FRIDAY, DECEMBER 2, 2016
business@tribunemedia.net
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Bran ‘amazed’ over web shop hypocrisy By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday said he was “amazed” that formerly illegal web shop operators were now themselves complaining about rogue rivals, charging that the Government had failed to achieve its objectives for the industry. Branville McCartney implied to Tribune Business that there was an element of hypocrisy to newly-legalised web shops’ complaints, given that they had profited hugely from operating outside the law for so long. And with illegal operators still managing to exist, the Government not having put in its own systems to monitor the industry, and most commercial banks still refusing to accept web shop deposits, the DNA leader argued that the Bahamas
Tribune Business Reporter
nmckenzie@tribunemedia.net
Popeyes Bahamas is investing more than $2 million to launch its second restaurant on Carmichael Road before year-end 2016, a move that is expected to create 80 jobs. Selina Archer, marketing manager for Aetos Holdings, owner of the Wendy’s, Marco’s Pizza and Popeyes Louisiana Kitchen franchises, confirmed that the second Popeyes restaurant - adjacent to the Southwest Plaza - will open before year’s end. “We will be open before the end of the year. That
was “in the same position” as that prior to the Gaming Act’s enactment. “It’s very strange; a strange set of circumstances,” Mr McCartney said of the ‘rogue operator’ complaints from Island Luck’s Sebas Bastian, and FML chief, Craig Flowers. “About two-and-a-half to three years’ ago, they were all illegal and carrying on as if they were legal. No one See pg b5
$2m-plus investment in second Bahamas location To open before year-end on Carmichael Road Adjacent to Southwest Plaza is the plan. We will be creating 80 new jobs between the managers and the crew,” said Ms Archer yesterday. See pg b5
Fiscal Responsibility miss leaves doubt on Govt ‘turning tide’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The failure to deliver on the promised Fiscal Responsibility Act consultation has left the private sector doubting the wider Government’s “commitment to turning the fiscal tide”, the Chamber’s chairman says. Gowon Bowe told Tribune Business that the business community wanted Prime Minister Perry Christie to “see through” his 2015 mid-year Budget promise to initiate public consultation on fiscal governance reforms. It has been almost two years since Mr Christie told the House of Assembly that
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Bahamas in ‘same position’ as prior to Gaming Act Minister pushes for more in financial abuse fight
PM urged to ‘see through’ early 2015 promise Chamber chair says ‘boils down to execution’ Fears on ‘one-man band’ governance system the Government would prepare a ‘white paper’ discussion document on a Fiscal Responsibility Act, but Mr Bowe declined to place all the blame on the Prime Minister. See pg b4
$3.86
$3.92
Baha Mar director probe ‘won’t find a bloody thing’
Just-legalised sector now complaining of rogues itself
Popeyes to add 80 jobs with new site By NATARIO McKENZIE
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Dionisio D’Aguilar
The Baha Mar liquidators will “not find one bloody thing” wrong when they probe the Sarkis Izmirlian-led Board’s conduct, a former director told Tribune Business yesterday. Dionisio D’Aguilar said he had “absolutely no concern whatsoever” over the “summary investigation” that the Supreme Court-ap-
pointed liquidators plan to undertake into the actions of the $3.5 billion project’s former directors. He then “threw it back at them” by questioning whether the liquidators for the seven former Baha Mar group companies had pursued every possible recovery avenue for the benefit of the project’s creditors. The FNM’s Montagu candidate for the upcoming 2017 general election See pg b6
D’Aguilar: ‘No concern at all’ on liquidators’ move Asks if they’ve pursued all recoveries, $192m claim Liquidators warn: Not a cent for creditor hold-outs
Unlicenced web shop blasts rivals concerns as ‘absolute nonsense’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The only web shop operator to have been denied a gaming licence yesterday blasted as “absolute nonsense” concerns expressed by legalised rivals over the legitimacy of his continuing operations. Bet Vegas’s president, Anthony Brown, told Tribune Business he was
able to remain in operation while the company awaited the outcome of its legal challenge to the Gaming Board’s decision not to grant it a licence. “I’m not above the law. If I was really illegal, if I was doing something wrong, I would have been shut down,” he said. Bet Vegas is currently engaged in a Judicial Review of the Gaming Board/ Government decision not to grant it a licence. Web
shop operators, who met on Wednesday with Tourism Minister Obie Wilchcombe, who has responsibility for gaming, outlined a number of concerns regarding the industry, including the continued operation of Bet Vegas. Craig Flowers, the FML Group of Companies chief, expressed particular concern particular concern about the continued operation of Bet Vegas. See pg b6
Bet Vegas awaits Judicial Review outcome Has lost 60% of revenue due to licence battle Staff down 51 from peak
PAGE 2, Friday, December 2, 2016
THE TRIBUNE
How business can help combat crime’s causes As we begin the festive season, our hopes and desires for a joyous holiday bring with them a heightened sense of fear of the lurking criminal element. The last 30 years of progress and development have also brought many social changes, which threaten to disrupt our civil and peaceful existence. Decent, law abiding consumers find great difficulty moving about to shop for the goods they desire during the season, and producers have even greater challenges ensuring a safe environment in which to sell their wares. The small minority of Bahamian vagabonds are so bent on unsettling our economic progress that they have seemingly devised strategies for their sinister
schemes, and find creative ways to evade the authorities. The struggle for the Bahamian business owner is real, particularly at Christmas time, and many simply brace themselves to be ‘hit’ by would-be robbers. While it is necessary to provide safety tips for what some feel is the inevitable, it is also sensible that some attempts be made by the business community to address the underlying root causes of our dire situation. The following, then, are some preventative measures for our vexing crime problem. Even without a degree in psychology, we can determine the ‘roots’ of our dilemma. Most agree that the lack of parental guidance and care, particularly the absence of the father,
is at the core of our issues. Research the world over bears out this truth. When a responsible male is at home, the chance of social dysfunction in children and youth is reduced by 85 per cent. Where are the businessdriven programmes for young men, encouraging them to be responsible husbands and fathers, and ensuring that they live up to their commitments and responsibilities? FatherDaughter Day and FatherSon Day in the workplace, annual male seminars, workplace family retreats and other similar initiatives will only strengthen both family and the economy. A secondary cause for our rapidly deteriorating state of affairs is a shifting value
system, where we are less concerned for each other and more concerned with acquiring material things and wealth. Somehow, industry has to lend assistance in teaching responsible capitalism. Strong social corporate responsibility programmes, youth development schemes, educational grants and other similar initiatives funnel resources back into the community, and help stem the tide of crime and violence in our inner cities. Perhaps another incentive for the criminal element among us is the slow pace we have taken in embracing technology to conduct business. Businesses that are serious about the safety and well-being of their patrons and employees must explore
cashless transactions, smart deposit systems, an armed security/police presence, proper lighting in and outside their facilities, and security-surveillance camera systems that are visible to the would-be criminals. What a wonderful season for business this would be, if it were incident free. God grant it…Have a safe and enjoyable season.
