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MONDAY, SEPTEMBER 28, 2020
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Dollarisation must ‘be on the table’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A
N ex-attorney general says full dollarisation of the Bahamian economy must “be on the table” as the country faces “a tipping point” due to the devastation inflicted by the COVID-19 pandemic. Alfred Sears QC, who held the post during the 2002-2007 Christie administration, told Tribune Business that the unique challenges that The Bahamas now faces merited a “closer look” at the concept of replacing the Bahamian dollar with its US counterpart. “We are already moving to dollarisation, but we need to look at that even more closely,” Mr Sears said, “especially as we move to a national debt of $9.5bn. It has to be on the table. We have to think in terms of stability. COVID-19 has
• Ex-AG: ‘Definite option’ as Bahamas at ‘tipping point’ • But govt ‘not pursuing currency switch at this time’ • DPM: B$ liability conversions ‘not a simple switch’
ALFRED SEARS QC
K PETER TURNQUEST
taken all the normal matters of macro financing off the table. “The Bahamas has never been in a position where the national debt is almost equal to GDP, where revenues are insufficient to meet the government’s necessary obligations, and where we have to borrow in order to pay civil service salaries. “This is a new frontier for
The Bahamas. The normal that we knew is not coming back. The world we knew in March 2020, where we were looking at seven million tourists coming, primarily off cruise ships, that world is not coming within two years or probably even more,” he continued. “We have to pivot now. We cannot wait to pivot two years from now. There will
Oil explorer targets pre-Christmas well By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas may gain an exploratory oil well Christmas “present” for 2020, it was confirmed yesterday, as the project’s proponents urged environmental activists to give “a fair representation of the facts”. Simon Potter, pictured, Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business its rig supplier has committed to providing “one of the world’s most
advanced drilling ships” for the Perseverance One well that the company plans to dig in waters several hundred miles south-west of Andros near the maritime boundary with Cuba. And he confirmed that Stena had indicated its Stena IceMAX vessel will arrive close to the start of the planned drilling period, which is December 15, 2020, thus making it possible for drilling to start just before Christmas 2020.
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Increased testing eyed as tourism’s quarantine answer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday signalled that post-arrival COVID-19 testing for tourists may be part of the solution to “easing” the mandatory 14-day quarantine impediment to the industry’s revival. Dionisio D’Aguilar, minister of tourism and aviation, while declining to provide details on the outcome of talks between his officials and the Ministry of Health said an announcement on a proposed solution could
“hopefully come this week”. Disclosing that the two ministries, as well as the Prime Minister’s Office as the COVID-19 “competent authority”, had settled on a plan, Mr D’Aguilar said all government agencies involved in the discussions were now “working on the mechanics” of how it would be implemented and rolledout nationwide. Confirming that The Bahamas has no plans to abandon the demand for a negative COVID-19 PCR test from visitors prior to
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be no external reserves left. This is a fantastic opportunity for The Bahamas, but we need the imagination and we need the courage to create a new platform for the national economy.” While the US dollar currently operates in parallel to its Bahamian counterpart, full dollarisation as advocated by Mr Sears would see it totally replace the latter as the only currency in use in this nation. Such a move has been previously discussed at various intervals by economists and others, but The Bahamas has so far shown little sign of making such a move. To-date, only Panama and several US satellite territories have opted for full dollarisation, with such
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Stem cell provider suffered $30m loss By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A PIONEERING Freeport-based stem cell therapy provider lost more than $30m over its lifetime prior to being placed in Supreme Court supervision, it can be revealed. Cheryl Simms, the Kikivarakis & Co accountant now confirmed as the Okyanos Centre for Regenerative Medicine’s’ full liquidator, revealed in her first report that the company had lost some $30.172m - some $14.856m of which was incurred over the three years to end-2019. These losses provide some insight into why LS Enterprises, Okyanos’ main debt financier, may have been eager to petition for the company’s court-supervised winding-up in the aftermath of Hurricane Dorian’s devastation given that it was owed some $12.438m in outstanding principal and interest. “From a review of the company’s audited balance sheet as of December 31, 2017, and December 31, 2018, and its unaudited balance sheet as of December 31, 2019, the company has consistently made losses having accumulated
$14.856m in total losses over those three years,” Ms Simms wrote. Tribune Business previously reported that Okyanos had just $5.667m worth of assets, including just $335,218 in cash, to cover $13.22m in liabilities, thereby creating a $7.553m solvency deficiency. Ms Simms told the Supreme Court she had recovered $42,100 out of $75,140 owed to Okyanos in accounts receivables earlier this summer, and was also seeking to reclaim pre-paid expenses of $95,459 which had gone on work permits and inventory that were now no longer needed. Other sources of recovery were $76,000 owed by an unnamed related party, plus a $36,312 VAT receivable due from the Government. Two potential buyers were already said to have emerged for Okyanos’ highend medical equipment, with a reconciliation of medical supplies inventory said to be worth $86,638 also underway. Justice Indra Charles’ August 31, 2020, decision explaining her rationale for granting the winding-up of a company that was seen as
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PAGE 2, Monday, September 28, 2020
End-October targeted for digital B$ national roll-out BAHAMIANS are seeking greater security assurances around online transactions, the Central Bank has revealed, as it readies for the digital currency’s national roll-out beginning on October 20. The regulator, in a statement, said it plans to expand the Bahamian digital dollar beyond the pilot islands of Exuma and Abaco by making it accessible through authorised financial institutions (AFIs) that come under its oversight. The Central Bank said eight financial institutions, including one commercial bank, four money transmission businesses and three payment services providers, have already
