A JAMAICAN-headquartered investment house is spearheading a multi-million dollar accounts factoring proposal that could be “a great tool” for Bahamian small businesses if structured properly.
IDB Invest, the Inter-American Development Bank’s (IDB) private sector arm, is due to decide next week
whether it will extend $10m in “working capital” to Sygnus Group’s local subsidiary to finance the acquisition of accounts receivables owed to Bahamian small and mediumsized enterprises (SMEs). Through acquiring these assets, which represent unpaid monies owed to Bahamian SMEs by their clients, the proposal aims to boost these companies’ liquidity and cash flow by freeing their balance sheets from these debts. And,
by converting these intangible assets into cash, this nation’s small businesses will be better able to focus on, and invest in, expanding their operations.
Gregory Hines, who is named by IDB Invest as the Sygnus Group’s contact for the accounts factoring initiative, could not be contacted by phone and he did not respond to a Tribune Business e-mail containing detailed questions before press time last night.
However, Mark A Turnquest, founder of the 242 Small Business Association and Resource Centre, and a well-known Bahamian consultant to the sector, told this newspaper that the few details released by IDB Invest suggest the scheme could be “a great financial management strategy” for SMEs who comprise between 90-95 percent of the economy’s active businesses.
New challenge to New Providence Development’s control in the west
By FAY SIMMONS Tribune Business Reporter
FIVE property owners have teamed to challenge New Providence Development Company’s long-standing control over the island’s western district while arguing that this is anti-competitive.
The five, who own separate parcels of about five acres each on the southern side of Western Road between the Old Fort Bay roundabout and Lyford Cay, are urging the Town Planning Committee to “extinguish restrictive covenants” previously imposed by New Providence’s largest private landowner that prevent their properties from being used for commercial purposes.
Owen Wells, a McKinney, Turner and Company attorney, representing the five property owners, who are presently restricted to just single-family residential development, argued in a letter to the Department of Physical Planning that the restrictive covenants had long outlived their usefulness and intended purpose.
Boat captain: Saving summer fear ‘spot on’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A MOTOR yacht captain yesterday said Bahamian tourism’s fears for the peak summer boating season are “spot on” after his vessel was recalled to the US three months early over the new and hiked fees.
Captain David Meyer, master of the Motor Yacht M/Y Escape, in an e-mail to Tribune Business revealed that his vessel has been forced to alter its plans after getting no charter requests during the entire three months it was in Nassau.
Blaming this on the 14 percent all-in foreign yacht charter contract fee, which has now rolled VAT into the previous 4 percent Port Department fee, he added that the highest levies in the Western Hemisphere are costing the Bahamian economy significant spend by boating passengers and their crews.
Noting that his vessel spent $30,000 in The Bahamas to prepare for just one week-long charter, and injected $500,000 in total into the economy over a two-year period, Captain Meyer argued that those most impacted by the likely drop-off in visiting boaters will be the multiple Bahamian service providers
He added that they were imposed to prevent the emergence of competition, and rival developments, while New Providence Development Company was constructing the Old Fort Bay community and, later the Old Fort Bay Town Centre. Both projects have now long been completed, Mr Wells asserted, meaning that the need for the covenants has faded away.
And, arguing that the covenants’ primary purpose is to “restrict competition”, he added that their continued existence will only serve to undermine western New Providence
property values, deter development and cause land to sit idle “instead of being put to productive use”thereby retarding economic growth, job creation and potential quality of life improvements.
Suggesting that “no actual and substantial benefit” will accrue from continuing to enforce the restrictive covenants, Mr Wells wrote: “There are no identifiable parties currently benefiting from the enforcement of the restrictions.
“At this point, the restrictions are of no actual and substantial benefit to any person since the purpose of the restrictions has already been accomplished or, by reason of changed conditions, is no longer capable of being accomplished.
“As previously mentioned, the implied purpose of the restrictions was, in general, to preserve and protect the success of the Old Fort Bay community while selling property outside the planned development area to raise funds,” Mr Wells continued.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN attorney’s opposition to former clients bringing a counter-claim against her in the Supreme Court has been branded “incredible” by the Chief Justice.
Sir Ian Winder, in a July 3, 2025, verdict said Lisa Fox was in effective asserting that Sandra Fox and Dennis Fox “have no right” to make a legal claim to recover “substantial sums” that she purportedly deducted from a trust account to cover her legal fees.
Ms Fox, who last August denied misappropriating $129,061 from the Edith Glass Estate, for which Sandra and Dennis are trustees, when she was charged with stealing by reason of service, has hit back with a civil claim of her own for “breach of contract, false arrest and detention, defamation and payment of legal fees”.
The Paradise Island resident had launched her civil claim on
July 11, 2024 - the same day that she was arrested following complaints to the police by Sandra and Dennis over the same alleged misappropriation of trust funds.
The $129,061 cheque had been made payable to ‘The Edith Glass Trust, Dennis Fox and Sandra Fox TTEs’.
“The cheque came into the claimant’s [Ms Fox] possession in February 2022 as a result of her engagement by the Foxes,” Sir Ian noted. However, after filing a defence to Ms Fox’s claim, Dennis and Sandra, then sought the Supreme Court’s permission to launch a counter-claim against her and add CIBC Caribbean (Bahamas) as a defendant.
“As against CIBC Caribbean (Bahamas), the Foxes also seek to claim damages in the sum of $137,602,” the Chief Justice added. “They allege conversion of
•
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A WELL-known Bahamian seafood provider has been placed in Supreme Court-ordered receivership after defaulting on debt understood to be worth between $1m-$1.5m.
“It’s under active receivership,” he said, “and we’re trying to maximise the protection of asset value. There’s perishable products and we don’t want to go in there and all the fish rot.” Geneva Brass Seafoods
SEE PAGE B4
John Bain, the prominent forensic accountant, yesterday confirmed to Tribune Business he has been appointed receiver of Geneva Brass Seafoods Supply by Royal Bank of Canada (RBC) Bahamas although he declined to say much more other than he is seeking to maximise the value of the company and its assets for creditors.
