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Uncertainty if Baha Mar completion target struck By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

either Baha Mar nor its main contractor were last night able to confirm whether Sunday’s ‘substantial completion’ target for the $4.2 billion project had been met. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business he was about to board a plane in Charlotte and unable to “verify” if China Construction America (CCA) had hit its October 15 target. “I can’t answer at this point in time,” Mr Sands replied. “I’d have to verify

* DEVELOPER, NOR CCA CAN CONFIRM OCTOBER 15 HIT * $4.2BN HOTEL YET TO GAIN FULL OCCUPANCY CERTIFICATE * LOUNGE CHAIR SOLUTION ‘MAY DETRACT’ FROM LOOKS and double check, and get back to you.” He referred Tribune Business to senior CCA Bahamas executive, Daniel Liu. But when this newspaper contacted Leslie Pindling, Mr Liu’s spokesman on CCA’s The Pointe project, he said the executive with responsibility for the Baha Mar project was Tiger Wu. Unable to confirm whether the October 15 ‘substantial completion’ deadline had been hit, Mr Pindling said he would e-mail Mr Liu, who is

QC: ‘LET THERE BE LIGHT’ ON GB POWER BUY-OUT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A prominent QC yesterday pledged to investigate “the rhyme and reason” behind the Grand Bahama Power Company buyout, and urged: “Let there be light.” Fred Smith QC, the Callenders & Co attorney and partner, who is himself a shareholder in ICD Utilities, told Tribune Business he felt Bahamian investors were being “kept in the dark” on the rationale for buying out their holdings.

* TO PROBE ‘RHYME AND REASON’ FOR EMERA OFFER * DISLIKES POSSIBILITY OF 100% FOREIGN CONTROL * MOVE OPPOSITE OF EDWARD ST GEORGE INTENTIONS Emera, the Canadian utility that owns 80.37 per cent of GB Power, is offering to acquire the minority equity interest held by Bahamian shareholders in a near-$35

SEE PAGE 4

ALIV: $5.6M BOND RELEASE SHOWS ROLL-OUT TARGETS HIT By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas’ second mobile operator yesterday said more than 4,000 subscribers have switched to its network, with regulators releasing $5.6 million from its performance bond. Damian Blackburn, Aliv’s chief executive, said the Utilities Regulation and Competition Authority’s (URCA) release of more than 30 per cent of its pledged security showed it

was meeting network rollout milestones. “We have had over 4,000 customers moving their number from the other operator [Bahamas Telecommunications Company] to us,” said Mr Blackburn. Mobile number portability was launched in April 2017, allowing consumers to retain their existing number for commercial purposes and ease of contact while switching providers. Aliv said it has more than 80,000 subscribers. Mr

SEE PAGE 6

currently in China, with Tribune Business’s inquiry and get back to this newspaper. The uncertainty over whether CCA has hit target came as well-placed Tribune Business sources last night revealed that Baha Mar has yet to obtain a full certificate of occupancy (CO). The $4.2 billion project is still operating under the temporary certificate of occupancy (TCO) issued in March 2017 prior to its ROBERT SANDS

SEE PAGE 5

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Mail boat woes ‘unacceptable in the 21st century’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MAIL boat practices are creating further hardship for Family Island economies, a Chamber of Commerce executive yesterday warning: “This is not acceptable in the 21st century.” Roderick Simms, chair of the Chamber’s Family Island division, told Tribune Business he was receiving constant complaints from the southern Bahamas that some mail boats were not abiding by governmentimposed freight tariffs. Revealing that other parts of the Bahamas have also been impacted by this practice, Mr Simms said businesses and consumers

* SOME OPERATORS NOT ADHERING TO GOV’T TARIFFS * ISSUE ADDING TO FAMILY ISLANDS ‘HARDSHIP’ * CHAMBER DIRECTOR: ‘STOP KICKING CAN DOWN ROAD’ were being equally impacted by price fluctuations resulting from mail boat operators “charging whatever they want to charge”. He added that other complaints related to infrequent sailings; missing goods; and perishables that went bad during voyages because refrigeration equipment was broken.

