11022017 business

business@tribunemedia.net

THURSDAY, NOVEMBER 2, 2017

$4.37

$4.41

Gov’t ‘can’t say’ how much spent on NHI

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Minister of Health “cannot say” how much the Christie administration spent on National Health Insurance’s (NHI) launch, saying only: “It’s more than $100 million.”

Dr Duane Sands acknowledged that many Bahamians will be amazed the Government cannot give a precise dollar figure, which he blamed on the former administration’s

* Sands: We know it’s ‘over $100m’ * Fragmented governance hits costs * Warning not all $98m upgrades possible fragmented governance structure for the scheme.

He said responsibility for NHI had been split between six different ministries, with no central co-ordination and controls over spending, resulting in the scheme becoming a ‘mini version’ of the unknown spending commitments that

ballooned the 2016-2017 fiscal deficit to $695 million.

“I wish I could give you an answer to that,” Dr Sands replied, when asked how much had been spent on preparations for NHI’s April 2017 launch. “People say how could you not DR DUANE SANDS

SEE PAGE 4

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Business ease: DPM wants to catch Jamaica

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday said he wants the Bahamas to match Jamaica’s 70th ‘ease of business’ ranking “in the shortest time possible”, but admitted: “It won’t be overnight.”

K P Turnquest told Tribune Business he was under “no illusions” about the extent of the task facing the Government and private sector in hauling the Bahamas up the World Bank’s index, acknowledging that regional rivals were still “out-performing” this nation.

* UNDER ‘NO ILLUSIONS’ ABOUT REFORM TASK * IMPROVEMENT ‘WON’T BE OVERNIGHT’ * BAHAMAS BEHIND WEST BANK/GAZA Pointing out that the Bahamas remained in the world’s “bottom half” for ‘business ease’, Mr Turnquest said significant improvement was “vitally important” for private sector confidence and this nation’s ability to compete for foreign direct investment (FDI) capital.

SEE PAGE 5

BAHA MAR UNVEILS ITS $25M MARKETING PUSH

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHA Mar yesterday unveiled its $25 million marketing campaign to drive new year demand, telling Tribune Business it was eyeing a “very strong 2018”.

Graeme Davis, Chow Tai Fook Enterprises (CTFE)

Bahamas president, told Tribune Business: “This specific campaign is a $25 million investment.

“That’s just Baha Mar as a destination; that does not include marketing by the Grand Hyatt, SLS or Rosewood.

“We have an agreement with the Ministry of Tourism for a co-operative effort. They are making an initial investment of $4

OLYMPIAN IN DISPUTE ON SEBAS’S RADIO LICENCE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN Olympic medallist yesterday denied he had engineered a “hostile takeover” of a radio station to transfer its licence to a firm owned by Island Luck chief, Sebas Bastian.

Frank Rutherford, the Bahamas’ first track and field Olympic medallist, told Tribune Business he was the rightful owner of ZSR Sports radio 103.5 FM’s licence, and that those making the allegations were

* FRANK RUTHERFORD DENIES ZSR ‘HOSTILE TAKEOVER’ * SAYS LICENCE WAS LEASED, NOT HELD,

BY OPERATOR * URCA BACKS ATHLETE; INJUNCTION THREAT TO TRANSFER its operators to whom he had leased the station.

He was responding after Maria Daxon, the

SEE PAGE 11

BAHAMAS NEEDS ‘MATERIAL CHANGE’ ON BUSINESS EASE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Financial Services Board’s (BFSB) chief executive yesterday urged this nation needed to engineer “a material change” in its ‘ease of doing business’ standing.

Tanya McCartney, speaking after the Bahamas moved up two spots to 119th in the World Bank rankings, told Tribune Business that this nation remained in an “undesirable position” compared to many of its international financial centre (IFC) rivals.

* BFSB CHIEF: STILL IN ‘UNDESIRABLE POSITION’ * KEY IFC RIVALS IN WORLD BANK’S ‘TOP 10’ * CONCERNS SAME AS DOMESTIC ECONOMY “While we’re slightly improved, we still have a ways to go,” she told this newspaper. “It’s a step in the right direction, and I think we can be better placed in these rankings.

“We are working to address some of the areas identified in that [World

SEE PAGE 10

* TOURISM MINISTRY PROVIDING $14M * ‘NO ISSUES’ ON OCCUPANCY CERTIFICATE * EYEING ‘STRONG’ 2018 million, as well as $10 million for next year.”

Mr Davis said Baha Mar was targeting the North American, Latin American and Asian markets for visitors long-term. “Having global brands, we have the

opportunity to reach out to a much broader audience and work with tourism stakeholders to ensure we are attracting new customers to the Bahamas,” he added. Concerns have been raised over Baha Mar’s low

occupancy numbers, with Dionisio D’Aguilar, minister of tourism, this week expressing his frustration over the pace of the $4.2 billion project’s ramp-up to full opening.

