business@tribunemedia.net
THURSDAY, DECEMBER 16, 2021
$5.40
$5.45
$5.34
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$345m NAD debt: No further relief required
BOB to expand branch network
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas’ major aviation gateway is confident it can escape another debt default waiver as it readies for “numbers we’ve not seen for two years” with 6,100 arrivals anticipated this Saturday. Vernice Walkine, the Nassau Airport Development Company’s (NAD) president and chief executive, yesterday told Tribune Business that the strong tourism and aviation traffic rebound meant the airport operator is optimistic it will not have to negotiate further relief from investors who hold $345.157m of its long-term debt. NAD’s just-released 2021 annual report warned that the Lynden Pindling International Airport (LPIA) operator would likely still be in breach of the debt service coverage ratio it agreed with lenders, who financed its redevelopment some 12 years ago, at end-June 2022 and would thus need to obtain another
• Saturday’s 6,100 passengers ‘numbers not seen for two years’ • President optimistic rebound eliminates debt waiver extension • Position contrasts with LPIA operator’s 2021 annual report “waiver” from this condition to avoid a potential debt default. However, Ms Walkine said NAD had revised its financial forecasts and projections based on The Bahamas’ stronger-than-expected tourism and aviation rebound, and now “didn’t anticipate” requiring an extension of the existing waiver when it expires on June 30 next year. “We’ve amended our forecasts over the last couple of months given that we were exceeding Budget estimates quite substantially,” she told
VERNICE WALKINE
SEE PAGE 6
Bahamas provider probed on $77m securities fraud By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS are investigating a Bahamas-based financial and corporate services provider that allegedly helped to conceal and transfer proceeds generated by a $77m securities fraud. Tribune Business can reveal the Securities Commission is investigating after the company, which was not named in legal documents, was said to have been involved in “bogus loans” and generating phoney invoices to cover the true source of the monies it was
purportedly handling on behalf of a Canadian client, Geoffrey Allen Wall. Christina Rolle, the Securities Commission’s executive director, told this newspaper that the Bahamian regulator - which is responsible for overseeing financial and corporate services providers - knew of the allegations made by its US counterpart but declined to comment further. “We’re aware of the matter, but cannot comment at this time,” she said. Both Ms Rolle and the Securities & Exchange Commission’s
SEE PAGE 13
Nassau airport loss up 8-fold to $37.4m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Airport Development Company’s (NAD) net loss rose more than eight-fold to $37.396m for the year to end-June 2021, exposing the full extent of COVID’s devastating travel impact. The Lynden Pindling International Airport (LPIA) operator, unveiling its 2021 annual report, saw the ‘red ink’ soar from just $4.449m the previous year which only suffered a hit from the global pandemic in its final three months. NAD’s total operating revenue plunged 63.4 percent year-over-year, declining from $80.69m for
the 12 months to end-June 2020 (itself a much-reduced figure) to just $29.559m this time around. Income from the passenger facility fee, which is key to servicing NAD’s $345m long-term debt, fell by 72.5 percent or more than $30m to just $12.516m year-over-year,. The significant decline, stemming from border closures, lockdowns and other restrictions that either halted or made international and domestic air travel extremely difficult, helped drive NAD’s total aeronautical revenues to a near 70 percent decline, falling from $64.295m in 2020 to just $19.909m last year.
SEE PAGE 10
• Two New Providence locations by September 2022
BANK of The Bahamas yesterday revealed it plans to buck the industry’s downsizing trend by opening two new branch locations on New Providence by September 2022. Kenrick Brathwaite, the BISX-listed institution’s managing director, told Tribune Business that it will establish a physical presence on JFK Drive “by the six-legged roundabout” as well as a location at the One West Business Park on Windsor Field Road in western New Providence. When asked why Bank of The Bahamas was going in the opposite direction to its Canadian-owned rivals, which have drastically shrunk their Bahamian branch networks amid the headlong rush ti digital banking, he replied that the institution was seeking to raise its profile and “catching up” after going through two two taxpayer-financed
bailouts collectively worth over $267m. Together with the “significant renovation” of its Freeport branch, Mr Brathwaite said Bank of The Bahamas is investing “millions of dollars” in its branch network upgrades. However, he added that this was likely to result in a significant increase in employment as any staffing gains from the new branches are likely to be “offset” by increased automation and efficiency elsewhere in its business. The branch expansion was revealed in Bank of The Bahamas just-released 2021 annual report, which disclosed: “As the bank entered the second quarter of fiscal 2022 [its year-end is June 2022], renovations were well underway for its Freeport branch that sustained damage from Hurricane Dorian in 2019. “With renovations designed and executed by the firm of Bruce LaFleur
SEE PAGE 12
PAGE 2, Thursday, December 16, 2021
Reigniting the debate on Bahamian taxation T
he Bahamian taxation debate is reigniting. The country faces a narrow, and not so clear, path, but will have to confront its taxation regime soon. There is absolutely no way of getting around that fact. Unlike other commentators, I believe the options are wider than those being espoused, even if not all are positive, and the impetus for change will be “internal” rather than “external”. While confronting tax policy does not necessarily mean a change from a regressive system to a more progressive regime, there are public policy issues that - upon careful analysis - will emerge as a result of this. In March 2021, I wrote an extensive piece under the heading A Taxing Affair Ahead. The latter portion of that article dealt with the matter of taxation
policy, and the pressures that could influence a shift to the implementation of personal income and/or corporate income tax. Since then an election has come and gone, and available information suggests there is little or no desire for exploring any other forms of taxation, despite whatever compelling reasons might exist. The big question is whether this position is tenable and, if not, what options are available to The Bahamas in the face of this reluctance. I wrote in March: “In the heights of the [COVID] crisis, a prominent economist first raised the idea of the possibility of The Bahamas entering into an IMF arrangement. The response of the governor of the Central Bank is very instructive. In seeking to assuage the tension created by that statement, he
Hubert Edwards By
declared that before creditors get hurt taxes will be levied (paraphrase). Prominent commentators have outrightly stated that there is a need for income tax, or lament the inequity of the current regressive tax regime or its inadequacy