SEE PAGE 6

FINANCIAL PROVIDER SLAMS ‘ABSURD’ IMF By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN financial services provider yesterday slammed the IMF’s “absurd” conclusion that this nation has minimised the economic impact of the sector’s contraction. Paul Moss, principal of Dominion Management Services, told Tribune Business that the job losses alone showed that the International Monetary Fund (IMF) was “dead wrong and dead off” in its findings. Responding to the paper that concluded the Bahamas had “managed” well the 65 per cent decline in bank and trust company assets in the five years to 2016, and contained the

* ‘DEAD WRONG AND DEAD OFF’ ON CONTRACTION * JOB LOSSES SHOW ‘DOWNWARD SPIRAL’ * URGES END TO BANK ‘ENCROACHMENT’ “spillover” impact, Mr Moss said he and many other executives “certainly don’t recognise” such a scenario. Warning that the financial services industry was “in a downward spiral” and “will surely die” under its present structure, the Dominion chief said proposed regulatory fee increases would only further drive up the Bahamas’ cost of doing business. He suggested that the Bahamas also reserve company incorporation and administration services for locally-owned firms, and stop the banks and trust companies “encroaching”

on this revenue stream. “I certainly don’t recognise that,” Mr Moss told Tribune Business of the IMF’s conclusions. “I was in the United Arab Emirates, and spoke to the Crown Prince and others. They said that when the IMF comes to them they take out what is useful, and reject what is not. This is clearly what I recommend to the Government of the Bahamas. “The IMF is correct in its assessment of the way we ought to go with a low rate corporate and income tax. But it is incorrect to suggest that the contraction, to the extent they suggest, has not had an

effect on the industry and wider economy. It’s absurd. “They are dead wrong and dead off. Anyone with an inch of sense can see that to suggest a contraction of 65 per cent has no effect is absolutely ludicrous.” Mr Moss continued: “I can tell you there are many people without jobs because, right now, there not sufficient opportunities within the country because of the contraction. “You speak to anyone in this industry and they will tell you the industry is engaged in a downward spiral, and they don’t know how this will come back and if it ever will come back. If we keep it as presently structured, it will surely die.”

SEE PAGE 3

PAGE 2, Tuesday, October 17, 2017

THE TRIBUNE

BAHAMAS POWER AND LIGHT COMPANY LTD.

REQUEST FOR PROPOSALS

Bahamas Power and Light Company Ltd. invites RFPs for the services described below:

TENDER NO.: 983/17 SUPPLY OF FUEL OILS NEW PROVIDENCE & THE FAMILY ISLANDS

TENDER NO.: 976/17 CUSTOMS CLEARANCE AND DELIVERY TO AND FROM THE SEA PORTS/DOCKS IN NEW PROVIDENCE

TENDER NO.: 984/17 SHIPMENT OF FUEL TO THE FAMILY ISLANDS

TENDER NO.: 977/17 CUSTOMS CLEARANCE AND DELIVERY TO AND FROM THE AIRPORTS IN NEW PROVIDENCE

RFP SUBMISSION(s) SHOULD BE MARKED WITH THE RELEVANT NUMBER(s) AS NOTED ABOVE AND ADDRESSED TO:

The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas Deadline for delivery to BPL: On or before 4:00 p.m. on Friday, October 27, 2017 BPL reserves the right to accept or reject any or all proposals. Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas Deadline for delivery to BPL: On or before 4:00 p.m. on Tuesday, October 31, 2017 BPL reserves the right to accept or reject any or all proposals. Bahamas Power and Light Company Ltd.

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BAHAMAS POWER AND LIGHT COMPANY LTD.

REQUEST FOR PROPOSALS

Bahamas Power and Light Company Ltd. invites RFPs for the services described below:

TENDER NO.: 947/17 ENGINE CLEANING & MAINTENANCE OF SURROUNDING AREAS CLIFTON PIER POWER STATION TENDER NO.: 948/17 ENGINE CLEANING & MAINTENANCE OF SURROUNDING AREAS BLUE HILLS POWER STATION

Prospective Bidders are required to send an email to bpltenders@bplco.com indicating which of the tender(s) they wish to respond to so that the document(s) can be forwarded and any updates, clarifications or responses to questions can be responded to via email. RFP SUBMISSION(s) SHOULD BE MARKED WITH THE RELEVANT NUMBER(s) AS NOTED ABOVE AND ADDRESSED TO: The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas

TENDER NO.: 979/17 LANDSCAPING CONTRACT FOR PARKING LOTS & BIG POND COMPOUND SITES TENDER NO.: 980/17 LANDSCAPING CONTRACT FOR BLUE HILLS POWER STATION (BHPS) SITE TENDER NO.: 981/17 LANDSCAPING CONTRACT FOR CLIFTON PIER POWER STATION (CPPS) SITE TENDER NO.: 982/17 LANDSCAPING CONTRACT FOR SUBSTATION SITES

Deadline for delivery to BPL: On or before 4:00 p.m. on Tuesday, October 31, 2017

On or before 4:00 p.m. on Tuesday, October 31, 2017

BPL reserves the right to accept or reject any or all proposals.

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

Deadline for delivery to BPL:

Bahamas Power and Light Company Ltd.

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THE TRIBUNE

Tuesday, October 17, 2017, PAGE 3

CHAMBER LAUNCHES BANKING FEE SURVEY By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday launched its own survey on banking fees in response to private sector complaints. Edison Sumner, its chief executive, told Tribune Business: “The Chamber will be launching a banking sector survey where we will be seeking input from members of the Chamber and

businesses at large on their concerns. We have been hearing many complaints, for instance, about banking fees and service generally. “We thought that as part of the research agenda we will be undertaking a full banking sector survey, and the results will be made public. “We will use that information to see how we can improve on the services, and understand what the services are and understand the fee structure being imposed on consumers.

“We will gather the information and sit with the banks to let them know our findings,” said Mr Sumner. Besides impacting individual Bahamians, the fee increases also affect businesses, who are likely to regard the situation as a further impediment in an already burdensome ‘ease of doing business’ environment. Mr Sumner said all the commercial banks are members of the Chamber. He added that the private sector body will also attend

talks between the Government, Consumer Protection ComClearing Banks Association and mission; the Price Control Central Bank this Thursday to Commission; and the Bahamas address the issue of bank fees. Bureau of Standards and Quality Dion Foulkes, minister of will also be in attendance. labour, announced last week that The Central Bank, the indushis Ministry has received “numer- try’s regulator, has previously ous reports and complaints” stated its opposition to imposabout bank fees and charges. ing price caps on commercial These focused on increases in bank fees, warning that this could fees associated with cheques have unintended negative consecashing and for credit card late quences for consumers. payment. It has exhibited a preference for The chairpersons and mem- addressing the issue via greater bers of the three consumer competition and consumer protection agencies, the education.

Bahamian compliance specialist addresses gambling vulnerability A BAHAMIAN compliance specialist has educated Jamaican bankers and financial services providers on how to prevent money laundering in the gaming industry. Cheryl Bazard, for a third year, was invited to present at Jamaica’s annual AntiMoney Laundering (AML)/ Counter Terrorism Financing (CFT) Conference, hosted by the Jamaica Bankers Association (JBA) in collaboration with the Jamaica Institute of Financial Services (JIFS). The conference, now in its sixth year, was held under the theme, Compliance: Detect-Arrest-Protect on October 9 - 10, with a post-conference workshop staged on October 11, at the Spanish Court Hotel in Kingston. Mrs Bazard spoke on the topic, Gaming - Best AML practices to manage PatronRelated risks, in addition to serving as a chair for all sessions held on day two of the conference. “The conference was an opportunity to once again join the Caribbean diaspora

in the education of the gatekeepers in the AML/CFT arena,” said Mrs Bazard, the founding president of the Bahamas Association of Compliance Officers (BACO). Mrs Bazard, an attorney by profession, received “high commendations” from participants. Darlene Jones, the JIFS’ executive director, said her presentation was “well received” and “very effective”. Nearly 200 persons participated in the conference, including AML/CFT compliance practitioners from deposit-taking and non-deposit taking financial institutions; attorneys; auditors from the local and regional financial sectors; real estate practitioners; gaming industry executives; accountants; and regulators. The Bahamas’ first ICA specialist, certified in money laundering risks in betting and gaming, Mrs Bazard said the sector’s size, number of participants and transaction volumes all created potential money laundering risks.