• 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 devel-
Ian ferguson opment issues. He may be contacted at tcconsultants@ coralwave.com. Article was reproduced with author’s permission from December 2015
THE TRIBUNE
Friday, December 2, 2016, PAGE 3
Baha Mar contractor ramps up to 400 staff By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s receivers yesterday said around 400 personnel from the project’s main contractor were on-site at Cable Beach, with efforts to restructure the project under new ownership likely to “bear fruit” soon. Raymond Winder, Deloitte & Touche (Bahamas) managing partner, told Tribune Business: “It’s an ongoing process. Things are moving forward, and hope-
Receiver: Efforts will soon ‘bear fruit’ Prospective buyer targeting 800-room opening fully we’ll begin to see the fruits of our labour. “China Construction America (CCA) has mobilised, and they have somewhere in the neighbourhood of 400 people working on the ground. The whole assessment process is ongo-
Raymond Winder ing, and work has started.” Mr Winder confirmed that Baha Mar’s potential
Outgoing Chamber chief: GB ‘by no means broken’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Grand Bahama Chamber of Commerce’s outgoing president says the island’s economy is “by no means broken”, despite “the gut punch and setbacks” delivered by Hurricane Matthew. Kevin Seymour, addressing the Chamber’s annual meeting, urged his successor to further strengthen the organisation’s relationship with the Government and the Grand Bahama Port Authority (GBPA) to ensure the private sector can influence key policy decisions. Mr Seymour suggested that he had managed to achieve this during his presidency, as he was appointed as a member of the Government’s Hawksbill Creek Agreement Review Committee, which was charged with assessing - and recommending improvements to - Freeport’s founding agreement. He argued that it had been necessary for the Chamber “to move from being mere spectators” to “having a permanent seat at the table” with the likes
of the Government and GBPA when key economic policies and initiatives were being discussed. Calling on the Chamber to “add value” and ensure it was respected by the other parties moving forward, Mr Seymour said the Hawksbill Creek Agreement Review Committee’s work was “currently incomplete” and continuing. “A word of advice to my successor, now that we are in the room and around the table; I strongly suggest that you seek to further strengthen the Chamber’s relationship with these key stakeholders,” Mr Seymour added of the Government and the GBPA. “A wise person once said that if you are not around the table, chances are you are being served on the menu.” The outgoing president acknowledged the Category Four Storm’s impact on Grand Bahama, but added: “While the gut punch delivered by Hurricane Matthew may have temporarily bent us over, I am comforted by that fact that we as a community are by no means broken.” Mr Seymour said the elimination of duty and
Value-Added Tax (VAT) on building materials and other components of the Government’s Matthew relief programme amounted to a major incentive for Bahamians to shop at home. “I am also advised that the Government will be launching its ‘Loan Assistance Programme’, which will give eligible SMEs affected by the ravages of Matthew access to low interest rates loans, in order to assist in bringing enterprises in this important job creating sector back on stream as quickly as possible,” the outgoing president said. Mr Seymour said the Chamber had met in recent weeks with Customs and Ministry of Finance officials “to work through logistical and reporting issues” related to the hurricane relief programmes, plus concerns over VAT reporting. He praised the GBPA, Grand Bahama Power Company, other utilities and the likes of the Bahamas Telecommunications Company (BTC) and Cable Bahamas, commending them for “text book execution” on Matthew-related repairs.
Bahamas Agricultural & Industrial Corporation
Project Coordinator Revitalization of the Sponging Industry Project number ATN/ME-15441-BH The Government of The Bahamas has received financing from the InterAmerican Development Bank (IDB) and intends to apply part of the proceeds to payments under the Revitalization of the Sponging Industry for the services of consultants to deliver the following activities: Consultancy 1: Sponge research - internationally and nationally. Consultancy 2: Determination of the local sponge industry baselines. Consultancy 3: Determination of optimal sustainable sponge. harvesting practices, and development of guidelines for sustainable certification. Consultancy 4: Development of branding tools. Consultancy 5: Production of exporting tools for locally produced items to be sold in the international market. Consultancy 6: Development of a 5-year Business Plan. Consultancy 7: Provision of training – Governance training, and Financial management training. The Bahamas Agricultural Industrial Corporation now invites eligible consultants or consultancy firms to indicate their interest in providing these services. Interested candidates must provide proposals, along with information outlining qualification, experiences, competencies, and cost. Consultants will be selected in accordance with procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants financed by the Inter-American Development Bank (GN-2350-7) and is open to all eligible consultants as defined in the policies.
