09182018 BUSINESS

business@tribunemedia.net

TUESDAY, SEPTEMBER 18, 2018

$4.90 ‘One-stop shop’ to exploit 50% foreign investment cost cut

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYALFIDELITY will tonight launch a “one-stop shop” investment management platform that aims to exploit the more than 50 percent cut in the premium Bahamians pay to invest overseas.

Michael Anderson, pictured, the Bahamian merchant bank’s president, told Tribune Business yesterday that its Global Invest product would handle everything from obtaining the necessary Central Bank approvals to relations with external money managers in a bid to ease Bahamian investor access to the international capital markets.

He added that Global Invest, which will be unveiled at a RoyalFidelity seminar tonight at Baha Mar, would help Bahamians to diversify their investment portfolios and obtain potentially higher returns than those available in the limited domestic market.

Still, Mr Anderson said he expected steady rather than explosive growth in demand for Global Invest’s services, given that Bahamian investors have traditionally been “reticent to step outside their comfort zone” by entering the international securities market.

He stressed that “marrying” RoyalFidelity, a known local brand, with its international money manager/ broker relationships and access to Morgan Stanley’s preferred investment packages should gradually ease such concerns.

“It will be interesting to see how well received this service is. There’s a definite need for it,” Mr Anderson told Tribune Business of Global Invest, suggesting

SEE PAGE 5

$4.93

$4.93

BPL faces early Shell call on ‘shortfall’ fear

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMAS Power & Light (BPL) will reach out to Shell to bridge any nearterm “shortfall” in Nassau’s power needs due to the recent Clifton Pier fires, it was revealed yesterday.

Whitney Heastie, BPL’s chief executive, told Tribune Business that the utility will seek help from its longterm generation partner should its two “largest units” be permanently knocked out by the series of blazes that erupted two weekends ago.

He revealed that assessment teams have still been unable to enter the “Station C” building to determine the extent of the damage due to ongoing safety concerns, meaning that it was unable to discuss its

* Still unable to assess fire damage week later * 50MW boost from returning units by October * But maintenance, summer 2019 key worries

ATLANTIS failed to exhaust all options in finding a suitable post for a 30-year disabled veteran, the Court of Appeal ruled yesterday, describing the case as a legal “first” in The Bahamas.

The court, unanimously upholding an earlier Industrial Tribunal verdict, said the $91,279 wrongful dismissal case brought

by Cheryl Carey-Brown had exposed gaps in the Employment Act when it came to determining whether employers had made reasonable efforts to accommodate disabled workers.

Its ruling, delivered by acting appeal justice, Sir Michael Barnett, found that Atlantis had not shown it

DPM: Bahamas to ‘fare well’ in financial crime assessment

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

night shifts due to the medication she was taking. They were also informed that she could not lift heavy objects or stand for long periods of time.

Ms Carey-Brown was initially placed at the Ocean Club Golf Course while the manager there was on two week’s vacation, before she returned to her normal post at the Coral Towers.

After being placed on five weeks’ vacation, she was informed that Voyager’s one of the restaurants she was scheduled to work at - was moving to evening

THE Government is confident The Bahamas will “fare well” in the latest assessment of its anti-financial crime defences following corrective action by the Minnis administration.

K Peter Turnquest, pictured, the deputy prime minister, yesterday said the Government had made “tremendous progress” in strengthening The Bahamas’ anti-money laundering (AML) and counter terrorism financing (CTF) regime.

Speaking with Tribune Business at an anti-money laundering conference spearheaded by the Central Bank, Mr Turnquest said: “We have made tremendous progress in respect to the legislative and policy requirements put before us in terms of the identified areas of risk.

“We just had an evaluation by the Caribbean Financial Action Task Force (CFATF), and we are comfortable that we will fare well as a result of that. We are committed to making the changes that need to be made to remain compliant and have us looked upon as a well-regulated jurisdiction.”

The CFATF’s July 2017 Mutual Evaluation Report (MER), an assessment of this nation’s defences against financial crime, had identified numerous legal and practical deficiencies in the regime. In particular, The Bahamas’ was found to have “low” effectiveness in six out of 11 anti-money laundering/counter terrorism financing categories,

SEE PAGE 4

SEE PAGE 5

WHITNEY HEASTIE THE SCENE of a fire at Bahamas Power and Light plant at Clifton Pier.

