11082017%20business

business@tribunemedia.net

WEDNESDAY, NOVEMBER 8, 2017

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Mortgage restructurer: ‘We’ve seen men cry’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

distressed mortgage restructurer that has seen “grown men cry” during its rescue of “many, many” Bahamian homeowners is urging greater participation by commercial banks.

Rosel Moxey, Sunshine Holdings’ vice-president of business development, told Tribune Business that the groups’ Gateway Financial vehicle has proven an “integral part of the solution” to the Bahamas’ mortgage crisis.

Besides saving the biggest investments many Bahamians will make, Ms Moxey said Gateway Financial’s purchase of non-performing mortgages

* Gateway says ‘endless’ homeowners rescued * Says it’s ‘integral part’ of mortgage crisis solution * Urges more banks to shed delinquent assets was also boosting the economy by freeing up commercial banks to lend again.

While declining to provide data on how many homes have been saved, and the total value of mortgages restructured, she described the newly-created distressed market as “a fantastic sector” given its ability to impact the Bahamas at an individual and national level.

“Gateway is doing well but, more importantly, our clients have been doing well,” Ms Moxey told Tribune Business. “We have

had the opportunity to restructure many, many loans.

“One person, very well known in our community, was one of our earliest success stories. The day we closed [on the purchase of non-performing mortgages], she was supposed to attend court for a vacant possession Order.”

Having intervened just in time, Ms Moxey said Gateway was able to restructure the $800 monthly mortgage payments she was unable to meet into an arrangement where principal and interest could be met,

along with homeowners insurance payments that were placed into escrow.

The insurance payments proved especially valuable when Hurricane Matthew hit the Bahamas some five months later, with Ms Moxey saying the woman went from the verge of being forced out of her home to the status of “no longer being a client”.

“The stories are endless,” the Sunshine Finance executive told Tribune Business. “We have literally seen men cry in our

SEE PAGE 7

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$4.5bn oil refinery for Grand Bahama

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is said to be “embracing” a potential $4.5 billion oil storage terminal and refinery planned for east Grand Bahama, Tribune Business can reveal.

Details of the Oban Energies project are buried in a recent presentation by the Central Bank of the Bahamas, which describes a $1.5 billion first phase investment in a 20 million barrel, “multi-purpose” bulk storage facility for petroleum products.

* OBAN ENERGIES TO REFINE 250,000 BARRELS DAILY * PROJECT ALSO PROPOSES 20M BARREL STORAGE * COMPLETION AT EAST GB SITE EYED FOR 2021 The development, which is expected to be completed in 2021, also involves a 250,000 barrel per day oil refinery. This represents the potential return of oil

SEE PAGE 6

DOWNTOWN CO-CHAIR SUPPORTS ENDING PRINCE GEORGE ‘CHAOS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Downtown Nassau Partnership’s (DNP) co-chair yesterday backed outsourcing Prince George Wharf’s management, suggesting it would eliminate “chaos” and improve the Bahamas cruise competitiveness.

Charles Klonaris, who developed the Elizabeth on Bay plaza with his brothers, told Tribune Business that allowing the private sector to take over operations at this nation’s major cruise port was a potential “catalyst” for downtown Nassau’s revival.

Speaking out after this newspaper revealed the Government is in initial talks with Global Port Holdings about taking over Prince George Wharf’s management, Mr Klonaris

CRUISE ships at Prince George Wharf in New Providence.

* SEES MANAGEMENT OUTSOURCE AS CRUISE BOOST * BAHAMAS MUST BE ‘ONE STEP AHEAD OF REGION’ * MOVE COULD BE REDEVELOPMENT ‘CATALYST’ said it was essential that the Bahamas “be at least one step ahead of the Caribbean” when it came to cruise tourism.

“I absolutely agree with it,” he said of the potential outsourcing.

“I haven’t spoken to the rest of the DNP Board, but my personal view is that setting up proper port management is an essential factor.

SEE PAGE 5

GOV’T CAUSES GB POWER ‘CONCERN’ OVER BUY-OUT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GB Power and its majority investor have admitted to “concerns” over the Deputy Prime Minister’s suggestion that the Government will further review the already-approved $35 million buy-out.

Archibald Collins, the Bahamian utility’s chief executive, in a recent Tribune Business interview effectively conceded that itself and Emera had been taken aback by K P Turnquest’s comments.

Fidelity’s

* DPM REMARKS SEEMED TO ‘REVERSE’ APPROVALS * ‘UNCLEAR VALUE PROPOSITION’ ON URCA OVERSIGHT * ‘BUSINESS CASE’ CALLS FOR EAST, WEST END RENEW Mr Turnquest previously told this newspaper that further “policy decisions” would be taken prior to the

SEE PAGE 4

JUICE DRINK PRODUCERS: ‘IMPOSSIBLE TO COMPETE’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN juice drink manufacturers yesterday said they were still exploring ways to combat the 50 per cent tariff slash for rival imports, one telling Tribune Business: “It’s not difficult to compete; it’s impossible”.

