11102017%20business

business@tribunemedia.net

THURSDAY, NOVEMBER 9, 2017

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Oil refinery pledges 600 construction jobs at peak

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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$4.5 billion oil refinery and storage terminal is “aiming to hit the ground running in the New Year”, with construction set to create between 300-600 jobs “at a single time”.

Peter Kreiger, Oban Energies’ managing director, told Tribune Business that the group hoped to complete Heads of Agreement negotiations with the Government for the Grand

* GB project to ‘hit ground running’ in New Year * Aims to complete Heads of Agreement ‘in weeks’ * Offers lower energy costs for Bahamas Bahama-based project “within weeks”.

Completion of that agreement will enable Oban’s Environmental Impact Assessment (EIA) to be submitted for approval, and kickstart the permitting and approvals process, with Mr Kreiger optimistic this would begin in the New Year. He added that the group aimed to begin

pre-construction in 2018, describing the project as “a win-win” for both Oban and the Bahamas - especially where the latter’s economy and employment were concerned.

“We’re actually pretty far along in the sense that we are currently negotiating a Heads of Agreement with the Government,” Mr Kreiger told Tribune

Business. “It should be done in the short term, hopefully over the coming weeks.

“We’re also probably about three-four weeks from wrapping up our EIA. We will be submitting that to the Government, assuming the Heads of Agreement is done in that

SEE PAGE 4

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BPL finance chief targeted by Board for fighting waste

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) chief financial officer was victimised for trying to set-up proper procurement processes, amid a culture of “bid rigging” on high-value contracts.

The EY (Ernst & Young) forensic audit of BPL revealed that Cecile Greene was “consistently targeted” by the electricity monopoly’s “former Board” for trying to save customers millions of dollars.

The allegations were raised by BEC’s former general manager, Kevin

* EX-GENERAL MANAGER REVEALS VICTIMISATION * AND ‘BID RIGGING’ ON MULTI-MILLION CONTRACTS * ‘CLOSED DOOR BOARD’ OVERRODE TENDER COMMITTEE Basden, who alleged in an interview that former management executives and Board directors “rigged” the award of multi-million dollar contracts by the utility.

SEE PAGE 10

ISLAND LUCK TO CLOSE ALL MONEY TRANSFER ACCOUNTS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A MAJOR web shop yesterday said all customer accounts being used for money transmission will be closed following regulatory concerns expressed by the Gaming Minister.

Dirk Simmons, Island Luck’s chief financial officer, said the web shop had acted on its own initiative. “We do not offer a money transfer service; we never intended to offer a money

* ‘NEVER INTENDED’ TO OFFER SERVICE * ONLY GAMING ALLOWED AFTER CONCERNS * CFO ACKNOWLEDGES OUT ISLAND IMPACT transfer service, and we do not intend to offer the service. This is something that happened organically due to the robustness of our systems,” said Mr Simmons.

His comments come just weeks after Dionisio D’Aguilar, who has ministerial responsibility for gaming, suggested that the Bahamas could again be ‘blacklisted’

‘STRONG MAJORITY’ VOTES FOR GB POWER BUY-OUT

By NEIL HARTNELL Tribune Business Editor and DENISE MAYCOCK Tribune Reporter A “strong, strong majority” of Bahamian shareholders last night voted to accept the $35 million GB Power buy-out, despite last-ditch arguments that the offer was hugely undervalued.

Archibald Collins, the utility’s chief executive, told Tribune Business that it would be “moving forward” with the deal after most of BISX-listed ICD Utilities minority investors accepted Emera’s $8.85 per share offer. Describing last night’s meeting as attracting “the

* UTILITY ‘MOVING FORWARD’ TO CLOSE DEAL * REJECTS $4.5BN REFINERY ‘CONSPIRACY THEORY’ * QC SAYS PROJECT EXPOSES BUY-OUT MOTIVES most shareholders we ever had” for an annual general meeting (AGM), Mr Collins emphasised that Emera and GB Power “having nothing to hide” in terms of their rationale and motivation for the offer.

SEE PAGE 11

COURT PRESIDENT GIVES INDUSTRIAL PEACE PLEA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Court of Appeal’s president yesterday pleaded for industrial peace at Baha Mar’s Melia resort, calling for a “good faith” resolution to the long-running dispute over worker gratuities.

Dame Anita Allen, in a unanimous verdict in favour of the hotel, called on management and the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) to “return to the table” and resolve a situation that almost caused

* URGES ‘GOOD FAITH’ TALKS ON MELIA GRATUITIES * UNION ‘SHOCKED AND DISMAYED’ BY VERDICT * PARTIES AGREE 10%; DETAILS TO BE WORKED OUT an industry-wide strike during 2014’s peak Christmas/New Year tourism period.

“The only persons who will suffer as a result of this

SEE PAGE 12

through web shops acting as unregulated money transfer businesses.

Mr D’Aguilar also questioned the web shop industry’s Know Your Customer (KYC) scrutiny, suggesting that while they verified client identities and addresses, they did not assess their source of income. Mr Simmons reiterated:

“This was purely a proactive decision to align our business offerings with the highest interpretation of the laws that govern our license. Over the past several years we were shutting down accounts actively every month.

“We are now taking a more proactive approach every month. We have now applied systems changes to accomplish the desired effect of having our systems used only for gaming purposes. Going forward, persons will be required to use their Island Luck cards to both deposit and withdraw funds.”

Mr Simmons acknowledged that Island Luck’s move may cause hardship for Family Islandbased businesses and residents, who have begun to increasingly use web shops to conduct their regular financial services transactions as commercial banks exited their islands.

“We fully appreciate that this decision may impact Bahamians on our remote Family Islands who do not have access to any commercial banking services, and may

SEE PAGE 4

PAGE 2, Thursday, November 9, 2017

THE TRIBUNE

DESIGN DESCRIPTIONS THAT MATCH THE JOB GRAPHIC designer; Visual designer; User interface (UI) designer; and Web designer. How many different designer job titles are there? And are they all just fancy names for doing the same thing?

If you have heard these terms thrown around, you might be confused about what they mean. And, more importantly, you might be wondering which one is the right career path for you.

Do the three roles provide a different service?

For visual and graphic designers, the difference may lie mainly in the job title and salary expectations. However, a user experience designer has very different end-goals and responsibilities from a visual or graphic designer.

It can all get pretty confusing. But here is a simple difference between these three common terms we use to describe designers: Graphic designer, visual designer and user interface designer.

What does a graphic designer do?

Graphic designers often work with print designs and deliverables, such as posters, brochures, invitations and business cards. They also occasionally create

user interface design assets for the Internet, such as logos and icons, and send marketing messages using text and pictures.

Graphic designers should know the fundamentals of design, including colour theory and typography.

