business@tribunemedia.net
MONDAY, SEPTEMBER 25, 2017
$4.25 LANDFILL TENDER RELEASE BEFORE 2017 YEAR-END By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government hopes to finish and issue the New Providence landfill management tender before year-end, a Cabinet Minister yesterday saying: “All options are on the table.” Romauld Ferreira, minister of the environment and housing, told Tribune Business that the Request for Proposal (RFP) will not seek to “restrict” what potential bidders “can and cannot do”. As a result, he suggested the Minnis administration was likely to receive “hybrid” bids involving both recycling and wasteto-energy components, while others focused on one or the other. Emphasising that resolving the New Providence landfill’s challenge remained “a very important priority” for himself and
Minister: ‘All options on the table’ Won’t restrict bidder solutions Plan to take Out Island waste the Government, Mr Ferreira said another objective was for the facility to also deal with waste generated on the Family Islands if the need arose. Promising that the RFP will be finished “very soon”, the Minister expressed optimism that a preferred bidder would be selected, and a management contract sealed, some time in 2018. “We’re actually working on that assiduously,” Mr Ferreira told Tribune Business of the revised tender documents. “We are going See PG B2
POLICE ‘LACKING CAPACITY TO PURSUE’ MONEY LAUNDERERS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Royal Bahamas Police Force (RBPF) “lacks the capacity to effectively pursue” money laundering offenders due to inadequate skills, training and resources. The Caribbean Financial Action Task Force (CFATF), in its July 2017 assessment of the Bahamas’ anti-money laundering and counter terror financing regime, said there had been no money laundering convictions in the four years prior, and just one case was before the courts. It described this as “inadequate”, given the Bahamian financial services industry’s size, and
CFATF: Investigation/ prosecution ‘inadequate’
$4.29
$4.41
$4.30
Bahamas urged: ‘Clean up’ $184m unverified accounts By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CARIBBEAN regulatory body has urged Bahamian banks to show “more dedication and urgency” in cleaning up 20,000 ‘unverified’ accounts that collectively hold almost $184 million. The Caribbean Financial Action Task Force (CFATF), in its July 2017 report on the Bahamas’ anti-money laundering and counter-terror financing regime, urged the commercial banks and Central Bank of the Bahamas to give
‘More dedication and urgency’ call on 20,000 facilities Governor: All low-risk; ‘no evidence’ of threat CFATF concern on credit unions, standalones JOHN ROLLE “priority” to updating the necessary beneficial owner due diligence documents. It suggested that the issue had been allowed to
drag on for too long, even though the number of unverified accounts in the Bahamian banking system had been slashed by 50
per cent compared to 2012 levels. The CFATF report showed that the Bahamas had 40,279 ‘unverified’ bank accounts, worth a collective $155.501 million, in 2012. However, by 2014 the number had been slashed to 21,777, although the total worth had increased to $183.982 million. No explanation was provided for the increased value associated with these accounts, despite the dramatic reduction in their number, especially since the CFATF report itself conceded that the facilities involved were Bahamian See PG B4
Central Bank to unveil new money laundering sanctions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank plans to create a new sanctions regime for anti-money laundering deficiencies, as it bids to move the Bahamas from a ‘high risk’ to “at least medium risk” jurisdiction. John Rolle, the regulator’s governor, responding
to the Caribbean Financial Action Task Force’s (CFATF) newly-released assessment of this nation’s regulatory regime, said the findings showed the Bahamas “needs to lift the intensity and quality” of anti-money laundering/ counter terrorism financing (CFT) supervision. He told Tribune Business, in response to this newspaper’s questions, that the Central Bank planned
to unveil a new anti-money laundering/CFT strategy before 2017 year-end, and create “a dedicated unit” to oversee this particular regulatory issue. Mr Rolle was commenting after the CFATF’s July 2017 Mutual Evaluation Report (MER) rated the Bahamas as having ‘low’ effectiveness in six out of 11 categories when it came to See PG B3
And create ‘dedicated’ oversight unit Global regulator: Penalties hardly ever used Governor targets ‘medium risk’ status
RBPF lack skills, resources to tackle crime AG Office’s policy comes under question suggested it reflected both the RBPF’s inability to properly investigate complex financial crimes and the policy set out by the Attorney General’s Office and director of public prosecutions. See PG B5
Chamber chief: BPL contracts ‘certainly curious’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber of Commerce’s chief executive has described as “certainly curious” revelations that Bahamas Power & Light (BPL) awarded multimillion dollar contracts to entities that were not the best bidder. Edison Sumner told Tribune Business it was difficult to comment further on the allegations by Desmond Bannister, minister of works, without knowing more about the specific tendering process or how BPL’s contract awards were supposed to function. But he emphasised that it was “important to restore
Must ‘restore confidence’ in Govt procurement Or ‘shadow of inequity’ hangs over contracts a level of confidence” in the transparency and fairness of the Government’s procurement processes, otherwise “a shadow of inequity” would continue to hang over many contract awards. “It’s important to restore confidence in the system,” Mr Sumner told this newspaper. “If we don’t restore See PG B6
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PAGE 2, Monday, September 25, 2017
THE TRIBUNE
Fishermen ‘not optimistic’ over grouper extension By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN fishermen would “welcome” an extension to the Nassau Grouper season, but the Bahamas Commercial Fishers Alliance’s (BCFA)
president is not “overly optimistic” it will happen. Adrian LaRoda said that in 2012, the BCFA lobbied the Christie administration to extend the season by 30 days, but that request was ultimately rejected following strong opposition from conservationists.
