07302019 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 30, 2019

$4.80 ‘Eagerly awaited’ $13m claw back verdict upheld

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN liquidator’s bid to “claw back” a $13.148m pay-out by serving the recipient outside this jurisdiction was yesterday upheld by the London-based Privy Council.

The highest court in the Bahamian judicial system found that Alan Bates, court-appointed liquidator for the AWH Fund investment fund, was able to use legal channels provided in law to serve ZCM Asset Holding Company (Bermuda) Ltd with proceedings that aimed to recover the allegedly “undue or fraudulent preference” it had received.

The verdict is likely to be greeted with relief by some Bahamian insolvency practitioners given that it clears up an area of legal uncertainty, and seemingly means that existing laws will not have to be changed to enable the service of “claw back” proceedings on parties outside this nation.

Tara Cooper-Burnside, the Higgs & Johnson attorney who represented Mr Bates in the case before the Supreme Court, wrote in the June edition of the law firm’s Focus magazine that the Privy Council verdict was being “anxiously awaited” by the local insolvency industry.

She wrote: “The [Privy Council] appeal was heard on 4 February, 2019, and judgment was reserved.

Needless to say, insolvency practitioners in The Bahamas are anxiously awaiting the decision of the Privy Council on this important issue.

“If the appeal is successful, legislative amendments would be required to permit a liquidator’s voidable preference ‘claw back’ claim to be served on persons who are outside the jurisdiction of The Bahamas and prosecuted thereafter.”

The Privy Council had been asked to determine whether Bahamian law enabled Mr Bates to serve ZCM outside this jurisdiction at the time he did so, and if his claim “satisfies the merits threshold” for this to be permitted.

ZCM, a subsidiary of Zurich Bank, acts as custodian of funds in agreements between its parent and other parties. The latter included American Express Offshore Alternative Investment Fund (AMEX), which deposited a significant amount of shares in

SEE PAGE 4

$4.83

New Abaco port needs ‘free trade zone’ status

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BACO’S Chamber of Commerce president yesterday called for the island’s Chinese-constructed new port to be designated as a “free trade zone” to make its $39m price tag “pay off”.

Ken Hutton told Tribune Business that the north Abaco port, built by China Harbour Engineering Company (CHEC), would likely require more investment - possibly as much as $8m if the facility was to exploit multiple commercial opportunities that could turn that part of the island into “a viable commercial hub”.

He was speaking after Desmond Bannister, minister of works, yesterday confirmed to this newspaper that the Ministry of Works had turned the north Abaco port over to the Port

• Would make $39m price tag ‘pay off’ • Chamber chief says further $8m needed • Minister confirms hand over to Port Dept

NORTH ABACO PORT Department after certifying that all previously-identified construction defects had been satisfactorily addressed by the Chinese state-owned contractor.

Asked how important an economic asset it will prove to be for Abaco, Mr Bannister said it was “going to be critical for the port to be managed in a way”

SMALL Bahamian credit unions will be forced to merge and consolidate as a result of intensified regulation, the Central Bank is predicting.

The regulator, in its justreleased 2018 Financial Stability Report, said it was increasing oversight of the second-largest deposit-taking sector in The Bahamas behind the commercial banks because there was “scope for further strengthening” their ability to withstand shocks.

Noting that credit unions’ “prudential buffers remained below that of banks”, the report said: “Accordingly, the Central Bank decided to increase its target for the financial performance of credit unions, with heightened risk-based oversight.

that attracts the necessary volume of commercial business to sustain it.

“The ministry has turned

SEE PAGE 8

Private sector demands WTO ‘sense of direction’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE private sector yesterday urged the government to give it “a sense of direction” over its WTO accession plans since the June 2020 target date was clearly “not achievable”.

Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, told Tribune Business it wants to gain an understanding of the government’s “intent” and likely next steps in advancing The Bahamas to full World Trade Organisation (WTO) membership when it next meets with the Cabinet minister overseeing the process.

Disclosing that the chamber hopes to meet with Elsworth Johnson, newlyappointed minister of financial services, trade and industry and Immigration, within the next fortnight, Mr Pickstock agreed that the June 2020 accession target was unattainable “from a practical viewpoint” given the sheer scale of the remaining reforms The Bahamas has to implement.

While noting that the government had not changed its policy objective of taking The Bahamas into full WTO

• Seeking govt’s ‘intent’ and next steps • Agrees June 2020 is ‘not achievable’ • Warns: ‘Don’t lose impetus for reforms’

DARRON PICKSTOCK membership, even though the pace of accession may have slowed, the chamber executive reiterated previously-expressed concerns that it could lose “the impetus for reform” without such deadline pressure to drive it.

Mr Pickstock added that proceeding rapidly with reforms to improve the ease and cost of doing business was essential regardless of whether The Bahamas joined the WTO or not, as this was key to improving the economy’s long-term competitiveness and growth prospects.

Speaking after Mr Johnson last week confirmed that the June 2020 accession target was “purely aspirational”, and not set in stone, Mr Pickstock said the minister’s comments reflected the reality of where The Bahamas stands in the process to join world trade’s governing body.

“I guess the minister’s comment was made in that it’s apparent we’re not going to make the June 2020 deadline,” he told Tribune Business. “Based on the amount of stuff that has to be done, and with this

Credit union consolidation predicted by Central Bank

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.83

• Heightened regulation to drive mergers • Sector to come under deposit insurance • Foreign exchange can handle bank surplus “In a number of instances, institutions will require greater economies of scale in their operations to satisfy financial and governance standards that are becoming more demanding at the domestic and international levels.

“Strategically, this will require some consolidation and mergers of smaller entities with other cooperatives. An important safety net for the sector is the proposed near to medium-term enrollment of credit unions in the Deposit Insurance Fund.”