They also need to know how to build brand assets (such as logos) and make sure they are consistent across all designs for a brand.

Graphic designers do most of their work in Photoshop, Illustrator and InDesign (Adobe products you will learn to use in the Skillcrush Visual Designer Blueprint!, although some designers are turning to Sketch as an alternative to Photoshop (it is only on Mac right now).

One thing graphic designers do not really need to know is coding, as it is useful on a project for a developer (likely a front-end developer). The average salary for a graphic designer should be $55,000 per year minimum.

User Interface User interface (UI) designers are responsible for the ‘look and feel’ of a website, app or other product. They are the ones who add colours, pair typefaces

and set layouts. UI designers work exclusively on the Internet, rather than print like a graphic designer.

Because of that, a very deep understanding of user experience and web design is important.

Since these designers build websites, web apps and web layouts, they should have strong wire framing skills in their design toolkits. They should be proficient with HTML and CSS so that they understand how their designs will work on actual websites, apps and products. For the same reason, it helps if they have at least a base understanding of JavaScript (or, better yet, be comfortable actually writing JavaScript code).

Like graphic designers they also need to have a strong grasp of general design fundamentals, such as colour theory and typography. UI designers do most of their work in Photoshop, Illustrator and InDesign as well. But they also do a lot of work in wire framing software that allows them to show clients and team members how their design will work in practice. The average salary for a UI designer should be $62,678 per year

What does a visual designer do?

Visual designers are the problem solvers of the design world. Rather than just bringing brands to life, they play a key role in defining what goes into a brand’s unique style and voice. In addition to creating beautiful designs, they know how to explain design concepts and the decisions behind their work.

Visual designers are somewhat of a hybrid between what graphic designers and UI designers do, but with a cluster of other skills thrown into the mix. They have to understand user experience, user interface and web design.

Nonetheless, coding is not necessary (though, as with most jobs in technology, there are bonus points if you do have at least basic coding skills). They at least should be familiar with communicating with those who do, and how to create designs that take into account what is possible in the code.

Visual designers rarely work on print products, but they do need a strong understanding of graphic design, identity design and branding. Visual messaging and communications

skills are definitely an asset. Visual designers work primarily with web layouts and deliverables, including things such as icons, infographics, logos and presentations.

They should also be familiar with industrystandard software (Adobe and Sketch primarily; wire framing skills like a UI designer; and should be aware of how front-end developers work, and their language. The average salary for a visual designer should be $87,000 per year minimum.

If you do not have web skills, it may be increasingly challenging to find highpaying work. Practically every brand out there now has an Internet presence, and many require a stronger presence online than they do in print. So understanding how to design for the Internet no doubt offers a much stronger position in the job market today.

So, which one is right for you? There is some overlap but, in general, visual designers design for digital products, and graphic designers design for marketing purposes. Differences?

Most of the roles that were once under the domain of ‘graphic designer’ have now

The Art of Graphix

BY DEIDRE M BASTIAN

been segmented into specialised roles with a wider division of responsibility.

Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

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

Gov’t must ‘fully engage’ private sector over WTO

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government was yesterday urged to “fully engage” the private sector on its World Trade Organisation (WTO) push, and ensure locally-produced items are among the sectors “protected”.

Karla Wells-Lisgaris, a brand manager at Caribbean Bottling Company, and Bahamas Light Industries Development Council (BLIDC) member, yesterday told Tribune Business: “We just want to be involved in the process to ensure that no one slips through the cracks.

“All countries have means of supporting and protecting their industries.

Some may not refer to it as protecting, but rather supporting, yet it’s all the same thing whether it’s subsidies or tariff protection.”

She added: “We just want to be assured that the Government will consult with the private sector, and not just manufacturing, because all facets of our economy can be impacted. We know

that government is aware that they do have the flexibility to protect certain industries on the goods and services side. We just need to start having those conversations to be kept abreast of any developments as they occur to ensure that all of our items that are locally produced are protected.”

The Minnis Cabinet has approved an “aggressive” push for the Bahamas to become a full WTO member by 2019, with Brent Symonette, minister responsible for trade and industry, confirming to Tribune Business that the process was among the government’s priorities as it seeks to re-position the Bahamian economy for growth via liberalisation and deregulation.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said the private sector body also wanted to be fully engaged in the WTO discussions.

“We have a presence on the Bahamas Trade Commission.

We also have a trade division at

the Chamber that is also looking at the WTO accession, as well as other bilateral and multilateral trade agreements,” he said. “We are currently undertaking a review of the process. We expect to be fully engaged in the process of WTO discussions.”

Mr Sumner added: “We are also planning on doing a trade facilitation conference next year to discuss WTO and all the other trade agreements, so we can be sure that we have a clear understanding of the process and what the intended outcomes are, and how engaged the private sector is likely to be in that process.

“You pretty much get what you negotiate, so it’s going to be important that the Bahamas is well represented - not only from the Government and Trade Commission side - but also from the private sector side.

“It’s going to be important for us to ensure that there is more than adequate private sector engagement and representation on these committees as they go ahead and start planning for the WTO accession.”

THE TRIBUNE

Thursday, November 9, 2017, PAGE 3

BFSB creates FinTech strategy working group

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Financial Services Board (BFSB) yesterday said it is developing a strategic plan for the FinTech (financial technologyt) sector as interest in virtual currencies grows.

Speaking as a panellist at Higgs and Johnson’s annual seminar, Tanya McCartney, its chief executive, said: “BFSB recently created a FinTech working group because of the increased interest in virtual currencies.

“At the moment we are developing a strategic plan with respect to FinTech.

We are looking at first education and creating a greater awareness around virtual currencies. There will be a need to review our legislation and the

regulatory framework to see how it impacts or impedes growth in this particular area, and ultimately we want to come up with a strategic plan for the development of a real FinTech sector. It’s in its infancy but it is being given attention

by BFSB at the moment.”

Tamieka Watson, manager of exchange control at the Central Bank of the Bahamas, said the regulator intends to gradually liberalise exchange controls as much as possible.

“The Central Bank is poised to gradually liberalise exchange control as much as possible, as tempered considering the economy, government debt and the deficit. There is going to be more dialogue with the public,” she said.

“I think that the perception over why we need exchange control is something that is not clear. I

sometimes look at it considering if the Government didn’t have this deficit, our economy was more diversified, or we didn’t have so much debt that we wouldn’t need exchange control.

“To look at exchange control in isolation of those things would be doing an injustice to it, and we ought to look at in the whole totality of things and look at the entire economy of the Bahamas.”

Ms McCartney added: “We know that as it relates to exchange control our members indicated there are opportunities to refine processes, to make sure that there are clarifications around requirements.

