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WEDNESDAY, OCTOBER 23, 2019
$4.52 Clean Marine inks deal to open port facility in Freeport By YOURI KEMP A $1.5M DEAL to create the first “clean” port facility in The Bahamas will create around 45 permanent jobs in Grand Bahama. The Clean Marine company, based in Freeport, signed the deal with the Inter-American Development Bank (IDB) to create the first United Nations Regulated clean port facility, under the UN’s International Convention for the Prevention of Pollution from Ships (MARPOL) regulations. Robert Speller, managing director of Clean Marine, said that: “The IDB funding would be going towards first the clearing away of land and putting in place all of the environmental regulations that are needed to run the process. Then the second phase is just construction and the phasing out of the IDB contribution.” Mr Speller told Tribune Business that the project will take 12 to 18 months with a planned start in November. He also said that the $1.5m was matched by private Bahamian investors and an international group recommended by the IDB, the Althelia fund, will help to finance the rest of the projected $10m to $12m total cost of the project. Athelia fund partners are expected to visit in November to inspect the current facilities in Freeport and Clean Marine’s management operations. Niels Jensen, director of maritime operations, said: “Clean Marine has been developing the first MARPOL facility of its kind in the Caribbean here in The Bahamas. With the kind of assistance of the IDB, our existing Bahamian and overseas investors, Clean Marine Group is now prepared to invest more than $12m in developing the MARPOL reception facility.” Clean Marine is in the business of transforming marine waste water and polluted water into reusable water and reprocessed fuel and are listed on their website as a licenced MARPOL operator. Daniela Carrera Marquis, the IDB’s representative in The Bahamas, said: “We want to be able to measure and then monetise the natural capital of The Bahamas. It just so happens, most of The Bahamas’ natural capital is underwater. So what we want from this project is two things: The first is the generation of data so we can measure the results of the project and second is the use of clean water.” Senator Kwasi Thompson was present at the signing of the deal. He said: “The company uses patented technology to process liquid waste from marine vessels so these vessels can comply with MARPOL and thus reduce marine pollution in The Bahamas.”
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Grant Thornton to merge with Baker Tilly Gomez By YOURI KEMP
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BAHAMIAN accounting firm whose work was “misrepresented” to conceal an alleged fraud, according to US federal regulators, is leaving its parent network to merge with another local office. The Grant Thornton branch in The Bahamas is to close down and merge with Baker Tilly Gomez as of November 1, said Paul “Andy” Gomez, chairman of Grant Thornton Bahamas. The news came in a communication from Grant Thornton Global, which announced: “Grant Thornton International Ltd can confirm that Grant Thornton Bahamas will be leaving the global network on 31 October 2019. We wish the firm all the best in their future endeavours.” When quizzed by Tribune Business, Grant Thornton
PAUL ‘ANDY’ GOMEZ Global chose not to go into the details behind the closure, except to say: “We are actively managing the network to ensure we have the capabilities and resources we need and that our clients expect us to have, in markets around the world. We have the capabilities in our network to continue to meet the needs of our clients in this market.” Mr Gomez confirmed the move, adding: “Some time ago we resigned from Grant Thornton Global. We actually resigned from the firm because my brother and I
started a firm called Gomez and Gomez and at the time we represented a firm called Summit International that later became Baker Tilly. “What we decided to do over the last nine months to a year is determined that it would probably be best to join the forces of about 60 staff members with four partners. Look to the future and to make sure the firm has diverse clientele. So what happens to one person does not affect the continuity of the firm or operations. “We have decided I will become co-chairman of Baker Tilly and my brother, Craig ‘Tony’ Gomez, will be the managing partner. The firm will now be comprised of four partners: James Gomez, Shando Rolle along with Craig and myself.” Mr Gomez added: “Baker Tilly and Grant Thornton clients are virtually the same, we serve a lot of mutual funds and other financial services clients. So what we are doing is simply changing the
GRAND Bahama Chamber of Commerce chairman Gregory Laroda welcomed the move by government to make $10m available to help businesses after Hurricane Dorian - but doubted that it would be matched by the Grand Bahama Port Authority (GBPA). He spoke to Tribune Business after the announcement of a business relief programme being organised by the authority earlier this month, and said: “I seriously doubt they would match the $10m being put up by the government through the Small Business Development Centre for
small and medium enterprises. I would need to look at what their entire relief programme would involve, but we didn’t go into the details of what exactly they would do.” When the relief programme was announced, GBPA chief financial officer Deann Seymour said: “We have already begun the strategic process of connecting with business owners and we intend to make every reasonable effort to connect with our 2,800 licensees. This will be achieved through online surveys, door to door visits, telephone calls and business sector meetings.” Mr Laroda said progress
was being made in terms of discussions. He said: “What we are doing with (authority acting chairman) Sarah St George, I told of her some of the expectations some of the businesses told the chamber in our survey, in terms of relief on licence fees. She was open to that. But I guess they will give relief on a business by business basis. Obviously, they would not give large firms relief or licence fee relaxation, but for smaller firms they would look at it.” Mr Laroda also confirmed that the chamber’s business survey results of the needs of Grand Bahama’s businesses after Hurricane Dorian were provided to