However, Mr Davis told Tribune Business: “Our numbers are looking very strong for 2018. “We are pleased with the progress we are making for 2018.”

He said Baha Mar currently

has just over 3,000 employees, with that number growing steadily. “We plan to be up to 4,000 by the end of this year, and going into the winter season of 2018,” Mr Davis added.

“As we open up the Rosewood and start to grow occupancy even more, we will get up to over 5,000 employees.”

SEE PAGE 8

PAGE 2, Thursday, November 2, 2017

THE TRIBUNE

BAHAMIAN MARINAS RESPOND TO ‘UNDER-PERFORMANCE’ FEAR BAHAMIAN marinas have partnered to combat this nation’s “under-performance” in boating tourism by launching a website that features a booking engine and call centre links.

The Association of Bahamas Marinas (ABM), in a statement issued yesterday, said the website contains multiple on-line services and products designed to separate this nation and its boating competitors.

Supported by Dockwa, a boater-facing on-line service that allows boaters to find marinas and make reservations 24 hours a day, the booking engine is intended to mirror the on-line travel agencies that have revolutionised stopover travel and hotel accommodation.

Dockwa’s reservation management system will allows users

* Launch online booking engine, call centre * Sector’s $46m impact pales against US’s $35bn of the ABM website marinas to track all their reservations, and collect payment, with a userfriendly software interface.

For the ABM’s 29 member marinas, Dockwa’s management software will streamline the reservation process.

The partnership with Dockwa aims to expand a marina’s marketing reach and improve customer experience, while also increasing operational efficiency and freeing up time for marina staff.

Dockwa also recently acquired Marinas.com, which has more than eight million unique visitors,

and a very large boat owner database and social media reach.

The ABM sees this as opening new market penetration opportunities for its member marinas.

“The ABM has adopted a very assertive attitude,” said association president, Stephen Kappeler.

“We firmly believe that the Bahamas has been under-performing in the boating market, so we decided to ramp things up a notch.

“Our partnership with Dockwa gives our member marinas the tools and visibility necessary to attract more customers, enhance guest experience, streamline

marina operations and, ultimately, generate more revenue.”

The National Marine Manufacturers Association of America estimates that spending on recreational boats and related costs totalled more than $35 billion in 2014, with nearly 36 per cent of Americans taking to the water at least once. Conservative estimates of the business currently received by the Bahamas put the sector’s economic contribution at just $46.3 million.

The ABM said it had been encouraged by a recent Caribbean Development Bank report, which

asserted: “To a certain extent, yacht tourists are similar to longstay tourists, but because of their longer length of stay and patterns of spending, they may generate more benefit to the local economy than regular tourists. “In addition, part of the spending by yachters tends to be specific to the industry, and in many cases, has stricter ties to the local economies than other forms of spending by tourists.”

“Boating is not an inexpensive pursuit”, said Captain Peter Maury, the ABM’s immediate past president. “It costs good money to get into it, and even more to remain active.

“The visitors we receive by boat have the ability, and the need, to spend generously once they get

SEE PAGE 3

BAHAMAS POWER AND LIGHT COMPANY LTD.

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

TENDER NO.: 989/17 ARCHITECTURAL/SPACE PLANNING SERVICES PETER I. BETHEL BUILDING, BLUE HILL AND TUCKER ROADS & E. COBURN SANDS BUILDING, BIG POND

Prospective Bidders are required to send an email to bpltenders@ bplco.com, so that the document can be forwarded and any updates, clarifications or responses to questions can be responded to via email.

RFPs should be marked as follows

TENDER NO.: 989/17 ARCHITECTURAL/SPACE PLANNING SERVICES PETER I. BETHEL BUILDING, BLUE HILL AND TUCKER ROADS & E. COBURN SANDS BUILDING, BIG POND and are to be addressed to: The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas Deadline for delivery to BPL: On or before 4:00 p.m. on Monday, December 4, 2017 BPL reserves the right to accept or reject any or all proposals.

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER

THE TRIBUNE

Thursday, November 2, 2017, PAGE 3

US TOBACCO FIRM TO CREATE 50 JOBS IN GRAND BAHAMA UP to 50 new jobs will be created by mid-2018 through a US tobacco manufacturer establishing its overseas hub in Grand Bahama, it was disclosed yesterday.

Wind River Tobacco Company, in a joint announcement with the Government, said the island would become its base for all international distribution and manufacturing activities.

“Our newly renovated facilities in Freeport will house the first phase of our enterprise where we will process, and pack,

tobacco-based consumer products solely for export across the globe,” Wind River said in a statement.

“This first phase will require 25-30 new employees, for which the recruitment campaign has already began. The second phase, which involves substantial capital investment from our part, is planned for the end of the first quarter of 2018. We will be acquiring additional facilities to house this manufacturing operation, and an additional 10-20 new, highly skilled local jobs will be added.”

Wind River said it was attracted to Freeport by its free trade zone status under the Hawksbill Creek Agreement, which sought to establish Grand Bahama as a logistics/distribution/manufacturing hub via its tax advantages and proximity to the US and key international trading routes.