We look for opportunities to improve or expand the relation of exchange control to the extent that you feel it impedes the way you do business.”

BAHAMAS URGED: TARGET NICHE AGRICULTURE MARKETS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas must focus on niche crops that can be sold to larger economies, a Canadian professor urging it to avoid inefficient and costlier local production.

Pierre Desrochers, an associate professor of geography at the University of Toronto Mississauga, while delivering a lecture at the Harry C. Moore Library on Tuesday night argued that this nation should look at what it can produce and find export markets.

Speaking at the event hosted by the Nassau Institute, Professor Desrochers said: “I don’t know what the Bahamas is good at, but there should be ways to produce stuff that people elsewhere will want to buy, and that’s what you should do as opposed to try to protect things that are inefficient, which only results in you being charged more to

PRIVATE SECTOR DIGS IN ON LABOUR LAW CHANGE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday said the private sector’s position on the Employment and Industrial Relations Act changes has not altered.

Edison Sumner, who was a panellist at Higgs and Johnson’s annual seminar, acknowledged concerns that the Minnis administration was seeking to revisit these laws. “We have been further instructed by the Government to have another look at this Bill, and they have also asked us to look again at the Industrial Relations Act,” he said. “We are concerned

about that because our first response when we got instructions to have another look at these was we that we had already spent a lot of time amending what has become the new Employment Amendment Act 2017 and the Industrial Relations Amendment Act 2017. To come back to the Tripartite Council in literally weeks, saying we want you to look this again, means the Government wasn’t ultimately satisfied with what came out of this.”

Mr Sumner added: “I would tell you that from the private sector’s perspective, our position has not changed - and will not change - based on what we have already done. I do not expect that if we go back to a meeting with the Tripartite Council and the Minister of Labour, or

anyone else for that matter - unless they present us with something that is so significantly different for us to consider - I can say unequivocally that our position will not change.”

Mr Sumner admitted that the private sector had gotten “most of what we wanted” in the legislation passed earlier this year.

“We came out a little bit ahead of the others in as far as our own expectations were concerned,” he added.

“We didn’t get everything, but we did get some things out of the Act that we think - had they stayed in the Bill - would have been detrimental for business in the country.”

Private sector executives speaking to this newspaper have previously warned that the Minnis administration’s plans to increase the

12-month redundancy pay ‘cap’ would further endanger an economy already “in deep trouble”.

Dion Foulkes, minister of labour, reiterated in his Senate Budget debate communication that the Government planned to increase the Employment Act’s ‘redundancy cap’ following consultation at the National Tripartite Council level.

This effectively picks up where the Christie administration left off just two months prior to the general election, when it was forced to drop union and labourfriendly plans to increase the redundancy pay ‘cap’ by two-thirds from its present level.

feed your local population.

“I’m not against food production in the Bahamas but people have to find their niche and, hopefully, rely on the export market.”

Professor Desrochers argued for the diversification of the Bahamas’ food supply, adding that local production has proven unreliable, inefficient and costly for small economies. He added that natural disasters make it unwise to place a country’s food security needs in one basket.

Speaking with Tribune Business, Professor Desrochers said: “Look at places like Hong Kong and Singapore; they don’t even produce a lot of their own food, but they are among the most food secure places because they have multiple suppliers and their prices are low.

“It might be that the Bahamas does not have

much of an advantage in agricultural production and, even if you have to let go a lot of your agricultural production you might be able to do other things in the services sector like manufacturing.

“I understand that people have this visceral attachment to food, but it might be that at some point small economies might have to give up on food production if they are not able to. To the extent that agriculture has a future in a country like the Bahamas, these are the kinds of things that you should look at rather than encourage people to produce tomatoes if you are not able to compete with Florida, for example.

“You should look at what you can produce, find a market, earn money that way, and with that you can buy food from other locations.”

PAGE 4, Thursday, November 9, 2017

THE TRIBUNE

Oil refinery pledges 600 construction jobs at peak FROM PAGE 1 time, as well. The goal is by the end of the year, beginning of the New Year, to begin the permitting process.

“I think that in a perfect world, which you and I both know never exists, we could hopefully be in position by Spring to have our permitting done and pre-construction possibly starting. If not, definitely by the end of 2018. We’re going to be hitting the ground running here, hopefully in the New Year.”

Oban is proposing a $1.5 billion first phase investment in a 20 million barrel, “multi-purpose” bulk storage facility for petroleum products, which will be located within one to two miles of east Grand Bahama’s existing Statoil terminal.

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 refining to Grand Bahama, and means Oban is envisioning a grander project than the existing Buckeye Partnersowned BORCO facility.

Mr Kreiger yesterday said the project would generate between 300-600 construction jobs at “a single time”, depending on the build-out phase, with some 80-120 posts created when operations launch.

“The majority of those jobs will be higher paying jobs than the average Bahamian salary, according to the economic study we’ve provided to then Government,” he told Tribune Business.

“We feel it will be a valuable contributor to help the economic recovery for the island. The study showed that for every dollar earned by someone employed by us, the economy will feel a 1.6x (times) multiplier effect. People will be going out to dine more, going to the theatre more and stimulating the economy now they have more disposable income.”

Mr Kreiger added that the oil storage terminal’s first phase would require a $300 million investment to build-out to a four million barrel capacity. The facility will require two more phases to complete, one featuring the addition of six million barrels, and the latter doubling capacity by 10 million barrels to the target 20 million.

“That will be needed to support the refinery,” he said of the storage terminal. “That refinery will start with 25,000 to 50,000 barrels per day, and as market demand dictates we will grow from there.”

Bahamians have grown increasingly sceptical about so-called ‘mega’ multi-billion dollar projects, given that many have been promised but few have been

delivered since the turn of the century.

Acknowledging the concerns, Mr Kreiger said Oban Energies’ two investment banking partners - Stifel, Nicolaus & Company and Drexel Hamilton - had visited the Bahamas twice to provide the Government with verbal and written assurances that the necessary financing will be forthcoming.

“Our investment bankers have flown down and given assurances to the Government in person twice - once to the Deputy Prime Minister, and the other to the Bahamas Investment Authority (BIA) - that the funds will be available and accessible once permitted,” he told Tribune Business.

“Other than the fact we’re spending money hiring local Bahamians, and have bankers coming down and giving all the necessary assurances - verbal and in writing - there’s not much more we can do.

“We’re not the type of firm to say: ‘Trust us, it’s coming’. We want actions to speak louder than words.

We’ve probably spent $10 million in pre-construction and engineering costs to show our commitment, and if we find the talent we intend to hire as many local people as we can. Just see; we’re putting our money where our mouth is.”

Oban Energies has hired Bahamas-based Islands by Design as its environmental

consultants, with Lambert Knowles also engaged to perform geotechnical work.