Mervin Sweeting Jr, president of Switcha, said: “The challenge now is that it is much more cheaper to purchase the imported products than it is to purchase ours. I wonder if people understand how significant this tariff rate has been on our market. It’s

* WARN BAHAMAS ‘HOSTILE’ TOWARDS MANUFACTURERS * STILL GRAPPLING WITH 50% IMPORT DUTY SLASH * AQUAPURE CHIEF: WE’RE HOLDING, NOT GAINING not difficult to compete; it’s impossible.”

The Minnis administration slashed duty on imported fruit drinks to 30 per cent in the 20172018 Budget, having initially intended to eliminate the previous 60 per cent tariff entirely.

SEE PAGE 2

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PAGE 2, Wednesday, November 8, 2017

THE TRIBUNE

Marinas to ‘fly flag’ at US boat shows LOCAL marinas have pledged to “fly the Bahamian flag” at six major US boat shows over the next five months, as this nation bids to become the main offshore location for American boaters.

Having just participated in the Fort Lauderdale International Boat Show, the Association of Bahamas Marinas (ABM) is now setting its sights on Florida’s Stuart Boat Show, which will be held from January 12-14, 2018.

“The average person may not be aware of the significance of these shows”, says ABM president Stephen Kappeler, “but boaters value them for the hundreds of thousands of people they attract, most of whom are of above-average means.

“The Fort Lauderdale show, which we just attended in partnership with the Ministry of Tourism and Aviation (MoTA), attracts attendance from 52 countries. Forty per cent of those attendees are C-level business executives, or business owners.

“Of the 105,000 visitors estimated to have attended, more than half of them were from outside Florida, and many of them arrived on the 1,000 private planes attracted to Fort Lauderdale for the event. That is the type of consumer we seek to attract to the Bahamas.”

Preparing for the Stuart Boat Show, the ABM has identified an opportunity created by a new large yacht repair facility, and new customs clearing facility, scheduled to open there early next year.

These plans will boost Stuart’s appeal to US boaters, since it is the point they all use to exit the Intra-Country Waterway from as far north as Chicago. Thousands of boats headed to the Bahamas pass through Stuart from Florida’s west coast and the Gulf of Mexico, and the enhanced clearance facilities will see them return to Stuart to clear for re-entry to the US. They will no longer have to take the longer way back through Fort Pierce or Palm Beach.

JUICE DRINK PRODUCERS FROM PAGE 1

“Had they reduced tariffs along with Business Licenses, electricity costs and other taxes we could compete, but with no concessions added and reduced duty for foreign competitors, it doesn’t bode well for us,” said Mr Sweeting.

“The Bahamas is hostile towards our business model and industry, and that is a sad thing. We have to now think of ways to counteract what has happened. We have seen in the past entire industries wiped out by government policy, and I don’t think that the Bahamas can afford more people losing their jobs.”

Geoffrey Knowles, Aquapure’s operations manager, told Tribune Business: “What we have done to counteract it is we

After Stuart, the ABM and Ministry of Tourism will attend the Trawler Fest at Riviera Beach in January 2018; the Yacht Brokers Show and the Miami Boat Show in February; and the Palm Beach Boat Show in March.

The ABM recently teamed up with Dockwa, a marina management company offering software solutions, to launch a booking and reservation service for boaters - a first for the Bahamas.

Dockwa has also acquired Marinas.com, another major marina booking site.

This combined resource is now available to the ABM’s 29 marina members and will expand their marketing reach, providing better customer experience, increased operational efficiency and free-up time for marina staff.

The reservation management system allows users of the ABM website to track all their reservations and collect payment with a user-friendly software interface.

have increased our marketing substantially on Tampico, and also on the water side.

That’s one thing that we have done to sort of counteract that.

“What it has shown us is that we are flat over the last three months. There has been no increase or decrease. Looking at the stores we normally sell to, when it comes to Sunny Delight their inventory of Sunny Delight is substantial over that period of time. We are going to continue our marketing efforts, and some new packing, to hopefully improve sales. We’re not losing any ground but not gaining any.”

Mr Knowles added: “There is concern.

When you have a significant drop in duty there is concern. It has made the competition cheaper, and we are hoping that we don’t have to match prices with them.

“We have completed installation of our equipment to the tune of just about $500,000 to bolster our Tampico line, and I am hoping that we can pay it off. We have got our fingers crossed.”

THE TRIBUNE

Wednesday, November 8, 2017, PAGE 3

Bahamas eyes $8.1m boost from new airlift

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas is expected to gain 19,000 room nights and $8.1 million in annual extra visitor spend through the start of weekly non-stop airlift from Germany.

Condor’s service from Frankfurt to Nassau made its return on Monday evening following a nearly decade-long absence.

Tyrone Sawyer, senior director of airlift development with the Ministry of Tourism, said it joined British Airways as being the only carriers offering non-stop service from Europe.

“This presents an opportunity to build on demand from Europe,” said Mr Sawyer, “through the Frankfurt gateway, and because of our partnership with not only Condor but with various tour operators, to bring

people from places like Berlin, Munich, Milan, Copenhagen, Brussels, Denmark and the like.

