned off wouldn’t protect everyone. Utility regulations vary, with some states preventing shutoffs during the entire winter and others doing so only on exceptionally cold days.

And there’s absolutely no requirement for heating oil and propane dealers, which are not regulated like electric and natural gas utilities, to make deliveries to customers who cannot pay.

That’s a big problem in the Northeast, which accounts for more than 80 percent of the nation’s residential heating oil consumption.

Health and Human Services Secretary Thomas Price, who contends the LIHEAP program doesn’t demonstrate “strong performance outcomes,” said

difficult decisions are necessary to streamline the government to focus on the administration’s goals of defense and public safety.

The LIHEAP program already has undergone substantial cuts.

The average benefit has been reduced by $100 from 2010 to 2015 as funding was

slashed during the Obama administration. That coincides with Venezuela’s Citgo Petroleum Corp. ending participation in a free-oil program run by a Massachusetts-based nonprofit.

Nationwide, the average home heating cost last winter was $1,448 for propane, $1,227 for heating oil, $902

for electricity and $577 for natural gas.

Many observers refuse to accept that the program will be eliminated altogether.

It’s just too popular in Congress, and it also distributes aid to poor people in states like Florida and Arizona to keep cool on blazing hot summer days.

MARKET REPORT FRIDAY, 30 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,864.87 | CHG 0.05 | %CHG 0.00 | YTD -73.34 | YTD% -3.78 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.50 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.62 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.31 5.80 7.55 8.56 7.90 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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

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

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.49 10.02 2.43 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.49 10.02 2.48 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.11 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

16,429 190 868

2,460

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.6 17.0 N/M 9.4 N/M N/M -9.9 14.7 31.6 19.4 17.6 24.3 7.9 8.0 12.8 27.3 11.7 11.5 17.9 0.0

YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 2.25% 3.49% 3.67% 3.43% 5.69% 2.42% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%

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 7.00% 6.00% Prime + 1.75%

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

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

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

YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

YIELD - 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

June 30, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY 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

PAGE 8, Monday, July 3, 2017

THE TRIBUNE

TRUMP MAKES PUSH ON HEALTH BILL; REPEAL-ONLY VOTE AN OPTION

By HOPE YEN Associated Press WASHINGTON (AP) — President Donald Trump is making a weekend push to get a Republican Senate bill to repeal and replace former President Barack Obama’s health care law “across the finish line,” Trump’s top legislative aide said Sunday, maintaining that a repealonly option also remained in play if Republicans can’t reach agreement.

Marc Short, the White House’s legislative direc-

tor, said Trump was making calls to wavering senators and insisted they were “getting close” on passing a bill.

But Short said Trump continues to believe that repealonly legislation should also be considered after raising the possibility last Friday.

Senate Majority Leader Mitch McConnell, R-Ky., has dismissed that suggestion and said he intended to proceed with legislation being negotiated over the July 4 recess.

“We hope when we come back, the week after recess,

we’ll have a vote,” Short said. But he added: “If the replacement part is too difficult for Republicans to get together, then let’s go back and take care of the first step of repeal.”

Trump on Friday tweeted the suggestion of repealing the Obama-era law right away and then replacing it later, an approach that GOP leaders and the president himself considered but dismissed months ago as impractical and politically unwise. But the tweet came amid continuing signs of

GOP disagreement among moderates and conservatives over the bill. Republicans hold a 52-48 majority in the Senate. Just three GOP defections would doom the legislation, because Democrats are united in opposition.

Republicans returned to their home districts late last week, bracing for a flood of phone calls, emails and television advertising from both conservative and liberal groups aimed at pressuring senators. Sen. Bill Cassidy held a town hall meeting last Friday to talk about flood recovery in Baton Rouge, Louisiana’s capital city, but audience members angry over the GOP health care bill at times chanted over Cassidy’s answers and criticized the secretive legislative process.

“I wish we weren’t doing it one party,” Cassidy said Sunday, adding he remains undecided on how he will vote.

Trump’s suggestion had the potential to harden divisions within the GOP as conservatives complain that McConnell’s bill does not

go far enough in repealing Obama’s health care law while moderates criticize it as overly harsh in kicking people off insurance rolls, shrinking the Medicaid safety net and increasing premiums for older Americans.

“It’s not easy making America great again, is it?”

McConnell said late Friday.

He has previously indicated that if Republicans fail to reach agreement, he will have to negotiate with Democrats, who want to fix Obama’s health care law without repealing it.

Short said the White House remained hopeful after Senate Republicans submitted two versions of the bill to the Congressional Budget Office for scoring over the weeklong recess.

Texas’ Sen. Ted Cruz is pushing a conservative version that aims to aggressively reduce costs by giving states greater flexibility to create separate higher-risk pools. The other seeks to bolster health care subsidies for lower-income people, perhaps by preserving a tax boost on high earners.

Health and Human Services Secretary Tom Price said negotiations over the Senate bill were focusing on ways to address the issue of Medicaid coverage so that “nobody falls through the cracks,” combating the opioid crisis, as well as giving families more choice in selecting their insurance plan.

“We think that Leader McConnell and his senators within the Senate are working to try to get this piece of legislation on track,” Price said.

But conservative Sen. Rand Paul, R-Ky., said he didn’t think a repeal-and-replace bill could win 50 votes.

Both he and Sen. Ben Sasse, R-Neb., have been urging McConnell to consider a repeal-only bill first.

“I don’t think we’re getting anywhere with the bill we have. We’re at an impasse,” Paul said. He criticized Senate leaders, saying they were seeking to win over moderates with multibillion dollar proposals to combat the opioid epidemic and boost tax subsidies to help lower-income people get coverage.

ANNE Kille of Flemingsburg, Ky., protests the arrival of Senate Majority Leader Mitch McConnell, R-Ky., at the Lincoln Day Dinner, Friday, June 30, 2017, in Elizabethtown, Ky. (AP Photo/Timothy D. Easley)