CENTRAL Bank logo. been “onboarded” as AFIs able to offer the digital Bahamian dollar services through either their own electronic apps or the Sand Dollar app. Sand Dollar is the name that has been given to the initiative, which involves
THE TRIBUNE the creation of a Central Bank-sponsored digital currency. The regulator said the eight institutions’ own Sand Dollar apps are now undergoing a cyber security assessment to ensure they cannot be compromised by external interference. The Central Bank pledged that such testing will be “robust and intensive”, with all AFI providers scrutinised for security by an international firm before they gain approval to link to the Sand Dollar platform with their own apps. This comes after surveys showed consumers and businesses needed “assurance around the safety of conducting online transactions.” “Six AFIs are in the final stages of this cyber security assessment; which evaluates their custom apps; the overall security posture of the business; and reviews the coding practices applied in application development,” the Central Bank said. “As to security, Sand Dollar-integrated wallets are enabled with multi-factor authentication features. All mobile devices are required to support a device passcode or biometrics to
access the app and complete transactions.” The Central Bank said this would supplement the “due care and attention” that Sand Dollar providers will have to take over each transaction, while “each [customer] wallet provides a unique set of data encryption to ensure privacy and confidentiality” along with data protection. All financial institutions supervised by the Central Bank can operate as sponsors of mobile wallets for the Sand Dollar initiative, and maintain clearing accounts with it, including commercial banks, credit unions, money transmission providers and payment services providers. “Within this group, money transmission businesses and payment services providers have already invested in technology platforms to offer mobile wallets to the public from the outset,” the Central Bank added. “So far, four money transmission businesses, three payment services providers and one commercial bank have been onboarded as Sand Dollar authorised financial institutions. These
AFIs are enabled to offer Sand Dollar services to stakeholders either through their custom apps (after successful completion of a cybersecurity assessment) or through the generic Sand Dollar app.” The Central Bank said it expected commercial banks and credit unions will initially facilitate the connection between a person’s mobile wallet and bank account. It suggested that their offering actual digital wallets themselves would only likely start in 2021. “Banking sector integration is enabled in the first instance through the ACH (Automated Clearing House) that will link deposit accounts with digital currency wallets,” the Central Bank said, adding that there will be three “tiers” of digital wallet subject to different levels of Know Your Customer (KYC) verification. “These are low-value personal wallets with the least demanding account opening requirements, but with more restricted transaction limits; regular personal accounts in line with the established, flexible customer due diligence for
existing banking and financial services; and business or enterprise accounts, subject to further KYC rigour and with higher limits for transactions and holdings of the digital currency,” the regulator said. Outreach and engagement efforts with private sector stakeholders over the digital Bahamian dollar will last into the 2021 first quarter, the Central Bank said, while discussions with government services and utilities will get “more intensive” during the 2021 first and second quarters. Draft regulations for the Sand Dollar will be released to the public this month. “The intended outcome of Project Sand Dollar is that all residents in The Bahamas would have use of a Central Bank digital currency, on a modernised technology platform, with an experience and convenience - legally and otherwise - that resembles cash. It is expected that this will allow for reduced service delivery costs, increased transactional efficiency, and an improved overall level of financial inclusion,” the Central Bank said.
Exploiting COVID to make tourism more sustainable BY THERESE TURNER-JONES WORLD Tourism Day, celebrated on September 27, comes at a sobering time for the Caribbean. Travel is unlikely to return to normal for another year, or even well into 2022. We need to make this a transformational moment to emerge from the pandemic stronger. We must move away from being merely tourist dependent. We need to harness the industry to make our islands safer, greener and more resilient. Tourism has had a big but narrow economic impact. Big in that it is our main economic sustenance. Prepandemic it accounted for between 34 percent and 48 percent of gross domestic product (GDP) in The Bahamas, Barbados and
Jamaica. Aruba, Antigua and Barbuda and The Bahamas are the three most tourist-dependent economies in the world. Fourteen of the 15 most tourism-dependent nations in the Americas are in the Caribbean. But the impact is also narrow. Many tourists came in cruise ships and stayed for short periods. Or they stayed in properties on our beaches to enjoy the warm waters and golden sands. There is nothing wrong with this. Nature has blessed us with coastline beauty we can share with our visitors. We can do much more, however, to make the experience for tourists richer and to the benefit of more Caribbean citizens. Of course, in the short term we must continue to mitigate the impact of the pandemic by supporting individuals who have lost their incomes and protecting our productive assets so we can bounce back quickly. We need to have our hotels and restaurants ready when the visitors return. The staff who have been laid off will need training to engage our visitors in a different way. We also need to be smart in how we re-open. Many small island states flattened - and even crushed - the COVID-19 infection curve through social distancing measures and travel restrictions, albeit at a big cost for our citizens. So countries are looking to re-open. This carries risks. Cases spiked in The Bahamas in July when restrictions were relaxed. We need to base our re-opening decisions on the prevalence of the virus in each source country, and manage risks by insisting on either pre-testing before arrival or on-site testing upon arrival. Barbados has been particularly strong in implementing these risk management techniques. At the same time, we can begin working on a new kind of tourism that is more attuned to the future and the needs of our island economies. Indeed, environmental sustainability has to underpin any actions as we reinvent the sector. This is the lesson of Hurricane Dorian and so many others. The Galapagos Islands are looking to enhance the local sustainability of tourism by balancing ocean resources and human needs. This includes lengthening the stays of tourists to reduce the number of arrivals; producing more food locally and in sustainable ways; housing visitors in hotels that use renewable energy