They can connect through the Frankfurt gateway on Condor.”

Condor will operate a Boeing 767 series aircraft on the Nassau/ Frankfurt route every Monday from November 6- April 30. Captain Sebastian Schoggler, pilot of the Condor flight, said: “This is very important for us. We are very happy to be back here. I think

it’s the first flight in 10 years for us. “It’s important to have direct flights to the Bahamas again. It’s good for us to have direct flight to the Caribbean. We have now 14 destinations in the Caribbean.”

While Monday’s flight brought 44 passengers, according to Captain Schoggler, the next flight could bring 100-120 visitors.

Frankie Campbell, minister of transport, who is the acting minister for tourism, said: “This flight is

the beginning for what is going to be a number of stopover passengers, more than 19,000 hotel room nights, and opening the doors for direct flights to Europe.

“Our goal is to bring more stopover visitors who spend an average of $1,500 per stay. We are hoping that while this is seasonal it will become year-round and help put heads in beds. We are excited about this and believe this is going to be a great relationship.”

Silver Airways confirms halt to Bimini services

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net SILVER Airways yesterday said it was working with Bahamian authorities to resume flights into Bimini “as quickly and safely as possible”, confirming it had suspended operations due to an inoperable fire truck.

Misty Pinson, director of public relations for the Fort Lauderdale-based airline, said in an e-mail to Tribune Business that Silver Airways had suspended

its Bimini service, stating: “We are working with local authorities and other officials to resume operations as quickly and safely as possible.”

Silver Airways operates seven non-stop flights per week to Bimini from Fort Lauderdale, with connecting service from Orlando, Tampa and Key West.

Dionisio D’Aguilar, minister of tourism, recently told Tribune Business that Silver Airways was refusing to fly into Bimini because the airport’s fire engine is currently inoperable, and it

deems the available equipment insufficient for the size of planes it operates.

The Minister said he hoped to resolve the situation by early this week through shipping a fire truck to the island from Treasure Cay, adding that the problems had no impact on Resorts World Bimini’s recent decision to temporarily lay-off more than 150 staff.

Mr D’Aguilar also said he had requested preparation of a Cabinet ‘minute paper’ on the age and condition of fire trucks at

every Bahamian airport, after a similar break down saw US airlines temporarily suspend all flights to Exuma last week.

He added that the Minnis administration hoped to upgrade the fire truck fleet through the Inter-American Development Bank’s (IDB) $35 million Airport Infrastructure project, funding for which should be accessed within the next 30 days. The fire truck woes plaguing Exuma and Bimini are a microcosm of the multi-million dollar repairs and upgrades required at numerous Family Island airports to bring them into line with the standards set by the International Civil Aviation Organisation (ICAO) and other global watchdogs.

Bimini Chamber of Commerce president, Edward Reckley, told Tribune Business that the issue was a “concern”.

“Tourism is the lifeline of the Family Islands, and if

that is impacted there will obviously be a trickle down effect,” he added.

Mr Reckley said he hoped the issue would be resolved quickly.

NOTICE Murphy Cameroon Elombo Oil Co., 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 struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 4TH day of October, 2017.

Delano Aranha Liquidator of Murphy Cameroon Elombo Oil Co., Ltd.

In the Estate of MICHAEL JOHN ROBJOHNS late of 4880 Pine Drive, Miami Beach, Dade County, Miami, Florida one of the United States of America, deceased.

NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 8th day of January, A.D. 2018, after which date the Administrators will proceed to distribute the estate having regard only to the claims of which they shall have had notice.

AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned.

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The Role – You will be responsible for the overall management, coordination and day-to-day activities of the Underwriting Department to ensure the writing of profitable business for Security and General Insurance Company Limited’s (the “Company”) as well as developing, implementing and monitoring sales strategy with Brokers and Agents, the primary objective being the increase in sales and the Company’s market share in the Bahamas. Other duties will include relationship management, administration, compliance with underwriting guidelines and assigned levels of authority, staff management, training and coaching, adherence to Company standards and operating procedures, timely and effective communication and the provision of reports.

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CEDRIC L. PARKER & CO. Attorneys for the Executor 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas

POSITION: COMPLIANCE OFFICER An exclusive Multi-Family Office and Fiduciary Services Company is seeking an energetic and proactive individual to fill the role of Compliance Officer.

The Role reports to the Head of Compliance and involves onboarding new clients, regulatory reporting, monitoring client account activity, ensuring the company’s compliance with laws and regulations, developing/ updating policies and procedures and monitoring employees’ compliance with them as well as other compliance related duties.

Applicants should have the following minimum qualifications: • Bachelor’s Degree in Business Administration or a business-related field • The ICA Diploma in Compliance and Money Laundering, Attorney or Certified Accounting designation (e.g. CPA).

