10262017 business

business@tribunemedia.net

THURSDAY, OCTOBER 26, 2017

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‘Brave’ upholds ‘Bahamas first’ over $50m tax battle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he PLP’s leadership front-runner is battling on behalf of a once-jailed gaming kingpin’s family trust to uphold Bahamian law’s supremacy against a $50 million US tax claim.

Court documents obtained by Tribune Business reveal that a Supreme Court Order obtained

by Philip Davis QC, and his law firm, is now central to efforts by the Kaplan Family Trust to

* PLP front-runner gets key Supreme Court Order * For family trust of once-jailed gaming magnate * Bahamian trustee: Local law superior to US overturn Internal Revenue Service (IRS) levies against its multi-million dollar assets.

Its Bahamian trustee, Equity Bank & Trust, and underlying investment company, Nineveh Investments, are using Justice Indra Charles’ Order to prove that the assets neither belong to, nor are controlled by, once-jailed

family patriarch, Gary Kaplan.

Nineveh, in an October 23, 2017, filing is urging the eastern Pennsylvania federal court to “unambiguously adopt the conclusions” reached by the Bahamian Supreme Court and force the IRS to release the assets it has seized.

PHILIP DAVIS

SEE PAGE 4

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‘No difficulty’ if web shops only banking option

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday said he had “no difficulty” with web shops providing financial services if commercial bank pull-outs meant they were “the only option” on some islands.

Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business he took this position in the context of “the greater good” - ensuring working Bahamians and families were

able to cash cheques and obtain funds essential for basic everyday living.

With BOB the latest commercial bank to confirm Family Island exits, announcing branch closures in Exuma and Eight Mile Rock this week, Mr Ferguson warned that such downsizing was having “a very severe impact” on the ability of some to access financial services.

“With the banks closing in the Family Islands, it makes it very difficult for

SEE PAGE 8

QC WARNS ON 25% WITHHOLD TAX OVER GRAND BAHAMA POWER BUY-OUT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN outspoken opponent of the GB Power Company buyout yesterday alleged there was shareholder “uproar” over the revelation that Emera dividends will be subject to a 25 per cent ‘withholding’ tax.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that disclosure of the Canadian taxation was made by Emera executives on Monday when they met with

* SMITH: REVELATION CAME AT MONDAY MEET * ‘DOUBLE TAX’ ABSENCE MAY EXPOSE INVESTORS * CLAIMS OFFER ‘CAREFULLY-CRAFTED SQUEEZE’ Freeport-based ICD Utilities shareholders to discuss the proposed buy-out of the Bahamian minority.

Describing the meeting as “contentious”, Mr Smith said: “The executives from Emera tried to persuade the Bahamian shareholders that this was a great deal for them and, unfortunately, no one agreed with that. “Not one Bahamian shareholder wanted to

MOODY’S EXPOSES ACCOUNTING GAMES PLAYED ON FISCAL DEFICIT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MOODY’S will likely stoke fresh political controversy over the Government’s 2016-2017 deficit through its revelation that both parties’ figures are accurate - from a certain point of view.

The rating agency, in its October 24 assessment of the Bahamas’ sovereign, suggested the Christie administration’s $350 million full-year deficit forecast - given at end-March - was correct using the Government’s traditional cash-based accounting methods.

* BOTH PARTIES CORRECT DEPENDING ON METHOD * DATA REVISION HELPS BACK SOVEREIGN RATING * BUT INTEREST RATIOS STILL AMONG THE HIGHEST It pointed out that the Minnis administration reached its latest $695 million deficit number, “slightly higher” than Moody’s own $636 million estimate, using the different accrualbased accounting method that incorporates spending commitments made but for which funds have yet to be released.

SEE PAGE 11

ATTORNEY’S BID TO RECLAIM $320,000 DEPOSIT QUASHED

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN attorney’s bid to reclaim a $320,000 deposit from a failed real estate transaction has been rejected by the Court of Appeal, which found the earlier verdict “unassailable”.

Gregory Cottis, who acted for the purchaser in a $6.4 million deal, alleged that the deposit was “payable to his order” and therefore “returnable at his request”.

However, the Supreme Court ruled that Mr Cottis’s allegation that the deposit

* COTTIS CLAIMED FUNDS WERE HIS * SUPREME COURT RULING ‘UNASSAILABLE’ * DISPUTE ON FAILED $6.4M ANDROS DEAL belonged to him was “not proven”, and he had “no liability” in the transaction given that both purchaser (his client) and vendor had agreed the deposit should be forfeited.

The attorney challenged Senior Justice Stephen Isaacs’ ruling on several

SEE PAGE 10

dispose of their shares. All those who spoke emphasised these were long-term investments for their children’s inheritance, and everybody wanted to continue to own a piece of their own rock.

“When it was disclosed that, in addition to losing our shares in ICD Utilities, we would have to pay a 25 per cent withholding tax to the Canadian government on any of our dividends, people were

in an uproar. They feel they are losing their entitlement to own a piece of their own energy company and their potential future,” he added.

“I don’t want to be owning something in Canada and paying taxes on it. I don’t want to get into tax issues in other jurisdictions.”