Landfill tender release before 2017 year-end From pg B1 through the formal RFP line by line to make sure it meets our objectives, which is a landfill that can receive all the waste generated on New Providence and has the potential to receive waste from the Family Islands if need be. “We have been given Cabinet approval to finalise the RFP, and issue it to the public. We should finish
it very soon; we’re actively working on it. It’s an urgent priority. At the end of the day we want to improve the quality of life for Bahamians on New Providence. It’s something we take very seriously, and hope to have that [RFP] completed shortly.” Mr Ferreira said that, once completed, the RFP will undergo a “peer review” by all relevant government agencies to ensure
The season traditionally closes on December 1 for three months, reopening at the end of February. Mr LaRoda said the BCFA has not had any formal discussions with the Minnis administration on the issue, but said it had been “an ongoing request”.
“That would be welcomed if it does happen, but we have had these discussions before a number of times and, at the 11th hour, the Government has denied the request,” he recalled. “In light of the current situation, particularly with these storms and the time it will take for fishermen to
recover, that would be welcomed if it happens. I am not really confident that it will because of the clout the opponents have. It would be welcomed but I’m not overly optimistic.” His comments came after Renward Wells, minister of agriculture and marine resources, said the
Government was giving consideration to a new extension request by fishermen. Back in 2012, the BCFA had made its request to mitigate against the impact of Hurricane Sandy on the industry. With Hurricane Irma having dealt a “major blow” to the 2017-2018 See PG B10
its content is correct and all relevant technical/engineering components have been addressed. The Minnis administration, upon taking office after the May 10 election, cancelled the landfill tender process initiated by the former Christie administration just weeks before it was voted out. That RFP attracted two bids, one of which was from the 10-strong Bahamian consortium, Waste Resources Development Group (WRDG), and its
financial partner, Providence Advisors. Respondents had been given less than two weeks to submit a proposal, but representatives of the former government suggested its successor was making a mistake in ‘reinventing the wheel’, confirming it had selected WRDG as the preferred bidder. Mr Ferreira, though, yesterday sought to justify cancelling the RFP on the basis that its “downfall” lay in a combination of the tight deadline and “errors” contained in the documents. “The first thing is the timeline. It will be much longer than people were dealing with before,” he told Tribune Business. “You have to give potential proponents sufficient time to do their assessment, and the verbiage in the document has to convey exactly what you want to get; the solution you want to get. “Something like this can’t be rushed, but it has to be done expeditiously. The terms are speed and accuracy. You don’t want to compromise accuracy so that important tenets and components are not contemplated.” Despite acknowledging that the RFP should detail the solution the Government is seeking, Mr Ferreira said it did not want to limit the ingenuity of potential operators seeking to manage the Tonique Williams Highway site. “We don’t want to restrict what potential respondents or proponents of the RFP do by restricting what they can and can’t do,” he told Tribune Business. “There’s no option that will not be on the table.”
The Minister described waste-to-energy as “one end of the spectrum” in terms of resolving the landfill’s problems, with management, recycling and tipping fees at the other end. He suggested that the Government may receive “hybrid” bids combining elements of waste-to-energy and recycling, but reiterated that potential bidders needed time to conduct due diligence on the New Providence landfill to determine what was feasible. On waste-to-energy, Mr Ferreira said potential bidders would first need to analyse the content and volume of the landfill’s incoming waste streams to see if there was sufficient fuel, and of the right type. Once this was determined, they would then need to talk to Bahamas Power & Light (BPL) to see if it could sell any electricity to the latter’s grid and, if so, how much. “These are all questions we’re cognisant of, and want to give the relevant players time to consider these matters,” he explained. “If you’re a businessman, I don’t think you’d cut yourself off from a potential revenue stream.” Describing the landfill as “a national asset”, Mr Ferreira said its reform, clean-up and proper operation was an “important piece of the puzzle” in cleaning up New Providence and the Bahamas generally. He emphasised that the waste created by clean-up efforts had to be deposited at the landfill and potentially recycled, helping “to
change the culture of Bahamians to the material and built environment”. The Government remains under pressure from both Bahamians, especially those living near the landfill, and investors such as Albany and Baha Mar to resolve persistent woes that have resulted in the eruption of large fires. These threaten people’s health and the environment, plus the Bahamian tourism product. “I won’t give up,” Mr Ferreira told Tribune Business. “I remain optimistic. This is a very, very important project for me and the Government. This involves the health and welfare of the entire population of New Providence. “Depending on the direction of the prevailing wind, and if there is an incident at the landfill, such an incident has the potential to impact the entire island. We’re only 21 miles by seven miles.” The Christie administration had outsourced the landfill’s management to Renew Bahamas, but they pulled out in late 2016 following Hurricane Matthew, citing safety concerns and a lack of government support. The then-government suggested the pull-out related more to financial losses stemming from Renew Bahamas’ flawed business plan, but the end result was that the Department of Environmental Health Services (DEHS) had to resume operational control of the landfill.