• Minimum of 5 years’ experience in a Compliance role with a financial institution • Knowledge of laws, regulations and industry standards governing the Financial Services Industry and particularly the Securities Industry • High level of proficiency in the use of computers particularly Microsoft Word, Excel and Quickbooks • Ability to read and comprehend legal documents and write reports • Ability to work well with others as a team • Fluency in Spanish would be an asset Please respond by email to HR@Clairmonttrust.com or in writing to: Managing Director Clairmont Trust Company Limited PO Box SP64284

PAGE 4, Wednesday, November 8, 2017

THE TRIBUNE

Gov’t causes GB Power ‘concern’ over buy-out FROM PAGE 1 proposed buy-out of ICD Utilities’ minority Bahamian shareholders receiving final approval.

“It’s fair to say the Government is taking a look at it,” Mr Turnquest said of the proposal, “and we will make some policy decisions with respect to it before any final transaction can be agreed.”

This seemed to ‘reverse’ the approvals said to have already been granted by the Bahamas Investment Authority (BIA) and financial services regulators, raising unwanted uncertainty over whether the buy-out would proceed.

However, Mr Collins said both GB Power and Emera were confident the transaction would withstand any scrutiny and, ultimately, gain the necessary approvals if minority shareholders accept the offer.

“It would be fair to say we were concerned but, at the same time, we’re confident that after the Government has had time to assess it on its merits, satisfy for themselves that due process was followed, and weigh that ICD Utilities shareholders with an

indirect interest in GB Power can continue to have an indirect interest in GB Power [it will be approved],” Mr Collins told Tribune Business.

“We’ve had meetings with the Government, and we’re optimistic that once they’ve done their research [they’ll find] that nothing untoward has happened here.”

Tribune Business sources have suggested there is some disquiet among the Minnis Cabinet over the GB Power deal, given that it runs counter to the Free National Movement’s (FNM) long-standing position of creating wealth and ownership opportunities for Bahamians.

The last Ingraham administration made Heineken’s 2010 purchase of the Finlayson family’s stake in Commonwealth Brewery and Burns House conditional on a total 25 per cent equity interest being offered to Bahamian investors via an initial public offering (IPO).

However, the GB Power deal - which involves a foreign company possibly buying out all Bahamian ownership - is the complete opposite of this FNM strategy.

NOTICE

NOTICE is hereby given that JACQUES S. PHILIPPE of Fox Hill Rd. South., 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 8th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Bahamian minority investors will decide tonight whether to accept Emera’s buyout, with a vote in favour potentially ending all local equity ownership in GB Power. The Bahamas International Securities Exchange (BISX) last night announced that trading in ICD Utilities shares will be suspended from today until further notice, pending the disclosure of the vote’s results.

Such a move is standard practice for a capital markets transaction of this nature, as is the buy-out offer itself. However, the buy-out’s opponents last night made a last-ditch bid to sway Bahamian shareholder sentiment, urging them to “stand your ground” and not allow a vital infrastructure asset to become 100 per cent foreign-owned.

Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC), said: “We know that there are financial challenges in the Bahamas, especially Grand Bahama, but we appeal to the minority shareholder to stand on principle; the principle of not selling out our country’s sovereignty in the energy sector

by allowing vital infrastructure like the Grand Bahama Power Company to become 100 per cent owned by a foreign company.”

He criticised GB Power’s use of the Supreme Court to resist regulation by the Utilities Regulation and Competition Authority (URCA), but Mr Collins told Tribune Business that the “value proposition is not clear to us” if the latter became its primary supervisor.

“In my heart, I believe that customers and residents are well-served by the Port Authority being the regulator of the Power Company,” GB Power’s chief executive continued.

“If the courts decide differently, that URCA is a more appropriate regulator, GB Power and Emera will respect that.

“It’s not clear to us where the value proposition will be if we move that to URCA, but if the courts decide that we’ll respect that.”

GB Power initiated legal action last summer challenging URCA’s authority to license and regulate it, arguing that this “conflicts” with Freeport’s founding law.

NOTICE

NOTICE is hereby given that SHAWN GILBERT WALDRON of #16 Arden Forest Road, Freeport, Grand Bahama,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 8th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Its amended statement of claim, filed on July 7, 2016, wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a GBPA licensee, it is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not by URCA and the Electricity Act 2015.

It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to license and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement.

Mr Collins, meanwhile, told Tribune Business that it was “hard to imagine the business case would work” if GB Power’s East and West End supply electricity supply agreements were not renewed and another company took over.

He argued that “economies of scale” made it extremely difficult for another energy provider to step in, given the relatively small customer base in both areas, which made

it difficult to price competitively and achieve a sound investment return.

GB Power’s 25-year agreements to supply electricity to Grand Bahama’s East and West Ends expire on June 23 and August 31, 2018, respectively, and Mr Collins said: “We haven’t had any discussions with the Government.

“It would be hard to imagine that [another company taking over], because of the economies of scale, that the business case would work. Our view is that residents in East End and West End are well-served by being part of a larger group called GB Power.

“We believe that, and we would have every intention to seek an extension of the East and West End agreements. We’re confident that stakeholders will recognise that is in the best interest of those communities, but we’ve not had those discussions yet.”