The Central Bank said total assets controlled by Bahamian credit unions increased by 7.3 percent or $30.6m last year to end 2018

at $450.9m. This followed a 5.9 percent expansion in 2017, and the report said: “This development was led by an expansion in the league’s deposits, by 10.4 percent to $85.4m, exceeding the 7.4 percent gain in 2017.

“Similarly, loans to members - which represented 51.9 percent of total assets - rose by 1.5 percent ($3.4m) to $234.2m, higher than the 1.3 percent growth recorded a year earlier. A breakdown of the loan portfolio, showed that the majority of credit was extended for smallscale consumer purchases (75.9 percent), followed by mortgages/land (21.7 percent), revolving lines of

credit (1.4 percent), SME development (0.8 percent) and education (0.1 percent).”

Total credit union deposits grew by 6.6 percent or $24m to $386.2m, while total capital and surplus resources to cover unexpected losses rose by 9.4 percent or $1.7m to $19.2m at year-end 2018 following the prior year’s contraction.

Elsewhere, the Central Bank reiterated the need for Bahamian commercial banks to gradually reduce their levels of surplus capital over the medium-term to ensure they were not tempted to seek greater returns by riskier lending.

SEE PAGE 7

minister just recently being appointed and even before him, when Mr Symonette was there, it appears that date will not be achievable from a practical viewpoint.

“It is nothing more than that. The minister will have to sit down with his technical team and, based on the government’s strategy, determine and decide what happens. From what I recall from the previous minister, the government was in full support of The Bahamas joining the WTO and setting a deadline.”

Mr Symonette told this newspaper in late 2017 that the Minnis administration had taken a policy decision to complete The Bahamas’ now-18 year bid to become a full WTO member, and was seeking to complete the negotiation process by December 2019. This would allow the country’s accession to be ratified at the next full WTO meeting in June 2020.

While this timeline may now be impossible to hit,

SEE PAGE 6

$4.83 MasterCard eyes Out Island tie-up with credit unions

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net MASTERCARD wants to introduce its payment technology in the Family Islands via partnerships with Bahamian credit unions, its executives said yesterday, targeting unbanked and under-served communities.

Juan Zavala Aleman, MasterCard’s manager of account management, confirmed it is meeting with the heads of local credit unions at this week’s World Credit Union Conference (WCUC) at Atlantis to discuss the opportunity.

“In the Bahamas today we don’t work with any credit unions. As part of the plan we have, we have a key player in Fidelity Bank, where we are trying to develop the aggregator model,” he said.

“We will have Fidelity sponsoring the credit unions with our products so they can issue those products. We know that credit unions issue a debit card, and we see potential on the credit side and I’m meeting with some of the CEOs to discuss that.”

Marcus Carmo, MasterCard’s director of communications, said of the aggregator model: “As an international franchise MasterCard has a lot of standards and rules, and we need to abide with anti-money laundering and payment card industry compliance.

“Sometimes for a small player is not that easy to comply with all those things.

They need to comply but sometimes it’s expensive to have them preparing everything. With the aggregator model it becomes easier for them to go through the right process. We streamline it and it’s less costly.

That’s why this model is so important.”

Mr Aleman added: “It’s a faster time to market.

The aggregator is already in place working with MasterCard, complying with everything we have, and it’s just like kind of a plug-andplay for the credit union.

They are lacking expertise and don’t have the operational infrastructure to operate on their own. A part of what we want to push is we want to work with the credit unions on the Family Islands.”

He pointed to efforts already under way to reach the unbanked, particularly in the Family Islands. NZIA Ltd has already been selected as the

SEE PAGE 3

PAGE 2, Tuesday, July 30, 2019

THE TRIBUNE

TAXI FIRM ON ROAD TO $230,000 EXPANSION THE Small Business Development Centre (SBDC) says it has enabled Cheryl’s Bahamas Taxi & Tours to obtain $230,000 in debt financing from the Royal Bank of Canada (RBC).

Cheryl Cambridge, the company’s proprietor, began her taxi business in Grand Bahama in the early 1980s. “When I was a teenager in Freeport, I had a really nice car,” she said. “As I drove around Freeport the tourists would be flagging me down saying: ‘Taxi, taxi’. I told them I wasn’t a taxi, but I would give them a ride, just being nice.

“Then they would ask for my number, but I only had my apartment number, so I gave them that. Next thing I know, they called me: ‘Oh, you gave us a ride last time, We are coming into the airport. Can you pick us up again?’ I said ‘no problem’.”

Naïve as to how the

CHERYL CAMBRIDGE taxi industry worked in The Bahamas, as Ms Cambridge became increasingly used by visitors, drivers accused her of trying to steal fairs.

She added: “One Saturday I went to the airport, and I had about six arrivals.

The taxi drivers said: ‘Oh no, you hacking’. I asked them what was hacking? So the police came and told me that I couldn’t be seen collecting money; it was illegal.

I said: ‘But I’m only driving the people’. Then he told me to get a taxi badge. I got my

THE TEAM AT CHERYL’S TAXIS AND TOURS badge and started working for Freeport Taxi.”

Ms Cambridge quickly realised that her client base had grown. The amount of money she paid to Freeport Taxi, together with the money in her savings, could instead be used to invest in a car. That was the beginning of Cheryl’s Bahamas Taxi & Tours.

With her new white station wagon that was able to seat eight passengers, Ms Cambridge began driving for herself. However, the recession in Grand Bahama forced a move to New Providence.

In Nassau, she began working for Meter Cabs for a few months before purchasing a car to restart her private taxi service.

Since buying her first car in New Providence, Ms Cambridge has grown her business to a fleet of 12 cars and two tour buses. Now, with the funding acquired through the SBDC, she hopes to add four more cars to her company.