The company’s investment was much-trumpted in the joint announcement by a Minnis administration eager for some good economic news on Grand Bahama, especially when it comes to the creation of jobs given

the Grand Lucayan’s continued closure.

“Our goal is to make Grand Bahama the capital of the Bahamas for industries and technology,” said Kwasi Thompson, minister of state for Grand Bahama.

“With our upcoming Investment Unit, companies like Wind River Tobacco will find the ease of doing business in Grand Bahama significantly increased.”

The Minister also urged the manufacturer/distributor to partner with Bahamianowned businesses on Grand Bahama. “I encourage you

FOUR SEASONS UNVEILED AS OCEAN CLUB’S BRAND KERZNER International’s long association with the Bahamas will end on November 30 when its One & Only brand is replaced by Four Seasons as the Ocean Club’s management partner.

Access Industries, the Paradise Island-based resort’s owner, yesterday confirmed the selection of Four Seasons as the ultra luxury property’s brand flag and operating partner.

The move effectively ends Kerzner International’s corporate involvement and presence in the Bahamas, which began in 1994 via the Atlantis purchase and Phase 1 redevelopment under its chairman, Sir Sol Kerzner.

Kerzner International subsequently undertook two further development phases at Atlantis, while also acquiring the Ocean Club and placing the boutique property under its One & Only brand.

The 2011 ‘debt-for-equity’ swap, which saw Brookfield Asset Management take over ownership of Atlantis and the Ocean Club in a restructuring of Kerzner International’s debts,

represented the ‘beginning of the end’ for the latter’s Bahamas involvement.

Brookfield later sold the Ocean Club in 2014 to Access Industries and its billionaire owner, Len Blavatnik, to help finance principal repayments to creditors who had held those debts. The new owner, though, had retained Kerzner International’s One & Only brand as the operating partner until now.

“Four Seasons shares our vision for a truly personalised luxury experience, with special sensitivity to the unique aspects of historic properties,” said Jonah Sonnenborn, head of real estate, for Access Industries, which also owns Grand-Hôtel du Cap-Ferrat, a Four Seasons hotel, and other resort properties.

“The Ocean Club, like Access’ other iconic hotels, offers its guests an unparalleled location and boundless possibility for their experience at the resort. When we acquired it in 2014, we saw a wonderful opportunity to build on its rich legacy while looking ahead to its future.

Following the success of our

partnership in the south of France, Four Seasons was the natural choice to help elevate the Ocean Club to even greater renown.”

“The Ocean Club has long been one of the world’s great resorts and will be an extraordinary addition to our global portfolio as we extend our presence in the Caribbean,” said J. Allen Smith, Four Seasons’ president and chief executive.

“We are proud to work in partnership with Access to bring luxury travellers a Four Seasons experience in the Bahamas.

“The genuine warmth of the Bahamian people matches perfectly with the personalised service that only Four Seasons can deliver, creating a truly authentic Caribbean experience unlike anything else on Paradise Island.”

Situated just off the Bahamian capital of Nassau, the Ocean Club started as the private estate of Swedish industrialist, Axel WennerGren. It was later acquired by a American businessman and philanthropist, Huntington Hartford II, who built the original 52-room

BAHAMIAN MARINAS RESPOND TO ‘UNDER-PERFORMANCE’ FEAR FROM PAGE 1 here. The extent to which we can make it easier for them to make arrangements will eventually contribute positively to our economy.”

The ABM’s booking engine is supported by a call centre, run by Bahamian

Beth Watson. The call centre is a ‘one stop shop’ for travellers to the Bahamas, with the ability to make slip and hotel reservations at all 29 member properties, as well as flight reservations for those not travelling by boat, with just one phone call - telephone

RECEPTIONIST POSITION Established company looking for a secretary/receptionist. Graphics and marketing experience are an asset.

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The National Insurance Board invites suitably qualified businesses to tender for the contract to operate the Cafeteria of the National Insurance Board’s Head Office, Clifford Darling Complex, Baillou Hill Road.

Interested persons may collect a Bid Application from the Director’s Office at the National Insurance Board’s Head Office, Clifford Darling Complex, Baillou Hill Road and submit same on or before Friday, November 3, 2017 at 3 p.m.

All bids must be submitted in a sealed envelope marked “Bid for Cafeteria” and addressed to: The Director The National Insurance Board Clifford Darling Complex Baillou Hill Road Nassau, Bahamas The Board reserves the right to reject any and all proposals.

Proposals that do not include all required documents will not be considered.

(toll-free: 844-556-5290, or US.: 954-462-4591), or email reservations@ bahamamarinas.com.

hotel and golf course in 1962.

Access Industries said it has already invested millions of dollars in room renovations, a new oceanfront pool and world-class restaurants since the 2014 acquisition. It promised that guests can look forward to further upgrades.

to employ the best standards and practices in your business,” he added.

“Seek out smaller businesses and entrepreneurs to provide you with ancillary

services and support. Purchase a second home.

“Let’s continue to work together to bring economic revitalisation to Grand Bahama.”

PAGE 4, Thursday, November 2, 2017

THE TRIBUNE

Government ‘can’t say’ how much spent on National Health Insurance FROM PAGE 1 possibly be able to give an answer to that? “It comes down to the fact that NHI didn’t exist in a single office: Labour, Works, the Ministry of Grand Bahama, the Attorney General’s Office, the Ministry of Health and the Prime Minister’s Office, all of whom would have expended tax money under the rubric of NHI preparations.”

Dr Sands said the bulk of payments to consultants, and Fleishmann Hillard, the Canadian public relations advisers to NHI, did not come from his ministry.

“When we look at the bills for KPMG and NHI public relations, most of them were not paid out of

Health,” he added. “The Minister of Finance is trying to clean up and figure out what the total expenditure was, but we don’t have a definitive answer to that. It is more than $100 million actually spent, but how much more than that, I can’t actually tell you.”

The Minister added that the Minnis administration remained uncertain as to the level of NHI-related spending commitments made before its predecessors demitted office on May 10, representing obligations on which monies have yet to be spent.

The Christie administration signed numerous construction contracts for the upgrading of existing health clinics, and building of new ones, during its final days in office as part of a

strategy to strengthen the public healthcare system in readiness for NHI. However, with the Bahamian public demanding solutions rather than fingerpointing, Dr Sands said he wanted to move beyond the former administration’s actions.

“The truth of the matter is I am less concerned about what was spent than what has actually been committed to,” he told Tribune Business, “and I’m even more concerned about how I reprioritise and get value for healthcare moving forward.

“The Bahamian public have heard enough about what went wrong. They’d like to know how we’re going to fix it, and we’ve already been talking about improvement projects at

EMPLOYMENT OPPORTUNITY Bank of The Bahamas Limited, the institution of first choice in the provision of financial services, seeks to identify suitable candidates for the position of:

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Excellent organization, oral and written communication skills Strong accounting skills

Benefits include: Competitive salary commensurate with experience and qualifications; Group Medical (includes dental and vision) and life insurance; pension scheme.

Interested persons should apply no later than Thursday November 9, 2017 to: Email: hr.apply@bankbahamas.com

the Princess Margaret Hospital and redevelopment of Accident and Emergency.

“We have identified human resources, infrastructure and primary care products, all of which are designed solutions to improve the quality of care we deliver as the primary agency with responsibility for health.”

Dr Sands, though, reiterated that the Government’s plans were restricted by the spending commitments and contracts signed by its predecessor, “many without any out clause”.

As a result, he revealed that the Minnis administration will be unable to undertake all the $98 million in capital works projects identified in a September 25, 2017, letter sent to him by Herbert Brown, recently-retired Public Hospitals Authority (PHA) managing director.

“I believe the Prime Minister, the Deputy Prime Minister and the Cabinet have signalled to the Bahamian people that we will not spend significantly more than we capture in revenue,” Dr Sands told Tribune Business.

“Given the fact that we have an explicit goal to balance the Budget within this term, it means that if the revenue performance is not there, we’re going to have to make some painful decisions to bring expenditure in line with the money we have.

“Not every one of those works is going to happen.

We are beginning the process of reprioritising. We are certainly going to start with Accident and Emergency, continue with the Rand cafeteria and kitchen relocation, and the Rand doctors on-call suite,” he continued.

“The radiology project has been pushed back, but we’re online with electronic medical records and health

systems strengthening. We have to look at the Family Island capital development projects. It was earmarked to build many, many new clinics, and some of them will never happen.

“The health Budget is not unlimited, and certainly doesn’t have hundreds of millions of dollars for capital development.”

Dr Brown’s letter to Dr Sands revealed an $89 million public healthcare funding shortage, as less than 10 per cent of the PHA and wider healthcare system’s financing needs have been covered.

For the PHA alone, only 3.1 per cent of the $44.583 million capital works deemed essential for the Princess Margaret and Rand Memorial hospitals in 2017-2018 have been funded to-date, with Dr Brown’s letter implying that the Christie government approved numerous projects without any idea - or monies - of how to pay for them.

The PHA’s ‘health systems strengthening’ projects are in slightly better shape, with just $27.051 million needing to be found for initiatives costed at $35.289 million. However, Dr Brown’s letter revealed that another $14.413 million is required to renovate the Department of Public Health’s clinics.

And it also points out that the Government’s 2017-2018 Budget failed to fund the $4.2 million increase in salaries and allowances for junior doctors in the public healthcare system. The increase came from the Bahamas Doctors Union’s (BDU) new industrial agreement.

Dr Sands said that while “there’s absolutely nothing earth-shattering” about the contents of Dr Brown’s letter, it illustrated how the former government had pressed ahead on NHI

without solving the existing public healthcare system’s problems.

“It speaks to misplaced priorities and trying to tackle a new problem when huge challenges remain in our healthcare system,” he told Tribune Business.

“The biggest problem was diverting critical funds from absolute necessities to pie in the sky.

“It [NHI] was an overarching strategic plan inconsistent with reality.

It’s all well and good to say to say we’ll spend $400$500 million in total for healthcare with NHI, and provide the infrastructure with maintenance, staff, equipment and support.

Then you ask the question: How are we going to fund it, how are we going to pay for it?

“That was the missing ingredient. Every time the Minister of Health [Dr Perry Gomez] was asked, he’d defer that question.

The then-Prime Minister said you’re not going to pay for it in the first year,” Dr Sands added.

“That’s no way to run a country with record GFS deficits that have huge implications for the quality of life of ordinary Bahamians. They were selling people a dream.”

Many Bahamian healthcare professionals had argued that the Christie administration would have been better served allocating the multi-million payments made to NHI consultants to strengthening, and improving the quality of care and treatment outcomes, in the existing public healthcare system.

The KPMG accounting firm received $8.3 million between April 2016 and June 2017, while Sanigest Internacional and PricewaterhouseCoopers (PwC) received $1.2 million and $1 million, respectively.

THE TRIBUNE

Thursday, November 2, 2017, PAGE 5

Business ease: DPM wants to catch Jamaica FROM PAGE 1 The Bahamas saw a modest year-over-year improvement in its ranking, moving up two spots from 121st to 119th, and the Deputy Prime Minister pledged there would be further improvement within the next two-three years.

“We’re clearly moving in the right direction,” Mr Turnquest said of the improvement, “but it also signals there’s a lot of work to be done. We’re still in the bottom half of that [World Bank] list, and regional competitors are out-performing us.

“This is a competition for investment dollars. Not only are we competing regionally but globally, and we have to be competitive in all aspects, as capital is very mobile. We have to be as good as, or better than, the next guy to attract and keep it.”

Asked about specific improvement targets, Mr Turnquest said the Bahamas needed to catch up, and match, the rankings achieved by Caribbean ‘ease of doing business’ leaders - specifically Jamaica.

“I expect to be in competition with Jamaica at 70,” the Deputy Prime Minister told Tribune Business. “We have to look at our use of technology, see how we can better deploy our resources and make the processes more efficient.

“We’re not in this business by ourselves. We have to benchmark ourselves and make sure we’re in the game, competitive and attractive to foreign direct investment and local investment.

“I have personally challenged my Ministry of look at the top-ranked country [New Zealand]

and benchmark ourselves against them, seeing what the impediments are to achieving the same level of efficiency, whether it’s internal processes or legislative amendments to be made, and determine the path to getting there in the shortest time period,” Mr Turnquest continued.

“Jamaica has made some significant advancements in investing in technology.

We have no illusions that improvement is going to be overnight, but we have the internal will to get there as quickly as possible.”

The Bahamas’ 119th ranking in the World Bank’s index, which measures the efficiency of a country’s regulatory and business processes, places it behind economic ‘powerhouses’ such as Papua New Guinea and Malawi. It even lies behind the 114th-placed West Bank and Gaza strip, which have had to contend with decades of Israeli blockades, plus political and economic turbulence.

Among the Latin American and Caribbean region, the Bahamas ranks 20th out of 32 nations. Jamaica is the Caribbean leader in 70th position, followed by St Lucia at 91st, hurricaneravaged Dominica at 98th, and the Dominican Republic at 99th.

The Bahamas is also behind Trinidad & Tobago and Antigua & Barbuda, although it is ahead of Barbados. While this nation has “stopped the bleeding” by ending successive years of decline in the World Bank’s index, its modest improvement shows that fundamental reform is pivotal to reigniting economic growth.

The World Bank’s annual ‘ease of doing business’ index is used as a key indicator by international investors to guide them in

their decision-making, as it enables them to gauge how easy it is to conduct commerce in a particular nation.

They will be especially wary of allocating capital to projects in low-ranked nations, or those that have suffered consecutive falls such as the Bahamas, as this gives them the impression that their investments will be unsafe, and caught up in too much bureaucracy and red tape.

The Minnis administration has placed particular emphasis on improving the ‘ease of doing’ business, both in perception and reality, given that smooth regulatory processes are especially important to a Bahamian economy positioned as an international financial and business centre (IFC).

It has appointed a national ‘ease of doing business’ committee, co-chaired by Lynn Holowesko and Bryan Glinton, to develop recommendations and a strategy for alleviating bureaucratic bottlenecks and private sector frustration.

Mr Turnquest yesterday placed great faith in the committee’s work, revealing that the Government was already considering “the first preliminary reports” coming from it on ways to improve the Bahamas’ ‘ease of doing business’.

“The ease of starting and continuing in business, paying taxes and regulatory oversight are important aspects that have to be addressed,” he said. “All of these we are in the process of reviewing to make some significant improvements in processes.

“Hopefully over the next two to three years we will see some improvements in this regard.”

The Bahamas’ highest individual category ranking in the World Bank index

THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS (Incorporated Trustees Of The Church Of England In The Bahamas) Invites applications for the position of

ACCOUNTS PAYABLE ADMINISTRATOR We require a candidate to work directly with the Financial Comptroller. The ideal candidate should be passionate about becoming a key member in the development of our four Anglican Schools and subscribes to the Anglican ethos.

The Role will include: • Review and maintain the Accounts Payable sub-ledger system for the Anglican Diocese and two of our schools.

• Post all invoices into the system and reconcile vendor statements.

• Preparation of cheques for vendor invoices and monthly standing orders.

• Type letters for bank transfers, drafts and exchange forms.

• Mail/express mail cheques to vendors.

• Bill invoices paid from main fund on behalf of schools.

• Bill all department heads and copy receivables for selfsupporting parishes.

• Filing and ordering of cheques.

• Maintain control over the petty cash.

• Assist with payroll when needed.

QUALIFICATIONS AND SKILLS • Associate’s degree in accounting desired but not necessary.

• Should have at least 3 years relevant experience.

• Must have a strong proficiency in Microsoft Office and

Peachtree Programs.

• Should have strong written and oral communication skills.

• Excellent leadership and management skills, with hands on approach.

• Should be well-organized and must be committed to timely and accurate reporting.

REMUNERATION Remuneration will be based on qualifications and experience. In addition the Diocese provides full pension and health care benefits.

APPLICATIONS Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.org or P.O. Box N-656 no later than November 3, 2017.

was for the ‘ease of paying taxes’, where it rated 55th.

The only other area where it ranked in the world’s top third was on resolving insolvency (64th), and it made the ‘top 100’ on just two other indicators - obtaining construction permits, where it ranked 86th, and in

enforcing contracts where it placed 74th.

The Bahamas still found itself in just 108th spot out of 190 on ‘starting a business’. It also remained near-bottom on registering property (167th), due to the time taken on title searches and lodging/recording a

conveyance at the Registry of Records.

The Bahamas was also ranked 142nd on the ‘ease of getting credit’; 117th for the ‘ease of getting electricity’; 129th on minority investor protection; and 157th for ‘trading across borders’.

PAGE 8, Thursday, November 2, 2017

THE TRIBUNE

Baha Mar unveils its $25m marketing push FROM PAGE 1 He said Baha Mar’s SLS resort is set to open November 14. Mr Davis said he did not expect any issues with obtaining the resort’s full occupancy certificate.

“Right now we have a temporary certificate of occupancy, which you can operate under indefinitely,” he added.

“Obviously there are minor items to finish in order to apply for the certificate of occupancy.

The final item, which was

delaying the certificate of occupancy, has been accomplished and so we don’t see any issues with getting our certificate of occupancy but, again, that does not prevent us from operating today.”

CTFE, the Hong Kongbased conglomerate owned by the Cheng family, has until December 1, 2017, to complete its acquisition of Baha Mar from the project’s financier, the China Export-Import Bank.

The closing hinges on China Construction America (CCA), the project’s contractor, completing the

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) FAMILY JUELS SA is in dissolution; (b) The date of commencement of the dissolution is the 27th day of October A.D., 2017 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

remaining $700 million construction work.

CCA, in legal filings relating to its dispute with a Florida-based lounge chair supplier, revealed that its ‘substantial completion’ date for Baha Mar was October 15. There has been no indication as to whether this target was hit, but CTFE’s phased opening strategy continues to proceed with no sign of any problems.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:COW BELLES LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 22 September, 2017.

C.B. Strategy Ltd. LIQUIDATOR

C.B. Strategy Ltd. LIQUIDATOR

NOTICE NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Topazblue Ltd. has been dissolved and has been struck from the Register with effect from 20th September, 2017.

Lynn Kelly and Beecham D. Braynen LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

JOB VACANCIES RETAIL MANAGER

RETAIL SUPERVISOR

Blue Lagoon Island, home of Dolphin Encounters is seeking to hire a Retail Manager to effectively manage two Retail Stores and motivate a Retail Sales team.

he retail supervisor is expected to provide support to the manager.

RESPONSIBILITIES Include but are not limited to; • Manage a retail staff inclusive of performance appraisals, training and development • Manage inventory, place orders and price merchandise.

• Accountable for retail financial transactions and produce daily retail reports • Organize special promotion • Organize shelf space and attractive displays for maximum sales potential • Assist on the sales floor during heavy traffic and be accessible for voids, refunds etc.

• Assisting with the implementation of all preset security measures • Deal with customer complaints

RESPONSIBILITIES Include but are not limited to; • Ensure staff provides exceptional customer service. This includes answering questions and assisting with product selection, purchases, and returns as well as handling any disputes.

• Ensure that the store is clean, well-organized, and properly merchandised.

• Ensure all store policies, procedures, and controls are followed.

• Coordinate and oversee the scheduling, planning, organizing, and delegation of work among staff.

EXPERIENCE/SKILLS • A minimum of 5 years’ experience in a Retail Management position • A degree in Retail Management or Business is a plus • Must be computer literate

EXPERIENCE/SKILLS • A minimum of 5 years’ experience in a Retail Management position • A degree in Retail Management or Business is a plus • Must be computer literate • Excellent interpersonal skills • Resourceful, organized, service-oriented and creative.

ONLY QUALIFIED APPLICANTS WILL BE CONTACTED Email resumes to HR@dolphinencounters.com

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Sailaway Investments Inc. has been dissolved and has been struck from the Register with effect from 20th September, 2017.

Beecham D. Braynen and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Killarney Investment Holdings Inc. has been dissolved and has been struck from the Register with effect from 26th September, 2017.

Lynn Kelly and Anya Williamson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Cylu Inc. has been dissolved and has been struck from the Register with effect from 20th September, 2017.

Lynn Kelly and Beecham D. Braynen LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

PAGE 10, Thursday, November 2, 2017

THE TRIBUNE

Bahamas needs ‘material change’ on business ease FROM PAGE 1 Bank] report, and that they rank us on, so we can see consistent improvement and a material difference in the short to medium term.

“We are still not in a desirable place, and want to see material change. We are really working hard to achieve that.”

Improving the Bahamas’ ‘ease of doing business’ is one of the financial services industry’s key priorities, especially since key global rivals are ranked far higher than this nation. Singapore and Hong Kong, for example, two of this nation’s major IFC competitors, are ranked second and fifth in the world, respectively, while Switzerland is 33rd and Panama 79th.

Ms McCartney said BFSB and the wider financial services industry are represented on the

Government-appointed ‘ease of doing business’ committee, co-chaired by attorneys Lynn Holowesko and Bryan Glinton, which has been charged with recommending improvements to the public sector’s interaction with Bahamian and foreign-owned businesses.

“The Government is fully engaged with the national ‘ease of doing business’ committee with a view to improving the matter,” the BFSB chief executive added. “The committee is using the indicators the World Bank uses; paying taxes, the ease of starting a business.

“The Business License process, paying taxes and starting a business are priorities for any business, financial or otherwise.”

Ms McCartney said the financial services sector shared similar ‘ease of doing’ business concerns

as the domestic economy, adding that improvements in this area were vital to the competitiveness of all industries.

“There’s nothing that is particularly unique to the financial services sector,” she added. “It’s all businesses across the board, domestic and international, who seek to do business here. Our concerns are the broader concerns shared by anyone doing business here.

“As we promote the Bahamas, we’d like to be able to say we can process requests in a timely manner, and start companies in a manner that is competitive with other jurisdictions.

That’s what we’re working on - across the board. It is a financial services issue, but a broader economic issue we have to work on.”

The World Bank’s annual ‘ease of doing business’ index measures the

NOTICE

amount of bureaucracy and ‘red tape’ that businesses/investors encounter in their dealings with the Government and regulatory agencies, pitting nations against each other by assessing how smooth it is to conduct commerce.

Excessive bureaucracy, plus lengthy and poorly defined approvals processes with multiple steps, all cost the private sector time and money, not to mention frustration. With its open, services exporting economy, and positioning as an international financial and business centre (IFC), improving the ‘ease of doing business’ is essential for the Bahamas to boost its competitiveness.

“This is bigger than financial services, but critical to financial services,” Ms McCartney told Tribune Business. “It’s [reform] for the international business

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that Sonia octheuS of 6th St. The Grove, 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 2nd day of november, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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

BISX ALL SHARE INDEX: CLOSE 2,074.39 | CHG -0.13 | %CHG -0.01 | YTD 136.18 | YTD% 7.03 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 10.05 11.00 4.50 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 8.78 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 1.25 0.15 3.70 8.60 6.10 4.95 9.00 2.46 1.51 6.00 10.00 6.90 4.50 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 100.00 100.00 100.00 108.89 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.95 9.00 2.31 1.51 6.00 10.00 6.90 4.50 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.15 0.00 0.00 0.00 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 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.89 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

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

2,000

2

500

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 0.120 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 -4.3 14.1 10.6 25.3 15.5 22.6 3.9 4.9 13.5 12.0 14.5 -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%

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 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% 2.42% 6.33% 2.60% 3.31% 4.83% 4.50% 0.00% 2.67% 2.00% 4.80% 0.00%

INTEREST 7.00% 6.00% Prime + 1.75%

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%

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that DENISE PHILIPPE of Bahama Ave., 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 2nd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

WEDNESDAY, 1 NOVEMBER 2017

insurance; investment fund administration; arbitration; wealth management; international trade and international arbitrage included in the ‘fast track’ work permit sectors.

These segments are being targeted because they do not have a significant presence within the Bahamas’ financial services industry, the Minnis administration hoping that the work permit ‘fast track’ will help convince such businesses to relocate here.