Photo: Terrel W Carey/Tribune Staff potential needs with Shell North America.

Mr Heastie, emphasising that BPL did “not want to ask for more than we need” and incur unnecessary costs, reiterated that New Providence’s energy

demand had fallen since the summer peak.

Reassuring Bahamian households and businesses that the electricity monopoly “should be fine as long as current generation units perform as they have

been”, Mr Heastie said BPL’s capacity will receive a further 50 megawatt (MW) boost when two engines - currently undergoing maintenance - return to service by October.

He added that BPL

SEE PAGE 4

Disabled manager wins Atlantis dismissal victory

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.93

* Court upholds $91k ‘wrongful’ claim * Issues raised ‘legal first’ in Bahamas * Case exposes Employment Act gap

THE ATLANTIS Resort on Paradise Island. would suffer “undue hardship” in finding a morning shift for the assistant restaurant and bar manager after she suffered a “serious nerve injury” in an October 2009 car accident.

Following a year’s sick leave, Ms Carey-Brown returned to work, but Atlantis and its Island Hotel Company affiliate were warned by her doctor that she could not work

Ginn purchaser’s ‘$1 per year’ marina offer no-go

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A NEIGHBOURING developer yesterday rejected the $2.8bn Ginn purchaser’s “demand” to lease marina fuel facilities for $1 per year as “silly”, while reaffirming his desire to co-operate with its plans.

John MacDonald, president of Island Ventures Resort Club (IVRC), the company formed by Old Bahama Bay’s condo owners to keep the resort alive following Ginn’s 2011 collapse into bankruptcy, revealed the offer made by Skyline Investments during the two sides’ first formal meeting two weeks ago.

He added that IVRC and the Toronto-based developer had been kept apart, and prevented from interacting previously, by Lubert Adler, the Philadelphia-based investment

* Condo owners not relinquishing licences * But ‘arms open’ on buyer co-operation * Second lease termination accepted bank, which was Ginn’s original financing partner and is now one of two sellers seeking to sell the West End-based project and other assets to Skyline.

“When we had our only meeting with them, they [Skyline] made a demand of is and said: ‘We want to lease those facilities [the fuel dock servicing the Old Bahama Bay marina] from you and are only willing to pay $1 a year’,” Mr MacDonald told Tribune Business. “I was like: ‘Who came up with that kind of figure?’

“These are properties that I have purchased for real money. Leasing these facilities to Skyline for $1 per year is just silly. That

is why I am not releasing any licenses or permits to Skyline as they are to operate our property, and have zero to do with the Lubert Alder/Skyline deal.”

Tribune Business revealed yesterday how Skyline’s proposed $2.8bn revival of Grand Bahama’s West End, which promises to create 1,400 full-time Bahamian jobs, has been delayed by concerns relating to the marina assets, licences and leases held by IVRC and Mr MacDonald.

In particular, the Customs and fuel docks lie on an 18-acre land parcel acquired by Mr MacDonald for his own multi-million dollar Grande Harbour resort condominium project that was unveiled last week.

Tribune Business sources suggested Skyline Investments was delaying completing its separate acquisitions from Lubert Adler, and a lending syndicate headed by Credit Suisse, until it could either purchase or work out an agreement with Mr MacDonald for itself and its clients to have access to/ use or the marina’s fuel and Customs facilities.

Mr MacDonald yesterday reiterated his pledge to co-operate with Skyline Investments’ plans, but said IVRC would retain its existing hotel, marina, retail and gasoline station licences because these all related to

SEE PAGE 5

THE TRIBUNE

Tuesday, September 18, 2018, PAGE 3

Governor forecasts more financial industry shrink

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

* BUT BAHAMIAN OWNERSHIP ON RISE

THE CENTRAL Bank’s governor yesterday forecast a further decrease in the number of banks and trust companies operating in The Bahamas, with several smaller entities indicating plans to exit.

John Rolle, pictured, addressing an anti-money laundering/ counter terror financing conference organised by the Central Bank, said:

“In 2012 about a quarter of the industry worked for Bahamian-owned or headquartered firms. This proportion has increased to one-third.

“We expect to see Bahamian involvement in our international banking sector continue to increase.

Where does this leave the international banking and trust sector? Clearly smaller

than it was years ago in balance sheet terms, but still substantial.

