business@tribunemedia.net
FRIDAY, NOVEMBER 10, 2017
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Port of Nassau needs ‘over $100m infusion’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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anagement of the Bahamas’ main cruise port will be put out to bid by mid-December, with the facility needing “a substantial capital infusion in excess of $100 million”. Dionisio D’Aguilar, minister of tourism, confirmed to Tribune Business this week that the Government intends to issue a Request for Proposal (RFP) seeking private port operators to take over Prince George Wharf. Reiterating the Minnis administration’s belief that the port’s operation/ management was best left to the private sector, Mr D’Aguilar said significant
* Gov’t to seek management bids by mid-December * ‘Substantial upgrade’ to remain top cruise port * Bahamian involvement deemed essential
investment was required for Nassau “to remain a major port destination in the Caribbean”. With the cruise lines “complaining incessantly” about Prince George Wharf’s appearance and condition, the Minister added that “the status quo is not acceptable” as the Bahamas was failing to maximise the economic benefits from the annual four million-plus cruise passengers that pass through it. Mr D’Aguilar, emphasised, though, that the Government wanted
Bahamian involvement in any winning bid, and that it must facilitate entrepreneurial opportunities for locals to “spread the wealth”. “We have to go through an RFP, and we’re in the process of developing that,” he told Tribune Business. “It’s very much in the preliminary stages, and I’ve been told never to set deadlines in the public sector, but hopefully by the middle of next month we will have it complete, prepared and issued. DIONISIO D’AGUILAR
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Ice cream firm is ‘licked’ over unfair dismissal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Lickety Split employee, whose husband conducted a year-long harassment campaign against her boss over suspicions they were having an affair, has won her claim for unfair dismissal. Justice Indra Charles, in a September 14, 2017, ruling found that the ice cream/ deli business and its managing director, Llewellyn Burrows, “don’t have a leg to stand on” over the dismissal of former manager, Sharmean Woodside. Recording that several “volte faces” were performed over the rationale for Ms Woodside’s dismissal, the Supreme Court warned Bahamian employers that they needed
* LICKETY SPLIT WORKER IN $19K COURT VICTORY * STEMMED FROM HUSBAND’S HARASSMENT OF BOSS * EMPLOYERS MUST BE ‘DECISIVE’ ON DISMISSALS to be “decisive” when terminating employees and not later “go fishing for other grounds to justify the real reason”. Justice Charles’ written found that Ms Woodside was dismissed because she informed her husband of Mr Burrows’ suspicions he was behind a harassment campaign that saw the
SEE PAGE 4
Bank fears Central Bank ‘difficulties’ in $2.4m battle By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN bank is suing its correspondent to recover $2.343 million amid fears the situation will create “difficulties” with the Central Bank and Securities Commission. Capital Union Bank, which is based at the Lyford Financial Centre, is alleging that Puerto Rican-based Bancredito International Bank Corporation has failed to return the funds despite 10 written requests made over the last month-and-a-half. The Bahamian institution says the funds are urgently
required for its “operations with other counterparties”, and their absence threatens to trigger a $2.4 million hit to its capital base and extra scrutiny from local regulators. Capital Union Bank also warns that the case has implications for other Bahamian bank and trust company licensees, given that Bancredito also provides correspondent banking services to them. Its November 3, 2017, lawsuit, filed in the Puerto Rico federal court, recalls how the dispute originated from a July 25, 2017, correspondent banking agreement that saw Capital Union Bank open an
GB Power buy-out: ‘This is beginning, not end, of fight’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OPPONENTS of the GB Power buy-out yesterday warned the utility’s owner: “Don’t count your Depository Receipt chickens before they’re hatched” despite investor approval for the deal. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that this was “the beginning of the fight, not the end”, and pledged to file his Judicial Review challenging the $35 million
* QC: ‘DON’T COUNT DEPOSITORY CHICKENS BEFORE HATCHED’ * PLEDGES JUDICIAL REVIEW CHALLENGING DEAL NEXT WEEK * COALITION CHIEF PLEDGES TO ‘INTENSIFY’ OPPOSITION’ deal with the Supreme Court next week. A similar message was delivered by
SEE PAGE 5
Web shops: Systems prevented use for money transmission By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net SEVERAL web shop operators yesterday said inter-island money transfers were impossible on their system, while others expressed concern over the impact on Family Island communities from Island Luck’s decision to close all such accounts. Anthony brown Bet Vegas’s president told Tribune Business: “It really does not happen on our system. When you have the
first GLI-certified system in the country, and when your system meets all international standards, then you have the ability to put in controls to minimise or prevent anything outside the parameters of the 2014 Gaming Act. Our system does not allow a player to withdraw more than $100 without verification from management. So we pretty much always had that issue under control.” Dirk Simmons, Island Luck’s chief financial officer, said on Wednesday
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* CAPITAL UNION DEMANDS PUERTO RICO RECOVERY * CORRESPONDENT ‘STALLING’ ON MONIES’ RETURN * PROVIDES SERVICES TO OTHER BAHAMAS BANKS account with Bancredito. The Bahamian firm transferred $5.693 million to the account on August 22, with the Puerto Rican institution opening its own account with Capital Union Bank. The problems, though, began just three weeks later when Capital Union Bank decided to close its Bancredito account. “Capital Bank, at that time and in subsequent communications, explained that this closure was necessary as the funds were required
for operations with other counterparties,” the Bahamian institution alleged. “Bancredito was slow to respond, and seemed to be dragging its feet in relation to closing the account and returning to Capital Bank its funds. This prompted Capital Bank to make three subsequent requests – on September 18, 25 and 26 – for return of the funds. “As a result of this prodding (which should not have been necessary), Bancredito finally returned to