A woman in a maledominated industry, Ms Cambridge said: “It’s not easy sometimes. Sometimes (male taxi drivers) look down on me because I’m a woman, but I don’t let it bother me at all. I feel like I can be an example to women and men in this industry. I want to be a pacesetter in setting a standard of service for taxis.

“Sometimes I see the way drivers dress. You will never see my staff or me with our

arms showing. The standard has lowered; it should be going higher. I make sure 24 hours out of the day my drivers wear neckties. The ladies wear a scarf, and they must wear their uniform.

They represent me. I can’t be two places at the same time, but my policies can. We set a standard, and because of that, my repeat customers keep me going.”

Those customers include the likes of Ellen Pompeo, who plays Meredith Grey on the television show, Grey’s Anatomy. They make up much of her clientele.

“I noticed that (the customers) love that personal service. When my guests come in at the airport, I have Bahama Mamas for them, Capri Sun juice for the children and water for those who don’t drink,” said Ms Cambridge.

“Valentines, I give them flowers, and on special occasions. I just had two pregnant guests who came in on what they call a ‘Babymoon’, and I gave them a snow globe with The Bahamas on it. Honeymoons, I give them a picture frame made from shells with The Bahamas on it, so I give them personal gifts. They love the personal service.”

Winston Rolle, the SBDC advisor for the taxi service, described Ms Cambridge as resilient and deserving of the investment.

He said: “Cheryl represents what being a resilient

entrepreneur is. She started her business from one car and, before even coming to the SBDC, was able to grow it to a successful taxi service.

I believe that Cheryl is more than deserving of the investment, but it’s just years of her work paying off. I’m happy to be able to witness her access funds to take her business to the next level. There is no stopping her.”

Advising others who may want to apply to the SBDC, Ms Cambridge said: “First of all, have your house in order and do good housekeeping.

If you try, then (the SBDC) can try their best to assist you. This team is doing their best.

“Sometimes we may not think so because we don’t see all of the work they are putting in. I’ve seen where (the SBDC team) is trying their best to accommodate everyone and not turn them down.

They can only do their part but we, as entrepreneurs, must do our part, too.”

The SBDC is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC).

The Centre works to guide the development, funding, growth and evolution of Micro, Small and Mediumsized Enterprises (MSMEs) in The Bahamas.

THE TRIBUNE

MASTERCARD SEEKS ‘CHANGE IN MINDSET’ WITH PAYMENTS

Tuesday, July 30, 2019, PAGE 3

CHINESE RESEARCHERS MasterCard eyes Out Island tie-up MEET BAIC MANAGERS with credit unions FROM PAGE ONE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

MASTERCARD yesterday said it is hoping that a “change in mindset” will lead to greater Bahamian take-up of its solution for micro and small businesses in cash-dominated industries.

Juan Zavala Aleman, Mastercard’s manager of account management, said The Bahamas was one of the first markets targeted for Mastercard’s ‘Bank in the Box’ solution.

“It’s a 360 solution which enables micro merchants to accept payments,” he said. “We give them a POS system that is plugged to your phone. The funds accepted on those transactions go directly to a prepaid card.

“That prepaid card is issued by Fidelity in this case. They are the owners of the input system. We started in the Straw Market and also did it with some of the taxi drivers. It’s slowly growing. It’s a challenge because you have to change the mindset and educate on how to use it.”

Mr Aleman added: “You have to walk them through the process and take them step-by-step so they can see the value of the process.

If you don’t do that they are never going to change their mindset. They don’t know what they’re missing but you have to show them the real opportunity and how they can improve their business.

“It is not just accepting the transactions, but how they can manage their cash, how many transactions they are doing.”

MasterCard executives yesterday said many micro and small businesses in the Caribbean do not accept electronic forms of payment despite these being faster and more secure.

“Our main common competitor is mainly cash.

Consumer transactions are still reliant on cash. It generates a huge cost for the economies of the countries,” said Marcus Carmo, MasterCard’s communications director.

CHINESE group pay courtesy call on BAIC in hopes of future co-operation in agriculture.

CHINESE agricultural researchers met with the Bahamas Agricultural and Industrial Corporation’s (BAIC) chairman and executive management on Friday.

Tong Xiongcai, vice-president of Hunan Academy of Agricultural Sciences, paid a courtesy call on Bishop Gregory Collie and his team at BAIC headquarters.

The specialists in research on tea, vegetables and hybrid rice discussed and explored opportunities for future

co-operation in agriculture.

Bishop Collie invited the Chinese to explore the possibility of offering financial and technical assistance to Bahamians to develop projects in farming, fishing and handicraft. Mr Tong said his team will report their findings in The Bahamas to the Chinese government for further action.

The Chinese team was given a tour of the Soldier Road Industrial Park

by Bishop Collie. Three Chinese groups are in

preferred technology solutions provider for the digital Bahamian dollar’s creation, and roll-out, in early March this year. The company has signed a contract with the Central Bank, and a pilot project will be launched on Exuma.

“We know in The Bahamas the situation with the Family Islands is a challenge, especially accessing financial services. We have seen that credit unions are always that first door people go in. Credit unions are at the core of what we want to partner with,” said Mr Aleman.

To advertise in The Tribune, contact 502-2394

The Bahamas, calling on the Ministry of Foreign Affairs and the Ministry of Agriculture and Marine Resources, along with visits to BAMSI and ZNS to discuss opportunities for future co-operation.

PUBLIC NOTICE

Karam Missick & Bowe Counsel & Attorney-at-Law

wishes to advise the general public that effective May 10th, 2019 the firm changed its name to

BowePartners & Associates Counsel & Attorneys-at-Law

and will continue to operate from its present location, Caves Village Business Centre, Suite 1, Building 4, Caves Village SP-64293, New Providence, The Bahamas.

