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THURSDAY, OCTOBER 18, 2018

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DPM seeks IMF help for financial services

SEE PAGE 4

OLITICAL pressure from a former minister resulted in the award of a $1.46m computer supply contract to a web shop boss who earned a 30 percent profit margin on the deal. The revelation, by former Ministry of Finance financial secretary, Simon Wilson, was disclosed in a report to the Auditor General that exposed multiple internal control and procurement failings in the government agency charged with obtaining value for money for

‘Substandard value’ on govt lease deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LEASE payments between 57 percent to 200 percent above market rate have raised questions of “preferential treatment” and “substandard value for money” at the ministry of finance. A report commissioned by the Auditor General’s Office, and tabled in Parliament yesterday, exposes “significant challenges” to the ministry’s compliance with procurement laws

and regulations by highlighting its dealings with the Self-Starter initiative’s “poster child”. The probe, by Bahamasbased FTI Consulting, questioned why the ministry entered into three apartment rental agreements with a Bahamas Striping Group of Companies affiliate, despite it having no history or track record in the real estate/leasing business. While just one lease was executed with Atillio Holdings, described as Bahamas

SEE PAGE 5

Govt beat VAT target by 46% in first months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Christie administration beat VAT collection estimates by 46 percent during the tax’s first six months, raising further questions over how it could add $2.2bn to the national debt. The Auditor General’s report on the Government’s 2014-2015 financial statements, tabled in the House of Assembly yesterday, disclosed that it beat VAT revenue projections by $68.68m after

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Politician landed web shop boss $1.5m deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Deputy Prime Minister has urged top IMF officials to play a greater role in developing “objective” standards for assessing the Caribbean’s efforts to combat financial crime and tax evasion. K Peter Turnquest, pictured, made his call during an October 14 breakfast meeting with the IMF’s managing director, Christine Lagarde, and deputy managing director, Tao Zhang. He stressed that The Bahamas and other

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TERRANCE BASTIAN AUDITOR GENERAL the tax was implemented during the second half of that fiscal year. “In January 2015, the implementation of VAT

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* But Island Game chief had no IT experience * Report exposes contract award pressure * Led to ‘unusual spectacle’ at Ministry * Finance breaching regulations, own policy Bahamian taxpayers. The report, by Bahamas-based auditing and advisory firm, FTI Consulting, found that the contract was awarded to a company owned by Pete Deveaux, chief executive of the Island Game web shop chain, and his wife even though they appeared to have “no prior involvement in businesses relating to information technology or computer procurement”. Mr Wilson, who remains

on leave from his post, told FTI Consulting’s investigators that he was introduced to Mr Deveaux by “a senior elected official” in the Christie administration some three months prior to signing the April 3, 2017, “lease-to-own” agreement for the computer equipment. The report, tabled in the House of Assembly yesterday, said Mr Wilson did not interpret the meeting’s outcome as “an implicit

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RENWARD WELLS

‘Inconceivable’ for Post Office woes to continue further By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

instruction to do business” with Mr Deveaux, but that the senior official “tried to accommodate” the ex-minister’s suggestion - adding that such situations were “not uncommon” within government. FTI Consulting, though, suggested that the Island Game chief did little to earn his $455,000 gross profit, since he and his wife merely acted as brokers in

A CABINET Minister yesterday said he expects the General Post Office’s relocation to be completed before Christmas, adding that it would be “inconceivable” to allow its woes to continue into the New Year. Speaking outside Parliament after tabling a resolution for the Government to rent space for the Post Office at the Town Centre Mall, Renward Wells, minister of transport, said: “We will be moving in hopefully before Christmas,

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PAGE 2, Thursday, October 18, 2018

THE TRIBUNE

DRAWING THE LINE ON GOOD DESIGN D O I have to draw well to be a good designer? This is one of the most frequent questions designers always ask of me, and the main reason people give for not being a designer or any type. I have witnessed designers who have created terrible sketches but great designs, and great sketches by hopeless designers. Therefore, my answer to this question really is “Yes” and “No”. In reality, you only need to draw or sketch well enough to communicate your concept on paper without having to explain.

You may not win the beauty contest, but you will have to do well enough so that a fellow designer (or, if you want to be tougher on yourself, a non-designer) can understand what you are attempting to communicate. Notice the key words. They are not drawing, draw, design or sketch; it is “communicates”. A good sketch communicates an idea clearly and succinctly. And to achieve this, it is necessary to have an eye for detail. Designers are known to be pragmatic and observant. So, you love working with technology and people, and you are excited by the

thought of communicating visual messages to a large audience. Your only problem? You are not exactly a skilled drawer. The good news is you are not alone. And you certainly do not have to abandon your career goals just because you are not the next da Vinci. Drawing skills generally are not a requirement in most graphic design job descriptions, and are not listed in the top design job postings. So, take a deep breath, and know that the lack of drawing skills definitely is not a deal-breaker. There are many other skills you can employ to thrive in this