Pastor Victor and the Coalition of Concerned Citizens have urged the Government not to renew the East and West End agreements, arguing that there is a Bahamian group that can replace GB Power at 35 per cent lower costs.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394 NOTICE

NOTICE is hereby given that Julie J. F Gracia of Marsh Harbour, Abaco 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 8th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice NOTICE

Ozone Fund Ltd. (the “Fund”)

NOTICE IS HEREBY GIVEN as follows: (a) Ozone Fund Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Fund commenced on the 7th day of November, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Fund is R. Clive Moore of Octogone Fund Management Ltd., No.3 Offices at Old Fort Bay, P. O. Box SP-63157, Nassau, Bahamas.

R. Clive Moore Liquidator

CAPITAL SECURITIES LTD. Company No. 19408 (In Voluntary Liquidation)

NOTICE HEDBLOM PARTNERS LTD. In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that CAPITAL SECURITIES LTD. is in voluntary liquidation. The voluntary liquidation commenced on 3rd November, 2017 and René A. Feybli of Basteiplatz 7, 8001 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HEDBLOM PARTNERS LTD. is in dissolution as of November 6, 2017

Dated this 6th day of November, 2017 Sgd. Christoph Portmann Voluntary Liquidator

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

LIQUIDATOR ______________________

NOTICE Roco Investment Management Corp.

In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Roco Investment Management Corp. is in dissolution as of November 6, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

THE TRIBUNE

Wednesday, November 8, 2017, PAGE 5

DOWNTOWN CO-CHAIR SUPPORTS ENDING PRINCE GEORGE ‘CHAOS’ FROM PAGE 1 “We’re trying to have a better, more competitive economy, and setting up a port that enables us to provide persons with a product is essential. It’s a competitive economy, and we’re striving to be better than the region, so I find it really important.”

The discussions between Global Port Holdings and the Government, which were confirmed by Dionisio D’Aguilar, minister of tourism, were revealed in the just-released report of the former’s potential Bahamian partner, BISX-listed Arawak Port Development Company (APD).

“The partnership contemplates enhancing Prince George Wharf’s cruise wharf to include additional berths and facilities. If approved by the Government of the Bahamas, the project would commence during the first half of 2018,” APD said.

“This company is considered the world’s largest cruise port operator with a portfolio that includes 14 ports in eight countries, serving cruise liners, ferries, yachts and mega yachts,” it added of Global Port Holdings.

“Additionally, Global Port Holdings has connections with all the major cruise lines - Carnival, Royal Caribbean, MSC Cruises and so on. Desiring to have a Bahamian partner, they have approached APD to partner in the venture precisely.”

Mr Klonaris said he was especially encouraged by the plans to increase Prince George Wharf’s berthing capacity, given that this would enable the port to accommodate higher numbers of cruise ships and passengers at any one time.

He added that this would create greater opportunities for Bay Street and downtown businesses,

boosting the economy and potential job prospects for Bahamians.

Organisation at Prince George’s Wharf has long been a concern, with the likes of taxi and surrey drivers competing for business as tourists exit the complex, and many believing it gives a less than favourable visitor experience and first impression of Nassau.

“We all know that once you exit the Port there’s chaos,” Mr Klonaris told Tribune Business. “There’s no organisation, and you just see a lot of people mingling. It’s hard to manoeuvre through there and hard to see what’s going on. I don’t think it’s well-organised and well-managed.”

He added that port management was vital to cruise passenger and transportation flow, and the distribution of visitors to both downtown Nassau’s east and west along Woodes Rodgers Wharf.

“I think it can be a catalyst as well in terms

of encouraging development east of East Street,” Mr Klonaris said of the potential management outsourcing. “It’s a great benefit to the retailers on Bay Street.

“We’ve got to be at least one step ahead of the region, and we need proper management of that port.

These things are going to play an important role down the road, especially given the globalised world and competitive world we live in.

“How you develop your economy to meet the needs of tourism is critical. If tourism is going to grow, we need management. That is key.”

Global Port Holdings, which operates the cruise ports in Singapore, Barcelona, Lisbon and Venice, is concentrated in the Mediterranean. Taking over Nassau’s cruise port operations would represent its entrance into the Caribbean market, opening up the possibility to expand its reach throughout the region.

Nassau’s cruise port, though, would likely be the most lucrative target given that some 3.521 million passengers called upon it in 2016 - a number far higher than rival Caribbean ports. For the year to August 2017, some 2.469 million cruise passengers arrived in Nassau, a 4 per cent increase upon the prior year’s 2.373 million.

The Government is especially eager to upgrade the downtown Nassau tourism product, with Prince George Wharf representing one of the main projects, given that it is the cruise industry equivalent of Lynden Pindling International Airport (LPIA) - the main gateway to the Bahamas.

The Minnis administration has also demonstrated an enthusiasm to privatise and outsource functions that can be better performed by the private sector, in a bid to reduce the Government’s $430 million annual subsidies to stateowned enterprises (SOEs), and Prince George Wharf is an asset that fits into this strategy.

