12132023 BUSINESS

business@tribunemedia.net

WEDNESDAY, DECEMBER 13, 2023

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‘Severe penalties’ fear on Business Licence audits

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chamber’s newlyelected chairman last night voiced “serious concern” that firms may be exposed to “severe penalties” for Business Licence infractions due to inadequate time to ready for full audits.

Timothy Ingraham told Tribune Business it would “be nearly impossible” for companies to adjust to the enhanced Business Licence verification requirements part-way through their financial year as the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) joined the accounting industry in calling for a year’s delay to full audits for those with annual turnovers exceeding $5m.

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“It’s something that, from when we first became aware of this, we have held our position that companies that are new to full audits will need at least an extra year to get themselves prepared,” Mr Ingraham told this newspaper.

He added that the Bahamian private sector only became aware of the enhanced Business

Royal Caribbean: ‘We’re exploring future projects’

Climate change loss fund couldn’t even cover Dorian

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYAL Caribbean Cruise Lines yesterday confirmed it “continues to explore future projects” with its interest in acquiring Freeport’s Xanadu hotel hailed as a move that can attract other investors.

The cruise giant, in a statement, neither confirmed nor denied Tribune Business’ exclusive story that it is exploring the purchase of the long-shuttered resort and four adjoining tracts of land owned by Harcourt Developments to its west for development of a beachfront resort, water park or associated amenities.

“We are always assessing our portfolio and continue to explore future projects to offer the best vacation experiences for our guests and drive economic growth in the communities we visit,” a Royal Caribbean spokesperson said.

Royal Caribbean’s interest in what is estimated to be a total 40-50 acre site, should it acquire all the targeted land parcels, is a signal that it must have reached - or be close to sealing - a deal for Freeport Harbour’s transformation. It has been locked in negotiations with Freeport Harbour Company, which is 50/50 owned

by Hutchison Whampoa and the GBPA’s Port Group Ltd affiliate, for several years.

James Carey, Grand Bahama Chamber of Commerce president, described the Royal Caribbean interest as “good news” for Freeport’s continued economic

SEE PAGE B8

A BAHAMIAN environmental advocate yesterday said there is “no way” that the $700m pledged thus far to the climate change ‘loss and damage’ fund is sufficient to even cover this nation’s needs.

Rashema Ingraham, of Waterkeepers Bahamas, told Tribune Business that

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

lauded on the first day of COP28, the United Nations (UN) climate summit, Ms Ingraham said the $700m pledged so far “will not be” adequate and pales into insignificance compared to global needs.

“So much damage has been done already, and we’re not just talking about one country like The Bahamas,” she told this newspaper. “There are so many countries looking for compensation. There’s no way $700, raised in that first week is going to be sufficient.” When this sum was compared to Dorian damage and loss estimates, she added: “You can now see how far that commitment will go.”

RESIDENTS in Tropical Gardens and Gambier Heights yesterday pledged they will “not let our guard down” even though a controversial planning application has been placed in the “pending file”.

Fred Albury, the Auto Mall chief and former Bahamas Motor Dealers Association (BMDA) president, told Tribune Business that “in a blink of an eye suddenly it’s done, and you cant undo it”, even though the Town Planning Committee has placed its decision on a resort’s proposed expansion on hold until it supplies more information on how residents’ parking concerns will be alleviated.

He spoke out after Kennan Johnson, the Committee’s chairman, confirmed that Oneil Khosa, principal of A Stone’s Throw Away, has yet to supply the planning decision-maker with the information it has requested relating to the resort’s plans to develop a grocery store and cafe on part of its property.

“The matter is still pending. We’re waiting for the applicant to provide further details around parking,” Mr Johnson confirmed. “We did review the application and confirmed that there were some adjustments required in terms of additional information needed in relation to parking.

“We haven’t received that additional information as yet and, until such time as that happens, the application remains in the pending file. Until they come back to us there’s nothing further that we can do with that application. Nothing has changed. They haven’t provided us with any additional information. It won’t move from pending until they provide that.”

Mr Khosa could not be reached for comment before press time, despite several phone calls and messages sent by Tribune Business in recent weeks. Parking

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TIMOTHY INGRAHAM Licence verification requirements mid-way through 2023, when the Budget was unveiled, and at a time when they would have been preparing for less stringent certification and verification. As a result, the

“a lot more” financing from the world’s wealthiest nations, who are also the greatest polluters and contributors to the climate emergency, is required given that this sum cover just over 20 percent - or one-fifth - of the loss and damage that Hurricane Dorian is estimated to have caused in September 2019.

While the agreement to establish the ‘loss and damage’ fund was heavily

SEE PAGE B4

Central Bank: 1,250% digital asset capital not ‘excessive’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday rejected assertions it is being “excessive” in requiring licensees to hold 12.5 times’ the amount of capital involved to back trades of non-stablecoin digital assets.

The regulator, unveiling its Digital Asset Guidelines 2023 that will apply to all its bank, trust and payment provider licensees, defended this

stipulation on the basis that all other digital assets are “highly volatile” and expose investors to what it termed “material market risk”.

Its position was set out in response to feedback from an unnamed licensee during consultation on the guidelines. It bluntly told the Central Bank: “Requiring supervised financial institutions to hold 12.5 times’ the amount of capital to basically back for all trade positions outside of stablecoins seem excessive.”