“The Central Bank expects that the number of international banks and trust companies will decrease some more as several smaller entities have indicated their intent to exit The Bahamas. It doesn’t necessarily mean that the funds in the system or employment will be materially affected. We are hopeful that the sector is finding a base from which it can grow.”

Mr Rolle added that despite a decrease in funds under management in the industry, employment has been constant over the past several years. “Jobs are holding up despite the decrease in funds under management,” he said.

“The Central Bank’s interpretation of this is that the remaining international clients are receiving value-added trustee advice and management services.

Those services make for stickier clients and also require more staff.”

BAHAMAS MUST INNOVATE TO GROW FINANCIAL SERVICES

By NATARIO MCKENZIE

“We must bring new and innovative products and services into the market.

We must increase our base of intellectual capital, and shift gears on finding ways to become more productive and efficient in how we conduct business.”

Mr Symonette reiterBRENT ated that The Bahamas SYMONETTE remains committed to compliance and transparency. “The Bahamas is committed to maintaining a jurisdiction that is clean, compliant and transparent in meeting and complying with international regulatory standards,

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas must develop new and innovative financial services products to build on its traditional roots, a Cabinet minister said yesterday.

Brent Symonette, minister of financial services, trade and industry and Immigration, told an antimoney laundering/counter terror financing conference: “We must remain focused on what worked for us in the past and capitalise on those successes.

CREDIT BUREAU BIDDER ‘SHORTLIST’ THIS MONTH

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net POTENTIAL operators for The Bahamas’ first-ever credit bureau will be “shortlisted” this month, the Central Bank’s governor said yesterday.

John Rolle, addressing an anti-money laundering/ counter terror financing conference organised by the regulator, said: “We are shortlisting potential operators for the bureau this month, and plan to complete the licensing process for the successful bidder before the end of 2018.”

The Bahamas’ Credit Reporting Project was launched by the Central Bank in 2010, in a bid to establish a national credit reporting system that included a Credit Bureau.

The Bill and regulations were issued for public consultation in September 2014 ,and have been further revised since then, before finally being brought up for debate and passage in Parliament earlier this year.

Mr Rolle said the Central Bank has released updated anti-money laundering/counter terror financing guidelines that have “substantially” streamlined the documentation

for opening a Bahamian dollar account. “This will make banking easier for all Bahamians, and also make banking available to some of our residents who previously could not open an account,” he added.

Mr Rolle said the Bahamas continues to become a more “robust” jurisdiction in managing anti-money laundering/counter terror financing risks, adding: “This has a direct benefit in discouraging criminality, corruption and terrorism, and the large indirect benefit of giving the world’s major financial markets and institutions the confidence to deal with us on good terms.”

and ensuring that our national expectations are no less,” he added.

Mr Symonette said The Bahamas has signed on to 34 Tax Information Exchange Agreements (TIEAs) to-date, adding: “We are complying with FATCA; with OECD we are largely compliant; CRS compliant; and we are currently implementing BEPS and the EU initiatives.

“The goal is for us to keep the Bahamian financial services sector stable and maintain public confidence and trust in the financial sector.”

To advertise in The Tribune, contact 502-2394

PAGE 4, Tuesday, September 18, 2018

BPL faces early Shell call on ‘shortfall’ fear

FROM PAGE ONE was more concerned about the medium-term fallout from the fires, namely whether it will have sufficient generation to meet Nassau’s demands in summer 2019 and if its scheduled winter maintenance schedule can proceed as planned.

Asked how BPL planned to cope with the potential loss of 63 MW in generation capacity, Mr Heastie replied: “We’re relying on our partner, Shell, to come to us and make recommendations as to what they’re planning to do to help in the short-term. They would be the ones providing, as the selected preferred bidder, the generation assets for any shortfall we may have.

That is the plan.

“Coming off peak, power needs are not as great, but we do need to make sure we have the power to get

us through next year.... And the question is, getting into the winter overhaul, how many generation [units] can we take out. That becomes more of an issue than anything else that we will have to look at closely and see how we do that.”

Mr Heastie, though, said BPL is unable to discuss its potential short-term generation needs with Shell North America, which has been selected as the preferred bidder to construct, own and operate a new, multifuel 270 MW power plant in the Clifton Pier area that will serve New Providence from 2021 onwards.

He explained that, more than a week since the last fire, BPL assessment teams are still unable to enter the fire-ravaged “Station C” building at Clifton Pier because of ongoing safety concerns and a belief the floor has been “compromised”.