THE TRIBUNE
Monday, September 25, 2017, PAGE 3
Central Bank to unveil new money laundering sanctions From pg B1 its anti-money laundering/ CFT defences. This nation was ranked as having ‘moderate’ effectiveness in the other five, but was only rated ‘noncompliant’ on one out of 40 ‘technical compliance’ benchmarks. That relates to the CFATF’s assessment that the Bahamas has yet to fully implement UN Security Council resolutions on terrorism financing, and especially its ability to freeze assets belonging to suspect individuals and entities “without delay”. Mr Rolle said that while the Bahamas did not accept every criticism in the report, and still questioned whether there was “a level playing field” over how such assessments were conducted, it acknowledged the need for improvement. He described the CFATF report as “a road map” and “blueprint” for how the Bahamas can further strengthen its anti-money laundering (AML) and counter terrorism financing (CFT) regimes, and pledged that the Central Bank would immediately begin work to address identified deficiencies. “Our takeaway is that among other things, the Bahamas needs to lift the intensity and quality of AML/CTF supervision for banks and trust companies,” the Governor told Tribune Business. “We are therefore intensifying our Bank Supervision Department work programme in this area, and will announce a new AML/CTF supervision strategy before year end.” He added: “The new AML/CTF supervision approach of the Bank Supervision Department is a key initiative for the Central Bank. We are establishing a dedicated unit for AML/CTF oversight. “It will provide the focus for closer engagement with the industry outside of the on-site examinations we currently do..... A near-term deliverable will be the introduction of a penalty regime for AML deficiencies, which we are formulating in coordination with the Securities Commission.” The adequacy of the Bahamas’ AML sanctions regime was questioned by
the CFATF report, which found that financial penalties were “hardly ever considered and imposed” on Bahamian financial services providers despite the regulators finding breaches during on-site inspections. “Although breaches are detected by the financial supervisors, during the on-site it became clear to the assessment team that sanctions are hardly ever considered and imposed by the financial supervisors,” the CFATF report said. “In some cases, the reason for not imposing sanctions was not apparent. For example, a sanitised report of an inspection was provided to the assessment team in which the Central Bank in September 2014 gave a financial institution, for the third time, an extension of a deadline for resolving serious breaches of the legislative AML/CTF requirements, dating back to 2006. “On five different occasions, a financial institution did not report suspicious transactions. These transactions were later reported by the Central Bank further to an on-site inspection. The Central Bank indicated that in all these cases they did not consider sanctioning,” the CFATF report continued. “The sanctions that were imposed by the financial supervisors over the last few years were not dissuasive, as the total amount of $5,200 was imposed by the Securities Commission for two money laundering breaches. “The assessment team is of the view that imposing sanctions does not seem to be a part of the culture and practical tool-kit of the financial supervisors. Hence, the deterrence of applied sanctions is not achieved. The assessment team is not convinced that effective, proportionate and dissuasive sanctions are applied in practice by the Bahamian financial supervisors.” The CFATF report said the regulatory response to AML regime violations by Bahamian financial services providers was “characterised by a ‘one size fits all’ approach irrespective of the severity of the identified breach”.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Side
This, it added, typically involved giving financial institutions a report and timetable to remedy these infractions, sometimes repeating this action multiple times, “without any further consequences” for failing to meet the original directive.. While the Central Bank had intervened with one licensee in 2014-2015 to impose “a freeze on new business”, which was partially related to money laundering concerns, the CFATF report added: “Administrative penalties and other non-criminal sanctions are rarely used. “Over the last five years, the Central Bank did not impose any civil or administrative sanction for non-compliance with the AML/CTF legislation and guidelines. It is noted that the possibilities for the Central Bank to take administrative actions are sometimes limited, as well as that the maximum penalty in some cases does not exceed $2,000, which at first sight can hardly be considered a dissuasive penalty in the banking and trust sector.” The CFATF report noted that legal and regulatory changes, given effect in September 2016, now allowed the Central Bank to levy administrative penalties for breaches of the Banks and Trust Companies Regulation Act and associated regulations. However, it was also critical of the other financial services regulators. “The Insurance Commission of the Bahamas (ICB) did not impose any AML/CTF sanction on its licensees, nor referred any AML/CTF issue to the law enforcement agencies,” the CFATF said. “During the on-site, the ICB indicated that over the last year their focus was not on sanctioning, and that they aim to change that for the coming years..... The Compliance Commission reported that numerous registrants have been issued notices of breaches and have received
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IN THE MATTER OF the FATAL ACCIDENT ACT, Chapter 71 of the Statute Laws of the Commonwealth of The Bahamas AND IN THE MATTER OF the Survival of Action Acts Chapter 79 of the Statute Laws of The Bahamas AND IN THE MATTER OF the HEALTH AND SAFETY AT WORK ACT Chapter 321C of the Statute Laws of The Bahamas AND IN THE MATTER OF the ESTATE OF BARRINGTON CONOLLY