The Mosko Group has also been hired for construction and engineering work.

Mr Kreiger confirmed to Tribune Business that Oban Energies had offered to supply fuel at “preferential prices” to Bahamas Power & Light (BPL) and other local utilities, in a bid to help lower this country’s energy costs.

“We have offered to do that, and give preferential pricing to the Government in order to show both our support for the community as well as the fact we feel this could be a win-win for everyone,” he said.

“It’s something the Government would like to explore, but right now everyone’s focused on the permitting and getting the project off the ground.”

The Minnis government, by word and action, is intent on restructuring the Bahamas’ economic model and repositioning this nation to attract new industries, having seemingly realised that the ‘twin pillars’ of tourism and financial services are no longer sufficient to meet its employment needs.

The Bahamas has effectively needed an economic ‘game changer’ for a decade, and especially since the 2008-2009 recession, and the Oban Energies project - if it succeeds - could help achieve that objective.

Mr Kreiger told Tribune Business that Oban Energies had been eyeing the Bahamas since 2008, having obtained an ‘approval in principle’ from the Ingraham administration that year, only to be derailed by the global downturn.

He explained that the group had to wait until financial and energy market conditions improved, and resumed work on the east Grand Bahama project some 18-24 months ago.

Oban Energies selected its project site based on the deep water access available to large tankers, and the land access to the ocean.

Statoil’s presence meant the area was already a ‘brownfield’ site, lessening the environmental concerns, while the location is also well-removed from populated areas.

“The development fully built-out will probably be in the neighbourhood of a couple hundred acres to facilitate both the storage and refinery,” Mr Kreiger said. “To find property with clear title is not the easiest thing to do in Grand Bahama, but we have it under contract with deposits down depending on permitting from the Government.”

He praised the cooperation and enthusiasm displayed by the Minnis administration to-date, and said Oban Energies may later include a liquefied natural gas (LNG) component

at its east Grand Bahama site. “The initial approval in principle we had did include LNG,” Mr Kreiger told Tribune Business. “But because of the need for pipelines and other things that were not very well received in the past, we decided to focus on storage and the refinery.

“We are interested in looking at LNG again in the future, but right now because of what we believe to be a more favourable economic and political environment - we believe storage and the refinery will be the best place to start.”

Oban Energies, like BORCO, is aiming to exploit Grand Bahama’s US proximity and location on major shipping routes to serve as an offshore distribution/break bulk hub to an energy industry struggling for deep water ports on the Gulf Coast and south-east US. Larger vessels from North Africa, Europe and Asia can have their loads broken down, and transferred to smaller vessels, who will then take the product from Grand Bahama into the US. And US oil and energy exports can use the same route in reverse to get their products to market. “We could see with the success of BORCO that the demand is quite significant, and it’s only growing with the vast reserves the US now tapping into,” Mr Kreiger.

ISLAND LUCK TO CLOSE ALL MONEY TRANSFER ACCOUNTS FROM PAGE 1 rely on our systems to facilitate basic day-to-day commerce to meet their needs,” Mr Simmons said.

“However, we are making this proactive decision to align ourselves with the highest interpretation of the regulatory laws and requirements that govern our license.”

Mr Simmons added: “We at all times stand ready to assist the Government in any way we can, and we remain open and active in dialogue with the regulatory bodies to find solutions that may be impacted by those decisions.”

While Mr Simmons did not disclose what those solutions might be, Tribune Business has previously

reported that the Central Bank earlier this year introduced the Payment Instruments (Oversight) Regulations 2017, which are designed as the supervisory framework for electronic payments solutions and providers.

Island Luck’s chief executive, Sebas Bastian, had previously expressed interest in obtaining a license under this regime.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394 Employment Opportunity

Electrical Technician -

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Main Duties & Responsibilities: shooting, project and installation work on all plant electrical, instrumentation and continuity of plant operations.

Duties include but are not limited to the following: manner.

Liaise with Original Equipment Manufacturers (OEMs) on any updates to manuals and/or upgrades to the equipment within the zones thereby ensuring all information

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Ensure the availability of all critical spares parts, tools, manuals and equipment to

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Generate and present reports for management review as required.

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B.Sc. Degree in Electrical and or Electronic Engineering or equivalent production environment Supervisory experience of at least three years

Skills/Core Competencies:

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Good working knowledge of bottling plant machinery and systems Practical knowledge in troubleshooting sophisticated electrical and electronic circuits In depth knowledge of programmable logic controllers Ability to read and interpret electrical and electronics drawings Good problem solving, organizational and communication skills.

Strong supervisory skills Computer literacy (Access, spreadsheets, word processing, AutoCAD) function in an intense production environment where timelines Ability to management.

Interested persons must submit resume to the front desk or electronically no later than November 30th, 2017

Caribbean Bottling Co. Sir Milo Butler Highway hradmin@cbchamamas.com

THE TRIBUNE

Thursday, November 9, 2017, PAGE 5

BISX briefs retiring marines over stock market investments ROYAL Bahamas Defence Force (RBDF) marines approaching retirement age have been briefed on investment possibilities by stock market executives.

The briefing came as Bahamas International Securities Exchange (BISX) participated in

the first Transitional Entrepreneurial Training Seminar, hosted by the Bahamas Agricultural & Industrial Corporation (BAIC), in conjunction with the RBDF. On the seminar’s first day, BISX chief executive, Keith Davies, and chief operations officer, Holland

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.

Grant spoke to the marines about the Local Stock Market and Investment.

Other institutions present at the briefing also addressed savings, investments and starting businesses at the briefing, which was held in BAIC’s training room on Old Trail Road.

Mr Davies said: “It was a pleasure speaking to dedicated marines who gave so much of their life in service to the nation. BISX welcomes an opportunity to speak to all branches of

our nation’s law enforcement services, including the Defence and Police Force.”

Mr Grant added: “This was the first year of this programme, and BISX was honoured to be a part of the programme and to contribute as these officers transition from one part of their lives to another.

“The participants were familiar with savings and investing, and so our presentation really was an interactive discussion where there was a mutual

NOTICE

ZWEIGELT LIMITED

(b) The dissolution of the said company commenced on the 7th November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

TO ALL SHAREHOLDERS

The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as November 15th, 2017 of $0.14 cents per share

The payment will be made on November 24th, 2017, through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Robert V. Lotmore Corporate Secretary

Entrepreneurial Seminar is to introduce the marines to the many and varied business opportunities that exist in the Bahamas, and apprise them of the processes and agencies that they, as entrepreneurs, would have to encounter in starting and developing a business”.

Human ResouRces manageR An established company is presently considering applications for a Human Resources Manager.