“The evaluation is still

being done on the state of generation assets at ‘Station C’,” Mr Heastie told Tribune Business. “We’ve been waiting to get inside that building. With all the water and foam sprayed into that building, we can’t get in there.

“There’s also no power to the building, and we’re getting some lights in there so someone can go in and do an assessment. Safety is paramount, and we can’t go in much beyond the door because the floor may have been compromised from the fire.

“We’re trying to determine what the generation shortfall is, and until we make a determination on the assets in ‘Station C’ we won’t know what that is.”

The BPL chief executive revealed there was a 30-foot drop below the floor into “Station C’s” basement, with the inability to access the building and get up close to its two 31.5 MW engines preventing the utility from working out the cost of any repairs/replacements.

“They are the two largest generating units in the company,” Mr Heastie said.

“Just looking at the one directly impacted by the fire, it seems OK, but anything else around it... Until we can get in the building we won’t know the extent of the damage. We have challenges with making it safe.

Until it is safe, we’re not able to do that.

To advertise in The Tribune, contact 502-2394

“We don’t want to ask for more than we need [from Shell] as that is a cost we will have to pay. We don’t want to go ahead and ask for assets that are unnecessary. We go into ‘Station C’ and the generator not impacted directly by the fire may be fine. That there is close to another 31 MW available to us. Rather than being out two units, it may be one.”

He continued: “Right now we’re meeting the island’s demand with the generation assets we do have. We’re coming down off the summer peak.

As we move away from summer into the fall and winter, there is less need for generation.

“As we go into March, April, May and come back up again, we need to make sure we have a solid plan to meet next year’s summer peak. We do have excess capacity today. And we just brought back a unit that was out on major maintenance overhaul. That came back on Friday.

“We have another coming back at Clifton Pier in October. We do have these assets coming back to us into service, so that will put us in better shape.” Mr Heastie said the unit returned to service on Friday can generate 24 MW, and the other returning in October some 26 MW, making for a total 50 MW - some 13 MW less than the combined fireimpacted engines.

He added that the structure of the ‘Station C’ building at Clifton Pier appeared unaffected by the fire, and reassured BPL’s New Providence customers: “As long as the assets we have currently online continue to perform as they have been performing we should be fine.”

MARKET REPORT MONDAY, 17 SEPTEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,953.41 | CHG 0.03 | %CHG 0.00 | YTD -110.16 | YTD% -5.34 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.22 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.20 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.50 8.55 6.09 3.49 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

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 ##########

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

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

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 4.01 17.43 9.09 4.45 1.01 0.18 2.55 9.22 6.15 3.61 12.42 2.84 1.75 7.72 6.21 13.06 6.31 3.65 13.01

CLOSE 4.01 17.43 9.09 4.45 1.01 0.18 2.55 9.22 6.15 3.60 12.42 2.80 1.75 7.79 6.21 13.06 6.31 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.04 0.00 0.07 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

107.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.12 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

LAST SALE 100.00 107.61 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

1,500 9,002 50,000 1,000

50

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.171 0.627 0.102 0.231 0.000 0.670 0.679 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590

P/E 15.0 18.7 N/M 14.0 N/M N/M -2.6 13.2 13.9 21.1 19.8 27.5 7.6 N/M 9.3 19.2 8.8 13.2 20.6

YIELD 2.49% 6.48% 0.00% 5.17% 0.00% 5.56% 0.00% 7.70% 3.58% 3.33% 4.99% 2.14% 4.00% 1.08% 4.51% 3.83% 3.17% 3.29% 4.53%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75% 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%

MATURITY 19-Oct-2022 ############### 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 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.51 1.62 1.59 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 2.17 4.14 2.01 180.30 155.10 1.57 1.68 1.65 1.09 7.36 8.53 6.50 11.41 11.66 10.41 9.93 8.45 11.20

YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 2.26% 0.90% 3.44% 1.11% 6.05% 2.50% 4.38% -0.75% 3.51% 1.75% 4.07% -0.52% 1.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

THE TRIBUNE

Disabled manager wins Atlantis dismissal victory FROM PAGE ONE shifts only.