How to Apply
Interested consultants may obtain detailed information about these position on our website www.baic.gov.bs. Proposals must be delivered via direct mail or email at the address indicated below. Bahamas Agriculture and Industrial Corporation Attn: Human Resources P.O. Box N-4940 Nassau, Bahamas Email: sponge@baic.gov.bs
BAIC HEAD OFFICE & TRAINING CENTER Old Trail Road • P. O. Box N-4940 Nassau, Bahamas
Tel: (242) 396-3725/6 Fax: (242) 322-2123 / 328-6542 Web: www.baic.gov.bs www.facebook.com/mybaic
Growing. Partnering. Empowering.
purchaser, Chow Tai Fook Enterprises (CTFE), “is still doing their due diligence and getting prepared to ramp up in terms of meeting whatever requirements they need with the Government”. He added that the transfer of Baha Mar’s resort assets out of the receivership into Perfect Luck Holdings, the special purpose vehicle (SPV) created by China Export-Import Bank, the project’s $2.45 billion secured creditor, was largely complete. That is a key first step towards the bank consum-
mating the sale to CTFE, the Hong Kong-based conglomerate owned by the Cheng family, heirs of the late billionaire, Cheng Yu Tung. “It’s moving in a positive direction,” Mr Winder told Tribune Business. Meanwhile, this newspaper was told that CTFE is actually planning to open 800 rooms at Baha Mar by March/April 2017, the winter season peak, rather than the 700 reported yesterday. Tribune Business was given more details of Monday’s meeting, which involved numerous Cabinet
and private sector representatives, who attended a presentation given by CTFE executives. The presentation was given by Graeme Davis, the president of CTFE’s Bahamas subsidiary, who was accompanied by the company’s local attorney, Ryan Pinder, the former financial services minister who is now a partner at Graham, Thompson & Co. Apart from Prime Minister Perry Christie and Deputy Prime Minister Philip Davies, also present were members of the Cabinet’s See pg b8
Bahamas airspace talks ‘in two weeks’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A Cabinet minister said yesterday that negotiations with the US o ver reclaiming control o f the Bahamas’ airspace are expected to resume in two weeks’ time, and that more “specifics” co uld emerge afterwards. “Those talks will resume in two weeks, and I hope to be able to give the Bahamian people an update at the end o f that meeting,” said Glenys Hanna-Martin, minister o f transport and
aviation. “The last meeting held was very positive, but there are no specifics yet. I hope that by the end of this next meeting we will begin to see what the specifics will be.” The Bahamas’ airspace has been managed by the US since the 1950s, and changing this arrangement could result in additional revenues for the Bahamas. The Federal Aviation Administration (FAA) controls overflight rights for this nation above a certain altitude, and Bahamian aviation industry executives in recent years have called
on the Government to take control of this nation’s airspace and capitalise on millions of dollars in potential revenue. From December 5-9, the Bahamas will host the International Civil Aviation Negotiation Conference (ICAN). The conference is expected to attract 1,000 international delegates from 100 member countries, and 10 international member organisations of the International Civil Aviation Organisation (ICAO). “The primary purpose of the meeting will be to See pg b8
PAGE 4, Friday, December 2, 2016
Fiscal Responsibility miss leaves doubt on Govt ‘turning tide’ From pg B1 He instead expressed concern that “the only time things in Government move in a meaningful way” was when the Prime Minister became personally involved - something Mr Bowe said was “of great concern” in terms of how the Bahamas is run and governed. Asked whether he and the Chamber were disappointed by the Christie administration’s failure to deliver on promised Fiscal Responsibility Act consultation todate, Mr Bowe replied: “I think that disappointment is probably a word you would use. “In reality, from the private sector’s perspective, we’re looking at seriousness in terms of turning the fiscal tide. It’s probably left
a question mark on their commitment to do so, as opposed to disappointment.” Mr Bowe said the Government was “often-times” guilty of saying/promising things, but then failing to follow through, adding: “It all boils down to execution. “Is it disappointment with the Prime Minister? No. It probably points just as much to the wider commitment of the civil service and the Government to do it.” The Chamber chairman said Mr Christie was not directly responsible for the drafting of a Fiscal Responsibility consultation paper or Act, nor any discussions that would be held with the private sector on it. He recalled the interplay between the private sector and the Government in talks leading up to the
Value-Added Tax (VAT) implementation, which was aided by the Prime Minister’s personal involvement - and instructions to his ministers and officials to engage the business community. Suggesting that this had failed to happen over the suggested Fiscal Responsibility Act, Mr Bowe said: “From that perspective, it’s be careful with what you promise, as once you’ve raised expectations it’s important to see things through. It’s certainly one we’d want him [the Prime Minister] to see through.” Acknowledging that there were multiple issues and initiatives competing for the Prime Minister’s attention, he added: “Unfortunately, we’ve found that the only time things move in a meaningful way is when the Prime Minister intervenes personally. “That is not the way to run the country, as he is one