remedial action plans. However, no information was provided regarding the number of breaches identified, remedial actions mandated or sanctions applied. “Neither was information regarding beaches and sanctions provided by the Inspector, in the case of financial and corporate services providers. The Gaming Board reported that, while there had been sanctions and fines for violations in the past, no sanctions have been applied in the past four years on account of strict adherence to relevant laws and regulations on the part of licensees.” Tackling the legitimate deficiencies identified by the CFATF is vital to preserving the reputation and stability of the Bahamian financial services industry, the so-called ‘second pillar’ of the economy and the sector that has played a critical role in developing a middle class through the high-paying jobs it provides. The Bahamas has already endured one bad AML experience through the 2000 ‘blacklisting’, which forced a profound change that this nation and its financial industry are
- many observers would argue - still coming to terms with. That ‘blacklisting’ was imposed by the Financial Action Task Force (FATF), for which the CFATF is the Caribbean regional affiliate. The contents of the latter’s report could be used by its Paris-based parent to further pressure the Bahamas, especially over automatic tax information exchange. Mr Rolle told Tribune Business that some concerns were based on perception, particularly given the Bahamas’ position as an International Financial Centre (IFC) and its location in the Caribbean. “From the Central Bank’s perspective, we need to work to shift the Bahamas from the assessed ‘high risk’ category for money laundering and terrorist financing to at least ‘medium risk’,” he said. “We know that at least some of the perceptions about this jurisdiction can be attributed to being situated within the grouping of Caribbean territories. But there are other contributing factors, some of which are within the immediate reach of the Central Bank. That’s where we intend to
have the most impact in our strategic initiatives.” The Governor added: “While the Bahamas does not agree with every single point raised in the MER [CFATF report], and while we still question whether there is a level playing field around how these assessments are done, we acknowledge that there are areas for improvement. “This report is a blueprint for improvement. Our goal is to achieve and document improvements in the legal framework, supervisory practices and industry engagement standards over the coming months. Those plans will be shared with the industry, and they will have input on some important aspects of how this progress is best achieved.” Mr Rolle explained that the Caribbean overall was rated “high risk” when it came to money laundering and terrorism financing, and the strength of regulatory regimes to combat this. He added that Caribbean central banks and supervisors were collaborating in an effort to change these perceptions, which he described as a continuation of recent efforts to combat correspondent banking ‘de-risking’.
NOTICE
IN THE ESTATE of COLAN KNOWLES late of the Eastern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 25th day of September A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
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B E T W E E N: SIMONE SMALL Dependent of the Deceased’s Estate and SIMONE SMALL As Next Friend of JORDON BARRINGTON CONOLLY (a Minor) son of the deceased Plaintiffs AND DIAMONT HANNA First Defendant KNOWLES CONSTRUCTION & DEVELOPMENT COMPANY LTD CCA CIVIL BAHAMAS LTD
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BAHAMAS POWER AND LIGHT COMPANY LIMITED Fourth Defendant NOTICE OF REFERRAL TO CASE MANAGEMENT TAKE NOTICE that pursuant to the provision of Order 31A Rule 8 of the Rules of the Supreme Court (Amendment Rules) 2004, this case is hereby referred to the Honourable Justice Indra Charles for a Case Management Conference, to be conducted on Monday, October 2, A.D., 2017 at 10 am in the forenoon. DATED this 18th day of September, 2017 Messrs. Callenders & Co Island House Mall Drive Freeport, Grand Bahama The Bahamas Attorneys for the Plaintiffs To Doimont Hanna, Formerly of Knowles Construction and Development Nassau, New Providence Or his Attorneys
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PAGE 4, Monday, September 25, 2017
Bahamas urged: ‘Clean up’ $184m unverified accounts From pg B1 dollar accounts worth less than $15,000. However, the rate of ‘clean-up’ appears to have slowed in recent years John Rolle, the Central Bank’s governor, confirmed that while 20,000 accounts still remain to be verified, they were all “low-risk” and required just “documentary clean-up”. He emphasised that there was “no evidence” any of these accounts, or their beneficial owners, presented a money laundering or terrorism financing risk, and suggested many simply required customer due diligence information to be updated because government-issued IDs had expired. The CFATF report said: “There is a large number of unverified accounts in the domestic banking sector....A
significant amount of these accounts are post-2000 accounts which have been verified, but for which customer due diligence documents need to be updated, such as Government-issued identification. “The issue of authorisation of these facilities should be addressed with priority by the banks (and the responsible supervisor). The value of unverified facilities in 2014 totalled $183.9 million, which accounted for approximately 0.06 per cent of banking sector assets of $279.2 billion.” The CFATF report acknowledged that the number of unverified accounts in the banking system was decreasing, but said institutions had been unable to confirm the identity of all owners.