industry. To excel, it is essential to master how to operate design software, color theory, typography, composition, user experience (UX), the psychology behind marketing and so much more. These fundamentals of design are things you will acquire in accelerated graphic design programs. If you are not good at drawing, and do not aspire to be, there is always an option to focus on the more technical fields, such as user interface design and UX design. You can become an illustrator using collage, thereby not having to draw, but I am uncertain if you will be any good as an illustrator if you have not studied drawing. Then again, this begs the question: Why an illustrator if you have no interest in drawing? Is it not like saying you would like to be a doctor but do not want to study medicine? Drawing is like any other skill; all it takes is practice. Even the worst drawer can improve over time and become skilled. Prepare to work on improving your

drawing skills using /r/learnart, Proko (on YouTube), or DRAW platforms. Moreover, judging a design on aesthetics can seem a bit juvenile and lead to subjectivity rather than objectivity when evaluating it. In the same vein, a man who cannot communicate his ideas effectively is failing on the same mission as the one who had no ideas in the first place. Sketching is only “one” fragment of a design process. A strong understanding of proportions, colours and manufacturing processes are all other important elements that make or break a design. So, do not despair if your sketching ability at this time is not up to par, as there is always a chance to refine it as you move upstream. To this end it is evident that the aim of my article is to remind designers that they do not have to be the best sketcher to be a good designer. A designer needs to merely reach a level good enough to produce strong concepts and communicate their ideas creatively to attract the

The Art of Graphix BY DEIDRE M BASTIAN

targeted audience.Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally-trained marketing co-ordinator/ graphic designer with qualifications of MSc, BSc, ASc She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

PwC associate passes Series 7 A PRICEWATERHOUSECOOPERS corporate services associate, Lashan Bannister, has passed the Series 7 exam after studying with the Nassau-based Securities Training Institute (STI). Bettina Albury, STI’s general manager, said: “We are pleased to be able to play a role in preparing individuals to achieve this international designation in order to become qualified to participate in the securities industry in The Bahamas.” STI offers courses for the SecuLASHAN rities Industry Essentials exam; BANNISTER Series 7 exam; Series 6 exam; Chief Compliance Officer qualifying exam; and the Canadian Securities course exams, along with various one-day workshops catering to financial service professionals. Ms Bannister is pictured.

THE TRIBUNE

Thursday, October 18, 2018, PAGE 3

Politician landed web shop boss $1.5m deal FROM PAGE ONE outsourcing the procurement of hundreds of desktop computers, monitors and laptops to a Florida company. Their Xua Company Ltd, which handled the contract, was likely formed specifically to handle the computer equipment deal, given that it was incorporated on February 20, 2017, - less than two months before the deal’s signing, but after the meeting with Mr Wilson and the “elected official”. The report revealed that Xua Company was 213 days late in completing its contractual obligations, with the initial shipment “short” and incomplete, and many desktop computers lacking 50 percent of the promised memory capacity. No rival bids were received, as the contract did not go out to public tender, with Mr Wilson telling FTI Consulting “that leases are never subject to competitive bidding at the ministry of finance” - an assertion that was contradicted by other ministry officials. The report identified other discrepancies between Mr Wilson’s testimony and the ministry’s information technology (IF) officials, and suggests that the problems with the contract made have delayed the roll-out of Bahamas Customs’ Electronic Single Window (ESW) initiative that was designed to reduce the cost, time and bureaucracy associated with cross-border commerce. “Without prompting by FTI, Wilson referenced the computer purchase from Xua as an example of problematic procurement,” the report revealed. “Wilson said candidly that Xua, in particular, was selected as a vendor because of a suggestion made by a former senior elected official Pete Deveaux could provide financing to the ministry of finance should the need arise. “In a subsequent interview, Wilson confirmed that the purchase from Xua, and ultimately his execution of the agreement, followed from the meeting with the senior elected official and Deveaux. He also confirmed that the purchase was not competitively bid, and explained that leases executed by the ministry of finance, including

lease-to-own agreements, are not subject to Tenders Board review.” Mr Wilson indicated that Mr Deveaux’s ability to finance the computer equipment purchase was attractive when set against the ministry’s budget constraints, with just $200,000-$400,000 available in its accounts, and the urgent need to upgrade Customs’ IT capabilities for the ESW initiative. “Wilson understood at the time that Xua had no track record or business history as a computer vendor, and that its incorporation was predicated on the $1.46m computer equipment sale to the ministry of finance,” the FTI Consulting report said. “However, Wilson was familiar with Pete Deveaux and believed that he was generally well-regarded in the local business community.” Mr Wilson’s meeting with Mr Deveaux and the “senior elected official” took place three months before the contract’s execution at the latter’s office. “Wilson noted that at the time of the meeting the official also served in a ministerial capacity,” the report added. “Wilson believed that such an official’s role entailed occasional meetings with business people seeking to do business with the Government. Wilson recalled the official suggesting at the meeting that the ministry of finance could turn to Deveaux in the event it needed financing. “Wilson stated that no specific projects were discussed at this meeting, and there was no mention of computer equipment. He added that he did not interpret this official’s suggestion as an implicit instruction to do business with Deveaux,” it continued. “Rather, Wilson said that he tried to accommodate the official’s suggestion that Deveaux could be a suitable counterparty, and noted that it is not uncommon for such an official to offer suggestions to their subordinates with the expectation that they find a way to carry these outs, provided they do so in accordance with applicable laws and regulations.” FTI Consulting’s investigators said Mr Wilson revealed he later spoke with another, also unnamed, Cabinet minister in the former Christie administration who

