07192022 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 19, 2022

$6.92

$6.97

$6.96

$7.27

Cruise ship occupancies to hit 110% by end-2022

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port’s chief executive yesterday disclosed that average passenger occupancies will hit pre-COVID levels of 110 percent by year-end 2022 and beat its own recovery forecast.

Michael Maura told Tribune Business that July’s vessel occupancy numbers are just five percentage points off pre-pandemic numbers with the Prince George Wharf operator having enjoyed a steadily improving month-over-month trend throughout 2022.

Revealing that the industry is ahead of Nassau Cruise Port’s own projected recovery pace, he

NASSAU CRUISE PORT added that the full impact of these occupancy levels should be felt by Bay Street and downtown Nassau businesses, plus all sectors that rely on these visitors, from October 1 when the six-month peak winter season kicks in.

Mr Maura said the economic benefit is slightly blunted at present due to the fact that the weekly volume of cruise ship calls traditionally falls by 50 percent during the summer, dropping from around 30 to 20 or slightly

less. Still, he added that the cruise port operator is experiencing “occasional” days with six ships in port - bringing as many as 22,000 total passengers - amid ongoing construction work to achieve the facility’s $300m transformation.

With Nassau Cruise Port set to begin handing over retail and restaurant spots to already-selected tenants by November/December this year, Mr Maura also pleaded for “more decorum” in downtown Nassau and an end to physical fights and abusive language in front of visitors that threatens to undermine the post-COVID recovery and efforts to enhance the area.

Warning that “a few bad apples” could spoil it for all, he

SEE PAGE B5

• Industry on track to beat Port’s revival forecast • 5% pts off pre-COVID with 100k Disney boost • Top executive urges ‘more decorum’ downtown

Fragile tourism fearing ‘long lasting’ airport strike damage • BHTA chief: ‘We’re rebounding from nothing’ • Warns: ‘First and last impressions’ do matter • DPM: Timing ‘couldn’t be worse’ as TSA here

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN tourism yesterday called for “a speedy resolution” to the strike action impacting the country’s major airports as it warned of potential “long-lasting” damage to a “fragile industry rebounding from a long period of nothing”.

Robert Sands, the Bahamas Hotel and Tourism Association’s

(BHTA) president, told Tribune Business that the industrial action mounted by 227 Airport Authority employees threatens to undermine the industry that is “really driving the economic engine of the country” in its rebound from COVID-19.

Stating that prolonged industrial action “is not something I want to think of as an option”, he voiced particular concern about the affect it might have on the arrival and departure experience for The

$6m start-up planning to be ‘full scale’ in 2 years Bahamas’ higher spending stopover visitors if they encounter delays and long queues to clear airport screening and security.

Such a “daunting” encounter, Mr Sands warned, would create a less-than-favourable “first and lest impression of a premier tourism destination” that The Bahamas holds itself out to be. He voiced hope that cooler heads will prevail, and that a negotiating breakthrough

ask him where he got it from.

“And I don’t even know where the money is now. I know that to have a large sum of money without authorisation, it is a new law I think in 2018, but I don’t know for sure. I didn’t know the defendant before that day. No, I didn’t do no investigation as to the source of the money. I don’t know. I did not see him doing anything unlawful, though, no.

I don’t know if it is in fact proceeds of crime.”

Sergeant Jared Turnquest, chief investigating officer of the police’s Financial Crimes Investigation Branch, took the seized funds to the Central Detective Unit and conducted an interview with Mr Jones, with the latter replying “no comment” to questions that included whether he had Central Bank approval for the US

A NEWLY-FORMED Bahamian manufacturer yesterday said it plans to grow its $6m investment and initial 16-strong workforce into a full-scale construction supply operation within two years.

Mitchell Thurston, Bahamas Mineral & Manufacturing Corporation’s (BMMC) chief executive, said “access to and affordability of land”, as well as reliable infrastructure and Freeport Container Port’s position as “gateway to the entire world”, meant the company had elected to establish its base in Grand Bahama.

“Our headquarters, which we refer to as BMMC Park, will sit on a five-acre lot and will include a 12,000 square foot structure,” he explained. “This structure, in particular, will serve as our main factory building and will house our key equipment, which is our PVC pipe extrusion lines.

As a matter of fact, we are currently finalising the order of those lines and expect their arrival within the next six months.

“Since making this decision, we’ve been welcomed with open arms by the Grand Bahama Port Authority, who has time and time again reassured us that they will continue to do

SEE PAGE B6

SEE PAGE B5

SEE PAGE B4

Police probe slammed: $101k must be returned to carpenter

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Royal Bahamas Police Force has been ordered to return $101,038 in cash seized from a part-time carpenter after the Court of Appeal criticised its non-existent investigation into whether this represented criminal proceeds.

Appeal justice Jon Isaacs, in delivering

the court’s unanimous rejection of the Police Commissioner’s appeal, said that by the standards of the police investigation all “who save their money under mattresses or are holding ‘Asue’ funds are in peril of being prosecuted as money launderers”.

He ruled that the police had not come near to proving that the funds seized from Ricardo Quincy Jones, following a search of his bags at Lynden Pindling International Airport

(LPIA) prior to boarding a flight to Trinidad, represented the proceeds of criminal activity because no investigation had been conducted to obtain the necessary evidence.

Ordering that the monies be returned to Mr Jones “forthwith”, the Court of Appeal judgment recorded that his ordeal began when Sergeant Flowers and Corporal Ranger, both plain-clothes officers on “special duty”, stopped him in LPIA’s departure lounge at 1pm on November 2, 2018, on the grounds he was acting suspiciously.