THE TRIBUNE It added that the Central Bank had requested its licensees to list all unverified accounts from February 2004, and rate them according to the potential money laundering ‘risk’ they represented. “According to the interviewed banks, the high-risk customers files tend to be updated, while the rest of the files are updated only when their non-current status is discovered,” the CFATF report said. “There was not a strong dedication or sense of urgency to address this issue on the part of the involved banks.” Mr Rolle, in response to Tribune Business questions, agreed with the CFATF analysis that the solution largely required Bahamian commercial banks to update their documentation on beneficial owners of accounts. “In many instances, an account was considered ‘unverified’ in our commercial banks if the due diligence documents on file,
such as the passport or driver’s license, were expired,” he explained. “There is no evidence that any of these accounts are causing any actual money laundering or terror financing problems. “Moreover, either initial customer due diligence would have been applied on the accounts when they were opened, or the relationships were long-standing and a high level of familiarity already existed with the clients. In the majority of these cases verification is therefore a synonym for updating of the customer files, which is still important for relationship maintenance.” Mr Rolle added that the Central Bank was already working on developing a more streamlined, risk-based approach for the Bahamian commercial banks to apply when conducting customer due diligence. “A part of our intervention with the sector will be to develop simplified due diligence requirements that are less onerous for lowrisk, transactional facilities,” the Governor added. “This work stream is already in progress. The risk-based approach will help commercial banks tailor their relationship management requirements and conserve on the amount of due diligence that has to be directed at certain lowrisk customers.” Elsewhere, the CFATF report expressed a lack of confidence in Bahamian credit unions being sufficiently aware of the money laundering/terror financing risks that they face. And it expressed similar concerns over the “limited understanding” shown by standalone Bahamas-based financial institutions of the potential dangers they were exposed to.
“The credit unions interviewed believed that due to the domestic focus of their activities, their ML/TF (money laundering/terror financing risks are negligible,” the CFATF report. “ Risk assessments are typically not performed, and discussion of potential ML/TF risks was minimal, although reference was made on one occasion to customers that are self-employed as being considered higher risk.” While acknowledging that credit unions were largely domestic-focused on a particular membership base, the CFATF report expressed concern that this attitude potentially “underestimated” the dangers they face. “The credit unions are of the view that their ML/ TF risks are limited due to the nature of their business and the fact that the majority of their clients are salaried workers,” the report added. “Further the ML/TF risks are not as significant as other financial sectors. “These assumptions do not give the assessment team confidence that the credit unions are sufficiently aware and pay enough attention to their specific ML/TF-risks.” The CFATF report said Bahamian financial institutions that are part of larger international groups, accounting for 69 per cent of total bank assets, understood their ML/TF risks well. This, though, did not translate to Bahamian and foreign-owned institutions that are standalone. The CFATF report added that the fact most institutions considered fraud “to not be of significant concern” contrasted with the Bahamas’ own National Risk
Assessment (NRA), which rated it as a key issue. “Those that are not part of a large international group demonstrated limited understanding of their specific inherent ML/TF risks,” the CFATF report said. “When queried about their inherent ML/TF risks (operations, environment, products) by the assessment team, these institutions tended to focus on the risk assessments conducted to ascertain the ML/TF risks of individual customers (mainly done to divide customers into different categories such as ‘high/ low’ risk) or discussed their AML/CFT controls instead. “One Bahamian bank that focuses on the domestic market pointed out that the risks are with international customers. Another bank specifically mentioned the so-called web-shops as being a concern, although this bank did not conduct business with such shops any more.” In response, Mr Rolle said the Central Bank’s new ML/TF strategy, set to be rolled-out before year-end, would address the ‘limited awareness’ displayed by standalone financial institutions. “Our engagement with the industry will be more intensive,” he promised. “A new penalty regime for AML/CFT deficiencies will feed into this, and more dedicated resources will focus on this work.” As for the credit unions, Mr Rolle said their supervisory regime was just starting to improve following the transition of oversight to the Central Bank. He added: “On money laundering matters we have already had preliminary discussions with the sector on the approaches that they can take to have access to more resources for the compliance side of their operations. “It should be noted that a National Task Force on ML/ TF is in place, spearheaded by the Attorney General’s Office. The taskforce is on the verge of releasing the National Risk Assessment Report that would contain the comprehensive strategy for strengthening the Bahamas’ framework AML/CFT effectiveness. “Our Central Bank efforts dovetail with the strategy responses in this report. They also advance region-wide interventions to suppress threats from loss of correspondent banking relationships.”