Mr Smith is just one voice, and other sources present at Monday’s meeting - speaking on condition of anonymity - suggested there was less acrimony than the QC indicated. They confirmed that the ‘25 per cent withholding tax’ issue was raised, but said a

discussion of the implications, rather than an “uproar”, followed.

A GB Power Company spokesperson yesterday said they would have to refer Tribune Business’s questions on whether the Canadian tax treatment would impact Bahamian shareholders, and to what extent, to Emera in Canada for comment.

However, research conducted

by Tribune Business online indicates that the Bahamas’ ‘zero tax’ platform, and inability to enter into double taxation agreements,

SEE PAGE 9

THE TRIBUNE

Thursday, October 26, 2017, PAGE 3

BTC contractors re-hire union over negotiations

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net TECHNICAL contractors employed by the Bahamas Telecommunications Company (BTC) have reengaged a trade union to oversee negotiations on their proposed contract, with legacy issues still to be “ironed out”.

Bernard Evans told Tribune Business that the majority of the company’s technicians had re-engaged the Bahamas Communications and Public Officers

Union (BCPOU) to represent them ahead following a presentation by BTC earlier this week, in which the company outlined a new employment arrangement.

The company, in a statement issued on Tuesday night, said that from November 1 it will be introducing “new entrepreneurial opportunities for technical contractors”.

“Essentially, contractors will now have more flexibility and will be able to focus on results-oriented support for business in areas including network maintenance and development,

installation and repairs,” BTC’s statement said.

Mr Evans, the BCPOU president, told Tribune Business: “They were not represented by the union, but have decided to rejoin the union and want us to oversee the industrial contract.

“We are now their bargaining agent, and so the company cannot negotiate with them individually.

They have some legacy issues to be ironed out such as concerns over vacation leave and other issues that have been outstanding going on two years.” Mr

Evans said that there were some 50 BTC technicians on New Providence, and 15 in Freeport, who were affected.

Andre Foster, BTC’s chief operating officer, said: “As the largest telecoms provider in the country, we have to remain competitive to be able to exceed the needs of our customers. As such, we are shifting the way we do business.

“This new opportunity allows us to work closely with the teams that provide key customer support services. It also opens a world

of new opportunities for those wishing to get into the technical field. Under the new focus areas, performance will be rewarded.

This new arrangement is an evolution of that model, while helping to re-shape the company’s operational structure to give more focus on the overall customer experience.”

He added: “BTC will also open up this opportunity to interested entrepreneurs who will be able submit their resumes for consideration. Full training and basic tools will be offered to those new to

the telecommunications industry.”

BTC technicians have claimed that they have waited two years to resolve outstanding issues, which arose after they were handed “involuntary” separation packages in 2015, re-hired as contract workers and subsequently received no paid vacation days. BTC, though, has described the packages accepted by the technicians as voluntary after it took measures to position itself to “effectively and efficiently provide services to the consumer”.

CLICO Global standards leader debacle to give Bahamas address ‘must never happen again’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A prominent CLICO (Bahamas) policyholder yesterday stressed that the Government must do everything to ensure a similar debacle “never happens again”, describing it as “an institutional evil”.

Bishop Simeon Hall, while commending the Government for ensuring 13,000 former CLICO policyholders received payment, said: “It is important that government moves to protect the innocent Bahamian from this kind of financial skulduggery.

I have invited even the church, that sometimes when we look at individual sins, personal sins, we never look at corporate evil.”

Speaking following the second of three payouts for former CLICO policyholders, he added: “This was, for me, institutional evil, and I think the Government must reassure us that this kind of thing will not happen again,

and we invest in institutions that the government gives licenses to.

“I commend the government for the overtures it has made in helping Bahamians recover some of their money, but in all honesty it must ensure that it never happens again.

“We must do all that we can to see that this doesn’t happen again.”

The Christie administration announced the $16 million CLICO payouts in March 2016. In announcing the payout plan during the mid-year Budget debate, former Prime Minister Perry Christie said the insolvent insurer’s executive flexible premium annuity (EPPA) holders, and surrendered pension policies, would receive a cash payment capped at $10,000.

Anything owed above that sum would be paid off via the issuance to former clients of seven-year promissory notes (government bonds), which will provide them with quarterly insurance payments at the prime rate (4.75 per cent).

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, Shervin Thaddeus Hilton of Kemps Court, Sandilands Village, P.O. Box CB-11685, intend to change my name to Sherwin Thaddeus Hilton. If there are any objections to the 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 (30) days

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THE ISO’s newly-appointed secretary-general, Sergio Mujica.

THE International Organisation for Standardisation’s (ISO) secretary-general will address government officials and private sector representatives at a forum tomorrow.

Sergio Mujica is visiting this nation for the first time at the invitation of the Bahamas Bureau of Standards & Quality (BBSQ), which is continuing efforts to develop national standards that adhere to global benchmarks.

Mr Mujica will highlight the importance of developing and implementing a quality infrastructure (QI), and elaborate on how QI systems can enhance industries such as tourism, energy efficiency and agriculture.