US endorses tobacco pouches as less risky than cigarettes WASHINGTON Associated Press
GBPA executives. Mr Laroda also highlighted the importance of reopening the Grand Bahama airport for international travel. He said: “Obviously the airport is critical to our recovery. I saw what Sarah St George said in her press release about the reopening of the airport for international travel. She said some similar things to me when we met in terms of the temporary facilities being in place and the need of getting the airport back and running by November 15.” Last week, the GBPA said that “thankfully the runway
FOR the first time, US health regulators have judged a type of smokeless tobacco to be less harmful than cigarettes, a decision that could open the door to other less risky options for smokers. The milestone announcement yesterday makes Swedish Match tobacco pouches the first so-called reduced-risk tobacco product ever sanctioned by the Food and Drug Administration. FDA regulators stressed that their decision does not mean the pouches are safe, just less harmful, and that all tobacco products pose risks. The pouches will still bear mandatory government warnings that they can cause mouth cancer, gum disease and tooth loss. But the company will be able to advertise its tobacco pouches as posing a lower risk of lung cancer, bronchitis, heart disease and other diseases than cigarettes. The pouches of ground tobacco, called snus — Swedish for snuff and pronounced “snoose” — have been popular in Scandinavian countries for decades but are a tiny part of the US tobacco market. Users stick the teabaglike pouches between their cheek and gum to absorb nicotine. Unlike regular chewing tobacco, the liquid from snus is generally swallowed, rather than spit out. Chewing tobacco is fermented; snus goes through a steamed pasteurisation process. FDA acting commissioner Ned Sharpless said the agency based its decision on long-term, population-level data showing lower levels of lung cancer, emphysema and other smoking-related disease with the use of snus.
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name. I have not heard of any client that has an issue. This is just a name change. “What is different between us and the big four is that in the the big four you have to retire at a certain age. But because we are owners of Baker Tilly there is no mandatory retirement age. “I represented the firm Grant Thornton since I was in my 30s. Grant Thornton is a good firm, but we are excited about the new chapter.” Mr Gomez denied the split from Grant Thornton Global had anything to do with the recent Securities Exchange Commission (SEC) matter. The SEC said the principals behind Mediatrix Capital falsely branded Grant Thornton’s “accuracy checks” on its trading performance as an audit conducted to international standards. This, the US regulator
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Chamber chief skeptical over GBPA help for businesses By YOURI KEMP
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Development bank partners with BTVI in $4.7m training venture By YOURI KEMP A $4.7m PROJECT was launched yesterday to boost skills training in The Bahamas. The scheme is a joint venture between the Bahamas Technical and Vocational Institute (BTVI) and the Caribbean Development Bank (CDB). It will also see facilities at BTVI upgraded. The money will be a combination of a loan from the CDB and funding from the government. BTVI chairman Kevin Basden said the project “is a response to the need for filling the gaps that exist relative to a strong technical workforce in The Bahamas”. Education Minister Jeffrey Lloyd, speaking at the launch of the project yesterday, said: “We are in need of the skills of today and
of the future.” He said the project would have a “transformative” impact on The Bahamas and added that there has been a 30 percent increase in enrolment to BTVI in the past year. That increase prompted the government to upgrade BTVI facilities to offer more trade skills. That increase represents a significant turnaround for BTVI, which in 2015 was said to have been suffering from a 60 percent student drop out rate, with just one in four graduating within the normal time. BTVI president Dr Robert Robertson told Tribune Business that much of the infrastructure of BTVI is 30 years old so the loan would redevelop old facilities and build new ones, as well as helping to improve the energy efficiency of BTVI as a whole.
He said instructors would also be retrained as part of the project, adding “the loan is important for both the physical side and the human side of BTVI”. Deidre Clarendon, division chief for the social sector division at the CDB, said that skills development is very important. She said a skills gap is very noticeable not just in The Bahamas but all around the world. She noted this was very evident in the aftermath of Hurricane Dorian when “a whole slew” of skilled labour was needed in a short space of time. She said: “Technical education is critical for the economic and social development of The Bahamas. It also ensures that you marry the academic with the technical. We think that every child should be exposed to some form
of technical education.” Ms Clarendon went on to say that the loan will go towards the development of the physical environment of the BTVI and the purchasing of new furniture and equipment. She added that the loan will go towards enhancing he governance structure of the BTVI and also changing the gender stereotyping of courses on which sex should take what trade, for example women would be more comfortable going into masonry and carpentry and men more comfortable in cosmetic and grooming trades. Ms Clarendon said she expects within the next few weeks that there would be procurement launches and scopes of work advertised, and stressed that yesterday was just the launch of the project. Mr Basden said within the
next two years he sees BTVI offering more certification programmes and in particular more international partnerships on certification. He said partnerships with City and Guilds and the Cisco Academy is proof BTVI is moving in the right direction. He also said that within the next two to three weeks, BTVI expects to sign an agreement that would allow Valencia College in Florida to accept BTVI’s two-year degree programme.
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