“approved the agreement” with Mr Deveaux and Xua. “Wilson also believed that the Cabinet member was aware of his meeting with the senior elected official and Pete Deveaux,” the report added. The minister who recommended Mr Deveaux is not named in the report, unlike the many officials involved, which will prompt questions as to whether their identity is being deliberately protected. However, FTI Consulting said it could find no documents to support Mr Wilson’s allegations. Nevertheless, it found that Mr Wilson’s account raised “several concerns about the control environment at the ministry of finance” - especially the ability of civil servants to resist pressure from their political superiors over irregular contract awards that violate procurement laws and processes. “Although Wilson stated that he did not interpret [the meeting] as an implicit or explicit instruction to do business with Deveaux, it may still represent an example wherein ministry of finance personnel feel pressured to select vendors based on input from their superiors rather than through a competitive bidding process,” FTI Consulting said. “If Wilson had felt pressure to engage Deveaux as a counterparty but disagreed with doing so, it is unclear what independent ethical review bodies or reporting mechanisms, if available, would have or could have prevented such a non-competitive selection. “Ministry of finance does not appear to have any internal written policies or procedures that could provide an objective justification for its personnel to challenge irregular requests, explicit directives or implicit instructions from senior officials in regard to the selection of engagement of specific vendors.” The FTI Consulting report, which probed specific contracts as part of an investigation into the ministry of finance’s procurement processes and controls, exposed a situation that is particularly troubling for the Government’s efforts to get its debt and annual deficit under control. It indicates that the Minnis administration

BOUYGUES BATIMENT INTERNATIONAL, MSC Ocean Cay Marine Reserve, is seeking for its

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Implement relevant environmental management programs. Conduct project site environmental impact assessments. Implement and maintain environmental education awareness programs. Ensure that environmental management system requirements are implemented and maintained and follow up on all aspects requiring legal compliance. Review and update Company’s environmental procedures and policies when necessary. Maintain a system of reporting environmental incidents and review of recommendations to rectify deviations. Conduct weekly and monthly environmental inspections and audits based on project requirements. Updating and delivering employee training programs related to hazardous materials and waste. Maintaining accurate records related to chemical inventories. Submitting clear and concise written reports based on field inspections. Recommending and coordinating the development of programs needed by the Company to comply with hazardous materials regulations. Provide support as needed on the execution of the Company Health & Safety Management System. Back up the Company’s Health & Safety Officer in the performing of his duties when required.

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faces a steep, uphill climb to achieve its austerity targets even with the Fiscal Responsibility Bill’s recent passage. It confirmed that the Government’s Tenders Board is routinely bypassed in the awarding of contracts that should go before it, while the Financial Administration and Audit Act and accompanying regulations also appear to be ignored or breached. FTI Consulting said the value of the contract awarded to Mr Deveaux and Xua was “well above the threshold requiring Cabinet approval. It is possible that the agreement may have contravened the financial regulations if, in fact, no such approval was granted”. Its report also suggested the ministry of finance breached its own guidelines, which require it to only do business with companies that possess valid business licence, taxpayer identification numbers and other permits, and have an established track record in the relevant industry. Xua only gained its business licence and taxpayer registration certificate on May 24 - some six to seven weeks after the deal was signed. The latter permit was made “retroactive” to April 20, 2017, while Alecia Bowe, a partner at the Karam & Missick law firm, requested that the initial contract payments be made to JEMS Holdings, a business controlled by Judy Munnings, as Xua was still setting up its bank accounts. And, while the contract called for Dell computer equipment, Xua told the ministry of finance it had been informed by its Florida supplier that the models in question had been discontinued. It suggested that the Government instead acquire 2,190 computer monitors and 1,160 desktop computers manufactured by HP. The FTI Consulting report, though, suggested that this explanation was suspect as the Florida supplier, Intertech, had been barred by a US court order from selling or re-supplying Dell products for more than a decade. It added that the model supposedly discontinued was still available for order via Dell’s website, which “suggests an overall lack of

candor on the part of Intertech and Xua”. The computer equipment, after several delays, ultimately sparked “an unusual spectacle” at the ministry of finance when it arrived on September 13, 2017, last year. Among those attending to inspect the goods were two police officers, a Customs officer, Mr Deveaux and his attorney, two truck drivers, five to six ministry of finance personnel and acting financial secretary, Marlon Johnson. The inspection, though, was bungled as the equipment selected to break the lock and cut the wire on one container did not work. The inspection took place the following morning, with the Attorney General’s Office now also represented, and revealed that while all 400 laptops were present the shipment was “short” by 402 desktop computers and 216 monitors. Adrianna Knowles-Rahming, a ministry of finance officer legal adviser, wrote in a minute paper that she had been instructed by Mr Johnson to speak to the Customs comptroller and “ascertain what is required to have the computer hardware seized by Customs”. Her report included an invoice from Intertech to Xua for 1,246 pieces of equipment valued at $331,180, which was much less than the 3,132 items counted on September 14. “As a result, Knowles-Rahming warned that Xua may have ‘understated the amount or quantity of computer hardware in the two containers and the dollar value of the computer hardware’ in possible evasion of import taxes or duty,” the FTI Consulting report said. It added, though, that these allegations were unproven and that it obtained no information on any further investigation. While all the computer hardware ordered under the agreement was eventually delivered, ministry of finance officials then found that the HP desktop computers only had four gigabytes (GB) of memory instead of the promised eight GB. This was eventually rectified by Xua’s dispatch of five technicians in March 2018, although ministry of finance officials suspected they “may