The Forum will start at 10am in the Courtyard Marriott Ballroom. The BBSQ also plans to host a cocktail

reception that evening to acknowledge critical contributions made by National Standards Technical Committees.

These committees assist the BBSQ with developing standards for a range of industries and service areas, including water and water products; food hygiene; labelling of food products; tobacco and tobacco products; poultry and poultry products; building products; spirits and brewery products; laboratories; management systems; tourism and related services; and electro-technical and energy efficiency.

Members of each technical committee will be highlighted at the BBSQ cocktail reception, which will be held at the Grand Hyatt, Baha Mar.

PAGE 4, Thursday, October 26, 2017

THE TRIBUNE

‘Brave’ upholds ‘Bahamas first’ over $50m tax battle FROM PAGE 1 The IRS had previously imposed levies on assets owned by Nineveh, which acts as the Kaplan Family Trust’s underlying investment vehicle, in a bid to collect on multi-million dollar tax liabilities owed

by Gary Kaplan in his personal capacity.

However, the Supreme Court Order obtained by Mr Davis and Davis & Co stipulates that Nineveh’s assets are “legally and beneficially owned by Equity Bank & Trust Bahamas” in its capacity as trustee of the Bahamas-domiciled Kaplan Family Trust, “and do not form part of the personal assets of Gary Kaplan”.

This was despite Nineveh’s admission, in its October 23 filing, that the

Kaplan Family Trust’s predecessor was ‘settled’ by the business venture - and subsequent sales proceeds - that first brought Mr Kaplan to the US authorities’ attention.

Gary Kaplan was the founder of BetOnSports. com, an online sports betting company that took $4 billion in wagers between 2002 and 2004, some 98 per cent of which came from US gamblers.

However, Kaplan’s business ran afoul of the US Justice Department, which issued a 22-count indictment against him in 2006 for violating the 1961 Federal Wire Act. That prohibited betting across state or national borders, and ultimately resulted in Kaplan reaching a 2009 plea deal

whereby he served a fouryear jail sentence.

As part of the deal, Kaplan paid a $43.65 million penalty to the US Treasury, using funds from the Kaplan Family Trust’s predecessor’s, the Bird Charitable Trust and the Bird Purpose Trust, both of which were based in the Channel Islands.

These trusts received the $100 million proceeds from the sale of BetOnSports.com, which was taken public in the UK in 2004, and then put through a private placement one year later. The Bird trusts were subsequently amalgamated into the Kaplan Family Trust, which migrated to the Bahamas under the control of Equity Bank & Trust as trustee.

The IRS is arguing that Nineveh is effectively acting as Kaplan’s ‘nominee’ in an effort to shield his assets/ income from its scrutiny.

But Nineveh, aided by Mr Davis and his law firm, are countering that because the trust and Equity Bank & Trust are domiciled in, and governed, by this jurisdiction then Bahamian law trumps its US counterpart in this extraterritorial battle.

“This case involves foreign assets generated from the sale of a foreign business placed in a foreign trust governed by foreign law,” Nineveh alleged in its October 23 filing. “Those assets have now been improperly caught in the middle of a long-standing tax dispute between the US Government (defendant) and the

owner of that foreign business, Gary Kaplan.”

Kaplan was described as a US citizen “who has lived outside the US for decades, including at all times when” BetOnSports. com was operated and sold, and the family trust structure established.

Nineveh alleged that despite the Kaplan Family Trust being established as “an irrevocable, fully discretionary Bahamian trust” with four beneficiaries, one of whom is Kaplan, the IRS had placed levies on two of its accounts in February 2016 in a bid to satisfy the patriarch’s tax debt that “exceeds $50 million”.

Nineveh is arguing the levies are “improper” because the accounts belong to itself, and Kaplan has no “property rights” to the funds. It is thus demanding that the IRS seizures be overturned, and the funds released, which is where Mr Davis and the Supreme Court Order come in.

“The key issue in this case is whether Mr Kaplan, the taxpayer, has a property interest in the assets of Nineveh and the Kaplan Family Trust sufficient to subject those assets to a federal tax lien,” Nineveh’s October 23 filing said. “The threshold question is: what law applies to determine if Mr Kaplan has such an interest?

“The relevant state law in this case is the law of the Commonwealth of the Bahamas. On July 6, 2017, the Bahamian Supreme Court confirmed as much when it entered an Order finding, among other things, that Nineveh’s assets are legally and beneficially owned by the trustees of the Kaplan Family Trust, and do not form a part of the personal assets of Mr Kaplan.

“The Bahamian Supreme Court further concluded that Mr Kaplan did not have any right to mandatory distributions from the Kaplan Family Trust, to use Kaplan Family Trust assets or to exclude others from such use, or to transfer or

assign any Kaplan Family Trust assets. Thus, Mr Kaplan did not have any of the indicia of a property interest in the assets of Nineveh or the Kaplan Family Trust.”

Nineveh alleged that the IRS and US Justice Department were supplied with “full notice of the Bahamian Supreme Court proceedings”, but declined to participate in the action before Justice Charles.