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side
1985 No. 18
IN THE MATTER OF ALL THAT piece parcel or tract of land comprising 400 acres known as Dougald Forbes situate in the Island of Long Island one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER OF the Petition of DOUGALD FORBES Estates Limited The Quieting Titles Act 1959 NOTICE
THE PETITION OF DOUGALD FORBES Estates Limited in respect of:“ALL THAT tract of land containing Four Hundred and Six and Fifty-nine hundredths (406.59) acres originally granted to Dougald Forbes as Crown Grant D-11 situate at Steven’s Bluff in the Island of Long Island one of the Islands of the Commonwealth of The Bahamas bounded Northwardly partly by land granted to Diamond Crystal Salt Company partly by land granted to M.C and L.P Knowles partly by land granted to C. Laurimer partly by land granted to M.C and S.D. Knowles partly by land granted to Caesar Gibson and partly by Crown land and running thereon Six Thousand One Hundred and Ninety-nine and Ninety-five hundredths (6,199.95) feet Southwardly by land originally granted to William McCleod and running thereon Five Thousand Two hundred and Thirty-two and Thirty One hundredths (5,232.31) feet Eastwardly by land originally granted to James Stevens and running thereon Three Thousand and Thirty-six hundredths (3,036) feet and Westwardly by the Sea and running thereon Three Thousand Three Hundred and Fifty-five and Twelve hundredths (3,355.12) feet which said piece parcel or lot of land is more particularly described and delineated on Plan No. 92 LI and thereon edged in Pink. THE PETITIONER claim to be the owner of the fee simple estate in possession of the hereinbefore described free from encumbrances and have made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959, in the above action, to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Twenty-one (21) days after the final publication of these presents, file in the said Registry of Supreme Court and serve on the Petitioners or the undersigned a Statement of his claimed in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Twenty-one (21) days after the final publication of these presents will operate as bar to such claim. Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places:- (i) the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas (ii) the Chambers of the Petitioners’ Attorneys, Norwood A. Rolle & Co., Suite # 6, Gomez Building, Dowdeswell Street east of Christie Street in the City of Nassau, The Bahamas, and (iii) the office of the Administrator for Long Island situate at Clarence Town, Long Island, The Bahamas. NORWOOD A. ROLLE & CO. Suite #6, Gomez Building Dowdeswell Street east of Christie Street Nassau, Bahamas Attorneys for the Petitioner
THE TRIBUNE
Monday, September 25, 2017, PAGE 5
Police ‘lacking capacity to pursue’ money launderers From pg B1 The CFATF said the director of public prosecutions had ordered that focus be placed on ‘predicate’, or underlying offences, rather than the alleged money laundering itself. It also viewed the Proceeds of Crime Act, and the seizure of assets, as a “greater deterrent” than money laundering prosecutions by themselves. “The law enforcement authority (RBPF) lacks the capacity to effectively pursue money laundering,” the CFATF’s just-released July 2017 report said. “The law enforcement authority does not have on its staff roster any specialised human resources, any financial analyst, accountant, forensic accountant, attorney or certified financial investigators to properly analyse and investigate intelligence reports. “This makes it extremely difficult to identify and investigate money laundering promptly and effectively. The authorities have indicated that these skill sets are sourced when required and legal advice is obtained from the office of the director of public prosecutions. “While the [RBPF] indicated that they recognised that training was critical and important, they also openly admitted that there had been a lull in training at the department. The Bahamas has not displayed characteristics of an effective system.”
The CFATF report said the two RBPF units responsible for dealing with money laundering were the Business and Technology Crime Squad (BTCS), and the Tracing and Forfeiture Money Laundering Squad. While between them they have 13 officers, the report said there had been no money laundering convictions in the Bahamas during the four years prior to the assessment. While one conviction was obtained subsequent to the report through a fraud case, the CFATF added: “Significant weaknesses in effectiveness are in the areas of ML/TF (money laundering/terror financing) confiscations, investigations, prosecutions and convictions.... “Two of the officers have some limited exposure to financial crime investigations. Additionally, there are also legislative and institutional challenges which collectively contribute to what can be considered an extremely low degree of effectiveness.” While RBPF personnel said they understood the risks and implications of money laundering for the Bahamas, the CFATF report said: “This was not manifested in investigations and prosecutions for money laundering. Focus is placed on the predicate crimes such as drug trafficking and fraud, which are considered the highest risk rather than money laundering.”
Among the issues that “negated pursuing” money laundering offenders, the report found, were inadequate staffing and training within the RBPF; the fact it took three-five years to adjudicate criminal matters in the Bahamian courts; a heavy police workload; and the laundering of criminal proceeds outside the Bahamas. “No effort is made to pursue money laundering in instances where fraud matters are terminated when the accused opts to pay the victim,” the CFATF report added. “Parallel money laundering investigations were not considered before, as the focus is on prosecution of the predicate offences only. However, parallel investigations are now being conducted by the BTCS as part of a new police initiative to combat money laundering. “This clearly is a step in the right direction, as the BTCS is the authority that presently has the only money laundering case before the courts of the Bahamas.” The CFATF report said the Bahamas has 10 specialised prosecutors to deal with financial crime, but the director of public prosecutions preferred to use the Proceeds of Crime Act and asset forfeiture as the key weapon in combating financing crime. “The authorities are of the view that the Proceeds of Crime Act provides a tool for the [RBPF] to obtain the proceeds of crime, and it was more prudent to proceed with forfeiture than to charge for money laundering,” the CFATF report said.