human being and it’s not fair to have the weight of the world on his shoulders. “Are things going to happen without the Prime Minister? If it’s ‘no’, we have great concerns because the country cannot be run by one man.” Mr Bowe said this pointed to a need for institutional strengthening in government, and a bolstering of the civil service’s permanent secretary ranks and mechanism for the efficient delivery of services and initiatives. He added that projects could not be held up because the Prime Minister’s attention was elsewhere, and said of the Fiscal Responsibility issue: “The direction has been given by the Prime Minister. The question is: Who failed to execute?” Many observers would argue that the latest fiscal data further highlights the need
THE TRIBUNE
for such legislation, given that the deficit for the first quarter of the 2016-2017 fiscal year expanded by $23 million or almost 37 per cent in comparison to the same period the year before. The $86 million deficit for the three months to endSeptember 2016 is already more than 80 per cent of the $100 million worth of ‘red ink’ that the Government is forecast to incur for the 2016-2017 full year. The increase was driven by continued rises in government spending, which many believe is out of control, and which outpaced revenue growth. Mr Bowe earlier this week warned that ever-increasing spending meant the Government was failing to maximise the benefits from its $852 million VAT ‘windfall’. The Prime Minister, in his February 2015 mid-year Budget debate, committed the Government to producing a ‘white paper’ that would launch public consultation on whether the Bahamas should introduce its own version of a Fiscal Responsibility Act. This ‘white paper’ was supposed to have been issued in summer 2015, with Mr Christie setting out a timetable that involved recommendations going to Cabinet on whether such legislation was appropriate by year-end 2015. None of these steps has occurred, and no ‘white paper’ has been issued, despite a Fiscal Responsibility Act having been “number one on the list” of priorities
when the private sector’s Coalition for Taxation Reform agreed in late 2014 to a broad-based, low rate 7.5 per cent VAT. Several private sector executives have subsequently told Tribune Business that the Coalition’s mistake was to agree to VAT without pinning the Government down on a Fiscal Responsibility Act, and that it should have conditioned acceptance of the new tax on such legislation being implemented. A Fiscal Responsibility Act would force the Government to be more accountable and transparent in the management of the public finances, and require it to return to Parliament for approval to raise more money if it had to exceed the limits approved in the annual Budget. Several observers have suggested that this Act should set fiscal targets and so-called ‘rules’, such as a maximum debt-to-GDP ratio the Government cannot exceed, but others have warned that this would lock or ‘box in’ the administration such that it would not be able to effectively respond to emergencies, such as Hurricane Matthew. “We don’t want to be on the same path” as other Caribbean nations such as Jamaica and Barbados,” Mr Bowe told Tribune Business. “If we have the ability now to chart our own course, we have to bite the bullet.”
NOTICE Notice is hereby given that Holy Diamond L.P. commenced dissolution on the 30th day of November, 2016. The Liquidator is Dartmouth Ltd. of 303 Shirley Street, P.O. Box N-492, Nassau, Bahamas. Glinton Sweeting O’Brien Counsel to Holy Diamond L.P.
NOTICE
NOTICE is hereby given that MERLINE FERNAND of Ocean Street, Golden Gates #1,P.O.Box SB-52944, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
Oakwood Assets Ltd
In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Oakwood Assets Ltd is in dissolution as of November 10, 2016 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
NOTICE
NOTICE is hereby given that Rodachena Charles of Podoleo St., P.O. CR-54895, Nassau, Bahama 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 25th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
LIQUIDATOR ______________________
NOTICE is hereby given that KENSON NELSON of #10 Tahati Drive, Coral Road, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
ADOZA MANAGEMENT INC. Company No. 1582579 (In Voluntary Liquidation)
ILTUVO FINANCE LTD. Company No. 1596103 (In Voluntary Liquidation)
NOTICE Orchid Flower Inc. In Voluntary Liquidation
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ADOZA MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 24th November, 2016 and NICOLAS MÜLLER of Talstrasse 83, 8001 Zürich, Switzerland has been appointed as the Sole Liquidator.
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ILTUVO FINANCE LTD. is in voluntary liquidation. The voluntary liquidation commenced on 24th November, 2016 and ALEXEJ MARTIN of Pflugstrasse 10/12, 9490 Vaduz, Principality of Liechtenstein has been appointed as the Sole Liquidator.
Dated this 24th day of November, 2016 Sgd. NICOLAS MÜLLER Voluntary Liquidator
Dated this 24th day of November, 2016 Sgd. ALEXEJ MARTIN Voluntary Liquidator
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Orchid Flower Inc. is in dissolution as of November 28, 2016 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
THE TRIBUNE
Friday, December 2, 2016, PAGE 5
New Exuma boutique already eyes expansion A newly-opened Exuma boutique resort already has plans to triple its room capacity following its official end-November opening. Located on a remote cay off Great Exuma, Lumina Point features 12 rooms, a gym, spa, pool, restaurant, and a pavilion for weddings and yoga overlooking its private beach. It is also ecofriendly and totally powered by solar panels. Jenny Kettel, the resort’s general manager, said the hotel has been open since mid-February. “We opened in a rush, before we were finished, because the owner’s son got married on March 5,” Ms Kettel said. “So, we opened in the middle of February and, at the end of February, he brought a lot of his friends down to test the place out. We’ve been totally full twice so far.” She said the resort has plans to add 24 more rooms in the future.