“In sum, not only does US Supreme Court precedent warrant that Bahamian law govern critical issues in this action, but such law has already been determined by the Bahamian Supreme Court—specifically, the nature of the taxpayer’s interest in Nineveh’s and the Kaplan Family Trust’s assets,” Nineveh’s filings allege. “And under well-accepted principles of comity, this court should adopt the conclusions of the Bahamian Supreme Court set forth in its July 6, 2017 Order - an Order which unambiguously declares the nature of Mr Kaplan’s property rights and interests in relation to the Kaplan Family Trust and Nineveh.”

The Order obtained by Mr Davis and his law firm is intended to prove to the US courts that Mr Kaplan has no control over the Kaplan Family Trust, and especially over how its assets are managed and distributed.

Justice Indra Charles makes clear that Equity Bank & Trust must consider the interests of all beneficiaries, who include Kaplan’s wife and children.

And she noted: “The Commonwealth of the Bahamas is the proper jurisdiction to adjudicate upon issues relating to the Kaplan Family Trust.”

Nineveh alleged that Justice Charles’ Order showed “Bahamian law was the exclusive law” for determining the IRS battle, but whether the latter agrees is another matter.

Kaplan was represented before the Bahamas Supreme Court by attorney Gavin Cassar.

NOTICE

NOTICE is hereby given that DINESH CHANDRA DE of Commonwealth Street, P.O. Box SS-19418, 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 26th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, October 26, 2017, PAGE 5

THE DOCUMENT FORMAT THAT KEEPS ON CREATING IF you have ever downloaded a printable form or document from the Internet, there is a good chance it was a PDF file. ‘PDF’ is short for Portable Document Format, and is easily identified because all such files end in .pdf.

In 1991, Adobe cofounder Dr John Warnock launched the paper-todigital revolution with an idea he called The Camelot Project.

The goal was to enable anyone to capture documents from any application, send electronic versions of these documents anywhere, and view and print them on any machine.

Today, the PDF has become a critical tool for attorneys, human resource managers and publishers, and the standard digital format for any business document.

You will often see product manuals, eBooks, flyers, job applications, scanned documents, brochures and virtually any other document made available in the PDF format.

PDF files can contain not only images and text, but also interactive buttons, hyperlinks, embedded fonts, videos and more.

Because they do not rely on the software that created them, or on any particular operating system or hardware, they look the same no matter what device they are opened on.

PDF files are very small, and the content can be stored compressed. So it is the best solution if you want to upload and

distribute a document to the Internet.

Why use PDF files?

Imagine you create an advertisement for a marketing event or a newsletter in Microsoft Word, and share it as a .docx file, which is the default file format for Word documents. Unless everyone has Microsoft Word installed on their computers, there is no guarantee they would be able to open and view the document.

Sharing a file as a PDF file would help ensure everyone is able to view it as you intended. And because Word documents are meant to be edited, there is a chance that some of the formatting and text in your document may be shifted around.

Creating PDF files There are several ways to create PDF files, but the method will largely depend on the device you are using. For example, if you are using Windows 10, click the Print dialogue box, then select PDF. This allows you to create a PDF file. If you are on a Mac, the Print dialog box has a PDF menu that allows you to save a file as a PDF. If your computer has Windows 8 or earlier, you have a few options. The simplest method is to use software that supports a PDF export, such as Microsoft Office or Google Chrome.

Another option is to use a PDF converter such as Smallpdf, which is a free app that runs in your web browser. Smallpdf can convert various file types, such as Microsoft Office documents, into a PDF.

How to open a PDF File Most web browsers, such as Chrome and Firefox, can open PDFs themselves.

You may or may not need an add-on or extension to do it, but it is pretty handy to have one open automatically when you click a PDF link online. However, I find it to be a somewhat bloated program with lots of features that you may never need or want to use.

Converting a PDF File Converting a PDF means that it will no longer be a PDF file. Instead, it will open in a program other than a PDF reader. For example, converting a PDF to a Microsoft Word file (DOC and DOCX) lets you open the file not only in Word, but also in other document editing programs.

If you instead want a non-PDF file to be a .PDF file, you can use a PDF creator. These types of tools can take images, eBooks, and Microsoft Word documents, and export them as PDF, which enables them to be opened in a PDF or eBook reader.

Securing a PDF file Securing a PDF requires a password and prevents others from printing, adding comments,

inserting pages and other things. Though protecting a PDF file with a password is recommended in some circumstances, you may end up forgetting what the password is.

By contrast, PDF files are primarily meant for viewing only, not editing.

One reason they are so popular is that PDFs can preserve document formatting, which makes them more shareable and helps them to look the same on any device. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

THE TRIBUNE

‘No difficulty’ if web shops only banking option FROM PAGE 1 workers to access cash and banking services,” the TUC president told Tribune Business.

“It then costs them what they earn on a weekly basis to go somewhere to cash a cheque.

“That, to me, doesn’t make any sense. The Government has to look very seriously at establishing a facility for workers to deposit and cash cheques, and access funds, so they and their business can function as normal.”