The Central Bank, though, justified this stance by asserting: “Group two digital assets are considered highly volatile, thus exposing investors and digital trading platforms to material market risk. The application of the 1,250 percent risk weight set out in the guidelines will ensure that supervised financial institutions are required to hold minimum risk-based capital at least equal in value to their Group two digital asset exposures.”

As a result, paragraph 41 in the digital assets guidelines states: “There is no separate trading book and banking book treatment for Group two digital assets. For Group two digital assets exposures, a risk weight of 1,250 percent is applied to the greater of the absolute value of the aggregate long positions and the absolute value of the aggregate short positions to which the supervised financial institution is exposed.”

SEE PAGE B5

PAGE 2, Wednesday, December 13, 2023

THE TRIBUNE

EVENT PLANNERS ENJOY UPTICK FOR CHRISTMAS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net EVENT planners yesterday said they are “really busy” for the upcoming Christmas season due to corporate clients sponsoring multiple activities.

Cicilia Dorsette, owner/ operator of Happy Jumpers

Bahamas Party Rentals, told Tribune Business that business is “great” and has “definitely increased” compared to last Christmas season. “We’ve been really, really busy,” she said.

“We’ve been getting a lot of corporate events and a lot of corporate entities sponsoring charities. We did Trade Zero on Saturday. They hosted an event for the Cancer Society,

and then there are a lot of corporate clients that are sponsoring the various children’s homes and they are reaching out to us. It is more busy than it was than last year.”

Companies have even been booking different event planners to host separate portions of the same event. “We’re excited because we have seen the business increase. Since the

pandemic we have really seen the business increase, and we are excited to see what the next year holds.

We believe it is going to be even busier as we have seen the trend going on the upward tick,” Ms Dorsette added.

Justin Lightbourn, general manager of Bahamia Rentals, said the destination management business has also been improving.

“We do a lot of destinations with groups coming in from the US,” he added.

Trade has been “picking up gradually” post-COVID but is expected to level off by the summer 2024 in line with the tourism cycle.

“We’re booked solid until next year, as it normally does unless some extraordinary event like a pandemic or something happens again,” Mr Lightbourn said.

Glen Williams, owner/ operator of Big Dunn Entertainment, added that there are “a lot of parties” going on this Christmas.

This year is “much better” than it was in 2022, which he attributed to an increase in the volume of corporate parties being sponsored. “I feel much better this year than I did last year,” he noted.

PROMOTION BOARD CHIEF WINS LEADERSHIP AWARD THE Nassau Paradise Island Promotion Board’s (NPIPB) chief executive has been recognised with a Leadership Award at the 2023 Caribbean Media Exchange (CMEx) Leadership Awards and Fundraiser.

“I am honoured to be receiving this recognition among other noteworthy names in the industry, whom I so dearly admire,” said Joy Jibrilu. “Since joining the promotion board a little over a year ago, I have had the privilege of working with an incredible team and amazing partners who are passionate about Nassau Paradise Island, and have played an integral role in driving tourism to the destination.

“I look forward to continuing to lead this team and promoting the island as a preferred vacation and meeting spot in the years to come.” The awards honour individuals in the tourism, hospitality and communications sectors who have made major contributions to the Caribbean region and beyond, including heads of regional tourism institutions and pioneering hoteliers.

Mrs Jibrilu joined the Nassau Paradise Island Promotion Board in August 2022, becoming the first woman and Bahamian to hold the post. She has worked to increase access

DOMINIC PETTY: BTCs Executive Senior Manager for the Northern Bahamas.

BTC 90% complete over GB fibre network roll-out

JOY Jibrilu wins 2023 Leadership CMEx Award.

to the destination through growing airlift options, including new direct routes from New York City and Los Angeles.

CMEx’s goal is to support and develop the ability of the media, government and the private sector to consider the importance of tourism in sustainable development.

THE Bahamas Telecommunications Company (BTC) says it is 90 percent complete with its Grand Bahama fibre-to-the-home network roll-out after passing a further 500 residences since October.

“This marks the most homes that we have released in any given month since we started this entire project, so November was indeed a stand-out month,” said Dominic Petty, BTC’s executive senior manager for the Northern Bahamas.

“These latest homes passed in November brings us to a 90 percent completion rate of installing fibre in Grand Bahama, so we have 10 percent remaining in order to have Grand Bahama fully fiberised.”

The latest homes passed in Grand Bahama are on Pinta Ave (Bahamia), Yorkshire Drive (Bahamia), Rum Cay Drive (Bahamia), Heritage, Lunar Boulevard, Regency Park and Caravel Beach.

“For the new year of 2024, we want to ensure that most of the businesses in Grand Bahama have our

fibre services,” Mr Petty said. “We plan to decommission our copper network and migrate customers to fibre in the first half of 2024.”

Mr Petty added that thousands of customers in Grand Bahama, who are already connected to BTC’s fibre network, have voiced pleasure with the service and speed they receive.

“They are very surprised to know how much value we offer, and they are very pleased with the variety of FLOW TV channels that we have, so a lot of our customers now see us through a different lens since they now have fibre,” Mr Petty said. “It’s like night and day.

It’s a big difference and we are thrilled to bring great service and value to our customers.”

Customers signing up for fibre services will be eligible to participate in BTC’s ‘Christmas is on Us’ campaign, and will have the opportunity to win a Kia Sonet with one year of comprehensive auto insurance.

