12052019 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 5, 2019

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Leading doctor faces $300k Fidelity payout

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

TOP heart doctor was yesterday ordered to pay almost $300,000 to RoyalFidelity Merchant Bank & Trust after losing his “negligent/ fraudulent misrepresentation” appeal over a disputed margin loan.

The Court of Appeal, in a unanimous verdict, found Dr Conville Brown “was in breach” of a near two decade-old agreement he made to borrow money from the

• Dr Conville Brown ‘in breach’ of margin loan • Unable to prove ‘misrepresentation claim’ • Stock sale failed to cover debt to bank

DR CONVILLE BROWN

Bahamas-based investment bank.

The loan, which was secured against the value of the stocks and securities in his brokerage account at RoyalFidelity, stipulated that the sum borrowed must never exceed 50 percent of these investments’ collective value otherwise it would fall into default.

These securities were

valued at $329,751 when the loan was agreed on February 17, 2000, and RoyalFidelity agreed to advance a margin facility of $164,875 that was worth 50 percent of the collateral pledged.

However, the Bahamian stock market - and value of the securities in Dr Brown’s

SEE PAGE 6

DPM’s ‘total disgust’ on France blacklist

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

THE deputy prime minister yesterday voiced his “total disgust” over France’s decision to blacklist The Bahamas as he blasted the “devious” way in which it had been implemented.

Confirming that Paris had formally notified the Minnis administration of its decision yesterday morning, K Peter Turnquest slammed its “surreptitious” decision as “an affront” to

K PETER TURNQUEST

Tax cheats warned: Don’t exploit Dorian recovery incentives

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TAX cheats and fraudsters were yesterday warned that the government’s revenue authorities will be “stepping up surveillance” to protect the post-Dorian Economic Recovery Zones from abuse.

K Peter Turnquest, deputy prime minister, in tabling the order to bring these zones into effect, emphasised the government’s determination that their multiple tax breaks will not become a “universal tax holiday” or “free for all” to be exploited by persons and

businesses not impacted by the disaster.

“We understand that as much as we try to be progressive there are those that take advantage of the system,” he told the House of Assembly, adding that the government could simply not afford for the zones in Abaco and Grand Bahama to become major revenue leakage sources given Dorian’s estimated $3.4bn impact.

He added that the revenue foregone by establishing these zones, which will remain in effect until

SEE PAGE 11

BOB IT manager’s conviction for $21k client theft upheld

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bank of The Bahamas information technology (IT) manager yesterday failed to overturn his conviction for stealing $21,000 from customer accounts in early 2015.

The Court of Appeal, upholding the Magistrate’s Court verdict against Renrick Bowe, sentenced the former bank executive to three years and five months in Fox Hill Prison with the sentence to start running as of yesterday.

He will have to serve an extra year if he fails to repay

the stolen $21,000 by the time his sentence is completed, after the Court of Appeal reaffirmed his conviction on 13 counts of stealing by reason of employment, five counts of attempted stealing by employment and five counts of unauthorised use of a computer.

Appeal justice Roy Jones, in a unanimous Court of Appeal verdict, recalled how Mr Bowe had been employed to a position of trust by the BISX-listed bank in June 2013. “His responsibility included the support of all information technology applications at Bank of The

SEE PAGE 11

international diplomatic norms and the relationship this nation had sought to build with France.

He added that The Bahamas’ inclusion on France’s list of countries deemed non-cooperative in the fight against tax-related crimes stemmed from “the perception by the French authorities” that this nation “has not been responding to requests for information in a manner that is satisfactory to them”.

Mr Turnquest did not say whether it was the speed

or content of responses to French requests on their citizens/companies via the Tax Information Exchange Agreement (TIEA) between the two countries that had troubled Paris, other than it felt “our response was not sufficient”.

He added, though, that an inter-governmental investigation had not turned up any French tax information requests that remained outstanding or had not been

SEE PAGE 10

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‘How much more can financial services take?’

TANYA MCCARTNEY

CRAIG A GOMEZ

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

financial services professionals argued that the French move was merely the latest example of how little control the industry has over its destiny, leading some to openly wonder how long the industry can maintain its status as a “significant player” in the face of such “continuous bombardment”.

Craig A “Tony” Gomez, the Baker Tilly Gomez accountant and partner, told Tribune Business: “This again serves as another indication that the financial services industry is moving further away from our control and into the full control of those G-7 and OECD countries.

“From a practical perspective, as a practitioner in the financial services industry we are challenged on a daily basis to serve clients and potential clients because of the vast amount of regulations we are bombarded with.”

Pointing to a new set of regulations just issued by the Securities Commission and Compliance Commission, Mr Gomez added: “Again,

THE Bahamian financial services industry was yesterday said to be “astounded”

by France’s decision to “blacklist” this nation, with some asking: “How much more can the sector take?”

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the organisation and its industry members were “equally as surprised as the government” by the French action as there had been no advance warning it was imminent.

While any impact will be much less severe than if The Bahamas had been targeted by a multinational body, such as the European Union (EU) or Organisation for Economic Co-Operation and Development (OECD), Ms McCartney added that “no adverse listing is welcome news” for a sector struggling for growth following a two decade-long assault by international regulatory initiatives.

And several Bahamian

SEE PAGE 7

PAGE 2, Thursday, December 5, 2019

THE TRIBUNE

Tools for achieving the perfect images DIGITAL photo editing is a marvellous invention. We can take as many photos as

we like from different angles and enhance them later using a photo editor. Cropping

and resizing are both helpful tools to enhance our lessthan-professional camera

skills, but each have different purposes. To receive beautiful photos, understanding cropping and resizing - and when to use each tool - is important.

What Is Cropping?

Cropping is cutting off a portion of your image. It allows you to keep all the elements you need, and only eliminate the ones you do not. In order to fully understand cropping you will need to know two important terms: Aspect ratio and pixels.

The aspect ratio is the ratio of the sides of your image in different dimensions, or the width and height a photo needs to fit a certain space. Pixels are the tiny squares of colour that make up your photo. Every digital photo is made up of a grid of horizontal and vertical pixels that work together to create an image. When you crop a photo, you reduce the number pixels as certain areas of your image are cut off, thereby reducing the overall size of the photo.

What Is Resizing?

Resizing is altering the size of your image without cutting anything out. To resize an image is to essentially change the file size. Resizing can help a photo fit into a certain space on a screen, such as in a blog post or social media post. Smaller images weigh less than larger ones, which can be important for making an uploading process faster or taking up less storage room on your devices.

Resizing works beautifully when you are taking a large photo and reducing the size.

However, a common problem with resizing photos larger than the original is that it changes the resolution, or the amount of fine detail in an image. In photography, resolution is often expressed as pixels per inch (PPI) in the digital realm or dots per inch (DPI) in the print realm.

Remember, pixels are the tiny dots of colour that complete an image. Pixels per inch (PPI) refers to the amount of pixels seen on a digital screen, or device, per inch. Dots per inch (DPI) refers to the amount of pixels seen on a printed image per inch.