The commercial banking industry’s withdrawal from the Family Islands is threatening to create a void in financial services access that is increasingly being filled by the web shop industry, and Mr Ferguson said he had no problem with this as a ‘last

resort’ option - provided the latter sector was properly regulated. “We have to find a way for the workers to access their cash, run their regular business and cash their cheques,” he told Tribune Business. “If the regular commercial banks are not prepared to make the investment to do it, if the web shops are the route to take, so be it.

“If that’s the only thing, I say: ‘Why not?’ I have no difficulty with that happening if that’s the only way for people and workers in the Family Islands to have access to banking facilities.

That’s the premise upon which I would support the web shops operating in Family Islands; where there’s no banks.”

Asked whether using the web shops as financial services providers could also spark a further increase in gambling, Mr Ferguson

NOTICE

NOTICE is hereby given that MARCELLINE ST-HILAIRE of 2750 NW 56th ave Apt 309 Lauderhill, FL33313 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 19th 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 WILFRED CADET of Eleuthera, 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 26th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

replied: “I doubt that. Right now, it may very well be a possibility, but the immediate concern from the feedback I’m receiving is that people don’t have anywhere to go to cash cheques.

“You look at the greater good, and who will benefit most from it. It would be hard to say workers would be more attracted to gambling. Those people who gamble are going to gamble no matter what. I don’t see that as a major problem.

Having the [banking] facilities is more important.”

Mr Ferguson’s comments again highlight how the Bahamas, especially in the Family Islands, remains a cash-based society, and the dilemma confronting the Government and wider society when it comes to the web shops.

The latter sector already acts as a money transmission business, transferring funds throughout the Bahamas at relatively low cost.

It also provides mortgages and other forms of loans, all of which has alarmed the minister responsible for gaming, Dionisio D’Aguilar, who has warned that such unregulated activities could lead to this nation being ‘blacklisted’ again. The Minister also criticised the web shop industry’s Know Your Customer (KYC) procedures when it came to verifying a client’s source of funds - a charge vehemently rejected by the Gaming House Operators Association.

The Central Bank of the Bahamas has looked to the creation of an electronic payments solutions provider regime to solve difficulties in Family Islanders’ access to financial services, but has yet to issue a license.

THE TRIBUNE

Thursday, October 26, 2017, PAGE 9

QC WARNS ON 25% WITHHOLD TAX OVER GRAND BAHAMA POWER BUY-OUT FROM PAGE 1 may have left ICD Utilities exposed to this ‘withholding tax’ should they elect to take Emera Depository Receipts (DRs) as full - or partial exchange for their shares in the BISX-listed entity.

For example, PricewaterhouseCoopers (PwC) Canadian website states: “Withholding tax at a rate of 25 per cent is imposed on interest (other than most interest paid to arm’slength non-residents), dividends, rents, royalties, certain management and technical service fees, and similar payments made by a Canadian resident [which would be Emera] to a nonresident of Canada.”

If the Bahamas had a ‘double taxation’ treaty with Canada, this rate might well have been lower, but this potential liability and exposure may well deter the 19.63 per cent Bahamian minority in ICD Utilities from taking the DR option.

Emera, which owns the majority 80.37 per cent

equity interest in GB Power, has described its offer to buy-out the Bahamian shareholders as a “win-win” for all, giving them three ‘exit’ options.

They 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 ICD Utilities.

Alternatively, Bahamian shareholders can trade their ICD Utilities shares for 0.913 Emera depository receipts, enabling them to switch their narrowlyfocused investment in GB Power for an international stock with worldwide utility investments.

By taking this option, where four depository receipts will equal one Emera share, Bahamian investors will have 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 for the Bahamian investors, who hold a combined 39.26 per cent of ICD Utilities

NOTICE

NOTICE is hereby given that SHERLENS SAINTIL of Minnie Street, New Providence, 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 19th day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FREDLYN JACQUES of Marathon Rd.,New Providence, Bahamas intend to change the name of SAMARI FREDLYN JACQUES. 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.

(translating into 19.63 per cent of GB Power), to take a combination of cash and depository receipts (DRs).

Those who fail to specify their choice by November 27, 2017, will also be deemed to have chosen this option.

However, the ‘withholding tax’ issue’s emergence will likely make the latter two options less attractive.

In theory, this could drive more Bahamian shareholders to take the all-cash pay-out, possibly leading to Emera acquiring 100 per cent of GB Power’s equity and taking the monopoly power provider private - a goal that some observers believe is the real objective.

Mr Smith said that when he raised the prospect of GB Power being taken private, and less open to public scrutiny because it did not have to publish its annual accounts, Archie Collins, the chief executive, responded by saying they could be obtained from the Grand Bahama Port Authority (GBPA).

“The GBPA is a factory of secrecy, and there are no statutory instruments

or powers which we could use to force the GBPA to give us the accounts,” the QC added. “So the Government, URCA, the Bahamian residents and licensees would never know the financial position of GB Power.”

Mr Smith, meanwhile, said Emera executives pointed out - correctly that the GB Power buy-out is not ‘a done deal’, since it requires a majority of minority, non-Emera investors to vote in favour of it at the special and annual general meeting (AGM) on November 8.