THE TRIBUNE

Wednesday, December 13, 2023, PAGE 3

POOR UTILITIES SPARK BAD TOURIST REVIEWS

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A FAMILY Island hotelier says poor utility services have resulted in negative guest reviews of their Bahamian vacation experience.

Beverly Brittain, marketing manager for Hideaways at Palm Bay in Exuma, said constant electricity and water outages have forced the property to incur additional costs by operating diesel generators. Guests have also begun to leave negative reviews about the resort online.

She said: “It’s not great; it’s up and down. The power goes out at least once a day and we’re running our generators. So there are

fuel costs to run the generators and to maintain the generators.

“It’s substantial, water also. It’s got a lot better but it’s been an issue for us. Tourists are writing bad reviews because of the power going out and there’s no water.”

Ms Brittain explained that guests are hesitant to accept the hotel’s explanation about the poor quality of utility services on Exuma, and are broadcasting their negative experiences in reviews and online forums, which threatens to influence and deter future business.

She said: “It’s hard to explain to the guests that this is something that we’re dealing with when they don’t care. They just want

their holiday to be seamless and enjoyable. When they can’t get up in the morning and have a shower, or relax in the evening and watch television, then that starts to become a problem.

“That’s where the reviews come in.. There’s always the question, when the next guests want to come, and they go: ‘Well, I read that there’s no water and I read that there’s no electricity or the power goes off all the time’. So the the services are a big issue.”

Ms Brittain said telecommunications providers also deliver sub-par service on Exuma. Telephone lines are down “most of the time” and take several weeks to repair, while there are intermittent issues with mobile and Internet services.

She said: “Telephones are down most of the time, and trying to get someone to come and repair the phone lines takes several weeks to do. The cellular service isn’t much better and Internet has always been an issue.

“There’s never great connectivity in a world that’s all digital. Everybody needs to be online to do every single thing - check in for their flight, to check their e-mail, check into the hotel in some cases. Everything is digital and without having Internet it can be very frustrating for our guests.”

Ms Brittain added that Exuma can also benefit from additional services such as restaurants, but is keeping “on trend” with providing guests with tours and rentals. She said:

“There needs to be additional services available to travellers. Restaurants are very hard to come by so that’s an issue. But as far as tour operators and boat and car rentals, those things are keeping on trend.”

The Rocky Mountain Institute last week introduced an initiative designed to lower the upfront cost of renewable energy investments for Family Island hotels. Ms Brittain said Hideaways was one of 13 Family Island hotels that participated in a survey on the initiative, and is looking forward to lowering the cost of electricity by switching to renewable energy.

She said: “There was a survey sent out which we had completed maybe six weeks ago that we, as a

hotel, would very much be willing to consider that.

It’s worth it to reduce our energy costs substantially, and we look forward to it progressing a little bit more.

“There was a little bit more information that we needed to provide to Rocky Mountain Institute. They just wanted a copy of our electricity bills just so they were able to put in something more concrete. They were wanting a block of hotels that are all willing to consider moving towards a solar system for energy.

“They said it would be something proposed for 2024 to 2026. So, a little bit down the road. It would be nicer if it was sooner because of the energy costs in the Out Islands”

Climate change loss fund couldn’t even cover Dorian FROM PAGE B1 Prime Minister Philip Davis KC, in delivering the 17th annual Eugene McCarthy Lecture at St John’s University in Minnesota earlier this week, agreed that while the ‘loss and damage’ fund’s creation represents a step forward far more is required to help The Bahamas and other small island developing states (SIDS) cope with climate change’s devastating fall-out.

“Just this past month, we saw progress at the UN climate change conference, COP 28, when a ‘loss and damage’ fund was finally agreed upon,” Mr Davis said. “This was a victory for countries like The Bahamas that can experience losses and damage in the billions each time another climatedriven natural disaster strikes.

“Together, the nations of the world pledged $700m to the fund – a great first step – but just a first step.

As I said, a single storm can cause billions in damages.

The amount pledged covers approximately 0.2 percent of the damage developing nations are facing each year.

“And just in case you wanted to know what the breakdown of the pledged amounts looks like: The

host country, the United Arab Emirates, pledged $100m, which was matched

by Germany and surpassed by both Italy and France.

The world’s third-largest economy, Japan, pledged $10m,” he added.

“And what about the two largest economies in the world? The US pledged $17.5m while China has yet to make a commitment. Of course, every step in the right direction is appreciated. But as the world gets closer to the tipping point from which there will be no return, we have to move past taking baby steps in the right direction and begin sprinting to our destination.

“Surely, we can all do more. And is it too much to expect that the wealthiest among us do a lot more?”

Separately, Ryan Pinder KC, the attorney general, yesterday told the UN’s high-level roundtable on climate change in Geneva, Switzerland, that The Bahamas planned to use climate change compensation from private and sovereign polluters to finance affordable property and casualty insurance coverage for its citizens.

“The Bahamas is taking a proactive approach.

The effects of the climate

crisis have caused for catastrophic property insurance to either be unavailable or beyond the reach of many in The Bahamas,” Mr Pinder said.

“The Bahamas has therefore committed to develop an insurance product that will be funded from the aforementioned liabilities of private industry and industrialized states. We are therefore not only fighting to achieve climate justice but also working to ensure that its reparations accrue to the benefit of the most vulnerable.”