Mr Jones informed the duo he was flying to Portof-Spain via Caribbean Airlines, and the officers retrieved his checked-in bag before all went to the police station. Upon opening and inspecting the luggage, Sergeant Flowers found a “large sum of money” which Mr

Jones allegedly admitted belonged to himself. After being counted, the total amounted to $101,038.

The part-time carpenter was charged with the “attempted exportation of restricted goods” under both the Exchange Control Regulations and Customs Management Act, as well as concealing and removing the proceeds of crime. However, under questioning by Mr Jones’ attorney, Murrio Ducille, at the original hearing before senior magistrate Derrence Rolle-Davis, the police officers were very vague on what grounds they had to charge him.

Sergeant Flowers told the court: “No, I didn’t charge him for the proceeds of crime. But proceeds of crime is what I arrested him for. I believe if you have a large sum of US dollars, I believe that to be a crime...

I don’t know the origin of the money. And, no, I didn’t

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

$20m claim against Bahamas institution, affiliate withdrawn

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A $20m damages claim against a prominent Bahamian financial institution and its digital assets affiliate has been withdrawn by the locally-incorporated sponsor of a failed virtual token issue.

Dream Labs, in a onepage filing with the federal eastern New York district court last Friday, confirmed that its claim against Deltec

Bank & Trust and its Delchain affiliate, as well as all other defendants, had been “voluntarily dismissed without prejudice”.

The move came after Deltec Bank & Trust and Delchain, in an April 18, 2022, letter said they would move to have the claim thrown out on the basis that the New York court had no jurisdiction over them as Bahamian-domiciled financial institutions who did no business in that city.

“Plaintiff Dreamr Labs is a fledgling corporation that has issued digital assets,” they argued. “Both Delchain and Deltec are registered and licensed to do business in the Bahamas. Plaintiff hired defendants to assist with the launch of a new crypto-token called ‘Dreamr Tokens’, a digital asset.

“Plaintiff seeks damages against Delchain, Deltec and other defendants based on the fact that the value of its Dreamr Tokens has dropped substantially. The launch of

Dreamr Tokens was not successful for multiple reasons, including plaintiff’s own illadvised decisions and the lack of a market for its digital assets.”

Dreamr’s attorney, in response, wrote to the New York court a week later to reveal that settlement negotiations were taking place in a bid to resolve the litigation. However, on May 9, 2022, it then accused Deltec and Delchain of “losing the

SEE PAGE B6

PAGE 2, Tuesday, July 19, 2022

PICTURED from L to R are members of the Corporate Social Investment Initiative administrative committee. The Committee is responsible for administering funds from licensed gaming houses.

They are: Alexandria Maillis Lynch; Paul Farquharson, former commissioner of the Royal Bahamas Police Force; Dr Daniel Johnson, executive chairman, Gaming Board; Prime Minister Philip Davis; Chester Cooper, deputy prime minister; Elaine Bullard-Foster; and Clifford ‘Butch’ Scavella, chairman, former commodore of the Royal Bahamas Defence Force.

THE TRIBUNE

COMMITTEE TO ADMINISTER WEB SHOP LEVY UNVEILED THE Government has unveiled the committee that will be responsible for administering the levy on web shop gaming earnings and distributing the proceeds to social and other good causes.

The Corporate Social Investment Initiative administrative committee was introduced by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, on Sunday to commemorate 100 years of gaming in The Bahamas. It will be responsible for overseeing the levy, equivalent to 1 percent of earnings, that licensed web shop gaming houses are required to contribute by law to finance social and charitable causes.

“One hundred years of gaming is a landmark achievement. Collating all of the history and material and facts that came together over the century to lay the foundation for the thriving gaming destination, of which The Bahamas is today, is a fantastic feat,” Mr Cooper said.

“This afternoon we are launching what should grow to become one of the most aspiring, well-funded and managed philanthropies in the history of our country. Thousands of deserving persons and organisations

are going to benefit in very meaningful ways.”

Mr Cooper said the funds collected will be distributed to charities, sporting organisations and similar interests as required by the provisions of the Gaming Act. The committee’s members are: * Clifford ‘Butch’ Scavella – chairman, and former Commodore of the Royal Bahamas Defence Force * Elaine Bullard-Foster an aviation professional, who has worked with displaced youth * Paul Farquharson - former Commissioner of the Royal Bahamas Police Force * Hendrick Nairn, an accountant * Rev Dr Shelton Higgs of The New Lively Hope Baptist Church and a leader in the Baptist Convention * Alexandria Maillis Lynch, of the Ranfurly Home for Children, who works in the inner city with troubled youth * Ex-officio members are Ian Tynes, secretary to the Gaming Board, and Greg Smith, deputy secretary in the office of the executive chairman “We appreciate the gaming houses and their eagerness to co-operate and support this initiative,” the deputy prime minister said, adding that many industry

operators have been performing charitable work already.

“I would hope that this practice will also continue as we move to streamline this ‘give back’ and philanthropy in an organised and transparent protocol,” Mr Cooper added, pointing to the web shop industry’s food basket and other handouts during COVID, plus “unheralded acts” of goodwill.

“As minister responsible for gaming, I charge this committee to administer and manage the affairs of their operations at the highest standards of compliance, transparency and accountability,” he said. “Allow every deserving charity, individual and national cause an equal and fair opportunity to apply and to be heard as to a request, proposition and need.

“I encourage gaming houses to continue to identify at-risk patrons and do all you can to provide intervention and rehabilitation where appropriate. Finally, I urge you not to forget the Family Islands. There are great needs in the Family Islands.”

