business@tribunemedia.net
FRIDAY, DECEMBER 14, 2018
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DARRIN WOODS
Union withdraws Atlantis strike vote NOW TARGETING SECTOR WIDE INDUSTRIAL DEAL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s threatened Atlantis strike vote has been withdrawn, its president confirmed yesterday, adding that he was now focusing on securing a new industry-wide industrial deal. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers (BHCAWU) union’s leader, told Tribune Business that securing a new agreement with members of the Bahamas Hotel and Restaurant Employers Association (BHREA) would ease “a lot of the challenges we are facing now”. He added that “life would be much easier” for the union’s 4,0005,000 members with a recognised industrial agreement, as its terms will be incorporated into their individual employment contracts, and Mr Woods
SEE PAGE 6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Grand Lucayan’s managerial union has been accused of “feasting on an economic tragedy” by demanding an extra $650,000 payout after the hotel had already upped its offer by $500,000. Michael Scott, the Government-owned property’s chairman, warned Bahamas Hotel Managerial Association (BHMA) president, Obie Ferguson, in a December 6 e-mail that the union’s position was “straining the board’s goodwill to the point of exhaustion” because it was failing to grasp the resort’s limited financial realities as a government-owned hotel. He argued that the association was “feigning reasonableness” by suggesting it had reduced its voluntary separation (VSEP) payout demands by $1m when its opening $5.4m offer was “absurd from inception”. The e-mail, which has been obtained by Tribune Business, exposes the gulf between the two parties over the VSEPs total worth and conditions, with Mr Scott describing Mr
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
NASSAU cruise port. a local merchant bank on a bid to take over Prince George Wharf’s management, were not necessarily interested in running the port’s operations. He added that their main interest was in ensuring essential infrastructural
SEE PAGE 2
Minister: Come see me when you have a deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET Minister yesterday told Tribune Business he had informed investors pitching a $500m Long Island project to “come back and see me when you have a Heads of Agreement”. Desmond Bannister, minister of works, told Tribune Business he knew nothing about efforts to revive the Port St George development, which has been stalled for almost a decade, and did not discuss with
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Lucayan union ‘feasts on economic tragedy’
Cruise lines’ port bid: ‘This is what we do’ ROYAL Caribbean’s top executive yesterday said the cruise lines’ expertise and understanding of their industry meant they were ideal candidates to oversee Nassau’s port transformation. Michael Bayley, the company’s president and chief executive, speaking after its job fair at the National Training Agency (NTA), said the cruise line group that has partnered with Bahamian investors and
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the investors/developers whether they had started the process of applying for the necessary investment and planning approvals. He confirmed that he met with senior executives from Star Resort Group, the US-based developer, marketer and vendor of resort-based real estate that is leading the project, but said it was more a “courtesy call” that was also attended by Long Island MP, Adrian Gibson. “I don’t know anything about the development,”
SEE PAGE 2
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
the stretched financial circumstances of the board, has strained the goodwill and patience of the board to the point of exhaustion.” Suggesting that the managerial union was not being as generous as it suggested in reducing its collective payout demand by $1m, Mr Scott added: “The board’s initial proposal, $2.7m, was carefully and scientifically calibrated using the termination provisions in the Employment Act as a barometer or guide, because the V in
SEE PAGE 4
SEE PAGE 7
THE GROUNDS AT THE GRAND LUCAYAN
MICHAEL SCOTT, left, argues that the Bahamas Hotel Managerial Association’s position, led by Obie Ferguson, right, is “straining the [Grand Lucayan] board’s goodwill to the point of exhaustion”. In an exchange revealing he was rapidly running out of patience with Mr Ferguson, the Trades Union Congress (TUC) leader who is negotiating on the BHMA’s behalf, Mr Scott wrote: “I am normally disinclined to be shrill and tart in professional exchanges with colleagues, but if you detect a tone of frustration in my manner at your apparent inability to grasp certain fundamental and inevitable truths, you would be spot on and accurate. “Your continuing refuge in this air of unreality and illogical posturing, despite
GB resort loses out on under-insurance A GRAND Bahama resort has lost out in its dispute over a Hurricane Matthew insurance claim because it failed to realise what would happen if the property was under-insured. The Court of Appeal, in upholding a verdict by Justice Indra Charles, found that Summit Insurance Company and its co-underwriter, Heritage Insurance Company, had complied with the Insurance Act’s section 214 by informing Taino Beach Resort in writing about the effects of the “conditional average clause” in its catastrophic coverage policy. This clause is triggered when a claim is made and, at the time loss/damage is incurred, a property’s value - be it residential or commercial - is greater than the sum insured under the insurance policy. This means, for example, that if a $200,000 house burns down but is only insured for $100,000, the latter figure is what the homeowner will receive from the insurer. In Taino Beach’s case, given that it is a resort, it may have been faced with covering multi-million dollar or six-figure damages from its own pockets, as Bahamas-based Summit and Heritage will not have paid out the full value of its claim due to the under-insurance.