Following discussions with management over her doctor’s warning, Ms CareyBrown was told to “stay home” in January 2011 and she never returned to work. Following a September 2011 examination and report by Atlantis’s doctor, Dr Walkine, the Paradise Island mega resort told her she was being terminated for “partial disability”.

It subsequently offered a $4,800 cheque and letter to help her claim disability benefits from the National Insurance Board (NIB) terms that were rejected by Ms Carey-Brown, who initiated proceedings through the Labour Department and then the Industrial Tribunal.

Atlantis, in its defence at the Tribunal, argued that the termination was justified because of “nonperformance” and Ms Carey-Brown’s failure to “meet attendance requirements of her job”. The resort argued that she had to be active to perform her duties, and the doctors’ reports showed she was unable to do so.

It also argued that “no suitable alternative” positions were available, and that it could “not accommodate” her on another post - which was rejected by the Industrial Tribunal.

Given Atlantis’s sheer size, number of departments and benefits such as sick pay, it found “it is reasonable to say the respondent could have found an alternative to dismissing” Ms Carey-Brown.

“An enterprise such as [Atlantis] has many departments that may have satisfied the applicant’s [Ms Carey-Brown] tenure, position and experience gained over 30 years of employment”, the Tribunal added in a verdict appealed by the resort.

Sir Michael, writing the appeal court’s unanimous verdict, said the key issue was whether Atlantis had made all possible efforts to find an alternative post for Ms Carey-Brown without causing itself “undue hardship” in the process. If it could prove the latter, then the resort could argue that the employment contract had been “frustrated” as a result of her disability.

“An employment agreement cannot be held to be frustrated by an employee’s

disability unless the employer can show that he could not accommodate the disabled employee without incurring undue hardship,” Sir Michael wrote.

“In this case, the evidence does not show that - at the time of the dismissal - [Atlantis] was mindful that it had a duty to accommodate unless it would cause undue hardship.”

Noting that The Bahamas does not have laws similar to the UK’s Equality Act, which deals with workplace relations involving disabled employees, Sir Michael said the Employment Act also failed to set out how companies should “accommodate” such workers.

“Regrettably, our Employment Act does not provide similar guidance as to what is meant by ‘reasonable accommodation’ and/ or ‘undue hardship’,” Sir Michael wrote. “As far as we are aware, this is the first time that our courts have been asked to evaluate whether an employer has discharged its obligation to provide reasonable accommodation for an employee with a disability.”

Turning to legal precedent from other jurisdictions, Sir Michael said Atlantis seemed to have ignored the legal issues and “simply determined that it had no other available job for a restaurant manager other than one which required the employee to work at night...

“The evidence does not show that [Atlantis] considered adjusting her work schedule to allow her to work in other restaurants during the day and/or considered adjusting the schedules of those managers without disability who were able to work in the night. The evidence established that [Ms CareyBrown] could properly discharge her duties as a manager in the day.”

While Atlantis felt the absence of day shift vacancies meant it could not accommodate her, Sir Michael added: “In our judgment the law requires more. The burden is on [Atlantis] to show that it could not accommodate [Ms Carey-Brown] with her disability without incurring undue hardship... They have not done so and therefore cannot rely on that as the basis for bringing the contract to an end.”

The Court of Appeal upheld her wrongful dismissal claim.

NOTICE MILLENNIUM INVESTMENT ADVISORS LTD. NOTICE is hereby given as follows: (a) Millennium Investment Advisors Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 14th day of September , 2018 Beatus Limited Liquidator NOTICE TILVIAR INVEST LTD. NOTICE is hereby given as follows: (a) Tilviar Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 14th day of September, 2018

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

Beatus Limited Liquidator

THE TRIBUNE

Tuesday, September 18, 2018, PAGE 5

‘One-stop shop’ to exploit 50% foreign investment cost cut FROM PAGE ONE initial demand might mirror that for RoyalFidelity’s international investment funds.

“We’ve had a certain level of interest, but not overwhelming,” the RoyalFidelity chief said of those funds, which were established during the initial stages of exchange control liberalisation. “Historically, Bahamian investors are reticent to externalise their funds, and there’s been a tendency to stay where they’re comfortable.

“We’re hoping that staying with someone who you’re comfortable with, like ourselves, and marrying that with international expertise will give them a a sense of comfort. I’m not sure we’ll get a high level of comfort in the early phase.

It’s a step, and will expand in time.