Capital Bank some – but not all – of the requested funds. Specifically, on October 3, 2017, Bancredito wired to Capital Bank $2.300 million of its over $5 million on deposit.” Capital Union Bank’s request for the funds’ recovery came just as Puerto Rico was devastated by a combination of Hurricanes Irma and Maria. To speed up the process, the Bahamian institution suggested that it close Bancredito’s account and apply the $1.042 million to the sum it was owed. Rolf Schuermann and Ludovic Checin-Laurans, Capital Union Bank executives, wrote in an October
6 letter: “In order to rapidly formalise this decision, we hereby authorise you to debit our account with you for the exact total balance in your current account with [us], which as of today amounts to $1.042 million. “Please note that we will be debiting this very same amount to your account and proceed to close it.” The lawsuit alleged: “In short, Capital Bank advised Bancrédito that instead of owing Capital Bank $3.385 million, it now owes it $2.343 million. “Even with this action, Bancrédito still has wrongfully retained over $2
SEE PAGE 8
PAGE 2, Friday, November 10, 2017
THE TRIBUNE
Striking the right note for working harmony MUSIC is said to be the universal language. Bars, notes, chords, rhythms and beats somehow have the ability to transport us into another world and emotional state of being. It influences the way we communicate, and most understand its immense power in causing people the world over to pay attention, receiving messages encrypted in each note and bar. Church communities, family gatherings, political rallies and fund-raising events have all been blessed with music and singing, but little discussion is had about music as an aid to industry and business. In fact, popular thought places music and singing high on the list of distractions in productive work environments.
Our dialogue today counters that prevailing thought, and presents the benefits and advantages of music at work. From the days of the Transatlantic slave trade, workers have been humming tunes as they go about their laborious tasks. Little has changed today as hotel housekeepers, waiters, construction workers and employees from many professions all seem to have a melody in their heart, rendering those lines to all who will hear. Employees in many work environments have their personal playlist saved to their phones, ipads or radios stashed underneath their desks, which they use to plug into the latest tracks. Some workplaces celebrate, boldly and proudly, their
appreciation for music at work by sharing playlists through company-operated speaker systems for guests and employees to enjoy. Whether deliberate or concealed, music has a useful place in our corporate environment. Here is a short list of the benefits: 1. Sacred scripture bears the truth, indicating that music has the ability to make a merry heart and drive away evil spirits and thoughts. Those singing and humming around the workplace are usually the happy and content employees, who want to remain in a pleasant frame of mind. 2. Music and singing somehow have the ability to make the workload seem lighter, and the day go by more quickly. Even domestic engineers, singing the
songs as they wash dishes and complete their daily chores, find this statement to be true. 3. Music has the ability to alter the mood in both a positive and negative direction. The right music creates a relaxed workplace atmosphere where productivity can thrive, and employees feel comfortable to work efficiently. 4. Activities at work involving music and singing provide an outlet for employees to display their talents and abilities. These social outlets allow the employees to be viewed in a different light, and enable them to feel as if they have something to offer; if only in social settings. 5. Many employees find that music gives them something else to think
about and avoid boredom. It provides a diversion, and prevents workers from engaging in other distracting behaviours. In this way, music is a strategy to manage internal interruptions, such as day dreams or thoughts that could lead to a loss of workflow. This, in turn, could lead to the employee starting to do something else less productive, such as fiddling with papers, browsing the Internet, finding a colleague to chat to, sending e-mails and so on). Music has many positive functions at work, and these can counteract common stress triggers. Viewed from this perspective, managers should conceptualise music at work as more than simply a leisure activity. For listening to music at work
IAN FERGUSON can ultimately help companies with their bottom-line results. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
FINANCIAL SERVICES INDUSTRY HONOURS LEADING PERFORMERS THE Bahamian financial services industry honoured many of its leading professionals at the Excellence Awards Gala Dinner, held on November 3 at Atlantis. The awards programme, introduced in 2001 by the Bahamas Financial Services Board (BFSB) as a part of its Financial Centre Focus (FCF) initiative, is intended to highlight the talent within the sector. Those receiving top honours were: * James Smith - Lifetime Achievement Award * Wendy Craigg, former Governor of the Central
Bank of the Bahamas - The Minister’s Award * Michele Thompson, country managing partner, Ernst & Young - Executive of the Year * Patrice Gardiner, corporate manager, human resources, Bank of the Bahamas - Mentor of the Year * Lorraine Johnson, branch manager, CIBC FirstCaribbean International Bank - Professional of the Year * Lanecia Darville, legal assistant, Scotiabank (Bahamas) - Achiever of the Year
* Trevor Lightbourn, associate lawyer, Sharon Wilson & Company - Millennial of the Year * Charles Carroll Jr. – BBA Economics and Finance, University of the Bahamas - Student of the Year The BFSB also presented Appreciation Awards to individuals and member firms that played leading roles in supporting itself, and its initiatives, throughout the year. The appreciation awards for 2017 went to: • The CFAL group of companies under the
leadership of Anthony Ferguson. CFAL has sponsored the Student of the Year Awards, where students receive $5,000 that is placed in an investment account with CFAL. The latter contributes 50 per cent of the prize money along with AIBT. * The Association of International Bank & Trust Companies (AIBT), under the leadership of Bruno Roberts and Ivan Hooper (co-chairmen), for consistent collaboration with BFSB on industry matters and for co-sponsorship of the Student of the Year award. • Glinton, Sweeting & O’Brien, under the leadership of Bryan Glinton, has supported every single marketing event the BFSB has hosted over the past year.