sources; and using boats that are powered by noncarbon fuels, among other measures. A second key to the future of tourism is making it a much richer experience than beach trips. According to consumer research by Euromonitor in 2019, four out of five American visitors would be interested in culture-based tourism. Visitors want to learn and interact more with local communities. They are eager to try local foods and enjoy adventures that become stories they can tell friends upon their return. Getting more visitors in communities generates new revenue sources for local business, and enhances culture, community identity and pride. The Compete Caribbean Partnership Facility has worked with the Caribbean Tourism Organisation to develop a tool-kit for communitybased tourism that appeals to the digitally savvy adventure seeker by providing easier access to authentic experiences. An example of this kind of eco-tourist experience is Barbados’ Coco Hill Forest, where visitors learn about regenerative agriculture and organic farming in hiking treks, group planting activities and farm-to-table dining. The Caribbean has natural resources for nature-based as well as culture-based solutions scuba diving in the reefs; shark diving in The Bahamas; and exploring the rich biodiversity of the forests in Trinidad and Tobago. Several initiatives are seeking to help make these riches more locally relevant. IDB Lab, in collaboration with the United Nations’ World Tourism Organisation, has launched a challenge to support innovative technologies to bring new life to the tourism sector in 15 countries in Central America and the Caribbean. We have convened a movement to gather ‘moonshot’ ideas that will transform the Caribbean, including for tourism. I am confident these will be the seeds that add to an ecosystem of innovation and creativity that has marked our cultures. We have so much to offer to visitors and the world. Let us turn this pandemic into an opportunity. NB: Therese TurnerJones is a Bahamian and manager of the Caribbean department for the InterAmerican Development Bank (IDB).
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THE TRIBUNE
Monday, September 28, 2020, PAGE 3
DPM indicates govt will Family Islands see no continue COVID support rebound until mid-2021 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE deputy prime minister yesterday indicated the government’s COVID19 support initiatives will likely extend beyond their end-September expiry given the delayed re-openings of many major hotels. While not wanting to “pre-judge” any Cabinet conclusions, K Peter Turnquest told Tribune Business the Minnis administration will “decide this week” whether to continue programmes such as the governmentfunded unemployment benefits extension given that many Bahamians and their families will need such assistance “for a bit longer”. He added, though, that any continued spending will not require the government to undertake any additional borrowing beyond that already approved by Parliament to cover the 2020-2021 budget’s projected $1.327bn fiscal deficit. Instead, Mr Turnquest indicated that the Ministry of Finance would look to reallocate existing Budget funding to provide extended support for individuals, households and businesses amid the wait for tourism’s return and ongoing uncertainty over the strength and timing of its comeback. He acknowledged that the delayed re-openings of properties such as Baha Mar, Sandals Royal Bahamian, the British Colonial Hilton and Club Med had dashed the government’s hopes of making quick, significant inroads into the unemployment rate and welfare dependency, and hinted that the government had little choice but to continue propping up the economy for the time being.
“We did absolutely anticipate and hope, certainly, that the major hotels would be able to open and hire some of their staff - we didn’t anticipate all - but we hoped it would be some - to lessen the burden on the central government,” Mr Turnquest told Tribune Business. “We recognise those people [hotel and tourism workers] are in need of assistance for a bit longer, so we’re looking at the budget to see how we can move things around to assist as many people as we can for as long as we can while ticking off some people whose industries have re-opened even though they may not be receiving the income they used to have and cover those that do not have an income at all. “We’ll try and adjust the programme so that those people have at least something through this period. I don’t want to pre-judge it, but we appreciate the need for continued assistance in this difficult period.” Besides the confirmed resort closures, other major hotels such as Atlantis have also held-off on setting a reopening date as they assess multiple concerns including the level of COVID-19 infections in both their major source markets and The Bahamas. The government had been hoping that major resorts would have been encouraged by the Ministry of Tourism’s recommended October 15 re-opening date for the industry that is The Bahamas’ largest private sector employer, which would have given hotels time to prepare for Thanksgiving, Christmas and the upcoming winter season. The anticipated re-opening was seen as moving persons from the social security/unemployment lines and back to work, thus reducing pressure on the
government and National Insurance Board (NIB). The latter has paid out close to $100m in unemployment benefits, with its minister, Brensil Rolle, having previously said this level of demand could create major liquidity pressures for NIB by endSeptember if the economy was not reopened and functioning. Combined with the government, they have paid out $146.5m to some 43,200 persons to-date. However, the present mandatory 14-day quarantine period imposed on all persons arriving in The Bahamas is deterring many potential visitors from travelling to this nation, giving the government little alternative but to continue assistance such as the 13-week unemployment benefit extension; the Small Business Continuity loan programme; and the tax deferral and credit initiative. Mr Turnquest, though, said any extension of these initiatives would not impact the government’s budget preparations. “At this point we have no plans for any additional borrowing outside the envelope we have authorisation for from Parliament,” he added. “Some things are not going to happen because of COVID-19. Those funds we will be able to reallocate, and we will look at those areas to see how we can give people assistance.” There has also been silence over whether the temporary furlough, which allows businesses to send staff home without paying them full severance, will be extended beyond endSeptember. Several sources have suggested this runs until the emergency powers orders end in October, but some workers are now pressing for full termination packages rather than just receiving $150 per week.