“The owner, Mark Maynard, feels that Exuma has given a lot to him, so he built this particular one for Exuma,” Ms Kettel said. “When he’s got the money back for the staff salaries and the food and beverage that we’ve spent so far, and he starts to break even, he is going to empower Exumians to become businessmen. “When he’s done that he is going to continue, and the profits of this will go to the Exuma foundation to be spent purely by empowering
Bran ‘amazed’ over web shop hypocrisy From pg B1 said anything about it. “It’s amazing that they’re now complaining about what they did: Operating illegally, as they were three years ago. It’s amazing to hear this sort of thing. “You’re seeing now the web shops almost fighting among themselves in terms of other persons getting into the game, for want of a better word.” Messrs Bastian and Flowers, together with Raymond Culmer, chief executive of Chances Games, all argued that illegal operators are now taking between 20-30 per cent of the web shop market. Chief among their complaints is that rogue operators are still using the handheld devices legalised, fully licensed web shops are now prohibited from employing. And Mr Culmer said three illegal chains had a major presence on Grand Bahama. Although the legalised web shops may be exposed to charges of hypocrisy, as argued by Mr McCartney, allowing rogue operators to persist is unfair to those businesses that have paid
their fines, back taxes and fees to become regulated. The situation also threatens to undermine the integrity of the Gaming Act and the Government’s objectives in legalising, regulating and taxing web shops, while also depriving it of due revenue. And allowing illegal gaming, and the sums of cash it generates, to continue could also attract unwanted international scrutiny in terms of the potential money laundering danger it represents. Mr McCartney, though, said the continuation of illegal web shop operations was a further sign that the Gaming Act 2014 and accompanying regulations had failed to achieve the Government’s goals. With only Bank of the Bahamas willing to accept web shop monies, the DNA leader said the industry and the multi-million dollar sums it recycled remained outside the formal banking and financial system, thus exposing the country to potential money laundering vulnerabilities. Mr McCartney also argued that the industry
Popeyes to add 80 jobs with new site From pg B1 “As far as the total investment is concerned, it’s roughly $2 million plus for that building.” Ms Archer said the second Popeyes outlet will feature a dual drive through system similar to the second Wendy’s Carmichael Road outlet, which opened
in 2012. “Last year we had some issues with the traffic at the Prince Charles Drive location, so we’ve considered that this time in the build,” said Ms Archer. Aetos Holdings is owned by the Tsavoussis brothers, Chris and Terry. They unveiled the Popeyes franchise last December, with
Exumians to be businessmen.” Legend has it that Mr Maynard is a descendant of Robert Maynard, the British captain who defeated the infamous pirate, Blackbeard. Ms Kettel joked: “He (Mark) says that. I think it makes a fun story.” Lumina Point is surrounded by a landscape of coppice forest. Guests can expect to be picked up at the Exuma airport and transported by boat to the private island.
remained “unregulated” because the Government, through the Gaming Board, had failed to implement its own system for monitoring the web shops and their transactions. “They cannot tell you to-date or verify who goes into the web shops, who plays those numbers, and how much is collected,” he added. “They can only go on what the numbers boys tell them. “They have no system in place, notwithstanding that several years ago the Attorney General indicated she would ensure the web shop industry was properly regulated. That has not happened. I challenge the Gaming Board to say otherwise.” Pointing out that it had been two years since the Gaming Act’s passage, Mr McCartney said the failure to implement proper monitoring and regulatory systems had left the Bahamas and its web shop industry “wide open” to abuse by money laundering and terror financing. However, his view has been challenged by the Central Bank’s governor, John Rolle, who recently praised the web shops’ own technology and Know Your Customer (KYC) monitoring systems - adding that the industry knew who its
clients were, and could even trace customer winnings. Mr McCartney, though, continued: “What the Government said they wanted to achieve has not happened. They came up with an Act, but it has not happened because the Government has not regulated the industry or the web shops.” He described the taxes and fees obtained by the Government from the web shops to-date as “a drop in the bucket” compared to what it should be earning, again due to the lack of regulation the DNA leader identified. “The banks, with the exception of one, continue not to accept their money,” Mr McCartney told Tribune Business of the web shops. “That should tell us something. “We’re basically in the same position prior to the enactment of the Gaming Act. Anything the Government wanted to achieve has not happened. “It is very concerning. It’s not the web shop owners’ fault. It’s the Government’s fault. The Government did not do what they were supposed to do in regulating the web shops.” Obie Wilchcombe, minister of tourism, who has ministerial responsibility for gaming, told Tribune Business recently that the
the build-out of a 4,000 square foot Popeyes flagship eatery on the north side of Prince Charles Drive, before the intersection with Fox Hill Road. The acquisition of the Popeyes franchise gave the Tsavoussis brothers and Aetos Holdings a ‘chicken’ brand to pair with their existing ‘fast food’ hamburger and pizza offerings. They are competing heavily with George Myers, and the Myers Group, and BISX-listed AML Foods
and its Domino’s Pizza and Carl’s Jnr brands, to become the dominant player in the Bahamas’ fast food franchise market.
Government wanted the web shops to do more when it came to combating potential financial abuses. “There’s one area where we’re asking them to do more, which is further
training of the MLRO (money laundering reporting officer),” he said. “That’s important to us. That’s important to the integrity of the whole industry.”
NOTICE International Business Companies Act, 2000 (as amended)
AHAB REDEMPTION FUND, LTD. Registration Number: 155777B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000), AHAB REDEMPTION FUND, LTD. commenced voluntary liquidation on the 30th day of November, 2016. Any person having any claim against AHAB REDEMPTION FUND, LTD. is required on or before the 15th day of December, 2016 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. The Liquidator is Ahab Capital Management, Inc. of 260 Fifth Avenue, Suite 35, New York, NY 10001, United States. AHAB CAPITAL MANAGEMENT, INC. Liquidator
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2016/CLE/gen/00078
IN THE MATTER of AMBER TRUST LTD. AND IN THE MATTER OF the Companies Act, 1992 ____________________ NOTICE ____________________
DIVIDEND NOTICE TO ALL SHAREHOLDERS The Board of Directors of APD Limited has declared an interim Dividend for Ordinary Shares, to all shareholders of record as at 15th December, 2016 of one dollar ($1.00) per share. The payment will be made on 29th December, 2016 through Bahamas Central Securities Depository Limited, the Registrar and Transfer Agent.