in financing government programmes. There have been questions posed to policymakers as to whether income tax will be (or at least should be) considered. It would appear that at least in certain quarters the conversation around income taxes is becoming a bit more comfortable, and definitely more serious.” The excitement has since died down with a general acceptance that a major structural adjustment to The Bahamas’ taxation regime is currently off the cards. In my mind, the fundamental issue on which the matter of taxation should turn has not changed. The Bahamas has a massive debt burden, narrow fiscal space and very limited government revenue compared to its debt obligations, together with weakening national infrastructure and increasing demands for public goods and services. The Prime Minister foreshadowed this when he stated his desire to increase government revenue to 25 percent of gross domestic product (GDP). Take into consideration that approximately 18 percent of government revenues go towards servicing its debt. Consider that over $2bn in debt principal is due for repayment within the next two years, and that the current fiscal deficit remains largely unfunded. The question that ought to be troubling our minds is not whether the EU/US/OECD will force the country to adopt corporate income tax, but rather where will the funds come from to honour these obligations, run the country sustainably, invest in infrastructure for future growth and stave off the perennial vulnerabilities that The Bahamas faces. Back in March I said: “It is my view that despite the lack of direct responses from the political directorate, the time is here for a
real shift in the tax regime. The current circumstances [the economic realities of the country] would dictate that we take hold of the “boogeyman bag” [taxation], so as not to bring greater harm to a very vulnerable segment of poor persons. Nevertheless, even if that bag is rejected there may be increases in some other areas if the larger concerns surrounding debt default and entrance into structural programmes are to be circumvented. I believe that in the near term, the future of The Bahamas rests significantly in the strategic moves that will be made over the next few months. It is for this reason that I cite the obvious ‘election season’, given the propensity for shifts in policy positions or delays in making decisions that may be inconsistent with the desired outcomes of parties. It is easy to accept that in close proximity to an election the likelihood of tax increases becomes difficult to imagine.” Leading into the election, both major political parties stated unequivocally that there would be no tax increases with the eventual victor, the PLP, promising to reduce VAT and then actually implementing this rate cut. This signals very clearly how the political directorate is reading the Bahamian appetite for new taxes of any form. The subsequent implementation of the VAT reduction should be instructive. The reality is that, with an eye on the fiscal deficit, any moves that reduce revenue are not on the cards. It is simply not in the interests of The Bahamas at this time to deplete any revenue source. The challenges are real and difficult. One has to honestly and objectively accept that the $10.4bn national debt; the emergence of external pressures; the consistent, debilitating downgrades of the country’s
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creditworthiness; and the tension between party and what is in the best interests of the country, have placed enormous pressure on policymakers to create the correct balance. I opined back then that: “It is also easy to accept that any administration shepherding the change to income tax, or foreshadowing the same, is likely to suffer a significant level of disfavour from the electorate. The possibility, therefore, of any movement in this area within the next 12 months is therefore minuscule. Note, however, that none of the major parties will explicitly state that income tax is off the table. Any such declaration would be outright irresponsible and lacking in careful forethought. The players are aware and, therefore, while I believe they will work hard to find ways not to go this route, they will not be definitive in excluding the option. Ultimately, regardless of the VAT rate cut, the tax suffers important weaknesses when compared to the four principles of a good taxation system - fairness, certainty, convenience and efficiency. Commentators, policymakers and others readily state that the current tax regime is inequitable. We accept this, and the fact it is also insufficient, either in absolute terms or because of the level of effectiveness in its administration. A regressive tax regime in an environment where economic scarcity (persons suffering longer term from economic fall-out) is prominent will always fail to meet the fairness (equitable) criteria.” To fairness, certainty, convenience and efficiency, I now add sufficiency. There is no argument about the current tax regime. It is regressive and, consequently, it is always going to be inequitable by nature.
SEE PAGE 4
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Thursday, December 16, 2021, PAGE 3
CHARTER OPERATOR TO ‘PLEAD CASE’ TO NEW NAD BOARD By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
A PRIVATE charter operator is hoping to meet with the new Nassau Airport Development Company (NAD) Board so he can plead the case for his lease to be reinstated. Cameron Roach, president of Golden Wings Charter, told Tribune Business there has been no further communication between himself and the
Lynden Pindling International Airport (LPIA) operator since he was asked to vacate his hangar at The Bahamas’ major aviation gateway. He is, however, hoping for a more favourable response from the new Board. “Nothing has happened. Nothing has changed. We are out. Just a few days ago I got an e-mail from NAD asking if we were in fact out, because they had said that the mechanics are still in the hangar,” he said. “I told them you told us to stay out, and so we stayed
out and now NAD has to deal with that.” Mr Roach said he and his company had to vacate the maintenance hangar they operated for over 18 years at the Jet Nassau portion of LPIA because their lease with NAD was not renewed. After a lengthy negotiation process that lasted for over two years, no agreement on the renewal was reached “I haven’t heard anything from anybody as of late. No responses from anybody,” Mr Roach added, noting that Golden Wings
left the hangar at the end of November. “As far as I know the new board at NAD has not been formed, so right now nothing is happening at all.” Mr Roach explained that because he no longer has access to the hangar, Golden Wings has to outsource the maintenance of its aircraft to other companies. “This doesn’t affect my charter business in any way as I always do my maintenance on my own aircraft,” he added “We still receive our passengers through Jet Nassau,
which used to be called Executive Flight Support. So we’re still doing that. We just don’t have our storage facility for our maintenance guys to keep our parts to do our routine maintenance. But we’re still operating out there, and then we have to now use somebody else who is, ironically, using our old building because NAD hasn’t kicked them out.” Mechanics are still operating from the hangar, and Mr Roach said: “I’m hoping that when the new Board comes in we can plead our case to the new Board and
see what happens from there. “I don’t think the new Board will ask us for any added assurance. NAD obviously has an agreement with somebody else and they are sticking with that; they are not asking us for anything. “While there are mechanics in the old hangar, I don’t think they are going to be leasing it from NAD. I think there’s going to be another operator like an airline. That is what I was told from NAD.”