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island businesses have described 2020 as “a wash” despite their recent re-opening and believe economic conditions will not rebound until mid-2021 at the earliest. Pedro Rolle, the Exuma Chamber of Commerce’s president, told Tribune Business of the recently-relaxed COVID restrictions: “In all honesty it is not a noticeable difference in terms of the economic activity on the island. “The reason for that is even though the restrictions have been relaxed nothing much has happened because people are not moving about or travelling. The restrictions made very little sense for the average traveller or for the business traveller, that is. “It’s expensive for people to move in terms of having to get the [COVID-19 PCR] test and all of those other things. Legally they can come, but it makes very little sense from a business point of view to go back and forth, and so there has been no noticeable difference on the island,” he added. “Certain things we lifted as of last Wednesday, but it’s going to take a while and there is no money for people to do things, so I don’t expect we are going to see any noticeable difference economically for quite a few months. “I think that now until over the next summer we will see increases, and maybe June of next year will give us the opportunity to be back to some sort of normalcy, but I believe that when Sandals Exuma opens and the other hotels open towards the end of the year then you are going to be able to see activity increasing a little bit. I think things will get better as consumer
confidence increases bit by bit.” Christopher Cates, owner of the Lumber Shed, South Eleuthera, said: “Our biggest challenge here is that for South Eleuthera, our employment is directly related to the cruise line operations, in particular Half Moon Cay and Princess Cay. “Princess Cay has been making an effort to get some staff in for cleaning and that kind of stuff. But the majority of those people, they would normally work five or seven days - sometimes they work seven days back-to-back. They haven’t been to work since February. So that really puts a damper on our economy.” Mr Cates added: “The new money, or the M1 money, coming from outside sources simply isn’t here because the cruise lines are not retaining their staff as they are not operating. They have been closed and really we are just circulating old age pension and National Insurance Board benefits. That is just a drop in the bucket compared to what it takes to keep the economy rolling.” While Mr Cates said he was “grateful” for the COVID-19 restrictions being lifted, it has not translated into “a great deal of economic activity. We depend solely on cruise lines here.” “We have no resorts in South Eleuthera and the trickle down of tourists that would normally come to us from Governors Harbour and Harbour Island, they are pretty much in the same predicament,” he added. “This is a multi-faceted thing and I don’t expect us to get anywhere off the ground until the middle of next year. The cruise lines really have to get their act together, and get their approvals, before we can really start to do anything
here. Based on what I’m reading I don’t think we will get back up and running until next June possibly.” Joseph Rahming, president of the South Andros Chamber of Commerce, said: “We are concerned about the virus itself. It doesn’t seem like it’s there but if you open up, it may be a situation where we experience it. “The country doesn’t have the health facilities at this time to assist because it is overcrowded. Health is more important than wealth; you can’t trade that. But I think the schedule of the bonefishing business has picked up, and that’s coming up at the end of October, I’m hearing, and that’s going to be until November, so that’s an economic boost for the island. We’re not afraid of those clientele because they are rich people and rich people don’t really mingle socially.” Ms Juliet Newbold, general manager of the Andros Island Bonefish Club, said: “At present time we feel OK. It’s not the norm but persons are making the necessary adjustments, and we are wearing our masks and what have you. At present we don’t have any tourists at so business is pretty much shut down still.” David Dean, owner/ operator of D and B Bus Services in the Berry Islands, added: “There isn’t much opened on the island, and it isn’t much happening in bus services. We still don’t have a bunch of people coming in. “So business is still slow and it hasn’t picked up yet. I don’t see much before the end of the year; it may come late. I’m also in the tourism business and that has not picked up. Construction is going well; that’s about the only thing right now.”
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THE TRIBUNE
SAMUEL WILKINSON, financial and compliance consultant, presents digitally on cyber risk management during the inaugural lunch and learn hosted by BACO.
COMPLIANCE OFFICERS IN CYBER SECURITY FOCUS THE Bahamas Association of Compliance Officers (‘BACO’) focused on cyber security when it delivered its first lunch and learn webinar via Zoom last Thursday. The event, held under the theme, Cyber security management, the governance, risk and compliance (GRC) perspective, featured a panel of speakers. They included Rosena Duncanson, senior manager of risk advisory at Deloitte & Touche; and Samuel Wilkinson, financial and compliance consultant, Lydda Trust. The event
was moderated by BACO public relations chairperson, Derek Smith Jr. Maria Dorsett, BACO’s president, said: “We chose this very important and relevant topic considering the COVID-19 pandemic, which has impacted many business operations and undoubtedly increased cyber security threats. BACO is resolute in providing quality learning opportunities for our members and the governance, risk, and compliance community in general.” The virtual meeting attracted almost 200
participants representing governance, risk and compliance professionals from a cross-section of industries. Panelists tackled both technical and non-technical aspects of cyber security and information security while reinforcing the role the compliance officer must play in governance and overall risk management, including cyber security risk management. BACO’s executive vice-president, Endric Deleveaux, said money laundering reporting officers (MLRO) day will be held on November 5, 2020.