The position is open to candidates who possess the following:-

N O T I C E IS HEREBY GIVEN as follows: (a) ZWEIGELT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

DIVIDEND NOTICE

sharing of information and knowledge.

“We would welcome the opportunity to take part in future initiatives of this sort, not just for retiring marines, but also for new marines.”

A BAIC spokesperson said: “The purpose of this Transitional

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 9th day of November, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

Qualifications Highly detail-oriented, able to work independently, multi-task, enjoy interfacing with other staff, excellent skills in verbal and written communication, possess a bachelor’s degree, and at least 2 years of experience relevant to the responsibilities.

All interested applicants should email resume to nassaurecruitment@gmail.com.

PAGE 6, Thursday, November 9, 2017

THE TRIBUNE

TRAVEL AGENTS TARGETED VIA ‘THREE-STEP STRATEGY’ THE Ministry of Tourism’s Plantation’s office hosted travel agents from West Palm Beach, Broward and Miami Dade counties on an October 27-28 trip to Grand Bahama via the Balearia ferry.

The visit, which was part of the Ministry’s ongoing

campaign, The Bahamas is Open for Business: Come See For Yourself, gave the agents an opportunity to experience the island’s major hotels, marinas and tourist attractions.

“Feedback from the agents has been very positive and encouraging. The agents left the destination

confident, knowledgeable and ready to sell our second city, Grand Bahama,” said Donna Mackey, the Ministry of Tourism’s senior sales manager.

Jennifer GardinerBannister, the Ministry of Tourism’s area manager, added: “We have worked assiduously with our travel

agent and tour operator communities over the past few years. As we continue to strengthen our partnership alliance, we want to also build on our ‘on-line, off-line, on-island’ strategy with them.

“This three-step strategy, ‘on-line’, which through our website and other social media marketing platforms, provides awareness to these agents of our destination programmes and new development; ‘off-line’ gives us an opportunity to engage and connect with them one-on-one during

sales missions product launches and training seminars; and on-island, where we invite agents to the Bahamas to better understand, promote and personally experience our diverse and unique multiple destination chain.

Ms Gardiner-Bannister added: “We want to ensure that we have, and are providing them with, the resources and all the information necessary for them to do business with us and their clients to visit our shores, again and again.

“Many persons seem to

CLIENT RELATIONS MANAGER NEEDED Potential candidate must meet the following criteria: • • • • • • •

BA in Business, Management, Communications or equivalent.

Minimum of 5 years experience in an administrative role.

Proficiency in all Microsoft Office programs.

Must be able to demonstrate time management and organizational skills to effectively plan and prioritize work tasks.

Knowledge of and working experience in yacht management.

Multi-lingual capabilities preferred.

Email: jobvacancies242@gmail.com

POSITION ANNOUNCEMENT Job Title: Photographer & Video Producer Contract type: Permanent, full-time 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.

think that the Bahamas was devastated by the recent hurricanes.

“While two of our southern islands, in particular, Ragged Island and Acklins, did sustain some property and infrastructural damages from Hurricane Irma, the rest of the Bahamas did not, including the hotels and marinas in our major islands: Nassau, Paradise Island, Grand Bahama, Exuma, Abaco, Bimini, Andros and Eleuthera.

“Tourism is our number one industry and the economic engine for the country, so it is imperative that we let the world know, through these agents, that the Bahamas fared well and is ‘open for business, come see for yourself’,” she said.

The travel agents’ visit is one of severaltrips planned for the islands of Grand Bahama, Nassau and Bimini.

In addition to the familiarisation trips, the Ministry of Tourism sales departments have, since the summer season, conducted a series of lunch and learn seminars on land and at sea for top-producing travel agents in Tampa, Orlando, West Palm Beach, Fort Lauderdale and Miami.

THE TRIBUNE

Thursday, November 9, 2017, PAGE 7

Commission executive seconded to US’s SEC

CHRISTIAN ADDERLEY

Office Manager - Day to day running of the office - Provisions of administrative support to the Director - Accounts management - Electronic Payroll - Customer service - Stock management and preparation of orders - Knowledge of Quick Books/VAT preparation - Experience with Excel and Microsoft office suite - Excellent interpersonal, oral and written communication skills

Submit all applications to: jobapplicant242@gmail.com

THE Securities Commission has seconded one of its managers to its US counterpart, the Securities and Exchange Commission (SEC), in Washington DC. Christian Adderley, deputy manager in the Securities Commission’s policy and compliance unit, will serve in the SEC’s office of international affairs, under the co-operation and technical assistance unit.

The Securities Commission pursued the secondment opportunity as a part of a long-term strategy to enhance its regulatory capacity. Mr Adderley’s posting, which began on September 11, is set to last two years.

At its conclusion, the Securities Commission hopes to benefit from his exposure to, and experience with, one of the world’s largest regulators.

K Peter Turnquest, Deputy Prime Minister and minister of finance, said: “The capital markets have an increasingly important role to play in the economic development and growth of our nation, and good regulation is critical for the markets to be effective.

“I commend the Commission for this long-term thinking, and for its commitment to ensuring it has the capacity to fulfill its mandate and further the development of our capital markets.”

Christina Rolle, the Securities Commission’s executive director, said: “Enhancing the Commission’s regulatory capacity by deepening the skills and qualification of its employees remains strategically important to the Commission as it regulates today’s capital markets, and positions itself for effective regulation into the future.

I congratulate Christian for embracing this opportunity, and express thanks to the SEC for supporting this initiative and facilitating this exchange of skills.”

Mr Adderley, a husband and father of two, has been employed with

the Securities Commission since October 2012. His family joins him in Washington DC. He said: “It is a privilege and honour to represent the Bahamas and the Commission at one of the leading capital markets regulators in the world.

“The capital markets and financial regulation are both passions of mine.

I hope to be an asset in my new position, and to return with deeper and expanded skills to further the Commission’s work and to realise its vision.”

PAGE 10, Thursday, November 9, 2017

THE TRIBUNE

BPL finance chief targeted by Board for fighting waste FROM PAGE 1 “During the interview, Mr Basden corroborated a number of procurement irregularities identified by EY as part of our transaction testing,” the EY report said. “Mr Basden suggested that there were numerous instances of ‘bid rigging’ with respect to high dollar contracts that were awarded to vendors by former executives and Board members.

“As part of our electronic document review, EY identified numerous instances whereby Mr Basden was ‘pushing back’ against some of the irregular procurement practices of former Board members.

“Further, Mr Basden suggested that Mrs Greene was consistently a target of the former Board due to her efforts in implementing a formal tendering process.”

The EY report does not identify the “former Board”, or the various instances of ‘bid rigging’ described by Mr Basden and those involved.