If the vote is favourable, then 75 per cent of ICD Utilities’ investors, including Emera with its 60 per cent-plus interest, must also back it.

The prominent QC, though, said Emera and GB Power executives, together with members of the ICD Utilities’ Board of Directors, refused his request to provide contact information for all the latter’s shareholders so that the minority could organise and discuss their options prior to the November 7 meeting.

NOTICE SEGINI CORPORATION In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SEGINI CORPORATION is in dissolution as of October 20th, 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

While such information would be available via the Bahamas Central Securities Depository (BCSD), Mr Smith said the refusal by the company and its majority shareholder was “grossly unfair”, suggesting it was part of “divide and conquer tactics”.

“A number of people complained about why this was happening in such a rush,” he added of the $35 million buy-out. “Why the urgency? This is akin to a corporate gun being put to our heads to decide, and by pulling this off in crisis fashion, it will be hugely prejudicial to the Bahamian shareholders.

“Looking at the time they’re doing this, just before Christmas when people need money and just before a dividend payment is likely due, it is obvious this is a carefully-crafted squeeze.”

Mr Smith continued: “The meeting ended civilly, but the shareholders disgruntled. Some said they had no choice but to sell, and those who didn’t want to sell felt they’re squeezed by GB Power or

ICD Utilities never paying a dividend in the future.

“That was the mantra at the meeting: If you take the Depository Receipts you are at least going to get a quarterly dividend, netting at 3.2 per cent, but you’re not guaranteed a dividend from GB Power, and there haven’t been many. That seemed to me like a veiled threat: You sell, or you’re never going to get a dividend from GB Power.”

Mr Smith added that in response to his questions, Emera executives confirmed that the KPMG accounting firm, which produced the ‘fairness opinion’ justifying the prices and options offered to the Bahamian minority shareholders, did work for it elsewhere in its corporate empire. “They said they were able to put up a Chinese wall on this transaction,” he added.

Mr Smith again called on the Government and Bahamian regulators to intervene, pointing out that energy company and utility shares globally tended to continue appreciating as safe, long-term investments.

GOLD FLOURISH INCORPORATED Company No. 315545 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GOLD FLOURISH INCORPORATED is in voluntary liquidation. The voluntary liquidation commenced on 19th October, 2017 and Walter Huber of Langstrasse 151, 8004 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 23rd day of October, 2017 Sgd. Walter Huber Voluntary Liquidator

PAGE 10, Thursday, October 26, 2017

THE TRIBUNE

Attorney’s bid to reclaim $320,000 deposit quashed

FROM PAGE 1

grounds, but the Court of Appeal’s October 24 ruling found rejection of his arguments was “the only conclusion open to” the Supreme Court.

Dame Anita Allen, the Court of Appeal’s president, in a unanimous written verdict supported by her two fellow judges,

drew on the Supreme Court’s factual background as to how the dispute arose over a failed real estate transaction involving land at Kemps Bay, Andros.

Jonathan Leopold, the vendor, signed an August 20, 2007, agreement to sell various parcels of land to Duff Young, Mr Cottis’s client. The $6.4 million deal required an initial $128,000

NOTICE CRESUE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) CRESUE 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 24th October, 2017 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 26th day of October, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

payment, followed by “monthly option” payments of $64,000 that were to start 60 following the agreement’s execution.

A deposit of $320,000 was to be held in escrow with Alexiou, Knowles & Company, Leopold’s attorneys.

Leopold confirmed that the initial $128,000 payment was made to his account, with Young confirming that Mr Cottis would provide the $320,000 deposit. This was paid by cheque on September 25, 2007, with Mr Cottis requesting that it “be held to his Order”.

Leopold alleged that while all land title issues were subsequently agreed as having been resolved, Young failed to perform in terms of the agreement’s payment schedule. While a $64,000 payment was made in January 28 for a onemonth extension, Leopold alleged that the purchaser ended up owing him more than $768,000 through various extensions.

He then claimed that Young conceded the deposit should be forefeited, and that he had advised Mr Cottis to tell Alexiou, Knowles & Company that it should be released. However, the attorney “has failed or refused to do so”.

Justice Isaacs said there was e-mail evidence to support Leopold’s assertion on the deposit’s non-release, and also noted that he made a second agreement with Young on February 7, 2009.

That involved the latter purchasing more land, with the $320,000 to be used as credit towards that deal.

“Cottis, by his affidavit filed February 6, 2013, took the position that he transferred $319,975 in escrow, which sum is payable to his order and returnable at his request,” Justice Isaacs recorded.

He added that the attorney raised questions about title and the “validity” of the sales agreements, with “acrimonious” correspondence previously exchanged between Mr Cottis and Leopold’s counsel.

“Cottis’ position remained that the funds were held in escrow to his firm’s order,” Justice Isaacs found. “He offered his opinion that the first agreement is invalid on the basis that it was executed by [Leopold] and not by Andros Ocean Ridge Development Company.

“He also opined that the legal description is inadequate to create an enforceable agreement

N O T I C E

Victory Inc.

____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 6th day of October, 2017.

Delano Aranha Liquidator of VICTORY INC.