As to the source of the necessary funding, Mr Pinder added: “Private industry should be held liable for their continuous and direct contribution to the generation of greenhouse gasses that cause climate change, and whose effects have directly and adversely affected countries like The Bahamas. Our tangible losses are enormous, impacted by rising sea levels and rising ocean temperatures “We also believe industrialised countries owe an obligation to vulnerable, non-emitting states for their contribution to the climate crisis. The Bahamas supports the United Nations

(UN) Resolution requesting an advisory opinion from the International Court of Justice (ICJ) on the obligations of states in respect of climate change.

“We view the resolution as a significant milestone in our decades-long struggle for climate justice. The Bahamas will be submitting a written statement in support of the advisory opinion calling for differentiated responsibilities based on proportional contribution to global greenhouse gas emissions,” the attorney general added.

“The fundamental basis of a sovereign’s advocacy on the effects of climate change on its vulnerable population is that the benefits must accrue to the people.... We also believe obligations of private industry and polluting states should contribute to schemes for the direct benefit of those whose human rights have been violated.”

PAGE 4, Wednesday, December 13, 2023

THE TRIBUNE

‘Severe penalties’ fear on Business Licence audits FROM PAGE B1 Chamber chair said many firms with annual turnover exceeding $5m have simply been given insufficient time to ready.

“The problem is that you are midway through most companies’ financial years and, at that point, a company would have been preparing itself for an audit review,” Mr Ingraham explained. “They would have been organising at one level of financial documentation, and the audit requires a far more extensive level of documentation.

“It would be nearly impossible for some companies not expecting it to now have to meet the requirements of an audit. What then ends up happening is an audit firm is unlikely to given them a clean opinion, and that in itself can be an issue. We

asked the Government to seriously consider delaying it and give companies an extra year to get their house in order, so to speak.”

Asked about the potential consequences if there is no delay, Mr Ingraham told Tribune Business: “There are some severe penalties in the Act for non-compliance with certain segments. We’d be very concerned that the Government, having not allowed firms sufficient time to prepare for a full audit, then penalises them because they are unable to meet the full requirements of the Act as they were unable to get ready for the audit.

“That is a very serious concern; that they impose a fine on businesses who simply did not have time to prepare for this.” The Government has thus far not agreed to a 12-month delay, and is presently giving

companies until end-April 2024 to submit audited financial statements that will verify their Business Licence filings.

And, once they apply and it can be justified, it may grant a further two-month extension until end-June 2024. Mr Ingraham, though, voiced scepticism that this will give impacted companies enough time. “If you don’t have the financial documentation an auditor requires, because you have been preparing for the first six months of this year for a review, I’m not sure six months is going to cure it,” he argued.

Mr Ingraham spoke to this newspaper ahead of today’s four-hour event, variously described as a seminar, workshop and meeting, that the Bahamas Institute of Chartered Accountants (BICA) is hosting to address

concerns specific to the enhanced Business Licence verification. It is understood that officials from the Department of Inland Revenue will be present as they seek to finalise the reporting guidelines.

Meanwhile, other prominent private sector figures voiced similar concerns to Mr Ingraham’s and the Chambers. Fred Albury, the Auto Mall chief and a past Bahamas Motor Dealers Association (BMDA) president, said his Business Licence fee verification costs will double through the need for audited financial statements as opposed to the less-stringent audit review previously conducted at his firms.

As a price-controlled industry, Mr Albury explained he is unable to pass the increased costs on to consumers and will either have to absorb them or slash other expenses, such as staffing. And he also questioned whether there are sufficient Bahamian accountants to meet the Government’s demands within the stipulated reporting timelines.

“Even the audit firms say they don’t have enough staff to be able to do this,” Mr Albury told Tribune Business. “We do an audit review on all of our companies, which is performed by a chartered accountant. If they find he has screwed up, the penalty in the new Act is $150,000. That’s enough deterrent right there, and the Business Licence is based on turnover, not profit.

“I’d be more in favour of doing an audit review and let them increase the penalties to $250,000 if they find someone screwed up. For me, to do an audit review, that would be $20,000 to $25,000 per company. I have three companies. If I had to do an audit for each company, that’s now $50,000 to $60,000 per company.

“I cannot pass that on because we’re under price control. That might mean I have to cut a person or two to keep within my budget and other expenses.” Tribune Business also verified that concerns over whether there is a sufficiently large pool of accountants to meet the Government’s verification requirements is accurate.

One senior accountant, speaking to this newspaper on condition of anonymity, said the number of accountants certified and qualified to

perform full audits is around half that able to perform the current, less stringent Business Licence verification.

“Only half that number are qualified to do a full audit,” they confirmed. “Not everybody has a certification to do an audit. Either they don’t have the insurance or don’t want to go through the peer review. If you eliminate that part, there’s going to be a limited number of accountants available to provide the two-steps - the review and the audit, and the attestation required for businesses under the new regime.”

Mr Ingraham, meanwhile, said the Ministry of Finance and Department of Inland Revenue (DIR) have sufficiently strong legal powers to target companies they suspect of tax evasion/ avoidance via tools such as audits of their own. These techniques, he added, are at their disposal until all firms with $5m annual turnovers or more can meet the Government’s full audit mandate.

“The Government has the ability to go in and audit persons where they think there may be an issue,” the Chamber chairman said. “They can use that to ensure they are getting the tax revenue they think they should be getting and allow businesses to get ready for a proper audit.