However, it yet again illustrates how non-existent

corporate governance; weak and ill-enforced internal controls; and too much political interference in state-owned enterprises (SOEs) have caused the Bahamian public to incur multi-million dollar losses contributing to this country’s economic and fiscal malaise.

EY conducted two interviews with Mrs Greene, with the first focusing on BPL’s financial controls and accounts processing systems in the wake of the near-$1.9 million fraudulent cheques scam.

“EY performed a walk through of the accounts payable (AP) process and challenged Mrs Greene on the control environment and volume of work in process activity,” the report said.

“While Mrs Greene acknowledged some of the issues EY identified in both areas, she also defended the progress she has made since accepting her position as chief financial officer in 2009.

“Mrs Greene stated that she believes the control environment is adequate, but could be enhanced.

Further, she stated that

NOTICE

HSR LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) HSR LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 7th November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 9th day of November, A. D. 2017

she has made significant progress in reducing the amount of work in process inventory from $200 million in 2009 to $60 million currently.”

EY said its second interview was conducted to obtain Mrs Greene’s perspective on “the procurement irregularities” identified by the accounting firm in its audit.

“Mrs Greene corroborated the majority of the findings and observations EY made in this area,” the report said. “Mrs Greene stated that the recommendations of the tender committee, of which she was a member, were consistently overruled behind closed door meetings of the two previous Boards of Directors.”

EY identified numerous occasions where Leslie Miller, the then-Bahamas Electricity Corporation’s (BEC) executive chairman between 2012-2016, improperly inserted himself into the awarding of contracts, with several interventions described as “irregular”.

“We noted five instances where correspondence from the vendor (invoices, bids, proposals) was

addressed directly to the chairman [Mr Miller] and not the procurement or engineering functions,” the EY report said.

“We noted nine instances where handwritten approval was provided by the chairman for amounts below $250,000. We noted 10 instances of written correspondence from the chairman to staff instructing them to engage with or process payments to a given vendor.”

EY released an e-mail from Mr Basden to then-deputy prime minister Philip Davis, which revealed that Mr Miller had given a security firm, Actun Security, a three-year contract extension without any formal bidding process being conducted.

Mr Miller also authorised a “highly irregular” mobilisation payment to Actun, and the report said: “EY performed an analysis comparing the average monthly cost of the prior security contractor, Wemco, to the average monthly cost for the new vendor, Actun.

“The average monthly cost of security provided

by Wemco for the oneyear period December 2011-2012 was $72,280.

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Sincor Ventures Ltd. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), Sincor Ventures Ltd., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2017.

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

The average monthly cost of security provided

by Actun for the oneyear period November 2012-October 2013 was $94,419, representing a 30.6 per cent increase in security expenses for the same services.”

EY’s report, entitled Project Hogfish, highlighted “numerous irregularities in the manner in which contracts were awarded by BEC since 2012”, implying that the electrical utility’s tendering and procurement processes had broken down almost entirely.

This, in turn, undermines the creation of a Bahamian meritocracy and ensures BPL’s customers and shareholder (the Government) received poor value for money, with the extra costs caused by some contract awards and likely shoddy workmanship exacerbating the utility’s $20 million-plus annual losses.

The EY report also found that access to BPL’s systems for the creation of vendor profiles was “not appropriately restricted” - something that assumes extra significance given the fraudulent cheques issued to fictitious companies.

“The process and responsibilities - including defined segregation of duties - for the creation of new vendor profiles is not currently documented in procurement policy,” EY said. “During interviews with procurement staff, we were told conflicting information about who has the responsibility, and the functionality, to set up new vendor profiles.

“We were told by one staff member that the procurement manager is responsible for creating new vendor profiles, and by another staff member that accounts payable are responsible for their creation.”

EY said both BPL’s procurement and accounts payable staff had permissions enabling them to access the system and create new vendors.

“When the creation of new vendor profiles is not appropriately restricted, there is an increased risk that fraudulent payments will be made to external individuals or organisations, or that vendors will be engaged without adequate analysis and due diligence,” EY warned.

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

RAYTON COMPANY LTD. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), RAYTON COMPANY LTD., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2017.

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

_________________________________ Bukit Merah Limited Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Elckom Ltd.

In Voluntary liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), Elckom Ltd., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2017.

ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

THE TRIBUNE

Thursday, November 9, 2017, PAGE 11

‘Strong majority’ votes for GB Power buy-out FROM PAGE 1 “Some concerns were expressed with the proposed transaction; the buyout of the minority shareholders,” he said. “But, again, the shareholders voted overwhelmingly - a strong, strong majority - to accept Emera’s offer of $8.85, and obviously we see that as a very fair offer. So we are pleased that shareholders have seen it that way.

“We will be moving forward with the buyout. The shareholders have until November 27 to elect whether or not they prefer $8.85 in cash [per share] or take Depository Receipts, which is the equivalent value of EMERA shares effectively.”

Mr Collins acknowledged the concerns, and opposition, in some quarters to a buy-out that will see Emera take 100 per cent ownership of GB Power.

But he added: “We don’t have anything to hide.

I think $8.85 represents fair market value. Clearly, KPMG, who were retained by the independent Board members agreed with that valuation.

“I think all I can say is that we understand where some of that sentiment would come from. But the vote tonight, I think, speaks for itself that people are very supportive of $8.85.”

The buy-out’s opponents, though, suggested that the real reason for Emera’s offer was yesterday exposed by Tribune

Business through its revelation of a planned $4.5 billion oil refinery and storage terminal for Grand Bahama.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business: “Now we see how valuable these shares of GB Power and ICD Utilities are and will be.

“Don’t tell me that a prospective $4.5 billion investor hasn’t already been having very intense talks with GB Power.

Emera mussee tink we is fool, hey? Nothing ever happens in a vacuum.

“If the GB Power shares were not valuable, why would Emera be trying to buy them from Bahamians in the first place?” Mr Smith continued. “The happy opportunity of this $4.5 billion oil refinery in Grand Bahama shows how lucrative the value of GB Power shares will explode to very soon.

“I am shocked that the directors of ICD Utilities, at the recent shareholder meetings last month, failed to disclose this atomic business opportunity in GB Power’s future.”

A project of the scale and nature of Oban Energies’ proposal will significantly boost GB Power’s electricity sales and revenues, along with its bottom line profits. That, in turn, would increase the share price of ICD Utilities and the value of Bahamians’ investment under the current structure, again raising suspicions that the offer to minority investors is under-valued.

However, a GB Power spokesperson, describing

Mr Smith’s comments as a “conspiracy theory”, said the utility had been unaware of the Oban Energies project until executives read about it in Tribune Business yesterday morning.

The spokesperson denied GB Power and its executives had met, or held discussions, with Oban Energies, and added: “We had no knowledge of this deal. We found out about it in The Tribune this morning like everyone else.”