We wish to further advise that our office will be

CLOSED Friday, August 2nd, 2019

for our Annual Fun Day resuming its normal business hours

Tuesday, August 6th, 2019 at 8:30 a.m.

We take this opportunity to thank our valued clients for their continued patronage and we look forward to being of continued service to you.

The Partners of BowePartners & Asssociates

PAGE 4, Tuesday, July 30, 2019

THE TRIBUNE

Tourism tie-up produces 678k extra room nights THE Ministry of Tourism is attributing a 678,310 increase in group meeting room nights to its partnership with Cvent, an events and hospitality management technology company.

The first year of their tie-up saw group bookings for meetings increase by nine percent, producing the surge in room nights and building “a strong pipeline”, as meeting planner contacts grew by 32 percent.

The Bahamas has also made Cvent’s annual list of top destinations for meetings and events, showcasing the destination to thousands of its subscribers.

Joy Jibrilu, the Ministry of Tourism’s director-general, said: “When we look at the number of groups coming to The Bahamas over the last year we are just blown away. But we cannot - and will not - rest on our laurels. We will continue to push the message that we are the premier destination for

JOY JIBRILU meetings and events.”

Cvent provides destinations and hoteliers with an integrated platform, enabling clients to increase group business demand through targeted advertising while improving conversion through demand management and business intelligence solutions.

The company’s solutions aim to make the event management value chain

more efficient, and have enabled clients worldwide to manage hundreds of thousands of meetings and events Cvent now intends to expand its business with The Bahamas through a digital marketing campaign in 2019-2020, which will feature destination content, an e-newsletter, blogs and a face-to-face networking conference.

‘Eagerly awaited’ $13m claw back verdict upheld FROM PAGE ONE

AWH in January 2002.

AWH, a Bahamianincorporated International Business Company (IBC), had been formed as an investment fund to trade in listed Asian stocks. AMEX subsequently instructed ZCM to redeem its shares in the fund, a process that it completed in July 2002.

However, AWH was soon thereafter placed under court-supervised compulsory liquidation by the Supreme Court following an investor petition alleging on October 17, 2002, that the fund was insolvent. Its investment manager, and that firm’s chief executive, had been sanctioned by Hong Kong regulators, with the latter subjected to a “cold shoulder” order barring him from trading.

Mr Bates, appointed as AWH’s liquidator, initiated legal proceedings in The Bahamas to reclaim the $13.148m on the basis that it represented “an undue or fraudulent preference” under the IBCs Act due to it being paid to ZCM just two months prior to the liquidation.

He obtained Supreme Court permission to serve ZCM outside The Bahamas because it was incorporated in Bermuda. ZCM challenged this on the basis of “lack of jurisdiction” and absence of

“a good arguable case on the merits”. It succeeded at the Supreme Court, but this was overturned by the Court of Appeal, prompting ZCM to head to the Privy Council.

The Privy Council said it “confusingly” had to account for three sets of Bahamian rules in deciding the case - the Bankruptcy Rules, Companies (Winding Up) Rules and Rules of the Supreme Court plus “the complete absence of a ‘custom-made’ set of rules”.

“At the material date, the legislature of The Bahamas had not made any rules specifically to govern the winding up of an IBC,” it added, although The Bahamas’ liquidation and insolvency legal framework has subsequently been upgraded and modernised.

Brian Simms QC, senior partner at Lennox Paton, argued that the “well-established presumption against the extraterritorial effect of legislation” applied to the then-IBC Act, meaning that it did not apply to his client, ZCM, outside The Bahamas.

But Carolyn Walton, representing the liquidator, countered “that in the case of an IBC it would make no sense if there was no extraterritorial jurisdiction and the liquidator could not make claims against foreign creditors. The vehicle is intended to attract foreign investors”.

She added that “the creditor cannot reap the benefits of the IBC without being subject to its law. There was, therefore, sufficient connection between ZCM and The Bahamas”.

Mr Simms, meanwhile,

argued that the liquidator could not use the Supreme Court rules to effect service because they did not apply to bankruptcies or windings-up.

This, though, was opposed by Ms Walton who outlined various procedural routes that were open.

Finding in favour of the liquidator, the Privy Council ruled: “In the judgment of the board, the wording of section 160 of the IBC Act tends to indicate that it is capable of having extraterritorial effect.... It would make no sense to restrict [it] to Bahamian dispositions, particularly in the case of an IBC.” It added that while the payout took place outside The Bahamas, it involved shares of a Bahamian company, making this nation the “natural place” to hold proceedings and establishing a sufficient connection to ZCM. The Privy Council also rejected Mr Simms’ argument that the liquidator had used the wrong process, finding the Supreme Court was empowered to give leave to serve ZCM. The Lennox Paton partner also argued that it should not be the respondent in the case, since it only held the AWH shares as a “bare trustee” for AMEX and was effectively acting as the latter’s agent.

This, though, was also rejected with the Privy Council saying it was “open” to Mr Simms’ client to seek any necessary legal remedies against AMEX for the monies paid over to it.

EMPLOYMENT OPPORTUNITY Property & Casualty Underwriter

We are looking for serious career-minded persons to assist in developing and servicing our various lines of business.

Applicants should meet the following minimum criteria: -

Achievement of post secondary education Strong Mathematical and analytical background Insurance Industry Qualifications Two years industry working experience Basic accounting knowledge desired but not essential Age 25 or above

Applicants should also be computer literate and demonstrate excellent communication, and customer service skills.

Further selection of candidates will be made on the basis of superior attitude, and leadership capabilities.

The successful applicants can expect to receive high quality training, competitive salary and benefits and opportunities for personal and professional growth.