MARKET REPORT WEDNESDAY, 25 OCTOBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,076.21 | CHG 5.73 | %CHG 0.28 | YTD 138.00 | YTD% 7.12 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.83 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.00 11.00 4.46 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.25 0.12 3.70 8.40 5.83 3.15 9.00 2.18 1.40 5.80 8.75 5.75 3.35 6.61 11.94 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class 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 2.10 3.98 1.97 176.30 149.66 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 4.31 17.43 9.09 3.65 1.26 0.15 3.75 8.60 6.10 4.97 9.00 2.47 1.51 6.00 10.00 6.40 4.46 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 100.00 100.00 100.00 109.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.75 8.60 6.10 4.97 9.00 2.46 1.51 6.00 10.00 6.90 4.46 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.50 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

108.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME 115 6,866 20,800 2,941 6,800 12,200

250 8,820

VOLUME

NAV 2.10 3.98 1.97 176.30 149.66 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08

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

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

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

P/E 9.7 18.7 N/M 6.8 N/M N/M -4.4 14.1 10.6 25.4 15.5 24.1 3.9 4.9 13.5 12.0 14.4 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 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 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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

YIELD 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.41% 6.33% 2.44% 3.31% 4.83% 4.50% 0.00% 2.53% 2.00% 4.80% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

for sale in the absence of a proper survey plan attached. He concluded that the question of forfeiture of deposit could not arise since title was never adduced.

“Although Cottis obviously has no instructions to pursue the deposit, he concluded his affidavit by stating that all funds paid to Leopold should be returned to him forthwith.”

In reaching his verdict, Senior Justice Isaacs said there was “no evidence” that Mr Cottis was retained to give a title opinion, and only sought to investigate this once Leopold initiated a Supreme Court action seeking a declaration that the $320,000 was a deposit to which he was entitled.

The Supreme Court judge also referred to an e-mail concerning the February 7, 2009, sales agreement in which Young said Cottis “had become an obstacle to closing the deal” and that the $320,000 was to be released to Leopold immediately.

Outlining the rationale for his verdict, Senior Justice Isaacs wrote: “The letter of September 21, 2007, from Cottis enclosing the deposit states that the funds were to be held to ‘our order’. Cottis himself has no personal claim to the deposit.

“Even Cottis’ notion that the funds did not belong to Young alone is not proven, and is therefore not a reason to make a demand for the return of the deposit. I note that Young undertook to replace these funds. It seems that Young gave the undertaking in order for the deposit to be

released to Leopold in the face of resistance by Cottis to Young’s instructions.

“In my judgment Cottis never had instructions, much less a claim, to the deposit and he bears no liability. The vendor and purchaser have always been in agreement that the deposit was forfeited.”

Mr Cottis, in his appeal, argued that there was nothing for the courts to rule on as there was no dispute between Leopold and Young. The Court of Appeal, though, swiftly rejected this, finding that there was “a live dispute” as to whether the $320,000 held by Alexiou, Knowles & Company was a deposit under the first sales agreement.

Mr Cottis also challenged the Supreme Court’s finding that he did not have the necessary standing to raise issues regarding Leopold’s right to sell the Kemps Bay property, and entitlement to the deposit.

This was also shot down by the Court of Appeal, which said Mr Cottis had presented no evidence to overturn these findings. It also pointed out that, as neither purchaser nor vendor, the attorney was not a party to the transaction.

“After a consideration of the evidence before him, Justice Isaacs’ holding, in my view, is unassailable and indeed was the only conclusion open to him,” Dame Anita found.

Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, represented Mr Cottis. Luther McDonald, of Alexiou, Knowles & Company, represented Leopold.

THE TRIBUNE

Thursday, October 26, 2017, PAGE 11

MOODY’S EXPOSES ACCOUNTING GAMES PLAYED ON FISCAL DEFICIT FROM PAGE 1 Should the Government persist with this method and “clear the arrears”, Moody’s suggests the 20172018 fiscal deficit will “drop significantly” - putting additional gloss on the Minnis administration’s efforts.

“The Government has revised up its estimate for the fiscal year that ended in June to $695 million (6.1 per cent of GDP) from $500 million as presented in the May Budget speech,” Moody’s latest credit opinion said. “This deficit figure, which is slightly higher than our own estimate, is presented under accrual basis as it accounts for arrears on expenditure items the Government has yet pay.

“We estimate that under the cash basis, which corresponds to the figures published by the Central Bank of the Bahamas, the deficit reached some 3-3.5 per cent of GDP. As we present the fiscal numbers on a cash basis for the Bahamas, assuming that the Government clears the arrears in 2017-2018, the deficit will rise from this level. Alternatively, under accrual terms the deficit would drop significantly as the arrears are cleared.”

The Government has used the $695 million deficit figure to bash its predecessor for allegedly irresponsible fiscal management, accusing it of “leaving the cupboard bare” and giving the

present administration little room for manoeuvre.

However, the now-Opposition PLP will likely seize on the Moody’s report yet again to accuse the Government of picking an accounting method to suit its needs, and ‘back loading’ the deficit to paint itself in a better light and shame the former government.