DPM: Bahamas to ‘fare well’ in financial crime assessment FROM PAGE ONE prompting the Government to enact several pieces of legislation to address these concerns ahead of another review this year.

Addressing yesterday’s conference, Mr Turnquest said the Government’s desire and expectation is to maintain The Bahamas’ status as a premier international financial centre (IFC) while setting “a gold standard” in anti-money laundering standards and combating the financing of terrorism.

“To remain competitive we simply must have a safe financial system that is resistant across the board - and within each relevant institution - to any facilitation of financial crime such as money laundering and terrorist financing,” said Mr Turnquest.

“Just in the past year we achieved major legislative reforms to strengthen the Bahamian position to combat money laundering and the threat of terrorism

“Over time it will build and more money will come in as people get used to the idea and returns are generated. It’s relatively early in the development phase, but I’m glad the Central Bank has taken steps to make international investing available to a number of Bahamians.”

RoyalFidelity’s Global Invest launch comes just days after a subsidiary of Bahamas-based Cornèr Bank (Overseas), Cornèrtrader, unveiled an online trading platform designed to give Bahamians access to the US and global securities markets.

Pointing out that his company’s product was an investment management, as opposed to trading, platform, Mr Anderson said “the common thread” between the two initiatives was taking advantage of reduced access costs to

“facilitate Bahamian participation in the international securities markets.

“The Central Bank decision at the start of the year to reduce the investment premium brings it more into line with where Bahamians can afford to externalise their funds without spending too much of a premium,” the RoyalFidelity president told Tribune Business.

“People had to go out and pay a 12.5 percent premium and 1.5 percent stamp duty; a 14 percent cost to enter the international markets.

Many people were thinking how to make up that cost.

It’s hard from a return perspective to beat what they can get in the local market and cover that cost. Now it’s a five percent premium and 1.5 percent stamp duty.

That makes it easier for people to get over.”

Mr Anderson said an

earlier cut in the premium charged for investing outside The Bahamas, from 15 percent to 12.5 percent, had failed to produce the results desired by the Central Bank as there “really wasn’t a lot of money being externalised through the investment dollar market”.

He suggested many persons had previously been accessing overseas investments through “the grey market and alternative mechanisms” to avoid paying the premium, but the recent over-50 percent cut had reduced the incentive for such action.

“They’ve tried to get a premium level that is manageable for people, and can also monitor - to some extent - whether people are taking advantage of the opportunity,” Mr Anderson added. “This gives them an opportunity to understand it better.

financing. And our legislative docket for the rest of the year is packed with additional financial sector legislation, including those that will continue to enhance our management of AML/CFT related risks.”

Mr Turnquest added: “The most recent legislative session concluded with the passage of the Proceeds of Crime Act 2018; the Financial Transactions Reporting Act 2018; the Anti-Terrorism Act 2018; and the Travellers Currency Declaration Amendment Act 2018.

“Also, the Financial Transactions Reporting Amendment Regulations and the Financial Transactions Wire Transfer Regulations passed both halls of Parliament. This list of legislation seeks to place the country in compliance with the FATF 40 recommendations. Another notable development was the Government’s passage of the Multinational Entities Financial Reporting Act 2018 to address issues emanating from the Base Erosion and Profit Shifting ‘BEPS’, initiative which the Government committed to addressing in December 2017.”

Mr Turnquest said the Government is also finalising the Register of Beneficial Ownership

Bill 2018, which seeks to address another recommendation by the FATF, the global anti-money laundering standard setter.

“This relates to transparency of ownership of all entities registered and incorporated in The Bahamas.

The Government intends to move on this legislation in the upcoming legislative session, along with legislation to enhance the reporting and regulation of non-profits, and to address ring fencing,” he added.

“It is clear that our extensive legislative and regulatory reforms alone are insufficient to ensure that the Bahamas effectively manages AML/CFT risks.

It is also necessary that the responsible regulatory agencies and the criminal justice system discharge their roles in a proactive and professional manner.

“This Government strongly supports our regulators as they focus more of their supervisory attention on financial crime risks, and we support our police and courts as they devote more of their attention to money laundering and related offences.”

Ginn purchaser’s ‘$1 per year’ marina offer no-go FROM PAGE ONE facilities that were operated by the condo owners and were not part of the former’s deal with Lubert Adler.

“We remain ready and willing to cooperate with Skyline in an effort to make all entities successful for The Bahamas and West End,” he told Tribune Business.