SOME of the leading professionals in the Bahamian financial services industry who were honoured last week during the Excellence Awards Gala Dinner at Atlantis. The final Appreciation award was conferred upon a three legal professionals for collaborating as industry’s legal committee on key international initiatives.
* Brian Moree QC, senior partner, McKinney, Bancroft & Hughes * Michael Paton, partner, Lennox Paton * Ryan Pinder, partner, Graham Thompson
THE TRIBUNE
Friday, November 10, 2017, PAGE 3
IDB approves Long Island airport study By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Inter-American Development Bank (IDB) has approved a feasibility study for upgrades to Long Island’s main airport, a senior official said yesterday. Maria Florencia AttademoHirt, the bank’s Bahamas country representative, told Tribune Business: “We are moving forward with that, and we have provided grant resources for that. After that study is complete we will present the study to Government and they will decide what to do next. We are aware that there have been several studies in the past. Part of our engagement is to look
at everything; not to duplicate anything, and try to conclude.” Earlier this year, the IDB announced it had approved a $35 million loan designed to improve infrastructure at four airports on the Family Islands. It said the loan would contribute to the archipelago’s regional and international integration through upgrades at the Exuma, North Eleuthera, Marsh Harbour and Treasure Cay airports. “That project was approved in January 2017 by the IDB Board. It is pending Parliamentary ratification and signing of the loan agreement to start execution, but that is the programme where certain Family Island airports were selected for upgrades.
Originally there was no conversation about Long Island, but in the past maybe month-and-a-half we were asked look at the Deadman’s Cay airport and conduct a feasibility study for improvements,” said Mrs Attademo-Hirt. The Government has responsibility for 29 airports across the Bahamas and has embarked on finding public-private partnerships (PPPs) for potential financing opportunities. The redevelopment of Family Island airports will be done in phases, with consultancy group, Stantec, reporting that a total $185 million investment was needed to revamp all. Adrian Gibson, Long Island’s MP, while addressing the Long
Island Business Outlook conference yesterday, said an international port of entry (by air) was one of the island’s three most pressing capital works needs. “We have physically canvassed the island and used various websites. In so doing, we have discovered that there are over 60 vacation rentals on the island, two major resorts and other smaller resorts and villas,” he said. “Research shows that - not counting the plethora of empty apartments - there are approximately 200 bedrooms available that can accommodate nearly 440 people every night. It is estimated that the total gross revenue to the island from room rentals
and ancillary activities, based on a 50 per cent occupancy estimate, could be more than $17 million annually.” Mr Gibson added: “Notably, the Ministry of Tourism’s numbers do not accurately reflect the number of tourists coming to Long Island. Many more do, however, en route to Long Island. Many of them clear Customs and Immigration in New Providence and Exuma, and those are counted to their numbers. “I suggest that the Department of Immigration should add a “final destination” section to its Immigration forms. Given the above, these tourists are not added to Long Island’s final numbers.”
LONG ISLAND WATER UPGRADE EYED FOR 2018 FIRST QUARTER By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net PUBLIC tendering for a long-awaited water supply improvement project for Long Island will begin this month, the island’s MP yesterday revealing work will begin in the 2018 first quarter. Adrian Gibson, also the Water & Sewerage Corporation’s (WSC) chairman, told the Long Island Business Outlook that the Corporation is presently executing a Water Supply Improvement Project funded by a $28.33 million loan from the Caribbean Development Bank (CDB), with $13.3 million coming from the Government. The scheme two projects in New Providence and on six Family Islands, including Long Island. “Phase I of the Long Island component included the delivery of two new water tankers, which were
delivered earlier the ground in the commence a non-revenue this year. Unfortufirst quarter of water project in the coming nately, one tanker 2018.” weeks to reduce the amount has sustained Mr Gibson of leakage from its system. some damage said the project “While I am greatly pleased and is presently also includes that the Central Long Island in New Provithe expansion System extension works dence undergoing of the existing will finally commence by repair,” said Mr Deadman’s Cay the first quarter of 2018, Gibson. Desalination I am also painfully aware “Phase II of the Plant, and the that too many residents in Long Island comsupply of addi- other parts of Long Island GIBSON ponent includes tional water have had to endure the lack the installation of 19 miles of storage facilities to ensure of piped potable water for new water mains to extend the plant can produce suf- much, much too long,” Mr the existing Central Long ficient potable water to Gibson said. Island System northward to meet the needs of all resi“I have stressed to the Thompson Bay, just north of dents and businesses - from Corporation’s management Salt Pond and southward to Thompson Bay to Lochabar team that I must have a Lochabar, just south of Clar- - on a daily basis. “As the comprehensive water supply ence Town. This time the works are set for public ten- plan for Long Island.” capital will get water. dering in the coming weeks, Mr Gibson said the “It is projected that this I will not publicly announce Corporation’s Board has project will provide a piped a budgetary figure for this approved two proposed potable water supply to 300- particular project, but I projects. “The first project plus homes and businesses will say that this will be a involves the installation for the first time. Barring multi-million dollar project of 11.2 miles of new water any unforeseen challenges, bringing about a world-class mains to extend the existit is our plan to commence potable water system for ing Simms Water System the public tendering for that part of Long Island,” northward through the setthese works by late this said Mr Gibson. tlements of Deal’s, Bunches month, November 2017, He added that the Cor- & Millerton, and southwith works commencing on poration is planning to ward through Morris and
Wemyss, including all side streets from Millerton to Wemyss with occupied homes and businesses,” he explained. “These works will increase the number of customers connected to this system from the present approximately 80 to over 255. Plans also call for doubling the capacity of the existing Simms Desalination Plant and a substantial increase in water storage capacity.”
IDB UNVEILS $35M COASTAL UPGRADES By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Inter-American Development Bank (IDB) yesterday announce it has approved a $35 million loan to enhance the Bahamas’ resilience to coastal risks. The programme will finance shoreline stabilisation and coastal flooding control measures on Grand Bahama, central Long Island and New Providence, and fund natural infrastructure for hazard resilience through the restoration of natural habitats on Andros. It will also support institutional strengthening for Bahamas’ coastal risk management efforts. The IDB’s Bahamas country representative, Maria Florencia Attademo-Hirt,
said: “That project seeks to rethink the way the Bahamas deals with coastal infrastructure. One of the five sites identified in that project is in Long Island. “Basically it will use data to build your next sea wall, for instance. Our team went to Long Island and met with the community, looked at some of the needs and pre-identified the site that requires infrastructure investment, which will be done in hopefully a new way of adding data to whatever we build, so that it is more resilient to climate change.” According to the IDB, $23.5 million will be used to increase resilience to coastal hazards through sciencebased shoreline stabilisation and coastal flooding control measures, coupled with sustainable rehabilitation
of adjacent critical public infrastructure at three sites in east Grand Bahama, central Long Island, and Nassau’s Junkanoo Beach. Some $3 million is being allocated to enhance the resilience of Andros communities to coastal hazards and climate-related impacts through implementation of pilot projects that demonstrate the effectiveness of natural habitat restoration for coastal protection, in line with the island’s master plan.Another $3.5 million will fund the institutional strengthening of the Bahamas’ Ministry of Public Works and partners for coastal risk management and integrated planning activities. The bank’s loan is for a 24-year term, including a 6.5-year grace period, at a LIBOR-based interest rate.
Mr Gibson continued: “The second project involves the installation of 10.5 miles of new water mains to provide a piped potable water supply for the first time for the residents of Burnt Ground, Glinton’s and Seymour’s. “These works will include a new desalination plant, pumping and storage facilities, and will provide a world-class potable water supply to 265 homes and businesses in these three settlements.”
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Communicating with Designated Persons and their advisors in a prompt and efficient manner, with regard to the operation of wealth structures serviced by the Team.
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Liaising with attorneys, accountants, brokers, insurers, property managers, and other professionals for advice and recommendations, as appropriate.
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Maintaining a current knowledge of global markets and investment matters.
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Assisting with the formulation and presentation of profitable and competitive proposals for prospects.
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Detailed understanding of and acting in accordance with the Founding and Ancillary Documentation of all cases under administration, assets held, the Designated Persons, and associated tax, legal, and regulatory impact.
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Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before November 17, 2017. Please note that only those individuals short-listed for an interview will be contacted.
™Trademark of The Bank of Nova Scotia, used under licence (where applicable).
PAGE 4, Friday, November 10, 2017
THE TRIBUNE
Ice cream firm is ‘licked’ over unfair dismissal FROM PAGE 1 Lickety Split managing director receive up to 80 phone calls. This resulted in a confrontation in Mr Burrows’ office where the husband was “loud and boisterous”, leading to Ms Woodside’s dismissal. However, Justice Charles found that Mr Burrows triggered this by divulging the police probe into the harassment, and that his employee could not be expected to keep the information from her husband. There is no evidence to suggest Ms Woodside was having an affair with her boss, and Justice Charles made no such finding. She did, though, rule that her husband was behind the harassment campaign. The trouble began when Ms Woodside, who had risen from pantry supervisor to manager during a 16-year career with Lickety Split, was summoned to Mr Burrows’ office on February 4, 2014. “During that meeting, certain personal matters arose regarding numerous harassing anonymous
telephone calls that Mr Burrows was receiving,” Justice Charles wrote. “Mr Burrows suspected that the anonymous caller was Ms Woodside’s husband. He communicated his suspicion to her. “Ms Woodside then left the meeting and called her husband to pick her up. She disclosed to her husband what took place in the meeting. Her husband wanted to see Mr Burrows, so they arrived at Mr Burrows’ office. “Her husband was loud and boisterous. As a result, Mr Burrows asked them to leave his office. In the interim, Mr Burrows continued his investigation into the harassing telephone calls. He had already made a report to the Wulff Road Police Station and the fraud department at the Bahamas Telecommunications Company (BTC).” Ms Woodside went on vacation 11 days later, and was due to return to work on March 1, 2014, but Lickety Split summarily terminated her services - and paid her $7,752 - on February 28. The reason cited by the company was dishonesty, and Ms Woodside
subsequently launched her claim for unfair dismissal under the Employment Act’s provisions. During trial evidence, Mr Burrows revealed that the husband first accused him of having an affair with Ms Woodside in “loud and rowdy” telephone calls made one year earlier. “Mr Burrows said he was shocked, and admonished him not to call again,” Justice Charles wrote of the trial testimony. “But he continued to receive numerous telephone calls, sometimes up to 80 calls a day, and often in the early hours of the morning, interrupting him and his wife from their sleep.” Mr Burrows was reluctant to change his phone numbers because of their importance to his business, but became suspicious the source was Ms Woodside’s husband when a voice message was left and he could hear her arguing with a man in the background. This led to the February 4, 2014, meeting and ultimate confrontation in the Lickety Split offices. Justice Charles found that, based on BTC’s probe and the voice message, Ms Woodside’s husband was the person behind the harassment, and that he behaved
in a rowdy manner at the office. However, Mr Burrows conceded at cross-examination that Ms Woodside was really dismissed for “breach of trust” in divulging the contents of their meeting to her husband, and not for the originally stated ‘dishonesty’. This represented the second time that Lickety Split had changed the rationale for her dismissal, switching from ‘dishonesty’ to ‘gross insubordination/ insolence and gross misconduct’ in violating the company’s confidentiality policies. And Justice Charles found that Ms Woodside could not be expected to keep such matters from her husband, as argued by Lickety Split, and nor could she be held legally responsible for his behaviour. Describing the case as “bizarre”, Justice Charles wrote: “It is plain that Mr Burrows would have had a monumental task to justify the summary dismissal of Ms Woodside on the ground of dishonesty. “There is not an iota of evidence ti support that ground. On the contrary, there is ample evidence to support the fact Ms Woodside was an honest worker.”
She based this on an October 7, 2013, document in which Mr Burrows described her as “a very hard-working, honest and reliable person, carrying out her duties responsibly” - just five months before her dismissal. With Mr Burrows and Lickety Split performing several ‘u-turns’ on the rationale for the termination, Justice Charles wrote: “Although Mr Burrows maintained that he did not terminate Ms Woodside’s employment because of what her husband did, I find as a fact that Ms Woodside was dismissed for the actions of her husband..... “The real reason for summarily dismissing Ms Woodside is because she brought her husband to Mr Burrows’ office and he behaved in an unruly manner. Consequently, the charges of gross insubordination and misconduct cannot be implied to her. “She cannot be held responsible for the acts of another person. In my opinion, by terminating Ms Woodside’s long and unfailing service for about 16 years in such a manner rendered the termination unfair and I so find.” Justice Charles also found that Ms Woodside
never disclosed Lickety Split’s corporate affairs to her husband, and said: “Mr Burrows was in the wrong to initiate such a personal and delicate conversation with Ms Woodside. “He had already reported the matter of anonymous, harassing telephone calls to the police and the Fraud Department at BTC. He should have allowed the law to take its course.” She continued: “As I see it, Mr Burrows does not have a leg to stand on. He had no reason at all for summarily terminating the employment of Ms Woodside. The breakdown of trust is not a ‘mantra’ to be misused by employers whenever they are faced with establishing a more conventional conduct reason for dismissal.... “What is clear is that an employer must be decisive. He cannot summarily dismiss an employee on one ground and then go fishing for other grounds to justify the reasons for the dismissal... Therefore, on the substantial merits of the case, Ms Woodside was unfairly dismissed.” The Supreme Court awarded her $26,717, less the $7,000 already paid, for a total of $18,965 plus interest.
Web shops: Systems prevented use for money transmission FROM PAGE 1
that the web shop had acted on its own initiative in deciding to close all accounts being used for money transmission purposes. “We do not offer a money transfer service; we never intended to offer a money 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 came just weeks after Dionisio
D’Aguilar, who has ministerial responsibility for gaming, suggested that the Bahamas could again be ‘blacklisted’ through web shops acting as unregulated money transfer businesses. Island Luck’s decision appears to be an attempt to get ahead of any regulatory initiative by Mr D’Aguilar and other agencies to crackdown on the use of web shops for money transfers and other financial servicestype transactions beyond gaming.
NOTICE
NOTICE is hereby given that LESLIE PETIT FRERE of Fire Trail 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 3rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
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. Another local web shop operator, speaking on condition of anonymity, told Tribune Business of money transfers: “We never did that. On our system you were only able to take off winnings. You cannot withdraw a deposit. That is a
banking operation and we were never licensed to be a bank. “The question is, though, what is going to happen to those persons on the Family Islands who relied on that money transfer, especially with the banks pulling out.” Family Island-based businesses and residents have begun to increasingly use web shops to conduct their regular financial services transactions as commercial banks exited their islands.
NOTICE
NOTICE is hereby given that BENDJINA YOUTH of White’s Addition, 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 10th 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 ENEL AGENOR of Enoch Dr., Bacardi Road, P.O Box N-7512, 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 10th 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 JAMES BELOT of Colonly Village, 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 3rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
LEGAL NOTICE
LEGAL NOTICE
(In Voluntary Liquidation)
BAGNON WEALTH MANAGEMENT LTD.
EXUMA MARINE LIMITED
(In Voluntary Liquidation)
(In Voluntary Liquidation)
Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 24th day of October 2017.
NOTICE is hereby given in pursuance of Section 222(2) of the Companies (Winding Up Amendment) Act, 2011, that all persons having claims against the above-named Company are requested to attend an Extraordinary General Meeting of the Members of the above-named company on the 1st day of December 2017 at 11:00 o’clock in the forenoon in the Offices of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, Nassau, Bahamas, for the purpose of having an account laid before the Members showing the manner in which the winding-up has been conducted, the property of the Company disposed of, hearing any explanations that may be given by the Liquidator and determining, by Extraordinary Resolution, the manner in which the books, accounts and documents of both the Company and the Liquidator shall be disposed of.
Summerban Investments Limited.
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 7th, day of November 2017. The Liquidator is Dillon Dean of Nassau Bahamas.
Dillon Dean (Liquidator)
Bennet R. Atkinson Liquidator
Dated the 8th day of November 2017. Bennet R. Atkinson Liquidator
THE TRIBUNE
Friday, November 10, 2017, PAGE 5
GB Power buy-out: ‘This is beginning, not end, of fight’ FROM PAGE 1 Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC), who promised to step up a lobbying campaign urging the Government not to approve the buy-out by Canadian utility, Emera. The duo spoke out after 89 per cent of Bahamian shareholders in ICD Utilities, the BISX-listed vehicle that holds a 50 per cent equity stake in GB Power, were said to have voted in favour of accepting Emera’s offer. While the outcome of Wednesday night’s annual and extraordinary shareholders’ meeting gives the impression that the buyout is a ‘done deal’, both Mr Smith and Mr Victor argued that Government approvals and the courts still remain as hurdles. “I want to let Emera know this is the beginning of the fight, not the end, and they shouldn’t count their Depository Receipt chickens before they’re hatched,” Mr Smith told
Tribune Business. “The next step is to continue to agitate publicly to urge the Government to protect those Bahamian shareholders who did not vote to accept Emera’s proposal, and who wish to continue to own shares - directly or indirectly - in GB Power Company, not Emera International. “The Bahamas Investment Authority (BIA) approval, which they waved around as some kind of legitimate permit from the Government, as we all know has no basis in law and it was a regulatory snow job because the BIA doesn’t exist in law.” A challenge to the validity of the BIA approval is likely to prove central to Mr Smith’s promised Judicial Review, and the QC also pointed out that the Central Bank only gave an ‘approval in principle’ on the exchange control aspect. Disclosing that he “fully expected” most of the 19.6 per cent Bahamian minority shareholders to vote in
favour of the buy-out, Mr Smith said final approvals from the National Economic Council (NEC) and Central Bank remained outstanding. “We’re still looking at challenging the conditional approvals that were issued via Judicial Review, and probably will file it next week,” he added. “I hope that the Government will then respect that there is a process before the courts and no final approvals will be given before the matter is determined, and that they respect the rule of law.” Pastor Victor was in a similar mood, telling Tribune Business: “The fight doesn’t stop; it intensifies. We’re going to fight and press the Government and its agencies in the next few days. The thing now is what is the Government going to say and do. We’re going to be at it.” Bahamian shareholders also expressed disquiet over the structure of Wednesday night’s meeting and its timing, given that it was held at 5pm
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at Freeport’s Pelican Bay resort. The lack of parking at the resort meant a number of minority investors, and their proxies, were delayed in arriving, and the vote on whether to accept the Emera offer was taken right at the start of the meeting - around 5.15pm5.20pm. This resulted in some shareholders barely arriving in time to vote, while others missed it. Carey Leonard, the Callenders & Co attorney and partner of Mr Smith, said he was one of those forced to park around one-quarter of a mile away near the
police station and only just arrived in time for the vote. “When I got in, the chairman [Scott Balfour, also Emera’s chief executive] said: ‘Welcome, we’re voting’,” Mr Leonard recalled. “I replied: ‘I haven’t had a chance to speak’. He repeated that they were voting, and I said I should have had a chance to speak. “I said that I wanted it in the meeting minutes that this was wrong, and he said: ‘Would you like to speak?’ So I said my five cents.” Pastor Victor, too, said other minority shareholders
and persons at the meeting on the Coalition’s behalf expressed similar complaints to Mr Leonard, suggesting the time, parking issues and agenda had been structured to ensure the buy-out was approved. “They made absolutely sure they got this thing off,” Mr Leonard told Tribune Business. “By 5.15 pm they were already voting. They really pushed it through very quickly, and must have known people were having trouble parking. There were four or five of us at the entrance.”
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. CEDRIC L. PARKER & CO. Attorneys for the Executor 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas COMMONWEALTH OF THE BAHAMAS
2015
IN THE SUPREME COURT GEN/01991
CLE/
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 24th day of December, A.D., 2004 between Pierre A. Dean and Carla Stuart-Dean and Finance Corporation of Bahamas Limited. AND IN THE MATTER of an Indenture of Further made the 21st day of December, A.D., 2009 between Pierre Antonio Dean and Carla Stuart-Dean and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND PIERRE A. DEAN dant AND CARLA STUART-DEAN dant
Plaintiff First Defen-
Second Defen-
To: Pierre Dean and Carla Dean TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 30 day of December, A.D., 2015 seeking an Order to direct you to deliver up possession of the Mortgaged Property designated as Lot Numbered Eleven of a Subdivision of Fourteen (14) lots situated South of Davis Road, East of Portago Road in Section “A” of Oakes Airport now called “Sol-Venci Hill” Subdivision in the Western District of the Island of New Providence one of the Island of the Commonwealth of The Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 24th day of December, A.D., 2004 and pursuant to the Indenture of Further Charge dated the 21st day of December, A.D., 2009 And that it has been ordered that the publication of a notice of the entry of the Originating Summons filed on the 30 day of December, A.D., 2015, Affidavit in support of application filed on the 11th day of January, A.D., 2017, ex parte Summons filed on the 14th day of February, A.D., 2017, Affidavit in support of ex parte Summons filed on the 9th day of March, A.D., 2017 and Order dated on the 8th day of May, A.D., 2017 in the Nassau Guardian Newspaper and The Tribune Newspaper shall be deemed to be good and sufficient service of the said document upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Wednesday, the 13th day of December, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, Notice of Appointment to hear the Originating Summons ex parte Summons, Affidavit in support of ex parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice. Dated the 2nd day of November, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
PAGE 6, Friday, November 10, 2017
THE TRIBUNE
Port of Nassau needs ‘over $100m infusion’ FROM PAGE 1 “In our opinion the port of Nassau is sorely in need of a substantial upgrade and substantial financial infusion, and the Government is always struggling financially to complete the project to the point where it’s done and looking great. “The cruise companies complain incessantly about the appearance and
management of the port, and the fact we have the Ministry of Transport running it is not the best of corporate structures to manage such an important entity.” Asked about the scale of investment required at Prince George Wharf, Mr D’Aguilar replied: “I’m sure it’s in excess of $100 million. “We’ve got to build another berth; I think
there’s room for one, and then create some exceptional retail options and probably put in attractions down there. “This is the gateway for in excess of four million cruise passengers to our country. We have to take our time to get it right and create something that’s memorable, so that when foreign visitors come through they say this is a pleasant, exceptional
experience,” the Minister continued. “We’re still very much in the formative stages and have to flesh it out, but it’s my hope, my dream we get this done. It’s going to have to change. The status quo is not acceptable. “If we’re going to remain a major port destination in the Caribbean, the time is right for substantial investment. I want Bahamian entrepreneurs to step forward and take advantage of the four million-plus passengers that come to Nassau.” Tribune Business revealed earlier this week that Global Port Holdings, the world’s largest cruise port operator, had partnered with BISX-listed Arawak Port Development Company (APD) to submit an application for taking over Prince George Wharf’s operation and management. Mr D’Aguilar, while confirming the approach, and describing Global Port Holdings as a “strong contender’, said the formal bid process would be open to all-comers as the Government sought the best, most competitive offer. “Obviously they’re a good candidate because, according to them, they’re the largest operator of passenger ports in the world,” the Minister said. “They’re a contender, and are very interested in managing the Prince George dock. “But we want to make sure it’s a fair process, and want to involve as many Bahamians as possible. Anyone who’s interested has to have a Bahamian component, so we have as much Bahamian participation as possible.” Mr D’Aguilar said the Minnis administration was seeking to pick up where the last FNM government left off when it came to creating economic ownership for Bahamians, and spreading wealth throughout the country. He disclosed
MARKET REPORT THURSDAY, 9 NOVEMBER 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,072.71 | CHG -5.12 | %CHG -0.25 | YTD 134.50 | YTD% 6.94 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
1000.00 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 3.70 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 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 100.00 100.00 100.00 109.11 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.31 17.43 9.09 3.70 1.25 0.15 3.70 8.60 6.10 4.94 9.01 2.30 1.51 6.00 10.06 6.79 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 -0.03 0.00 0.00 0.00 0.00 0.00 -0.11 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
109.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-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
2,300 3,950 2,970 7,250 2,050 900
200
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 25.2 15.5 22.5 3.9 4.9 13.5 11.8 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% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.61% 3.31% 4.83% 4.47% 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
that the Government had encouraged Global Port Holdings to find a Bahamian partner, hence the selection of APD. He implied that the Government would follow the model established by the 2010 Commonwealth Brewery transaction, which required Heineken to offer a collective 25 per cent equity stake to Bahamians in return for approving its buy-out of the Finlayson family. The Minister said there were “two approaches” to outsourcing operational control at Prince George Wharf - the ‘NAD model’, where the Government had hired a private sector manager to run Lynden Pindling International Airport (LPIA) but retained ownership of the asset, and the ‘APD model’ where the Government and private sector had teamed via a public-private partnership (PPP) to develop the Nassau Container Port. “We’re very much in ‘see where this is going to go’, but a private sector model with a private company managing the port will yield greater results for Bahamian businesses and entrepreneurs,” Mr D’Aguilar told Tribune Business. “It’s a port we’re not proud of. Based on the complaints we’ve received, it’s an inhibitor to real growth. We need someone
more nimble, proactive and well-funded. We want to optimise the retail options and opportunities for Bahamian entrepreneurs. “The fact you have government in the middle of it kind of introduces a political element that is not ideal. Politicians should not be involved with what, and who, goes there. We need a private sector entity. It’s what works best, what works well, and politicians should stay away from it,” the Minister continued. “Government should not be running this port. It’s been proven time and time again that this is a model we should not be following. It needs to be run by a private sector entity, and we need to stop this model where we think the Government runs it better.” To support his position, Mr D’Aguilar pointed to state-owned enterprises such as Bahamas Power & Light (BPL), Bahamasair, Water & Sewerage Corporation, ZNS and the Hotel Corporation - all of whom “lose oodles of money and cost the taxpayer millions of dollars each year”. “This is not the model we should be following,” he reiterated of Prince George Wharf. “But we need to involve as many Bahamian entrepreneurs as we can to spread the wealth, and impact as many Bahamians as we can.”
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, RANDOLPH VALENTINO MACKEY of New Providence, Bahamas, intend to change my name to KHRISTOPHEROBBIN VALENTINO MILLER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that YOURIKA BAZILE of Central Pines, P.O. Box General Delivery, 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 3rd 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 FEDNA NICOLAS of Bacardi 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 10th 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 PAULETTE DORIVAL of Burial Ground Corner, 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 10th 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 DORGILE BLANC of Carmichael Road and Fire Trail 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 3rd 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 KENDICHA JEAN-PIERRE of Colonly Village,P.O.Box FH14406, 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 3rd day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 8, Friday, November 10, 2017
THE TRIBUNE
Family Guardian has top ratings confirmed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
FAMILY Guardian yesterday saw its top financial strength and creditworthiness rankings affirmed by the insurance industry’s leading global rating agency. A.M. Best confirmed the BISX-listed life and health insurer’s A- (Excellent) financial strength rating, and the ‘a-’ longterm issuer credit rating (Long-Term ICR). It also confirmed the ‘bbb-’ longterm issuer credit rating for Family Guardian’s parent, FamGuard Corporation, and placed a ‘stable’ outlook on the entire group.
A. M. Best said the ratings reflected Family Guardian’s consistent annual profits, “improved operating performance” and solid capitalisation. However, as with its main rival, Colina Insurance Company, the rating agency expressed concern about the insurer’s mortgage exposure and associated delinquency levels. “Family Guardian has a more-than-adequate level of risk-adjusted capitalisation, and a sustainable marketing presence as one of the two leading life insurance companies in the Bahamas,” it said. “A.M. Best further notes that company trends
with respect to profitability and capital are generally favourable, with consistent growth in stockholders’ equity despite shareholder dividend payments. Family Guardian’s core life and health business segments provide business diversification and competitive advantages in a generally limited and mature marketplace.” On the downside, A. M. Best added: “Still, Family Guardian faces inherent risks associated with the overall weak economic environment in the Bahamas, which can present risks to longer-term financial results and growth opportunities. “A.M. Best recognises that despite the
limited growth opportunities in its local market, Family Guardian has been able to grow premium income in core business lines. “A.M. Best remains concerned regarding the risks associated with Family Guardian’s high concentration in mortgage loans, but notes that the company’s level of mortgage loans as a percentage of total investment assets, as well as a percentage of total capital, has continued to decline. “The company holds mortgage loan provisions which have proven to be adequate over time. A.M. Best considers this risk exposure as manageable at the current time.”
SANDALS SHOWCASES BAHAMAS TO INTERNATIONAL MEDIA VISITORS SANDALS yesterday said its two Bahamian properties have attracted more than 50 international media outlets in 2017, with the pace of visits increasing since the September 2017 hurricanes. Lazar Delorenzo Charlton, public relations manager at Sandals Royal Bahamian, said: “As we gear up for our busy winter season, we’ve been delighted to host a number of European and American media outlets to showcase our beautiful resorts, both here in Nassau and in Exuma. “Despite the recent passing of two mega storms, which sadly devastated several of our other islands in the region, our new and returning guests have kept us busy here. We’re also pleased with the increased
media exposure to promote the Sandals Foundation, the charitable arm of our company, which is continuing to assist our communities in the Bahamas affected by the storms.” Gary Williams, the resort’s general manager, added: “It’s always exciting for us to have these outlets from all over visit, interact with our team members and guests, and then for them to showcase what we have to offer in the Bahamas. “From all of the amenities here at the resort to the tours we offer through Island Routes, which allow for direct experience of the Bahamian attractions and culture, we are happy to show that not only are our resorts as beautiful as ever, but so are our islands and our people, and the Bahamas is open for business.”
Bank fears Central Bank ‘difficulties’ in $2.4m battle FROM PAGE 1 million of Capital Bank’s money. As such, Capital Bank – throughout the month of October 2017 – has made over 10 written requests for return of the funds as well as numerous verbal requests.” Capital Union Bank executives conceded that its Puerto Rican correspondent faced “extraordinary circumstances” as a result of Hurricane Maria, but argued that Bancrédito “should now reasonably be in position to return our funds”. The Bahamian institution alleged that Bancrédito had acknowledged it owed the monies, and would return them,
but said it needed to complete its due diligence and account closing procedures. “Bancrédito, however, has simply not followed through with its promises,” Capital Union Bank alleged. “Bancrédito is again dragging its feet and otherwise stalling. Bancrédito has advised Capital Bank that it cannot transfer the remainder of the funds until it conducts the necessary due diligence – without explaining what due diligence it intends to conduct, or why any due diligence is necessary simply to return to a customer their own money – and their Board of Directors meet to approve the action. “Bancrédito, disturbingly, will not even commit to a date by
which such alleged review and meeting will be completed or occur.... This delay in the return of a client’s funds is wholly abnormal within the banking industry. It typically takes hours or perhaps a day to close accounts and transfer funds – not a month-anda-half (the length of time between Capital Bank’s first request and the filing of this complaint).” Capital Union Bank alleged that the delay was damaging it beyond absence of the monies, explaining: “Bancrédito’s actions are also likely to result in Capital Bank encountering difficulties with its own bank regulators – a potential of which Capital Bank has specifically advised Bancrédito.”
Mr Checin-Laurans, in an October 25, 2017, e-mail to Bancrédito blasted: “I am sure that you understand that without any certainty on any date, the inability to recover our funds would have to be disclosed to our regulator in the context of our financial reporting, as we may have to record a provision for a potential loss of $2.4 million, which would be immediately deducted from our eligible regulatory capital. “Such reporting, due at the end of October, would trigger an immediate reaction from our regulator, the Central Bank of the Bahamas, which would most likely immediately contact yours, especially since you are providing correspondent banking services
not only to us but also to several other licensees in the Commonwealth of the Bahamas.” Capital Union Bank is thus suing for breach of its correspondent banking contract, and recovery of its monies and legal fees, as a result of Bancrédito’s “reckless” conduct. The Bahamian institution was created in 2013 by its chairman, Lawrence Howell, co-founder of Switzerland-based EFG International, and founding partner Clement Ducasse. It offers a wide range of services, including custody and execution; money market; foreign exchange; over-the-counter (OTC) and derivatives instruments; precious metals trading; securities and fiduciary lending.