* Hotel chair rails at extra $650k demand * Just after he got further $500k from Cabinet * Union ‘feigns reasonableness’ with $1m reduction
Ferguson’s argument for the packages to be based on similar payouts at Bahamas Power & Light (BPL) and the Bahamas Telecommunications Company (BTC) as akin to “comparing apples and oranges”. The Grand Lucayan chairman also added that the annuity retirement fund was a liability owed by the resort’s previous owner, Hutchison Whampoa, not the Government, but pledged to “stand shoulder to shoulder” with the union should it elect to pursue the Hong Kong-based conglomerate.
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PAGE 2, Friday, December 14, 2018
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VERY time I venture into the most remote parts of The Bahamas, I am immediately confronted with the many missed opportunities for economic growth and development. Diversification of the Bahamian economy must begin with a serious conversation about ways to bolster linkages to tourism, as well as increasing primary, secondary and tertiary industries, in the Family Islands. Improving agri-tourism, fisheries-tourism, bankingtourism and many other natural connections with our largest industry must never become our only way of diversifying income streams for our nation. Let us consider what increased Family Island development might mean for The Bahamas at this stage of its development: 1. A depopulation of New Providence, and a resurgence in the population of the “Out Islands”, has positive implications for efforts to reduce the many social ills plaguing the capital. One hundred thousand less persons in Nassau, redistributed throughout the islands, helps in reviving the manageable village that fostered greater
Cruise lines’ port bid: ‘This is what we do’ FROM PAGE ONE development occurs, and suggested the industry group’s - featuring Carnival, Disney, Norwegian & Royal Caribbean Cruise Lines involvement was a strong vote of confidence in the future of The Bahamas’ cruise industry prospects. “Our intention is to be able to build infrastructure facilities that work really well for bringing the cruise ships to The Bahamas,” said Mr Bayley. “We have a massive amount of expertise and energy in this space. The fact that the cruise line are coming together to offer that proposal is a really strong endorsement of the future of The Bahamas as it relates
THE TRIBUNE
Family Island revival key to nation’s growth IAN FERGUSON BY
to the future of the cruise industry.” He added: “Another way of looking at it is the significant benefit of having the cruise lines engaged in this project. The cruise companies are not necessarily interested in operating the port. We have the projects all over the world, and they are primarily aimed at making sure that there are efficient facilities to accommodate the number of ships that come in. “We are less interested in trying to operate the port itself. I believe the Bahamian government has an authority that oversees that [the Port Department] so there would be a mechanism in place to ensure that it operates in a very distinct way.” Tribune Business reported earlier this week that the Government has received three bids, ranging in investment value from $130m to $250m, for the contract to manage and operate
measures of accountability among all of us. 2. Family Island development on a wider scale automatically means expansion of the national economy. Placing every island on a stronger footing of economic independence creates increased wealth for its population. Cascarilla bark oil on Acklins, technology in Grand Bahama, and modern canning factories in islands with an agricultural base will ultimately lead to a revitalisation of these struggling economies. 3. New job opportunities and entrepreneurial endeavours on each island
naturally decreases the rate of unemployment. With so many young Bahamians, in particular, without work, a tremendous burden is lifted and economic progress kickstarted with each island standing on its own. Consider what we must all do to begin this dialogue and the process towards developing our remoter islands: • The stigma and fear of what we call hardship must dissipate. Bahamians should brace themselves for a change in pace, environment and, perhaps, a fasting from the regular comforts for a period of time to accomplish
the higher goal of reestablishing enterprise in our depopulating islands. • The entrepreneurial spirit must return to our people, so that they look less to the Government and foreign investor for new job opportunities and economic stimulus. • Governmental support in the form of subventions for the local investor, and training for Bahamians ready to make their contribution, increases the likelihood of success. The Bible reminds us that the strong must bear the infirmities of the weak. Giving our remote
islands the lift they need by improving infrastructure development and promoting local investment can only prove beneficial to the growth of a stronger Bahamas. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@ bahamas.com.
Nassau’s cruise port. Sources identified the three bidders as the Global Ports Holding consortium; the Nassau Cruise Port group; and the Nassau Port Partners collective. The Nassau Cruise Port group, a consortium featuring the major cruise lines and the 50-strong Bahamian investor group, Cultural Village (Bahamas), together with their local financing partner, RoyalFidelity Merchant Bank & Trust, submitted a bid valued at $130m. Mr Bayley yesterday suggested the cruise lines were best suited for the port development project, adding: “It’s our business. This is what we do and have done for decades. I think we can bring a huge amount of expertise and commitment to the proposal that is slightly different from private entities that don’t really understand the business. It’s also about commitment.”