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

2017 CLE/qui/00601

IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of all those TWO pieces parcels or lots of land being Lot Numbered 28 and 29 of Churchill Subdivision situate about 800 feet North of Soldier Road in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER OF the Petition of NAOMI ROKER (in respect of Lot No. 28) AND IN THE MATTER OF the Petition of HERBERT ROKER and NAOMI ROKER (in respect of Lot No. 29) NOTICE THE PETITION OF NAOMI ROKER and HERBERT ROKER and NAOMI ROKER in respect of:ALL THAT piece parcel or lot of land being Lot No. 28 in the Churchill Subdivision in the Eastern District of the Island of New Providence and bounded on the NORTH by Lot No. 29 in the said Subdivision and running thereon Two hundred Forty-eight and Two-hundredths (248.20) feet EAST by a Forty (40) feet wide Road known as Churchill Drive and running thereon Fifty and One-thousandths (50.01) feet SOUTH by Lot No. 27 in the said Subdivision said to be the property of one McKinney and running thereon Two hundred and Fifty-three and seventyeight hundredths (253.78) feet WEST by Ideal Estate Subdivision and running thereon Fortynine and Eight Hundredths (49.80) feet.

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

THE PETITIONERS claim to be the owners of the fee simple estate in possession of the hereinbefore described free from encumbrances and have made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959, in the above action, to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the said Registry of the Supreme Court and serve on the Petitioners or the undersigned a Statement of his claimed in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as a bar to such claim.

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

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

Salary: Based on experience An established Bahamian company is seeking an accomplished Photographer and Videographer who is comfortable working across platforms and in different styles, managing multiple projects in parallel, and keeping them all moving forward. The successful applicant will have the ability to produce and edit multimedia content that will help maintain the company’s position at the cutting-edge of its market. This position also demands the ability to communicate effectively with stakeholders while delivering measurable results.

We value confident, quality-driven individuals who are able to adapt to the ever-changing technological world, ensuring continued success.

A range of responsibilities will include: • Producing brand-right content in various communication channels including print and digital.

• Managing all post-production efforts such as editing and final finishing of video, audio and photography.

• Exercising creative problem-solving and cutting-edge innovation.

• Being involved in creative, post-production, and team planning meetings.

• Ensuring projects are completed according to plan, schedule and budget.

• Organizing shoots, equipment ordering, lighting setups, camera placements, locations, props, etc.

• Organizing all footage and maintaining the database and filing system.

• Communicating project status to the management team.

Skills and Qualifications: Required • Shooting and editing top quality images for print and digital media.

• Producing and editing video and audio for websites, mobile, and downloadable media.

• Familiarity with all aspects of photographic and video production including preproduction, production and postproduction.

• Ability to work with HD and drone cameras, lighting, and audio recording & mixing tools.

• A good technical knowledge of editing and graphic tools including Adobe Premiere or Final Cut, Illustrator, Photoshop, After Effects, Pro Tools or other audio-editing software such as Audacity, as well as of graphics, effects, and editing techniques.

• Understanding of content licensing, including music, VO and trademarks.

• A solid, inventive, professional reel of work.

Skills and Qualifications: Preferred • Strong media or related Bachelor’s degree.

• Proficiency in website maintenance and emerging technologies for proactive communications such as blogging, social networking, etc.

• Familiarity with CRM tools.

Application Please contact us at videoproducerbahamas@gmail.com if these criteria match your goal-oriented visions for the future. Make sure to include in your application: Resume Current list of camera equipment & accessories you are trained in using Portfolio or samples of previous work This position is subject to a criminal background check.

PAGE 6, Wednesday, November 8, 2017

THE TRIBUNE

$4.5bn oil refinery for Grand Bahama FROM PAGE 1 refining to Grand Bahama, and means Oban is envisioning a grander project than the existing Buckeye Partners-owned BORCO facility.

Tribune Business sources last night confirmed that Oban Energies has been working on obtaining the necessary permits and approvals for its development, which appears to be located outside the Port Area in east Grand Bahama.

It is unclear how far the group has progressed, but its inclusion in the Central Bank’s September monthly economic developments report indicates it must be progressing.

Oban Energies’ website shows it has hired Bahamasbased Islands by Design, headed by Keith Bishop, as environmental consultants, while another Bahamian entity listed is the Mosko Group, which will likely perform engineering and construction functions.

Oban Energies certainly seems confident of receiving the Minnis administration’s approval, stating on its website: “With

a current shortage of liquid bulk storage locations in the Caribbean, this project is being embraced by the Bahamas government as providing needed services, employment opportunities and economic growth.

“Following the lifting of the 40-year crude export ban in December 2015, the US could become a major exporter of light oil, providing long term value to Oban. Our relationship with the Commonwealth of the Bahamas started with a vision for meeting the energy needs of the Bahamas and the surrounding area.”

Referring specifically to its Grand Bahama project, the Palm Beach Gardensbased Oban added: “With a location just 90 miles (145 kilometers) from the US eastern seaboard, this complex is ideally suited as a merchant facility for storing and blending liquid products, transshipping and terminal operations for the Arabian Gulf, West African and Northwest European trade to the US’ east coast and the Gulf coast, as well as for North American trade to Europe, Latin America and the Pacific.