CHESTER COOPER, deputy prime minister, officially launched the Corporate Social Investment Initiative administrative committee on Sunday. Pictured L to R: Mr Cooper; Prime Minister Philip Davis QC; and Dr Daniel Johnson, executive chairman, Gaming Board Photos:Kemuel Stubbs/BIS

THE TRIBUNE

Tuesday, July 19, 2022, PAGE 3

BUS DRIVERS SLAM ‘EMPTY PROMISES’ DURING PROTEST

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BUS drivers yesterday slammed the Government’s “empty promises” as they staged a protest sit-in that was not universally welcomed by all participants in the transportation sector.

Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business that the strike, which potentially impacted hundreds of passengers in New Providence, had “nothing to do” with his organisation but was instead orchestrated by members of the Bahamas Unified Bus Drivers Union.

(BUDU).

Rudolph Taylor, the BUDU’s president, said the drivers were not on strike but were just “sitting down and talking”.

He added that they were frustrated and tired of the empty promises” by the Government, and said: “I guess the drivers are sitting down and having a communication, but I’m not there.

I’m not there today because I’m doing other things.”

Several bus drivers were parked on R.M. Bailey Park for the better part of yesterday, and said their grievances stem from the Government’s failure to approve a fare increase that will offset the squeeze caused by high fuel prices.

Fuel costs of close to $7 per gallon have plunged many into a daily loss-making position that cannot be sustained, and will force many out of business if high prices persist.

Besides a 62.5 percent hike in adult fares, from $1.25 to $2, the BUDU members also want senior fares to increase by onethird - from 75 cents to $1 - if their services are to remain viable. While fares for primary school students

would remain unchanged at 50 cents per journey, the drivers want those for junior and senior high school students to rise by 25 percent from $1 to $1.25.

Jobeth Coleby-Davis, minister of transport and housing, recently said the Davis administration has deferred any decision on a fare increase due to concerns about the impact on Bahamian consumers already struggling with the cost of living crisis. She added that the Government was working on a so-called relief package for the jitney industry, but gave no firm details on what this will include, and driver patience over the lack of specifics appears to have snapped.

The Ministry of Transport and Housing, in a statement issued last night, downplayed yesterday’s protest action as only involving 20-25 drivers. It urged the union and its members to “return to the negotiating table”, saying the ministry had met with industry representatives multiple times to address demands for a fare increase to offset soaring fuel costs.

Reiterating that it was seeking to balance the bus drivers’ concerns with “the interests of the thousands of Bahamians who use public transportation daily”, it stuck to its ‘relief package’ position although, again, failing to provide any details.

“The Government of The Bahamas understands the concerns of bus drivers and wishes to confirm that the request for a fare increase was deferred to allow government to design a temporary relief package,” the Ministry of Transport and Housing said. “However, the temporary relief package was rejected by the protesting bus drivers who have demanded an immediate increase in fares.

“The Ministry of Transport and

JOBETH COLEBY-DAVIS Housing, therefore, calls on bus drivers to return to the negotiating table so that a practical resolution can be achieved and further disruption to public transportation can be avoided.”

Mr Moxey, whose organisation represents jitney owners and operators, said he has also been in talks with the Government over a fare rise.

They want what the bus drivers are seeking, too, but he argued that yesterday’s “strike” was premature and an over-reaction. “These guys are just the bus drivers and they really aren’t the ones that should be canvassing for anything,” Mr Moxey said.

“They are mixed up in life. They are taking people’s bus and they are working for people. So if they want to strike then they should stay home.

They shouldn’t bring people’s vehicle out on the park and talk about they are striking. They should just walk out there.”

Corvell Colebrooke, the BUDU’s secretary-general, declined to speak to Tribune Business. However, Mr Moxey added: “Rudy [Taylor] was the one that sent the message out about the strike. The message that has gone out has his name attached to it about this

PM EYES PARTNERSHIP TO BOOST INNOVATION PARK THE Prime Minister is urging a hotel industry group to partner with The Bahamas on a “scholastic exchange programme” that could boost this nation’s plans to launch an entrepreneur’s Innovation Park.

Philip Davis QC, giving the luncheon address at the National Association of Black Hotel Owners, Operators and Developers (NABHOOD) Investment Summit and Trade Show, said the group’s hospitality career resource centre and focus on developing student leaders was “a good fit” with The Bahamas’ own tourism training facilities.

Suggesting that there were “unique opportunities” for NABHOOD to partner with the Bahamas Hotel Training College, based at the University of The Bahamas (UoB), he called on it to do so in the areas of scholarships and student exchange programmes.

This, Mr Davis asserted, would be “a good fit for our proposed entrepreneurs’ innovation park we are creating at the University of The Bahamas”. He added that the Grand Bahama Hotel and Catering College is also being re-established.

“To attract investment to The Bahamas and expand trade, my government is moving to establish international trade and investment attaches in all our embassies,” the Prime Minister said. “Our regional tourism offices will also offer resources to facilitate facilities and linkages.”

Mr Davis added that his administration was also focused on workforce development, and improving Bahamian skills and experience, via the creation of “international secondment programmes” involving international companies that have a physical presence in - and do business from - The Bahamas.

In effect, he suggested that in return for the work permits granted to their expatriate employees, these

companies would give Bahamians an opportunity to work in their overseas operations. “Our foreign missions will implement international secondment programmes for international companies who hold Bahamas work permits and others,” Mr Davis explained.

“We have a number of multinational companies that work in The Bahamas. They have work permits that allow their employees to work in The Bahamas, but we want to add to that the possibility of exchange programmes with these multinationals to ensure that Bahamians are exposed to other aspects of their business.

“This policy, we think, will improve the ease of doing business with The Bahamas, and support the country’s already favourable investment climate.”

Mr Davis said that as The Bahamas emerges from the COVID-19 pandemic, and the devastating impact of lockdowns, border closures and other restrictions, it needs fresh investment in hotels and other elements of the tourism offering because room inventory is struggling to match pent-up visitor demand.