Detailed resume with passport photo should be emailed to: info@advantagebahamas.com

THE TRIBUNE

Tuesday, July 30, 2019, PAGE 5

PM: CREDIT UNIONS KEY TO HELPING ‘UNBANKED’ $214m in assets.

“We commend the credit union sector for collaborating with the Department of Co-operative Development by investing in our young people in

the development of the School Co-operatives programme,” Dr Minnis said.

Through this programme, high school students learn about co-operative principles,

financial literacy and how to develop their own small business enterprises.

The schools involved are CR Walker and the CC Sweeting High School Cooperatives Programme.

PRIME Minister Minnis addresses the forum.

T

HE prime minister has urged Bahamian credit unions to play “an essential role” in delivering financial services to unbanked communities in the Family Islands.

Addressing the World Council of Credit Unions and Caribbean Confederation of Credit Unions Conference at Atlantis, Dr Hubert Minnis encouraged the industry to develop solutions for the challenges facing poor and underprivileged communities worldwide.

As at December 2018, the regional credit union sector comprised 289 organisations with around 2.6 million members. It is estimated to have $6.2bn in savings, $4.9bn in loans, $733m in reserves and $7.6bn in assets.

Given the industry’s financial strength, the prime minister said credit unions can play a growing role in national development, especially in rural and less developed areas globally and throughout the Caribbean.

THE CREDIT Union forum attendees.

“This includes areas like some of our Family Island communities, which are less developed than urban centres such as New Providence and Freeport,” Dr Minnis said. “Within this context, credit unions can play an essential role, especially in the many under banked communities we have in the Family Islands.”

The prime minister applauded Bahamian credit unions for already offering services on several Family Islands.

“The local movement has impacted the lives of

their members in many meaningful ways, including in home ownership, higher education, small business development and favourable investment opportunities,” he said.

“Indeed, credit unions offer some of the more competitive interest rates on savings in the country.”

The prime minister added that the Teachers & Salaried Workers Cooperative Credit Union, the largest such entity in the country, started with less than $100. Today, this union has more than 17,000 members with over

CORPORATE ADMINISTRATOR July 2019

Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Europe and the Middle East. We are seeking a Corporate Administrator to join our team in The Bahamas. Client-focussed and service-oriented, we only employ individuals who are professionally minded, committed and able to demonstrate good interpersonal skills.

The Role

The position is a full-time permanent role. The Corporate Administrator will report to the Senior Corporate Administrator.

Key Responsibilities

The successful candidate will be required to: • Liaise with clients and other Trident Trust Group offices to facilitate the formation and further management of IBCs and other Bahamian entities such as SACs, EEs and Foundations • Maintain client files and ensure required filings are made with the relevant Government agencies • Conduct KYC reviews prior to onboarding • Liaise with the Registrar General’s office and Ministry of Foreign Affairs as required

Required Skills and Experience • • • • • • • •

Minimum of 3 years’ relevant industry experience including but not limited to incorporation, management and dissolution of IBCs. Understanding and knowledge of the regulatory environment in The Bahamas Proficient in Microsoft Office Suite – Word and Excel Proven ability to maintain a professional, positive and enthusiastic attitude when dealing with clients and colleagues.

Excellent verbal and written communication skills Proven ability to work under pressure, work independently and to be organised Demonstrably responsive and reliable Commitment to personal service and detail oriented

Compensation

Competitive compensation will be offered, based on the successful candidate’s relevant experience and overall suitability for the position.

How to Apply

Applicants should outline the skills and attributes that would be brought to the role, salary expectations and date of availability in a brief cover letter, together with a current resumé. Applications should be submitted not later than 7 August 2019 to bahamas@tridenttrust.com.

FUNDAMENTAL RIGHT OR PRIVILEGE

The Quieting Titles Act 1959 was drafted to help ordinary Bahamians in the acquisition of property and in particular to put into Fee Simple land that was Generation or Commonage property. There was no problem with the Act in 1959.

But in 1973, with independence, the Bahamas Constitution became the highest authority.

The provisions of the Quieting Titles Act 1959 came in conflict; subject to the articles of the Constitution and the rule of law.

The Constitution 1973 gives us a fundamental right to hold private property and The Quieting Titles Act basically changes that to a privilege, but cannot override the Constitutional grants without violating the rule of law and the Constitution.

The difference between a fundamental right and a privilege: (i) A fundamental right is an inalienable right, not allowing of change or transfer. (ii) A privilege is a special benefit or right granted by circumstance, state of affairs or condition. A privilege is not inalienable and therefore allows change or transfer. (iii) The two are mutually exclusive.

There are a few exceptions within the Quieting Titles Act that will not violate our given right to ownership; but there must be good cause and adequate compensation to any private property taken away, and permission or agreement from the owner(s). (i) The Quieting of Crown Land concerns property that is not privately owned and transferred from lands held by the government. (ii) Eminent Domain concerns private property taken by the government for the greater good and provides compensation to the owner(s). Compensation is written into the Constitution with respect to private property and the fundamental right to ownership. (iii) The quieting of mortgaged property by the lender of the mortgage. This concerns permission in terms of the mortgage contract signed by the borrower and compensation within that contract.

A clear example of this violation: It is a false assumption that with effort and due diligence the rightful owner will protect a property from forfeit: the Government within the Constitution 1973 has the single responsibility for that protection. Example, the Petition for the Quieting of private property includes the following paragraph or words to equal effect: "Notice is hereby given that any person having dower or a right to dower or any adverse claim not recognized in the Petition shall before (...date...) file in the said Registry of The Supreme Court and serve on the Petitioner or the above (...attorney/counsel) or the undersigned, a statement of such claim in the prescribed form verified by an affidavit to be filed therewith...Failure of any such person to file and serve a statement of such claim by the above time on or before the thirtieth day following final publication of this notice will operate as a bar to such claim."