have been students from the University of The Bahamas”. This Xua’s contractual obligations were completed 213 days after deadline. FTI Consulting questioned why the ministry of finance did not purchase the computer hardware outright, rather than do a lease-to-own deal that gave Xua a further $51,000 over contract’s value. And it also questioned “the value, if any added” by the company. “Based on documentary evidence, Xua agreed to pay $1.005m for computer equipment that it sold to the ministry of finance for $1.46m. This represents a gross profit for Xua of $454,907, and a gross margin of 30 percent of the value of the agreement, exclusive of taxes, duties, freight fees and other such expenses,” the report concluded. “Xua appears to have collected a gross profit of approximately $455,000 merely for acting as an intermediary in a computer purchase that was ultimately fulfilled by Intertech... “Although it may be true, as Wilson indicated, that Xua’s Pete Deveaux is a reputable business person, the sourcing and delivery issues encountered by the ministry of finance in its dealings with Xua are consistent with an inexperienced and unqualified computer vendor.” Mr Wilson told FTI Consulting he was unconcerned about Xua’s inexperience as an IT supplier because the contract detailed the equipment to be provided, and it “bore a significant financial risk” if it failed to perform. He believed, though, that the company’s profit margin was “minimal” as opposed to the actual 30 percent. And, while aware that Xua was using a third party, FTI Consulting suggested such outsourcing could be interpreted as breaching the contractual agreement. The report also found that Mr Wilson’s assertions that he kept the ministry of finance’s IT department informed of the Xua deal, and the ability to conduct non-competitive bidding, were contradicted by other officials.

PAGE 4, Thursday, October 18, 2018

THE TRIBUNE

DPM seeks IMF help for financial services FROM PAGE ONE Caribbean economies continue to be impacted by negative perceptions and historical biases that do not reflect the current strength of their regulatory regimes. He asked the International Monetary Fund (IMF) to take a become more proactive in developing objective, fact-based assessments of anti-money laundering and counter-terrorism financing reforms in Caribbean jurisdictions. “We need the Fund, through its own independent research and leveraging of the integrity of the Financial Sector Assessment Programme (FSAP), to bring more rigorous evidence to bear on the benchmarked quality of our regulatory regimes. This intervention must give more credence to the risk-based approach,” said Mr Turnquest. He identified two key research priorities as independently quantifying the economic and fiscal costs imposed on Caribbean international financial centres through initiatives launched by the European Union (EU)

and Organisation for Economic Co-operation and Development (OECD), and quantifying how the returns to these organisations compare with such costs. Mr Turnquest said The Bahamas shares the international goal of combating money laundering, terrorism financing and other illegal activities that could exploit weakly regulated financial centers. He added that this nation has taken significant steps to keep up with the international benchmarks for transparency and cooperation in tax matters, and continues to do so. Yet The Bahamas’ risk profile, in the eyes of international standard setters, is seen as static and little credit has been given for its reforms. Mr Turnquest said this will continue to threaten the correspondent banking relationships (CBR) that are vital to The Bahamas’ ability to conduct international commerce and attract investment. Suggesting that the Fund can play an advisory role through the FSAP process, Mr Turnquest argued: “The weight of the IMF should be brought to bear on more

objective, fact-based assessments of our progress on anti-money laundering/counter terror financing reforms; on more quantification of the unintended or, indeed, intended consequences of changing or widening scopes of international tax co-operation initiatives, on CBR outcomes and our economic diversification aspirations.” He referenced anecdotal evidence suggesting that the imbalance of international pressure on the Caribbean was creating growth opportunities for IFCs in larger economies This cannot be ignored, said Minister Turnquest, especially as the IMF has published advice recommending that countries in the region consider, in the extreme, exiting this business. “The call for Caribbean economies to diversify and become more resilient must consider more the consequences that black and grey lists have on access to correspondent banking, and how being on any list can, in an unintended fashion, undermine our jurisdictions’ efforts to attract foreign investments that promote diversity and resilience,” said Mr Turnquest.

VACANCY NOTICE

IP NETWORK SPECIALIST Cable Bahamas Limited is seeking to employ an experienced IP Network Specialist. The successful candidate must have IP Network Experience and the ability to lead in a technical environment.