Construction urged: Stay ‘optimistic’ on 2022 work By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday urged the industry to remain “optimistic” about its recovery prospects with several major projects due to start next year. Michael Pratt told Tribune Business: “There is the Disney project on the table that’s about to start-up. Carnival Cruise Line is discussing their project. Plus we have a lot of developers coming in and discussing their project that I won’t name because they want to remain private.” “We have a lot of projects on the table. As they get approved that will be how we will be able to count for certain what we have to work with. Everything is still up. We just want to remain optimistic about the future and for the betterment of our economy and our industry.” The construction industry was not hit as hard as other sectors of the Bahamian economy by COVID-19 lockdowns and associated restrictions over the past 22 months. However, it is dealing with the high cost of materials due to global supply chain and shipping bottlenecks that have been
unable to cope with postlockdown demand. Quentin Knowles, the Bahamas Society of Engineers (BSE) president, added: “With the exception of the occasional large residential and custom residential that you see at Lyford Cay and Albany, and a couple of government projects that are under design that will be going out to bid in the next couple of months, and another project out at Jaws Beach, I haven’t heard of too many projects ready to go for next year. I’m not familiar
with any large mega project coming on stream for next year.” Giving his 2022 forecast for the construction industry, Mr Knowles said: “On the construction and installations side of things, things are slow. However, on the consultant side and engineering side, there are some things going on. I really can’t get too deep into it, but I doubt it will be anything like it was preCOVID-19. Some things will happen next year. I am hopeful.”
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THE TRIBUNE
FOUNDATION SEEKS TO AID BTVI’S STUDENTS THE Lyford Cay Foundation’s executive director, Dr Nicola Virgill-Rolle, has met with the Bahamas Technical and Vocational Institute’s (BTVI) president to discuss student scholarships. The foundation has provided scholarships for students to pursue post-secondary education, including technical and vocational scholarships, for almost 30 years. Through its Cutillas Scholars programme,
the Lyford Cay Foundation has also supported students studying at BTVI. During Dr Virgill-Rolle’s visit to BTVI’s Old Trail Road campus, she and Dr Robert W. Robertson, its president, discussed how current and prospective students can be assisted. Dr Robertson said BTVI was proud to continue its partnership with the Lyford Cay Foundation, as its mandate to “educate, inspire and enrich the community
for the progress and betterment of all” fitted well with the institute’s mission “to provide learning opportunities to enable individuals to be globally competitive and economically independent”. Dr Virgill-Rolle also acknowledged the ongoing support of the Lyford Cay Foundation’s board and benefactors, who make it a “lasting source of benefit to The Bahamas”.
PICTURED from L to R are: BTVI’s dean of construction and workforce development, Alexander Darville; BTVI’s vice-president of academic affairs, Dr Linda Davis; Dr Robertson; Dr Virgill-Rolle; and BTVI’s dean of academic affairs, Dr Pleshette McPhee. Pictured are the Lyford Cay Foundation’s’ executive director, Dr Nicola Virgill-Rolle (left) and BTVI’s president, Dr Robert W. Robertson.
REIGNITING THE DEBATE ON BAHAMIAN TAXATION FROM PAGE TWO Other principles in The Bahamas are arguable. Convenience has certainly improved, and is improving, and we are fully aware
of why we pay certain taxes and the basis of payments. Efficiency, though, remains questionable. Are we at our best in administration of the existing tax regime, thereby guaranteeing its
optimal operation? Based on ongoing public pronouncements, the answer appears to be ‘no’. Is the country leaving significant revenue on the table, either uncollected, improperly
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collected or collected and then leached? However that pans out, the result of our perennial fiscal deficits suggests clearly that government revenue and, consequently, the tax regime as currently structure is insufficient to meet the country’s needs. It is for this reason, following recent record deficits, that I put forward the idea that the internal drivers for tax reform are much stronger than the suggestions of external bodies. These were my views in the March piece. “Chief amongst the challenges faced by the country are debt and threats by external organisations,” I wrote. “The state of The Bahamas national debt draws our attention to what could emerge should there be no rebound. As noted above, there have been important questions raised by many about the sustainability of the country’s debt. With national revenues where they are today., and the challenges we have (temporary but there will be lingering effects), creditor demands will at least put adverse pressure on the provision of other public goods and services. In other words, creditors must be paid first as the country will never jeopardise its credit rating by defaulting on debt. That simply does not happen in this region. In the recent Budget presentation, it was revealed that government revenue-to-GDP is in the region of 14 percent. This is relatively low, and definitely an impact from the downturn. However, historically The Bahamas has always lagged its peers in this metric. The longstanding, and recently renewed, discussion has been the need to increase that to 20 percent (the Prime Minister recently said 25 percent). If this is correct and necessary, the
question is how we will get there. One thing I am confident of is that we should all start getting prepared to pay a little bit more. The only way to get there, in the face of all we have discussed to this point, will be through new taxes, unless it can be shown that more effective administration can and will produce the difference between the two yields.” With debt servicing eroding the productive capacity of the current narrow revenue space, we have to come to grips with where we go from here. The path to increased taxation yields is obvious. Recent pronouncements by two influential commentators, James Smith and Gowon Bowe, are instructive, important but largely externally focused. Given my observation that the Bahamian psyche is conditioned to readily reject external pressures, it may be useful to turn the conversation inward for greater effect. To Mr Bowe’s point of failing to protect the financial services industry, to have a clear strategy for the inevitable broadening of any external initiative will ultimately result in reduced revenue. Further, the inability to generate higher levels of government revenue will place debt ratings at risk and increase rollover risk, which is already very high. The regressive tax regime appears to be unsustainable for the future, but a progressive one will be highly disruptive to the country’s value proposition, which is the main concern of Mr Smith. Note, though, that we must accept the ability to fund the current - and any future - deficit is directly influenced by the willingness to demonstrate a broadening of tax revenue. I state none of these points from the perspective of the EU/US/OECD
15 percent minimum global corporate tax initiative. This is all about where The Bahamas is, and what needs to be done to protect and fix The Bahamas. These are concerns that must actively occupy our minds as a country. We must accept that the decisions are not easy by any means. We must further accept that confronting them is an ideal but not mandatory. However, we must also agree and accept that the consequences of whatever actions are taken, or not taken, hold very serious implications for the ambitions of a recovered, resilient and sustainable economy. As an economic organism, everything must and will balance in the end. The simple accounting formula is instructive here - income less expenditure equals surplus/(deficit). In the case of The Bahamas, every point in this formula is dictated by public policy, whether explicit or derived. I anticipate that despite the balancing act required the administration will make the policy adjustments that best serve the country. In Part II, I will consider the major points made in the recent debate around the 15% minimum global corporate tax initiative. NB: Hubert Edwards is the principal of Next Level Solutions (NLS), a management consultancy firm. He can be reached at info@nlsolustionsbahamas.com. He specialises in governance, risk and compliance (GRC), accounting and finance. NLS provides services in the areas of enterprise risk management; internal audit and policy and procedures development; regulatory consulting; anti-money laundering; accounting; and strategic planning.