Minister: Come see me when you have a deal
yesterday issued a much more upbeat What’s App message to his constituents on both the meeting and the development, disclosing that work on the project site adjacent to the Stella Maris resort is scheduled to begin late in the 2019 first quarter. “Today, minister of public works, Desmond Bannister, and I met with the developers - Duane Gerenser (president, Star Resorts Group); James Moss (principal and Board member); and Sean Callender (attorney)-- of the proposed Port St George resort project,” Mr Gibson wrote. “In sharing their plans for the upcoming mixed-use resort (hotel rooms, luxury condos/villas), the developers spoke of their intent to embark upon a socially and environmentally sustainable project. “We were advised that as the project gets underway, persons will be employed from the immediate locality (Long Islanders first),
the wider Bahamas and, in instances where additional expertise is needed, internationally.” Mr Gibson continued: “We were informed that initial works are projected to commence in the latter part of the first quarter of 2019. They stated that first phase of construction will see the dredging and development of the harbour/marina (640 slips); construction of 60 units; and the build-out of a soccer field, baseball/softball field, tennis court, a cricket pitch, the 18-hole golf course/golf club and a track. The developers further advised that, given the scope of the project, final completion would take four to five years. “The developers shared their plans to re-route the Queens Highway; incorporation of alternative energy sources in their operations; construction of a Customs house, fire station, small medical facility, fuelling docks, a culinary institute.”
FROM PAGE ONE Mr Bannister told Tribune Business. “They don’t have a Heads of Agreement, so it was only a courtesy call. I was just meeting with them at the request of my colleague [Mr Gibson]. “When they get a Heads of Agreement in place, and do what they have to do, I’ll be happy to speak with them formally. I told them: Come back and see me once you have a Heads of Agreement.” Asked whether the developers had given any indication as to whether they had begun seeking the necessary approvals, Mr Bannister replied: “I didn’t go through that with them.” Mr Gibson, though,
THE TRIBUNE
Friday, December 14, 2018, PAGE 3
ROYAL CARIBBEAN REACHES RENEWABLE PROVIDER 200 BAHAMIAN HIRES GOAL ‘STRIKES WHILE IRON HOT’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net ROYAL Caribbean International’s top executive yesterday said the company had fulfilled its commitment to the Government to hire 200 Bahamians this year. Addressing a press conference at the National Training Agency (NTA), Michael Bayley, the cruise line’s president and chief executive, said: “We have a very long relationship with The Bahamas, 50 years in fact. Next year is the 50th anniversary for Royal Caribbean. “We have brought maybe 20 million people over 50 years to The Bahamas. We feel like we have had a very long partnership, and we want to take it to the next level. We are investing heavily in further development in the Berry Islands, with Coco Cay and Perfect Day. We also have
a relationship with the Grand Bahama Shipyard.” Mr Bayley added: “We committed last year to the Government that we would hire 200 people a year for our ship board positions and we have just hit that mark, which is great because it’s the end of the year. I think we have recruited about 25 people today. We are also hiring for additional positions at Coco Cay, where we are hiring an extra 125 people, and the process is already in play.” The RoyalCaribbean chief said many of the jobs will be in food and beverage, guest services and entertainment posts. “There are large amount of positions in the food and beverage areas, which tends to be about 60 percent of our entire workforce. I think when you look at the recruitment we have done here, that probably would be reflected in the recruitment,” he added.
“We have also hired for the expansion in the Berry Islands; in Coco Cay. I think today we just hired a venue manager. The person who runs Coco Cay, our island manager, is from The Bahamas and I think we have hired a few engineers also for Coco Cay over the past few days. It’s really a whole range of positions.” Coco Cay is currently undergoing a $240m upgrade and expansion, with the first phase expected to be completed by May 2019. “It is progressing very well. Our intention is to open the first phase, which is really the biggest phase, in May of 2019,” Mr Bayley said. “We have also been building the pier, which helps in terms of the number of times a landing is missed in the winter season. It’s a little late in terms of the schedule, but will be fine in terms of the opening of Phase I of Perfect Day.”
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net WITH soaring electricity costs cutting Bahamians’ spending power, a local renewable energy supplier is “ramping up” its offering in the belief: “You have to strike while the iron is hot.” Walker’s Industry, founded by four brothers in 1989, is pushing a suite of solar solution services, including energy audits, installation and financing. “This really came about because of several things. The cost of fuel is going up, BPL is having challenges and people desperately want to find a solution,” said Jonathan Ford, Walker’s Industry’s general manager. “We have all the roofs with no solar panels. We really need to push for a greater penetration of renewables in the country. This is an opportune time for us to tap into renewables.” Apart from solar solutions, Walker’s
NOTICE
Parklane Capital Investment Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Parklane Capital Investment Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 12th day of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas YOUR
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Industry is offering LED lighting solutions, electrical sales and service, UPS products and services, and structured cabling. “People have been inquiring with us about our solar solutions; they want to invest in renewables,” said Mr Ford. “There is high demand. We’re not just looking to do a rush job. “We want to understand our customer’s utility footprint and see if any changes are needed to appliances. We do energy audits. At the end of the day we don’t just want a customer; we want a happy customer.” Walker’s Industry is working with its long-time vendors and partners, US firms Pika Energy, based in California and Glenn International from Puerto Rico.