Royalty-linked property placed for sale at $23m AN 80-acre North Eleuthera property once owned by a former British Cabinet minister and media mogul has been put on the market with a $23m price tag. Gun Point, located at the far northern tip of North Eleuthera, was deeded by King George VI to Lord Beaverbrook as crown land in gratitude for his service during World War II, when both the Royal Air Force and Royal Navy used The Bahamas as a base for allied operations. Lord Beaverbrook once owned much of the UK newspaper industry, including The Daily Express, Sunday Express and Evening Standard titles, even controlling the media in Scotland. He and Sir Winston Churchill were the only two persons to hold full Cabinet positions in both World Wars I and II and, in his role in Churchill’s War Cabinet, he helped guide the development of Britain’s aircraft industry. Gun Point, which features a boat, dock, tennis court and 3,000 coconut trees, is today owned by a Bahamian family with a strong stake in the suds and spirits industry. “The patriarch who loved to boat and fish from Gun Point, and enjoy the
peacefulness of the place knowing it was only a 10-minute ride from the North Eleuthera Airport, passed away last March. Putting it on the market was not an easy decision and if you visited you would understand why,” said Timothy Smith, the listing agent from Better Homes & Gardens MCR Bahamas Group. “You would be hard-pressed to find a more stunning or even comparable property anywhere in the world.” At nearly 80 acres, Gun Point boasts more than 3,000 coconut palms. There is a 4,000-square foot, 4-bedroom, 4.5-bath main house, caretaker’s cottage, dock and dock house, gazebos, tennis court, 210,000-gallon rain water catchment system, generator and housing. Miles of sandy beaches ring the peninsular where on one side a 45-foot high elevated rocky u-shaped border creates a dramatic and breathtaking viewpoint. “In this age where we are all looking for ways to be more self-sufficient, what’s interesting is that Gun Point also has its own native farm that produces seasonal local vegetables and fruit. The property is ideal for development, lending itself to a boutique fishing, diving, snorkeling water sports resort with luxurious spa and great food; a marina; or, for some lucky family, maybe maintaining it for personal use with great short-term rental potential.” Private islands or boutique Family Island properties such as Gun Point can rent
WHEN this nearly 80-acre property at the tip of North Eleuthera was listed for sale recently at $23m, it was another reminder of royalty’s role in The Bahamas. Once deeded to Lord Beaverbrook, the property known as Gun Point is currently owned by a Bahamian family and listed by Timothy Smith, pictured, of Better Homes & Gardens MCR Bahamas Group. for as much as $100,000 a week with full staff, on-site dining,and boating with crew and amenities. “When Lord Beaverbrook was offered any piece of property he wanted after the war as a gift of appreciation, he personally selected Gun Point, North Eleuthera, and while he also cut quite a figure in Nassau, he and his family spent many a happy time here enjoying the fishing, the tranquility and the beauty,” said Mr Smith. He added that interest in the listing has been “extraordinary”. There are single family residences, he said, in a few gated communities with similar price points “and this is nearly 80 acres with all the privacy you could ever dream of, and the potential for an amazing development – as well as the fascinating royal historic connection and the artifacts left in the main house to show it”.
THE TRIBUNE
Monday, September 28, 2020, PAGE 5
Increased testing eyed as tourism’s quarantine answer FROM PAGE ONE their arrival, the minister said the government had been maintaining a keen watch on what other tourism-reliant jurisdictions were doing to balance reopening with mitigating the risk posed by the virus. In particular, he cited the likes of Bermuda and Hawaii, which are both conducting COVID-19 testing when visitors arrive and, in the latter’s case, during their stay. The Dominican Republic, too, has shifted to testing for COVID-19 upon arrival, while Barbados, too, is conducting on-site testing of visitors. “I think we’ve decided on a plan; we’re just working on the mechanics of how to roll it out,” Mr D’Aguilar told Tribune Business. “We are working through all of the possible scenarios. Hopefully this week we will be in a position to make an announcement on the direction we want to go in. “We’ve essentially come up with an idea, and are going through all the necessary steps to ensure it can be rolled-out properly. What makes this destination problematic is it’s an archipelago, with multiple ports of entry and modes of transportation, and all the pleasure craft as well, which makes it rather complex in trying to get the plan we need to make quarantine work. It’s not like Barbados, with one airport and port.” Mr D’Aguilar declined to go into specifics on what the alternative to the 14-day quarantine might involve or look like, but dropped a heavy hint that post-arrival COVID-19 testing of tourists at both the airport and during their vacation could form part of the solution. “I will say this,” he said. “If you look at the number of destinations testing on arrival, if you look at the Dominican Republic, they’ve gone away from CPR testing before arrival to on arrival. We’re not going to be as ambitious as them. The PCR test will remain in place before arrival; it’s what happens after that. “Bermuda is testing on arrival and after arrival. Hawaii has rolled out doing PCR tests on arrival. A lot of countries are looking at ways to mitigate quarantine, and currently it involves increased testing as an alternative. We’re looking at ways to incorporate some of these ideas followed to work in our market. We all recognise the current scenario of quarantine is not going to work.” Given The Bahamas’ existing difficulties with testing and contact tracing involving its own citizens and residents, some observers are likely to be sceptical as to whether on-arrival and in-stay testing, or a combination of both, will adequately mitigate the COVID-19 risks involving tourists. Tracking down those staying in vacation rental accommodation could prove especially challenging. Mr D’Aguilar, acknowledging that many countries have still kept their borders closed to travellers from countries with high COVID-19 infection rates, further explained: “We’re trying to see how we can ease the restrictions in terms of movement of people but add additional health protocols to mitigate
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Dollarisation must ‘be on the table’ FROM PAGE ONE
DIONISIO D’AGUILAR any relaxation of staying in place for 14 days. “Everything you do has to be the same for visitors and residents. You can’t have a bifurcated system. Therein lies your conundrum. This is the reason why we’re looking at all of these options because persons involved in the hotel and tourism industry have indicated issues around quarantine. We’re reacting to that. “The whole explanation of a 14-day quarantine is a major impediment. It means the entire 14 days or length of your stay, and you have to explain to people the whole concept of quarantine. By the time you get through that explanation they’ve already moved on to the next destination. We’re looking to change the model, but not increase the risk,” the minister continued. “There’s no script on this. This is what our travel partners are saying, and then you try and incorporate the concerns of public health officials and cope up with a solution you hope will work. The Bahamas has not had to deal with a pandemic before, so I’m writing the book as we go.”