Mr Smith, though, pointed out that a $4.5 billion investment was equivalent to more than 50 per cent of the Bahamas’ national debt, and said it was “incumbent” on GB Power, Emera and ICD Utilities to have disclosed any knowledge of it to the Bahamian shareholders.

“The question is: Did the independent directors know of this as well, and did KPMG know about this because this obviously has a dramatic effect on the future value of GB Power and the shares of ICD Utilities,” Mr Smith told Tribune Business.

“In addition, the Central Bank’s exchange control must have known about this, and the BIA and the Government, so I urge them to refuse to let Emera engage in this. It’s a gross under-valuation.”

Mr Smith again reiterated his call for ICD Utilities shareholders to be offered one GB Power share for every two in Emera, arguing that this would retain local ownership while achieving the latter’s goal of simplifying

the corporate structure by taking out the BISX-listed holding vehicle.

This, though, is likely to be forlorn unless there is regulatory intervention or Mr Smith succeeds with his own Judicial Review.

With the buy-out approved, Bahamian shareholders now have three ‘exit route’ options. They can accept the $8.85 per share for their holdings, representing a 26.25 per cent premium to the $7.01 BISX price the day before it was announced, and 33 per cent premium to the “24-month volumeweighted average price ICD Utilities.

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

Four depository receipts will equal one Emera share.

The third and final choice is for the Bahamian investors, who hold a combined 39.26 per cent of ICD Utilities (translating into 19.63 per cent of GB Power), to take a combination of cash and depository receipts (DRs). Those who fail to specify their choice

by November 27, 2017, will also be deemed to have chosen this option.

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

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.

Legal Notice NOTICE

ALFA PACIFICO FUND LIMITED (the “Fund”)

NOTICE IS HEREBY GIVEN as follows: (a) ALFA PACIFICO FUND LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Fund commenced on the 8th day November, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Fund is Brian Jones of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Brian Jones Liquidator

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

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CHEF CONNECT FEATURE

PAGE 12, Thursday, November 9, 2017

THE TRIBUNE

COURT PRESIDENT GIVES INDUSTRIAL PEACE PLEA FROM PAGE 1

stalemate between the union and management of the resort relative to the payment of AI (allinclusive) gratuities are the workers,” Dame Anita wrote.

“It is therefore recommended that both parties return forthwith to the table and negotiate in good faith, and in a spirit of true cooperation, for the benefit of the workers and management, and in the interest of good industrial relations in the Bahamas.”

Dame Anita’s plea came in a ruling that upheld an earlier Supreme Court’s verdict, which found the Melia Nassau Beach Resort was not obligated to pay gratuities in the absence of an agreement with the union - as the bargaining agent for non-managerial employees - on the rate and distribution formula.

The verdict produced predictable reactions, with the union describing itself as “shocked and dismayed” and Melia’s Baha Mar owner “happy and encouraged by developments”.

Robert Sands, Baha Mar’s senior vice-president

of government and external affairs, said of the ruling: “It reinforces that our position was of merit.

“We look forward to resolving this matter amicable, so our associates can benefit and work at the Melia continues, and we continue to grow occupancies and business for the country.”

Tribune Business sources yesterday said the Melia and hotel union had agreed a gratuity rate of 10 per cent, but still needed to finalise a mechanism for how this will work in practice.

“The parties have agreed to sit down and work out how it will be allocated,” one contact, speaking on condition of anonymity, revealed. “They have to finalise the actual breakdown, and how that 10 per cent is spread; what categories of employees get points to come up to the agreed 10 per cent.”

Darren Woods, the BHCAWU’s secretarygeneral, confirmed that negotiations with the resort were ongoing and that a 10 per cent gratuity rate had been agreed.

He told Tribune Business that the union was supposed

to meet Melia management for further discussions yesterday, but these had been postponed after the parties were informed the Court of Appeal was ready to release its judgment.

“Our attorneys are still looking at it, but we were actually shocked,” Mr Woods said of the ruling.

“I’m telling you we were shocked and dismayed.

We’re sitting down, checking what our next move’s going to be. Until our attorneys fully digest it, our next move is kind of wait and see.”

He added that a 10 per cent all-inclusive gratuity rate had been under discussion from earlier in 2017, the Melia having increased the percentage from the initial 8 per cent when the former Christie administration was in office.

“There still needs to be an agreement,” cautioned Mr Woods. “We need to figures, know what the minimum rate is going to be, what formula they’ll be using to break down the gratuities they’re paying.

“At this point, we need to put our hands on it and put a formula in place. Ten per cent of what? Ten per cent of zero is still zero.”

The union’s secretarygeneral said that while it respected the Court of Appeal’s ruling, it still felt a contract had been in place which Melia had “unilaterally” varied.

“We are still trying to remain focused and encourage the employees, because they are feeling the brunt of what has happened,” Mr Woods said, describing Melia staff as “disenfranchised”.

Recalling the dispute’s origins, Dame Anita said in her ruling that it was sparked by Melia’s January 27, 2014, decision to convert the Cable Beach-based hotel from European-plan to an all-inclusive model.

This meant that guests would pay one all-in price for their room, food and beverage and activities, with the conversion mandating management and the BHCAWU to negotiate a new gratuity structure for Melia employees under the terms of the resort industry’s collective bargaining agreement (CBA).

This required gratuities to be based on “a per person guest per day value”, with rates and distribution to be agreed between the two parties. Dame Anita,

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

BISX ALL SHARE INDEX: CLOSE 2,077.83 | CHG 0.71 | %CHG 0.03 | YTD 139.62 | YTD% 7.20 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.60 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.06 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.25 0.12 3.50 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 100.00 100.00 100.00 109.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.70 1.25 0.15 3.70 8.60 6.10 4.97 9.01 2.30 1.51 6.00 10.06 6.90 4.50 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.06 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

109.11 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.03 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 400 3,880 800 5,200 1,980

5,026 600

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 6.9 N/M N/M -4.3 14.1 10.6 25.4 15.5 22.5 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

YIELD 1.86% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 2.41% 6.33% 2.61% 3.31% 4.83% 4.47% 0.00% 2.67% 2.00% 4.80% 0.00% 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

agreement on the rate and distribution formula.

He also ruled that the gratuities were not part of the employees’ individual employment contracts.

Dame Anita, in supporting the Supreme Court’s conclusion, said Melia’s predecessors - the Radisson and Sheraton - had both attempted to reach an agreement with the union on all-inclusive gratuities but were unsuccessful.

The Sheraton was said to have ‘pulled the plug’ on its all-inclusive packages in frustration, and Dame Anita said: “In essence, the agreement to pay and distribute gratuities to nonmanagerial staff was subject to the union and management agreeing to the rate of gratuity, and the formula by which gratuity was to be distributed.