When you enlarge a photo by resizing you are essentially stretching the pixels per inch, thus weakening the quality of your image regardless of whether it is being

used digitally or printed. This is why resizing works best when you are reducing the size of the photo to fit a certain dimension or decreasing the file size.

To recap, with cropping you are removing a portion of the image. With resizing, you are keeping the complete image intact. Both work well together.

A Tip Do you want to make sure you get as much of the photo into the aspect ratio as possible? Check the box for ‘Lock Aspect Ratio’ and then drag the edges of the crop tool to include more of the photo.

Keep the aspect ratio the same.

A printed photo always looks different on paper than it does on screen. There are some things you can do to prepare your photo for print with more consistency between the print and digital formats. Using the sharpening tool, for example, can improve the image for printing. Also, increasing the contrast slightly helps the quality of your printed image.

Social Media Profile Photos Notice that when you resize by dragging the blue circles, the overall size increases. This is where the resize tool comes in handy as a next step. Make sure it is sized back down to original pixel requirements once you have the perfect crop.

For example, most social media profile images should be cropped into a square or a ratio of 1x1 (the same height and width on all sides). Facebook profile images are displayed at 170 x 170 pixels on computers, and even smaller on mobile. Twitter profile pictures are also square but need to be 400 x 400 pixels for desktop.

By cropping your images to fit every platform, from Facebook covers to YouTube channel art, your image will stay crisp and clear. Be sure that your image meets the minimal dimensions across all the social platforms or it will be stretched to fit and likely distorted. Luckily, preset crop templates are available in the crop tool’s drop down menu to keep aspect ratios correct for Facebook, Twitter and YouTube cover art.

Finally, it is best to start with a larger photo and resize down than trying to make it larger and stretching

The Art of Graphix

BY DEIDRE M BASTIAN

the pixels. When you are saving images to your computer, use the resize tool to decrease the size and make it weigh less. This will take up less space on your computer but provide further room for even more photos and files.

When emailing an image as an attachment you will want to make sure the file is small, otherwise the person receiving the e-mail will most likely be annoyed at a large download attachment.

E-mail attachments work best as jpegs.

Adjusting photos for blogs and websites If you have got a digital camera that captures photos using loads of megapixels, the images are incredibly sharp and detailed. Yet the file sizes are huge. Decreasing the size will keep all details intact while making the photo easier to upload for your viewers.

In conclusion, not knowing when to crop and when to resize images can create a dull and unfocused result.

But you do not have to fully understand the world of pixels and aspect ratios to create crisp and clean images for print, social media or e-commerce sites. A basic understanding of your goal, a splash of creativity and an easy-to-use photo editor will have you looking like a professional in no time. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/marketing co-ordinator and certified life coach with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

GB CHAMBER PRESIDENT QUERIES 50% JOBLESS RATE

By YOURI KEMP Tribune Business Reporter

THE Grand Bahama Chamber of Commerce’s (GBCC) president yesterday questioned a recent survey that placed unemployment on the island at around 50 percent, saying the figures were “very high”.

Gregory LaRoda, responding to the statistics released

by Bahamas Shelter Cluster (BSC), which co-ordinated shelter activity in the wake of Hurricane Dorian, told Tribune Business that the findings seemed “kind of reckless” as he queried how many homes had been surveyed across the island.

He said: “I saw the report.

The numbers obviously are very high. But I feel that it was kind of reckless from a reporting standpoint. I don’t know the true source of that information, meaning that the Department of Statistics, to my knowledge, since Dorian has not done a survey on the entire island of Grand Bahama as it relates to the unemployment levels.

“The Department of Statistics is the one that is responsible for releasing that information. They also mentioned social services. But I know social services numbers that the report would be based on only include the homes they have assessed so far.

“They have only assessed a little over 3,000 homes so far.

So let’s say social services did say that the unemployment level so far was 50 percent.

That’s only 50 percent of the homes they have assessed, but that’s not 50 percent of the island. You may find a totally different picture.”

The report, entitled PostHurricane Social Trends in Grand Bahama, found that in Freeport some 47 percent of people surveyed were unemployed as of November 5. In East End, the jobless rate was pegged at 48 percent, while West End had the

highest unemployment level at 60 percent.

While not disputing that Grand Bahama’s unemployment numbers “may” be as high as the survey suggests, Mr LaRoda added: “At this time I don’t think they have a legitimate source from the government that would have been saying that through them. I can’t say for sure because I have not seen a survey, but I don’t feel it is that high. I feel it may just be a snapshot.”

Drawing parallels with the business survey undertaken by the Grand Bahama Chamber immediately after Dorian’s passage, Mr LaRoda said: “We reported that of the businesses we surveyed, 13 percent of them said they were not going to reopen.

“Someone shouldn’t take that to say that 13 percent of the businesses on Grand Bahama are not reopening, because the ones who responded to our survey didn’t even represent 50 percent of the businesses in Grand Bahama. That’s how the numbers may have been blown out of proportion, so we still need to really verify those numbers. But what I would say is that there is no doubt that when the real numbers are available, the numbers are going to be very high.”

Meanwhile, Mr Laroda said the Grand Bahama Port Authority (GBPA) will not give a “blanket” 100 percent discount on license

fees to every licensee. He explained: “In reality, not every business needs that.

Especially the major businesses; they don’t need a discount.

“But what the GBPA is saying is ‘look, if you feel that if you are in hardship come in and see us; you can come to talk to us’. What the GBPA is telling us is that they are open to saying we will work with you, we will give you a discount, whatever that is or make arrangements on however you will pay, but they are willing to work with businesses.”

Noting that the GBPA’s post-Dorian efforts appear to have picked up, Mr LaRoda said: “I attribute this increase in activity from the GBPA to a result of their image taking a beating from persons in the community because of their silence immediately after Dorian about what they were doing, and if they were doing anything.

“So what I have now is a commitment from them, and from those on the government side, to have more dialogue. Because, again, my concern was that everyone was doing something.

A lot of people are trying to do some things to help, and doing some good things, but if no one is sitting down and say let’s get the stakeholders together and talk about what’s going to have the biggest impact, and how we are going to get Grand Bahama forward, then we are not going to get there.”

The Annual General Meeting of the Bahamas Cycle Company will be held on Tuesday 10th December at The Phoenix Restaurant on the corner of Bay St. and Elizabeth Ave. at 5:30pm.

All shareholders are welcomed to attend.

Wayne A. Roberts

Thursday, December 5, 2019, PAGE 3

Sherwin-Williams expands through acquisition of rival SHERWIN-Williams Bahamas has achieved “a milestone occasion” with the opening of its first local “superstore” following the acquisition of competitor, Bahamian Paint Supply.

The specialist paints and paint supplies retailer, which enjoys a 20-year history in The Bahamas, has opened the new store in the old Bahamian Paint Supply building on Tonique Williams Highway close to the roundabout with Sir Milo Butler Highway.

“The opening of our Sherwin-Williams Paints superstore is a milestone occasion for our company,” said Reto Giovanoli, Sherwin-Williams Bahamas’ general manager.

“Sherwin-Williams Bahamas is dedicated to delivering the tools and expertise for an exceptional

painting experience for homeowners, professionals and even artists alike.

We also believe in trying to make a positive difference in our community now and in the coming year especially.”

And Sherwin-Williams Bahamas’ expansion has not stopped there.

It opened a fully dedicated art supply store on November 18 at its Cable Beach location, fulfilling a dream it has harboured since mid-2018.

“The art world is an always-changing landscape, and procuring the correct range and selection of products was difficult,” Mr Giovanoli said. “With the constant help of our local artists we were able to select the perfect range of the latest products that needed to come to The Bahamas and, luckily, it all came to fruition.

“The Bahamian art scene is currently vibrant, dynamic and strong. This shows that there is a ton of talent here and all they need are the tools. Sherwin-Williams Bahamas art supply store hopes to consistently and continuously meet the needs of the growing number of brilliant artists we have in The Bahamas.

“Our aim is to introduce new products or even old ones through demonstration. We want the artist to feel, touch, and try out the products. They may find something they always saw but never tried,” Mr Giovanoli added.

“Beyond just being tubes and bottles with pretty paint in them, I see them as powerful tools that have the ability to change someone’s life, be it the person creating the art or the person observing the artists’ creation.”

To advertise in The Tribune, contact 502-2394

PAGE 4, Thursday, December 5, 2019

THE TRIBUNE

PORT TEAMS TO HELP GB ECONOMY ‘RISE’ AGAIN THE Grand Bahama Port Authority (GBPA) is moving to help the island’s economy “RISE” before Christmas through its partnership with a global humanitarian and development organisation.

Freeport’s quasi-governmental authority teamed with Mercy Corps (MC) to yesterday unveil the “Restoring Industries and Sustaining Employment” (RISE) initiative, which aims to give small and medium-sized businesses access to much-needed funding as they prepare for the

THE GBPA, in collaboration with Mercy Corps (MC), a leading global humanitarian organization, has announced the ‘Restoring Industries and Sustaining Employment’ (RISE) initiative. Pictured from left: Kimberly Miller, senior manager, GBPA group corporate affairs; Karla McIntosh, GBPA general counsel; Deann Seymour, GBPA chief financial officer; Pete Sweetnam, in-country director, Mercy Corps; Ian Rolle, GBPA president; Sarah St. George GBPA acting chairman; Henry St. George, director, GBPA; Greg LaRoda, president, Grand Bahama Chamber of Commerce; and Derek Newbold, senior manager of business development. upcoming holiday season.

The RISE initiative will offer grants to at least 100 qualifying Grand Bahama businesses that have suffered losses as a direct result of Hurricane Dorian.

Grants of up to $10,000 will be offered, with applicants having access to Mercy Corps’ MicroMentor programme. This pairs business owners with mentors in their sector to help guide their progress.

Henry St George, GBPA director, said the RISE initiative stemmed from the GBPA’s post-Hurricane Dorian assessment of nearly 2,000 licensees.

“Our post-Dorian SME assessment revealed some very sobering data,” he added. “We learned that nearly 70 percent of licensees were either uninsured or underinsured; 55 percent suffered significant damage due to flooding; and while 60 percent of businesses have re-opened, they continue to struggle to acquire new inventory, replace damaged equipment and operate in this testing environment.”

Realising that GBPA licensees needed rapid support to combat these challenges, Mr St George added: “Businesses that remain closed or that have been able to reopen only partially need an immediate injection of capital. This help will assist the reestablishment of operations for many of them.

“Mercy Corps is known globally for its post-disaster recovery experience, and we are delighted to be leveraging their expertise for this programme and proud to be partnering with them on the RISE initiative.”

The RISE initiative will offer the grants over the next six months, with applications starting from today.

A vetting and approval committee comprised of the GBPA, Mercy Corps, the Grand Bahama Chamber of Commerce and relevant sector specialists will oversee the application process. Businesses can qualify for a grant of up to $10,000 based on the size of the company, the number of employees, the business sector, extent of damages, its viability and other factors.

Pete Sweetnam, Mercy Corps country director for The Bahamas, said: “Mercy Corps is delighted to be working in collaboration with the GBPA on this initiative to assist with rebuilding of the economy of Grand Bahama, as well as opening up vital employment opportunities.

“Mercy Corps is bringing its global expertise in

the area of re-establishing viable businesses postdisaster and making them more resilient. Building back better. Our MicroMentor programme, which currently has some 69,000 entrepreneurs and 25,000 mentors across nearly 200 countries, promotes collaboration to overcome obstacles to entrepreneurial success, will be a part of the initiative and open to all businesses right across Grand Bahama.”

Mercy Corps has brought considerable funding to the RISE initiative, including from the American Red Cross, and is continuing to seek additional financing and new partners for it. This will enable even more businesses to restart, rebuild and thrive, and create badly-needed employment across Grand Bahama.

The GBPA/Mercy Corps partnership will place emphasis on small business training, inclusive of disaster recovery planning; post-disaster finance and marketing training; and insurance management. Its MicroMentor programme for small businesses will provide post-recovery guidance to participating businesses for up to a year.

“We have just come through one of the most catastrophic natural disasters in the history of The Bahamas, which dealt a crippling blow to our business community,” said Derek Newbold, the GBPA’s senior manager of business development and Invest Grand Bahama.

“It will take unique measures to rebuild, restore and recover what we as a nation have lost. Our partnership with Mercy Corps is a great start to restoring the small businesses that are the lifeblood of our economy.”

To download a copy of the RISE initiative’s grant application, visit riseGBPA. com or visit the GBPA’s head office to obtain a copy of this application.

THE TRIBUNE

Thursday, December 5, 2019, PAGE 5

DISNEY SELECTS BAHAMAS FIRM FOR KEY PROJECT WORK DISNEY Cruise Line yesterday said it has selected Enco International (Bahamas), a Bahamian company, to perform key elements of environmental due diligence for its Lighthouse Point project.

The firm, which was selected through a competitive bidding process, will conduct geotechnical investigations at the south Eleuthera site that has been earmarked as the cruise line’s second private port in The Bahamas.

Disney added that Enco International’s work will help determine the most appropriate building techniques to use pending acceptance of

the cruise line’s Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP).

The geotechnical work will begin within the next two weeks, it said, with the schedule already reviewed

by The Bahamas Environment, Science & Technology (BEST) Commission, which offered no objections.

“We are committed to maximising Bahamian participation in this project, and our selection of Enco for this significant work through a competitive bid process is the result of our ongoing efforts to build relationships with Bahamian companies,” said Jeff Vahle, Disney Cruise Line’s president.

“To date, we have met with more than 70 companies that have expressed interest in assisting with our construction needs and we will continue to build relationships with them.

We look forward to working with Enco to move this important work forward in a way that is consistent with our long-standing commitment to the environment.”

Disney Cruise Line has worked closely with the BEST Commission to outline the methods that will be used for the geotechnical investigations, and has also created an environmental protection plan for the work. The geotechnical investigations will involve taking small core samples

of sand and rock in places where structures will be built on land and over the water.

“Our team has worked on many complex projects over the years with a number of global companies, and we are particularly excited to be working with Disney, a brand we’ve grown up to know and love, and that also loves the environment,” said Carlos Palacious, Enco’s managing principal.

“They are extremely focused on the details and, above all, dedicated to approaching the Lighthouse Point project with the best intentions and the utmost respect for preserving the environment and celebrating the natural beauty

BAHAMAS SHOWCASED TO MIDDLE EAST CLIENTS business and is actively seeking to strengthen its relationship with the UAE. Meetings were held with STEP Arabia executives; Dubai Chamber executives; the head of divisions at Dubai Financial Market; and the Dubai Investment Development Agency.

The Bahamas delegation also toured the World Expo 2020 site as it nears completion and visited the Bahamas pavilion. The Expo opens on October 20, 2020, under the theme Connecting minds, creating the future.

THE BAHAMAS’ delegation at the Dubai briefing.

THE Bahamas Financial Services Board (BFSB) partnered with the Ministry of Financial Services to host a successful industry briefing in Dubai on November 18.

Elsworth Johnson, minister of financial services, trade and industry and Immigration, told attendees: “Bahamians are warm people who value relationships. Hence we have come to deepen our ties with the UAE (United Arab Emirates).

“In 2017, the UAE entered into an agreement with The Bahamas government to reduce our dependence on fossil fuels through the creation of a solar park. In March of this year the solar park was officially opened. We are grateful for this generous gift, and we look forward to creating opportunities to strengthen our ties, increase trade flows in goods and services, and to

provide financial services specifically.”

The briefing, held at the Dubai International Financial Centre, was designed to showcase the jurisdiction to potential clients and investors from the Middle East and North Africa who are seeking to expand their investment and financial services portfolio. The event was facilitated by Tanya McCartney, the BFSB’s chief executive and executive director.

Among the Bahamasbased financial services professionals who gave presentations were Wendy Warren, chief executive of Cay Fiduciary; Brian Jones, managing director of Leno Bahamas; Francesco Vanacore, head of fiduciary at Ansbacher Bahamas; Patrick Feuz, Gonet; and Jeffery Beckles, chief executive of The Bahamas Chamber of Commerce.

Stephen Coakley Wells, director of regulatory and

ELSWORTH JOHNSON international affairs in the Ministry of Finance, provided an update on The Bahamas’ legislative and regulatory response to international initiatives impacting the financial services sector.

While in Dubai, the Bahamian delegation attended the Dubai Chamber of Commerce Global Business Forum, which focused on Africa. The BFSB also arranged high-level meetings for Mr Johnson along with BFSB directors.

These meetings were aimed at reaffirming that The Bahamas is open for

CCAREER PPORTUNITY AREEROO PPORTUNITY The Aviation Civil Aviation Authorityof of The The Bahamas invites applications from suitably qualified qualified The Civil Authority Bahamas invites applications from suitably individuals for the following position: individuals for the following position:

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary The Director exercises regulatory oversight of civil aviation matters in The Bahamas, in alignment with sition theSummary Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International Civil e Director regulatory oversight of civil aviation matters in The Bahamas, with Aviationexercises and its Annexes.

The span of regulatory oversight includes certification with respectintoalignment the granting, suspension, or imposition conditions on aviation documents, and enforcement of e Civil Aviation Act ofrevocation The Bahamas, theofRegulations, and the Convention on International Civil provisions of the Act andspan Regulations through inspections ongoingcertification surveillance activities to iationtheand its Annexes.

The of regulatory oversightand includes with respect to the ensure the safe, secure and orderly growth of the aviation sector in The Bahamas.

anting, suspension, revocation or imposition of conditions on aviation documents, and enforcement of As the Chief the Director provides the inspections high-level strategic leadership foractivities to e provisions ofExecutive the ActOfficer, and Regulations through and direction ongoingandsurveillance the Authority and is directly accountable to the Board of Directors for the Authority’s performance in sure the safe, secure and orderly growth of the aviation sector in The Bahamas. achieving its strategic goals and priorities.

the Chief Executive Officer, the Director provides the high-level strategic direction and leadership for Qualifications & Experience e Authority and is directly accountable to the Board of Directors for the Authority’s performance in hieving its strategic goals and priorities.

Minimum Requirements • Master’s Degree in Business Administration or equivalent relevant degree from an accredited institution with fifteen (15) years of experience—ten (10) of which must have been at the ualifications & Experience managerial level in a civil aviation agency; and • Fluency in English.

nimum Requirements Master’s Degree inRequirements Business Administration or equivalent relevant degree from an accredited Specific Knowledge • Sound with knowledge of applicable national and regulations; (10) of which must have been at the institution fifteen (15) years oflaws experience—ten • Sound level knowledge of ICAO Annexesagency; and aviation managerial in a civil aviation andanalytics; • Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation Fluency in English.

in The Bahamas; Working knowledge of principles and practices of effective human resource management and ecific Knowledge supervision;Requirements • knowledge of management principles of administration, including strategic SoundSound knowledge of applicable national laws and and practices regulations; planning, budgeting, purchasing, contracting and maintenance Sound knowledge of ICAO Annexes and aviation analytics; of records; and • Sound understanding of the air transport industry.

•

Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation in The Bahamas; Ability to: • Plan,knowledge organize, and a wide and variety of regulatory programmes and services to meet civil Working ofdirect principles practices of effective human resource management and aviation needs and to effectively ensure compliance with safety and operating regulations. supervision; • Analyze and interpret a broad range of civil aviation-related laws, regulations and standards.including strategic Sound knowledge of management principles and practices of administration, Page 1 of 2 • Manage and report upon the status of a variety of safety management programmes. planning, budgeting, purchasing, contracting and maintenance of records; and • Manage the selection, training, evaluation, and disciplining of regulatory directorate staff and Soundresolution understanding of the air transport industry. of interpersonal conflicts.

•

Exercise independent judgment and initiative within established guidelines.

•

Prepare and deliver effective public presentations.

bility •to: Prepare clear, concise and complete correspondence, reports and other written materials.

• organize, Establish andand maintain effective working relationships with elected officials, Board Plan, direct a wide variety of regulatory programmes andmembers, servicesstaff, to meet civil BCAA operational directorates, and others in the course of work. aviation needs and to effectively ensure compliance with safety and operating regulations.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page 1 of 2

of the site.”

Enco said it plans to hire about half its workforce from Eleuthera.

Economic activity will also be generated by the need for accommodations and other supplies for workers coming from other Bahamian islands during the four-month contract.

Disney Cruise Line completed its purchase of privately-owned Lighthouse Point earlier this year. Construction will begin only after the Environmental Impact Assessment and Environmental Management Plan are reviewed

and accepted by the Government, and public consultation has occurred.

Disney has committed to develop less than 20 percent of the property and employ sustainable building practices, including an open-trestle pier that eliminates the need to dredge a ship channel. It said it will donate more than 190 acres of privately-owned land to the Bahamian people, and provide conservation education to employees, guests and vendors.

PAGE 6, Thursday, December 5, 2019

Leading doctor faces $300k Fidelity payout FROM PAGE ONE

brokerage account - plummeted after the September 11, 2001, terror attacks and failed to recover. This placed the loan facility in default, and caused RoyalFidelity to make a “margin call” on October 4, 2002.

It warned the well-known cardiologist that his securities investments “had so declined in value” that he was now only eligible for a $98,111 margin loan, and had accumulated a $179,773 overdraft. Offsetting the two sums, Royal Fidelity told Dr Brown he either had to increase the amount of securities in the brokerage account or pay the $81,662 difference to bring the margin loan back into compliance with the 50 percent threshold.

While some of this sum

was paid, RoyalFidelity initiated legal proceedings against Dr Brown after it failed to receive the full amount. The doctor accused the merchant bank of “deceiving him into entering” the margin loan deal by suggesting it was “a market maker, and would so manage his securities in his brokerage account that he would never have to provide any additional funds to secure his loan facility”.

This formed the basis of Dr Brown’s defence and counterclaim, whereby he alleged that RoyalFidelity induced him into the margin loan deal by allegedly promoting itself as a “market maker” able to buy and sell securities at will to keep his facility current.

Arguing that this claim was “made fraudulently” and “recklessly”, the doctor sought damages himself for purported negligence and fraudulent misrepresentation.

But the Court of Appeal’s judgment yesterday, backing the earlier Supreme Court verdict, found that Dr

THE TRIBUNE Brown had not provided sufficient evidence to support his claims.

The Bahamas Heart Centre principal now faces having to repay some $86,113 in principal to RoyalFidelity, together with 14.25 percent interest on this sum for a period of 17 years and counting. The Court of Appeal ruled that the interest clock started running on October 4, 2002, when the investment bank first made its demand for payment to bring the margin loan deal back into compliance.

Tribune Business’s calculations show that the interest bill is currently almost two-and-ahalf times’ the principal Dr Brown must pay. The annual interest cost at 14.25 percent is some $12,271, and multiplying that by the 17 years’ gives a cumulative figure of $209,609.

When added to the principal sum this takes RoyalFidelity’s total award to some $296,000, and the Court of Appeal’s finding that Dr Brown must pay the

legal costs incurred by the investment bank before both itself and the Supreme Court will likely push the latter’s total compensation towards $400,000-$500,000.

Justice Milton Evans, writing the Court of Appeal’s verdict, said the margin loan agreement’s terms provided the necessary “disclosures” to Dr Brown, who “was made aware of the responsibilities, which were his, to safeguard his investment. It also clearly informed him of what his liabilities were.

“In these circumstances, the document could not support a claim for negligence nor his allegation of misrepresentation as disclosures were made to him as to the proper operation of the relationship.”

RoyalFidelity, in its defence to Dr Brown’s counterclaim, said the margin loan’s terms were such that it had the right to sell-off securities in the loan account after giving 14 days’ notice if their value fell below 50 percent of the loan amount.

It gave this notice by letter on October 4, 2002, when Dr Brown was warned the merchant bank would make a “margin call” and begin to liquidate securities in his investment portfolio unless he closed the $81,669 outstanding balance.

The doctor was then told on March 6, 2003, that the sell-off had begun but as “the value of the shares were insufficient to satisfy the outstanding loan balance” Dr Brown would have to pay any remaining debt in cash.

“As at March 6, 2003, the total value of the shares held on account was $81,900 whereas the total sum owing was $94,527,” the Court of Appeal recorded. “The Plaintiff endeavoured without success to sell the defendant’s shares because of the lack of confidence amongst investors and, by letter dated the November 27, 2003, [it] requested that the defendant deposit a cheque in the sum of $94,595 to satisfy the outstanding balance.”

RoyalFidelity thus denied it had committed a “breach of fiduciary duty”, or been guilty of negligent or fraudulent misrepresentations - an assertion that then-Supreme Court justice, Neville Adderley, agreed.

Dr Brown’s attorney, Wayne Munroe QC, based the appeal on verbal “representations” allegedly made to his client by Anwer Sunderji, Fidelity’s chairman and chief executive.

However, Bar Association chairman, Khalil Parker, who was acting for RoyalFidelity argued that the doctor never “properly pleaded a case of negligent or fraudulent misrepresentation”.

The Court of Appeal agreed, finding that the issue of verbal “representations” was only raised by Dr Brown in his testimony before the Supreme Court, and that he “came away with certain understandings on which he relied” rather than being told something that was ultimately shown to be untrue.

CCAREER PPORTUNITY AREEROO PPORTUNITY The Bahamas Air Navigation Services Division of the Civil Aviation Authority of The Bahamas

The Civilinvites Aviation Authority The Bahamas invites applications from suitably qualified applications fromofsuitably qualified individuals for the following position: individuals for the following position: GENERAL MANAGER, BAHAMAS AIR NAVIGATION SERVICES DIVISION

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary Plans, organizes, integrates and directs the programs, operations, staff and activities to ensure the Position Summary provision of air navigation services (ANS), including Air Traffic Management (ATM), Procedures for Air Navigation Servicesregulatory Operations (PANS-OPS), andThe Surveillance (CNS) and The Director exercises oversight ofCommunications civil aviation Navigation matters in Bahamas, in alignmen Aeronautical Information Services—safely, economically and efficiently through the provision of all the Civil Aviation Act of The Bahamas, the Regulations, and the Convention on Internationa needed facilities and services in collaboration with all stakeholders.

Aviation and its Annexes. The span of regulatory oversight includes certification with respect

granting, suspension, revocation or imposition of conditions on aviation documents, and enforcem The position holder, who reports directly to the Board of Directors, is required to ensure that all systems the provisions of the Act and Regulations through inspections and ongoing surveillance activit and processes enable the seamless operations of BANSD in alignment with the Civil Aviation Act of The ensure Bahamas the safe,and secure and orderly growth of the sector in The Bahamas. the Convention on International Civilaviation Aviation and its Annexes, and to provide the high level strategic direction and leadership for the delivery of air navigation services consistent with the

As the Chief Executive Officer, the Director provides the high-level strategic direction and leadersh objectives and priorities of the Government of the Commonwealth of The Bahamas. the Authority and is directly accountable to the Board of Directors for the Authority’s performa achieving its strategic goals and priorities.

Qualifications & Experiences

Minimum&Requirements Qualifications Experience

Masters’ Degree in Business Administration or equivalent relevant degree.

A sound technical aviation background in one or more areas within the span of control, with at least Minimum ten Requirements (10) years’ experience.

• Master’s Degree in years’ Business or equivalent relevant degree from with an accr § At least five (5) seniorAdministration management experience in an aviation-related organization institution with fifteen (15) years of experience—ten (10) of which must have been a demonstrated proven leadership ability. managerial in a civil aviation agency; and § Fluent level in English § §

•

Fluency in English.

Specific Knowledge Requirements

Sound knowledge of national regulations and ICAO standards and recommended practices and Specific§ Knowledge Requirements documents pertaining to ANS; • Sound knowledge of applicable national laws and regulations; § Sound knowledge of management principles and practices of administration, including strategic • Soundplanning, knowledge of ICAO Annexes and aviation analytics; of records; budgeting, purchasing, contracting and maintenance • Sound knowledge of policies, practices, rules and ordinances pertaining to civil av § Sound understanding of the air transport procedures, industry; § Principles and practices of effective management and supervision; and in The Bahamas; § Knowledge of industrial relations and ANSpractices human resources policies, procedures and best practices.

• Working knowledge of principles and of effective human resource managemen supervision; Ability to: • Plan, direct, organize, manage and integrate the activities of a comprehensive air navigation services • Sound knowledge of management principles and practices of administration, including Page 1 of 2 str division; planning, budgeting, purchasing, contracting and maintenance of records; and • Prepare and present proposals, industry-specific analytics and recommendations clearly, logically • Sound understanding of the air transport industry.

and persuasively in public meetings; • Develop and implement the ANS strategic plan; Ability to: • Analyze, interpret and explain proposed legislation and programs in terms of their implications and • Plan, organize, directservices a wide ofand regulatory programmes and services to mee impact on airand navigation andvariety objectives; aviation needs and to effectively ensure compliance with safety andexecutives operating • Establish and maintain highly effective working relationships with ANS andregulations. managers, and stakeholder representatives.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page

THE TRIBUNE

Thursday, December 5, 2019, PAGE 7

‘How much more can financial services take?’

FROM PAGE ONE

the bar moves on us. We are challenged constantly as professionals, and I wonder how much more the industry can take.

“We know from practical experience just how complex it is to open a bank account in The Bahamas.

To add another layer for a foreign person or corporate entity, there is tremendous regulation, frustration and paperwork to comply with international standards. Now we are blacklisted again, and the bar on frustration rises further up the ladder.

“One has to wonder how much further can the industry take the continuous bombardment before we are challenged by not being a significant player in financial services any more.”

Mr Gomez said that, while “the only consolation” is that other international financial centres (IFCs) are grappling with the same challenges and issues as The Bahamas, “it doesn’t make it any better for us but less painful”.

He added: “The penalties under which we now operate in the financial services industry, which are promoted by international organisations, will actively deter Bahamians from operating in this business - the heavy fines and imprisonment for not complying with the standard.

“Who is going to operate in that environment? The Bahamian professionals no longer find the industry attractive. It’s no longer a comfortable and fulfilling environment; the environment they’ve forged with fines and penalties.”

The Baker Tilly Gomez chief said that while The Bahamas controlled the tourism product it offers, this is now “not so” with its second largest industry - financial services - which provides the majority of The Bahamas’ higher-paying, played a key role in building-up a middle class that

is increasingly under strain, and generated much indirect economic activity and employment spin-offs.

He said the sector’s international segment, in particular, is now at “the mercy and dictate of international countries and organisations”, thereby leaving The Bahamas with little choice but to diversify its economy by developing or attracting new industries to pick up some of financial services’ previous gross domestic product (GDP) contribution.

“This further propels us to develop industries that are specific to us and which we can control to a large extent,” Mr Gomez said.

“Why is this important?

Because the bar continues to move and shift on us in the financial services industry.

“If the EU gives us a stamp of approval, but France turns around and blacklists us while part of that group that gave us approval... How could you give us your approval and then, as a separate country, turn around and blacklist us?”

France is a member of both the EU and OECD which, in recent years, each led efforts to crack down on tax evasion - particularly by multinational companies. The Bahamas and rival IFCs were impacted by both, yet this nation was subsequently rated compliant by each body when it came to addressing their ‘concerns’.

The EU, in particular, last year kept The Bahamas off its own “blacklist” after finding it had complied with demands to eliminate so-called “ring fencing” preferential treatment for foreign investors and introduce a “substance” regime requiring all corporate entities to be doing real business in/from this jurisdiction.

“We have to get on with the business of finding alternative industries, alternative sources of work, and alternative sources of attractiveness

for and doing business in The Bahamas,” Mr Gomez added. “We’ve got a construction industry, we’ve got a tourism industry which for years people have said we have to find an alternative to, but the numbers are holding.

“We see the slippage in financial services, and it’s not an indication of control any more.”

The BFSB’s Ms McCartney said the organisation, and wider financial services industry, had been unaware of “any outstanding issues with respect to France” prior to media in that nation revealing Paris’ intention to “blacklist” The Bahamas over the weekend.

“We were astounded they would take such strong unilateral action. We were

equally as surprised as the government,” she told Tribune Business. “We’re in constant dialogue with the government relative to tax transparency and to ensure we stay on top of any concerns relative to these issues.

“I know the government is communicating through diplomatic channels to get to the bottom of it, and to the extent the industry can assist

we stand ready, but you never want to be on any such list. No adverse listing is welcome news. You never want to be listed in such a manner.

“Having communicated with the deputy prime minister I know they are engaging their diplomatic channels to get to the bottom of it and to see what exactly drove the French government to take this position.”

To advertise in The Tribune, contact 502-2394

JOB VACANCY Lead Electricians Purpose: Leads small installation teams of site electricians and other tradesman.

Duties and responsibilities · Review and understand electrical, architectural, structural and mechanical/plumbing drawings · Discuss with site superintendent any questions/discrepancies which you and the other field staff may have regarding the projects plans and specifications · Assist the Site Superintendent with the electrical layouts and planning of the daily/weekly activities and look-ahead schedules. · Assign and inspect the work of the site electricians to ensure timely completion and quality standards · Maintain time cards, material records and field reports as necessary · Maintain a harmonious working relationship with the other contractors and tradesman and coordinate the electrical work with their work · Ensure the company’s safety policy is adhered to and report any violations Required skills · Working knowledge of the electrical code and other relevant standards and regulations · At least 10 years’ experience on medium and large scale electrical installation projects in the Bahamas · Should be able to lead by example by demonstrating hard work, integrity & taking ownership · Must be Skilled in leading the work activities of self and others. · Must possess a Working Knowledge of the tools, equipment and materials common to the trade · Must be skilled in both verbal and written communication Suitably qualified individuals shall submit CV’s via email to

jobs@flameless.com

This opportunity is located in Nassau Submission deadline is December 23rd, 2019.

Only preferred qualified submissions will be contacted

PAGE 10, Thursday, December 5, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

DPM’s ‘total disgust’ on France blacklist FROM PAGE ONE

dealt with, saying The Bahamas has “nothing on the record”.

Mr Turnquest, though, voiced particular displeasure that The Bahamas had been deemed compliant last year with the various tax demands of the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) - France being a member in both.

Admitting that achieving compliance with each body had made The Bahamas’ financial services sector “uncompetitive in some respects”, with the industry going through “significant pain”, the deputy prime minister said France’s decision to perform a unilateral u-turn and blacklist this nation called into question whether it had all been worthwhile.

Pointing out that the OECD’s Global Forum is the acknowledged body for dealing with tax matters, Mr Turnquest questioned why his French counterpart did not inform him of the impending blacklisting when both

attended the body’s 10th anniversary celebrations last week.

He also criticised France’s failure to invoke the dispute resolution process contained in the Multilateral Convention on Mutual Assistance in Tax Matters, which The Bahamas signed in late 2017 to facilitate tax information exchange and co-operation.

“I have expressed to the French ambassador our disappointment, our total disgust with the way in which this has been done,” Mr Turnquest said, “the disrespectful manner in which The Bahamas has been treated in this particular regard.

“We intend to communicate that to the Global Forum, to the OECD and the EU. There is no point, Mr Speaker, in us engaging in these multilateral organisations if individual members are going to take unilateral action, particularly without dialogue, at the highest level.

Yet they expect commitment from us at the highest political levels.”

The latter point refers to the EU’s move to temporarily “blacklist” the Bahamas in early 2018 on the basis that this nation had not given a commitment at the government’s highest levels to address its concerns over economic substance and the elimination of preferential tax regimes for foreign investors.

Mr Turnquest added: “The same goes here. They [France] did not engage with us at the highest political level, or indeed at any level.

So we will communicate

our feelings in this regard formally. The Bahamas is a committed partner to tax transparency, the cooperation and the performance of our obligations with our international partners.”

Pointing out that this had come at a significant cost to this nation’s financial services industry, Mr Turnquest said: “The Bahamas has gone through significant pain to pass a suite of legislation, to the chagrin of the financial services industry, that has made us uncompetitive in some respects.

“This [France’s action] demonstrates a complete disregard for the damaging repercussions and significant long-term impact that these unilateral punitive measures have on allied countries like The Bahamas that are fully engaged at the highest levels of international co-operation.”

Slamming the “less than transparent manner” employed by the Emmanuel Macron-led government, Mr Turnquest added: “I advised the ambassador that such a surreptitious posture knowing that they intended to blacklist us is an affront to the amicable relationship that we have fostered with France.”

Philip Davis, the opposition’s leader, said he backed the “expression of outrage” at France’s “arbitrary” move, adding that there always seemed a “moving of the goal post” when it came to international regulatory standards.

However, he cautioned the government against being

too “bullish” in its response to France, urging it to first understand “why it is we are being blacklisted”. Mr Davis said complaints about The Bahamas’ response to overseas requests for assistance had been a longstanding issue, with concerns frequently raised about this nation’s ability to enforce the laws it has passed.

“From 2000 the country has been under assault in respect of one of the arms that contributes to GDP, financial services,” Mr Davis said. “From what I understand the reasons undergirding this [French blacklisting] is our failure to properly respond to requests.

It’s important that we identify why they acted in such an arbitrary, draconian and disrespectful manner.

“One of our challenges over the years, not just with France but many parties around the world, is the ability to respond to requests; multiple requests... We should always try to remind ourselves that we can pass these laws, but enforcement is also a key element.

Enforcement requires proper resourcing and the setting up of the various structures to be able respond.”

Mr Davis said he has been “lamenting for quite a while” that The Bahamas should be “shoring up” its tax information exchange agencies, and ensure they are staffed with competent people to deal with these matters. He called for the Government to develop an “action plan” to address these issues.

THE TRIBUNE

Thursday, December 5, 2019, PAGE 11

Tax cheats warned: Don’t exploit Dorian recovery incentives FROM PAGE ONE end-June 2020, is “significant” and will add to the government’s growing fiscal burden.

Dorian is projected to increase the government’s total spending by $302.6m, and lower its revenues by $236m, during the present 2019-2020 fiscal year alone, resulting in a $677.5m deficit and $508m in extra borrowing.

“The government’s priority in the delivery of these tax breaks is the people in Grand Bahama, Abaco and the surrounding cays of both islands,” Mr Turnquest said. “We will, and we must, have sufficient controls in place to prevent abuse, and we will apply the full weight of the law against those who take advantage of the system to the determent of those actually in need.

“This is not a universal tax holiday and it is not a free

for all... The Department of Inland Revenue and Customs will be stepping up surveillance activities at all domestic ports to ensure there is no attempt to import or use these economic recovery zones to transfer goods out for the benefit of people outside these zones.

“A word to the wise to those who will try to beat the system. You will be detected and prosecuted to the full weight of the law. The cost of this programme is significant. The economic loss to the country is significant, expenditure is increased as a result of this disaster, and we cannot allow for any leakage of revenue without some checks and controls in the way of those who may try to test the system.”

Mr Turnquest said the government had no plans to establish a “bonded

warehouse” on New Providence so that nongovernmental organisations (NGOs) can store supplies there tax-free before moving them to Abaco and/or Grand Bahama.

Responding to a question from Opposition leader, Chester Cooper, who suggested that NGO’s needed such a secure facility given their absence on the Dorian-hit islands. “We will look at it to see if it can be a safely monitored and managed situation,” Mr Turnquest added.

“We are very concerned that if we start to allow that operation, opportunities for leakage will arise. It may not be something we want to encourage.

We will look at it understanding the security challenges.

It puts an added burden on Customs to surveil and monitor this inventory to ensure it’s being delivered to the affected islands, rather than being delivered to New Providence and other parts of the country that are not intended to benefit from these incentives.”

BOB IT manager’s conviction for $21k client theft upheld FROM PAGE ONE Bahamas, and security to the bank’s information technology systems including the Euro-Net system,” the judgment said.

“The Euro-Net system stores Bank of The Bahamas’ data and controls the ATM, Visa, pre-paid and gift cards issued by the bank. Between January and February 2015, someone made unauthorised ATM withdrawals from four Bank of The Bahamas’ clients’ savings accounts at different branches amounting to $21,000.

“The card numbers linked with the unauthorised ATM withdrawals were identical to two ATM test cards assigned to [Mr Bowe] in February 2014. After a series of meetings with the appellant, Bank of The Bahamas dismissed him

from its employment.

“The appellant was later arrested and charged for the offences connected to the withdrawals from the ATM machines. The appellant pleaded not guilty to the charges and, after a trial, the magistrate found him guilty on all counts.”

Mr Bowe’s attorney, Miles Parker, first sought to attack the audit report detailing the findings of Bank of The Bahamas’ internal probe of the theft, arguing that it was “hearsay and inadmissible evidence”.

The report was produced

by Renae Ijeoma, Mr Bowe’s supervisor, and a Canadian consultant by running a query on the bank’s Euro-Net platform to determine whether - and how - he had accessed the computer system outside his job description.

Finding that the audit

report was admissible, the Court of Appeal said: “The information in the audit report is similar to that from a photograph or security camera footage. The audit report is simply a printout of the interconnection between the usernames and test cards associated with the suspicious transactions in a given timeframe.

“The Euro-Net system at Bank of The Bahamas is for card processing. The evidence before the magistrate at trial was that it was the loss prevention department of Bank of The Bahamas which directed Ms Ijeoma to run queries on misappropriated funds connected to two test cards issued to the appellant.

“At the same time, she disabled the appellant’s access in the system and then sought support from a Canadian consultant to assist with querying the Euro-Net platform on the computer system to see what access the appellant would have had which were not in line with his job functions.”

JOB VACANCY

Assistant Designer-Detailer - Electrical Purpose: The purpose of this role in our organization is to assist with the preparation of Construction Documents and Installation and Shop drawings for Electrical Installations Required skills • Must be proficient in AutoCAD and related software, with some knowledge of BIM, Revit & Bluebeam • Experience working in the Construction industry is required, some knowledge of Electrical work is preferred • Demonstrated willingness to learn and constantly improve one’s skills and abilities • Results and detailed oriented and must thrive in a team environment • Some formal training in codes and electrical installations is not

mandatory but preferred • While post high school education is not mandatory, college level technical education is preferred Duties and responsibilities • Assisting Project Engineer with the preparation of electrical construction documents including reviewing available information, determining applicable code rules, researching equipment requirements, assisting with circuit designs & coordinating with other disciplines, among other duties • Reviewing Construction Documents including specifications and shop drawings to assist with the preparation of project submittals and shop drawings.

• Assisting Project Manager with identifying any conflicts, errors and omissions in the Construction Documents and preparation of RFI’s • Assisting with PM in preparing installation drawings including layout of distribution equipment, branch circuits, lighting, electrically powered equipment, LV systems requirements, etc.

• Assist with preparation of standard installation details • With the assistance of field personnel, preparation of as-built drawings Suitably qualified individuals shall submit CV’s via email to

bahamaselectricalengineer@gmail.com This opportunity is located in Nassau

Submission deadline is December 23rd, 2019.

Only preferred qualified submissions will be contacted

CCAREER PPORTUNITY AREEROO PPORTUNITY The Civil Aviation Authority of The Bahamas invites applications from suitably qualified

The Civil Aviation Authority of The Bahamas invites applications from suitably qualified individuals for the following position: individuals for the following position: DEPUTY DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

DIRECTOR GENERAL, CIVIL AVIATION AUTHORITY OF THE BAHAMAS

Position Summary The Deputy Director General assists with providing strategic leadership for the Authority by working Position Summary with the Director General, board of directors and the executive management team to establish longrange goals, strategies, plans and oversight policies. of civil aviation matters in The Bahamas, in alignmen The Director exercises regulatory

the Civil Aviation Act of The Bahamas, the Regulations, and the Convention on Internationa position assists with the regulatory oversight of civil aviation matters in The Bahamas, in alignment AviationTheand its Annexes. The span of regulatory oversight includes certification with respect with the Civil Aviation Act of The Bahamas, the Regulations, and the Convention on International Civil granting, suspension, revocation or imposition of conditions on aviation documents, and enforcem Aviation and its Annexes. The span of regulatory oversight includes certification with respect to the the provisions of the Actrevocation and Regulations inspections ongoing granting, suspension, or impositionthrough of conditions on aviationand documents, andsurveillance enforcement ofactivit ensure the theprovision safe, secure of the sector in The Bahamas. of theand Act orderly through growth inspections and aviation ongoing surveillance activities to ensure the safe, secure and orderly growth of the aviation sector in The Bahamas.

As the Chief Executive Officer, the Director provides the high-level strategic direction and leadersh Qualifications & Experience the Authority and is directly accountable to the Board of Directors for the Authority’s performa achieving its strategic goals and priorities.

Minimum Requirements • Bachelor’s Degree in Business Administration, Aviation Management, Aviation Science or a related field from an accredited institution with 10 years of experience—6 of which must have been at the Qualifications & Experience managerial level in a civil aviation agency;

Minimum Requirements Specific Knowledge Requirements • Master’s Degree in Business Administration or equivalent relevant degree from an accr • Sound knowledge of applicable national laws and regulations; institution with fifteen (15) years of experience—ten (10) of which must have been a • Sound knowledge of ICAO Annexes; managerial level in a civil aviation agency; and • Sound knowledge of the roles and functions of ICAO, BCAA, and other international and regional • Fluency in English. civil aviation agencies; •

Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil aviation

•

resolution of interpersonal conflicts. correspondence, reports and other written materials.

Prepare clear, concise and complete

• •

Methodically planand andmanage coordinate withinsituations. the confines of the regulatory statute.

Monitor, control crisiswork and programs natural disaster Monitor, control and manage crisis and natural disaster situations.

Specific Knowledge Requirements in The Bahamas; • Familiarity with safety concepts inclusive of safety management systems and state • Sound knowledge ofcontemporary applicable national laws and regulations; safety; • Sound knowledge of ICAO Annexes and aviation analytics; • Well-developed human resource management and analytical skills; • Sound knowledge of policies, practices, procedures, rules and ordinances pertaining to civil av • Sound knowledge of management principles and practices of administration, including strategic in The Bahamas; planning, budgeting, purchasing, contracting and maintenance of records; and • Working knowledge of principles and practices of effective human resource managemen •Ability Sound to: understanding of the air transport industry. supervision; Ability to: and interpret a broad range of civil aviation-related laws, regulations and standards.

• Analyze • Sound knowledge of management principles and practices of administration,Page including str • Analyze a broad range of of acivil aviation-related laws, regulations and standards. 1 of 2 Manage and and interpret report upon the status variety of safety management programmes. planning, budgeting, purchasing, contracting and maintenance of records; and • Manage and upontraining, the statusevaluation, of a varietyand of safety management programmes. the report selection, disciplining of regulatory directorate staff and • Sound understanding of thetraining, air transport industry. resolution of interpersonal conflicts.

• Manage the selection, evaluation, and disciplining of regulatory directorate staff and

Ability •to: Prepare clear, concise and complete correspondence, reports and other written materials. and deliver effective public presentations.

• organize, Prepare deliver effective public presentations.

Lead andand motivate staff.

• Plan, and direct a wide variety of regulatory programmes and services to mee • Lead and motivate staff.

Methodically coordinate work programs withinwith the confines theoperating regulatory statute. aviation needs andplan to and effectively ensure compliance safety of and regulations.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of Theshould Manager Human Resources, Civil Aviation Authority of Thesupporting Bahamas, Interested, qualified candidates submit their Curriculum Vitae and all relevant at BODCAAB@BCAABahamas.com, on or before December 13, 2019. documents to the attention of The Manager Human Resources, Civil Aviation Authority of The Bahamas, at BODCAAB@BCAABahamas.com, on or before December 13, 2019.

Page

PAGE 14, Thursday, December 5, 2019

THE TRIBUNE

NOTICE NOTICE is hereby given that JACKSON JOSEPH, of Magrate Ave 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 5th day of December 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

This is to advise the general public that

Brian Smith

is no longer employed at Bahamas Waste Limited and is not authorized to conduct any business on our behalf.

Signed: Management

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 4 DECEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,188.02 | CHG: 0.10 | %CHG: 0.00 | YTD: 78.57 | YTD%: 3.72 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.25 2.81 4.01 10.21 7.60 16.90 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.01 0.22 2.00 9.30 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.10 6.41 3.01 13.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.37 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.29 3.96 10.04 7.60 16.90 9.33 3.20 13.90

CLOSE 3.37 17.43 6.00 6.10 2.46 1.80 4.20 11.06 6.16 4.15 8.06 3.31 3.96 10.14 7.60 16.90 9.33 3.20 13.90

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.10 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

400

400

VOLUME

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 9.92 8.68 11.38

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 14.1 18.7 N/M 16.5 N/M N/M -9.6 15.3 13.7 22.6 57.6 32.5 8.5 15.7 10.4 20.7 9.9 15.8 22.0

YIELD 5.04% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.89% 0.00% 13.11% 1.52% 3.23% 3.16% 3.20% 2.14% 3.75% 4.39%

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333