Total capital required for the development is $4.5 billion over four years.”

Oban Energies’ website indicated it will adopt a phased approach, saying: “Phase One requires a $1.5 billion investment for development, construction and start-up operations.

The project will provide storage tankage for crude oils, residual fuel oils, middle and light distillates, specialty vegetable oils and heavy oils, and will consider all other bulk liquid storage requests.

“The Project will launch with an initial capacity of four million barrels, with plans to expand capacity to 20 million barrels by year four of facility operation.

In addition, Oban Energies will construct a 50,000 barrel per day petroleum refinery, with plans to expand to 250,000 barrels per day by year four of the facility operation.”

Given the scale of Oban Energies’ project and associated investment, it represents a huge boost for the Bahamas - especially Grand Bahama’s struggling economy - should it come to fruition.

NOTICE

Construction and fulltime jobs are likely to be in the hundreds, while valuable spin-off benefits are likely to be created for a wide range of Bahamian companies and entrepreneurs. The project could reverse Grand Bahama’s economic decline, stemming from its depressed tourism product, and fits in well with the island’s existing industrial base.

However, the area selected is likely to raise environmental concerns, especially given the nature of Oban Energies’ investment. It also raised fresh questions about the Carnival cruise port project, approved by the former Christie administration for the same area, amid suggestions the Government wants to relocate it nearer to Freeport - and possibly the original Williams Town site.

Oban Energies described the project site as “east of Freeport along the Northwest Providence Channel”.

Its storage facility is designed to facilitate the transfer of crude oil and other products to smaller vessels, which will then

NOTICE

NOTICE is hereby given that FEDLYNE ALIX of St. Albans Drive, P.O. Box N10622, 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 1st 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 OSNEL JEAN of Nassau Village, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that GUSTAVE FRANCIS of Pine Yard Road, 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 1st 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 VERDIEU GUILLAUME of #4 Manton Drive, Melrose Place, Freeport, Grand Bahama, 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 8th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT TUESDAY, 7 NOVEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,077.12 | CHG 0.00 | %CHG 0.00 | YTD 138.91 | YTD% 7.17 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 5.81 8.78 5.75 3.35 6.61 12.01 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 4.97 9.01 2.34 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 100.00 100.00 100.00 109.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.97 9.01 2.34 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 0.00 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

109.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.10 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

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 25.4 15.5 22.9 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%

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% 2.56% 3.31% 4.83% 4.50% 0.00% 2.67% 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

transport them to shallower ports in the US. Explaining the project’s rationale, the group said: “The Caribbean is made up of relatively small islands with small ports. There are limited sizes of liquid bulk tanks, making logistics with small vessels and delivery complicated and expensive.

“As demand for fuels has increased, there has become a great need for large volume liquid bulk storage terminals as strategic hubs with high throughputs for the suppliers of various products.”

Oban Energies pointed out that BORCO was already engaged in similar work, such as storage, bunkering and blending. It added that Grand Bahama was already “a holding area for forwarding crude oil deliveries to North America, and a ‘break-bulk’ point for transshipment operations”.

Meanwhile, the oil refinery will be “designed to process less expensive heavy crude, with the flexibility to process opportunity crude, as dictated by market economics. The refinery will be designed to fully upgrade heavy sour crude oil and produce quality products in order to address premium markets for oil products”.

“The Bahamas is an excellent location for higher netback product sales to the US, since the Bahamas is exempt from US product import duties as a member country under

the Caribbean Basin Trade Partnership Act,” Oban Energies said. “The location also provides the ability to compete in opportunity markets in Europe and the Caribbean Basin.

“The storage market is large – more than 500 million barrels in the US – and demand is growing as available storage capacity is declining. The market for storage of petroleum/ liquid product and distribution products is large and growing, but is lacking sufficient capacity and state-of-the-art facilities with best-in-class location or management.”

Oban Energies president is Satpul Dhunna, who is described as a financial investor and adviser, having held numerous posts in the corporate finance world.

Russell Erickson is the group’s senior vice-president, while its finance chief, Mark Michel, is said to be a former US Navy SEAL and “former advisor in the White House Situation Room, where he provided current intelligence to President Obama”.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

NOTICE

NOTICE is hereby given that ROBINSON PIERRE of Golden Isle Road, P.O. Box N7391, 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 1st 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 ADLIN DEMOSTHENE of Marsh Harbour, Abaco, 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 8th 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 INGRID ETIENNE of Laird St., Blue Hill Rd., 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 8th 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 ERZULIA PIERRE JOSEPH of Unison Rd West off Carmichael Rd., P.O.Box N-7060, 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 8th 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 JEAN RONY DUROSCA of Soldier Road, 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 8th 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 GEORGE ROYMONVIL of Golden Isle, 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 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

MORTGAGE FROM PAGE 1

office, asking: ‘What is the catch?’ We’ve had people write back to us saying they were staying at home, figuring they would not come out until the police or bailiffs came and got them.

“One woman was operating with the mindset of sitting in the parking lot in our offices, thinking she was never going inside.