Nelson Class, of Glenn International told Tribune Business that the partnership allows access to high -uality renewable solutions. “We have been involved in a lot of projects around the Caribbean and Puerto Rico where we are headquartered,” he added. “We have been supporting companies like Walker’s across the Caribbean and establishing relationships with them. We can support them on many fronts; from panels to batteries to inverters.” Ryan Hamilton, director of strategic accounts at Pika Energy, added that Walker’s Industry’s offering was not only affordable but essentially a “one-stop shop” platform.
PAGE 4, Friday, December 14, 2018
LUCAYAN UNION ‘FEASTS ON ECONOMIC TRAGEDY’ FROM PAGE ONE VSEPs stands for “voluntary”, meaning this is an elective exercise; not a termination; not a redundancy; not unfair or wrongful dismissals. “If your members have a change of heart, show up for work. This calculus was our heartfelt desire manifested to demonstrate to all that the board was being compassionate in its approach, notwithstanding its limited budget and meagre resources.” This highlights the main divide between the two sides, with Mr Scott and the board basing their offer on the Employment Act’s termination pay. Mr Ferguson and the BHMA, though, are arguing that this is inadequate since such payments are capped at 12 years (one year’s pay) and do not account for managers who have worked for longer at the Grand Lucayan. Besides wanting the payouts to be determined by years of service, they are also arguing that recent VSEPs offered at BPL and BTC, plus previous exercises undertaken in the hotel industry over 25 years ago, should guide the Grand Lucayan process. This did not impress Mr Scott, who retorted: “This is just comparing apples and oranges, because in the case of the both BPL and BTC the most innocent of intellects knows that these were - and are - organically functioning operations which were in the process of reorganisation. The Meridien
in 1992 was on the cusp of being sold to Sandals. In each case the financial justification existed.” He argued that this was not the case with the Grand Lucayan. Besides its perilous loss-making financial status while a buyer is being sought, Mr Scott said the Government had also come under heavy public criticism for using $65m in taxpayer monies to acquire the resort and needed to minimise the Public Treasury’s further exposure. “The SPV [Grand Lucayan Renewal Holdings], supported by this Government, is trying to help your clients in the wake of enormous criticism throughout the length and breadth of this country, even from the Official Opposition,” he told Mr Ferguson. “This is a bail out, a financial rescue of an economy in trouble. “This is a disaster, and a testament to poor corporate citizenry. The Government has stepped in to rescue, and hopefully revitalise, this resort in the hope that the redevelopment of Port Lucaya will be a springboard to the renaissance of the Grand Bahama tourism sector. There is no avalanche of cash; this is a precarious financial position, and both you and your members need to wake up and smell the coffee.” Turning to the impasse in their financial negotiations, Mr Scott then added: “Notwithstanding all of this, and because the board is compassionate and being guided by our better angels (to mimic Abraham Lincoln), I
GLOIN REAL ESTATE INC. Company No. 1000443 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GLOIN REAL ESTATE INC. is in voluntary liquidation. The voluntary liquidation commenced on 6th December, 2018 and Michal Kobsa of Brandschenkesteig 4, 8002 Zurich, Switzerland, has been appointed as the Sole Liquidator. Dated this 10th day of December, 2018 Sgd. Michal Kobsa Voluntary Liquidator
THE TRIBUNE was asked to obtain the consent of Cabinet to upgrade our offer to your members by an additional $500,000. That consent was obtained, and I put that supplemental proposal to you in conference. “It appears that this is not enough, and you wish to gouge and feast on a national economic tragedy... by requesting $650,000 or thereabouts in more money. This is both sad and remarkable. In doing so you feign reasonableness by suggesting that you have conceded $1m, when your opening figure was nonsense to begin with. I am awfully sorry, but this is not acceptable to the board... “To conclude, this is a very difficult period for the Grand Lucayan resort and casino and Port Lucaya generally. It is our shared duty, our collective responsibility, our common sacrifice in meeting this challenge which the Board of Lucayan Renewal Holdings and its officers contribute to every day seven days a week in answering this call to arms. I believe your members must do their part.” Mr Ferguson, though, in an e-mail sent to Mr Scott the previous day, argued that the BHMA was doing its part to settle the voluntary separations desired by 90 of its 115 members at the Grand Lucayan. “You indicated that we are apart by $600,000,” he told the Grand Lucayan chairman. “You should note that in order to reach an amicable settlement we have reduced our amount in excess of $1m, and have extracted all the other benefits excluding insurance, which we feel you should seriously consider and bring this matter to a satisfactory resolution.” And, in a further e-mail sent the same day, the TUC
president added: “We have no intention of reducing this exercise into a personalitydriven matter. I disclosed to you the precedent of former separation packages with the Hotel Corporation as a guide to an amicable settlement. “However, you said this is not a termination matter, but you seem committed to pay the employees according to the Employment Act. I have offered you a reduction in our initial proposal; however, you do not consider it adequate.” Mr Scott yesterday confirmed in an interview with Tribune Business that himself and the board regarded the BHMA’s demand for a further $650,000, just after they had obtained Cabinet approval to increase their offer by $500,000, as “bad faith” on the union’s part. Bluntly affirming that “weakness is not a strategy”, he said any agreement made on the current terms sought by the Grand Lucayan’s two trade unions - the BHMA and the Commonwealth Union of Hotel Services and Allied Workers (CUHSAW) - would be made with the Government, not the Grand Lucayan’s Board. “He’s being truly disingenuous,” Mr Scott said of Mr Ferguson. “We are constrained by budget. I had a meeting with him, and said this is the template being followed, and it would be all under the Employment Act which was being used as a guide. “I said I would try to persuade the Government to be a bit more generous and upgrade the $2.7m by $500,000 to come up to $3.2m. I went through a similar exercise with the line staff. I thought we had a deal, and said we’d help you out with the annuity fund. “He comes back and asks for another $600,000,” the
Announcement SpeciAl DiviDenD The board of directors of Benchmark (Bahamas) Ltd. at its May, 2018 board meeting unanimously elected to establish a policy for future dividend payments . Commencing June 2018, Benchmark (Bahamas) Ltd. will declare an annual dividend of one cent per share, thereafter , each year during the same period until the policy changes. Other special dividends can be paid at the discretion of the board based on business performance. For December 2018, the Benchmark board has declared a special dividend of one cent per share to shareholders of record 17 December , 2018 payable on the 31 December, 2018. Brent Roberts Secretary
NOTICE MARWOOD INVESTMENT HOLDINGS LTD. In Voluntary Liquidation
NOTICE TRAIN TOWERS LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MARWOOD INVESTMENT HOLDINGS LTD. is in dissolution as of December 12, 2018
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TRAIN TOWERS LTD. is in dissolution as of December 4, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
LIQUIDATOR ______________________
LIQUIDATOR ______________________
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that ORIONBAY TRADING CORP. is in voluntary liquidation. The voluntary liquidation commenced on 09.07.2018 and CARMINE BAILEY of 2nd Floor Abbott Building, Waterfront Drive, 87 Main Street, P.O. Box 3169, Road Town, British Virgin Islands, has been appointed as additional Liquidator. Dated this 6th day of December, 2018 Sgd. CARMINE BAILEY Voluntary Liquidator
percent of each union member’s salary into an annuity retirement fund. Mr Scott, arguing that this was not the Government’s responsibility to rectify, wrote in his December 6 e-mail: “I am bound to make plain to you... that this aspect of matters gives rise to a trust relationship between Hutchison, Family Guardian as administrators, and your members. “I am told in a most pellucid way... that the way in which the plan operated was that unless the employee contributed to the plan he was not added to the plan. This may be a case of an undisclosed liability on the part of Hutchison if there is any residual responsibility under the plan to your members not now sufficiently accounted for, and you will have to pursue Hutchison in this regard. “We will do everything we can to assist; we will stand shoulder-to-shoulder with you in the trenches against Hutchison, fortify the ramparts to ensure that they properly discharge their fiduciary obligations, but this aspect of matters is not the responsibility of the board.” BHMA members also had to undergo eligibility and vesting periods as part of the plan’s terms. As reported previously by Tribune Business, the two unions had initially asked for a total $8.4m payout, which represents a sum more than double, or 121 percent higher than the resort’s total $3.8m offer. The lower the compensation payout, the greater the savings for the Bahamian taxpayer who has ultimately financed the Grand Lucayan’s $65m acquisition and a series of subsequent multimillion dollar payouts to former owner, Hutchison Whampoa, along with $3.5m in renovation costs.
NOTICE SASIR LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SASIR LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 12th December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands. Dated this 14th day of December, A. D. 2018
_________________________________ Leeward Nominees Limited Liquidator NOTICE International Business Companies Act (No. 46 of 2000)
LANTERN INVESTMENTS CAPITAL LTD.
International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
ORIONBAY TRADING CORP. Company No. 495612 (In Voluntary Liquidation)
Grand Lucayan chairman continued. “I said the Cabinet will not approve that; will not agree to that. We regarded it as bad faith. “Now that we’re not going to succumb to him, he’s going to weaponise this in the public domain, but I told my colleagues: Weakness is not a strategy. The bottom line from a public perspective is if there is going to be an agreement, it will not be between the board and the unions; it will be between the Government and the unions.” The escalating battle between the Grand Lucayan Board and two staff unions, with both sides still seemingly far apart, is not good news for the 227 workers - 90 managers and 137 line staff - who wanted to exit and will likely have been hoping to receive their payouts before Christmas. Mr Scott’s December 6 e-mail said the board planned to make the VSEPs available today, based on its valuation determinations and terms, to all Grand Lucayan staff members who want them on the previously announced “take or leave it” basis. Those who do not accept are expected to appear for work on Monday, but it is not clear if these timelines will still proceed. However, some spirit of co-operation still appears to exist, with Mr Scott offering to help the BHMA and Mr Ferguson go after Hutchison Whampoa for monies owed to the managers’ annuity retirement fund. Mr Ferguson on Thursday disclosed to Tribune Business that outstanding issues left behind by Hutchison Whampoa also needed to be resolved, especially the breach of the BHMA’s past industrial agreement where the Hong Kong-based conglomerate failed to pay a sum equivalent to four
NOTICE ARGEEPEE & COMPANY (BAHAMAS) LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ARGEEPEE & COMPANY (BAHAMAS) LIMITED is in dissolution as of December 12, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
Registration Number: 173045 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) LANTERN INVESTMENTS CAPITAL LTD. commenced voluntary liquidation on the 27th day of November, 2018. Any person having any claim against LANTERN INVESTMENTS CAPITAL LTD. is required on or before the 27th day of December, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of LANTERN INVESTMENTS CAPITAL LTD. GSO Corporate Services Ltd. Liquidator
Bold Features Ltd. Company No. 1934545 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that Bold Features Ltd. is in voluntary liquidation. The voluntary liquidation commenced on 29.06.2018 and CARMINE BAILEY of 2nd Floor Abbott Building, Waterfront Drive, 87 Main Street, P.O. Box 3169, Road Town, British Virgin Islands, has been appointed as additional Liquidator.
Dated this 6th day of December, 2018 Sgd. CARMINE BAILEY Voluntary Liquidator
PAGE 6, Friday, December 14, 2018
THE TRIBUNE
Union withdraws Atlantis strike vote
NOTICE EXXONMOBIL IRAQI KURDISTAN (EAST ARBAT) LIMITED
FROM PAGE ONE
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 3rd day of December, 2018 Dated the 14th day of December, A.D., 2018. R.W. Rice Liquidator of EXXONMOBIL IRAQI KURDISTAN (EAST ARBAT) LIMITED
NOTICE Notice is hereby given that JOZIE RONALD TELFORT of East Street, Toothshop Cr, New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 14th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
said the BHCAWU planned to submit its opening offer to hotel owners/employers before year-end 2018. Atlantis and the wider Nassau/Paradise Island hotel industry will likely be breathing a sigh of relief that the prospect of industrial action over the key Christmas/New Year tourism season has been averted, with Mr Woods confirming that the issues prompting the threatened December 18 strike vote have now been resolved. He added that the union and Atlantis had agreed “to revert” to the status quo that had existed between the two sides as at September 27, 2018, with the resort agreeing to abandon the “12point” disciplinary system that had sparked the dispute. Mr Woods said the hotel had also agreed not to implement the other issue that had divided the two sides, namely the new shift system for housekeepers, although both consented to further discussions as part of wider industrial agreement talks. “I have just actually left the Department of Labour where we agreed to revert to the policies and procedures in effect before September
27, 2018,” the hotel union’s president told Tribune Business. “They [Atlantis] will be following the provisions outlined in the industrial agreement, and any changes in policies they will revert to the status quo. We’re still talking through the shift system; they have yet to tell us how it was going to be effective, and weren’t able to explain or show us the rationale behind it. “That is one we’re going to continue discussions on. We agreed not to implement it at this time, even if it has to be part of wider negotiations. We told them: Bring that into the negotiating package when you come to negotiate.” As for the “12-point” disciplinary system, Mr Woods added: “They’ve agreed to abandon that and go back to what was happening before September 27, 2018.” With these two issues resolved, the BHCAWU president confirmed there was no basis for the union to take a strike vote, as argued earlier this week by both Atlantis and John Pinder, the director of labour, and he will now write to Dion Foulkes, minister of labour, to formally confirm the poll’s withdrawal.
NOTICE Notice is hereby given that DARIANA MICHEL of Nassau Bahamas, who was born in The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from December 14th, 2018 to the Minister responsible for Nationality and Citizenship, P.O Box N-7147 Nassau, Bahamas.
“It’s off,” Mr Woods told Tribune Business. “The genesis that caused us to look at a strike vote and all other issues, the parties are going to dismiss it. We’re satisfied. We believe that as long as we are acting in good faith, and both parties adhere to what we agreed to before, we’re going to be OK until we get into negotiations for a wider contract with the property. “For me it’s not about getting what we want, or winning or losing. Persons tend to look at the size of the issue as opposed to the impact of the issue. It’s a fundamental for us: If you want something you negotiate it, not demand it, impose it or shove it down our throats and say: ‘Take this’.” The hotel union’s initial stance in its dispute with Atlantis stemmed from concerns that the resort was arbitrarily seeking to impose changed working terms and conditions on some members without first negotiating these with itself - something it believed was contrary to, and in violation of, the industrial agreement with the BHREA. The union’s response, which involved putting members at all Nassau/Paradise Island properties on a “work to rule”, was also motivated by a fear that other resorts would follow Atlantis’ lead with similar actions. The BHCAWU’s last valid, recognised industrial agreement with the Association, whose member properties include the Four Seasons Ocean Club; the British Colonial Hilton; Melia Nassau Beach; and Lyford Cay Club, as well as Atlantis, expired in 2012-2013. No replacement deal was negotiated because the hotel union’s former leadership failed to comply with the
requirement to submit a new industrial agreement proposal at least 90 days before the existing deal expired. Since that time, both sides have behaved as if the previous expired agreement remains in place. Mr Woods yesterday confirmed that his attention is now focused on securing a new industrial agreement as a priority, having spoken to the BHREA’s president, Russell Miller, yesterday in an effort to kickstart the process. “We’re endeavouring to get them a proposal before the end of the year,” he told Tribune Business. “He and I [Mr Miller] spoke about it today. We’re working on a proposal, and are trying to have it wrapped up by the end of next week to have it sent. We want to commence negotiations in the first couple of weeks of the New Year. “This is paramount. We believe all of what we’re facing is because we do not have an industrial agreement in place. We have a recognition agreement in place, which gives the union the ability to come in and bargain on behalf of the unit, but if we have a recognised industrial agreement that will be part of the individual contracts of employment. “Life will be much easier because we will have something to guide what exactly is expected to happen.” Hotel union members have not seen an improvement in their salaries and/or benefits since the previous industrial agreement expired almost six years, and pressure for increases is thought to be growing given how VAT’s introduction (and increase) and inflation has impacted living standards and disposable income since then.
NOTICE EXXONMOBIL IRAQI KURDISTAN (QARA HANJEER) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 3rd day of December, 2018
MARKET REPORT TUESDAY, 11 DECEMBER 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,059.63 | CHG 32.48 | %CHG 1.60 | YTD -3.94 | YTD% -0.19
Dated the 14th day of December, A.D., 2018.
BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.30 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50
52WK LOW 3.50 19.17 4.90 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.67 3.25 12.50
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
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 ##########
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
SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.28 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.25 CBB 11.25 CWCB 2.47 DHS 1.78 EMAB 8.39 FAM 6.30 FBB 12.85 FIN 6.75 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
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)
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.50 11.25 2.46 1.78 8.29 6.30 12.85 6.75 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.00 -0.01 0.00 -0.10 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
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
VOLUME
2,000 79,960
VOLUME
EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631
DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600
P/E 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 29.2 17.9 24.1 8.5 N/M 9.4 18.3 11.7 13.1 20.6
YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.67% 5.51% 2.44% 3.37% 1.01% 4.44% 3.89% 2.22% 3.59% 4.61%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 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%
MATURITY 19-Oct-2022 ############### 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
MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79
YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
R.W. Rice Liquidator of EXXONMOBIL IRAQI KURDISTAN (QARA HANJEER) LIMITED
NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION COTE D’IVOIRE (SOUTH CENTRAL EAST) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 10th day of December, 2018 Dated the 14thday of December, A.D., 2018. R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION COTE D’IVOIRE (SOUTH CENTRAL EAST) LIMITED
NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION COTE D’IVOIRE (SOUTH CENTRAL WEST) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 10th day of December, 2018 Dated the 14th day of December, A.D., 2018. R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION COTE D’IVOIRE (SOUTH CENTRAL WEST) LIMITED
THE TRIBUNE
Friday, December 14, 2018, PAGE 7