“We need investment in visitor accommodation, as the supply of hotel rooms and so on is struggling to keep up with demand, as I speak,” he said. “We need investment in our cultural and entertainment offering so that visitors have a wider and larger choice of activities while on vacation.”

“And we need investors like you to partner with us to provide it- investors who embrace our national priorities and share our cultural heritage; investors who themselves understand that in this post-COVID era of climate change we need to innovate in more ambitious ways than ever before, and investors who seek the kind of skilled workforce, and the stable legal and financial framework, that The Bahamas offers.”

PHILIP DAVIS QC

meeting on the park for the bus drivers, and now he’s saying he is not involved in this when he is the president of the BUDU. That means he has no control.

He is letting Colebrooke do whatever he wants to do.

“They don’t own any busses, but if you talk to them they act like it’s their bus. They don’t own anything; they just go and take people’s bus and do what they feel like. I respect their right to protest, but you don’t take people’s machines and go out on a strike and do whatever you feel like. This is like the tail wagging the dog.

“They should have parked their owner’s vehicle and then go out to the park, but they are so contentious and cantankerous that this is all they know how to do.

They are protesting in people’s busses without notice to the owners.”

The UPTC has been in discussions with the government over a fare raise for the past six months, and Mr Moxey disclosed: “I said: Let’s get the proposal, and if the proposal insults you then we go to a stronger measure. But they always want to use the strongest measure first.”

Not all busses were on strike yesterday, and even some that were at RM Bailey Park had already made runs earlier in the morning. By 2pm several jitneys were back on the road and picking up customers despite a small handful remaining parked on RM Bailey Park. Mr Moxey said his busses will be on the road today as far as he is aware.

He added: “They gave no notice to the general public and left people all over the road stranded trying to get to work. They gave their customers no heads up that something was going to happen. I have no

problem with standing up for your rights, but there is a proper way to do things.

It’s our right and I feel that the Government has been dragging their feet, and I warned them that this was going to happen. This is only the beginning.

“The main thing is getting the point across to the Government for the hardship that we have been experiencing. The fuel cost increase is only another step. It is only exacerbating an already bad situation that we’ve been complaining about since 2019.

“The stipend that the Government is proposing, we’ve been asking for that since 2020 when we first went on COVID-19 lockdowns, and while we were on lockdown in 2021. So now here we are in 2022 fighting for a stipend that is already out of whack. So we hope that the Government makes a decision quickly on it and some resolve comes to the matter.”

The Government has promised an interim stipend to the bus drivers, but they are not clear on the amount this will be.

“The stipend is really to try to cushion because the increase isn’t coming forthwith,” Mr Moxey said.

PAGE 4, Tuesday, July 19, 2022

THE TRIBUNE

FRAGILE TOURISM FEARING ‘LONG LASTING’ AIRPORT STRIKE DAMAGE FROM PAGE B1 could be achieved between the Government and Bahamas Public Services Union (BPSU) as early as yesterday afternoon, although there was no indication of that as this newspaper went to press.

Chester Cooper, deputy prime minister, who has responsibility for aviation, said the timing of yesterday’s industrial action “could not be worse” as it coincided with an inspection of Bahamian airport security by the US Transportation Security Administration (TSA), which oversees facilities such as US pre-clearance.

He asserted that the Government will now bow to “strong arm tactics” by the union, while trying to deflect blame to the former Minnis administration. He admitted: “It is most unfortunate that they have taken these actions. We do not believe that they are in the interest of tourism. We are making a significant rebound in tourism and this could cause somewhat of a setback, and it is regrettable that they would jeopardise interests of the industry....

“We’ve been in office nine months. We’ve looked at the agreement in principle that was left in place by the former administration that has been going on. There was no finalising agreement. We thought that we were making significant progress over the past nine months. We asked for compromise, we asked for patience on behalf of the Bahamian people.

“The action today we think is a strong-arm tactic and we are going to do what’s best for the Bahamian people. We are not going to allow the interests of a few to trump the interests of the wider Bahamian community.…” Mr Cooper said the Government will employ all lawful measures to ensure travellers are not impacted, having brought in police and Defence Force personnel to replace striking Airport Authority workers.

“We’re hoping that the Government works with the union to come to a speedy resolution of this particular matter,” the BHTA’s Mr Sands told this newspaper.

“Any industrial action is not good for our country or the tourism sector at this point in time as we continue to rebound.”

Backing the Government and Airport Authority’s move in swiftly implementing measures to counter the impact from strike action, and ensure air travellers continued to process through security checks with relative ease, Mr Sands said BHTA member hotels and other tourism operators were “not seeing any impact in respect of business” as a result of the employees’ work no-show.

Robert Farquharson, the Government’s director of labour, nevertheless yesterday said long passenger lines had built-up at Lynden Pindling International Airport (LPIA) as a result of Airport Authority staff failing to report to The Bahamas’ major aviation gateway.

Mr Sands, though, said the tourism industry was satisfied the Government had ensured airport screening and security booths were manned with the necessary personnel.

Communication was being maintained with both the airlines and LPIA operator, the Nassau Airport Development Company (NAD), and it was “managing the people flow as best as possible”.

Suggesting that a meeting had been called for yesterday afternoon “to get all parties back around the table”, the BHTA president said progress in resolving the dispute is vital to enabling The Bahamas to refocus its resources back on tourism and “to tend to a sector that is really driving the economic engine of the country at the moment.

“Any industrial action at any time is never good,” Mr Sands reiterated. “One would hope there is resolution, especially when we have such a fragile industry rebounding from a long period of nothing. It’s most unfortunate this is happening at this point in time.