a substitution often used as a means of achieving economic stability when a domestic currency loses value to hyperinflation and other problems. But Mr Sears said: “I see it as a definite option. I’m a nationalist, but I think we have to begin to redefine the macro economy of The Bahamas and we have to certainly recalibrate the relationship with the US. This process is going to require us to do some recalibration that ought to have been done many years ago... “This is a tipping point. It’s a tipping point where if we don’t tip in the right direction the downward surge will be so precipitous and rapid it will be difficult to arrest. This is a tipping point, and why I say it’s a strategic opportunity. Why do we have to wait until we’re put into a situation where we have to devalue as opposed to seeing dollarisation as a one-shot deal?” One financial industry source, speaking on condition of anonymity, said giving up the Bahamian dollar would effectively cede control of Bahamian monetary policy to the US Federal Reserve and its setting of interest rates. They added, though, that The Bahamas currently enjoys little monetary policy flexibility anyway because this is geared solely towards the balance of payments, and preserving the one:one peg with the US dollar via always ensuring the foreign currency reserves are
maintained at sufficient levels. Suggesting that dollarisation would effectively remove the hook, or straitjacket, on which Bahamian monetary policy is hung kept, the source called for more debate on the issue and added: “I’ve always argued we should be dollarised and move to that as soon as we can.” However, K Peter Turnquest, deputy prime minister and minister of finance, yesterday told
Tribune Business that dollarisation is not something the government plans to pursue. He added that it was “not as simple” as many think, given that The Bahamas would need sufficient external reserves first before it could convert all its Bahamian dollar deposit liabilities into US currency. Central Bank data for August showed $8.157bn in demand deposits and notes in circulation versus $2.127bn in external reserves, highlighting this
problem. “It’s something we all keep in the back of our minds,” Mr Turnquest said of dollarisation “but it is not something we are pursuing at this time. “Everyone thinks stopping using Bahamian dollars is an overnight switch, but it’s not as simple as that. All the assets and liabilities have to be converted. It’s a huge challenge, coupled with the risk of devaluation in the process. It’s not something you can make an arbitrary or rushed decision on.”
NOTICE TO THE PUBLIC The Public is hereby advised that
Mr. Jamaine Bostwick, whose photograph appears, is NO longer an employee of PREMIER TRAVEL.
He is NOT authorized to conduct business for or on behalf of the company which includes but is not limited to transacting any business, receiving funds, giving instructions or act in any way for and on our behalf. Whoever transacts any business with him for and on behalf of PREMIER TRAVEL, does so at his/her own risk as the Company shall not be liable for such transactions and they will NOT be honored. MANAGEMENT
PAGE 6, Monday, September 28, 2020
The FinCEN files leak and its impact on the banking sector ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs
L
AST Sunday, September 20, BuzzFeed News International, a consortium of investigative journalists, published their analysis of a batch of leaked documents from the Financial Crimes Enforcement Network (FinCEN). The leaked files give account of more than 200,000 suspicious financial transaction reports,
occurred between 2000 and 2017, that were sent by banks all over the world to the US authorities. Some banks and other financial institutions in more than 170 countries were shown to be implicated in facilitating fraudulent activities, such as money laundering and allowing individuals to avoid sanctions that were supposed to prevent them from accessing the global banking system. Some interesting facts were revealed by the analysis:
THE TRIBUNE
CANARY Wharf in London, one of the world’s main financial centres. The banks involved include some of the largest and better-known names, such as HSBC, Barclays, Standard Chartered, Deutsche Bank and JP Morgan, and the reported irregularities include moving money for international crime syndicates and terrorist organisations. Interestingly, in some of the highlighted cases the banks prolonged the illicit activity, even after being cautioned by US officials. Also, it is worth noting that in the leaked papers the
UK is compared to Cyprus and classified as a higher risk jurisdiction, with over 3000 firms named in the FinCEN files. Traditional credit institutions are suffering the impact of interest rates at historically low levels, which dents the profit margins of loans, mortgages and credit cards – the bread and butter of the banking business. At the same time, many fintech start-ups are becoming serious competitors in the field of cash transfers and payments, threatening the position traditionally occupied by banks. This challenging environment is expected to become even more so. The leaked FinCEN papers highlight
the fact that despite being aware of the suspicious activities the institutions didn’t consistently take the necessary actions, allowing them to continue; this will have serious repercussions. Regulation will no doubt increase, which is likely to further reduce already tight operational margins and, even more importantly, it is expected that the organisations whose failures were uncovered by the investigation will end up paying hefty fines.
To give the readers some perspective, in 2014 the French bank BNP Paribas agreed to enter a guilty plea with the US authorities for facilitating deals with sanctioned countries such as Iran, Cuba and Sudan; it was the first time a global bank had agreed to a guilty plea for violating American economic sanctions and the total value of the fine paid was in the order of $9bn. It is probable that a similar outcome awaits several of the institutions whose failure to comply with international regulations was uncovered by the leaked files. As the full extent of the breaches was revealed, banking stocks plummeted and in Europe the Refinitiv Banks index, which measures the performance of bank stocks,, currently shows a drop of more than 30% for the year, making it the region’s worst performing sector. The stock markets’ reaction, as investors swiftly moved to price-in the new risks, provides a good illustration of the challenges some traditional financial institutions are facing.