Many accountants, though, would likely back the Minnis administration’s choice of the accrual accounting method for the Government’s finances, since by accounting for spending commitments it paints a better picture of the Public Treasury’s total liabilities.

And questions are likely to be asked as to why Moody’s, a sophisticated international credit rating agency, is persisting with cash-based accounting like the Central Bank of the Bahamas.

Elsewhere, Moody’s focused heavily on the Department of Statistics’ revisions to the national accounts data, which drove nominal GDP for the 2012 ‘baseline year’ up by more than 27 per cent - from $8.4 billion to $10.7 billion.

The rating agency said that while the date showed the Bahamian economy had performed “relatively poorly”, enduring a three-year recession from 2013-2015, the expanded GDP had brought this nation’s debt ratios down to a level justifying its ‘Baa3’ investment grade status.

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) RENOVA ASSET HOLDING LTD. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on October 25, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before November 27, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

October 26, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

NOTICE SILENT VALLEY LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SILENT VALLEY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 23rd October, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 26th day of October, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE BYRON HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) BYRON HOLDINGS 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 24th October, 2017 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 26th day of October, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

“The new national accounts figures confirmed that the economy has performed relatively poorly in recent years, as GDP expanded 0.2 per cent in real terms last year after contracting for three years (2013-2015),” Moody’s said. “This has been a credit challenge for the sovereign as it has also impacted the fiscal accounts and debt trends.

“Nevertheless, as we had expected in our August confirmation of the ‘Baa3’ rating, the revised GDP figures have better aligned the Bahamas’ debt metrics with its rating peers. The Government’s [direct] debt stock reached $6.6 billion in June 2017, equivalent to 57.6 per cent of GDP compared to 70.6 per cent under the old GDP series.

“While the Bahamas’ debt ratio is still higher than the Baa-median (46 per cent of GDP), it is now closer to South Africa (Baa3 negative, 52 per cent) and Mauritius (Baa1 stable, 59 per cent), and lower than Baa3-peers India (68 per cent) and Hungary (73 per cent). We note that the debt trend remains relatively unchanged as the debt-to-GDP ratio more than doubled in the past decade.”

Moody’s added that while the Bahamas’ interest burden as a percentage of GDP had dropped from 3.3 per cent to 2.6 per cent as a result of the economic output revisions, the “ratio of interest-to-revenues remains one of the highest among Baa-rated sovereigns”.

The rating agency said that should the Government realise its objectives of higher GDP growth and fiscal consolidation, “the debt-to-GDP ratio would peak around 63 per cent by the end of 2017-2018 and stabilise around 60 per cent over the coming years.

“We note that, as reflected by the negative outlook, the fiscal consolidation process remains exposed to potential downside risks from weaker-than-expected growth and exposure to climate-related shocks in the form of hurricanes,” Moody’s added.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

DIRECTOR-HUMAN RESOURCES EXECUTIVE MANAGEMENT A vacancy exists in the Company for the post of Director-Human Resources, Executive Management.

The Director-Human Resources is responsible for understanding the human capital needs of the Company and optimizing the human resource value provided to the organization. This includes preparing the current workforce for success in a cost-effective manner, anticipating and fulfilling the short and long term human resource needs of BPL, devising, planning and implementing HR Strategies that will attract, develop and retain a qualified workforce which will result in the achievement of the overall business objective of the Company.

Responsibilities of the position include, but are not limited to the following: •

• • • • • • • • • • • • •

Develops and maintains employee records, in a confidential manner, that include all information necessary to support the training, manpower planning, succession planning, compensation, benefits, and performance evaluation programs for BPL; Manages employee training to support business productivity and continuity; Administers employee benefits in a cost-effective manner; Provides employee relation services to keep the workforce productive and motivated; Develops and maintains the manpower plan and succession plan of the Company; Assists the company with employee needs analysis and recruitment; Monitors the implementation of collective bargaining agreements, including reviewing recommendations for engagements, promotions, transfers, discipline, dismissals; Manages industrial relations matters and leads the collective bargaining process; Creates and manages BPL’s internal communications strategies; Effectively communicate the mission and actions of BPL to all employees; Establishes and maintains corporate policies and procedures relating to human resource management and monitor compliance; Develops relationships with key external constituents; Develops, challenge, and evaluate subordinates; Communicate effectively with superiors, subordinates, and peers.

Job requirements include but not limited to: • • • • • • • • • • • • •

Master’s Degree in Human Resources/Business Administration or equivalent qualifications; HR certification will be a plus; 15+ years of experience in a middle/senior HR management position; Good judgement and sound reasoning ability; Ability to communicate effectively both orally and in writing; Good time management skills; Extensive knowledge of project management and the ability to oversee a range of projects simultaneously; Excellent leadership and planning skills; Good appreciation of Labour laws and industrial relations practices; Sound knowledge of contract negotiations; Good negotiation and conciliating skills; Strong organizational skills, ability to meet deadlines, and attention to detail; Ability to maintain confidential information and exercise discretion.

Interested persons should apply to Afuture@bplco.com to reach the Office of the CEO on or before: November 9, 2017.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER