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MONDAY, NOVEMBER 30, 2020
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Grand Lucayan deal woe as February reopen eyed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
* Resort can’t become ‘wasting asset’ * Chair’s ‘no faith’ in ‘bad’ Holistica deal * Board mulls options; awaits KPMG review
T
he Grand Lucayan’s Board is mulling a February 2021 re-opening in a bid to prevent the resort from becoming a “wasting asset” amid the growing uncertainty surrounding its potential sale. Michael Scott QC, chairman of Lucayan Renewal Holdings, the Governmentowned vehicle that owns the resort, told Tribune Business he and the Board were “considering a number of options” as it awaits the results of the KPMG probe into the merits of the revised ITM Group/Royal Caribbean deal. Confirming this newspaper’s exclusive revelations of last week, Mr Scott said he personally views the
THOMPSON sale to the duo’s Holistica partnership as “a bad deal” that does not create sufficient immediate benefits for the Bahamian people after the commercial terms were watered down due to COVID-19. KPMG and its accounting team have been hired to provide an independent opinion on whether this is the case, but the Lucayan chairman said he did “not
ACTIVISTS: STUDY EXPOSES OIL’S ‘ROLL OF THE DICE’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net OIL exploration opponents yesterday said their demands for a drilling halt are justified by a study showing The Bahamas must match almost 60 percent of US offshore crude output to fully offset all economic risks. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the report produced for his clients, the Our Islands, Our Future coalition, exposed why the Government’s decision to give Bahamas Petroleum
Company (BPC) the go-ahead was such “an astonishingly irresponsible roll of the dice”. The study, by Sea Change Economics, said The Bahamas would likely need to produce more than 403.553m barrels of oil annually - should commercial quantities be found beneath its seabed - to match the combined annual $7.89bn contribution to national gross domestic product (GDP) by the tourism and fisheries industries. Those two sectors are thought to be the industries most at risk from any
SEE PAGE 6
COVID TESTING SYSTEM’S PROVIDERS AWAIT PAYMENT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister last night disclosed that the COVID-19 visitor testing system’s providers have yet to be paid as the Government determines the most efficient mechanism for getting funds to them. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that monies collected from the $40 per head Health Travel Visa were currently “sitting in an account” with Bahamian digital payments
provider, Kanoo, waiting for instructions on how it will be disbursed. Responding to questions from Fred Mitchell, he said the Opposition senator can “rest assured I am guarding the people’s money to ensure we get the best possible deal” for getting it to providers such as the Health Travel Visa scheme’s insurer, the former Atlantic Medial Insurance that is now known as CG Atlantic Medical & Life. Adding that he “invited” scrutiny, and has “nothing
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have any faith in it” as the sale conditions stand now. Suggesting that his views were shared by other Board members, Mr Scott said he was pushing for KPMG to complete its review within “the next couple of weeks” with the directors now looking at “other viable options” for the Grand Lucayan’s future in case the ITM Group/Royal Caribbean deal fails to materialise. “The Board is considering a number of options including opening the hotel some time in February,” he told Tribune Business. “It’s always very hard for a hotel
property to sit their fallow as a wasting asset. One has to think carefully about this, but it doesn’t help the economic situation of the country, and of Freeport, to have it sitting there as a wasting asset.” Other sources, speaking on condition of anonymity because they were not authorised to talk publicly, said the Board was proposing to recommend to the Government that it re-open the Grand Lucayan on February 1 next year following its summer closure in anticipation the ITM Group/ Royal Caribbean deal would have closed by now.
The phased termination of the remaining 208-strong workforce began in June, with total termination packages since the Government acquired the Grand Lucayan in September 2018 likely to cost taxpayers more than $11m. Now the Government/ Lucayan Renewal Holdings face the prospect of having to hire at least some of those staff back if it follows through on a February 2021 re-opening in a bid to revive at least something of a stopover tourism product for Freeport amid the ravages of COVID-19. Much may yet hinge on the KPMG
review’s outcome. “KPMG is doing a review of the merits or otherwise of the Bahamas Port Investments (ITM/Royal Caribbean) proposal, which I view as a bad deal, so that we can have independent evidence that either supports or does not support that proposal. “I don’t personally have any faith in it, and one has to think laterally and consider other options, and look at another sale or lease options.” Mr Scott declined to give details on why the revised ITM/Royal Caribbean offer was “a bad
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PAGE 2, Monday, November 30, 2020
THE TRIBUNE
How to prepare for those inevitable security threats By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE management of risk has been a crucial and complex undertaking for businesses globally. Its efficient and effective handling requires solid
corporate governance. Every business must protect themselves against the risk of potential interruption by fully assessing their vulnerabilities and deploying mitigating controls. One such risk is fraud. The Report to the Nations 2020, submitted by the
Association of Certified Fraud Examiners (ACFE), noted that data collected from more than 120 countries, and representing 23 major industry categories, resulted in over 2,504 real cases of occupational fraud. A company’s approach to adverse events such
as fraud is called contingency planning (CP). During this process, both the information technology and information security community’s interests are aligned to prepare for, detect, react to and recover from events that threaten the security of information, resources and assets. An incident is an adverse event that could result in a loss of information assets but does not threaten the viability of the entire company. The process used by a business to plan, detect, react, contain, eradicate or recover is therefore, in effect, incident response management (IRM). For the avoidance of doubt, although IRM, disaster response management and business continuity management have some overlapping similarities, and are all major components of a business’s contingency planning, they are fundamentally different. Building an enterprisewide resilient business must include risk identification and assessment, risk controls and risk responses. I will address incident response management while underscoring its importance to business continuity or company resilience, then focus on the core steps involved in IRM and their direct link and importance to building a resilient security culture within a business. IRM and its importance Historically, the control-centred approach to incident management was considered the standard. However, the focus has recently shifted to recovery rather than prevention as the complexity and consistency of threats increases. By centring information security management on the moment at which a security
event occurs, rather than on preventative control, management strategies can better address the balance between the two paradigms. Having a robust incident response plan places a company in a position to respond efficiently and effectively to threats. Without a strong incident response plan, incidents can quickly escalate to disasters. Weakness in these plans, if exploited, can increase the possibility of reputational risk, meaning the direct or indirect negative impact to a company’s goodwill. Core steps of IRM Investment in an incident response plan could prove critical in the likely event of fraudulent attacks, cyber attacks or a combination of both. Given the potentially huge financial and reputational risks, it is incumbent on the company to thoroughly implement an IRM plan. A basic fraud response plan should consist of the following: Incident response methodology – There are a wide range of approaches that can be deployed or adapted. A widely-used base framework for risk management is the National Institute of Standards and Technology (NIST) Incident Response Process. Fraud incident response team – Depending on the company’s size, this team should include a legal resource (internal or external), human resources, an investigator and an audit committee representative. Pre-incident plan – Creation of teams and their roles, and the training of staff on the plan details and responsibilities; fraud risk assessments; document policies and procedures, while simultaneously ensuring their alignment to the regulatory environment, are all components of this step.
DEREK SMITH JR Post-incident plan – The key focus of this phase is to properly identify the scope of the suspected fraud in order to define your investigations and interviews. Seek expert advice if needed. Secure and preserve financial and non-financial information, and determine the next steps. Post-incident remediation – Companies must complete gap analysis on plan effectiveness, procedures and training with a view to decreasing gaps, improving the incident response plan, and maintain fraud incident reporting that are aligned with internal policies and procedures plus the external regulatory environment. Bruce Schneier, an information security expert, once wrote: “Security is a combination of protection, detection and response.” Incidents of fraud cannot be stopped. However, a company’s preparation and response can be effectively managed through a robust risk response and fraud incident response plan. NB: Derek Smith Jr is the compliance officer and money laundering reporting officer (MLRO) at Higgs & Johnson, a leading law firm in The Bahamas and a former assistant vicepresident, compliance and money laundering reporting officer, at an international private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 20 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a certified anti-money laundering specialists (CAMS) and certified risk and compliance management professional (CRCMP).
THE TRIBUNE
Monday, November 30, 2020, PAGE 3
GOV’T STANDS FIRM ON FOREIGN FISHERIES BAR By YOURI KEMP Business REPORTER ykemp@tribunemedia.net A CABINET minister says the Government will not abandon legal reforms that bar foreigners from working on Bahamian-owned fishing vessels despite push back from major wholesalers and processors. Michael Pintard, minister for agriculture and marine resources, told Tribune Business that the Fisheries Bill 2020 will proceed through Parliament despite the Coalition for Responsible Fishing (CFRF), which represents the large processing houses, warning that this will negatively impact over 1,000 livelihoods and cost the country some $8m in export earnings. He said his ministry had consulted with both the Coalition and the National Fisheries Association (NFA) on the Bill prior to the Cabinet approving the changes, which he added had been in the making for the past ten years. The Bills are expected to be debated before the parliamentary
Christmas break. Describing the issues raised as “not new concerns”, Mr Pintard added: “I have approved both the amendment to the Fisheries Act, as well as the [one to the] Immigration Act that would complement the Fisheries Bill. “So there’s nothing we have heard prior to bringing it to Cabinet or subsequent to laying it in the House, on the table at the House, that will cause us to make any adjustment.” He said: “When I came in the chair, I approved at that time spousal permits as well as work permits, and indicated that one year from now I did not intend based on advice given - to renew those permits, as successive governments have indicated that they believe the appropriate course of action would be to reserve, as was intended, commercial fishing for Bahamians. “Fish processing can be ventured into by non-Bahamians, but not fishing itself.” The Coalition had last week argued that proposed changes to fisheries and Immigration laws
preventing foreigners working on locally-owned boats “in any capacity” would result in “the unemployment of hundreds of Bahamians” at a time when the country could least afford it. The group’s October 25, 2020, position paper, which was signed by the likes of Anthony McKinney, Paradise Fisheries’ principal, and Percy Roberts at Geneva Brass Seafood, warned that more fisheries businesses will fail without “significant amounts of experienced skilled labour” that are presently not available in The Bahamas. Arguing that trained potters and divers, in particular, were in short supply, the Coalition warned that the ban on expatriate labour proposed under the Fisheries Bill 2020 was counter-productive and could result in the loss of millions of dollars of export-driven foreign currency earnings just when The Bahamas needed every cent it could get following COVID-19’s devastation. Estimating that the survival of 17 New Providence-based vessels alone could be endangered, the
Coalition’s paper said that when dependents were added to the 260 total crew who worked on these boats, some 1,040 people could be negatively impacted. The Coalition’s position, though, was countered by the National Fisheries Association, representing the fishermen, which said the use of legal expatriate labour - primarily Dominicans possessing either work permits or spousal permits (meaning they are married to Bahamians) - had long caused a “split” between local fishermen on one side and the wholesalers, processors and exporters on the other. Describing suggestions that more than 1,000 persons will be impacted as “absurd”, the Association blasted: “We are in an era of COVID, with mass unemployment, and they are concerned about hiring more foreigners? “Hire Bahamians and invest in Bahamian labour. You cannot run businesses that lower wages, and undercut Bahamian labour, then claim to be supporting Bahamians.”
Mr Pintard, meanwhile, said his ministry has worked with commercial fishermen and partnered with the industry to create a “national dive programme” in conjunction with the National Training Agency and the Royal Bahamas Defence Force. He said this was “oversubscribed”, indicating there is no fear about a lack of trained divers to staff commercial fishing vessels. The minister said: “This is not an action specifically seeking to target persons who are bad. This is really about looking at a couple of sectors because we really have lost the vast majority of sectors in the economy that have been reserved for Bahamians. “But we believe it is so important that we protect the scarce resources with conch being under threat, with grouper being under threat.” Mr Pintard added that he does not want the merits of the legislative reforms to be “hijacked” by a “narrow discussion on the immigration component”, given that the Bills do much more to help grow the fisheries industry.
Grand Lucayan deal woe FROM PAGE 1 deal”, although this newspaper’s contacts suggested earlier plans to develop 1,000 new rooms within the first 21 months have been reduced to refurbishing the existing hotel. “It’s a watered down, diluted version of their original offer,” the Grand Lucayan chief added, “and from my perspective the material benefits if any really, really hinge on the growth factor and success of any project. “There will be no immediate benefit. It’s all very long-term, spacing out over five to ten years. It doesn’t offer any relief immediately or in the next two years.” Asked how quickly KPMG has been tasked to complete its work, Mr Scott replied: “I’m trying to get it as soon as possible, certainly in the next couple of weeks. “They’re considering the efficacy and financial viability of the revised Bahamas Port Investments proposal from the perspective of Grand Bahama and The Bahamas.” The Grand Lucayan chairman’s comments confirm prospects for the ITM Group/Royal Caribbean deal going ahead are far less rosy than made out by Senator Kwasi Thompson, minister of state for Grand Bahama, in his recent national address unless something radically alters. He had voiced optimism that the Grand Lucayan will be “fully turned over” to the ITM Group/Royal Caribbean joint venture before
year-end 2020, adding that they remain “committed” to the hotel’s transformation and that of Freeport Harbour. However, Mr Thompson acknowledged that the project’s start will be delayed due to COVID19, saying: “We are currently reviewing their post COVID-19 development plans and hope to fully turn over the hotel property before the end of the year.” When confronted with Mr Scott’s assessment, Mr Thompson said he “stands by the comments I made in my report, and I don’t have anything to add to that”. Dionisio D’Aguilar, minister of tourism and aviation, last night also suggested it would be incorrect to describe the Grand Lucayan deal as “in trouble”, although he referred this newspaper back to Mr Thompson for further comment. Several sources, meanwhile, suggested that while some in the Minnis administration viewed “any deal as better than no deal”, there
were others insistent it had to deliver the necessary benefits for the Bahamian people by acting as the catalyst to revive Grand Bahama’s tourism product and wider economy. The Government is likely becoming desperate to get the Grand Lucayan off its and the taxpayer’s books, with the formerly loss-making - and now shuttered - resort likely now costing it $100m-plus and counting when the $65m purchase price, staff termination packages, subsidies to cover operating losses and expenses are now factored in. Both it and ITM/Royal Caribbean are likely to blame COVID-19 for disrupting the deal. The latter have used the pandemic, and its multibillion dollar impact on the cruise line in particular, as justification for negotiating less onerous financial terms, while the Government will likely argue that the deal would have been sealed much sooner but for the global health crisis.
NOTICE of VOLUNATRY LIQUIDATION Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 of the Commonwealth of The Bahamas, Notice is hereby given that:-GIRWOOD FINANCIAL .CORPORATION LIMITED is in Dissolution; the commencement date is 30th. day of November 2020 and the Liquidator is Vincent L. King c/o BPMSL 13 East Bay Street, (P .O. Box .SS 19743) Nassau, Bahamas.
VINCENT L. KING - Liquidator
The result, besides the reduction in the number of new hotel rooms to be constructed, is a redevelopment timeline pushed further and further back as the Grand Lucayan becomes increasingly secondary to the cruise component and Freeport Harbour. This contradicts the Government’s main goal, which was to ensure the resort’s transformation has equal billing with the harbour’s redevelopment as a waterbased adventure theme park, given that it would provide the greater amount of job opportunities, entrepreneurial spin-offs and economic benefits for the Bahamian people. Mr D’Aguilar, who had said the final ITM/Royal Caribbean deal will likely look different to the one
THE GRAND Lucayan Resort. struck pre-COVID-19, recently confirmed that the joint venture partners want to seal “the entire transaction at once” to protect their commercial interests and not hand an advantage to either Freeport Harbour Company or the Government. Securing
the hotel without the harbour, and the proposed additional cruise berths and water-based adventure theme park, would hand the advantage to Freeport Harbour Company and its 50 percent shareholder and manager, Hutchison Whampoa.
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THE TRIBUNE
BAIC chief says union rejected ‘olive branch’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Agricultural and Industrial Corporation’s (BAIC) general manager last night accused the trade union representing its line staff of rejecting “the olive branch” he offered upon taking office. Rocky Nesbitt, responding to the General Workers Union’s (GWU) allegations that the state-owned agency was refusing to negotiate a new industrial agreement, said it had never given him a chance to address its grievances before filing a complaint against BAIC with the Magistrate’s Court. The union, via its attorney, Obie Ferguson, on September 8, 2020, had requested that the court issue a summons over its June 30 complaint that BAIC was failing to negotiate with the legally recognised and certified bargaining agent for its line staff in violation of the Industrial Relations Act. Mr Nesbitt, though, said the complaint’s filing occurred one day before he formally took office
on July 1, 2020. And the September 8 request for a summons occurred just nine days before his alreadyscheduled meeting with Dr Thomas Bastian, the GWU’s president, on September 17, 2020. “They didn’t even give me an opportunity,” the BAIC chief said. “We sat down, were introduced for the first time. I gave him an olive branch and promised to work with the union on the issues and grievances that were before my time.” These issues, he added, included salary increments that had not been paid as well as outstanding promotions. Mr Nesbitt said he hired an assistant general manager with responsibility for human resources on October 13 to go through the issue of unpaid increments and reconcile the union’s claims with BAIC’s records. With the world “in the middle of a pandemic”, and the Government having frozen all pay increases, hirings and promotions across-the-board in the civil service, Mr Nesbitt said he had informed the union that any promised increments would have to be deferred
until the 2021 Budget year. However, he added that he was “willing to sit down and negotiate” those issues in advance. Asserting that it was “false” for the union to allege BAIC was refusing to meet and negotiate, Mr Nesbitt added that the GWU had yet to address a trade dispute filed by the government agency over the inclusion of middle management staff members in what is supposed to be a line staff bargaining unit. Arguing that this matter needed to be cleared up, Mr Nesbitt said of his talks with Mr Bastian: “I have him an olive branch. Me and you can negotiate on all issues. I will set aside my schedule at the beginning and end of each month until we have these negotiations completed. “I have not heard from Dr Bastian. We are willing to address grievances and issues with our staff, but the union has to meet us halfway. Making comments that we refused to meet with the union, that’s completely untrue.” Mr Nesbitt said the union’s allegations were “a shameful attempt at
grandstanding” after it replaced the Bahamas Public Services Union (BPSU) as the line staff’s bargaining agent, and “a poor attempt to garner support from staff members”. He added: “Transparency, accountability. That’s the order of the day, and if there are persons not aligned with the guidelines, rules and procedures they’ll be let go. We have to account for the people’s monies each and every day. We would have been way ahead had he [Dr Bastian] kept his word to meet with me personally and negotiate and begin to determine the way forward. “We can’t afford increment increases at this time. We’re in a pandemic. It has to be deferred until next year’s Budget, but BAIC and I am willing to
negotiate. When we’re on a better financial footing I’m willing to pay it. We don’t have the money now. We have to be financially prudent. We have to be efficient. There’s going to be a rough window until 2021.” Mr Nesbitt also accused Obie Ferguson, the GWU’s attorney and Trades Union Congress (TUC) president, of failing to practice what he preached by making the claims against BAIC just days after telling Tribune Business that industrial unrest needed to be avoided at all costs due to the economic devastation inflicted by the COVID-19 pandemic. This interpretation, though, was vehemently rejected by Mr Ferguson, who told this newspaper that BAIC’s refusal to meet with the GWU had left
it with no choice but to “follow the law and go from there. That’s why we’re going to court. I cannot see why they will not meet and negotiate. The employer needs to work with the union. “We recognise this is a difficult period in the country, and we want to work with the Government and the employers, but we have to make sure the union is respected. The law says you are obliged to meet and treat with the recognised union, and do it in good faith.” Mr Ferguson said that as a result of the bargaining impasse “morale has been terribly low” among BAIC’s staff. “It’s very, very low, a record low as a matter of fact, based on what they told me,” he added.
THE TRIBUNE
Monday, November 30, 2020, PAGE 5
The goal of the century and monetary policy ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs
FOR those who feel passionately about football (soccer) and the financial markets, last Wednesday was a bitter-sweet day. global stardom and unlikely Diego Armando Maradona, riches. The soccer star’s appeal perhaps the world’s greatest transcended his ability with ever footballer, a ball. He was a passed away ‘Mervin King, charismatic and aged 60 folthen governor complex indilowing a string vidual, blessed of health com- of the Bank of with rare plications. On England, used talent but also that same day, the Dow Jones one of Maradona’s a tendency to self-destruct, stock index most famous and that, perhit an all-time games, in which haps tragically, high, for the enhanced his first time break- he scored twice ing through the while playing for brand, with the 30,000 points Argentina against ups and downs of a troubled barrier. private life Born in England during often capturing Buenos Aires, the 1986 world more headlines Maradona was cup in Mexico, than his conbrought up in quests on the a slum by par- to illustrate ents who often monetary theory.’ pitch. Still, his contribution to went without food so that Diego and his the consolidation of football siblings could eat. His pro- as a great global business is digious talent soon got him undeniable. An interesting episode for noticed and it wasn’t long until he signed the first those who follow both the professional contract of a financial markets and footcareer that propelled him to ball happened back in 2005,
when Mervin King, then governor of the Bank of England, used one of Maradona’s most famous games, in which he scored twice while playing for Argentina against England during the 1986 world cup in Mexico, to illustrate monetary theory. The first goal, which the referee should have disallowed as it was scored with the hand, summed up the old school central bank approach to monetary policy, it was “unexpected, time-inconsistent and against the rules”. The second time Maradona scored during that match has been described by many as the goal of the century and it illustrates modern monetary policy: The player ran more than 60 meters with the ball, beating five opponents before scoring. Mervin King explained that, as Maradona sprinted in a straight line, the English players kept expecting
him to swerve and by anticipating a change of direction that never came, created the space that allowed Diego to continue his unstoppable run. Such is the nature of modern monetary policy, explained King: Market interest rates will behave according to the perception of what the central bank is likely to do next; by doing nothing, much can be achieved, as the mere expectation of a rate rise is sometimes sufficient to curb private spending and keep inflation at bay. Surely one of the most engaging illustrations of monetary theory ever delivered by the head of a central bank. A final word, on another unlikely run: last week’s Dow Jones new all-time high. Some may be perplexed to see the stock market performing so well when the coronavirus has wreaked havoc on the global economy. They should not be. Such is the nature of the financial markets, always pricingin the future. In this case a brighter future, without COVID and free of the latest bout of American economic protectionism.
A FAN plays with a football in front of an image of soccer legend Diego Maradona hanging over the facade of Naples’ Royal Palace in the central Piazza Plebiscito on Friday.
PAGE 6, Monday, November 30, 2020
THE TRIBUNE
ACTIVISTS: STUDY EXPOSES OIL’S ‘ROLL OF THE DICE’ FROM PAGE 1 oil-related spill, with Sea Change Economics basing its upper-end estimate on a combination of the tenyear average spot price for Brent crude ($77.20) per barrel; the lowest and highest royalty rates revealed by BPC (12.5 percent and 25 percent); and fully matching the $7.789bn annual impact of tourism and fisheries. “Even with the highest royalty rate and highest price, in order to reach a ‘break even’ level of revenue that is equal to the value of the current economic sectors at risk from offshore oil drilling, The Bahamas would need to produce 403.553m barrels of oil annually, over half (57.83 percent) of the offshore crude oil output the US produces annually,” Sea Change concluded. “Put another way, The Bahamas would need to produce more than 82 times the total barrels of oil spilled in the Deepwater Horizon oil spill event each year. This would mean The Bahamas would need to produce an average of 1.106m barrels per day, slightly more than the United Kingdom’s total output (939,760 barrels per
day), placing The Bahamas on to the list of top 20 oil producers globally...... “Using an estimate of 12,500 barrels of oil per day as a single oil well’s maximum capacity, the above calculations (using the highest royalty rate and highest price) would mean more than 88 wells would be needed, operating at 100 percent capacity every day of the year, to meet the ‘break even’ level of oil production.” Some observers will likely view the results of the Sea Change Economics analysis as exaggerated and overkill, especially since it uses a benchmark of matching fisheries and tourism’s contributions 100 percent. Given The Bahamas’ geographical layout as an archipelago, they will argue that it is unlikely all islands would be impacted at once by the same oil spill. However, exploration opponents will likely counter that, much as happened with the devastation that Hurricane Dorian inflicted on Grand Bahama and Abaco, news of any oil spill or environmental damage - however minor - will immediately draw negative news coverage that inflicts reputational damage on the entire tourism and fisheries industry.
The Sea Change Economics analysis, which is understood to have been presented to the Prime Minister as part of intensifying last-minute lobbying urging the Government to reverse course on the BPC permits, also looked at scenarios where the risk levels to the tourism and fisheries industry from oil exploration fell to just 50 percent and 10 percent, respectively. Using BPC’s two royalty rates, and the one, five, ten and 20-year average Brent crude spot price, the study noted that production of just 40.355m barrels per year - IF commercial quantities are found - would be required to offset a “10 percent” risk to the tourism and fisheries industries at the ten-year spot price. The amount of production required this rises and falls according to the chosen “risk level”, plus the prevailing global oil price and royalty rate applied to BPC’s volumes, making precise forecasting extremely difficult as Sea Change Economics acknowledged in its assumptions. BPC, meanwhile, totally ignored the Our Islands, Our Future Coalition’s threat of imminent legal action - including a bid for an injunction to halt its Bahamian exploration
activities that could be made as early as this week - in its Friday update to investors and the global market. The oil explorer revealed that it has increased the cost estimates for its Perseverance One well, which will be drilled some 90 miles west of Andros close to The Bahamas’ maritime boundary with Cuba, by some 15 percent to account for enhanced COVID-19 mitigation measures that will be imposed on the crew of the Stena IceMAX drill ship. With no mention of a possible increase in legal costs, BPC said the likely costs associated with Perseverance One will now be in the $24m to $28m range as opposed to the previous $21m to $25m estimate. The company is also expanding its contingency funding from $5m to $7m. “This includes heightened isolation and testing measures for all crew and personnel, extended mandatory quarantine in secure hotel facilities, and private charter flights,” BPC told the markets. Simon Potter, its chief executive, added in a statement: “Given the ever-evolving and escalating COVID-19 situation around the world, the sobering reality is that preventing the COVID-19 virus spreading onto the Perseverance No.1 drilling installation in the first place is dramatically more cost effective than having
to deal with it once it has arrived offshore. “Hence the considerable efforts put in by BPC, Stena and participating contractors and service companies to develop even more stringent measures to detect and diminish the risk of infection, which are now being implemented, but which will come at a cost.” He added: “Fortunately, given the flexible range of funding options the company has developed over the course of the last two years, we have successfully agreed an increase to the size of our conditional convertible note facility by £4.75m to offset this increased cost. “Moreover, we are pleased that the providers of this facility have demonstrated their commitment to the project by agreeing to provide a portion of this facility unconditionally once the well is spud, and the balance expected to be available as required. In aggregate, these arrangements provide enhanced financial capacity, notwithstanding a worsening COVID-19 environment. “We are aiming to assess what hydrocarbon resource potential lies within the territorial waters of The Bahamas for the mutual benefit of the nation and people of The Bahamas, the shareholders of BPC, and all other stakeholders,” Mr Potter continued. “Safe, responsible, and uninterrupted operation is our key objective in
the ever changing global COVID-19 environment, and these additional costs and increased funding arrangements reflect a prudent approach to achieving this objective.” BPC has previously said its activities could generate up to $5bn in royalty revenues for The Bahamas over the ten to 20-year lifetime of the project if commercial oil reserves are located. The company has also asserted that the Perseverance One well is being drilled in an area where it estimates there is a “prospective oil resource of 0.77bn barrels, with an upside of 1.44bn barrels”. However, this has not convinced Mr Smith, who yesterday argued that The Bahamas could be exposed and liable to compensation claims by Florida and Cuba should any oil spill result from BPC’s activities - the possibility of which, the company says, is virtually negligible due to its work over the past 14 years. “I don’t know why the Government of The Bahamas, both FNM and PLP, have to gamble with our future by engaging with a speculator,” Mr Smith said. “This is an astonishingly irresponsible roll of the dice by the Government, and I call upon the Prime Minister and minister of the environment to stop this experiment, this uncontrolled experiment, on our environment. The risk is just too great for the paucity of the return.”
THE TRIBUNE
Monday, November 30, 2020, PAGE 7
COVID TESTING SYSTEM’S PROVIDERS AWAIT PAYMENT FROM PAGE 1
to hide”, Mr D’Aguilar said the speed at which the Health Travel Visa and associated technology had to be rolled out meant it was simply impossible to put the payment processing contract - awarded to Kanoo - out to a competitive bidding process as Mr Mitchell had called for. The opposition Senator, in a statement yesterday, said he had raised three parliamentary questions surrounding “the money trail” involving funds generated by issuing the Health Travel Visa to tourists as well as Bahamians returning to this nation. Focusing on Kanoo, Mr Mitchell queried whether the Bahamian-owned digital payments solutions provider had won the contract to collect the $40 Health Travel Visa fee via “a public and transparent tendering process” while also asking the Government to identify Kanoo’s principals. He also questioned whether the collection of monies by Kanoo complied with The Bahamas’ fiscal legislation, which he said mandated that all monies due to the Government be paid into the Consolidated Fund. Mr D’Aguilar, in response, said the Government and Ministry of Tourism had to hire a settlement provider such as Kanoo given that all Health Travel Visa payments were being made electronically via debit or credit card. “They [Kanoo] have been accumulating the funds,” he told Tribune Business. “There are persons that need to be paid. There’s
the insurance company that needs to be paid, the people providing the testing that need to be paid, the people doing the testing that need to be paid, and the software administrators that need to be paid. “The money is still in limbo. It has not been disbursed yet. It’s sitting in an account at Kanoo.” Mr D’Aguilar said this was because the Government was still working out the most efficient, cost-effective method for disbursing funds due to all providers involved in the COVID19 Health Travel Visa and testing system almost one month after it was rolled out. He added that Bank of the Bahamas, which had been selected as custodian for the revenues generated by the $40 per capita fee, would receive the majority - about 85 percent - of any fees paid out in connection with handling the sums involved. “They get an administrative charge, but I don’t think it’s unreasonable,” Mr D’Aguilar added. “There’s a fee they charge to do the settlement, and I told them the Government will not pay the settlement fee. “Tell Mr Mitchell to rest assured I am guarding the people’s money to ensure we get the best possible deal. Everybody’s saying it didn’t go out to bid, but trust me, this had to happen so fast there wasn’t really any time to put it out to bid and go through that process.” With the Government “still exploring the most efficient way” to make payment to multiple providers in different islands, Mr D’Aguilar said of Mr Mitchell’s scrutiny: “I invite
NOTICE NOTICE is hereby given that SAMUEL ALEXANDER JOSEPH BROWN of Frank Egdecombe Street, P.O.Box SS-5529 Nassau, 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 30th day of November 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
LEGAL NOTICE
NOTICE
SLOPEMOUNTAIN LTD. NOTICE is hereby given as follows: (a)
Slopemountain Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.
(c)
The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.
Dated 24th day of November, 2020. Beatus Limited Liquidator
that. I have nothing to hide. There’s nothing untoward about it.” He added, though, that Mr Mitchell was “a little extravagant in his numbers”, revealing that The Bahamas was presently receiving around 500 applications for a Health Travel Visa per day rather than the 1,000 cited by the senator. Meanwhile Keith Davies, Kanoo’s chairman and chief executive, confirmed that the company was working as “a third-party payment” processor and facilitator on the Health Travel Visa initiative. “We are collecting money on behalf of the network participants,” he added. “That is guided and instructed by the organisers of the programme.” Asserting that “everything is transparent”, and the funds are held in an account at the Bank of The Bahamas, Mr Davies said: “We’ve the mandate of just making sure the funds get to where they’re supposed to go. Kanoo gets a small processing fee just like any other payment provider gets for providing a similar service.” As for Mr Mitchell’s demand for disclosure of Kanoo’s principals and shareholders, Mr Davies added that all this was available via the Companies Registry at the Registrar General’s Department. “This is a Bahamianowned company principally owned by a group of young Bahamian entrepreneurs, licensed and regulated by the Central Bank. There’s no secret there,” he said.
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PAGE 8, Monday, November 30, 2020
THE TRIBUNE
UK says Brexit talks with EU in ‘last week’ NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) GATOR REALTY INVESTMENTS, LTD. IBC No. 147441 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)
That GATOR REALTY INVESTMENTS, LTD. is in Dissolution under the provisions of The International Business Companies Act 2000.
(b)
The Dissolution of the said Company commenced on the 30th day of November 2020 when the Articles of Dissolution were submitted and registered by the Registrar General.
(c)
The Liquidator of the Company is Sterling (Bahamas) Ltd of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.
(d)
Any person having a Claim against the above name Company are required on or before the 30th day of December 2020 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
AMENDED
NOTICE CHRONOVALUE INVESTMENT FUND SAC LTD.
(In Voluntary Liquidation)
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 5th, day of August, 2020. The Liquidator is Dillon R. Dean of Nassau Bahamas. Dillon R. Dean (Liquidator)
BRITISH Foreign Secretary Dominic Raab faces the media outside BBC Broadcasting House in London yesterday. Photo: Victoria Jones/PA via AP LONDON Associated Press BRITAIN’S foreign minister said yesterday there is only about a week left for the UK and the European Union to strike a post-Brexit trade deal, with fishing rights the major obstacle to an agreement.
As talks continued between the two sides in London, Foreign Secretary Dominic Raab said “I think we are into the last week or so of substantive negotiations.” The UK left the EU early this year, but remained part of the 27-nation bloc’s economic embrace during an 11-month transition as the
LEGAL NOTICE International Business Companies Act (No. 45 of 2000) FO Investments Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), FO Investments Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is 20th day of November, 2020. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonso Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 18th day of December, 2020.
two sides tried to negotiate a new free-trade deal to take effect January 1. Talks have already slipped past the midNovember date long set as a deadline for agreement to be reached if it is to be approved by lawmakers in Britain and the EU before year’s end. Despite the stalemate, Raab told Sky News that “there’s a deal to be done.” He said the two sides had made progress on “level playing field” issues — the standards the UK must meet to export into the EU. The biggest hurdle appears to be fish, a small part of the economy with an outsized symbolic importance for Europe’s maritime nations. EU countries want their boats to be able to keep fishing in British waters,
while the UK insists it must control access and quotas. “On fisheries, there is a point of principle: As we leave the transition, we are an independent coastal state and we’ve got to be able to control our waters,” Raab said. EU chief negotiator Michel Barnier, who met through the weekend with UK counterpart David Frost, has said there are still “significant divergences”. If there is no deal, New Year’s Day will bring huge disruption, with the overnight imposition of tariffs and other barriers to UK-EU trade. That will hurt both sides, but the burden will fall most heavily on Britain, which does almost half its trade with the EU.
Luciane Ribeiro Moreno Liquidator
LEGAL NOTICE
NOTICE Invenergy Solar Bahamas LLC NOTICE IS HEREBY GIVEN as follows: (a) Invenergy Solar Bahamas LLC is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Company commenced on the 25 November, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Beryn Neeley. Dated the 26th day of November, 2020. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
PAGE 10, Monday, November 30, 2020
THE TRIBUNE
THE TRIBUNE
Monday, November 30, 2020, PAGE 11
SWISS SAY NO TO FINES FOR COMPANIES VIOLATING HUMAN RIGHTS GENEVA Associated Press A PROPOSAL that could have stiffened penalties against companies based in Switzerland if they violate human rights or harm the environment abroad failed in a Swiss referendum yesterday. The initiative titled “Responsible companies — to protect people and the environment” won a narrow majority of votes, with 50.7% percent backing it and 49.3% against, but failed because a majority of the country’s cantons, or states, came out against it. Support was strongest in
urban areas, much of Switzerland’s French-speaking west and Italian-speaking Ticino. Under Switzerland’s
majority both of votes cast and of cantons to pass. The Swiss held two other referendums this year, but one in May was delayed due to the COVID-19 pandemic. The federal government opposed the plan championed by left-leaning groups and some big civil society organizations, asserting that it went too far. Parliament has proposed a countermeasure that would also boost scrutiny of such companies’ actions. The measure could have made large Switzerlandbased companies liable in the country’s courts for
system of direct democracy, which gives voters a direct say several times each year on a variety of issues, proposals need a
their flawed operations or those of their subsidiaries and subcontractors in foreign nations, unless they were able to show that they conducted proper due diligence beforehand. It would have required Swiss-based companies to better verify their activities in foreign countries and could have made them more liable for any damage caused. It could potentially have affected multinationals like mining and minerals company Glencore, agribusiness company Syngenta, and cement firm LafargeHolcim — which have at times
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 74° F/23° C Low: 46° F/8° C
TAMPA
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
Partly sunny with a stray shower
Patchy clouds
Downpours early in the a.m.; cloudy
Partly sunny, breezy and pleasant
Mostly sunny, breezy and pleasant
Some sun
High: 82°
Low: 72°
High: 77° Low: 67°
High: 76° Low: 70°
High: 79° Low: 72°
High: 81° Low: 71°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
86° F
74° F
76°-63° F
75°-67° F
79°-71° F
85°-75° F
almanac
E
W
ABACO
S
N
High: 81° F/27° C Low: 69° F/21° C
10-20 knots
S
High: 84° F/29° C Low: 58° F/14° C
12-25 knots
FT. LAUDERDALE
FREEPORT
High: 84° F/29° C Low: 60° F/16° C
E S
E
W
WEST PALM BEACH
W
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
N
N
uV inDex toDay
TONIGHT
High: 74° F/23° C Low: 51° F/11° C
High: 82° F/28° C Low: 65° F/18° C
MIAMI
High: 83° F/28° C Low: 61° F/16° C
10-20 knots
KEY WEST
High: 79° F/26° C Low: 68° F/20° C
ELEUTHERA
NASSAU
High: 82° F/28° C Low: 72° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2020
N
tiDes For nassau Low
Ht.(ft.)
Today
7:31 a.m. 7:45 p.m.
High
Ht.(ft.) 3.0 2.3
1:09 a.m. 1:59 p.m.
0.0 0.1
Tuesday
8:08 a.m. 8:23 p.m.
3.0 2.3
1:46 a.m. 2:38 p.m.
0.0 0.1
Wednesday 8:46 a.m. 9:03 p.m.
3.0 2.2
2:23 a.m. 3:18 p.m.
0.1 0.2
Thursday
9:26 a.m. 9:45 p.m.
3.0 2.2
3:01 a.m. 3:59 p.m.
0.1 0.2
Friday
10:08 a.m. 10:31 p.m.
2.9 2.2
3:43 a.m. 4:42 p.m.
0.2 0.3
Saturday
10:54 a.m. 11:22 p.m.
2.9 2.2
4:29 a.m. 5:29 p.m.
0.3 0.3
Sunday
11:45 a.m. -----
2.8 -----
5:23 a.m. 6:20 p.m.
0.4 0.3
sun anD moon Sunrise Sunset
6:37 a.m. 5:20 p.m.
Moonrise Moonset
5:41 p.m. 6:44 a.m.
Full
Last
New
First
Nov. 30
Dec. 7
Dec. 14
Dec. 21
CAT ISLAND
E
W
High: 82° F/28° C Low: 72° F/22° C
N
S
E
W
7-14 knots
S
7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 64° F/18° C Normal high ....................................... 80° F/27° C Normal low ........................................ 69° F/20° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 66.84” Normal year to date ................................... 38.48”
High: 82° F/28° C Low: 71° F/22° C
faced criticism over their activities abroad. Parliament’s alternative, which should now take effect instead, won’t require companies to answer to Swiss courts and will focus on issues like mining of minerals from conflict zones or child labor. It also seeks more cooperation among countries on such matters. Another measure that would have banned the financing by the Swiss national bank or pension funds of any weapons for export, from handguns to assault rifles to tanks, also failed yesterday, with a majority of both voters and cantons opposing it.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 82° F/28° C Low: 73° F/23° C
High: 82° F/28° C Low: 74° F/23° C
N
High: 83° F/28° C Low: 69° F/21° C
S
LONG ISLAND
tracking map
High: 82° F/28° C Low: 73° F/23° C
H
E
W
8-16 knots
MAYAGUANA High: 82° F/28° C Low: 73° F/23° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 83° F/28° C Low: 73° F/23° C
High: 82° F/28° C Low: 73° F/23° C
GREAT INAGUA High: 84° F/29° C Low: 73° F/23° C
N
E
W
E
W
N
S
S
8-16 knots
8-16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS SW at 12-25 Knots NNW at 12-25 Knots SW at 7-14 Knots N at 15-25 Knots SSE at 8-16 Knots NW at 6-12 Knots SE at 8-16 Knots NE at 3-6 Knots S at 8-16 Knots NNW at 10-20 Knots SW at 12-25 Knots NNW at 15-25 Knots S at 7-14 Knots NNW at 7-14 Knots SE at 8-16 Knots NNE at 4-8 Knots SSE at 8-16 Knots ENE at 3-6 Knots SE at 8-16 Knots SSE at 3-6 Knots SSW at 8-16 Knots N at 12-25 Knots SE at 8-16 Knots ENE at 4-8 Knots S at 8-16 Knots NNW at 8-16 Knots
WAVES 3-6 Feet 5-9 Feet 0-1 Feet 2-4 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 3-5 Feet 3-5 Feet 2-4 Feet 4-8 Feet 1-2 Feet 0-1 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 3-6 Feet 3-6 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-3 Feet 1-3 Feet
VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 79° F 79° F 79° F 79° F 79° F 79° F 82° F 82° F 79° F 79° F 81° F 81° F 80° F 80° F 83° F 83° F 83° F 83° F 81° F 81° F 79° F 79° F 82° F 82° F 79° F 79° F
PAGE 12, Monday, November 30, 2020
THE TRIBUNE
UK stocks up on vaccines, hopes to start shots in days
BRITAIN’s Prime Minister Boris Johnson, wearing a mask because of the coronavirus, has a close look at a sample at the Lateral Flow Testing Laboratory during a visit to the Public Health England site at Porton Down science park near Salisbury, southern England, on Friday. Photo: Adrian Dennis/Pool via AP LONDON Associated Press BRITAIN said yesterday it has secured two million more doses of a promising coronavirus vaccine as it gears up to launch within days the country’s most ambitious inoculation program in decades. The UK has had Europe’s deadliest coronavirus outbreak, with more than 58,000 confirmed virusrelated deaths. It now hopes to hit a more positive milestone by becoming one of the first countries in the world to start vaccinating its population against COVID-19. The UK government has
agreed to buy more than 350 million doses of vaccines from seven different producers, should they prove effective, as it prepares to vaccinate as many of the country’s 67 million people as possible. The Department of Health said yesterday it had increased its order for a vaccine developed by US firm Moderna from five million to seven million doses, enough for 3.5 million people. The Moderna vaccine is expected to be referred soon to the UK’s Medicines and Healthcare Products Regulatory Agency, to see if it is safe and effective. Two other vaccines — one
developed by Pfizer and German firm BioNTech, the other by Oxford University and AstraZeneca — are already being assessed by the regulator, the final stage before being rolled out. Britain has ordered 40 million doses of the Pfizer/ BioNTech vaccine and 100 million doses of the Oxford/ AstraZeneca vaccine. Hospitals in England have been told they could receive the first doses of the Pfizer shot as early as the week of December 7 if it receives approval, the Guardian and Financial Times reported. The US vaccination programme also hopes to begin inoculating some Americans in December. The government says frontline health care workers and nursing home residents will be the first to be vaccinated, followed by older people, starting with those over 80. The plan is to work down the age and risk groups until everyone 18 and over has been inoculated. Peter Openshaw, professor of experimental medicine at Imperial College London, said he “wouldn’t be too surprised if an announcement would be made within the next two weeks, possibly even as early as next week”. Non-medical staff including volunteer first-aiders are already being trained to give the shots, which will be administered at around 1,000 community vaccination centers and 40 to 50 large-scale facilities in stadiums and conference venues, according to a government planning document. Prime Minister Boris Johnson said officials hope to vaccinate “the vast majority of the people who need the most protection by Easter”. Writing in the Mail on Sunday, Johnson said the roll-out of a vaccine could be “just days away.” But he said there would not be a quick end to the onerous restrictions on business and everyday life that have been imposed to curb the spread of the virus. “There are still long weeks and months ahead before we can be completely confident that we can vaccinate enough people in the country, and thereby remove enough targets for the virus, in order to beat the disease,” he wrote.