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Graphic gains from audience conversion G
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a professional graphic designer uses unique callto-action elements that will drive the target client into making a purchase or seeking the service. Consumers tend to feel like part of a brand if you involve them in an activity such as leaving a comment or subscribing to a website’s newsletter. Therefore, you should consider hiring a designer who uses various tactics to attract customers to your brand and promote its awareness to a large number of people. Attract or Chase The quality of your design will either attract a prospective client or chase them away. You might have an excellent marketing strategy, but fail to make a lot of difference if your designs, such as company logos, do not appeal to your target group. There are plenty of free designs available online, which you
SEE PAGE 7
MEMBERS OF THE DIGITAL TRANSFORMATION UNIT
$19m tax breaks among digital ‘major milestones’ THE GOVERNMENT’S Digital Transformation Unit (DTU) yesterday hailed a series of “major milestones” it achieved in 2021, including the processing of $19m in tax breaks via the MyGateway portal. The unit, via a statement, said more than 54,000 persons in 25 countries have signed up to digitally access Bahamian public services with some 40,000 applications processed to-date. This was described as the first steps in placing more than 200 government services online by 2025. It added that some $19m worth of Customs duty and other exemptions have been processed through MyGateway, which presently allows users to access - and pay for, using the Government’s digipay tool - some 35 public services provided by 11 different agencies. The DTU, a unit of the Ministry of Economic Affairs, is responsible for implementing the
Government’s Digital transformation to strengthen competitiveness project, a five-year, multi-million dollar transformation initiative. The objective is to increase the ease of doing business in The Bahamas, especially with the Bahamian government. Elise Delancey, the permanent secretary responsible for overseeing the Department of Digitisation and Transformation, hailed several “major milestone” that were achieved over the past 12 months towards these objectives. Besides the MyGateway portal, she said: “Legislation has been drafted for e-government and to create the Ministry of Information, Technology and Innovation.” Ms Delancey said the partnership with the International Telecommunications Union (ITU), the United Nations’ IT arm, had aided progress on the National Cybersecurity
NOTICE IN THE ESTATE of HENRY GEORGE SMITH, GEORGE HENRY SMITH, late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 16th day of December A.D., 2021, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
Incident Response Team (CIRT) strategy. A national CIRT manager has been hired, and other team members are being “sourced”. Ms Delancey said: “We have completed the second and penultimate draft of the National Cybersecurity Strategy. Work has begun on the National Electronic Identification System.” Discussions have also begun with the police on upgrading the Cyberforensics Laboratory.
Thursday, December 16, 2021, PAGE 5
PAGE 6, Thursday, December 16, 2021
$345M NAD DEBT: NO FURTHER RELIEF REQUIRED FROM PAGE ONE
this newspaper. “We adjusted our forecasts. Based on current forecasts, we don’t need an extension to the waiver. We don’t anticipate we will. “That is good news. It’s not the sort of thing we would normally publicise, but it’s a fact that we don’t anticipate needing an extension as the forecast suggests we won’t need it after June next year.” With international and domestic air travel virtually shut down for significant portions of NAD’s 2021 financial year, which began on July 1 last year, the airport operator’s revenues dried up and it fell into breach of its debt service coverage ratio that requires it to maintain a 1.3:1 ratio as part of the terms that induced investors to help finance LPIA’s $409m-plus redevelopment. The NAD 2021 annual report reveals that the debt service coverage ratio was still off this benchmark at end-June this year, standing at 0.57:1. While the existing waiver negotiated with investors in late 2020 has prevented the LPIA operator from defaulting on its debt repayment obligations to-date, the annual report
was less optimistic than Ms Walkine on the future outlook. “Forecasts prepared by management project the company to be in breach of the debt service coverage ratio covenant beyond the expiration of the current waiver on June 30, 2022,” it said. “This would constitute an event of default under the senior financing arrangements unless a further waiver of the..... covenant is obtained for the period subsequent to June 30, 2022. “The company’s updated cash flows indicate that the debt service coverage covenant is expected to be less than 1.3:1 for each of the consecutive calendar quarters in the period through to September 30, 2022. Management intends to seek a further extension to the debt service coverage waiver...... “In the absence of a further waiver of the debt service coverage ratio covenant, this would constitute an event of default under the senior financing agreements and would give rise to a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.”
The situation prompted NAD’s auditors, PricewaterhouseCoopers (PwC) Bahamas, to flag it as a “material uncertainty relating to going concern”, although it did not qualify or alter its opinion on the financial statements for the 12 months to end-June 2021. However, Mr Walkine’s upbeat assessment yesterday suggested the likelihood of any default, and need for a further waiver, has receded due to the improved tourism and economic outlook. She added that “a lot has happened” since PwC signed-off on its audit on October 5, 2021. The initial waiver was obtained after the thenMinnis administration gave a November 25, 2020, commitment to NAD’s debt holders that it will provide whatever financial support is necessary to ensure the airport continues meeting its financial obligations. Any debt default would have potentially disastrous consequences for The Bahamas’ major aviation and stopover visitor gateway, and cast significant doubt over the future of one of the nation’s key infrastructure assets that plays an essential role in supporting the
tourism industry, the country’s major employer and economic engine. However, Ms Walkine yesterday said she was “almost afraid to say out loud” how strong near-term passenger traffic projections are for LPIA. She questioned whether she was reading the correctly when the forecast of 6,100 passenger arrivals for this Saturday was first made, adding that this brought the numbers back to pre-Dorian and preCOVID levels. “Our hotel partners are telling us, based on what they have on their books, they are projecting occupancies if not equal to 2019 then they might exceed occupancies for the same period in 2019. It’s really good news,” the NAD president said. “We do our passenger projections three days out for all terminals. Our projections for this Saturday are saying we we will have 6,100 arrivals. That, for us, is a huge number. We’ve not had many days where we’ve been over 6,000 passengers since 2019, and then only on certain days of the year.” Ms Walkine said such airline arrivals numbers were only typically seen during peak periods, such as between Thanksgiving and Christmas/New Year’s. “Now here we are, a week before Christmas, and we have 6,100 passengers arriving. We’re optimistic about the short-term position,” she added.