The gaming industry has also undergone significant change through the growth of online and mobile channels, which has added to the challenges facing sector regulators. In a typical money laundering scheme, the proceeds of crime are taken to casinos as cash. Cash is exchanged for gambling chips at the tables. Some chips are taken to the cashier and exchanged for a cheque marked ‘winnings’ or transferred to a bank account, which is then considered legitimate income. Other chips could become underworld currency to pay debts and buy drugs. Mrs Bazard added that online gaming provides an easy way for criminals to launder money. This typically involves the opening of numerous accounts on various online games to move money around.

The former Senator told attendees to watch for patrons who depart from regular play patterns; require multiple destinations for funds; request multiple monetary instruments for win payout; and generally structure transactions to avoid reporting requirements. “A good compliance programme protects the reputation of the gaming institution. It ensures compliance with statutes, regulations and policies,” Mrs Bazard told the conference. “It promotes safe and sound business practices, and protects the gaming institution and the country from becoming victims of illegal activities.” Mrs Bazard will next speak at the Bahamas Institute of Chartered Accountants’ (BICA) corporate governance seminar on today.

CHERYL Bazard (left) and Darlene Jones, executive director of the Jamaica Institute of Financial Services (JIFS).

FINANCIAL PROVIDER SLAMS ‘ABSURD’ IMF FROM PAGE 1 That is a reference to Mr Moss’s belief that the Bahamas must switch from a ‘no tax’ to ‘low tax’ corporate and income tax platform, both to shed its ‘tax haven’ perception among G-20 members and enable it to adopt to the new ‘tax transparency’ environment. “It’s had a terrible impact,” he reiterated of the financial services industry’s shrinkage since 2000. “People no longer in the industry are trying to find space and they can’t because there is no growth. “We have let Bahamians go, they are not working, and some have not been working for years. I don’t

know what the IMF are getting at. It seems to me that the IMF and others are wanting to see the demise of such international financial centres. “I can never say that downsizing we’ve had over the last few years has not had an effect on the industry. It’s absolutely ludicrous.” Mr Moss said his company received electronic and ‘hard copy’ resumes from Bahamians seeking work “on an almost daily basis”, and said proposed regulatory fee increases - set to take effect in the New Year - would only add to the coming burden from automatic tax information exchange and enhanced anti-money laundering

regulations. “It’s going to drive up costs. It’s going to make it even more difficult for businesses to exist,” he told Tribune Business. “You also have the encroachment by the banks and trust companies, doing business that ought to be reserved from them for financial and corporate services providers.” Mr Moss said banks and trust companies enjoyed an unfair advantage, as they were able to enter the company incorporation, management and administration business, yet smaller, often Bahamianowned corporate providers were unable to do banking business because they did not hold the necessary licenses. “That ought to be

reserved for the average corporate service provider, who is Bahamian, and given to Bahamians so that they have an opportunity in this industry by becoming registered agents and company administrators,” he told Tribune Business. “I’m not sure we understand the industry. We don’t have a proactive approach. We’re reacting every single time, and not proactive to see what are the headwinds for us to attack. “It all comes down to transparency and the shedding of the tax haven status, but we seem impotent to do anything about it until the persons from the OECD and IMF come cracking down on us.”

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PAGE 4, Tuesday, October 17, 2017

THE TRIBUNE

QC: ‘Let there be light’ on GB Power buy-out FROM PAGE 1 million deal that would potentially transform Grand Bahama’s monopoly power provider into a 100 per cent foreign-owned company. Mr Smith said he “dislikes the concept” of a totally foreign-owned utility provider, especially since GB Power’s annual financial statements will no longer have to be disclosed as a consequence of ICD Utilities de-listing from the Bahamas International Securities Exchange (BISX).

He added that the proposed buy-out of Bahamian shareholders was also contrary to the late Edward St George’s intentions, which were for local interests to retain a significant stake in GB Power via ICD Utilities. “I am a shareholder in ICD Utiliies,” Mr Smith told Tribune Business, “and I do not understand the rationale for this supposed swap, which will result in the shareholders of ICD Utilities no longer having any shareholder rights in Grand Bahama Power Company as it is.