THE TRIBUNE
Monday, September 28, 2020, PAGE 7
To advertise in The Tribune, contact 502-2394
STENA ICEMAX
Oil explorer targets pre-Christmas well FROM PAGE ONE This is unlikely to please Bahamian environmental activists such as those behind the Our Islands, Our Future campaign, who last week argued that The Bahamas “cannot afford to jeopardise our existing economic drivers” by drilling for oil as they obtained more than 10,000 signatures on a petition demanding that the Prime Minister cancel BPC’s and any future exploration licences. Mr Potter, in response, yesterday said he welcomed a “robust conversation” on all issues surrounding BPC’s plans but accused activists of seeking to “misconstrue or misrepresent” facts about the project and oil exploration as a whole. Asserting that BPC had always been transparent about its ambitions, he added that BPC’s Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) were public documents available for scrutiny, and that the company had been held to both Bahamian and World Bank/UN standards in developing its project. Mr Potter said any debate also needed to take into account The Bahamas’ present COVID-19 economic situation, and the “economic possibilities this could open up” if commercial quantities of extractable oil were found in BPC’s licence zones. He confirmed, though, that any oil recovered would be sold for processing outside The Bahamas, with the main benefits being royalties earnings for The Bahamas’ sovereign wealth fund as well as the jobs, education and training that BPC has committed to provide under its licence. The BPC chief spoke out after the oil exploration outfit on Friday announced that Stena had indicated the drilling vessel will arrive in Bahamian waters close to December 15, which is the earliest possible start date for Perseverance One. “The specific mobilisation location and exact arrival date of the rig will be confirmed by Stena no later than 30 days prior to the arrival date,” BPC said.
“Anticipated well spud date will be some three to four days after the rig arrives on location in the field. “This means that if the rig arrival is on or shortly after the 15 December, 2020, (as per Stena’s current indication), Perseverance No. 1 would be expected to spud prior to Christmas 2020.” Describing the Stena IceMAX as possessing “absolutely cutting edge technology”, and being of a size comparable to a cruise ship, Mr Potter said the vessel was “capable of operating in all types of environment” including The Bahamas where the water and drilling depths associated with the planned well are “relatively modest by international standards”. “It exceeds the parameters of the well which we will be drilling,” Mr Potter said, “entirely in compliance with the licence, EIA and EMP.” Turning to criticisms and concerns voiced last week by Casuarina McKinney-Lambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, who has teamed with Waterkeepers Bahamas to form Our Islands, Our Future, he added that BPC had always been open about its intentions for more than a decade. Affirming that the company was open to dialogue,
YOUR
Mr Potter responded: “Any robust conversation requires honesty and a fair representation of the facts. Many of these lobbyists seems to misconstrue or misrepresent the project or the facts about the industry.” Noting the environmental groups’ citing of Florida as a state that has placed a hold on oil exploration, Mr Potter said there were many others that had not done so. He added that there were 3,000 “installations” in the US, together with 10,000 offshore wells and “double” that number. And, pointing out that the Cayman Islands, Guyana, Trinidad & Tobago and Suriname have all permitted fossil fuel exploration in their territories, subject to the necessary health and safety standards, the BPC chief questioned whether it was “fair” for The Bahamas to enjoy none of the potential benefits from the industry when it already absorbed the risk of millions of oil barrels per day being shipped through its waters. “I’m saying that we’re open to a robust conversation but it has to be fact-based,” Mr Potter told Tribune Business. “It has to be based on the economic situation, the economic potential we believe this could open the Bahamian economy to, and fairness.”
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
PAGE 8, Monday, September 28, 2020
Stem cell provider suffered $30m loss FROM PAGE ONE a key player in The Bahamas’ efforts to kickstart medical tourism, said she queried whether Okyanos should remain in provisional liquidation to give it a chance to recover. “The court inquired of [John] Delaney QC, appearing for the petitioner, whether ‘soft touch’ provisional liquidation might be an alternative to a fullblown liquidation leading to the ultimate dissolution of the company,” Justice Charles recorded.
THE TRIBUNE
“‘Soft touch’ liquidation would leave provisional liquidation in place, thereby offering protection against individual creditor actions, and enabling breathing space for a restructuring of debts. And, assuming no wrongdoing by directors, the Board of Directors may remain in place with protocols between the provisional liquidator and the directors.” However, Mr Delaney said LS Enterprises, the company behind the winding-up petition, was a related party to Okyanos given that the two had common directors on their respective Boards. And, accepting that both Boards were in favour of liquidation, Justice Charles
NOTICE NOTICE is hereby given that RITCHIE D’ANGELO PRUDENT, of Palm Breeze Road off Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
accepted that Okyanos was insolvent and had ceased trading. Her judgment confirmed that LS Enterprises was owed more than $12m on some $15.9m that it had advanced to Okyanos via four separate lending facilities agreed between 2017 and 2019. The stem cell therapy provider’s troubles, though, were ignited by Hurricane Dorian which allegedly caused more than $2m worth of damage at its First Commercial Centre offices. “In the immediate aftermath of Hurricane Dorian, the company’s premises, operating facilities and equipment were not functioning nor functional,” Justice Charles said. “The Company attempted to mitigate loss and damage by moving equipment and supplies to a climate controlled storage and preparing the company’s operating facilities for mold
remediation but that was allegedly hampered by the landlord, whose servants and/or agents instructed the company’s personnel to cease and desist from such activities.” First Commercial Centre is headed by former Grand Bahama Port Authority chairman, Hannes Babak, with attorney Andre Feldman sitting on the Board. The landlord invoked arbitration proceedings after Okyanos gave notice it was terminating the lease, but any action was stayed by the provisional liquidation. “Following Hurricane Dorian’s devastations, the company’s business ceased, and never resumed,” Justice Charles added. “The company filed claims for damages with its insurance agents for losses arising out of the hurricane, but had not received the majority of such insurance proceeds.”