We’re satisfied the Government is doing everything in its power to resolve the matter as amicably as possible, but the Government

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

DEPUTY Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper speaks with an airport security screener as he toured Lynden Pindling International Airport (LPIA) amidst industrial action. He was accompanied

by Senator the Hon. Randy Rolle, Global Relations Consultant, MOTIA, left. wants it to be done properly and legally.”

Asked how concerned the tourism and hotel industry is about the prospect of a protracted industrial dispute impacting the major aviation gateways to most Bahamian islands, Mr Sands said: “I don’t want to think that this could possibly happen; that this goes on for a protracted period. I don’t want to think that is an option.

“That is certainly not the type of headline we’d want communicated out of a rebounding tourism destination. It’s not great timing for this, no. The Bahamas is seeing increased levels of business. This is not the peak, but the level of business is not far off peak.”

In a subsequent statement to Tribune Business, Mr Sands warned of the dangers that prolonged industrial action poses to stopover visitors’ first and last impressions of The Bahamas. He said: “We hope that all parties involved in this grievous matter find common ground expeditiously.

“Our airports are the first and last impression our guests will have of our country. As a premier tourism destination it is imperative

we welcome and bid farewell to our guests in the most efficient, effective, customer-friendly manner.”

Calling for “a welcoming, safe and expeditious airport experience” as Bahamian tourism continues its postCOVID recovery, the BHTA president: “We ask those involved in this dispute to consider the longlasting, detrimental impact a daunting arrival or departure experience could have on our tourism economy.

The age-old adages: ‘You only get one chance to make a first impression’ and ‘Last impressions are lasting impressions’ could not ring more true today.”

The Government, in a statement, said 57 Airport Authority employees in New Providence, and 170 in the Family Islands, did not report to work as scheduled yesterday morning. All were said to be BPSU members, and Airport Authority management alleged they possess a social media voice note from Kimsley Ferguson, the union’s president, where he advised workers to get sick certificates for five days and to “lock the place down”.

Legal Notice

NOTICE Birchville Ltd. Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 24th day of June, 2022.

Mr Ferguson did not respond to Tribune Business calls seeking comment on the purported meeting with the Government or other issues arising from the industrial action. “There are a little over 200 employees assigned to New Providence.

Approximately 90 percent of them did not report to normal duties who should have reported to work this morning,” Mr Farquharson said of the industrial action.

“In addition to that, there are approximately 170 employees in the Family Islands in over 17 airports that did not return to work.”

One social media clip circulating on North Eleuthera Airport was accompanied by a voice note describing it as a “mayday call” for Mr Cooper, deputy prime minister.

“Hi Mr Cooper,” it said.

“You’ve got a problem.

You need to come to North Eleuthera, call security. We now in charge. These people [for a Bahamasair flight] just got put out of the airport.

We need your help. It’s a mayday call. You need to get a new group of people to run this Airport Authority thing.”

However, one North Eleuthera resort operator yesterday told Tribune Business that while the situation was concerning he had heard no reports of passenger arrivals and departures being disrupted.

Benjamin Simmons, proprietor of The Other Side and Ocean View properties on Harbour Island and Eleuthera, said a large group of his guests left yesterday and he received no reports of disruption to incoming or outgoing flights.

“Obviously anything that impacts that airport and the guest experience is of concern,” he added.

“It’s already somewhat of a small airport with minimal

furniture, a lack of space and lack of shaded areas.

Further delays in that setting would be of concern, particularly at this time of year when it’s so hot. Hopefully it will be short-term and the Airport Authority will have the issue resolved promptly.”

Magnus Alnebeck, general manager of Freeport’s Pelican Bay hotel, said he, too, was unaware of the strike having any affect on airlift into and out of Grand Bahamas. “Of course, it is always sad when it gets to this because there’s no question it will affect the rebound of our tourism industry in a negative way,” he said. “It would be nice if it could be resolved without a strike. The timing is not great and it’s the summer season.

“But, one of the advantages when you don’t have much airlift is that not much disruption can happen. I hate to sound funny about this, but that’s the reality.

Of course, it’s never good to have something like this going on.”

The Airport Authority, while outsourcing LPIA’s operations to NAD, retained control and responsibility for passenger and baggage security screening as well as fire/crash rescue.

It is also responsible for operations at the Family Island airports.

Meanwhile, Keith Bell, minister of labour, accused the workers involved and the BPSU of engaging in “illegal” industrial action.

He said his ministerial predecessor, Dion Foulkes, referred the dispute with the Airport Authority to the Industrial Tribunal on February 27, 2021, which should have acted as a bar to any strike or other action.

NOTICE IN THE ESTATE OF CHARLES ELLIOT SANDS, late of Leo Pinder Main Street of the Settlement of Spanish Wells, St. Georges Cay in the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 4th day of August, A.D. 2022 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 5th day of July, A.D. 2022

HIRING NOW Human Resource Officer Duties: • Support the development and implementation of HR initiatives and systems • Provide counseling on policies and procedures • Be actively involved in recruitment by preparing job descriptions, posting ads and managing the hiring process • Create and implement effective onboarding plans • Develop training and development programs • Assist in performance management processes • Support the management of disciplinary and grievance issues • Maintain employee records (attendance, other data etc.) according to policy and legal requirements • Review employment and working conditions to ensure legal compliance

Skills and Degree Requirements: • Must have 2+ years of proven experience as HR officer, administrator or other HR position • Knowledge of HR functions (pay & benefits, recruitment, training & development etc.)

• Understanding of labor laws and disciplinary procedures • Proficient in MS Office; knowledge of HRMS is a plus • Outstanding organizational and time-management abilities • Excellent communication and interpersonal skills • Problem-solving and decision-making aptitude • Strong ethics and reliability • BSc/BA or MA in Business Administration or Human Resources.