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“Although I am not a direct shareholder in Grand Bahama Power Company, I have derivative rights through ICD Utilities. As such, Grand Bahama Power is still answerable to the shareholders of ICD Utilities, but I am concerned that this process will strip the shareholders of ICC Utilities of their derivative rights in Grand Bahama Power.” Tribune Business yesterday reported that the terms of Emera’s offer would ultimately result in ICD Utilities’ dissolution and de-listing from BISX, with shareholders given the option of exchanging their holdings for depository receipts (DRs) issued by the Canadian utility. However, ICD Utilities’ end will mean GB Power’s annual financial statements no longer have to be published since there is no local public shareholding. As a result, Bahamians will no longer be able to fully scrutinise the utility’s financial performance, something Mr Smith described as “unacceptable”. “I don’t want Depository Receipts in Emera,” he added, arguing that there were better ways to achieve Emera’s objective of “streamlining” the corporate ownership structure for GB Power. The Callenders & Co attorney argued that “the better way” would be for GB Power to instead issue shares directly to Bahamian investors in proportion to their existing ICD Utilities holdings. This, Mr Smith said, would enable Emera

to liquidate ICD Utilities while allowing Bahamian shareholders to have a direct equity stake in GB Power. “I just don’t understand why there is this apparent rush to virtually deprive the shareholders of their rights, either directly or indirectly, in Grand Bahama Power,” he added. “By this proposal, GB Power could become 100 per cent foreign-owned, and all Bahamians with shares in ICD Utilities will have no interest in their own power company in their own island. I just don’t like that concept.” Mr Smith continued: “I am going to look into the rhyme and reason for this. As a minority shareholder in ICD Utilities, I am going to try to educate myself about what is going on here. “I’d like to understand the benefits that Emera is achieving, and any negatives that may be suffered by the shareholders of ICD Utilities. What are we winning, and what are we losing? “This just goes against the grain to me. As a shareholder, I feel like I’m being kept in the dark. Let there be light.” Emera told Tribune Business that its offer was “a win-win for all involved”, enabling it to boost its investment in Grand Bahama while giving Bahamian shareholders three ‘exit route’ options that may generate increased investment value. The Bahamian minority investors in ICD Utilities,

the BISX-listed holding vehicle for a 50 per cent equity interest in GB Power, can accept a price of $8.85 per share for their holdings, representing a 26.25 per cent premium to the current $7.01 BISX price, and 33 per cent premium to the “24-month volume-weighted average price”. Alternatively, they can trade their ICD Utilities shares for 0.913 Emera depository receipts, enabling them to switch their narrowly-focused investment in GB Power for an international stock with worldwide utility investments. Four depository receipts will equal one Emera share, giving Bahamian investors exposure to the potential upside generated by the Canadian utility’s spread of assets in Canada and the Caribbean. The third and final choice is to take a combination of cash and depository receipts (DRs), and capital markets sources have told Tribune Business that Emera’s offer represents good value for Bahamian investors. Mr Smith, though, said the buy-out proposal was the opposite of the concept developed by Mr St George, the late Grand Bahama Port Authority (GBPA) co-chair, who had always wanted to maintain a Bahamian equity interest in GB Power. Recalling the original structure, the QC added: “The concept was that Southern Electric was not supposed to be a majority

shareholder in Grand Bahama Power, so that Grand Bahama Power would remain 50 per cent owned by a Bahamian entity with Bahamian shareholders. “The concept was always that the shareholders of ICD Utilities would 10 per cent in dividends per annum. “That has not happened for a long time.” Ironically, Emera gained its GB Power foothold by acquiring Mr St George’s 50 per cent interest in ICD Utilities, which was sold by his wife to finance then family estate’s then-litigation with the Haywards over their GBPA interest. Mr Smith questioned whether the Hayward and St George families would accept Emera’s offer if they still held ICD Utilities shares, and said the proposal also created public policy issues for the Minnis administration. With the offer already approved by the Bahamas Investment Authority (BIA), Mr Smith added: “I would like the BIA to share with the Bahamian public the details of the rationale for this transaction. “I just don’t understand it, and the Bahamian public - if they are going to be stripped of ownership in their own power company - should have a better explanation. “Given that this is a government dedicated to transparency, accountability and public consultation, I urge them to fully educate the public about what is going on.”

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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2017 CLE/qui/00601

IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of all those TWO pieces parcels or lots of land being Lot Numbered 28 and 29 of Churchill Subdivision situate about 800 feet North of Soldier Road in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas. AND IN THE MATTER OF the Petition of NAOMI ROKER (in respect of Lot No. 28) AND IN THE MATTER OF the Petition of HERBERT ROKER and NAOMI ROKER (in respect of Lot No. 29) NOTICE THE PETITION OF NAOMI ROKER and HERBERT ROKER and NAOMI ROKER in respect of:ALL THAT piece parcel or lot of land being Lot No. 28 in the Churchill Subdivision in the Eastern District of the Island of New Providence and bounded on the NORTH by Lot No. 29 in the said Subdivision and running thereon Two hundred Forty-eight and Two-hundredths (248.20) feet EAST by a Forty (40) feet wide Road known as Churchill Drive and running thereon Fifty and One-thousandths (50.01) feet SOUTH by Lot No. 27 in the said Subdivision said to be the property of one McKinney and running thereon Two hundred and Fifty-three and seventyeight hundredths (253.78) feet WEST by Ideal Estate Subdivision and running thereon Fortynine and Eight Hundredths (49.80) feet.

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AND ALL THAT piece parcel or lot of land being Lot No. 29 in the Churchill Subdivision in the Eastern District of the Island of New Providence and bounded on the NORTH by Lot No. 30 in the said Subdivision said to be the property of one McDonald and running thereon Two hundred Forty-two and Sixty-four hundredths (242.64) feet EAST by a Forty (40) feet wide Road known as Churchill Drive and running thereon Fifty (50.00) feet SOUTH by Lot No. 28 in the said Subdivision and running thereon Two hundred and Forty-eight and twenty hundredths (248.20) feet WEST by Ideal Estate Subdivision and running thereon Forty-nine and Eight Hundredths (49.80) feet. THE PETITIONERS claim to be the owners 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 their 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.

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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 Thirty (30) days after the final publication of these presents, file in the said Registry of the 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 Thirty (30) days after the final publication of these presents will operate as a bar to such claim.

Applicant must have at least 5 years’ experience in resort management with at least 3 years operational experience in food and beverage, front office and housekeeping. Applicants should be able to provide at least three references. Interested persons should email their resumes to: info@shipmateltd.com

Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioners’ Attorneys, Suite # 6, Gomez Building Dowdeswell Street east of Christie Street in the City of Nassau, The Bahamas.

NORWOOD A. ROLLE & CO. Chambers Suite #6 Gomez Building Dowdeswell Street east of Christie Street Nassau, N.P. The Bahamas Attorneys for the Petitioners

THE TRIBUNE

Tuesday, October 17, 2017, PAGE 5

Uncertainty if Baha Mar completion target struck FROM PAGE 1

‘soft’ opening, this newspaper was told, meaning there are still construction-related issues to be addressed. However, Tribune Business’s contacts said this was unlikely to be a major impediment to Baha Mar’s full opening - with the main implications likely to be for CCA’s ‘substantial completion’. “They don’t have a certificate of occupancy. They have a temporary certificate of occupancy,” one source said of Baha Mar. “Does CCA’s contract require that they have a full certificate of occupancy as part of the substantial completion?” They added that “part of the challenge” for Baha Mar in obtaining a certificate of occupancy “is a project like this never ends. They are always constructing some new facilities. “They have work that isn’t complete,” the source said, “but it doesn’t stop them operating in the manner they are, as they’re not trying to fill 2,300 rooms yet.” Baha Mar’s SLS Lux and Rosewood properties are due to open in November 2017 and March/April 2018, respectively. Graeme Davis, the destination resort’s president, told the media during a July tour of the property for the Minnis administration that the project was “on target” to obtain its full occupancy certificate. The TCO gives Baha Mar and its prospective owner, Chow Tai Fook Enterprises (CTFE), “full rights” to use all Baha Mar amenities in the first phase ‘soft opening’, including the convention centre, casino and casino hotel. However, it remains “on the hook” for

any unsafe, non-compliant Building Code issues that need to be addressed. Once these matters are dealt with, the Ministry of Works releases any remaining authority over the project via a full Certificate of Occupancy (CO), with all permits and approvals granted to Baha Mar. CTFE’s purchase of the mega-resort destination is supposed to close by December 1 this year, and is contingent on CCA completing the project’s

remaining $700 million construction. Baha Mar’s October 15 ‘substantial completion’ target was revealed in CCA’s lawsuit against Source Outdoor, the Florida-based supplier that it accused of withholding 50 per cent of the project’s lounge chairs. Failure to hit that date, CCA claimed in its late June 2017 lawsuit, will expose it to penalty fees of $150,000 per day - rising to $250,000 per day after one month - under the terms

of its construction contract with the China ExportImport Bank, Baha Mar’s secured creditor. CCA, though, in a subsequent amended version of its action, dropped all the alarmist language about fears of missed completion deadlines and financial sanctions. It merely said that it had been “damaged”, and added: “It now must find an alternate source for chairs that may not match the chairs already received, detracting

from the appearance of the five-star resort for which they are intended. “It must do so on an expedited basis in order to meet its contractual obligations to the owner of the Baha Mar project. It is expected that it will incur extraordinary costs because of the predicament in which it finds itself as a consequence of Source’s intentional, malicious misrepresentations.” Baha Mar’s main contractor has thus been forced to

source from an alternative supplier, and now appears quite relaxed about its dispute with Source Outdoor. It told the south Florida federal court on October 12 that the matter has gone to mediation, with a professional mediator to oversee talks. And case management filings show that, should the need arise, the dispute will only go to trial on October 1, 2018, at earliest - more than one year after it kicked-off.

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PAGE 6, Tuesday, October 17, 2017

THE TRIBUNE

Mail boat woes are ‘unacceptable in 21st century’ FROM PAGE 1 Mr Simms called for “a national conversation” on reforming the mail boat sector and inter-island freight transportation, arguing that the Bahamas had “kicked the can down the road” far too often. He said conversations with Frankie Campbell, minister of transport and local government, indicated that the issue was “top of

the radar” for the Government, and he urged mail boat operators to negotiate increased tariffs with the Minnis administration if current rates were pushing them into a loss. “We have to do something about the mail boats nationally,” Mr Simms told Tribune Business, adding that the situation was causing further hardship for already-struggling Family Island economies and

communities. “The mail boats are not operating on time, they have no care and regard for the islands, they have no care for the Government tariff put in place; they charge whatever they want, stuff goes missing and, when the freezer is not working, they have to throw their clients’ goods away.” Mr Simms said he had received complaints from north Andros as well as the southern Bahamas about

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the situation, adding that it impacted inventory and financial management for businesses on these islands. “We as taxpayers are already subsidising the mail boats,” he added, “and the mail boats are charging their own prices. If I’m a business owner on the island, I have to pass that extra cost on. They’re not abiding by the standard rate, and I can’t absorb those extra costs. There’s no consistency in the prices and cost of goods.” Mr Simms said the inconsistent freight rates and charges made consistent pricing impossible, and affected compliance on goods that were regulated by Price Control. He added that he discussed the issue with former minister of transport and aviation, Glenys Hanna Martin, who was “very responsive” but little action occurred. The Chamber executive said the matter had now been raised with her successor, Mr Campbell, and Miriam Emmanuel, the MP for the MICAL constituency, which appears “particularly challenged” by the problem. With the issue seemingly “top of the radar” for both, Mr Simms added: “We

FROM PAGE 1 Blackburn, a former Digicel executive, added: “You have to make sure that your vision is clear and deliver on it. People are beginning to have faith in our service.

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

BISX ALL SHARE INDEX: CLOSE 1,959.41 | CHG -8.13 | %CHG -0.41 | YTD 21.20 | YTD% 1.09 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.15 5.83 8.60 6.30 4.30 14.49 2.59 1.60 6.00 10.00 11.00 3.85 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.26 0.12 3.80 8.40 5.83 3.15 10.00 2.18 1.40 5.80 8.75 6.38 3.35 6.61 11.93 10.00

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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 E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE 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 2.09 3.96 1.97 170.77 146.34 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 1.26 0.15 3.92 8.60 6.10 4.22 10.01 2.59 1.40 6.00 9.75 7.08 3.85 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 100.00 100.00 100.00 109.86 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.65 1.26 0.15 3.92 8.60 6.10 4.22 10.01 2.59 1.40 6.00 9.75 6.38 3.85 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 0.00 0.00 0.00 0.00 -0.70 0.00 0.00 0.00 0.00

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

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

109.28 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.58 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 165

2,530 1,385 9,274

VOLUME

NAV 2.09 3.95 1.97 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.113 0.140 0.600 0.000

P/E 9.6 18.7 N/M 6.8 N/M N/M -4.6 14.1 10.6 21.5 17.2 25.4 3.6 4.9 13.1 11.1 12.4 -10.5 23.0 0.0

YIELD 1.87% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.84% 5.69% 2.32% 3.57% 4.83% 4.62% 0.00% 2.94% 2.00% 4.80% 0.00%

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

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

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

INTEREST 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% 2.92% 4.43% 0.98% 1.19% 1.54% 2.45% 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-Aug-2017 31-Aug-2017 25-Aug-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

only two ways to get freight on to the islands - shipping and air - and sea freight is a lot more economical but not reliable.” Should the mail boat problems persist, Mr Simms suggested that the Bahamas look at competing options, such as encouraging Bahamas Ferries to further expand its services and deliver “more efficient and economic freight”. He argued that the failure to address the situation to-date was “no longer acceptable in the 21st century”, and said: “This is not a situation that came up last year or only the year before. It’s been going on consistently.” Mr Simms, who is presently in Inagua, said mail boat concerns had not only been raised with him on that island, but also on Mayaguana. He recalled being informed by an Acklins couple how they had paid $60 for a shipment of gasoline, and the vessel operator never delivered it. “The shipping industry in the southern Bahamas is a Wild, Wild West,” he charged to Tribune Business. “This cannot be allowed to go on every year. It’s something that’s been going on for too long now.”

ALIV: $5.6M BOND RELEASE SHOWS ROLL-OUT TARGETS HIT

MARKET REPORT MONDAY, 16 OCTOBER 2017

can’t keep on letting the mail boats operate in this manner. We need a national conversation. We can’t keep on kicking this can down the road.” Acknowledging that the Government-mandated tariffs may be causing mail boat operators to function at a loss, he urged the sector to lobby the Minnis administration to increase freight rates rather than take matters into their own hands. “If the tariff needs to change, let’s change it,” he told Tribune Business. “They’re supposed to abide by the tariff set by the Government. They should advocate to the Government to revise the tariff; don’t necessarily charge what you want to charge. “The Minister of Transport and Local Government has to rein in these mail boat operators; they cannot be allowed to operate however they want. They charge $10 one week, then $20 the next, and my prices fluctuate and I have to pass it on to customers who are already suffering economic hardship. It’s hurting already-fragile economies. “We have to look at it. It’s creating economic hardship on the islands, and the islands are already burdened as it is. There are

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

“In the license that we were given last July there were certain network rollout milestones. The first was to be up and running in New Providence and Grand Bahama by October 1 last year. We were up and running, and URCA validated that. “We also had to meet certain quality tests for call quality and data speeds. An $18 million bond was put up as surety for meeting those milestones. Today, I think URCA has released about $5.6 million of that bond. That shows we have been making good progress.” Mr Blackburn added: “We were a bit slower than the original plan with our roll-out on Andros, Exuma

and Bimini, but we are on track.” He said a co-location agreement with the Bahamas Telecommunications Company was critical to the roll-out plan on those islands. Co-location, which is a standard practice in the global communications industry, involves BTC and Aliv sharing the same mobile tower sites and other network facilities, particularly on the Family Islands. Mr Blackburn said that in addition to Aliv’s service, the company’s roll-out on the Family Islands had provided additional employment opportunities.

NOTICE

NOTICE is hereby given that SILVENIE CEUS of Summerset Estates, 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 10th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARCUS JOSEPH of Garden Hills, New Providence, The 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 twentyeight days from the 17th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RAMON FELIZ SUEROZ of #3 Apt.,Nassau, Village, New Providence, The 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 17th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MARIE CLAUDE PETITHOMME of Ernest Street, New Providence, The 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 17th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.