FRESH SNAPPERS FROM GENEVA BRASS SEAFOOD
SIR IAN WINDER
Baha Mar to open new restaurant in fall 2025
BAHA Mar will open its latest restaurant concept, developed by a two-time James Beard-award winning chef, at its Grand Hyatt resort in fall 2025.
The Cable Beach mega resort, in a statement, said it will soon unveil Leola, which has been created by chef and restaurateur, Scott Conant.
“Baha Mar continues to define culinary excellence throughout the Caribbean, thanks to our outstanding restaurants and world class chef partners,” said Graeme Davis, Baha Mar’s president. “For many years, Chef Scott Conant has been a passionate champion and valued friend of Baha Mar, and we’re honoured to officially welcome him and his talented culinary team into our dining portfolio.
“We look forward to introducing Leola, Scott’s newest original restaurant concept, to our resort guests and local residents this fall.” Set within 8,800 square feet, Leola will
feature a 106-seat main dining room, a 130-seat outdoor terrace, two bars and private dining room.
“Bringing Leola to life at Baha Mar is something I’ve dreamed about for a long time,” said Chef Conant. “I’ve always been inspired by the beauty and spirit of The Bahamas, and it felt like the perfect place to create a restaurant that’s both personal and inviting. With Leola, we’re blending the kind of food and hospitality I love - warm, soulful and rooted in connection.”
The name Leola is Chef Conant’s playful twist on leone, the Italian word for lion. It also serves as a heartfelt nod to his grandfather, who often used the word with jovial affection throughout Chef Conant’s childhood.
Leola will be located on the casino level of Grand Hyatt Baha Mar, and joins other amenities such as the newly-opened Jon Batiste’s Jazz Club; Marcus Samuelsson’s Marcus at Baha Mar
Grand Bahama in Icon sign unveiling
THE new Icon Sign for Grand Bahama was last week unveiled at the proposed site for the island’s Cultural Centre.
The Ministry of Tourism, Investments and Aviation teamed with the Ministry for Grand Bahama and the Tourism Development Corporation for the release of a sign that is the third in a national series of 16 created by Bahamian artist Jamaal Rolle. It was erected on the Fishing Hole Road and is anticipated to be one of the most visited and photographed locations on the island.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, headed the delegates attending the ceremony. The group included Ginger Moxey, minister for Grand Bahama; Mario Bowleg, minister of youth, sports and culture; Senators James Turner and Kirkland Russell; Mr Rolle; and representatives of the Tourism Development Corporation (TDC).
“I am delighted to be able today to unveil the new Icon Sign for Grand Bahama island. This is more than just a sign. As you
and Amanda
Marcus
and Marv
have heard, this is a destination in and of itself,” Mr Cooper said. He added that the location was deliberately chosen, as the Fishing Hole Road is a vital causeway that connects Freeport and west Grand Bahama.
“Residents and guests will stop here, they will engage, they will connect and they will know more
about our culture and heritage, and experience much that we have to offer,” the deputy prime minister said.
The cultural village, once completed, be a marketplace and central hub for the fishing community. It is intended to be a destination that attracts tourists and Bahamians, and a mini ‘smart city’ that will be celebrated by future generations.
The Tourism Development Corporation has also ordered food trucks for the Fishing Hole Cultural Village, in addition to the site being the first Icon Sign with wi-fi (wireless Internet) capabilities.
“Grand Bahama Icon sign will be the first mini ‘smart city’ and Icon sign, and I want the people of the other islands in The Bahamas to know that we’re coming their way soon,” Mr Cooper said. “But, like the people of Grand Bahama, this new Icon sign stands as a symbol of resilience, a promising future and the incredible talent that lives within our shores.”
Mr Cooper said the cultural village will soon be completed and feature Bahamian food, craft and conversations with the people, while adding that the Icon stands as a constant reminder of the
and
He has been a supporter of the five-day event and participated every year since the festival’s start.
Fish + Chop House; Daniel Boulud’s Cafe Boulud; and Dario Cecchini’s Carna. Chef Conant will also be featured at the fourth annual Bahamas Culinary & Arts Festival on October 22-26 with three events: Tasting Tuscany with Scott Conant (hosted at Leola); a signature chef hosted dinner with Scott
diverse experiences Grand Bahama has to offer.
Mrs Moxey added that the sign is a celebration of Grand Bahama’s spirit and a symbol of identity, resilience and natural beauty. The curly tail lizard, which is prominently fixated on the sign, has characteristics that reflect Grand Bahama.
“It is bold, enduring, adaptable and resilient –characteristics that define the people of Grand Bahama. It thrives in multiple environments, from beaches to forests to creeks, symbolising Grand Bahama’s rich biodiversity,” she said.
Minister renews call for Grand Bahamians to return to island
A CABINET minister last week spearheaded the second annual Welcoming Home Grand Expo that is designed to encourage Grand Bahamians to return to their home island.
The Expo, which was part of several activities organised by the Ministry for Grand Bahama during its Welcoming Home initiative, was designed to highlight businesses and companies that are flourishing on the island, including new ventures and established companies.
Ginger Moxey, minister for Grand Bahama, in officially opening the Expo said the Government in its election manifesto had pledged to make the economy work for Bahamians by unlocking the potential of each island to drive economic growth.
“And the Government of the Bahamas is doing just that,” she added. “During the 2025-2026 Budget presentations, we unveiled our focus on expanding opportunities island by island to build a more inclusive, dynamic economy.
“This national commitment focuses on creating more opportunities for Family Island residents, making more funding available for entrepreneurs and giving more Bahamians access to education, training and upskilling to achieve economic security and pursue their dreams. I am happy to have many of the agencies that assist with small business development here today.”
The Welcoming Home initiative began in 2022 as an effort to encourage Grand Bahamians, who had left the island in search of job and career
Friday, July 4, 2025.
opportunities, to return home as investments and development projects were beginning to pick up on the island.
Back then, Mrs Moxey said she had noticed a disturbing trend: Grand Bahama’s population, which once stood at close to 60,000, had dipped to around 47,000 in a short period of time due to devastation by hurricanes and economic hardships.
“But what I saw on the horizon, what I knew that we were working on, many others didn’t, and I knew that in order to achieve our objectives our people had to ‘come back home’,” Mrs Moxey said. “And, with over $3bn of real investments at various stages of development, why not be a part of the revitalisation of our island?
“Why not, considering all that we have been through?
Because if Grand Bahama is finally on the rise, shouldn’t our people rise also? Significant developments were happening, and we wanted to ensure that talented Grand Bahamians
— the residents, those living in Nassau and the Family Islands, and those throughout the diaspora - were informed and prepared for the new developments, new employment opportunities, and new businesses. And were ready to unleash their entrepreneurial spirit to take advantage of what was happening on Grand Bahama.”
Mrs Moxey said such developments, and a resurgence in the creation of new businesses and the flourishing of established ones, has helped to not only stabilise the island’s economy but reduced Grand Bahama’s unemployment numbers.
She added that, over the past few months, one of the major issues confronting employers of all sizes is finding the required number of employees for their businesses. This, Mrs Moxey said, reaffirms the point she made in
of the importance for
to return home and not only meet employment demands but to also become business owners.
2022
Grand Bahamians
GINGER MOXEY, minister for Grand Bahama, officially opened the second annual Grand Expo at the Grand Lucayan resort on
NEW Icon signage for Grand Bahama was unveiled at the Fishing Hole Cultural Centre site on July 3, 2025. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, headed a group of delegates including Ginger Moxey, minister for Grand Bahama; Mario Bowleg, minister of youth, sports and culture; Senators James Turner and Kirkland Russell; Jamaal Rolle, and representatives of the Tourism Development Corporation (TDC).
Photo:Jamika Culmer/BIS
Conant
Freitag (hosted at Leola);
Coconuts & Cocktails with
Samuelsson, Scott Conant
‘Mr Mix’.
BPL promises Briland’s
woe ‘fixed’ by July end
By ANNELIA NIXON Tribune Business Reporter
BAHAMAS Power & Light (BPL) has promised Harbour Island hotels and businesses that “everything should be fixed” by month’s end following the island’s recent extended power outages.
The state-owned utility’s technical team, leads and executives met with Briland hoteliers on July 5 to discuss the ongoing electricity woes plaguing the island. BPL, in a statement, reiterated its aim to provide the tourist destination with reliable power during peak season and the higher energy load demand from hotels, restaurants and residents.
It added that the meeting “follows several months of challenges linked to aging equipment, technical constraints,and delayed part deliveries”. However, BPL promised that it has “made measurable progress to reinforce the island’s energy infrastructure”.
One generation unit has been restored to full service, BPL expects another “to return by the end of next week following the arrival of key components from the US”. Six Aggreko rental units, providing 4.8 MW (mega watts) of support, are available while capacity and radiator
repairs are underway to “bring output closer to the full 6 MW” that Harbour Island needs.
BPL said it received 100,000 gallons of fuel on-island last week to guarantee generation stability through the rest of July. A new Intellirupter unit will arrive within the following week, “which will allow for better monitoring, fault isolation and control across the distribution system”.
Harbour Island was also promised an increase in BPL field support and staffing, as well as “additional personnel from our roving crew to provide coverage for both generation and T&D (transmission and distribution) operations”.
“As part of its ongoing improvement strategy, BPL is also reviewing transformer and load balancing needs across the island and working with hotel properties to assess real-time usage and potential system strain. With this data, the corporation aims to tailor upgrades more effectively and prevent costly equipment failures caused by power fluctuations,” BPL said.
“Stakeholders also received an update on BPL’s renewable energy transition, including the planned introduction of microgrid solutions and low-emission gas-based generation technology for Harbour Island
through the recently signed power purchase agreement (PPA) with Outlier Energy, which promises quieter, cleaner and more resilient energy delivery in the years ahead.”
Lee Prosenjak, Valentine’s Resort and Marina’s managing director, said: “Bottom line is they say that everything should be fixed and in action, and they have plenty of power here by the end of the month. So that’s what they have said…
“Essentially, what they anticipated is that Harbour Island needs six and a half to seven mega watts (MW) of power, and right now they’ve only been producing 4.8. So no big surprise that things aren’t happening.
“That might be enough to keep up overnight when not everybody has all their appliances on and everything like that, or air conditioning as much, or things, but it’s clearly not enough during the day, and power has continued to be out today and stuff like that. But there’s promises of this unit will be fixed, and that’ll be one thing we need to figure out: How to put two-and-a-half MW online because that’s a unit that we own…”
Mr Prosenjak said BPL spoke of a plan that would have another plant in the vicinity of Three Islands Ferry Dock, adding: “Who
knows how long that is, 18 to 24 months, before that can come online and that could be a reality.”
He said “their price on that was probably about $1.5m per megawatt that they’re going to do. So that would be about a $9m or $10m investment that they have to make”. According to Mr Prosenjak, BPL said that $93m will be invested across the Family Islands.
“It sounds great. All of it sounds great, but let’s talk about reality, and power has been out three or four times today, already at Coral Sands and Dunmore and Pink Sands. Ours hasn’t fluctuated, as I knock on wood, but it’s been out on a third of the island already three times today,” he added.
In the interim, hotels and resorts will continue to switch to stand-by generation when needed as well as provide timely updates. Mr Prosenjak stressed the importance of the updates, and gave praise for BPL over the July 4 holiday weekend, which tends to be a busy period for the tourism sector.
“What I need to know is, if you know that the power is going to go off, ahead of time you got to tell us, please,” he said. “If you need us to go on to generator power give us as much
BPL pushes back over energy cost criticisms
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BAHAMAS Power & Light (BPL) yesterday responded to criticism over the rise in energy costs reported by a large business that it declined to name.
In a statement, the stateowned utility argued that it is normal for consumers to see increased bills during the peak summer season and large retailers can sustain higher consumption due to lowering the temperature on coolers and air conditioners.
This, BPL said, will leads to higher bills, and it suggested that merchants use energy efficient appliances and ensure all equipment is serviced to reduce electricity consumption and increase efficiency.
“It is common to see seasonal increases in electricity consumption during the summer months, particularly for commercial operations that rely heavily
on air conditioning and refrigeration. Even when business hours remain the same, these systems often operate for longer periods and with greater intensity to maintain set temperatures, which can lead to higher energy usage. This higher consumption directly results in higher billings,” said BPL.
“BPL wishes to remind and encourage its customers to employ energy efficient equipment and to ensure that their equipment is properly maintained and serviced - particularly going into the summer monthsto reduce consumption and maximise efficiency as much as possible. This may include activity such as cleaning of refrigeration coils and ensuring proper airflow for such equipment.”
BPL maintained its base rate has not changed in recent months, and the increase in June’s bills was due to “fluctuations in global fuel market prices” which were passed on to
consumers via the fuel charge.
“It is important to note that BPL’s base rates did not change over the past few months. In fact, the most recent change to BPL’s base rates was as a result of the implementation of the Equity Rate Adjustment programme in July 2024 which saw the rates lowered for residential and commercial customers, and for those customers on temporary supply,” said BPL.
“BPL’s fuel charge in June reflected an upward adjustment of $0.017 per unit due to fluctuations in global fuel market prices, specifically the cost of diesel used for electricity generation. This charge is reviewed monthly and passed directly to consumers without any markup.”
Last week, Super Value’s president, Debra Symonette said the supermarket group’s overall light bill increased by 29.3 percent month-on-month and costs at some locations doubled.
INDEPENDENCE DAY SALES ‘STEADY’ AND PICKING-UP
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
MERCHANTS yesterday described Independence Day memorabilia sales as “steady” but said Bahamians appear to be preparing for a “very low key” holiday this Thursday.
Dr Cheryl Strachan, owner/operator of Beyond Flags told Tribune Business that sales are not comparable to the volume of merchandise sold during the country’s 50th anniversary celebrations in 2023 but are becoming “more intense” as the holiday draws closer.
She suggested that the “low key” attitude among consumers could be due to the Government’s delay in placing decorations around the capital, which can help residents get into a festive mood.
“Every day it gets a little more intense, which means that we are keeping to our fashion of the last minute. Sales are not what they were for the 50th, but it’s steady. Everybody wanted to celebrate the 50th. This year is very low key,” said Dr Strachan.
come in at the last minute to replace items.
“It’s typical for things to pick up closer to the holiday. There’s a lot of different reasons. They’re waiting for their payday or trying to pay bills and see what’s left over. And also there are some people who still have stuff from last year or the year before that can be used. If they don’t find them, then they come and buy again,” said Dr Strachan.
She added that as Beyond Flags carries flags, souvenirs and other Independence Day-related merchandise all year-round, the company also benefits from local events and conferences. This activity has led to Independence Day becoming a busy season but not the most “aggressive” sales period of the year.
“We have our seasons for everything, but definitely flags and souvenirs, they are our core business, so any time of the year we have these items for customers to come and get. So sometimes it’s hard to say that there is an increase during independence,” said Dr Strachan.
She said the 13-store chain will not increase consumer prices despite sustaining a $74,000 rise in energy costs following the unexpected and unwelcome increase in Bahamas Power & Light (BPL) bills
“I don’t know if that’s because people were waiting for the Government to start putting decorations up, which they just started to do two or so weeks ago. They’ve put some flags and things up so now I guess people are starting to feel more festive”
Dr Strachan added that it is normal for consumers to shop for Independence Day items close to the holiday, as some are financially constrained and others already own Independence Dayrelated merchandise and
“At certain times there are lots of conferences in the country, or there could be something else going on in the country and then we’ll get an uptick in sales. So, although independence can be a busy time for us, it’s kind of difficult to pinpoint this particular time as the most aggressive time for sales because we do it all year round.”
NEW CHALLENGE TO NEW PROVIDENCE DEVELOPMENT’S CONTROL IN THE WEST
“For example, by prohibiting any trade, manufacture business, commercial undertaking or profession from being carried on upon the property, the New Providence Development Company and Old Fort Bay Company [an affiliate of the former] were able to protect Old Fort Bay Town Centre from the development of competitive retail and commercial space along Western Road.
“As another example, by granting to the New Providence Development Company Board approval rights over the development of the property, New Providence Development Company and Old Fort Bay Company preserved de facto control over any development of the property,” he further added.
“The Old Fort Bay community, including the residential, retail and commercial components, has been completed as of the date hereof. Given the Old Fort Bay community is complete and has had sufficient time to stabilise, there remains no actual and substantial benefit to any person that should keep the Committee from extinguishing the restrictions.”
Mr Wells is representing Llan-Y-Rafon Investments, Lorishill Ltd, BRAM, New Hope Investments and Michael Symonette, all of whom own parcels of between five to 5.053 acres. It is not known from
the documents on file with the Department of Physical Planning whether all or some have common ownership. However, on behalf of his clients, he wrote that western New Providence has “evolved” to include more commercial activity. As a result, enforcing the restrictions on his clients’ land will reduce property values by stopping them being put to their “highest and best use” and prevent both economic growth and tax revenue generation.
“More generally, the character of the western district of New Providence has evolved and surrounding land owners, not subject to the same restrictive covenants as the property, have transitioned to developing retail and commercial usages to meet the demand of the growing residential communities,” said Mr Wells.
“Enforcement of the restrictions will impede the productive development of the property in a manner consistent with current trends along West Bay Street and Western Road, and cause actual and substantial detriment to the public because, among other things, broadly prohibiting land use and granting broad approval rights over the development of property to a third party will reduce property values and receipts from real property taxes as well as slow economic growth, prevent job creation and deprive
the public of improved services and amenities.”
Mr Wells argued that allowing the restrictive covenants to remain will effectively grant New Providence Development Company (NPDCo) approval rights and give it control over competing developers, which “adds a layer of risk and uncertainty” to property use in the area.
“By broadly prohibiting all other uses, the restrictions collectively limit any development of the property to a residence of two or more storeys and an interior area of 2,000 or more square feet,” he added.
“Additionally, by enforcing New Providence Development Company’s Board approval rights over the development of the property, New Providence Development Company preserves de facto control over any development of the property (and each other property with similar restrictive covenants).
“Generally speaking, granting approval rights over the development of property to a third-party adds a layer of risk and uncertainty to the use of property that will cause a decrease in the values of property and subject otherwise market-driven decisions (’highest and best use’) to the sole discretion of a probable competitor.”
Mr Wells reiterated that the purpose of the covenants was to restrict competition to Old Fort
MAJOR SEAFOOD NAME IN COURT RECEIVERSHIP
FROM PAGE B1
was ordered into receivership by the Supreme Court almost five months ago, on February 14, 2025, a newspaper notice disclosed, with Mr Bain selected as receiver by RBC one week later.
Percival Roberts, Geneva Brass Seafood’s principal, could not be reached for comment by Tribune Business before press time last night. However, this newspaper understands that Mr Bain, and his JSB Global Solutions firm, have taken control of the company’s Eden Street South location in Greater Chippingham, plus all fisheries stocks, freezers, coolers, land, bank accounts and other assets.
Mr Bain, who is now an officer of the Supreme Court, will now be seeking to maximise the company’s value in a bid to recover the full sum owed to RBC. All options, including a potential sale of the business if it remains a viable operation, will be considered, but the future of Geneva Brass Seafoods is at present shrouded in uncertainty.
Bay, which has been completed for some years and now hosts 185 residences along with a mixed-use commercial and retail centre at the Old Fort Bay Town Centre. He added that the covenants only remaining purpose is to “unreasonably limit the use and development of the property relative to competitive properties”.
“The implied purpose of the restrictions is primarily to restrict competition. Specifically, it was for New Providence Development Company and Old Fort Bay Company to preserve and protect the success of the Old Fort Bay community while selling property outside the planned development area to raise funds. The Old Fort Bay community is a private, gated residential community of 185 homes supported by the Old Fort Bay Town Centre, a mixed-use of retail and commercial centre,” said Mr Wells.
“Construction of the Old Fort Bay community commenced by 2002 but, by 1992, at the time that the restrictions were agreed to, New Providence Development Company and Old Fort Bay Company had already commenced the pre-development process and intended for the restrictions to minimise any adverse effects the development of the property could have on the Old Fort Bay community.
“Now, with the implied purpose of the restrictions
Tribune Business understands that the company employs ten staff directly, and a further 12 indirectly, meaning that 22 workers in total have been impacted. RBC’s recourse to the Supreme Court, and appointment of a receiver in an action that was filed back in 2022, suggests the bank - as secured lenderhas run out of patience and sees no other way to recover the credit it extended. Yesterday’s newspaper confirmed that RBC has appointed Mr Bain under the “powers contained” in the debenture and other documents that provided security over the company’s assets for the loan. “The receiver has assumed control of all assets, operations
accomplished, and by reason of changed conditions in the western district of New Providence, the only remaining effect is to unreasonably limit the use and development of the property relative to competitive properties.”
This is far from the first time that New Providence Development Company’s use of restrictive covenants has been challenged. However, as with previous cases, it is likely to result in a long and costly legal battle that makes its way from the planning process to the court system.
Nick Dean, principal of Integrated Building Services (IBS), won at both the Town Planning and appeals levels over his call to extinguish restrictive covenants imposed by Old Fort Company when it sold a three-acre parcel - located between Charlotteville and Old Fort Bay - to his father some 26 years ago in 1998.
These limited the site’s development to two private residential dwellings of “no more than 3,000 square feet each” which, if not removed, would have blocked Mr Dean’s ambitions to develop the 30-unit Azumi community.
However, New Providence Development Company is now challenging these decisions before the courts.
And, again, despite defeats before both the Town Planning Committee and Appeals Board, New Providence Development Company has also asked
and undertakings of the company with immediate effect,” the notice said. RBC’s attorneys are understood to be Higgs & Johnson.
Adrian LaRoda, the Bahamas Commercial Fishers Alliance’s president, told Tribune Business that Geneva Brass Seafood’s receivership is “unfortunate” and the situation will have an impact on the Bahamian seafood industry and market. The company was a vertically-integrated provider, catching fish and selling them on both the retail and wholesale markets, as well as for export.
“That’s going to affect us,” Mr LaRoda confirmed. “Geneva Brass roughly accounts for, I wouldn’t
the Supreme Court to overturn the approval granted for rezoning five acres near Lyford Cay owned by Henry F Storr from residential to commercial.
The electrical retailer is arguing that the rezoning will facilitate the property’s sale and enable it to achieve a higher price, but New Providence Development Company is arguing - in similar fashion to Mr Dean’s case - that the restrictive covenants imposed in the conveyance when it sold the property to Henry F Storr should remain in place and not be extinguished.
These battles, together with the Supreme Court’s verdict in the dispute between New Providence Development Company and the One West Plaza retail/office park’s developer, highlight what appears to be growing conflict over the former’s use of restrictive covenants to guide and/or limit the type or scale of development that occurs in western New Providence.
Sir Ian Winder, the chief justice, in his recent verdict on the One West dispute wrote that New Providence Development Company, in its role as the area’s master developer, has sought to use these covenants to “exert control” over the activities of other developers to protect its own interests and backed this up with “its ‘economic clout’”. The latter, he added, included refusing to sell extra land to others.
say the double digits, but it does account for a significant share of the seafood market. It’s unfortunate that this would happen. Geneva Brass does account for a share, and important share, of the local market - not so much the exports. I don’t know how much exports there were doing in the past four to six years.
“It will affect the overall market. It’s an unfortunate situation, but these things do occur sometimes. It’s unfortunate that they do have to go through that. I hope the owner, Mr Roberts, can turn it around, work it out in the shortterm and come back to the fore.”
BPL PUSHES BACK OVER ENERGY COST CRITICISMS
FROM PAGE B3
that is hitting the private sector as well as residential consumers.
While Super Value’s business-wide solar power roll-out has enabled it to contain the impact, she added that such sudden and significant cost hikes worsen the effects of government-imposed price controls that restrict the margins food stores earn and result in some produce being sold at a loss.
“We went over the bills yesterday actually, and we are experiencing a significant increase,” Ms Symonette told this newspaper. “When we calculated,
we had an increase of 29 percent overall. Certain stores were up.
“Our warehouse was up like 165 percent, a certain portion of it - there ate two sections to it. Our office went up significantly, 92.7 percent, but the average overall increase was 29.3 percent. In terms of dollars we’re paying $74,000 more.
“While we understand the particular customer’s concerns, our records indicate that the primary cause for the increase in their bill was a significant increase in the entity’s usage of electricity compounded with the fuel charge increase,” said BPL.
“Our customer service team is actively communicating with this and other customers to ensure that any concerns are addressed, and that any questions regarding billings are resolved with direct engagement and transparency.”
Just think: We have solar at all of the locations now, as well as the warehouse and the office. Imagine the people who don’t have solar.” BPL, however, said its records indicated the cause for the bill increase was due to the company’s electricity usage and the fuel charge increase.
‘GREAT TOOL’: MULTI-MILLION SME BAHAMAS FACTORING UNVEILED
But, to achieve this, he warned that it was imperative that the proposal be structured and managed correctly. Given that an organised accounts factoring scheme has never been implemented in The Bahamas before, Mr Turnquest suggested that the ‘factoring’ party - the entity that purchases the accounts receivables - may have difficulty collecting on them and encounter “trust” issues in trying to do so.
The 242 Small Business Association and Resource Centre founder added that the relative novelty, from a Bahamian perspective, of companies selling their accounts receivables to a third-party meant proper education and information transparency will be vital to the proposal’s success since it is key that “everyone has to be on the same page”.
IDB Invest, confirming that the financing proposal is due to go before its Board next Tuesday, July 15, for approval, indicated that the accounts receivables initially targeted for acquisition will be those owed to SMEs by the Government of The Bahamas. And it suggested that the plan will “deepen” the Bahamian capital markets by providing “new securities” to
BPL PROMISES
SMEs, although no specifics were offered.
“We are considering a $10 working capital line to Sygnus Investment Bahamas with a five-year tenor to finance small and medium-sized enterprise (SME) receivables in The Bahamas,” IDB Invest said.
“The loan will be 100 percent guaranteed by Sygnus Credit Investments.
“Initially, the obligator will be the Government of The Bahamas, but they plan to gradually onboard stable blue chip private sector companies.” That appears to signal that the accounts factoring scheme will be expanded beyond receivables owed to SMEs by the Government to also include those due from major private sector entities.
“This solution is anticipated to provide liquidity to SMEs in The Bahamas by purchasing short-term receivables with maturities ranging from three months to less than a year. Additionally, this working capital line will deepen the local capital market by introducing new securities that offer liquidity to SMEs without them incurring additional debt,” IDB Invest added.
“IDB Invest will be providing funding as well as support to Sygnus in offering this flexible financing
BRILAND’S WOE ‘FIXED’ BY JULY END
FROM PAGE B3
heads up as we can so that
we can know that we’re going to take the load. And then tell me how long. Is this a one hour thing? Is this a three hour thing?
“Is this an overnight thing because it’s going to be an extended period, so don’t plan on coming back online. We can’t tell you when so, therefore, you should plan on this
indefinitely. Somehow, it all worked over the fourth of July, which was a very busy weekend on the island, of course. And on the fourth itself, we were sold out, the rooms and the marina. So, I was like, good job.”
And, with resorts having to use more generator fuel, Mr Prosenjak said BPL did not reject the idea of a possible rebate or reimbursement, adding that officials said they “could
solution that traditional banks may be reluctant to support.” Other IDB documents said Sygnus Credit Investments for this initiative is targeting companies with annual turnover ranging from $5m to $35m, with the loan financing used to purchase receivables maturing in as little as one year.
The average loan was pegged at $2.5m, with 45 percent of the targeted companies involved in the financial and construction sectors. Adding in infrastructure and telecommunications operators grows the latter figure to 64.8 percent, or almost twothirds of participants.
“Sygnus Credit Investments defines SMEs as enterprises with annual revenues ranging from $5m to $35m. The subloans granted to purchase receivables from SMEs will be short-term, with maturities up to 12 months and an average amount of $2.5m,” IDB Invest said. “The four most representative sectors in the portfolio are financial (23.4 percent), construction (21.6 percent), infrastructure (10.9 percent) and telecommunications services (8.9 percent).”
Mr Turnquest yesterday reiterated that accounts factoring, while not widely practiced in a structured
maybe look into something like that”.
As for reimbursement for damaged equipment, Mr Prosenjak having recently lost two bar refrigerators less than 60 days old with a third “on the fritz”, he said his $1,300 commercial blender also “went out”.
“I’m up to $15,000, $16,000 worth of equipment that’s now dead, or on the way, almost dead,” Mr Prosenjak said. “And again, the duty, the VAT, the shipping on top of those like that, that’s not just $16,000 worth of equipment.
“If I have to buy it all again, pay the same VAT, pay the same duties and pay
way in The Bahamas, has been commonly employed in developed countries and many other markets for decades.
“It is very important that this financial strategy take place,” he told Tribune Business. “However, the challenge is the difficulty of collection, which will be a problem. The familiarity between the company and its customer might be different as a result of the factoring transfer process to another business or credit facility.
“There might not be a good communication process and be more breaking down of cash flow streams.”
Mr Turnquest said that, as a result of selling its accounts receivables, the original product or service provider will no longer have to deal with the client that owes the debt.
Instead, the latter will have to deal with an unknown third-party that has acquired the rights to these receivables. And this could lead to unexpected stresses and strains, as that third-party may be less tolerant of delays or payment plan requests, and could demand its monies instantly.
“It’s a good strategy once you can guarantee the receivables are going to be
the shipping again, all-in that cost me $25,000 or something like that to get $15,000 worth of equipment here. So now I got to spend it again.
“There was no confirmation or denial of that, to be like, ‘Sorry, you’re out of luck.’ But they also didn’t say, ‘Okay, we’ll take care of it,’ or ‘Give us the exact receipts, and we’ll give you a credit on your account for that much’ or any of that sort of stuff.”
Noting that he’s willing to give BPL a shot, Mr Prosenjak added “it was a lot of good accountability being taken” and communication “has been really good”.
fully honoured,” Mr Turnquest said. “It’s good on paper and a good strategy. However, the problem is how secure will it be? The worst thing to do is you get receivables from a business or financial institution valued at, say, $50,000 and find - at most - you can collect $30,000. That means someone is in the hole.
“It’s a great strategy, but could cause issues of trust between the [debtor] and next business. Tolerance has got to be high. You may have a strong relationship with the client, having known them for a long time, but the next business - the factoring third-party - may not know the person at all. They may have a low tolerance level, and only call them once before they get angry.
“It’s great. This is a great financial management strategy, and it could relieve the burden of the debt owed to SMEs once the programme is run properly because the challenge is that the Government normally takes a long time to pay SMEs, and small businesses have a lot of other challenges with different people owing them also,” he added.
“It’s got to be run properly, and there’s got to be more collaboration and information sharing in
order for the process to run smoothly. It’s very helpful for the strategic development of small businesses in the country, but there’s got to be more information and Town Hall meetings between businesses, the Government so everyone can understand it.
“Everyone has to be on the same page because this has not taken place in this country at this magnitude. Everyone has to be fully educated to understand the rules... I fully endorse it. This is ideal, and a great tool to free up cash flow so SME’s can focus on operational efficiency and effectiveness.”
Sygnus Capital, which has ambitions to be a panCaribbean operator and is targeting US$1bn in “alternative assets under management” by 20262027, already has interests in The Bahamas and the accounts receivables factoring initiative is effectively an expansion on those. Besides the $25m in financing its has provided to Bahamas Striping Group of Companies’ subsidiary, Caribbean Pavement Solutions, for its road projects in Exuma, Sygnus also previously raised $9m for the completion of the Government administrative complex in Eight Mile Rock, Grand Bahama. That took its total Bahamas exposure to some $34m.
the cheque in the sum of $129,061 written to ‘’The Edith Glass Trust, Dennis Fox and Sandra Fox TTEs’ and as constructive trustee of the said cheque being the knowing recipient of trust property.
“The Foxes assert that the cheque was not endorsed to the claimant [Ms Fox], and that no permission was given to the claimant to deposit the cheque into her clients’ account. They allege that on February 10, 2022, the trust funds improperly cleared in the claimant law firm’s client account.”
Ms Fox, though, opposed the counterclaim application on the based that Dennis and Sandra had no standing to bring a claim. She added that the third defendant in the case, Brian Dean, and his brother, Ulysses, had been “given power of attorney over the funds by Edith Glass”. And she also objected to attorney Michelle Horton acting for Sandra and Dennis because she was a potential witness.
Sir Ian, though, found the objection to be invalid. He added that Jameca Basden, attorney for Brian Dean, supported the application by Sandra and Dennis and argued that “such power of attorney as her clients now possess did not preclude the recovery of funds by the Foxes”. And the Chief Justice added: “It would be incredible that the claimant [Ms Fox] would purport to deduct substantial sums from the trust funds on account of her fees claimed against the Foxes but nonetheless assert that they have no right to make a claim to recover these funds.”
Sir Ian ruled that CIBC Caribbean (Bahamas) addition as a defendant was “desirable”, so as to avoid multiple proceedings and potentially “inconsistent judgments”, while it was “in the interest of justice” that Sandra and Dennis be able to pursue their counter-claim.
BOAT CAPTAIN: SAVING SUMMER FEAR ‘SPOT ON’
who supplied them with services, products and provisions.
And, while acknowledging that The Bahamas has the sovereign right to determine the fees and levies it imposes on visiting boats and yachts, and ensure that the Public Treasury gains its fair share, he warned that the combination of increased temporary cruising permit fees, plus new fishing permit and anchorage fees, are coalescing with the foreign yacht charter fee to “drive” visitors away. “I run a 114-foot motor yacht out of Florida. We had planned on staying in Nassau for the summer months for charter but, as the Bahamas government has decided to implement new fees and increase restrictions, the owners recalled us back to the US three months early and we have changed our plans moving forward,” Captain
Meyer revealed to this newspaper.
“In the three months we were in Nassau we got no charter requests...none. But we got several for Saint Maarten that have booked already, and so the decision has been made to head to Saint Maarten instead of The Bahamas as soon as we get to the tail end of hurricane season.
“Simply put, the fees are driving people away and, as a result, the $30,000 we put into the economy to prepare for a week-long charter - on top of the 10 percent VAT and 4 percent Port Tax - is no longer there. My last boat put over $500,000 into the Bahamian economy in two years there,” he added.
“We bought everything local. We got work done locally. We hired local labour for various tasks an, from time to time, even hired local mariners. When guests wanted to fish we hired local guides. But when the charters dried
up, that boat is no longer coming to The Bahamas for the winter, and they spend their summers in New England.
“Many in The Bahamas think that charter boats make money, but they do not. Nobody makes money. Every penny goes into the boat in repair and upkeep. At the most it helps offset some expenses. But profit... not even close.”
While there is almostuniversal agreement that visiting boats and yachts should pay their fair share for commercial exploitation of The Bahamas’ natural resources, especially its pristine marine environment, the concern has been over the magnitude and scale of the latest new and increased fees, together with the lack of warning and consultation offered by The Bahamas.
“I want to make it absolutely clear that I support the right of the Bahamian government to implement their own policies, and I
believe that the Bahamian people deserve to make money from the boats that are there,” Captain Meyer said. “I can’t speak for every boat, but I will tell you that for myself and the other captains that may operate there, we will abide by those rules.
“But the fact is that the new fees are driving people away. I’d love to see the people in the Family Islands make money from anchor/ mooring fees, but that isn’t likely to happen. I’d be happy to see fishing licences issued for each island group, and the fees for those licences go directly to those islands. But they don’t, and they won’t without the Government making some drastic changes in their thinking.
“Why are boats going to the islands in the southern Caribbean? Simple... none of those fees exist other than the bridge fee in Saint Maarten and a few other smaller fees.” Peter Maury, the Association of
Trump to put 25% tariffs on Japan and South Korea, new import taxes on 12 other nations.
By JOSH BOAK Associated Press
PRESIDENT Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on Aug. 1.
Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.
"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump wrote in the letters to Japanese Prime Minister Shigeru
Ishiba and South Korean President Lee Jae-myung.
The letters were not the final word from Trump on tariffs, so much as another episode in a global economic drama in which he has placed himself at the center. His moves have raised fears that economic growth would slow to a trickle, if not make the U.S. and other nations more vulnerable to a recession. But Trump is confident that tariffs are necessary to bring back domestic manufacturing and fund the tax cuts he signed into law last Friday.
He mixed his sense of aggression with a willingness to still negotiate, signaling the likelihood that the drama and uncertainty would continue and that few things are ever final with Trump.
"It's all done," Trump told reporters on Monday. "I told you we'll make some
deals, but for the most part we're going to send a letter."
Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, Indonesia at 32%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%.
Trump placed the word "only" before revealing the rate in his letters to the foreign leaders, implying that he was being generous with his tariffs. But the letters generally followed a standard format, so much so that the one to Bosnia and Herzegovina initially addressed its woman leader, Željka Cvijanović, as "Mr. President." Trump later posted a corrected letter.
Trade talks have yet to deliver several deals
Bahamas Marinas (ABM) president, yesterday told Tribune Business he “just had another cancellation for next year” with a 50 metre vessel opting to go to Mexico instead.
“It was just slow,” he said of the July 4 independence weekend, which is traditionally one of the busiest weekends in the peak summer boating season. “It was slower than last year. I can tell you that. We definitely had more cancellations in our marinas than normal. I still think we have made a huge mistake in policy. We should be taking advantage of the volatility in global economics.
“They’ve forced the boats to go elsewhere. We’ve all reduced our rates. For the first time last year Atlantis cut their rates. Everyone’s reducing their rates to keep the boats longer and, as a result,the Government gets less revenue. I had a few boats return from Exuma, but a lot of them are packing up. They’ll stay to the first hurricane comes in August, and the few that stay for Labour Day are going to move already.”
energy cooperation," Cutler said.
White House press secretary Karoline Leavitt said that Trump was by setting the rates himself creating "tailor-made trade plans for each and every country on this planet and that's what this administration continues to be focused on."
Following a now wellworn pattern, Trump plans to continue sharing the letters sent to his counterparts on social media and then mail them the documents, a stark departure from the more formal practices of all his predecessors when negotiating trade agreements.
The letters are not agreed-to settlements but Trump's own choice on rates, a sign that the closeddoor talks with foreign delegations failed to produce satisfactory results for either side.
Wendy Cutler, vice president of the Asia Society Policy Institute who formerly worked in the office of the U.S. Trade Representative, said the tariff hikes on Japan and South Korea were "unfortunate."
"Both have been close partners on economic security matters and have a lot to offer the United States on priority matters like shipbuilding, semiconductors, critical minerals and
Trump still has outstanding differences on trade with the European Union and India, among other trading partners. Tougher talks with China are on a longer time horizon in which imports from that nation are being taxed at 55%.
The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the U.S., but it would "continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States" after having proposed a trade framework on May 20.
Higher tariffs prompt market worries, more uncertainty ahead
The S&P 500 stock index was down 0.8% in Monday trading, while the interest charged on 10-year U.S. Treasury notes had increased to nearly 4.39%, a figure that could translate into elevated rates for mortgages and auto loans.
Trump has declared an economic emergency to unilaterally impose the taxes, suggesting they are remedies for past trade deficits even though many U.S. consumers have come to value autos, electronics and other goods from Japan and South Korea.
The Public is hereby advised that I, AALIYHA SIMOR MARJIE HUMES of 29B Montrose Place, Freeport, Grand Bahama, The Bahamas, Mother of ALICIA JUSTINA SYMIA HUMES-JOHNSONS A minor intend to change our child’s name to ALICIA JUNSTINA SYMIA HUMES. 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. INTENT TO CHANGE NAME BY DEED POLL PUBLIC NOTICE
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 4th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, 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 1st day