Govt to ‘spare no effort’ in battle with poachers By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday pledged the Government will “spare no effort” in seeking out the owners of vessels found poaching in Bahamian waters, adding that winning the fight was “not about just talking strong but action”. Michael Pintard, minister of agriculture and marine resources, told Parliament: “We are committed to pursuing diligently, both home and abroad, the owners of these vessels, some of whom may be Americans, Dominicans and, quite possibly, Bahamians. “We will investigate, and will spare no effort to do so. There is a call that a number of these vessels held be sunk to make reefs in Bahamian waters. We also wish to say that there is also a need for vessels for scientific research purposes, and BAMSI has made a petition to Cabinet to utilise if only a couple of them for training purposes. There is no intention to allow these vessels to get back in the hands of fishers.” Mr Pintard also warned of greater restrictions over compressor permits. “Persons who have requests for compressor permits at the ministry. you have applied at the very wrong time,” he added. “It is very difficult to find a good rationale at this time to continue the process of these work permits. We are prepared, obviously, where

MICHAEL PINTARD

an application is made to evaluate on a case-by-case basis. The cases I have seen recently do not look good.” Mr Pintard told Tribune Business that the Government was looking to plug “loopholes” with regards to labour certificates, work permits and requests for compressor permits. “We want to reduce the possibility of persons working in our country who may not have this country’s welfare at heart. We support the fishers we have together,” he said. Mr Pintard also warned against establishing a “moving goal post” in addressing the poaching issue. “The call was made for fines to be hefty. The course delivered a remarkable set of fines, somewhere in the vicinity of $2m, some rounded off to $3m,” he said. “That created enthusiasm for a few days before

persons went back on the war path. “This cannot be a moving goal post. Progress is being made. Are we there yet? No, but are we making progress, yes. People continue to talk as if nothing is occurring but we must be measured and reasonable. This is not just a fishers problem only, this is our problem as a people.” Mr Pintard added that the Government is taking a systematic approach to the situation. “We are looking at border protection. We are amending the Fisheries Act with a view to doing a number of things, such as increasing the penalty for offenders and having strict guidelines for the size and species of marine products. Winning in this fight is not simply about just talking strong but also about acting in a strong way,” he added.

JOB SUMMARY The position of IP Network Specialist is a hands-on operational position working within the Network Operations Group. This role is expected to ensure maximum possible service availability and performance, provision customer network services on core equipment; provide IP engineering support to the Network Operations Team and other technical teams. In addition, to provide training, guidance and reporting on the dayto-day operations to the NOC Operations group; assist with IP network design projects and other projects as required which include installing, maintaining and supporting IP related technologies and elements of the Cable Bahamas IP Network Infrastructure; aid in the execution of Disaster Recovery Plans and Procedures; maintain network documentation, policies and procedures. JOB DESCRIPTION • Fault handling and escalation (identifying and responding to faults on CBL’s systems and networks); • Manage and maintain the Monitoring Systems (these report on the status and performance of CBL & Aliv Transport Networks, Cable Modem Network, and other core services and facilities); • Maintain customer premise equipment standards and deployment; • Provision customer’s aggregation links; • Maintain CBL’s Internal network infrastructure; • Develop / maintain network management / monitoring systems; • Maintain network quality of service policy, security standards and configuration; • Troubleshoot and assist in the resolution of problems and issues as they relate to IP related services; • Assist in the maintenance and tracking of hardware and software owned by the company; • Develop reports on a daily, weekly and monthly basis on network performance and trends; • Participate in a 24 x 7 call-out rotation as required; • Escalate to IP Engineers as required after troubleshooting unresolved issues; • Create and manage policies related to DHCP, access-lists, VLANs; • Configure OSPF and BGP protocols; • Work with IP network security team regarding network security standards, policy and configuration; • Develop method of procedures, testing procedures, and proof of concept labs; • Document network faults via the support systems database; • Develop and automate meaningful metric based reports; • Provide root cause analysis and post mortem exercises with a goal to future mitigation of issues; • Perform any other IP Network related duties as determined and assigned by management.

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THE TRIBUNE

Thursday, October 18, 2018, PAGE 5

‘Substandard value’ on govt lease deal FROM PAGE ONE Striping’s property investment, management and development entity, the FTI Consulting report revealed that the Ministry of Finance appeared to be paying for all three apartments in late 2017 even though the other rental agreements were in draft form only. It compared the rental rates for the Cable Beach apartments, one located at 101 Vista Bella and the others at Western View, with listings for other units in the same apartment complexes. While three Bella Vista units were priced at between $3,250 and $3,500 per month, “by comparison Vista Bella was rented to the Ministry of Finance for $5,500 per month. “This suggests that the Ministry of Finance was incurring a cost that was approximately 57 percent higher than might be expected for similar properties,” the FTI Consulting report found. “Even accounting for a hypothetical agent’s commission of ten percent, such a rental rate appears to be well above comparable property rentals.” Ministry of Finance officials had also thought the Vista Bella rental rate “was exceptionally high for the market”. While FTI Consulting was unable to track down rival listings for “Western View”, it noted that similar apartments were being advertised at Westward Villas - which was in the same location as those being explored by the Ministry of Finance. If correct, FTI Consulting said the rental rates being offered by Atillio on Western View 5 were “more than 200” percent higher than the rent advertised online. The Ministry of Finance had been seeking apartments for foreign consultants brought in on tax audit and other Department of Inland Revenue (DIR) related work, and the report said