“The view seems premised on the assumption that forfeiture and confiscation is a far greater deterrent than prosecution of money laundering.... The policy to focus on investigating predicate offences rather than money laundering has resulted in only one money laundering case being presently before the court. This case resulted from a major fraud offence. “Given that The Bahamas is a substantial offshore financial centre with a large number of international business companies, this is inadequate.” The CFATF report said the RBPF’s BTCS unit received in 2014 a total
of 379 fraud-related complaints from victims who reported total losses of $5.1 million. Some 45 per cent of this sum, which amounted to $2.2 million, was related to fraud - a decrease from 2013, when 56 per cent or $4.5 million related to fraud. “Despite the significant amount related to fraud, the [RBPF] advised that approximately 60 per cent of this sum relates to fraud committed by foreign perpetrators and the proceeds laundered to other jurisdictions,” the CFATF report said. “According to the [RBPF] measures were taken to trace and seize proceeds laundered to
other jurisdictions through Interpol. During the period under review, the BTCS has had numerous successes in apprehending and charging criminal offenders with domestic cases of fraud. “For the period 20112013, 508 domestic criminal matters were prosecuted. However, 176 were discharged due to nonappearance of complainants; 50 were withdrawn by complainants who were compensated by the accused; 139 are pending outcome of trial; 112 matters resulted in convictions, where the convicted was fined and ordered to pay restitution.”
PAGE 6, Monday, September 25, 2017
Chamber chief: BPL contracts ‘certainly curious’ From pg B1 confidence, we will have this shadow of inequity or an unlevel playing field when bidding for these contracts. “It’s important to have a level of confidence that the process is fair to all. Even of they don’t get the contract, at least companies go through knowing the process was fair to them.” Mr Bannister’s House of Assembly revelations last week may have further harmed this confidence, as he alleged that firms with ties to Progressive Liberal Party (PLP) Cabinet ministers and supporters were handed lucrative brokerage and insurance contracts
despite not being selected as the preferred/best bidder. The Minister claimed that Bahamas Cargo & Logistics (BCL), a firm owned by the father of former education, science and technology minister, Jerome Fitzgerald, was awarded a BPL contract despite Pinder’s Customs Brokerage being identified as the best bidder. He alleged that the same happened with BPL’s insurance brokerage contract, which went to Sir Franklyn Wilson’s Sunshine Insurance rather than J. S. Johnson, the best bidder. Mr Bannister also cited a $4.592 million contract awarded to Penta Industrial Services, the company of PLP chairman emeritus,
THE TRIBUNE Errington “Minky” Isaacs, without any evidence of competitive bidding. Mr Sumner, though, expressed hope that the reforms planned as part of the IDB-financed Public Financial Management initiative will transform public procurement mechanisms for the better, making bidding processes and contract awards far more transparent. “The revelations that came out of BPL were a surprise to us,” he told Tribune Business. “Going forward we should see the improvement in public procurement. The Government is making moves that started before the election. “If you’re looking at having a level of confidence in public financial management, and restoring a level of confidence in the way contracts are awarded,
A DYNAMIC LANDSCAPING COMPANY HAS A VACANCY FOR AN
ACCOUNTANT
Summary Individual participates in the preparation of monthly accounts, account payments, receivables, and monthly profit and loss statements. Also includes maintenance of balance sheets, subsidiary ledgers and leading financial projects. Prepares journal entries, monthly closing and accounting analysis and supports management in carrying out responsibilities in the accounts department. Essential Duties The essential duties and responsibilities are listed below. • Prepare financial statements and reports including Profit & Loss statement and Balance Sheet • Record financial transactions and maintain accurate financial records • Ensure accurate and appropriate recording and analysis of income and expenses • Input financial data into ledger accounts and reconcile monthly • Prepare monthly management reports and provide analysis and recommendations to management • Compile, enter, and post monthly adjusting journal entries • Compute VAT taxes owed and prepare VAT tax returns, ensuring compliance with payment, reporting and other tax requirements • Review and resolve accounting discrepancies and irregularities • Prepare and analyze budget, and assist other staff with preparation of budgets • Prepare comparative reports of budgeted-to-actual costs • Manage accounts payables; review invoices for accuracy and ensure that bills are paid on time • Manage accounts receivables and ensure bills and statements are sent out to customers on a timely basis and early follow-up carried out on delinquent accounts • Provide information to auditors and external accountant(s) to enable annual audit and creation of financial statements • Advise staff regarding financial reporting and accounting policies • Oversee, supervise and train direct reports and ensure that work is carried out on a timely basis • Participates in annual performance evaluations of direct reports • Review payroll and ensure that salaried workers are paid on time • Conduct reconciliation of bank account(s) and credit card statement(s) • Implement internal controls to ensure financial security • Maintain paper and electronic filing systems • Responsible for wire transfer transactions • Ensure the security of financial information by completing QuickBooks backups Make best-practices recommendations to management on financial matters • Make recommendations to improve the financial position including reducing costs and increasing revenue and profit and identifying investment opportunities • Responsible for keeping Management informed about financial legal requirements Qualifications/Skills • Bachelor’s degree in Accounting • 5+ Years of Experience • Proficiency in use of Accounting software e.g. QuickBooks • Attention to detail and accuracy in accounting procedures • Knowledge of Microsoft Office (Word, Excel, PowerPoint, Excel, Outlook) • Ability to devise solutions to complex problems • Industry certifications (CMP, CMT, CLT, FCLC) • Strong communication, planning and organizational skills • Ability to work independently and in team settings
Benefits are commensurate with Job Experience. Please send Resume to hrnassau@gmail.com. Deadline – Friday September 29, 2017. Only those candidates short-listed will be contacted.