“BICA’s position is that, in many jurisdictions similar to ours, there’s no requirement for an audit because of the stress it could put on businesses, but they must have their revenues certified by an accountant. You need to confirm those companies are reporting the revenue they are supposed to be reporting. We feel that would be the best route to go rather than subject companies to a full-scale audit.

“We’re also concerned about the resources of local audit firms,” Mr Ingraham continued. “It’s a matter of giving companies time to prepare for an audit. You can’t, in the middle of a company’s financial year, change the rules under which they are preparing for a review.

“There are a lot of things to consider beyond saying: ‘Go get an audit’. It’s not a cheap process. The audit fees, for some businesses with thin margins, could impact their business especially if the auditor has more work to do.” Auditors also have to consider factors such as reputational risk and

insurance when signing off on an audit assignment.

Mr Ingraham also voiced concern that the full audit requirement may “stress businesses even further”, especially those “under pressure from the normal rules of doing business”.

The Chamber, justifying its call for a 12-month delay to an audit timeline it branded “too aggressive”, said that “many Bahamian companies have not traditionally maintained this detailed level of financial records” the process requires.

“To force some businesses into an audit at this time could lead to a failed audit,” the Chamber added, reiterating that it was now renewing a call that it first made to the Government in the 2023-2024 Budget run-up to hold-off. It also pointed to the “significant expense” involved, with audits costing $20,000 and upwards and this likely to be passed on to consumers when living costs are already high.

“Many questions remain which must be properly discussed and addressed prior to full implementation,” the Chamber added.

Micro, small and mediumsized enterprises (MSMEs) with annual turnovers below $250,000 will be exempt from having to maintain electronic records and have an independent accountant certify their turnover for Business Licence renewals.

This threshold was raised from $100,000 to ease the burden on more such firms, who will submit management accounts as verification of their turnover sums.

However: * Businesses with annual revenue between $250,000 and $499,000 will require accounting certification by an independent accountant * Businesses with turnover between $500,000 and $2.499m will require a compilation report by an independent accountant * Businesses with revenue between $2.5m and $4.999m will require a review statement by an independent accountant * And large taxpayers, namely businesses with turnover above $5m, will require audited financial statements produced by an independent accountant Business Licence filings are due by end-January 2024, with payment of the correct fee required by end-March.

THE TRIBUNE

Wednesday, December 13, 2023, PAGE 5

CENTRAL BANK: 1,250% DIGITAL ASSET CAPITAL NOT ‘EXCESSIVE’ FROM PAGE B1 The guidelines define socalled ‘Group two’ digital assets as those, including unbacked assets, stablecoins and traditional tokenised assets, that fail to meet what it described as “classification” conditions. The Central Bank views these as more risky than stablecoins that comply with the “classification”, which requires them to have a “stabilisation mechanism” linked to assets such as fiat currency.

Other conditions that digital assets must meet to fall in the less risky category are that ownership rights are “legally enforceable” in all jurisdictions where they are issued and redeemed; that distributed ledger (blockchain) technology helps mitigate risk; and redemptions, transfers and

settlement are regulated and supervised.

Elsewhere, the Central Bank also clarified that the digital assets guidelines apply to all its licensees - money transmission businesses, credit unions and electronic payment providers - not just traditional banks and trust companies.

One licensee had inquired: “Section seems to be limited to banks rather that all supervised financial institutions under regulatory purview. Primary concern is the omission of payment providers, which are Fintech (financial technology) in nature and inherently, and by market perception, more open to engage in digital asset activities.

“Particularly since their primary customers are retail participants, which have

been the most vulnerable in digital asset faux pas. No expectation here from me to have the Central Bank to overstep their regulatory range and prescribe to outside institutions.”

The Central Bank, though, clarified that the Digital Assets Guidelines’ paragraph five states that “these guidelines apply, as appropriate, to all supervised financial institutions that are or seek to be engaged in digital asset business activities...”

The regulator added: “It is not the intent of the Central Bank to limit these

guidelines to only banks.

The Central Bank’s supervised financial institutions (SFIs) include banks, bank and/or trust companies, private trust companies (PTCs), money transmission businesses (MTBs), electronic money service providers and co-operative credit unions.”

Setting out its regulatory philosophy on digital assets, the Central Bank said: “Digital assets are a diverse asset class with varying characteristics that, in certain cases, may resemble traditional financial assets such as bonds, equities,

commodities and cash held in custody.

“The Central Bank subscribes to the philosophy of ‘same risk, same activity, and same treatment’. Therefore, the prudential treatment of digital assets is based on the risks that are associated with the underlying characteristics of these assets.....

“This framework represents the Central Bank’s identification of accepted best practices for effective risk management in supervised financial institutions.

The Central Bank appreciates that the breadth of the risk management

programme in each supervised financial institution will depend on the scope and sophistication of the activities of the supervised financial institution, the nature and complexity of its digital asset-related businesses activities, and the types and levels of the risks that it assumes,” the Central Bank added.

“However, failure to adopt a satisfactory risk management programme appropriate to a supervised financial institution’s business activities constitutes an unsafe and unsound practice, and could subject the supervised financial institution to regulatory sanctions and/or other supervisory intervention measures.”

NOTICE

NOTICE

(b) The dissolution of the said Company commenced on the 6th day of December, A.D., 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General.

NOTICE is hereby given that KERVENSON GESTIN of Marsh Harbour, Abaco, 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 13th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that JESSIKA CENORD of Farrington Road, 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 6th day of December, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

(c) The Liquidator of the said Company is RIW NOMINEES LIMITED No.2 Cable Beach Court, 400 West Bay Street, Nassau, Bahamas.