such leases made sense when compared to the cost of hotel rooms. “However, the amount of rent at issue in the Atillio leases raises concerns about the cost savings that could have been otherwise achieved if the leases were subject to competitive bidding or entered into directly with the ultimate beneficial owners of the apartments,” FTI Consulting found. “It also raises concerns about whether Atillio may have received preferential treatment in its selection as a Ministry of Finance counterparty, and whether it may have been compensated in excess of what otherwise might be expected for a leasing agent.” Simon Wilson, the former financial secretary who is still on leave, told FTI Consulting’s investigators that it was “commonplace” throughout the Government not to put leases and other contracts out to competitive bid. “It is unclear why residential leases are not subject to tendering at the Ministry of Finance or put before the Government’s Tenders Board despite the requirements listed in the Financial Regulations,” the report said. “This appears to be a relatively long-standing practice at the Ministry of Finance. “Beyond residential leases, Wilson and other interviewees indicated that tendering exceptions are commonplace at the Ministry of Finance and other ministries. For example, Wilson stated that none of the contracts executed by the Bahamas Ministry of Tourism are ever brought before the Tenders Board. “This statement is consistent with FTI’s review of the Tenders Board minutes dating back to 2015. In another example, Antoinette Thompson, permanent secretary at the Ministry of Public Works, said that the Ministry still engages on occasion

in ‘sole’ bidding whereby a single vendor is pre-selected to bid on a contract. In some cases, Thompson said, sole bidding documentation is presented only after the job had been completed.” Bahamas Striping was founded by Atario Mitchell in 2010 with a $5,000 “self-starter” grant from the Government. He, though, owns just 20 percent of Atillio with the 80 percent majority controlled by Dominic Sturrup, the group’s executive vice-president and head of business development. It has been an enthusiastic participant in bidding on road, airport and parking lot paving contracts, many of which have been issued by the Government, and has taken a key interest in the Government’s formulation of a public-private partnership (PPP) policy. FTI Consulting’s report, though, said the Ministry of Finance had breached its own guidelines in dealing with Atillio because it had no “profile” with the Treasury Department, and did not possess a business licence or tax identification number (TIN) “until several months after executing the leases” in August 2017. The Ministry of Finance was also requested to make payments to Airport Maintenance Services (AMS), another Bahamas Striping affiliate, because Atillio was still in the process of setting its bank accounts one month after the Bella Vista lease was sealed. FTI Consulting added that it could also find no evidence that Atillio or its principals were registered as licensed brokers, real estate salespersons or developers despite searching the Bahamas Real Estate Association’s (BREA) database. “The leases reviewed by FTI date from late August 2017,” the report said. “Because Atillio was incorporated on July 3, 2017, and

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had no bank accounts until at least October 2017, it is reasonable to conclude that it also had no operating history or previous qualifications as a leasing agent. “Although the counterparty risks associated with an occasional unqualified residential leasing agent are relatively limited, the Ministry of Finance’s engagement with unqualified leasing agents outside the tendering process may expose it to the risk that it receives substandard value for money . “It may also raise the risk of conflicts of interest other malfeasance. For example, despite urgency of need, it remains unclear why Atillio was selected as a leasing agent over other potentially

more qualified local agents that may have had suitable properties for immediate lease at a lower cost.” Mr Wilson, in his interview with FTI Consulting, said leases were never subject to competitive tendering at the Ministry of Finance, and “it would be impossible to find any references to their tendering” even if researchers went “back many years”. He added that competitive bidding was impractical given the ministry’s “urgent” housing needs. The former financial secretary said he usually accepted the recommendations of the Ministry of Finance’s human resources department when agreeing to leases, adding that he had little recollection

of the Atillio dealings. However, Carla Dames, a Ministry of Finance official, told FTI Consulting that “she recommended against” signing the Vista Bella lease that was ultimately executed by Mr Wilson. He also asked her to inspect properties being offered for lease by Atillio, and she was “under the impression” the financial secretary had already been talking to the company. Ms Dames thought the Vista Bella rental rate of $5,500 per month “exceptionally high”, having expected it could be as much as 50 percent less. “She said that she conveyed this view to Wilson, who told her only that he would handle the matter from there,” the report said.

A WELL ESTABLISHED PRIMARY AND SECONDARY INSTITUTION IN THE BAHAMAS SEEKS PERMANENT POSITION FOR A SENIOR ACCOUNTANT JOB SUMMARY The SENIOR ACCOUNTANT will be able to perform the following key responsibilities and will satisfy all of the following qualifications and attributes. KEY RESPONSIBILITIES • Daily posting of journal entries • Preparation of month-end general ledger account analyses and reconciliations • Assist with the production of monthly and annual financial statements • Assist with overseeing the collection of receivables and payment of payables • Assist with preparing and overseeing deliverables for the annual audit • Assist with preparation of the annual budget • Assist with the development and monitoring of internal controls, policies and procedures MINIMUM CRITERIA FOR EMPLOYMENT Required Qualifications and Attributes: • A bachelor’s degree in accounting • At least 3 years of recent work experience in an accounting role. Prior audit experience is a plus. • A firm commitment to obtaining a professional designation such as CPA or ACCA • Strong knowledge and skills in using Microsoft Office especially Excel • Familiarity with accounting software such as ACCPAC or Quick Books • Ability to work in a team environment • Strong organization and time management skills, which includes an ability to be flexible in completing work assignments by given deadlines. Email to: accountants@ronatkinson.biz