She walked out singing the praises of our officers, and felt she’d walked into a new day and new opportunity.

“We’ve seen grown men cry, we’ve seen husbands and wives saying nothing but joining hands. This is what Sunshine is about. Of course we have to be profitable. We’re a business; we have to survive. But we believe in national development, we believe in being trustworthy for our creditors and profitable for our shareholders.”

Gateway Financial got its start when it purchased a portfolio of “several hundred” delinquent mortgages from Scotiabank (Bahamas) in summer 2016.

Although the price was never disclosed, Tribune Business sources suggested Gateway paid between 25-28 cents on the dollar for the distressed assets.

The low valuation enabled it to subsequently restructure borrower obligations to a monthly debt service payment they could afford, with - as an example - an $800 repayment falling to around $200.

Apart from rescuing Bahamian borrowers and keeping them in their homes, Gateway’s intervention also aided Scotiabank.

The bank revealed to Tribune Business earlier this year that it gained $7 million from the sale of its non-performing mortgage loans, which helped to drive a 266 per cent increase in 2016 profits.

Ms Moxey said Scotiabank’s results proved how the restructuring of delinquent mortgage loans, and their removal from balance sheets, could reduce loss provisioning and free-up commercial banks to get the economy moving by extending new credit.

“This is a fantastic sector for our company,” she told Tribune Business. “It is regrettable that the Bahamas has the highest rate of foreclosure for the Caribbean and some Canadian cities.

“I sincerely believe we are an integral part of the solution to mortgage relief for individuals, but also from the banks’ point of view.

“A lot of people want to make the banks the bad party, but if you invest in an asset and it becomes non-performing, to have an exit strategy - you won’t get dollar for dollar, but you’ll get something - keeps them liquid and keeps them lending, and not stagnating the economy,” Ms Moxey continued.

“If you offer an exit strategy, they are more inclined to keep lending as they have a buffer for their loss.

Everyone wins, and we’re changing many people’s lives.”

Both the International Monetary Fund (IMF) and John Rolle, the Central Bank of the Bahamas’ governor, have said the commercial banking sector needs to be more aggressive in cleaning up the non-performing loan pile that has dragged down the housing market, associated industries and the wider economy since the 20082009 recession.

Excess liquid assets in the commercial banking system stood at $1.707 billion at end-September 2017, indicating that banks are flush with surplus cash but are either reluctant - or have no avenues - to lend it out.

Total non-performing loans, though, fell by $49.5 million or 7.7 per cent that month to hit $597 million, a decline likely aided by the $162 million transfer of ‘toxic’ credit to Bahamas Resolve from Bank of the Bahamas. Complete private sector loan arrears stood at $912.2 million.

Ms Moxey told Tribune Business that Gateway Financial wanted to become “more active” in

Wednesday, November 8, 2017, PAGE 7 the fledgling Bahamian distressed debt market, and urged other commercial banks to follow Scotiabank’s lead in selling off their worst non-performing loans.

“It is a necessary sector and we hope to see more of it. We want to be more active in the space,” she said. “Our economic challenges are incredibly multi-faceted, but this is one way to get money flowing in the economy and save, for most people, the investment that is most dear to them - the one they’ve put their heart, soul and money into.

“I don’t mean to sound so passionate about it, but I am. People are crying, their home is part of their heart, part of what they see themselves leaving for their children, and if we can save that it’s a thrill for them. It’s awesome to know that the work we’re doing is impacting people so intimately on a personal level, and

having a positive impact at a national level.

“We hope as many banks get on board as possible.

I’d encourage more to participate, and we hope they follow suit as the impact is clear. Think about how many distressed mortgages there are in our market.”

Gateway Financial’s impact was referenced in a recent IMF paper, which said a properly-functioning distressed debt market was key to resolving the

mortgage crisis in the Bahamas’ and wider Caribbean.

The authors, Kimberly Beaton and Inci Otker, wrote: “Introducing asset management companies can also help jump-start the market, capitalising on the limited, but promising, experience in the region (as in the Bahamas).

“High non-performing loans are a drag on economic activity in a region where financial systems are dominated by banks.

NOTICE

NOTICE is hereby given that MARK ANGEIO VICTOR of Spanish Wells, Eleuthera, 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 8th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Persistently high non-performing loans constrain the availability of credit, as banks tighten lending standards and focus on cleaning up their balance sheets. “A decline in bank lending, in turn, contributes to a weaker economy that can further increase problem loans. Our analysis suggests that these effects are persistent, with the fall in credit from worsening asset quality lasting up to five years. Limited

access to credit has been a major obstacle for doing business in the Caribbean, threatening much needed investment and durable growth in the region.”

The IMF report said the Bahamas’ non-performing bank loans, as a percentage of outstanding credit, rose from 3-4 per cent prior to the financial crisis to a peak of just over 15 per cent, before falling to a current level of around 12.5 per cent.

NOTICE

NOTICE is hereby given that CIRCÉE JEAN DESAUGUSTE of Nassau Village, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Wednesday, November 8, 2017

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