Beyond the three exceptions listed above, the Quieting Titles Act 1959, even in its revised version, violates the Constitution 1973. An entitlement is changed into a privilege and that was not the intent of or the content of the Articles of either document, the Quieting Act or the Constitution.

And the fact that there is no Land Registry in the Bahamas does not extricate the Government from upholding the rule of law; nor does it free the Government from its duty to protect its people and their fundamental rights. Our given rights cannot be lost by default.

Inalienable rights are not like canned goods with a shelf life. A Fundamental right has no expiration date or time limits. Ownership to private property is a given right within the Constitution and not a privilege. The onus is not on the owner.

And what good are the mandates of our Constitution if they cannot protect us?

Since independence, the Quieting Titles Act 1959 has become a violation in an illegal and unjustifiable assault on our constitutional rights.

The Quieting process is also a system based on affidavits and references that depend on a level of honesty that is not protected. It is a system rife with corruption, cronyism and nepotism in which well-connected elite benefits from kisses going by favour and judgments bought. And it is now used as a means for title fraud.

For forty-five years since Independence The Quieting Act has been in question.

When will enough be enough?

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PAGE 6, Tuesday, July 30, 2019

THE TRIBUNE

Private sector demands WTO ‘sense of direction’ FROM PAGE ONE Mr Johnson last week told this newspaper that The Bahamas would proceed with the WTO accession process at a “pace” best suited to this country’s needs.

“No one has communicated to me, the [chamber’s] chairman and chief executive that the government is no longer interested in moving ahead to become a member of the WTO,” Mr Pickstock said yesterday. “Dissecting the minister’s comments, he’s not saying that either.

“It will be interesting when we meet with the minister to get further clarification on the timing and what his expectations are with how we move forward with the accession process. It will be at that point we will know if the government is continuing on with the work done so far, which is a great deal of work.

“We’re trying to work out a meeting date within the next two weeks to discuss with the minister the next steps, and what the government’s plans are moving forward. We just want to get a sense of direction so we know exactly what the government’s intentions are, what the next steps will be, whatever is the timeline, and if the government is proceeding in the fashion where it was preparing to accede and become a member of the WTO.” Mr Pickstock said many Bahamians did not realise “how much is involved” in readying the country to become a member of the WTO’s rules-based trading regime. It has to implement numerous legislative reforms, such as overhauling its intellectual property rights regime, plus enacting competition legislation and creating a watchdog to oversee this.

Other changes require perfecting a “rules of origin” regime; implementing sanitary and phytosanitary measures; and creating a National Investment Act to translate existing policy into statute. The chamber executive said WTO member states were still reviewing this nation’s legislative and investment regime, and seeking clarification on how they work, before The Bahamas began full negotiations with them.

And, besides its

domestic agenda, The Bahamas also has to negotiate which import tariff rates it will lower - and by how much - and which industries will be opened to foreign competition with the WTO working party overseeing talks on its accession.

The Working Party consists of member states who have an interest in trading with The Bahamas. These include the likes of the US, Canada, the European Union (EU), China, the UK, members of CARICOM and, possibly, Latin American nations such as Brazil.

Mr Pickstock, meanwhile, reiterated concerns that the government’s will to enact desperatelyneeded economic reforms could be lost without the pressure created by the need to meet a WTO accession deadline.

“I would say regardless if we join or not, the government still needs to continue that momentum in looking at our investment regime and our economy and making decisions to modernise the legislation and make progress in that regard,” he told Tribune Business.

“The Oxford Economics report did speak to that, modernising our economy and trying to take advantage of low hanging fruit and making some advancements - whether outside the WTO regime or not.

“While that report spoke to the WTO, it spoke more to the things we needed to be doing as a country to move the economy in the right direction. It’s my hope, and the hope of the chamber, that the government - as it reassesses WTO and think about the next steps - we would urge them to continue on with the reforms necessary to move the economy in the right direction.”

Mr Pickstock acknowledged that WTO accession was viewed as the “impetus to move the government to make the necessary reforms that are required to set the economy on track”. He added: “If you take that impetus away there are concerns it will slow the reforms down.

“As a country we were looking at these reforms, and starting to make them and modernise legislation, so we hope that momentum continues.”

Legal Notice

NOTICE AVALON GUNGADIN INVESTMENTS LTD. NOTICE IS HEREBY GIVEN as follows: (a)

AVALON GUNGADIN INVESTMENTS LTD., is in voluntary dissolution under the provisions of Setion 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 26th July, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 30th day of July, A.D. 2019 Shareece E. Scott Liquidator

LEGAL NOTICE

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:DIGIRAY CORP. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 4th June, 2019.

C.B. Strategy Ltd. Liquidator

THE TRIBUNE

Tuesday, July 30, 2019, PAGE 7

Capital One target of massive data breach SEATTLE Associated Press A HACKER gained access to personal information from more than 100 million Capital One credit applications, the bank said Monday as federal authorities arrested a suspect in the case .

Paige A Thompson — who also goes by the handle “erratic” — was charged with a single count of computer fraud and abuse in US District Court in Seattle. Thompson made an initial appearance in court and was ordered to remain in custody pending a detention hearing on Thursday.

The hacker got information including credit scores and balances plus the Social Security numbers of about 140,000 customers, the bank said. It will offer free credit monitoring services to those affected.

The FBI raided Thompson’s residence yesterday and seized digital devices.

An initial search turned up files that referenced Capital One and “other entities that may have been targets of attempted or actual network intrusions”.

A public defender appointed to represent Thompson did not immediately return an email seeking comment.