PAGE 8, Thursday, October 18, 2018

THE TRIBUNE

BAHAMIAN FIRM HAILS ITS MAJESTIC HONOUR

Govt beat VAT target by 46% in first months

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FROM PAGE ONE

MAJESTIC Tours, the Bahamian tour operator, has won Delta Vacations’ 2018 Quality Assurance Award for the 10th consecutive year. Delta Airlines’ vacation provider created the QualityAssuranceAwardprogramme to recognize partners that provide outstanding quality, customer experience

and product delivery to its clients. Each year, it honours qualifying hotels, destination management companies and rental car agencies across the globe out of more than 5,000 MAJESTIC partners. Tours owner, Majestic Tours was William “BJ” among 251 hotels, 22 Saunders, displays destination manageDelta Vacations’ ment companies and 2018 Award. four car rental companies that earned the

transformed the Department of Inland Revenue (DIR) and, most importantly, the Commonwealth of The Bahamas as an agent of change in tax modernisation,” the Auditor General said, extolling the virtues of tax reform. “The VAT introduction was heralded nationally and internationally as a success. It is important to note that $218.68m in revenue collected exceeded the budget expectation of $150m. To reemphasise the success of VAT from January 2015 to June 2015, $218.68m was collected, which is $68.68m above the $150m forecast revenue and has a favourable revenue variance of 46 percent.” The Auditor General’s report provides further evidence that VAT has to-date exceeded the Government’s expectations as a revenue-raising mechanism, although many businesses and consumers may not necessarily hail it as a success given the impact on their finances and spending power. Yet it also raises further questions as to the Christie administration’s inability to use its VAT revenue windfall to narrow annual fiscal deficits that remained stubbornly above $300m, before - according to its successor - ballooning to over $670m in 2016-2017 due to a combination of pre-election spending and Hurricane Matthew. Using the then-7.5 percent VAT rate, the Auditor General’s report said the $218.68m tax take over that six-month period corresponded to some $3.134bn in economic activity. “The amount is representative of dollars spent for the consumption of VAT-inclusive standard rate (7.5 percent) taxable supplies of goods and services that cost $2.916bm plus the VAT ($218.68m),” the report added. “Whereas the Government incurred $1.778m recurrent VAT expenditure (input VAT) for consuming $25.491m of standard rate

SEE PAGE 9

MARKET REPORT WEDNESDAY, 17 OCTOBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,984.11 | CHG 10.24 | %CHG 0.52 | YTD -79.46 | YTD% -3.85 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.19 3.92 9.26 6.60 5.30 12.50 2.71 1.77 8.21 6.30 13.20 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 8.60 6.09 3.54 9.00 2.30 1.40 7.25 6.00 9.75 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.78 12.42 2.62 1.75 7.54 6.29 13.20 6.35 3.65 13.01

CLOSE 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.86 12.42 2.60 1.75 7.33 6.29 13.20 6.35 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.00 -0.02 0.00 -0.21 0.00 0.00 0.00 0.00 0.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 100

13,750 8,000

375

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.719 0.277 0.631

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

P/E 18.0 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 25.1 19.8 25.5 8.4 N/M 9.4 18.8 8.8 13.2 20.6

YIELD 2.60% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.68% 3.57% 3.11% 4.99% 2.31% 4.00% 1.15% 4.45% 3.79% 3.15% 3.29% 4.53%

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

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

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.17 4.15 2.01 180.30 155.10 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20

YTD% 12 MTH% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 0.90% 3.44% 1.11% 6.05% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

To advertise in The Tribune, contact 502-2394

(7.5 percent) taxable supplies of goods and services domestically. Thus, with respect to government consumption, recurrent VAT expenditure of $1.778m in relation to the recurrent VAT revenue of $218.68m is one percent.” The Auditor General added that some $1.344m in VAT revenue remained outstanding as at June 30, 2015, consisting of taxpayers who had made full or partial payment with their filings; VAT assessed for non-filers; audit assessments; penalties and interest applied to arrears. Elsewhere, the Auditor General acknowledged that real property tax remained the “most challenging of all tax types” for the Government to collect, despite its frequent offers of amnesties and surcharge waivers as an incentive for defaulters to come into compliance. Noting that $527.409m in unpaid real property tax remained outstanding at the start of the 2014-2015 fiscal year, some of it dating back to 1993, the report said this increased by a further $110.718m over that period to close at $638.128m. This was despite real property tax revenues increasing by $3.048m or three percent in 2014-2015 compared to the prior year’s $103.955m. “The Office of the Auditor General recommended that additional measures be implemented to increase real property tax collection and reduce the exorbitant tax arrears,” the report said. “With respect to reducing the exorbitant tax arrears that date back as far as 1993, the Office of the Auditor General recommends a comprehensive review to determine uncollectible outstanding debt and removal of the obligation or claim to be written off.” It also complained that it had not been provided with information on the activities of there private debt collection agencies, hired by the Government to collect unpaid real property tax, in time for the audit review. As a result, it was unable to assess their performance. As for business licence fees, the Government collected $125.846m in 2014-2015. This amounted to a $1.875m or two percent increase over 2013-2014, but was some $154,224 below the $126m forecast for the year.