NOTICE

NOTICE

QUEST PARTNERS LTD.

9V GLOBAL OPPORTUNITY LTD.

NOTICE OCEAN ODYSSEY OWNER LTD. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:(a) OCEAN ODYSSEY OWNER LTD. is in voluntary dissolution under the provisions of The International Business Companies Act 2000.

(d) All persons having Claims against the above-named Company are required on or before 11th January, 2024 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

Dated this 11th day of December, A.D., 2023.

RIW NOMINEES LIMITED Liquidator

NOTICE FJR INVESTMENTS LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 205118 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of December A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Flavio Jose Reis, whose address is SQSW Quadra 302 BL B, AP 601, AQ Sudoeste 70673-202, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 22nd day of December A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 11th day of December A.D. 2023.

Flavio Jose Reis Liquidator

NOTICE SUNSTONE MARINE ADVISORS LTD. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:(a) SUNSTONE MARINE ADVISORS LTD. is in voluntary dissolution under the provisions of The International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 6th day of December, A.D., 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is RIW NOMINEES LIMITED No.2 Cable Beach Court, 400 West Bay Street, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before 11 th January, 2024 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

Dated this 11th day of December, A.D., 2023.

RIW NOMINEES LIMITED Liquidator LEGAL NOTICE

NOTICE ROSTOV INVESTMENT HOLDINGS LIMITED (in Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on 12th December, 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Lynden D. Maycock, Victoria House, Suite No. 4, 5th Terrace Centerville, P. O. Box EE-15953, Nassau, Bahamas.

All person having claims against the above-named Company are required on or before 12th January, 2024 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 12th day of December, 2023 Lynden Maycock Liquidator

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:(a) QUEST PARTNERS LTD. is in voluntary dissolution under the provisions of The International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 6th day of December, A.D., 2023 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is RIW NOMINEES LIMITED No.2 Cable Beach Court, 400 West Bay Street, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before 11th January, 2024 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

Dated this 11th day of December, A.D., 2023.

RIW NOMINEES LIMITED Liquidator

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 206421 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 11th day of December A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Rodrigo Teodoro Alves, whose address is Av Jose Walter, 02100 Qd 08 Lt 114/116/124/127, Apt 2201 Res Interlagos 75909-751, Rio Verde GO, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 22nd day of December A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be e cluded from the benefit of any distribution made before such claim is proved.

Dated this 11th day of December A.D. 2023.

Rodrigo Teodoro Alves Liquidator

THE TRIBUNE

Wednesday, December 13, 2023, PAGE 7

RESIDENTS ‘WON’T LET GUARD DOWN’ ON HOTEL EXPANSION FROM PAGE B1 woes, and related traffic congestion, which are said to particularly occur when A Stone’s Throw Away hosts functions, were among the prime reasons cited by Tropical Gardens and Gambier Heights residents as to why the expansion should not be approved.

Mr Albury, upon being informed of Town Planning’s position, told Tribune Business: “It’s a bit of temporary relief but there’s still the possibility it can happen. It certainly, for the time being, keeps things at bay out there.

“The biggest thing for myself and people in Gambier Heights is getting in and out of our properties.

When there’s a function at A Stone’s Throw Away people park along the sides of the road, up and down the hill.

The overflow comes into our neighbourhood.”

The Auto Mall chief said residents in the past have frequently had to remove litter from their properties the following morning.

“Since the Town Planning Meeting to now, the Gambier Heights residents have put up signs stating that unauthorised vehicles in the area will be towed. Some have put stones in front of

60-80 people there at any one time, and allow for parking, he’s going to have to make some major, major adjustments. The type of business he’s trying to run, the area is not conducive for doing this type of function.

“It’s a residential area and it creates a nightmare of a parking situation. If it was an Airbnb I don’t think it would be a problem, but having functions requires parking for numerous vehicles and that’s not going to work.”

Geoffrey Stuart, a Tropical Gardens resident, confirmed to Tribune Business that he had been informed the Town Planning Committee were seeking “adjustments to the parking arrangements” and other changes to A Stone’s Throw Away’s plans.

“Our concern is essentially the parking and attracting crowds that may be undesirable to our area,” he said, adding that he was “not very hopeful” that A Stone’s Throw Away’s application will be rejected. “It’s just a matter of when they get it. We’re still fighting but I’m not hopeful, “ Mr Stuart said.

Mr Khosa, in a previous interview with Tribune Business, said he felt many of the parking, noise and crime fears voiced by homeowners in objecting to his plans had either been “blown out of proportion” or were irrelevant to his proposal.

He added that he would be “killing” his $500 per night core business and status as

their places to prevent parking,” he added.

“There have been no functions there. It’s been very quiet, very peaceful, but we know how these things go.

We don’t want to let our guard down. We know how things go in this country. In the blink of an eye suddenly it’s done, and you cannot undo it.

“Last year this time there were parties on Friday night, Saturday night and on week nights as companies held their Christmas functions.

When you have cars on both sides of the road there’s only room for one vehicle to get through. A lot of them end up having to drive into the Gambier Heights community to turn around to get back on to West Bay Street.

They come in here and make noise at 1-2am in the morning.”

Acknowledging that this, too, has “quietened down” since the Town Planning hearing, Mr Albury said A Stone’s Throw Away appears to have also made adjustments of its own by removing the stones in front of its property so persons can park there.