The NAD chief, though, acknowledged that the COVID-19 pandemic and its impact on both The Bahamas and major tourism and aviation source markets - remained the greatest threat to the airport operator’s revival and that of the wider Bahamian economy. Dr Michael Darville, minister of health and wellness, yesterday indicated The Bahamas may adjust its COVID testing procedures for travellers entering this nation in response to the Omicron variant, which could mean reverting to more expensive, less available RT-PCR tests only or narrowing the testing window from the present five days’ before flying. This could represent a deterrent to travel over the Christmas/New Year period, despite the high COVID vaccination rate among US visitors, and Ms Walkine conceded: “The concern is COVID. Through this pandemic, every time you turn around there’s another variant. You worry about the Christmas holiday, people getting together and the impact of another surge and what that might be. “But it looks like December and the first week of January are very strong performing months. For us, if the hotels and large hotels are a good barometer, and I think they are, they are projecting occupancies equal to at least 2019. We’d be very happy with that.
THE TRIBUNE “It suggests we are on our recovery path a lot sooner than the global experts had predicted.” Ms Walkine said analysts had first projected that The Bahamas and wider Caribbean would only see a return to pre-COVID tourism numbers by 2026, before revising this downwards to 2024 subsequently. “The Caribbean has recovered a whole lot faster than the rest of the world, and destinations like The Bahamas - because of their proximity to the US - are recovering faster than the Caribbean on average,” she added. “It’s been a very good few weeks for us starting with the cruise ship home porting in June and July. We’re very pleased with where we are, and hope to continue that trend.” Referring to Saturday’s projected 6,100 arrivals, Ms Walkine said: “Oh my God. I was so excited when I saw it. I said to my team: ‘Did I read that correctly?’ I’ve not seen those numbers for two years. “This virus just keeps evolving, and we have to continue to react, so it’s nice to be in a place where it looks like there’s some stability in the industry and, as an airport serving a tourism destination, to the degree tourism experts are successful in promoting and reminding people why they should come to The Bahamas for a vacation, we are very grateful and optimistic that for the near-term future things are good.”
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Thursday, December 16, 2021, PAGE 7
GRAPHIC GAINS FROM AUDIENCE CONVERSION
FROM PAGE 5 can use at any time to promote your brand, but it is advisable to get customised designs from a professional designer. This prevents you from compromising the credibility of your brand or confusing clients with different generic designs. Graphic Design and Marketing A graphic designer uses colours, diagrams, shape and photographs to communicate with prospective customers. The use of various designing tools and software, such as Corel
Graphics Suite, Photoshop, Adobe InDesign and Illustrator, have simplified the design process while the availability of different marketing mediums such as websites, social media, digital and print media have made it possible to convey messages consistently and graphically. This has allowed brand ambassadors and business owners to show off their brand to a large client base. Below are some of the reasons for considering graphics in marketing today. Enhance Appeal
Products
A graphical image is highly likely to spark interest and remain in the brain for a longer time than a text. Technology exposes consumers to many products and brands, thus increasing the competition for services. You have to use all means possible to enhance your company’s visual appeal and competitiveness in the market. Easier Dissemination of Information It is no secret that we live in a busy world where people scroll through thousands of images without giving a detailed look. A
Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
catchy design will attract and convey a message to a large population, while boring content might end up ruining your brand. Marketing focuses on increasing brand awareness and developing customers’ trust in your items, which helps if you intend to reach a large number of clients. Credibility and Professionalism Graphic design is an important aspect of
marketing, and it is wise to always use high quality and professional designers for your brand if you intend to convert your audience into repeat customers. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is
a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.
PAGE 10, Thursday, December 16, 2021
THE TRIBUNE
NASSAU AIRPORT LOSS UP 8-FOLD TO $37.4M FROM PAGE ONE Total commercial operations revenue also fell, albeit by slightly less, suffering a 41.2 percent decline to $9.65m compared to $16.395m the year before. While the various COVIDrelated closures and restrictions saw NAD’s operating expenses fall by nearly 60 percent, to $12.162m as opposed to $29.99m, operating income finished down 65.7 percent for the year at $17.397m. Walter Wells, who has since stepped down as NAD chairman following the recent general election, wrote in the annual report that the airport operator had endured an up-and-down year that was dictated by protocols and measures to mitigate COVID-19’s spread. Recalling the initial tourism relaunch, which coincided with the start of NAD’s financial year on July 1, he wrote: “We saw a soft rebound in overall numbers in July 2020 with a total of 30,176 passengers travelling through our facilities. “This amount doubled the total passengers processed between April to June of 2020. However, the numbers were still down 85 percent from the same period in fiscal year 2019. During the previous peak summer travel period, LPIA processed more than 200,000 in July 2019.” The Bahamas subsequently closed its borders again as a result of the COVID ‘second wave’, and NAD’s passenger numbers were “down more than 90 percent year-over-year” heading into its second quarter, which contains the October-December period including Thanksgiving and Christmas.