“In the absence therefore of the parties arriving at the rate and distribution formula, the principal obligation in [the expired Collective Bargaining Agreement] to pay such gratuities was ineffective and unenforceable. Indeed, the only condition which could have given the principal obligation effect, remained unfulfilled.”

Agreeing with the Supreme Court that the gratuities were not contractually enforceable in the absence of an agreement, Dame Anita added that they cannot “be reasonably inferred” as incorporated into individual staff employment contracts.

She also ruled that the Melia was able to fix allinclusive gratuities at a rate lower than 10 per cent.

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NOTICE

MARKET REPORT WEDNESDAY, 8 NOVEMBER 2017

though, noted that the last legally binding industrial agreement between the BHCAWU and the Bahamas Hotel Employers Association (BHEA), which acts for Melia and other hotels in labour negotiations, expired on January 6, 2008.

Melia initially proposed an 8 per cent rate, and the initial Supreme Court judgment said of the union’s reaction: “This offer was scoffed at by the union as first amusing and, later, irritating.”

The resort continued to pay the 15 per cent European-plan gratuity rate as negotiations progressed, arguing that this was “a temporary gesture of goodwill”. The BHCAWU, though, was “less charitable” in arguing that this was merely the continuation of a policy set by successive hotel managements to pay a 15 per cent gratuity for all-inclusives.

The impasse between the two sides came to a head 10 months later, when Melia concluded that the union “was simply an intransigent party with no intent of concluding negotiations for a gratuity structure for the all-inclusive plan”.

The resort informed the union on December 10, 2014, that it was “not contractually bound” to pay the 15 per cent gratuity on food and drinks consumed

by Melia guests in the absence of an all-inclusive agreement.

The Melia then withheld the all-inclusive gratuities from staff the following day, placing the funds into escrow. This led to several episodes of industrial action by employees, culminating in the union’s Christmas Eve 2014 threat to take strike action that “would affect the entire island”.

Melia successfully obtained an injunction to block any industrial action, and Justice Roy Jones found that the resort was not contractually obligated to pay gratuities without

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

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.

LEGAL NOTICE

ZARKO INVESTMENT MANAGEMENT INC. (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 6th day of November 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 9th day of December 2017, after which date the books will be closed and the assets of the company distributed.

Bennet R. Atkinson Liquidator

LEGAL NOTICE BERRY ISLANDS MANAGEMENT LTD. (In Voluntary Liquidation) Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o Ronald Atkinson & Co., Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas on or before the 24th day of November 2017. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 7th day of November 2017.

Bennet R. Atkinson Liquidator

PAGE 16, Thursday, November 9, 2017

THE TRIBUNE

ALIV CELEBRATES BIRTHDAY WITH 85,000 SUBSCRIBERS THE Bahamas’ second mobile operator is poised to celebrate its first birthday with 85,000 subscribers, amid efforts to roll-out services to every island by early 2018.

Aliv switched its name from NewCo Ltd on November 11 last year, and now offers services on five islands – New Providence, Grand Bahama, Abaco, Eleuthera and

Bimini. It will launch on Andros and Exuma shortly, with hopes of bringing all southern Islands online early next year.

Damian Blackburn, Aliv’s chief officer, said: “To

date we are proud and thank our 85,000 subscribers for having the faith in us. Our subscribers experience ALIV’s network and see its performance, which is constantly ahead of URCA’s key performance indicator requirements in terms of user speed and dropped calls.

“We are looking to deliver the same super-fast speeds, clear calls and reliable service to the residents of the Bahamas for years to come. I am proud of how the company has grown so rapidly in 12 months, and I must thank our staff for all their hard work.

“We have been able to uphold all our commitments due to vital steps taken to ensure financial viability, with funding of $135 million from shareholders and an investment of $120 million in our network system and infrastructure. We have also secured significant vendor financing from our technology partner, Huawei, which is more than $30 million.”

Franklyn Butler, Aliv’s chairman, added: “Since our first year, it has been really impressive what we have been able to accomplish. ALIV is now a well-recognised brand

DAMIAN BLACKBURN

FRANKLYN BUTLER

within the market, which was unknown a year ago.

“The most important thing that I’ve taken away from the year is how committed our Bahamian team has been in supporting the effort, which really was a yeomen’s task to truly grow and develop an organisation like this. The whole team needs to be commended in that regard.

“We have customers coming over every day, and that shows we are well on the journey to success. We look forward to continuing the journey of bringing the Bahamas ‘Aliv’. We think our shareholders should be excited about what’s to come as we continue to create competition while giving people freedom of choice.”

ALIV has entered into many partnerships during its first 12 months, the most recent being a $2.2 million agreement with the University of the Bahamas (UB) that will assist with their Endowment Fund, STEAM programmes (science, technology, engineering, arts and mathematics) and athletics programme.

There are also partnerships with Hands for Hunger, Special Olympics, Freedom Farm Baseball League and many others.

ALIV will be celebrating with the University of the Bahamas, whose charter date is also November 11th, 2016, at a gala soiree to be held on Saturday at 6:30pm at the Harry C. Moore Library.

URCA ‘STARTS AFRESH’ WITH NEW WEBSITE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Utilities Regulation and Competition Authority (URCA) yesterday unveiled its “rebranded, rebuilt and redesigned” website, which its chief executive says will offer a better user experience.

Stephen Bereaux said: “URCA’s website serves as an important point of contact with the organisation from members of the public. It must

provide current and sufficient licensing guides, and requirements for prospective and current operators within the sectors regulated

by URCA. It must allow for quick access to the wide body of regulatory documents created by URCA, which includes decisions, orders, adjudications, rules and regulations.”

Also critical to the regulator’s effectiveness, Mr Bereaux said, is the timely provision of remedies for consumers. “The website must therefore provide a readily accessible portal

through which consumers and licensees can file complaints and engage the relevant members of URCA’s team,” he added. “Our website is our primary face to the ICTenabled world that URCA promote throughout its regulatory mandate.”

Mr Bereaux said URCA’s previous website was not meeting these objectives, so the decision was made to “start afresh” with a website that he described as more informative, more attractive and more user friendly.

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Maximum 4 persons per room, additional fees apply for mandatory taxes, mandatory housekeeping gratuities and utility service fees. Quoted rates are based on standard room category and subject to availability. Full American buffet a $58 value per room per day based on double occupancy. Free Wi-fi a $22 value per room per day. Free parking a $16 value per day. Cancellations must be received 72 hours prior to arrival or a 1-night penalty will apply. **Kids under 11 years of age stay and eat free in room with parent - breakfast, lunch & dinner.

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