Capital One, based in McLean, Virginia, said yesterday it found out about the vulnerability in its system July 19 and immediately sought help from law enforcement to catch the perpetrator.

According to the FBI complaint, someone emailed the bank two days before that notifying it that leaked data had appeared on the code-hosting site GitHub, which is owned by Microsoft.

And a month before that, the FBI said, a Twitter user who went by “erratic” sent Capital One direct messages warning about distributing the bank’s data, including names,

birthdates and Social Security numbers.

“Ive basically strapped myself with a bomb vest, (expletive) dropping capitol ones dox and admitting it,” one said. “I wanna distribute those buckets i think first.”

Capital One said it believes it is unlikely that the information was used for fraud, but it will continue to investigate. The data breach affected about 100 million people in the US and six million in Canada.

The bank said the bulk of the hacked data consisted of information supplied by consumers and small businesses who applied for credit cards between 2005 and early 2019. In addition to data such as phone numbers, email addresses, dates of birth and self-reported income, the hacker was also able to access credit scores, credit limits and balances, as well as fragments of transaction information from a total of 23 days in 2016, 2017 and 2018.

“While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened,” said Capital One CEO Richard D Fairbank.

“I sincerely apologise for the understandable worry this incident must be causing those affected and I am committed to making it right.”

Capital One Financial Corp, the nation’s seventhlargest commercial bank with $373.6bn in assets as of June 30, is the latest US company to suffer a major data breach in recent years.

In 2017, a data breach at Equifax, one of the major credit reporting companies, exposed the Social Security numbers and other sensitive information of roughly half of the US population.

Last week, Equifax agreed to pay at least $700m to settle lawsuits over the breach in a settlement with federal authorities and states. The

To advertise in The Tribune, contact 502-2394

LEGAL NOTICE OF DISSOLUTION

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), HALVAS EXECUTIVE INVESTMENTS SA. is in dissolution. The date of commencement of the dissolution is 24th July, 2019. Mapcia Guerrero is the Liquidator and can be contacted at Aquillino de la Guardia Street no. 8, Panama, Republic of Panama. All persons having claims against the above names company are required to send thier names, addresses and particular of their debts or claims to the Liquidator before 22nd August, 2019

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), GREATER WILDWOOD LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is 24th July, 2019. Stella Mitchell-Voisin is the Liquidator and can be contacted at 6 Place des Eaux-Vives, 1207, Geneva, Switzerland.

All persons having claims against the above names company are required to send thier names, addresses and particular of their debts or claims to the Liquidator before 22nd August, 2019

agreement includes up to $425m in monetary relief to consumers.

Many major banks have sought to stem the risk of data breaches in recent years. JPMorgan Chase, Bank of America and Citibank began replacing customers’ debit cards several years ago with more secure chip-based cards.

While the cards with chips are common these days, many merchants still rely on the older, less secure card-swiping equipment.

Credit card companies have also beefed up fraud monitoring in the wake of high-profile data breaches that hit retailers such as Target and Home Depot.

Credit union consolidation predicted by Central Bank FROM PAGE ONE The sector’s ratio of average capital to risk weighted assets rose by a further 70 basis points during 2018 to close the year at 33.2 percent, well above the Central Bank’s 17 percent target and international benchmarks of just eight percent.

The regulator added that there were sufficient foreign currency inflows to accommodate dividend payouts by Canadianowned banks to their parents as one means of reducing the industry’s surplus capital levels.

“Given the asset quality and suppressed returns environment for credit, a prudent posture for the

industry would be to reduce surplus capital resources over the medium-term to avert pressures to improve the profitability indicators through riskier credit activities,” the Central Bank said.

“A majority of this reduction would represent outflows via the Canadian banks, which over the medium-term should be accommodated from elevated levels of foreign exchange inflows from real sector activities without adversely affecting the foreign reserves’ indicators.”

John Rolle, the Central Bank’s governor, expressed similar sentiments in his recent briefing on the economy’s 2019 first half performance, saying: “We note that there are no

pressing risks to financial stability, but there are vulnerabilities that need to be tackled.

“One is the Central Bank’s assessment that it is in The Bahamas’ interest to manage a gradual reduction in surplus capital from within the banking system. Capital levels are comfortably in excess of our minimum requirements and more than adequate to absorb extreme, surprise loses that the average bank might encounter from severe shocks.

“Continuing to tolerate such excesses, in the Central Bank’s view, would only increase the medium-term likelihood that lending institutions would take on riskier activities to generate comfortable returns on these surpluses. Unwinding would involve a multi-year outflow of dividends by foreign banks that must be factored into our projections for healthy external reserves balances.”

LEGAL NOTICE OF DISSOLUTION

LEGAL NOTICE OF DISSOLUTION

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), HDMV INVESTMENTS HOLDING SA. is in dissolution. The date of commencement of the dissolution is 24th July, 2019. Mapcia Guerrero is the Liquidator and can be contacted at Aquillino de la Guardia Street no. 8, Panama, Republic of Panama. All persons having claims against the above names company are required to send thier names, addresses and particular of their debts or claims to the Liquidator before 22nd August, 2019

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), ARTEMISIA DEVELOPMENT CORP. is in dissolution. The date of commencement of the dissolution is 24th July, 2019. Mapcia Guerrero is the Liquidator and can be contacted at Aquillino de la Guardia Street no. 8, Panama, , Republic of Panama. All persons having claims against the above names company are required to send thier names, addresses and particular of their debts or claims to the Liquidator before 22nd August, 2019

NOTICE

NOTICE

PAGE 8, Tuesday, July 30, 2019

THE TRIBUNE

New Abaco port needs ‘free trade zone’ status FROM PAGE ONE

the port over to the Port Department. Everything is good for them to do what they are supposed to do in relation to it,” Mr Bannister said, although he was unable to recall the exact hand-over date.

The government’s taking possession had been delayed by construction issues, but the minister confirmed they had been remedied. “One was a challenge with respect to potential flooding, and one had to do with the fitout of the interior walls,” Mr Bannister added.

“I can’t remember all of them. I knew that there were three things that had

KEN HUTTON

DESMOND BANNISTER

to be dealt with, and they were dealt with satisfactorily.” The minister, though, was more circumspect when asked about the new port’s potential impact and importance to the overall Abaco economy.

“I don’t know, quite

frankly,” he replied. “It’s going to be critical for the port to be managed in a way that attracts the type of commercial business that Abaco is capable of attracting. Only time is going to tell what kind of success it is going to have.”

Mr Bannister said no construction cost overruns were seen with the north Abaco port project, whose total price tag came within the high $30 millions to low $40 millions range specified at the outset.

Bahamian groups have already expressed interest in operating the CHEC-constructed port via a management agreement, but Mr Hutton yesterday argued that significantly more

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHAWNIECE REBECCAH ALEXIS GIBSONof Rosetta Street, Palmdale, New Providence, Bahamas intend to change my name to SHAWNIECE REBECCAH ALEXIS FORBES. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

investment may be required if the facility is to yield any returns on what has been spent already.

The Abaco Chamber chief, who has worked in the shipping industry, said he had been unaware that the port’s handover had taken place but knew it was “imminent”.

Describing its economic potential as an “interesting question”, Mr Hutton told Tribune Business: “There’s a lot of opportunity there.

However, there would have to be additional investment made, in my opinion, to see most of those opportunities come to light.

“Specifically, a deeper channel would have to be made, dredged, and most likely the harbour - the basin itself - would have to be deepened..... I suspect the dredging of an approach channel would cost in the area of $7m, and the turning basin will cost another $1m... That would probably be the cost of dredging the channel and basin to a more workable depth.”

Mr Hutton said “most of the opportunities” related to the north Abaco port were “in the area of a free trade

NOTICE

NOTICE

NOTICE is hereby given that ROHAN WAYNE KERR JR of #8RE Cooper Drive, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that CAROLYN DESHOMMES of Carmichael Road , Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 29 JULY 2019

ALL SHARE INDEX: CLOSE: 2,216.33 | CHG: 0.95 | %CHG: 0.04 | YTD: 106.88 | YTD%: 5.07 52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.13 3.54 8.59 2.35 1.75 7.51 6.10 11.25 6.20 3.01 13.00

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

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.19 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.44 9.02 2.82 2.36 10.05 7.00 15.45 9.00 3.37 14.00

CLOSE 4.19 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.44 9.02 2.83 2.40 10.16 7.00 15.45 9.00 3.37 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.04 0.11 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

51,782

7,250 72,900

VOLUME

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 0.631

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

P/E 17.5 18.7 N/M 16.7 N/M N/M -5.0 16.6 12.8 24.1 14.4 27.7 5.1 N/M 11.5 20.8 9.6 16.6 22.2

YIELD 3.82% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.13% 3.57% 2.70% 0.00% 2.40% 2.50% 3.23% 3.43% 3.50% 2.22% 3.56% 4.29%

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

MUTUAL FUNDS 52WK HI 2.25 4.29 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.25 4.29 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.86% 1.25% 1.35% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.23% 2.73% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

and capital was not readily available locally.

“The issue is going to be, I don’t think the country, I don’t think there’s available capital to do anything with it,” he added. “We’re going to have to look at some FDI to bring any kind of development to that site. I think the appetite locally in The Bahamas is not there, so it will definitely require some FDI.” Reading between the lines, both Mr Bannister and Mr Hutton seem less than sure about the economic justification and need for the north Abaco port and multimillion dollar outlay on its construction.

Questions have been raised previously about the strategy of locating such a facility in the Cooper’s Town area, given the extra distance from population centres such as Marsh Harbour and the additional logistics and trucking costs that will be incurred.

However, the new port’s handover coincides with the recent threat of an international freight shutdown at Marsh Harbour, the island’s main shipping port, after the Government-owned and managed facility failed its ISPS “mock” inspection on June 18, 2019. That threat seemed to have been averted following the subsequent July 17 inspection.

NOTICE

NOTICE is hereby given that VALANKA SAINT HILAIRE of Carmichael Road , Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

(242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.41 10.00 7.01 15.60 9.00 3.75 14.00

zone. It would have to be a free trade zone if the port is to easily service the island.

“The population centres around north Abaco are not sufficient to allow for a second major port of entry.

A free trade zone would attract all sorts of ancillary businesses and really turn north Abaco into a viable commercial hub on its own”.

Free trade zones typically allow goods to be imported tax-free at the border, while offering other incentives and concessions to attract businesses to locate within their boundaries. The Bahamas already possesses such a zone in Freeport, and it is unclear whether another, much smaller facility could exist in such close proximity and be sustainable.

Still, Mr Hutton said the north Abaco port had potential uses as a marina and “another boat yard”. While describing the facility as “a beautiful property”, complete with secured entry and warehouses, he added: “In terms of making it work, the $39m investment, to make it pay-off long-term it needs more investment to make it more attractive”.

The Abaco Chamber chief said he suspected The Bahamas would have to turn to foreign direct investment (FDI) for this on the basis that sufficient “appetite”

NAV Date 30-Jun-2019 30-Jun-2019 28-Jun-2019 30-Jun-2019 30-Jun-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

NOTICE is hereby given that JODLIN JOSUE of Sandilands Village Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that TAREKA TELISMA of Mount Royal Avenue, Clifton Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SHANTEL TAMERA BECKFORD of Yamacraw Beach Estate, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.