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

NOTICE International Business Companies Act No.45 of 2000 RIG PARTNERS LIMITED (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of RIG PARTNERS LIMITED (IBC №. 104,509 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 9th day of October, 2018. Mr. Robert Anthony Francis Roberts Liquidator

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

THE TRIBUNE

Thursday, October 18, 2018, PAGE 9

‘Inconceivable’ for Post Office woes to continue further FROM PAGE ONE and relocate the operations of the General Post Office to the Town Centre Mall to get that essential service up and running. It is inconceivable at this stage that we would allow this situation to go on into the the New Year without a resolution.” Tribune Business has reported numerous times about the collapse of the postal system, following multiple complaints from residents and businesses. Mr Wells told Parliament yesterday that the General Post Office site on East Hill Street has been condemned as being structurally unsound and mould infested, as staff there have repeatedly taken industrial action over their working conditions. He added that the idea of a new Post Office building at the Independence Shopping Plaza on Tonique Williams Highway, the plan initiated by the last Christie administration, was met with “resounding objections” by area residents who asserted that their quality of life would be negatively affected by its presence. The Minnis administration had previously announced it had acquired the former Phil’s Food Services building on Gladstone Road to house

the General Post Office. But Mr Wells revealed last month that the Government had gone back to the drawing board on those plans because Cabinet had discovered it would cost more to renovate the building than it had budgeted. The Christie administration had also looked at relocating the General Post Office to the Town Centre Mall during its last term, but ultimately decided to enter into a public-private partnership (PPP) to construct a new building at the Independence Drive Shopping Centre across the roundabout. Mr Wells confirmed to Parliament that the Town Centre Mall will offer a concessionary rate of $12 per square foot for the Post Office, which he said was far below the going rate for commercial rentals on New Providence. Portions of the building will be leased and made suitable for the Post Office’s operations at the landlord’s expense. The space will be leased for a five year period. Addressing conflict of interest concerns, as the Town Centre Mall is partly owned by Brent Symonette, minister of financial services, trade and industry and Immigration, Mr Wells said: “This is not the first time that a member of the House of Assembly would have had their building leased [by

BAHAMIAN FIRM HAILS ITS MAJESTIC HONOUR FROM PAGE EIGHT designation this year. “As a company, customer experience is paramount,” said Elizabeth Moriarty, Delta Vacations vice-president of product development. “We cherish our partners who go above and beyond to ensure that our mutual customers have the most memorable vacation experience possible.” To be eligible for the award, partners must have achieved, on a per property basis: • 99 percent customer satisfaction • 99 percent product performance (no involuntary relocations)

• A minimum of 100 bookings annually Majestic Tours was founded in 1959 by William “Billy” Saunders and his wife, Iris. Their vision, dedication and that of their staff turned a one-car transportation company into a 70-vehicle fleet featuring 29 passenger buses and other luxury vehicles. Majestic provides ground transportation options as well as being a major tour sale agent, with locations in all major Nassau hotels. The company remains a familyrun business and employs more than 120 Bahamians. It transported around 12,000 passengers for Delta Vacations over the past year.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, COLLETT PRATT, of East Blue Bonnet Dr., South Beach Estates, P.O. CB11662, New Providence, Bahamas intend to change my name to COLLETTE ADALE PRATT-JOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE Notice is hereby given that RONALD JOSEPH of Pine Barren Rd., off Prince Charles Drive, 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 signed statement of the facts within twenty-eight days from the 11th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

the Government]. “The former administration had brought a resolution when they were seeking to lease the space from Leslie Miller, a then member of Parliament. The then-leader of Opposition and now Prime Minister spoke to the resolution, saying that the Opposition at that time had no objections to the Government leasing Leslie Miller’s place. “This is not the first time this is being done. We, as an open, transparent government, seeing that we have a sitting Cabinet minister who has an investment in the Mall, decided to come and have this issue fully ventilated. We wanted to let the Bahamian people know as to the genesis of why we are going back to the Town Centre Mall.”

PAGE 10, Thursday, October 18, 2018

THE TRIBUNE

NOTICE

ULLBAR LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ULLBAR 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 17th October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 18th day of October, A. D. 2018 _________________________________ Leeward Nominees Limited Liquidator

N O T I C E

BAHAMAS FUNDCO THREE LTD. (Dissolved)

BLUE SANDPIPER LTD. (Dissolved)

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of BAHAMAS FUNDCO THREE LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of BLUE SANDPIPER LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

__________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

BAHAMAS FUNDCO FOUR LTD. (Dissolved)

BAHAMAS FUNDCO ONE LTD. (Dissolved)

BAHA MAR CSO LTD. (Dissolved)

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of BAHAMAS FUNDCO ONE LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of BAHA MAR CSO LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

__________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

BAHA MAR JOINT VENTURE LTD. (Dissolved)

BAHA MAR JOINT VENTURE HOLDINGS LTD. (Dissolved)

BAHA MAR JV HOLDING LTD. (Dissolved)

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of Baha Mar Joint Venture Ltd. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of Baha Mar Joint Venture Holdings Ltd. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of BAHA MAR JV HOLDING LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.

__________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

NOTICE IS HEREBY GIVEN that pursuant to Section 138(8) of the International Business Companies Act, 2000 (No. 45 of 2000) the dissolution of BAHAMAS FUNDCO FOUR LTD. (Dissolved) (the “Company”) has been completed and a Certificate of Dissolution has been issued by the Registrar of Companies. The Company has been struck off the Register of Companies with effect from the 19th day of September, 2018.