Christopher Lightbourn Secretary
TAKE NOTICE that a Petition was on the 28th November, 2016 presented to the Supreme Court of the Commonwealth of The Bahamas for the confirmation of the reduction of capital of the above-named Company and that such reduction of share capital be effected by returning paid up share capital to the shareholders of record, AND NOTICE IS FURTHER GIVEN that the said Petition is directed to be heard before His Lordship, the Honourable Sir Hartman Longley, Chief Justice, in the Supreme Court, Judicial Complex, Bank Lane, Nassau on Wednesday the 14th day of December, A.D. 2016 at 9:30 o’clock in the forenoon. Any creditor or shareholder of the said company desiring to oppose the making of an Order for confirmation of the said reduction of capital should appear at this time in person or by Counsel for that purpose. A copy of the said Petition will be furnished to any such person requiring the same by the undermentioned Attorneys upon payment of the charge for the same. Dated this 1st day of December A.D., 2016. Graham Thompson Chambers Sassoon House Shirley Street & Victoria Avenue Nassau, Bahamas Attorneys for the Petitioner
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Baha Mar director probe ‘won’t find a bloody thing’ From pg B1 suggested they had not, arguing that “anything Chinese is off limits” to the liquidators - a reference to the $192 million UK High Court claim that Baha Mar initiated against its main contractor prior to the Chapter 11 bankruptcy filing in June 20155. Mr D’Aguilar was responding after the trio of Bahamian accountant, Ed Rahming, and Nicholas Cropper and Alastair Beveridge, his UK counterparts, served notice of their intention to investigate the conduct of Mr Izmirlian and his fellow Board members prior to Baha Mar’s collapse into insolvency and Chapter 11 proceedings. The liquidators, in a November 25, 2016, letter to Baha Mar’s remaining creditors, said: “In addition to their statutory responsibility to publicise their appointment and notify various stakeholders, the official liquidators will also conduct summary investigations into the conduct of the directors of the companies prior to appointment, and establish whether there are grounds for any further work to be undertaken over and above that required as part of their statutory duties.” Some observers are likely to interpret the liquidators’ “investigation” as a so-called witch-hunt and attempt to sully Mr Izmirlian’s reputation, given that its timing coincides with the Government’s rapidly-moving negotiations with prospective Baha Mar purchaser, Chow Tai Fook Enterprises (CTFE). However, Tribune Business understands that such
‘director investigations’ are standard procedure in court-supervised wind-ups, given that the liquidators have a statutory responsibility to ensure there is no wrongdoing and maximise asset recoveries for creditors. Mr D’Aguilar, though, emphasised to Tribune Business that the liquidators’ efforts to uncover any wrongdoing by the former Boards and directors would ultimately be in vain. “Nothing we did was in any way out of the ordinary as it relates to the running of a company of that size,” he said. “We were going on in the normal course of business and doing very well until we got screwed by China Construction America (CCA). “They [the liquidators] can look, but they’re not going to find one bloody thing. There’s nothing to be found. We were acting in the best interests of the company.” Mr D’Aguilar said Mr Izmirlian’s only focus, and that of his Board directors, was to complete the Baha Mar project and get it open, so that he could start realising a return on his family’s equity investment - said to be worth between $800$900 million. “The only focus was to get the facility open and operational, and there was nothing untoward to deter us from that mission,” he added. “Everything we did was to get that location open and operational until we got screwed by CCA.” Mr D’Aguilar, a key ally of Mr Izmirlian, queried whether the three liquidators - who had served in a provisional capacity
Unlicensed web shop blasts rivals concerns as ‘absolute nonsense’ From pg B1 “They are expanding,” Mr Flowers said, claiming that two Bet Vegas gaming houses have emerged “across the road” from two FML web shops. “They’re not paying their taxes. How can we legitimately accept this?” However, Mr Brown yesterday fired back: “What they are saying is absolute nonsense. Bet Vegas is the first to be GLI certified, which was a requirement by law.”
He subsequently provided the GLI certification, dated December 4, 2015, and added: “Find any operator that can provide documentation to prove they were certified any time before that date. “If any operator that got licenced had it before us, then let them present their’s. How is it that they got licenced and I didn’t? How is it that Bahama Dreams that went out of business got a licence and I didn’t? “We had everything in
NOTICE
SCREENFIELDS HOLDINGS LIMITED (In Voluntary Liquidation)
_________________________________________
Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box SS-19084, on or before the 21st day of December, 2016. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 29th day of November, 2016. Marcia Melo Campos Pahl LIQUIDATOR of SCREENFIELDS HOLDINGS LIMITED
EXXONMOBIL LNG NIGERIA LIMITED NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 22nd day of November A.D., 2016. Dated the 5th day of December, A.D., 2016 T.A. Parmenter Liquidator of EXXONMOBIL LNG NIGERIA LIMITED
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for more than a year - had done everything they could to preserve and secure assets for the benefit of Baha Mar’s creditors. “I’m sure Sarkis will say they didn’t pursue the damages claim against CCA,” he said, referring to the $192 million claim lodged against the Chinese contractor’s parent, over its guarantee that Baha Mar would be completed on time. “The liquidators can look all they want, but I hope they have acted in the best interests of all the unsecured creditors and pursued every avenue they can in terms of people who owed the company [Baha Mar] money to ensure the unsecured creditors are paid off. “I throw it back at them,” Mr D’Aguilar continued. “I hope they’ve done their job. I suspect anything Chinese is off limits. They’re not going to pursue anyone owing Baha Mar money who is Chinese. “They can pursue the directors all they want, but they need to pursue those who owe Baha Mar money, including those who happen to be Chinese.” Asked whether the timing of the liquidators’ investigation was coincidental, Mr D’Aguilar replied: “This is political season, so I’m sure they want to discredit anyone with connections to Baha Mar. “Dionisio D’Aguilar is confident and comfortable they will never find anything suggesting something untoward was done. One thing about Sarkis Izmirlian is that he has an impeccable reputation.” Mr Rahming, the Intelisys partner, and his UK counterparts were appointed as provisional liquidators on September 4, 2015, last year. However, they were pushed into a secondary