“The pent-up demand by passengers in our traditional markets and amended travel protocols contributed to a slight bump in traffic in the second quarter. A total of 53,020 travellers were processed at LPIA between October and December 2020 compared to more than 450,000 travellers for the same period in 2019,” Mr Wells added. NAD then received a further boost from the Royal Caribbean and Crystal Cruises home porting in Nassau. “In June 2021, LPIA passenger numbers topped 100,000 for the first time since the onset of the global pandemic,” he said. “By the end of the fiscal period, our industry saw some signs of recovery. Seat capacity grew from the third quarter to the fourth quarter, up 36 percent. In addition to all existing airline partners returning to service during the fiscal period, LPIA welcomed new service by Frontier Airlines in June 2021. Our tourism partners also announced plans for Virgin Airways to commence new service to London in the fall of 2021.” Vernice Walkine, NAD’s president and chief executive, revealed that the airport operator had installed more than 250 protective COVID barriers where passengers and staff interacted in a bid to keep The Bahamas’ major gateway as safe as possible. “The Ministry of Tourism & Aviation worked directly with cruise lines to facilitate home porting from Nassau/ Paradise Island, with the first passengers scheduled to arrive in June 2021,” she added. “We seized the opportunity and, in the first month, passenger movement at LPIA was up more than 620 percent
year-over-year from June 2020. We also recovered more than 50 percent of the traffic seen in June 2019.” NAD staff had to work reduced periods, and at lower pay, during the height of the COVID-19 pandemic and associated restrictions. “With mounting uncertainty in the industry and drastically reduced revenue for a prolonged period, we found ourselves in a tenuous financial position,” Ms Walkine wrote. “During this time we called on our team members, asking them to make tremendous personal and financial sacrifices as the company navigated its way through the pandemic. As an executive management team, we made it a point to have one-on-one conversations to check-in with team members, thanking them personally for their commitment to this airport and to what we have built here at NAD.” NAD’s financial statements show it twice took advantage of the Government’s tax deferral and credit initiative to support its payroll, obtaining a $300,000 non-reimbursable VAT credit for both its 2020 and 2021 financial years. The first was spread over the April to June period, at $100,000 per month, with the second structured similarly over the July to September quarter. The airport operator was also able to reverse $2.8m in previously recorded loss provisions on its accounts receivables after the Government paid down its $10m debt by $9.1m via two payments, one worth $4.5m and other some $4.6m. They were paid within a week of each other, on October 13 and October 2020, respectively.
THE TRIBUNE
BAHAMIAN COUPLE FINISH THIRD IN BTC COMPETITION A BAHAMIAN couple won third place in the recent regional Business InKnowVation Pitch Competition staged by the Bahamas Telecommunications Company (BTC) and its Caribbean affiliate. Business partners Philip and Denise Poitier, owners of Caribay Cuisine, stood out from among more than 230 businesses competing to win more than $15,000 in cash and prizes. Six finalists were selected to pitch their businesses to a panel, with only the top three awarded major prizes. Caribay Cuisine began as a gourmet delivery catering service, and has evolved into a digital cooking experience attracting both locals and tourists. Andre Foster, BTC’s chief executive, said: “I am really happy for Caribay Cuisine and for all of the other competitors in our recent pitch competition. “Every year we think of new ways to support our small business customers, and we were really encouraged by the amount of businesses taking part in our inaugural competition this year. With the cash prize from their win, Caribay Cuisine is now able to purchase the home vlogging kit they needed to further promote their business. “They also received one-year of free broadband service with 600 mpbs (megabits per second) of speed, a suite of BTC smart solutions, business coaching and a video commercial.
We had over 230 small businesses all vying for top prizes, and the opportunity to have their businesses showcased on a broader scale,” he added. “We were really happy that one of the winners came from The Bahamas. In addition to this big win, Philip and Denise recently welcomed a new baby girl to their family, and we’d like to congratulate them on behalf of the entire BTC family.” Mr Poitier, Caribay Cuisine’s co-owner with his wife, said: “Right after the birth of our first daughter, we started the first gourmet delivery service in Nassau. Our first dish special was lasagna with pound cake and lemonade. “We started with $36 in the business, and today we’re almost 30 times’ our initial deposit capital in the business. Since then we moved to an online and boutique catering company, catering to up to 250 persons. “We are one of the first and only micro gourmet catering companies in The Bahamas, and we also do Airbnb online experiences for tourists to teach them how to cook. We were really excited about participating in the pitch competition and extremely excited to be one of the winners.” To enter the competition, small businesses were invited to share their best ideas and innovations. They were also asked to showcase how to use digital tools
and technology to grow their business, and how they would contribute to the community. Entries were judged by a panel that included Nicolas Colette, chief commercial officer for business-to-business (B2B) at Cable & Wireless Communications (CWC), BTC’s immediate parent; Mr Foster; K. Teneile Simmons, BTC’s small and medium business lead; Waldon Russell, chief executive, Bahamas Chamber of Commerce and Employers Confederation; and Knolly Moses, chief executive, Panmedia, on behalf of REVUP. “We’re focused on providing fast and reliable business connectivity for our customers with a suite of new smart solutions, including the creation of customised websites with online stores free of charge
for our customers,” Mr Foster added. “BTC is committed to keeping businesses thriving and growing, and we’re here to help our small, medium and enterprise customers come back stronger and more connected as they rebound from the global pandemic.” The first place winner was Outland Hurders from Jamaica, a farmstead creamery and producer of artisanal cheeses. The second place winner, Allegori, hails from Trinidad and Tobago, and is a neurotherapy company which specialises in focus issues, pervasive anxiety and insomnia. The competition was part of Flow & BTC’s Business’ annual InKnowVation conference geared towards small businesses. The fourweek conference was held each Friday in October.
Thursday, December 16, 2021, PAGE 11
PITCH WINNERS: PHILIP AND DENISE POITIER This year, Barbados, Trinidad and Jamaica were added to the line-up. Recording artist, activist and motivational speaker, Alison Hinds, headlined the Barbados event, and Tricia Coosal, president of TT Manufacturers Association, was the keynote speaker
for Trinidad. Recording artist, song writer, TV star and entrepreneur, Grace “Spice” Hamilton, was the keynote speaker for Jamaica, and the conference ended in The Bahamas featuring storyteller, coach, motivational speaker and attorney, Natasha Mayne.
PAGE 12, Thursday, December 16, 2021
BOB TO EXPAND BRANCH NETWORK FROM PAGE ONE
and Associates, the branch is expected to set a new, spectacular standard for customer experience and completion is anticipated by December 2021. Meanwhile, the Board of Directors has also approved the addition of two new branches in New Providence.” Contacted by Tribune Business, Mr Brathwaite
said Bank of The Bahamas will be leasing - rather than owning - the real estate for those two branches. He added that the JFK Drive property is presently being constructed by Sunshine Holdings, which is chaired by Sir Franklyn Wilson. “There’s one at JFK, which is on the six-legged roundabout,” he disclosed. “You’ll see the structure going up now. We have
a sign saying that we’re coming. We’re not making a big deal of it. The other one will be out west at One West Business Park, which is just before you get to Charlotteville. It’s part of the complex there now, and we expect it will be ready in a maximum of six months.” As for JFK Drive, the Bank of The Bahamas managing director said it was targeting September 2022
Shell Western Supply and Trading Limited
Regional Team Leader – LATAM (Latin America) The RTL LATAM (Latin America) Crude Trading and Supply in SWEST (Shell Western Supply and Trading) offers a unique opportunity to apply in parallel the strong commercial and trading skills set developed during the incumbent previous trader’s experience whilst developing strong leadership attribute. As a leader the RTL will be managing a diverse and highly competent staff in Front Line Trading (Traders and analysts) . The incumbent will have an active role in the SWEST LT (Shell Western Supply and Trading) and therefore will have to manage his/her time effectively to be able to handle the new level of responsibility and exposure inherent to the role. The successful candidate will sit on the Board of Directors of SWEST (Shell Western Trading and Supply). This position will be responsible for leading a trading to deliver on of the highest NIBIATs for T&S Crude Trading, stemming from some of the most complex (high risk region), multi-stakeholder (internal and external), and resource intense (structured trade finance) deals in the Trading & Supply network. Additionally, the incumbent will have to demonstrate his/her ability to work collaboratively an act as a role model with all support functions within Trading and Supply. The job will require significant travel especially to some of the high-risk countries due to overarching geographical remit. RESPONSIBILITIES • Delivery of value through trading strategies (on Business Development, front line trading and analytical capacity) in excess of USD 500m NIBIAT per year. • Lead a team of traders and analysts. • Provide support and coaching whilst leading by example. Engage profoundly in the development of trading talents for the future generation for Trading & Supply Crude through the sponsorship of the Trader Development Program (TDP) process but also by being on the look-out for new talents internally as well as externally. • Lead, develop, enhance, and maintain outstanding internal and external relationships at business levels. In developing such relationships fulfil the most trusted partner ambition. Developing and managing third party relationships effectively in a highly fragmented, competitive and diverse region will be of paramount importance to sustain and grow the business. • Be a role model within T&S for Compliance and Safety, particularly considering the complexities and sensitivity due to known high risks of the region. • Instill a very strong culture of controls (no late deal entry, deal rationale, 100% compliance training, CLEs, etc) both in front line trading as well as in Business Development (global funnel, communication between teams, etc). • Work in close collaboration with the Business Development teams to deliver the deals of tomorrow. Always entice the team of trader to openly engage with their peers in that team. • Identify, promote, create and instill a culture of profound creativity aiming at continuously reinventing the crude trading business whilst finding profitable solutions to meet customer’s needs. • In a professional and respectful manner, aim at elimination any inefficiencies which get in the way of achieving the best outcome for RDS. Seek and ask the relevant support in doing so • Understand and manage professionally and soundly all risks associated with the LATAM Crude book (credit, compliance, HSSE, price, pricing…). • Provide pro-active input and take ownership of all the NBPs/GIPs which relate to the LATAM crude business. EXPERIENCE AND QUALIFICATIONS: • Minimum requirement of a bachelor’s degree in a related field such as Finance, Economics or Engineering. • At least three years of frontline trading or chartering experience required for this role. • Previous experience in a trading or supply organization is required for this role • The candidate should ideally be fluent in Spanish. • A profound understanding of Crude Trading and Supply business is critical for success. • Actual experience in LATAM Trading is a must due to the complexity of the crude book and the many exposure it does generate. • Sign of strong leadership potential is important as this position will lead a team of 6 experienced, highly skilled and divers in profile traders. • Very strong interpersonal skills. Ability and experience in liaising with a variety of stakeholders both internally and externally is crucial. Well established external relationships will be necessary to sustain and further grow the business. • Some countries within the LATAM jurisdiction are deemed to be of very high risk from a compliance and HSSE perspective. It is therefore very desirable to have had proven experience, and extreme diligence, in managing business in the region. Apart from commercial expertise, understanding of governance and legal framework knowledge, and cultural awareness of the region is important to be able to steer growth strategy and at the same time mitigate risks. • Responsible directly for a bottom line of NIBIAT USD 500m+ per year for Crude Trading and Supply as well as co-managing (together with Finance) the existing debt (structure financing deals) To submit application for this role please send a CV to the following email: HR-Advice-Bahamas@shell.com on or before Thursday 23, December 2021.
for an opening. Between the two new branches, and the “facelift” to the Freeport site that it owns, Mr Brathwaite said the BISX-listed institution will be investing “millions of dollars” in an element of commercial banking many competitors have been exiting. Asked why Bank of The Bahamas has elected to go in this direction, he explained: “We had a bad stretch leading into 20172018. Our strategic plan calls for the strengthening of our structures, which means everything physical and IT system structures, and personnel. The other banks have had a long run where they have not had disruption in certain things. “We’re basically catching up. The Canadian banks’ model and philosophy are completely different from local [Bahamian-owned] banks. That’s not as model we’re going to adopt. The other banks have not adopted that model. The local banks will always have to invest in this country because we know we’re here for the long-term.” The two new sites will take the number of Bank of The Bahamas branches on New Providence to six, and its nationwide network to 14. However, Mr Brathwaite said it was “hard to say “ how many jobs will be created by the expansion. “We’re also investing in infrastructure which brings a lot of efficiencies and automation,” he explained. “It’s
THE TRIBUNE hard to say whether that will offset staffing needs or means we will transfer staff to open the new branches. “I don’t think the number will be high because there’s a level of attrition we have to adjust to because of automation and efficiency. That will offset against any additional staff we’re going to require.” As for the Freeport renovations, Mr Brathwaite added: “We’re a bit behind schedule because of COVID-19 and the supply chain cut-off, but we expect that to be completed by February. We’re doing significant renovations to that entire building. “That project has been going on for a little over a year, and Freeport is part of our strengthening move. We’re talking about improving our overall profile, and that is part of that as well.” Mr Brathwaite said Bank of The Bahamas is aiming to complete the initial phase of its strategic plan, which requires it to lay the foundations for sustainable future growth and profitability, by June 2022 via enhancements to online banking for corporate and individual customers as well as automating internal processes. Wayne Aranha, Bank of The Bahamas’ chairman under the Minnis administration, wrote in the annual report: “In the past year, the bank began the process to fully automate its loans processing and delinquency management systems, a new portfolio of EMV chip prepaid and credit cards was launched, and the range of electronic banking services available through our
online banking platform was expanded. “I am also pleased to report that the second phase of the ATM (automated teller machine) expansion programme was completed. This phase included the deployment of five new off-site ATMs in New Providence and, for the first time, an ATM installation in Kemp’s Bay, Andros. “In fiscal 2022, the journey continues with the imminent launch of Contactless chip prepaid and credit cards, a new corporate website inclusive of online applications, and a new corporate online banking platform and mobile app, as well as the launch of a debit card.” Mr Brathwaite, expanding on these developments, said the bank’s credit card portfolio was smaller than it should be but it wanted to finish the development of the contactless chip cards before “jumping full force” into this segment of financial services. “We expect contactless to be finished by mid-January,” he told Tribune Business, “and after contactless we’ll talk about the expansion of the credit cards. As soon as contactless is finished we will go full force into debit cards and the expansion of the credit card portfolio. “We’re talking about a new credit card including rewards. I think our credit card portfolio is a bit lower than it should be. We don’t want to jump into that market until we finish the contactless part of the security feature. That will allow us to jump full force into debit and credit cards.”