PUBLIC NOTICE

NOTICE is hereby given that JOHN NESLEY ATILUS of Fox Hill, 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 2nd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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.

we want to bring here, it’s equally as important for local business and domestic entities.”

The financial services sector’s ‘ease of business’ priorities include company incorporation and formation and work permit approvals, and the Minnis administration has already taken steps to address the latter concern.

The Commercial Enterprises Bill, already tabled in the House of Assembly, introduces a ‘fast-track’ process for targeted industries viewed as potential growth drivers and foreign exchange earners, where key executives can enter the Bahamas and establish operations before applying for work permits.

Financial services leads the way among the ‘targeted industries’, with reinsurance; captive

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

The Public is hereby advised that I, AARONIQUE ALEX ANDRIA FORBES of #9 Gambier Point, Freeport, Grand Bahama, Bahamas, intend to change my name to AARONIQUE ERICA PINDER. 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 the publication of this notice.

NOTICE

NOTICE is hereby given that SIVERLIEN SILIEN of Marsh Harbour, Abaco, P.O. Box AB20650, 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 2nd day of November, 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 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.

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: TERZA INVESTMENT FUND LTD Pursuant to the Provisions of Section 138(8) of the International Business Companies Act 2000, notice is hereby given that the above named Company has been dissolved and strucked off the Registrar pursuant to a certificate of Dissolution issued by the Registrar General on 13th day of October, 2017.

November 1, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

LEGAL NOTICE

WESTWICK WEALTH MANAGEMENT LTD. (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Shareholder of the above-named company by Resolution passed on the 30th day of October 2017 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 2nd day of December 2017, after which date the books will be closed and the assets of the company distributed.

Dated the 31st day of October 2017.

Bennet R. Atkinson 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, November 2, 2017, PAGE 11

Olympian in dispute on Sebas’s radio licence FROM PAGE 1 attorney for businesswoman, Cheryl Braynon, and broadcaster, Van Ferguson, alleged yesterday that her clients were the true holders of ZSR’s licence via their Navette Broadcasting and Entertainment Company.

Ms Daxon said she intends to file an injunction application with the Supreme Court today to block the transfer of the licence, which has received approval from the Utilities Regulation and Competition Authority (URCA), to Mr Bastian’s firm.

The regulator, however, is backing Mr Rutherford, asserting that Navette Broadcasting and Entertainment Company is only ZSR’s operator - and not the licensee.

Ms Daxon, said a letter from URCA, dated October 26, 2017, had ordered her clients to vacate the licence with immediate effect. A copy of that letter, seen by Tribune Business, indicated that the regulator made a decision in June to assign ZSR’s license to Paramount Systems, a company established in 2016 and owned by Mr Rutherford and Blossie Smith- the widow of veteran sportscaster, Phil Smith.

Ms Daxon, though, argued that Mr Rutherford had no authority to now

transfer the ZSR license to Sebas Bastian’s Neman Networks.

Ms Braynon said: “We have papers showing the truth, and I’m not going to sit back and allow this to take place. We are going to all have our day in court, and the Lord is with us. I can’t believe they tried to sell the company behind my back when the license is in my name.”

Ms Braynon alleged that Mr Rutherford had approached her eight years ago about becoming the owner of a radio station, noting that he was in possession of a letter stating that himself and the late Mr Smith had been approved for a licence.

Ms Braynon claimed Mr Rutherford had no capital to finance the station’s startup, and it was her financial backing that launched ZSR and pays the annual licence fee.

However, Mr Rutherford responded: I have absolutely no comment to ignorant and utter nonsense. I am a factual individual, and I have no time for people that seek to defame and to tell lies.

He told Tribune Business that the facts would speak for themselves, adding: “This licence was granted to me by the Government of the Bahamas. I have had many persons come to me to lease that licence, and I

hold that licence because it’s sacred to me because of Phil Smith.

“For anyone to concoct any story that I would try and steal something on the grave of a dead man is deplorable. URCA knows exactly what contract was in place and what was leased to certain people. I revoked it because certain people did not live up to the contract. It is what it is.”

URCA, in a June 15, 2017, letter to Bradley Gibson of Neman Networks, said that on February 5, 2007, Mr Rutherford and Mr Smith, now deceased, were granted approval by thenpermanent secretary in the Ministry of Tourism, Colin Higgs, for a broadcast licence to operate an FM radio station.

According to the URCA letter, it was agreed that Mr Ferguson and Ms Braynon would operate ZSR on behalf of Mr Rutherford and Mr Smith’s widow, with Navette Broadcasting and Entertainment being responsible for the payment of the annual licence fee.

URCA said it was satisfied that “at all material times, Navette Broadcasting & Entertainment Co Ltd was only intended to act - and did act - on behalf of the licensee, but was not itself a licensee with any right, privileges or obligations under the license”.

PAGE 12, Thursday, November 2, 2017

THE TRIBUNE

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