If you meet the above requirements, please forward your resume to chinainvestment1969@hotmail.com or apply online at wbusbahamas.com under “jobs”.

CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

Legal Notice

NOTICE IN THE ESTATE OF HARVEY ERNEST WARREN PLACE late of Unit 9 Harbour Breeze Condominium, Paradise Island, The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before 2 August, 2022 after which date the Executor will proceed to distribute the assets having regard only to the claims of which the Executor shall then have had notice and will not, as respect to the property so distributed, be liable to any person of whose claim the Executor shall not then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

KING & CO., Attorneys for the Executor, Olde Towne Marina, 2nd Floor, Sandy Port, Nassau, Bahamas (Attention: Monique R. Cartwright)

THE TRIBUNE

Tuesday, July 19, 2022, PAGE 5

$6M START-UP PLANNING TO BE ‘FULL SCALE’ IN 2 YEARS

FROM PAGE B1 whatever it takes to make this multi-million dollar Bahamian project a reality.”

BMMC’s total start-up investment is $6m in the PVC pipe manufacturing operation, which requires a 16-strong workforce.

The plan is to develop into a full-scale construction manufacturing operation within the next two years as demand picks up.

Mr Thurston said: “Financing is being raised from various private sector investors and, if anyone would be interested, they can reach out to any of us on the status and we will be happy to share further information with them. Based on confidentiality, investor confidentiality, we won’t say names or company names.

“But what I can say is in the next few weeks, we expect to have some major

announcements, which we’re very excited about, from some private individuals as well as private sector companies.” As to why BMMC selected PVC pipe manufacturing as its first product line, Mr Thurston added: “We shortlisted a range of products and came to understand that PVC pipe is the best product for us to initiate our company.

“Because every inch of pipe used in this country is

important. While we were both aware that this would have been a mammoth task, we saw it as an opportunity for us to revolutionise an industry that is basically dormant in our country and fully committed ourselves to our company, because of the potential that we knew it had.”

“I thought that I could be a part of that difference and manufacture products locally, specifically

construction grade products, because of the constant demand and resiliency of the construction industry.”

Raw materials for the PVC pipes are being sourced from the US and Bangladesh primarily.

Given the supply chain challenges and rising inflation’s impact on the prices of almost all goods, Mr Thurston said: “Prices of the raw material themselves actually fluctuated or rose before the

CRUISE SHIP OCCUPANCIES TO HIT 110% BY END-2022 FROM PAGE B1

added that the culprits appear to have “no concern” for the reputation of Bay Street and wider downtown Nassau or the negative perceptions that can be created through social media and word-of-mouth.

Speaking after Mediterranean Shipping Company’s (MSC) bid to acquire Global Ports Holding, the owner of the controlling 49 percent stake in Nassau Cruise Port, was scrapped, Mr Maura told this newspaper: “From an industry recovery perspective for Nassau, when you consider the average occupancy of all ships that called in January was 45 percent, for the month of July todate, the average occupancy for all ships that have called is 105 percent.

“That rebound has occurred. They’re sailing full. I would tell you that my forecast for between now and the end of the year is that we’ll see our average occupancy climb to 110 percent or higher. I would say pre-COVID the number was about 108-110 percent so by year-end from an occupancy perspective we’ll be at our occupancy benchmark for Nassau.

“We were not forecasting in our budget for 2022 that we would hit 100 percent occupancy for the last half of 2022, so the fact we’re hitting 105 percent for July and seeing steady improvement month-over-month, we’re seeing is a trend of improving occupancy....

Today, I would say we’re back to within five percentage points of pre-pandemic on occupancy.”

Average vessel occupancies for ships calling on Nassau Cruise Port have risen from 45 percent in January, when the industry and entire world were hit by COVID’s Omicron variant, to 54 percent and 71 percent for February and March 2022, respectively. This steadily improving trend continued with 78 percent and 85 percent for April and May, followed by 102 percent for June and now 105 percent for July to-date.

Mr Maura said ships could achieve greater than 100 percent occupancy as this indicator was pegged to “dual occupancy per cabin”.

With a family of three, they could all stay in such a cabin and thereby help take occupancy above that percentage threshold.

The Nassau Cruise Port chief also said Saturday’s

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KENRICK KENRICO THOMPSON of Cox Way off East Street South, P.O. Box N-10539, intend to change my name to KENRICK KENRICO GIBSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that LERESTE CINEAS of Marathon Road, New Providence, 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 12th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RONIALD BRUTUS of Carmichael Road, Allen Drive, New Providence, 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 19th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that DIANIE FRANCOIS/LIMAGE of #6 Santa Maria Drive, New Providence, 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 19th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

first-ever call by the Disney Wish on Nassau was “a big deal” for the cruise line as it seeks to recommit itself to The Bahamas with 75 percent of its sailings calling at least once on this country.

“In 2019, they made 129 calls to Nassau,” Mr Maura said of Disney, “and we have confirmations for 2023 of 141 calls and in 2024 we have confirmation of 155 calls. For 2024, those additional call volumes for Nassau represent an incremental 100,000 passengers for Nassau, which is quite material.”

With the cruise industry “moving beyond the pandemic for the most part”, Mr Maura said Nassau should feel the full benefit of 100 percent-plus vessel occupancies come October when the winter season starts. Presently, weekly

cruise ship calls have dropped by around 50 percent - from as many as 32-33 to anywhere between 18-20 to coincide with the slower summer months.

“That said, two weeks ago, when he had six ships in port, we had 22,000 passengers,” he added. “We are getting the blessing of the occasional six ships calling per day. During those times we see a very material, very significant jump on passenger counts per day. In terms of talking to businesses on Bay Street, they realise the business has improved when they see big spikes.

“Here we are moving towards August, so we have August and September.

We’re less than two-anda-half months away from when the winter season starts and we get 30 ships in per week.” However, Mr

NOTICE

NOTICE is hereby given that JEAN CARNOLD DAUTRUCHE of #49 Tropical Gardens, New Providence, 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 12th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Maura said the environment in downtown Nassau still provides cause for concern.

“We still have concerns with some of the decorum in terms of how some elements of our community that are downtown are engaging with our visitors,” he told Tribune Business.

“We still have issues with fighting happening downtown, persons using abusive language in front of tourists, Bahamians, shop owners.

“It’s disconcerting after everything we’ve gone through, trying to recover from these two years, and have these few bad apples down there making this whole recovery even harder.

Not only are we in need of new businesses and fresh inventory, we need to be better with customer service and how we treat each other in front of our guests.”

prices of the actual product that we were receiving here.

“So from when we started the journey, we were advised by some of the raw material vendors that the price is high now because of certain factors and they haven’t dropped yet, so we were diligent enough to ensure that we include all of that in our financial projections any type of fluctuations that may occur.”

Mr Maura said incidents are occurring at “the individual level”, where persons are “scrapping” with one another. “There’s no concern for the reputation of downtown, there’s no concern for the story that our guests are going to post on Facebook, Instagram, or via e-mail or phone call to family and friends considering a visit to Nassau and The Bahamas,” the Nassau Cruise Port chief added.

“We need to be mindful the outside world is watching us while in port.”

He said the disputes that were occurring need to be fixed and worked out “behind closed doors in a respectful manner, not through fist fights in front of people screaming at each other”. The Ministry of Tourism, Mr Maura said, was aware of the problems and preparing an initiative designed to upgrade Nassau’s tourism product.

NOTICE

NOTICE is hereby given that LOVELY DANY of Tropical Gardens, New Providence, 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 12th day of July, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

MONDAY, 18 JULY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 53.00 2.47 2.61 2.60 6.10 10.05 4.15 9.90 3.65 8.25 17.50 2.65 10.75 11.25 10.85 17.75 4.00 11.00 16.50

52WK LOW 5.30 33.80 1.60 2.20 1.30 5.75 6.96 2.82 5.40 2.27 5.95 9.80 1.99 7.75 10.02 10.00 13.10 3.50 8.20 15.50

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

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

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

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2602.29

2.60

0.10

374.05

16.79

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.57 100.43 100.43 100.34 100.23 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.34 99.96 100.43 100.04 100.00 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.52 4.69 2.22 207.86 212.41 1.74 1.84 1.83 1.03 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.69 1.75 1.76 0.97 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS76026 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FL BGRS75022 BGRS FL BGRS81037 BGRS FL BGRS88028 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760265 BSBGRS950320 BSBGRS970336 BSBGRS750225 BSBGRS810375 BSBGRS880287 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.48 39.95 2.44 2.35 2.51 6.10 9.75 3.95 9.33 3.64 8.00 16.00 2.85 10.27 11.44 10.85 17.75 3.90 10.15 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

CLOSE 6.48 39.95 2.44 2.35 2.51 6.10 9.75 3.95 9.33 3.64 8.00 16.00 2.80 10.27 11.40 10.85 17.75 3.96 10.15 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

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

VOLUME

3,000

180

1,000

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.10 100.45 100.09 100.54 100.34 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.05) 0.00 (0.04) 0.00 0.00 0.06 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.56% 4.31% 4.31% 4.43% 4.87% 4.33% 5.55% 5.60% 5.65% 5.69%

NAV 2.52 4.69 2.21 197.44 202.39 1.74 1.84 1.83 0.97 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.99% 4.22% 0.36% 5.78% 0.67% 2.74% -2.97% -2.35% -4.72% 6.04% 1.37% 3.03% 1.19% 5.23% 1.62% 4.13% -5.25% -6.07% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 27.1 42.9 N/M 16.8 N/M N/M 26.4 -9.0 66.6 19.8 17.8 22.2 27.5 22.0 17.6 14.9 21.8 19.5 10.8 24.6 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 2.62% 3.15% 0.82% 3.40% 0.00% 0.00% 2.67% 0.00% 0.00% 3.30% 2.75% 4.50% 15.50% 0.58% 2.88% 2.21% 3.04% 3.03% 1.97% 3.94% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2026 25-Sep-2032 17-Apr-2033 7-Sep-2022 26-Jul-2037 26-Jul-2028 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Mar-2022 31-Mar-2022 25-Mar-2022 31-Mar-2022 31-Mar-2022 31-May-2022 31-May-2022 31-May-2022 31-May-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

PAGE 6, Tuesday, July 19, 2022

$20M CLAIM AGAINST BAHAMAS INSTITUTION, AFFILIATE WITHDRAWN FROM PAGE B1 plot” over efforts to have the action dismissed.

“To be clear, defendants hold themselves out as highly sophisticated players in the international banking and crypto-currency communities and aggressively court clients from all over the world. And yet, now that their misconduct is challenged, defendants suddenly wish to retreat into a sealed bubble with the hopes of shielding themselves from accountability. This is unacceptable,” Dreamr and its attorneys alleged.

The case then went quiet again until Friday’s

voluntary dismissal. Deltec Bank & Trust, in its initial response to the legal dispute, asserted that Bahamasincorporated Dreamr \ was seeking to blame itself and others for its own failings after the value of its virtual tokens crashed by 93 percent within 90 days of being listed on the Bittrex Global crypto currency exchange.

The New Providencebased institution branded the allegations against it as both “unfounded and unsubstantiated”, and “frivolous and vexatious” given that it was not directly involved in the digital assets/crypto currency space.

The Dreamr complaint also named Deltec’s Bahamian blockchain and digital assets affiliate, Delchain, as a defendant together with the latter’s Florida-based chief executive, Bruno Macchialli.

It claims they worked with two other defendants, Suisse Finance Holdings and Richard Iamunno, to undermine its digital token offering and cause $20m worth of losses.

Making allegations including breach of contract, fraudulent inducement and fraud, Dreamr claimed: “Defendants, individually and collectively, caused Dreamr to lose more than $20m. Dreamr retained

THE TRIBUNE and paid each defendant to provide certain advisory services concerning Dreamr’s attempt to launch and list Dreamr’s DMR cryptotokens on a recognised crypto currency exchange, namely among others Bittrex Global.

“Rather than support Dreamr’s endeavour, each defendant instead conspired against Dreamr and sabotaged Dreamr’s crypto token launch by, among other things, causing a delay of the release of Dreamr’s tokens; preventing and stalling the transfer of Dreamr’s tokens out of its own bank accounts; and coercing Dreamr into an unjustified settlement agreement in exchange for additional compensation.”

Accusing Deltec, Delchain and the others of breaching their fiduciary duty to provide advisory and consulting services for the

POLICE PROBE SLAMMED: $101K MUST BE RETURNED TO CARPENTER FROM PAGE B1 dollar currency conversion; what he intended to do with the funds; and if the monies represented the proceeds of crime and he was being paid to transport them.

Sergeant Turnquest, though, under cross-examination before the magistrate, admitted he could not identify the source of Mr Jones’ funds. “The proceeds as it relates to proceed (sic) of crime, I asked him of the source of his funds. He didn’t answer me,” the officer said.

“The Act speaks to the source. I can make suggestions as to the source, but I have no conclusion. The income of Ricardo Quincy

Jones is the means. Whether or not they were legitimate means as to how he got that amount of cash, I don’t know.”

Senior magistrate Rolle-Davis subsequently acquitted Mr Jones, adding that “we will all run afoul” of the Central Bank’s exchange control regulations if the prosecution’s interpretation was correct.

The police, via the director of public prosecutions, subsequently sought permission to appeal the ruling after an “oversight” meant this did not happen with the time set down by the Criminal Procedure Code.

However, the appeal faced an immediate “curve ball”

when Mr Jones’ attorneys pointed out that the section in the Customs Management Act used to bring the original charge had been repealed under the 2011 reforms. As a result, that charge was “null and void”, and Darnell Dorsette, appearing for the prosecution, ultimately conceded this could not stand.

And, while the magistrate had failed to deal with the Proceeds of Crime charges, the Court of Appeal found that the police had simply failed to carry out a proper investigation and obtain anything like the evidence required to show that Mr Jones’ money had been derived from nefarious activities.

“It is readily apparent that for a person to be convicted for the offence of money laundering pursuant to section nine of the Proceeds of Crime Act 2018, it is necessary for the prosecution to lead sufficient evidence for a magistrate to find that there are enough objective factual circumstances extant to prove beyond a reasonable doubt that the offence has been committed by the defendant,” Appeal justice Isaacs wrote.

“The evidence led by the prosecution showed that a part-time carpenter was leaving The Bahamas en route to a foreign destination and had concealed in his luggage over $100,000. No

offering, Dreamr asserted that all knew “there was no legitimate reason to delay the release” of the tokens but did so in order to extract more fee income.

“Unbeknownst to Dreamr, defendants had pre-existing, complex, interlocking relationships, which defendants failed to disclose. As a direct result of defendants’ actions, Dreamr’s tokens crashed 93 percent in the first 90 days,” the lawsuit alleged.

In response, Deltec hit back by arguing was Dreamr was misplacing the blame for this valuation crash.

“The launch of the Dreamr token on the Bittrex crypto exchange crashed 93 percent in 90 days, and they have chosen to blame others for the failure in their complaint,” the Bahamian financial institution said.

“It is important to note that Deltec does not directly

engage in crypto-related services or deal directly with digital assets as part of its service offering.

Therefore, the allegations against Deltec are not only unfounded and unsubstantiated, but they are also frivolous and vexatious.

“At no time did Deltec enter into an advisory agreement with the plaintiff in relation to the launch or issuance of any crypto tokens. We will vigorously defend Deltec in this matter, including as to the proper forum for any such claims to be heard, and will assert any and all legal rights and remedies afforded to us under the law.” While incorporated as a Bahamian company, Dreamr’s offices are based in Brooklyn, New York, which likely explains why the lawsuit was filed there.

question was asked about his wages, no investigation made into his lifestyle or any substantial assets he may own, for example properties, bank deposits, luxury vehicles or yachts.

“More evidence was needed before an inference could be drawn that the intended respondent was engaged in money laundering. Anything less than a thorough investigation - as laborious and time consuming as that may be - cannot suffice to prove the offence of money laundering,” he continued.

“If something less could amount to ‘objective factual circumstances’, persons who save their money under mattresses or are holding ‘Asue’ funds are all in peril of being prosecuted as money

launderers. There is nothing particularly sinister about a person seeking to hide the money with which he is travelling, although one may have a suspicion as to its source in the absence of any reasonable explanation as to the source.”

While some may question where a “part-time carpenter” obtained more than $100,000 in liquid cash, the majority of it in US dollars, Appeal justice Isaacs quoted a prior legal ruling that said: “Suspicion upon suspicion is not proof.” As a result, the acquittal of Mr Jones on both proceeds of crime charges was upheld.

“The funds seized by the police must be returned to the intended respondent forthwith,” the Court of Appeal ruled.