THE TRIBUNE
Thursday, December 16, 2021, PAGE 13
BAHAMAS PROVIDER PROBED ON $77M SECURITIES FRAUD FROM PAGE ONE
illegal securities transactions known as “pump and dump” schemes. The “Sharp platform” was an entity that facilitated “illegal securities sales” for the Canadian, his coconspirators and others by hiding their control of illiquid penny stocks, whose values they inflated via false and misleading promotional statements before subsequently dumping the worthless shares on unsuspecting victims. “Wall’s requests for such external transfers, for example, often directed the Sharp Platform to send Wall’s illicit proceeds to a Bahamas-domiciled corporate and financial services firm of which he was a client,” the SECD is alleging. “The Sharp Platform, throughout the years, sent these payments from an array of foreign bank accounts it controlled in the names of various front companies it had established, and that it used to
(SEC) prosecuting attorneys declined to name the Bahamian financial services provider involved - a possible sign that it might be co-operating and helping to provide evidence. James Smith, the SEC attorney, said he could not comment outside the filings. The legal papers, filed in the Massachusetts federal court, are concerning enough as they imply that the Bahamian provider was effectively involved in money laundering - knowingly or otherwise - by helping Mr Wall conceal the origin of proceeds from purported securities frauds. The documents, which have been seen by this newspaper, assert that Mr Wall transferred funds from the so-called “Sharp Platform” to the Bahamian company, which represented proceeds from
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MCDONALD CADET of East Street, Nassau, Bahamas, intend to change my name to McDONALD: CADET. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BERNARDO GREEN of #500 Hawaii Avenue, Freeport, Grand Bahama, intend to change my name to BERNARDO GREENE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that JEAN RIGUAD JOSEPH of Carmichael Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE INTEGRATED DATA PROCESSING AND PAYMENT SYSTEMS INC. 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 1st day of December, 2021. Beryn Neeley Liquidator of INTEGRATED DATA PROCESSING AND PAYMENT SYSTEMS INC.
park stock, sell it on its clients’ behalf, park proceeds thereof, or all three. These transactions were variously and falsely described. “For example, in November 2016, a Sharp vehicle transfer of $85,000 to the Bahamian firm was papered as proceeds of a loan from the Sharp vehicle to the Bahamian firm, complete with bogus loan documents,” the SEC charged. “Other times, Sharp vehicle transfers to the Bahamian firm were supported by invoices for services supposedly provided by the Bahamian firm to the Sharp vehicle sending the wire, such as ‘international consulting services’ (in the case of an August 2015 wire), and ‘provision of three months of services relating to the sourcing of
IPO opportunities’ (in the case of a June 2017 wire). “In many cases, shortly after such transfers were made, at Wall’s direction, to the Bahamian firm, the Bahamian firm, in turn, wired funds to people close to Wall, including his wife, his adult daughter, and his family. For example, in May 2015, the Bahamian entity transferred $700,000 to the Wall Family Trust.”
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394
NOTICE NOTICE is hereby given that PETION FRANCOIS of Carmichael Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that HERMANA JOSEPH of 2nd Miller’s Height , P.O. Box AP59223, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Wall was also referred to as “Bahamas” in encrypted communications that took place between himself and the Sharp Platform. Describing Wall as a resident of British Colombia, the SEC added: “Wall has been associated (as a
stockbroker) with foreign brokerage houses, including a firm in The Bahamas.” The latter firm was also not named, and it is unclear if that is the Bahamian financial and corporate services provider also referred to.
NOTICE NOTICE is hereby given that GERANIE PIERRE of Taylor Street off East Street, 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 16th day of December, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, December 16, 2021, PAGE 15
AP SOURCE: BIDEN, MANCHIN SHARPLY DIVIDED OVER $2T DEM BILL By ALAN FRAM Associated Press WASHINGTON (AP) — President Joe Biden and Sen. Joe Manchin were said to be sharply divided Wednesday over Democrats' huge social and environment bill, with the holdout senator pushing to erase the measure's improved child tax credit, as leaders' hopes of passing the legislation before Christmas appear
to be fading away. The rocky status of their talks, described only on condition of anonymity by a person familiar with the talks, was among several indications that Senate Majority Leader Chuck Schumer faces a struggle to even begin debate on the massive measure before the holiday. Schumer, D-N.Y., has set a goal for passage of the 10-year, roughly $2 trillion measure by Christmas, in hopes of finally
concluding his party's eight months of infighting over the package.Many Democrats consider the expanded child tax credit the bill's chief weapon in their effort to reduce child poverty, and one of the provisions most responsible for largely unifying Democrats behind the legislation. Manchin told reporters that assertions he wants to strip the child tax credit provisions were "a lot of bad rumors," adding that
he's "always been for child tax credits." Asked if he backed one of the bill's child tax credit improvements — monthly checks sent to millions of families — he said, "I'm not negotiating with any of you." In another factor clouding the bill's prospects, Biden suggested that Senate Democrats should instead prioritize voting
rights legislation, a primary party goal that Republicans have long stymied. Democrats face an uphill fight on the voting measure, but focusing on it would let them wage a battle that energizes the party's voters while lawmakers work behind the scenes on the social and environment bill. Asked whether Congress should quickly consider the
voting legislation and delay the $2 trillion bill to next year, Biden told reporters, "If we can get the congressional voting rights done, we should do it." He added, "There's nothing domestically more important than voting rights." Biden spoke as he toured tornado damage in Dawson Springs, Kentucky.