role less than two months’ later when the China Export-Import Bank, appointed Deloitte & Touche as its receivers with control over all Baha Mar’s assets. Tribune Business previously revealed that the provisional liquidators were only kept around, via several Supreme Court extensions, because they served a useful purpose in keeping all Baha Mar’s secured creditors at bay until the Government and Chinese had completed their restructuring plans. Very few Baha Mar creditors are now left, after former Bahamian employee, vendor and contractor claims were paid out by the China Export-Import Bank’s Perfect Luck Claims vehicle, and the liquidators have made it clear that those who elected not to participate in this process will not recover a single cent. This is because Deloitte & Touche, in their capacity as receivers, have ‘sold’ or transferred all Baha Mar’s remaining assets - including the $192 million claim - to the China Export-Import Bank’s special purpose vehicle (SPV), Perfect Luck Holdings. And, even after taking possession of all these assets, the China Export-Import Bank will not recover its $2.45 billion outlay via the sale to CTFE. “The receiver-managers have advised the official liquidators that all, or substantially all, of the companies’ assets are subject to the security held by the bank,” the liquidators wrote in their November 25 letter. “We understand the bank is suffering a shortfall in recoveries from the sale of the assets under the agreement. At this stage, as our investigations are ongoing, it is not possible to confirm whether there will be uncharged as-
sets available to realise for the benefit of unsecured creditors. “It does, however, appear unlikely that there will be any funds available for distribution to unsecured creditors......... “If it is confirmed a dividend will not be paid following conclusion of the investigations, the Official Liquidators will consider making an application to Court to release them from the requirement to adjudicate upon unsecured creditor’s claims.” Mr Rahming and his UK counterparts, though, did promise to review the terms of the Government’s agreement with the China Export-Import Bank for Baha Mar’s construction completion “to ensure that preferential and unsecured creditors have not been prejudiced”. They added: “The official liquidators will ensure the companies are wound down in an orderly manner following the conclusion of the [construction] agreement. “One of the objectives of the official liquidators will be to assess the nature and value of any assets held by the companies, and establish who is entitled to the proceeds from the sale of those assets.” Although something of a ‘sideshow’ now, given the ongoing Baha Mar sales process, a meeting of creditors of the former development group has been scheduled for 9am on December 19 at the Melia Nassau Beach Resort. Given that most Bahamian creditors have either sold or assigned their claims to Perfect Luck Claims Ltd, and thus have no right to attend, the numbers present are unlikely to be large. However, the meeting may set the stage for another clash between Mr Izmirlian and his former
Chinese partners. The original developer’s Granite Ventures vehicle is a Baha Mar creditor, by virtue of the funding provided during the Chapter 11 process, while the China Export-Import Bank has added to its status as the secured creditor by purchasing all the unsecured claims. Apart from these two, the majority of remaining creditors are likely to be foreign vendors, contractors and ex-employees, who have not benefited from the Perfect Luck process. Mr Rahming confirmed to Tribune Business: “We don’t expect a lot of the creditors to come as they’ve sold their claims or assigned them to Perfect Luck.” He described the creditors’ meeting as “a statutory requirement”, where those in attendance would be able to ask questions about the liquidation process and its likely outcome. “This is a step we have to go through in the liquidation,” Mr Rahming said. “We’d want all creditors who were not part of the Perfect Luck process to participate in the meeting.” He added that the liquidators had yet to produce a formal report to the Supreme Court and creditors, as is customary, because they had “not been in 90 days” and little of note has occurred. “It’s not necessary to go through that step,” Mr Rahming said. “Normally we would, but I don’t think so given the timeframe we’re looking at.” The seven companies in full liquidation are Baha Mar Ltd, Baha Mar Land Holdings, Baha Mar Enterprises, Baha Mar Properties, BMP Golf, BMP Three and Cable Beach Resorts.
place. I never existed before the Gaming Act. I came into existence after that. I paid all the fees and did everything the right way, but I’m the only one denied. Everyone that got licenced existed prior to the Act, and two are now out of business, which means that they couldn’t cut the mustard, but we’re still going.” Mr Brown said Bet Vegas has lost roughly 60 per cent of its revenue due to the Gaming Board’s earlier pronouncements that its operations had not been licenced,and should close. “We have lost maybe 60 per cent of revenue. We have had to make cutbacks on staff. At present we have about 64 employees,” he added.
“At our peak we had about 115, so we had to make some cutbacks there. We still have our locations but we are not operating all of them. We had to make cutbacks to remain operational. “The goal was to remain operational until the court makes its decision. We have lost a lot from the attacks in the media, but customers keep coming to us because they know that when they win they will get paid. I can’t be concerned about what others say. That’s their opinions. I know and have the facts.” Mr Brown continued: “If the Government made the decision to legaliae an industry in the Bahamas, I think any Bahamian should have an opportunity to ap-
ply and, if they meet the requirement, they should be afforded the opportunity to operate.” Eight gaming house operators were awarded conditional licences last October. They included: FML Web Shop, A Sure Win, Chances Games, Paradise Games, Island Luck, Percy’s at the Island Game, Asue Draw + Spin, and Bahama Dreams. The Gaming Board recently announced that Asue Draw would not be renewing its gaming house operator licence for 20162017, while Island Luck has acquired a majority 65 per cent stake in Bahama Dreams, as the costs associated with legalisation, regulation and taxation drive industry consolidation.
It is unclear whether Bet Vegas could apply for the licence being vacated by Asue Draw + Spin, given that Mr Wilchcombe said there had been agreement that eight would be awarded post-legalisation. However, the Gaming House Operators Association has called for a 10year moratorium on new licences.Some will view the Association’s position as anti-competitive, and a sign they want to have the multi-million dollar market for themselves and keep out new entrants.
call 502-2394 to advertise in the tribune today!
LEGAL NOTICE
WATERLOO INVESTMENT MANAGEMENT INC. (In Voluntary Liquidation)
Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Directors of the above-named company by Resolution passed on the 30th day of November 2016 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas. All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 30th day of December 2016, after which date the books will be closed and the assets of the company distributed. Dated the 30th day of November 2016.
Bennet R. Atkinson Liquidator
EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 22nd day of November A.D., 2016.
NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:FINISH STRONG LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 17th NOvEmbER, 2016.
Dated the 5th day of December, A.D., 2016 R.W. Rice Liquidator of EXXONMOBIL IRAQI KURDISTAN (BETWATA) LIMITED
C.b. Strategy Ltd. LIQUIDATOR
PAGE 8, Friday, December 2, 2016
Baha Mar contractor ramps up to 400 staff From pg B3 Baha Mar ‘sub-committee’, including attorney general, Allyson Maynard-Gibson, and Jerome Fitzgerald, minister of education, science and technology. Others attending included Urban Renewal co-chairs, Algernon Allen and Cynthia ‘Mother Pratt’, sources told this newspaper. From the private sector, there were understood to be representatives from the John Bull Group of Companies, the largest renter of retail space at Baha Mar, plus contractor Jimmy Mosko, who is a joint ven-
ture partner in restaurants at the resort. Tribune Business contacts familiar with the presentation said that apart from the 800-room opening target, CTFE indicated that it would obtain the necessary government approvals and permits “very soon”. There were also hints that the prospective purchaser will start to ramp up hiring early in the New Year, once its acquisition has been sealed and approved. CTFE previously told Tribune Business it would concentrate on opening the Baha Mar casino and ca-
sino hotel, plus the Hyattbranded convention hotel and convention centre, a strategy in line with the Government’s thinking and desires. The Christie administration, facing a general election by May 2017, is extremely keen for at least part of Baha Mar to be operational by then, so it can attempt to justify its strategy of opposing - and helping to remove - original developer Sarkis Izmirlian as successful. One source, speaking on condition of anonymity, suggested that the Baha Mar purchase was moving rapidly through the Government’s permitting processes. “It might have moved
swiftly,” they added. “It might have already been done. Everybody would be aware that it’s in the national interest for this thing [Baha Mar] to open. “It’s a question of all the security checks and due diligence they would have to do. It’s election time, so none of this is surprising to me.” One contact, though, questioned how the CTFE approvals process could be moving so rapidly when Obie Wilchcombe, minister of tourism with responsibility for gaming, had confirmed the Gaming Board had only received the Hong Kong-based conglomerate’s proposals/application within the last week. A government delegation,
featuring Mrs MaynardGibson, Obie Wilchcombe, minister of tourism; Sir Baltron Bethel, the Prime Minister’s senior policy adviser; and Verdant Scott, Gaming Board secretary, are set to fly to Hong Kong to assess CTFE’s operations there. The prospective Baha Mar purchaser has said it will hire casino brands or operating partners to manage the casino, which some sources last night said raised questions over what exactly the Government delegation will see in Hong Kong. They suggested that the Government representatives were likely to view the Macau casinos in which CTFE and the Chengs are minority partners with Stanley Ho.
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Glenys Hanna-Martin
Bahamas airspace talks ‘in two weeks’ From pg B3
negotiate new air routes to the Bahamas. We will be negotiating with 20 countries and signing six agreements, which include Singapore, Brazil, Turkey, the United Arab Emirates, to set the framework for the establishment of air connectivity,” said Mrs Hanna Martin. “When airlines begin their service, they do so in in accordance with these agreements. Once two governments agree the framework for air connectivity, that paves the way for commercial airlines to come in. We are developing templates that will represent the position of the Bahamas when we negotiate with these other countries.” With regards to the overhaul of Family Island airports, Mrs Hanna Martin said: “We are completing the plans for Exuma and North Eleuthera. We’re also finalising terminal plans for Mayaguana, Moore’s Island and Great Harbour Cay. “We have already finished Bimini and we finished San Salvador. We redeveloped Staniel Cay and extended the runway. We’re doing studies on Long Island to see what would be the appropriate location for a singular airport. We are also doing studies on Eleuthera.”
Trump salutes Carrier, and himself, for saving jobs INDIANAPOLIS (AP) — Donald Trump saluted workers, owners and himself Thursday at a Carrier plant in Indiana, declaring that a deal to keep a local plant open instead of moving operations to Mexico was only the first of many business victories to come in the U.S. with him as president. Trump’s stop at the heating and air conditioning giant’s plant, his first major public appearance since the election more than two weeks ago, marked the opening of a victory tour to states that helped him win. He was appearing at a big rally in Cincinnati Thursday night. His speaking style, while calmer than on the campaign trail, was similar to the seemingly stream-ofconscious efforts of the past year. While focusing on the hundreds of jobs he said he had saved from moving to Mexico, he also found time to talk about his Hoosier state primary performance, former Indiana University basketball coach Bob Knight and the wall he has promised to build along the U.S.-Mexico border. Some questions remain about the extent of the victory at Carrier, which announced this week that it will keep an Indianapolis plant open. In February, the heating and air conditioning company said that it would shut the plant and send jobs to Mexico, and video of angry workers being informed about the decision soon went viral. “We’re going to build the wall,” Trump said, repeating his vow to construct an impenetrable southern border. “Trust me: We’re going to build that wall.” In other recent remarks, he has suggested that he might actually go for a fence along some portions of the border.