that process is going to be very important. When you bid on a contract, and are trying to get jobs from public entities, transparency and accountability in the process is key.” The Bahamas’ system of governance has evolved as a wonderful system of patronage, where supporters of whichever party in power tend to be awarded the lion’s share of government contracts, regardless of ability and/or capability. This has undermined the development of Bahamian
society as a meritocracy, and also contributed to the Government’s multi-million dollar annual deficits and $7.2 billion national debt by denying taxpayers value for money. Mr Sumner emphasised that the Government did not necessarily have to select the lowest bidder, but agreed that governance improvements were vital to restore investor confidence in the Bahamas. “There are so many things that need to be done,” he told Tribune
Business, “but we’re satisfied that things are being put in place on the Government side to take corrective action, and improve our image and management of the country’s assets. “As we go through and improve the public procurement process, we expect the system will be more conducive to anyone wanting to submit a bid, with the expectation that the process will be fair, transparent and equitable for all concerned.”
PAGE 10, Monday, September 25, 2017
THE TRIBUNE
Airline ‘more committed to Bahamas than ever’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net SILVER Airways says it is “more committed to the Bahamas than ever”, with its $1.1 billion fleet purchases potentially opening up more routes to this nation. David LeNoir, director of financial planning and analysis at the Fort Lauderdale-based airline, who was a presenter at the fifth annual Eleuthera Business Outlook, said the
airline’s plans to purchase up to 50 ATR-600 series turboprops could present more connection opportunities between the Bahamas and locations such as Georgia and the Carolinas. Silver Airways operates around 100 daily scheduled flights between gateways in Florida and the Bahamas, with more routes within Florida and between Florida and the Bahamas than any other airline. The airline services six islands in the Bahamas. Mr LeNoir said: “We connect places that aren’t just Fort Lauderdale and
Fishermen ‘not optimistic’ over grouper extension From pg B2
Orlando to the Bahamas. There’s a lot of opportunities for us to continue our business model. We are looking at how we can get more people to places like the Out Islands directly without having to go through, say, Miami or Orlando.” “We are more committed to the Bahamas than we have ever been,” said Mr LeNoir. “One of the things we want to capture more of, which we don’t right now, is the local market. We want to see more local Bahamian traffic.”
crawfish season, Mr LaRoda said that consideration to an extension should once again be given. “Grouper is a priced commodity and Bahamians want it. Why not extend the season?” he argued. “Fish science, like everything else, is not hard and fast. You will find some grouper still spawning before the season is closed, and even after the season is opened.
“It doesn’t necessarily have to close in December; it could close in January. Extending the season would help greatly in easing the burden off some of the communities which have been impacted by the loss of the crawfish season.” Mr LaRoda added: “Fishermen understand the need for conservation. Fishermen respect the closed season for
the Nassau grouper more than anyone else. People think that it is the commercial fishermen who are taking fish out of season and breaking the law, when it is really the recreational fishermen. “There are some who want this thing enacted in the fisheries regulations and our contention is that it shouldn’t. People need to eat. I’ll be damned if I see our fishermen starve while our sea is teeming with fish.”
ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) SANDDORN LIMITED IBC No.154495 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a) That SADDORN LIMITED is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 21st day of September, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 20th day of October, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
JOB OPENING Needed immediately experienced Nurses to work in Operation Theatre. Must have a good employment background, must possess a Bachelors Degree in Nursing, must have Operating Theatre experience and must be licensed in the Commonwealth of the Bahamas. For immediate consideration, please send your resume to: PHYSICIANS ALLIANCE LTD. P.O. BOX EE-17022 #31 COLLINS AVE. NASSAU, BAHAMAS FAX: (242) 326-8874
MARKET REPORT FRIDAY, 22 SEPTEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,864.54 | CHG 1.36 | %CHG 0.07 | YTD -73.67 | YTD% -3.80 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 3.45 7.25 12.51 11.00
52WK LOW 4.05 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 3.35 6.60 11.93 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.08 3.96 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.28 17.43 9.09 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.49 1.55 6.00 9.75 7.08 3.35 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 100.00 100.00 109.64 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.28 17.43 9.09 3.65 1.39 0.14 3.92 8.60 6.10 10.48 10.01 2.52 1.55 6.00 9.75 7.08 3.45 7.01 12.50 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.10 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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
109.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME 115
1,000
2,000
VOLUME
NAV 2.08 3.96 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01
EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
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
P/E 9.2 18.7 N/M 6.8 N/M N/M -4.6 15.0 9.0 19.4 17.9 24.7 3.4 5.0 12.7 12.3 3.7 -11.6 17.9 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 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 2.55% 4.51% 1.07% 1.53% 1.38% 2.48% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
NAV Date 31-Jul-2017 31-Jul-2017 28-Jul-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017
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 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 3.44% 5.69% 2.38% 3.87% 4.83% 4.62% 0.00% 9.86% 2.00% 4.96% 0.00%
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