GB resort loses out on under-insurance FROM PAGE ONE The figures involved were not disclosed in Tuesday’s judgment by Court of Appeal president, Sir Hartman Longley, which revealed previous arbitration and Supreme Court findings that rejected denials by Mr Collins, Taino Beach’s comptroller, that he ever received notice of the “conditional average clause” from Summit/ Heritage. “By the terms of an insurance contract entered into between the parties, the respondents [Summit/Heritage] agreed to insure the buildings etc of the appellant in Freeport, Grand Bahama, against the perils of a hurricane,” Sir Hartman wrote. “A hurricane struck the island of Grand Bahama in 2016, and the appellant [Taino Beach] submitted a claim that was disputed. The dispute concerned the conditional average clause. It was the position of the appellant that it had no notice of the conditional average clause on which the respondents were relying to dispute the amount of the claim. “The respondents claimed they had given the requisite notice and were entitled to rely upon the conditional average clause which, in effect, meant that the appellant was under insured and that affected the amount of the respondents’ liability significantly.” The two sides appointed now-Supreme Court justice, G Dianne Stewart, as arbitrator and asked her to determine as an initial point whether proper notice of the “conditional average clause” was given to Taino Beach in compliance with the Insurance Act. Turning to the relevant part in the Act, Sir Hartman
wrote: “That provision required the respondents [Summit/Heritage], if they intended to rely upon the condition of average clause, to ‘inform’ the insured in writing of the ‘nature and effect’ of the clause before the contract of insurance on which the claim is made was entered into. “At the hearing, it was the case for the insurers that they had, on November 27, 2014, prior to the contract taking effect in January 2016, given the requisite notice by dropping off the notice in a package to the appellant’s place of business in Freeport and leaving it with their receptionist. “Mr Bowleg, of the respondent [Summit], said he had dropped it off and had followed up with Mr Collins of the appellant and, by subsequent e-mail, sought to confirm that the appellant had received the package,” Sir Hartman continued. “Mr Collins initially denied seeing the package and Mr Bowleg followed up with another e-mail confirming that the package was left with the receptionist. Mr Bowleg did not receive a reply to this e-mail, suggesting that Mr Collins collected the package.” Now-justice Stewart, inn a December 29, 2017, ruling found that Mr Bowleg delivered the package containing notice of the “conditional average clause” and its implications, and that the quotes were seen by Mr Collins. However, she then ruled that “this does not mean that he (Mr Collins) would have read the policy or seen the conditional average notice in the policy, which he would have had to have done in order to be notified”. The arbitrator’s findings turned on what the
Insurance Act meant by “informs the insured in writing” of the clause. She ruled that Summit/Heritage had not complied with the law because “the notice was not contained in a separate document” and there was “no evidence that the insured had read or had been asked to read it”. This, though, was overturned by Justice Charles at the Supreme Court, who found the arbitrator’s ruling effectively set too high a bar on this clause’s interpretation. She held that “inform” meant to tell or provide the insured with a written explanation of the conditional average clause and its effect, and felt the two insurers had met the Act’s definition by delivering it to Taino Beach. Delivering his verdict, Sir Hartman wrote: “It would follow that given the finding made by the arbitrator that Mr Collins, notwithstanding his denial, did receive from Mr Bowleg the package containing the notice that explained the nature and effect of the condition of average clause, that the appellant [Taino Beach] did have the requisite notice for the purpose of section 214 of the Act... “However, even if I had come to the conclusion that Justice Charles was wrong to interpret the word ‘inform’ as she did, I would still, on the evidence, have reached the conclusion that the appellant did have the requisite notice. That is because, in my judgment, the arbitrator ignored relevant evidence in coming to the conclusion that she did.” Besides insureds having to sign a form indicating they have received notice of the “condition of average clause”, Sir Hartman explained: “Once the arbitrator formed the view that Mr Collins was untruthful
she was entitled to make other adverse findings against him. “In the circumstances it seemed to defy ‘common sense and commercial reality’ that Mr Collins, a chartered accountant and the comptroller of the appellant, would not have opened and read the content of the package from the insurers once he was made aware of them, particularly given his request to Mr Campbell ‘to sharpen’ his pencil. “Significantly, Mr Collins never said in his carefully prepared written statement for the purposes of litigation that he had not read the contents of that package, for if he had it would have been pellucidly clear that the appellant had the requisite knowledge and notice of the condition of average clause.” Sir Hartman agreed with Justice Charles that the Insurance Act imposed “a low threshold” on insurers, and that they did not have to “go further” - as in this case - and ensure Taino Beach had read it. This, he added, would have contravened a “true construction” of the Act. “The insurer had to show that the document in writing explains the nature and effect of the clause,” Sir Hartman ruled. “Once that has been done the insurer has discharged its obligation. That was done.” He found the grounds of appeal advanced by Raynard Rigby, Taino Beach’s attorney, to be of little merit. Ferron Bethell and Camille Cleare of Harry B Sands & Lobosky represented Summit/Heritage.
NOTICE
Lanepark Investment Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Lanepark Investment Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 12th day of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company