“We’re trying really hard on our end. I’ve got my arms open, and we’ll do what we can to help them get their licences.

“I’m pretty optimistic. If people are talking you can work anything out. It’s in their park. Well see.”

Mr MacDonald, in an e-mail sent yesterday to Gil Blutrich, Skyline’s chairman and president, confirmed that he and IVRC had accepted the second marina lease termination notice from Lubert Adler - the first having been “determined by our attorneys to be defective”.

While that addresses one concern, Mr MacDonald reiterated that IVRC’s and his own assets/licences were

REQUEST FOR PROPOSALS (RFP) – EMPLOYEE FERRY SERVICE

Baker’s Bay Golf & Ocean Club and Starfish Construction (solicitor) are seeking proposals for provision of employee ferry service from Mainland Abaco to Great Guana Cay (and return). Interested parties should send an email requesting the RFP to mmahon@discoverylandco.com Attention: Michael Mahon.

NOTICE

NOTICE Notice is hereby given that JIMMY GUERRIER of Ferguson Estates, Carmichael 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 signed statement of the facts within twenty-eight days from the 11th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 Notice is here by given that ACADEMY TRADING INC is in dissolution and the date of commencement of the dissolution is the 18th September 2018. The Liquidator of said company is ELCO CORPORATE SERVICES LTD. Located at Loyalist Plaza, Don Mackay Blvd. P.O .Box AB 20377 Marsh Harbour Abaco Bahamas

NOTICE ESSO EXPLORATION AND PRODUCTION ANGOLA (BLOCK 32) LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 14th day of August, 2018 Dated the 18th day of September, A.D., 2018.

R.W. Rice Liquidator of ESSO EXPLORATION AND PRODUCTION ANGOLA (BLOCK 32) LIMITED

“The Central Bank has been trying to liberalise exchange controls for a number of years now. This is a bigger step than they’ve taken before, and hopefully they will see a bigger benefit from it.”

Mr Anderson said the commercial banking system’s near-$2bn surplus liquidity also highlighted the need for Bahamian investors to find higheryielding, alternative investments that generate returns higher than the 0.5 to one percent available on bank deposits.

While Global Invest was targeted at individuals and institutions with a minimum $500,000 in assets under management, the RoyalFidelity president said it was not designed to serve just an exclusive few.

Pointing out that only a portion of these assets will be invested overseas, Mr

not included in the deal with Lubert Adler. “IVRC has never leased the fuel and customs docks from Lubert Adler as they have never owned them,” he wrote.

“IVRC from the beginning has leased these from WERL ( West End Resorts Ltd).

“Regarding licenses and permits, when Lubert Adler gave up the resort operations, forcing the owners to form IVRC and operate the resort ourselves, Lubert Adler forfeited their licenses and permits.”

Mr MacDonald continued: “Please understand that since we will be operating our fuel docks, we will not be releasing or transferring that license or permit.

“Additionally, since the condos are not any part of the Skyline purchase, we will not be releasing or transferring that license or permit as we will continue to operate our hotel business.

Anderson said it was suitable for persons who “have saved a fair amount of money” via pensions, bank accounts and other means, and want to diversify outside The Bahamas.

Describing Global Invest as an “all the way through” service, he added: “We’ll go to the Central Bank and get your approvals; set up your accounts; help you manage the accounts; and do reviews and reports on a regular basis.

“We will be giving you a full service associated with the international markets, but done through RoyalFidelity. We’ll organise discussions with the international partners, make reports available. It allows people to gain access to expertise that is not readily available here. You often have to go through a private bank where a minimum investment of $1m is required.”

“Since we do have current marginal dock and are expanding our docks, we also not be releasing or transferring the marina license or permit as it is needed to run our marina operations.”

Mr MacDonald added that the condo owners also planned to move existing retail concessions, run by local Bahamians, and which include a dive shop, golf cart and kayak rental, catering business and shop with coffee boutique, to their property once the Skyline purchase closes.

“As you are aware, there are facilities on the property where the fuel and Customs are,” he wrote. “We will be moving our current retail operations from the leased facilities that are owned by Lubert Adler and into our facilities. Thus we will not be releasing or transferring the retail operators license or permits.”

NOTICE Notice is hereby given that JUNIOR LAGUERRE of Lewis Yard, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twentyeight days from the 18th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

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