Indicating that, as a businessman, he sympathised with Mr Khosa, the Auto Mall chief added: “To have functions where you have

the “quaintest” property in Nassau if their complaints were at all valid.

Detailing a $400,000 investment that would create between five to ten full-time jobs if approved, the former Paradise Cruise Line chief executive said he aims to be “a good neighbour” and pledged to Tropical Gardens and Gambier Heights homeowners that whatever he does will be with their “consensus and full support”.

Reiterating that he was “not here to fight anyone”, even though several residents spoke out before Town Planning against his proposal for the site at Tropical Gardens Road’s junction with West Bay Street, Mr Khosa argued that some of the complaints submitted about his property are “totally wrong” and “not factual”.

He also suggested that much of the opposition seemed to be based on “emotion”, and appeared to stem from grievances dating back to when its original developer constructed A Stone’s Throw Away more than 20 years ago in the late 1990s. Noting that he only acquired the resort some five to six years ago, Mr Khosa said there was little he could do to resolve matters that pre-dated him.

“I think this thing has been blown out of proportion,” Mr Khosa told Tribune Business of the opposition to his plans, “and the reason for this seems to be a lot of miscommunication. I partly

blame myself for that; speaking more these days may be better than speaking less.

“I told the residents I’m not here to fight anyone, and whatever we do we will do with the consensus and full support of our neighbours.

Having said that, it was quite clear to me that the opposition to the rezoning is not

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 77° F/25° C Low: 65° F/18° C

TAMPA

TONIGHT

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Cloudy with afternoon showers

Clouds breaking

Cloudy and windy with showers

Very windy; cloudy with showers

Windy with rain

A shower and t-storm in the morning

High: 81°

Low: 72°

High: 80° Low: 71°

High: 77° Low: 71°

High: 76° Low: 72°

High: 82° Low: 72°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

85° F

72° F

79°-64° F

74°-66° F

73°-70° F

83°-70° F

E

W

ABACO

S

N

High: 76° F/24° C Low: 72° F/22° C

20-30 knots

S

WEST PALM BEACH High: 78° F/26° C Low: 72° F/22° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 75° F/24° C Low: 72° F/22° C

E

W S

E

W

High: 76° F/24° C Low: 70° F/21° C

MIAMI

High: 76° F/24° C Low: 72° F/22° C

10-20 knots

KEY WEST

High: 77° F/25° C Low: 71° F/22° C

NASSAU

Today

7:40 a.m.

7:55 p.m.

3.3 2.3

1:11 a.m. -0.4 2:12 p.m. -0.1

ALMANAC

Thursday

8:26 a.m.

8:44 p.m.

3.3 2.4

1:58 a.m. -0.4 2:59 p.m. -0.2

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 73° F/23° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/20° C Last year’s high .................................. 83° F/28° C Last year’s low ................................... 64° F/18° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ................................................ 50.88” Normal year to date ................................... 38.93”

Friday

9:15 a.m.

9:36 p.m.

3.3 2.4

2:47 a.m. -0.4 3:48 p.m. -0.2

Saturday

10:05 a.m.

10:32 p.m.

3.2 2.4

3:39 a.m. -0.3 4:39 p.m. -0.1

Sunday

10:58 a.m.

11:31 p.m.

3.1 2.5

4:36 a.m. -0.1 5:32 p.m. -0.1

Monday

11:54 a.m.

-----

2.9 -----

5:37 a.m. 0.0 6:26 p.m. -0.1

Tuesday

12:34 a.m.

12:53 p.m.

2.5 2.8

6:43 a.m. 0.2 7:23 p.m. -0.1

Low

Ht.(ft.)

SUN AND MOON Sunrise Sunset

6:46 a.m. Moonrise 5:22 p.m. Moonset

7:32 a.m.

6:01 p.m.

First

Full

Last

New

Dec. 19

Dec. 26

Jan. 3

Jan. 11

CAT ISLAND

E

High: 79° F/26° C Low: 72° F/22° C

N

S

E

W

8-16 knots

S

10-20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Forecasts and graphics provided by AccuWeather, Inc. ©2023

High: 80° F/27° C Low: 76° F/24° C

N W

TIDES FOR NASSAU Ht.(ft.)

ELEUTHERA

High: 81° F/27° C Low: 72° F/22° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

High

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

N

UV INDEX TODAY

TODAY

High: 76° F/24° C Low: 63° F/17° C

stemming from opposition to the cafe but other grievances over the last 20 years.

“It seems like it’s more emotional, and by no means am I blaming anyone, by no means am I saying anyone is crazy. Everyone has an opinion, everyone has a perception of the world.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 82° F/28° C Low: 73° F/23° C

High: 81° F/27° C Low: 76° F/24° C

N

High: 81° F/27° C Low: 75° F/24° C

E

W S

LONG ISLAND

TRACKING MAP

High: 81° F/27° C Low: 76° F/24° C

10-20 knots

MAYAGUANA High: 83° F/28° C Low: 73° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 77° F/25° C

High: 81° F/27° C Low: 77° F/25° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

12-25 knots

12-25 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS NE at 12-25 Knots NE at 25-35 Knots NE at 8-16 Knots ENE at 12-25 Knots E at 10-20 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 8-16 Knots ENE at 12-25 Knots NE at 20-30 Knots ENE at 30-40 Knots NE at 10-20 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots ENE at 12-25 Knots NE at 8-16 Knots ENE at 12-25 Knots NE at 12-25 Knots ENE at 12-25 Knots E at 10-20 Knots ENE at 12-25 Knots

WAVES 6-10 Feet 10-14 Feet 1-2 Feet 1-2 Feet 5-9 Feet 5-9 Feet 4-8 Feet 5-9 Feet 4-8 Feet 5-9 Feet 4-7 Feet 4-8 Feet 1-2 Feet 1-3 Feet 4-7 Feet 4-7 Feet 4-7 Feet 4-8 Feet 6-10 Feet 6-10 Feet 1-3 Feet 2-4 Feet 4-8 Feet 4-8 Feet 2-4 Feet 3-5 Feet

VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 5 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 75° F 73° F 80° F 80° F 81° F 81° F 79° F 79° F 75° F 74° F 79° F 79° F 82° F 82° F 81° F 81° F 81° F 81° F 78° F 78° F 80° F 80° F 80° F 80° F

PAGE 8, Wednesday, December 13, 2023

THE TRIBUNE

Royal Caribbean: ‘We’re exploring future projects’ FROM PAGE B1 revival. He added that the only concern might be continued public access to the beach at that site for, while not designated as public, it has been regularly used by locals ever since the hotel’s closure.

“It appears that it might be something that’s in the works,” Mr Carey said of the cruise giant’s plans.

“I’ve tried to reach out to Mr [Mario] Donato (Xanadu’s current owner) to see, as I know him well, and find out if there’s anything more substantial.

“I hope it goes well. I know the hotel is just sitting there, as it has been for a number of years, and ultimately nature will take its

way if it’s not recovered and renovated in due time. The fact Royal Caribbean has an interest is good news.

Royal Caribbean is a good company, and I believe if it is reopened it speaks to a lot of employment all the way through, probably a few hundred people.”

The GB Chamber chief warned, though, that the issue of beach access may have to be handled sensitively. “The beach there is very popular,” he added.

“Although not a public beach it’s been treated as such, and with the acquisition of the available land I know there will be an outcry. It’s a beautiful tract of land, a great area and I hope it does go well.

“Particularly now there is a new air of confidence in Freeport. From my perspective I feel as if Freeport’s getting better. There’s more investment. Persons on the ground are anticipating things are moving ahead. I don’t think it will change overnight, there’s anticipation that things are looking up.

“Some might come from the season we are in, but there are definitely positive signs here, and that’s a good news for our economic recovery..... There are people who are positive, upbeat, and have indicated they know of other persons looking at Freeport. What Royal Caribbean is doing is a positive step that will

encourage other people to invest.”

Mr Carey, though, urged the Government to address the “lingering questions” over the status of Grand Bahama International Airport’s $200m redevelopment and the Grand Lucayan’s sale sooner rather than later. “I saw where the Prime Minister was supposed to make a statement,” he added.

“Why wait? There are rumours about that the prior agreement [for the airport] may have come to an end. We’ve been waiting since March. I don’t understand why we go through this process when the public needs to know what’s happening.”

Magnus Alnebeck, Pelican Bay’s general manager, told Tribune Business that a developer of Royal Caribbean’s calibre will help to attract other investors to Grand Bahama. “Any economic activity in Freeport would be positive,” he said. “The reality is that

the Xanadu has been closed since 2011, 2012. Then it was really running on its last legs since 2004.

“Of course, that was when the Princess - the Royal Oasis - closed. If we can get some economic activity in that part of Freeport it would be great. They [Royal Caribbean] are solid people. I think that property [the Xanadu] is a tear down and really a land sale to get rid of a derelict, rotting building. This the best way to attract investment as investors tend to follow other investors.”

Tribune Business had previously been told that Royal Caribbean was seeking a more tourist-friendly location for the water park it had initially planned to locate at Freeport Harbour, which has a more industrial feel, hence its interest in the Xanadu.

Should the cruise line’s plans come to fruition, this newspaper was told that ITM Group, its Mexican partner on the aborted

Grand Lucayan venture, and their Holistica joint venture will ultimately operate the proposed amenities and attractions.

Another source, also aware of developments, said they understood that the Xanadu and Harcourt tracts are just one of multiple Grand Bahama locations that Royal Caribbean is exploring to see if they meet its needs and an appropriate deal can be worked out.

“It would augment the cruise offering of Bahamas Ports Investments in the harbour,” they added, referring to the Royal Caribbean group’s name. “It would combine a world-class cruise port with a worldclass beach resort.” The source added that they were also familiar with Colliers’ involvement in marketing the Harcourt properties.

Built in 1968 by US shipping tycoon, D. K. Ludwig, the Xanadu established itself as a venue for the socalled “Rat Pack” - the likes of Frank Sinatra, Sammy Davis Jnr, Cary Grant and Dean Martin - as well as accommodating reclusive billionaire Howard Hughes, who once lived in its 13th storey penthouse.

The 184-room property was acquired by Mr Donato in 1987, but it ultimately closed in 2011. The Xanadu is listed for a $25m asking price on Bahama Islands Properties’ website, which says: “The 184 rooms has it all.

“Set on a world class beach, it also boasts a 75-slip marina with incredible potential, and in addition more than 20-plus acres strategically located near downtown and the airport. It is perfect for aggressive rooms and amenities expansion or adding condominiums.”

Another realtor, James Sarles Realty, has the resort listed for $35m.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394