NOTICE
NOTICE is hereby given that LOUISENACK VICTOR, Shady Tree Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
LEGAL NOTICE
NOTICE SPECIALTY INCORPORATED
Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of September, 2020. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.
NOTICE is hereby given that ILICIA BAZILE TOUSSAINT, Spring Road, Lewis Yard, Grand Bahama is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Dated this 24th day of September, 2020
AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR
MARKET REPORT www.bisxbahamas.com CLOSE
CHANGE
2091.41
0.53
%CHANGE
YTD
YTD%
0.03 -140.19
-6.28
(242) 323-2330 (242) 323-2320
BISX LISTED & TRADED SECURITIES 52WK LOW 3.13 20.91 0.67 1.65 1.67 5.40 5.39 2.70 5.05 3.62 5.60 11.05 2.71 3.19 9.60 7.50 13.04 3.20 8.00 13.90
PREFERENCE SHARES 1.00
1.00
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
1.00 10.00 1.00
1.00 10.00 0.90
SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Focol Finco J. S. Johnson
SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ
Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00
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
52WK HI 2.34 4.41 2.12 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79
52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.79 1.73 1.06 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
SECURITY Fidelity Bank Note 22 (Series B) + Bahamas First Holdings Limited
SYMBOL FBB22 BFHB
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
MUTUAL FUNDS
MARKET TERMS
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: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0307 BG0330 BG0403 BG0407
LAST CLOSE 3.80 17.43 1.62 1.65 1.67 6.00 6.75 3.00 5.10 3.76 6.00 11.26 2.11 5.50 9.92 8.44 14.30 3.96 8.97 15.20
CLOSE 3.90 17.43 1.62 1.65 1.67 6.00 6.75 3.00 5.10 3.76 6.00 11.26 2.16 5.50 9.95 8.44 14.30 3.96 8.97 15.20
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.95
1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.95
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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
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
BARBERS say customer demand has been “sluggish” with the sector missing the usual back-toschool boost following the COVID-19 shutdown. Anton Minnis, vicepresident of the Bahamian Cosmetologists and Barbers Association (BCBA), told Tribune Business: “Things are moving sluggish, but for some it is going pretty good. We have to deal with the fact that a lot of our patrons aren’t working, so it’s not as robust as it used to be, but it’s workable and some level of sustainability is happening, so we are thankful for that. “Hopefully we should be seeing something pick up, but because of the COVID-19 we don’t recommend that the old practice of the MPs setting up barber booths are their
constituency headquarters for back to school.” Cameron Lubin owner/ operator of Cameron Clean Cutz, said: “It’s still a bit slow but it is what it is now. We are doing appointments only. Basically people are still home.” Beatrice Reid, owner/ operator of Eclipse Beauty Salon, said: “Things are going fine, I can’t complain. We don’t allow for walkins, only appointments. We have always operated by appointment for the hair stylists, but for me I am a nail technician. The hair stylists, they would take walk-ins, but since the pandemic we have not been doing that.” “We can’t complain, but we have seen a decline because most of our customers aren’t working in the hotel industry. For the most part we are hoping that business picks up but we are doing OK.”
To advertise in The Tribune, contact 502-2394 LEGAL NOTICE
NOTICE
AL NABA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)
AL NABA LIMITED 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 on the 23rd September, 2020 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
FRIDAY, 25 SEPTEMBER 2020
52WK HI 4.08 22.65 2.00 1.79 2.46 6.00 6.75 5.00 8.59 4.50 6.16 12.77 3.64 5.50 10.88 8.44 16.99 4.25 9.40 15.21
By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
NOTICE
(In Voluntary Liquidation)
BISX ALL SHARE INDEX:
BARBERS REPORTING ‘SLUGGISH’ DEMAND
CHANGE 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.03 0.00 0.00 0.00 0.00 0.00
VOLUME 3,000 1,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EPS$ 0.239 0.932 0.000 0.000 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
VOLUME
NAV 2.34 4.41 2.12 196.40 163.60 1.68 1.81 1.76 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.93 11.27
DIV$ 0.170 1.260 0.020 0.000 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 16.3 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.4 15.6 21.2 11.8 15.4 11.6 17.5 19.5 9.6 24.1
YIELD 4.36% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.19% 3.67% 6.39% 20.09% 1.09% 3.30% 2.84% 3.78% 3.03% 2.23% 4.01%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.25%
19-Oct-2022 30-Sep-2025
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.50% 6.25% 3.50% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2022
YTD% 12 MTH% 2.54% 4.13% 1.12% 2.44% 1.38% 2.55% 0.65% 2.50% -1.88% 3.33% 1.10% 2.34% -2.43% 1.49% 0.34% 2.43% -11.07% -9.92% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -4.20% 0.20% -8.60% -2.90%
MATURITY
NAV Date
31-Jul-2020 31-Jul-2020 31-Jul-2020 30-Jun-2020 30-Jun-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 30-Jun-2020 30-Jun-2020 30-Jun-2020
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands. Dated this 28th day of September, A. D. 2020 _________________________________ Leeward Nominees Limited Liquidator