12172018 BUSINESS

business@tribunemedia.net

MONDAY, DECEMBER 17, 2018

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Govt says: We’ve accepted 80-90% of non-profit needs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government believes it has “accommodated 80-90 percent” of non-profit concerns over plans to regulate the sector, although it remains on a collision course with the church.

Carl Bethel QC, the attorney general, told Tribune Business that the Christian Council and Bahamian churches were seeking “a complete exemption” from the NonProfit Organisations Bill and its provisions despite his agreement to make the legislation less onerous and “more user friendly”.

Speaking following his meeting with the council and church leaders on Friday, Mr Bethel said they cited one other jurisdiction that had developed a law exempting the church from such regulation, arguing it as established a precedent to justify their demands.

The attorney general, though, described the church’s viewpoint as an “unsustainable position”, adding that the information he possessed contradicted their assertions. While agreeing that one country had drafted such a law, he added that it never been brought to Parliament or passed on to the statute book.

“What we have done is drafted a series of amendments that will remove the bulk of their concerns, save for this one issue of complete exemption for the church,” Mr Bethel told Tribune Business, “which in my view is not a sustainable position. But we’re assessing to see what other jurisdictions did with it.

“We had, I think, very constructive meetings with the church, Christian Council and also civil society. We’d already gone through the civil society bit and proposed a number of amendments that we think will make the bill more effective in terms of making it more user friendly and are broadly acceptable to all parties.

“The church is seeking either a complete exemption, and they are saying there is some law in one other jurisdiction that

SEE PAGE 4

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‘Crazy’ Abaco property tax bill fears resurface

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

EALTORS are warning that “absolutely crazy” real property tax valuations and billings are again threatening to undermine Abaco’s vital second home/property market.

Tribune Business has seen several examples in recently-issued 2019 billings where the Department of Inland Revenue has valued land up to four times higher than it is actually worth, or been sold for, with tax billings similarly exorbitant.

Some have complained about a 500 percent tax hike in just three years With many investors feeling that the Government failed to address a similar outcry last year, many professionals who rely on

* Investors complain of 500% hikes * Realtors: Land four-times over-valued * Govt: No sign of ‘systemic risk’ Abaco’s real estate industry for their living are urging the Minnis administration to again sit up and “take note” given the potential reputation damage to The Bahamas - and loss of business in a key sector - from sudden, unexplained tax hikes.

While the budgetimposed rise in the property tax rate on vacant land, from 1.5 to two percent, may partially explain the increased taxes, many realtors have told this newspaper that the valuations underpinning these billings are “totally out of whack” with market realities.

One investor, who last year sold a lot in Abaco’s Casuarina Point to

a Bahamian for $50,000, and is still being billed by the Department of Inland Revenue for 2019 taxes, received a bill valuing the property at $203,762 - a more than four-fold increase on the purchase price.

“It seems that the Bahamas tax situation continues to get weirder and weirder,” the investor wrote to one Abaco-based realtor. “Yesterday in the mail we got a bill for our 2019 taxes on the Casaurina lot... which, of course, we no longer own. Not really all that odd, as I know that paperwork in Nassau takes forever to get filed and processed, but I thought I’d let you know about it.

“The really strange thing is that the 2019 bill is $4,035, up from $2,559 in 2018. There appears to be no arrears on the bill, so the new taxes went up another $1,500? OMG.. foreigners are going to be fleeing! Did the tax rates go up as well and the assessments? Crazy!!!” Realtors told Tribune Business this lot was worth $60,000 at most.

Similar tales have already started trickling in as 2019 real property tax bills arrive in overseas mail boxes.

Another investor, complaining of a 500 percent hike in their tax bill over the past three years, wrote: “I am checking to see if there has been any interest in the sale of our property.

We are very concerned about the taxes that we are incurring.”

THE Government has eliminated the need for companies to provide upfront proof of National Insurance Board (NIB) compliance before they can obtain business licence renewals.

Marlon Johnson, pictured, the Ministry of Finance’s financial secretary, confirmed to Tribune Business that the Minnis administration has ended “one of the major issues of contention” for the private sector in time for 2019’s renewals.

He warned, though, that companies are “not off the hook” when it comes to being current with NIB contributions, as compliance checks have now moved “from the front end to the back end”.

Mr Johnson said the ministry remains firm in not issuing business licences to firms that are delinquent

on their social security contributions, and promised that the Department of Inland Revenue will be constantly checking with NIB to identify those that are non-compliant.

He spoke out after Tribune Business was informed that NIB was telling businesses who approached it that they no longer need to obtain “letters of good standing” to accompany business licence renewal filings and payments.

Rick Lowe, Nassau Motor Company’s (NMC) operations manager/director, told Tribune Business:

SEE PAGE 9

FUEL UP, SWIPE & WIN CASH & PRIZES!

Christmas lights up for 15,000 BPL customers

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

CARL BETHEL, QC to-date to pass legislation for its oversight.

The Non-Profit Organisations Bill, which was supposed to be passed by the Senate today, has now been postponed until January 2019 after Mr Bethel agreed to make substantial revisions to the legislation following meetings with the churches and non-profit/ civil society groups on Friday (see other article on Page 1B).

The attorney general subsequently told this newspaper he was confident the two sides were closer

SEE PAGE 5

SEE PAGE 9

SEE PAGE 8

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE attorney general will today unveil “the first positive news for financial services in a decade” by revealing that The Bahamas’ compliance with global anti-financial crime standards has been upgraded.

Carl Bethel QC told Tribune Business he will inform the Senate that the Financial Action Task Force’s (FATF) Caribbean affiliate has positively re-evaluated this nation’s adherence to its 40 “recommendations” or technical standards - for combating money laundering and terrorism financing.

He added, though, that the re-rating again highlighted the “urgency” for regulating Bahamian non-profit organisations (NPOs), describing the sector as “an enormous black hole” that had prevented this nation from receiving an even higher upgrade due to the failure

DR DONOVAN MOXEY

AROUND 15,000 Bahamas Power & Light (BPL) customers will be able to benefit from the utility’s offer to help keep their lights on over Christmas, its chairman believes.

Dr Donovan Moxey said its offer, which is only available for December, will allow customers more than 60 days in arrears to pay 25 percent of their outstanding arrears balance

by December 21 to avoid disconnection.

“Additionally, those customers of BPL who have services interrupted can be connected in time for Christmas if they pay 25 percent of their existing outstanding bills on or before the close of business on December 19. BPL, as a corporate citizen, recognises that it must do its part in the festive season and, as such, we are making this offer to our customers,” said Dr Moxey.

“BPL does have an existing payment plan where that 25 percent is required up-front in order to take advantage of that plan.

Those customers who take advantage of the offer in December, and want to come back in January and take advantage of our payment plan, won’t have to pay a second 25 percent. They can simply use what they have paid in the month of December in order to take advantage of the payment plan moving forward.”

Dr Moxey added: “I believe that we have about 4,000 or 5,000 people who are currently disconnected, and 7,000 to 8,000 or more who are in arrears. We are probably looking at about 15,000 who can qualify for this programme.”

Meanwhile, BPL is still awaiting final reports from its insurers over the

No more NIB letters ‘First positive financial for business licence sector news in decade’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Monday, December 17, 2018

THE TRIBUNE

Doctors Hospital names new chief finance officer DOCTORS Hospital has named former KPMG executive, Dennis Deveaux, as its chief financial officer.

“We are excited to have Dennis join the company, as we continue to grow and transform Doctors Hospital for the future,” said Charles Sealy, the BISX-listed healthcare provider’s chief executive.

“His strategic, financial management and analytical skills are exactly what is needed to help us continue to position Doctors Hospital as the premier healthcare institution in

the region, making it a top choice for patients, skilled healthcare workers and physicians. We especially expect that Dennis will further enhance our capacity to continue to provide positive returns for shareholders.”

In his new role, Mr Deveaux will oversee the financial affairs and operations of Doctors Hospital. He will take charge of financial reporting/ accounting, patient finance and insurance services.

He will also work with the hospital’s executive

DENNIS DEVEAUX

leadership team to plan, develop and implement growth strategies, and oversee the company’s management information services (IT) department.

Mr Deveaux will also sit as an ex-officio member of the board’s finance/audit committee.

“I am pleased to join Doctors Hospital at such a dynamic time for healthcare in The Bahamas,” said Mr Deveaux. “Our patients expect a premium healthcare experience, which requires that we continue to make judicious and strategic investments in delivering high quality, technology-enabled care.

“As chief financial officer, the quality and safety of patient care will remain paramount as we seek strategic expansion opportunities in a wide range of areas, including advanced imaging, pain management, extended care and emergency pediatrics.”

Prior to joining Doctors Hospital, Mr Deveaux led KPMG’s Bahaman management consulting and data and analytics team.

He directed a variety of large-scale and strategic engagements, including

work in the public and private healthcare sector.

Mr Deveaux also previously worked at a director level for Toyota’s material handling business in the US, where he led the $3bn operational finance and accounting function, and had direct oversight for the division’s strategy development. He also lived in Japan for four years, where he led various planning activities on a global level.

Mr Deveaux holds a Bachelor of Science degree in business administration (finance concentration) from Fisk University, where he earned summa cum laude Latin honours.

At Fisk, he also served as president of the Student Government Association and member of the 2004 University Board of Trustees - the first Bahamian to ever hold such a post.

He went on to earn a master of business administration (MBA), with an emphasis in international business, and a master of science degree in finance, both from the E Phillip Saunders College of Business at the Rochester Institute of Technology.

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THE TRIBUNE

Monday, December 17, 2018, PAGE 3

HACKERS BRAGGING ABOUT CENTRAL BANK TAKE-DOWN HACKERS are bragging that the Central Bank of The Bahamas’ website was an “easy target” for them to take down, although the regulator says the attack was “stabilised in less than 24 hours”.

John Rolle, the Central Bank’s governor, also disputed suggestions that the attack on its website was a “hack”, describing it as a “denial of service” event” that struck between

JOHN ROLLE

Wednesday and Friday last week.

“We did experience a denial of service event on our website, but it should not be characterised as a ‘hack’,” Mr Rolle wrote in a Tweet that was distributed

by Central Bank public relations executives. “The site was stabilised in less than 24 hours. There was no cover-up. All of our staff were informed, and service to the public was not

materially affected.”

But the hacker allegedly responsible, named ‘Shizen, openly boasted to the website, Rogue Media Labs, that the Central Bank of The Bahamas website was vulnerable because it lacked basic security measures.

“The Central Bank of The Bahamas is an easy target,” ‘Shizen’ was quoted as saying. “The website is protected by Cloudfare, but

as long as the DDoS (distributed denial of service) doesn’t exceed the 1 TBPS limit.

“I have attacked with a Python script. The website has been taken down for 28 hours before it changed over to Cloudfare. Now, if you make a check-host, you can see an error ‘503 Service Temporarily Unavailable’. The website now works because they have changed the Cloudfare, so I

think I’ll try to take it down next with an IRC Botnet or an MIRAI next.”

The Central Bank’s website was still operating with the enhanced Cloudfare protection as of yesterday.

The Rogue Media Labs article criticised the site for failing to install an active SSL certificate, adding that “its front-end still suffers from a lack of basic and fundamental security measures”.

BAHAMAS IN MULTIPLE AVIATION AGREEMENTS THE Bahamas last week signed multiple aviation agreements in a bid to stimulate increased airlift that will drive economic and tourism growth.

Dionisio D’Aguilar, minister of tourism and aviation, said in a statement that The Bahamas signed ten Air Services Agreements (ASAs) and seven Memorandums of Understanding (MoU) with other countries at a major aviation conference held in Kenya.

He indicated that the MoUs signed with Turkey and the Netherlands were the most significant, with the former “designating Turkish Airlines to fly officially to The Bahamas”.

The latter deal involves code-sharing, an arrangement where The Bahamas and the Netherlands will market and list each other’s flights in a reservation system under each other’s names.

Mr D’Aguilar, speaking to the outcome of ICAN 2018, a conference organised by the International Civil Aviation Organisation (ICAO), said the agreements signed by The Bahamas were designed to eliminate the costs and bureaucracy faced by other nations in establishing air services to this nation.

“Attending this conference and signing these agreements is an efficient and cost-effective way to facilitate the commencement of air service to The Bahamas by airlines domiciled in the countries with whom the agreements were signed,” Mr D’Aguilar said.

“These air services agreements provide financial incentives and internationally-agreed rules and regulations which govern how a foreign carrier from a specific country can provide service to The Bahamas, either directly or via a code

share arrangement.

“As a result, when a foreign carrier expresses an interest in commencing air service to The Bahamas, the regulatory regime is already in place and service can commence expeditiously without undue bureaucratic delays,” the minister continued.

“This would also make travel easier for Bahamians who are visiting, in greater numbers, destinations all over the world, and for the growing number of persons across the globe who wish to come to The Bahamas.”

Of the ten ASAs signed last week, the most useful are likely to be those with two European nations, Spain and Switzerland.

The agreements with Jamaica and the Dominican Republic also hold out the prospect for improved Caribbean regional connectivity and travel.

The other six deals, though, are with countries unlikely to be viewed as major tourism source markets for The Bahamas.

They are Kenya; Malaysia; Rwanda; Chile; Nigeria and the Seychelles.

As for the MoUs, they were signed with Germany; Greece; Morocco; Colombia; Saudi Arabia; and Ghana. All this activity, which took place in 24 meetings attended by the Bahamian delegation over the five-day conference from December 10-14, takes this nation’s total aviation ASAs and MoUs to 19 and 18, respectively.

Mr D’Aguilar indicated that ASAs were expected to be completed “in the near future” with countries that had signed MoUs with The Bahamas, as the Government seeks to drive tourism-related growth via aviation. The MoU upgradings to ASAs are expected to take place before end-2019.

Besides the agreements,

ROYAL CARIBBEAN CHIEF: PRIVATE ISLES DON’T HURT NASSAU

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net ROYAL Caribbean’s top executive has refuted arguments that the cruise industry’s reliance on its Bahamian private islands is hurting Nassau, adding that there are “opportunities’” to improve the latter’s product.

Michael Bayley, Royal Caribbean International’s president and chief executive, said: “There are elements that need to be developed in terms of the guest experience. I would say that in Nassau, as there are in all destinations, there are opportunities.

“I think those opportunities can be best developed from more partnerships between the tourism industry, the Bahamian people, the local community and the cruise companies because together we can really develop the experience.

“I think that is something we are interested in doing; the development of the overall experience, providing insights that can help accelerate that development. I think that is something all of the cruise companies and I would image the Bahamian community itself would like to see.”

Mr Bayley added: “There is opportunity to improve always the spend of tourists when they come to a destination. You improve spend by providing services, products and experience that customers are more than happy to pay for. You have to do the

market research, understand what the customers are expecting and looking for.

“You have to understand the competitive environment. When people come to one destination, they go to multiple destinations. People experience products and services in different ways, and the opportunity - regardless of what the number is - is more about how can you improve. We do have good ideas, I think, in terms of how to deliver great experiences.”

Mr Bayley said that as the cruise line re-routes more ships to the Caribbean, The Bahamas stands to benefit.

“The ships that call into our private islands typically are calling in to Nassau. For example, the vast number of our customers come on what we call the shore product, which is the three-four day cruises,” he added.

“The three to four day cruises are Coco Cay and Nassau. Therefore, when we are coming to Coco Cay we are coming to Nassau. The numbers of guests that we bring to Nassau, if you look over time, has increased every single year.

“As we we reroute more of our fleet in the Caribbean to go to Coco Cay, we are also re-routing those ships to come to Nassau. We will see more tourists coming to The Bahamas, and our projections for 2020 are anywhere from two million to 1.75 million tourists that we will be bringing to The Bahamas.

We think it’a a win-win.”

The Bahamas also held meetings with the US, UK, South Korea and International Air Transport Association (IATA) during the ICAN conference. The US meeting will have been especially timely, given the Government’s efforts to develop a revenue-sharing

arrangement so this nation can gain a share of the overflight fees paid by planes crossing Bahamian air space.

“Views were also exchanged on best practices, lessons learned and opportunities for technical assistance and co-operation,” Mr

D’Aguilar said. Talks were also held with Guyana and Tanzania, leading them and The Bahamas to sign meeting minutes.

Mr D’Aguilar was accompanied by Sharon Brennen-Haylock, the Ministry of Foreign Affairs’ director-general;

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s director-general; Juliea Braithwaite-Rolle, the Aviation Authority’s manager of safety oversight; and Shane Miller, assistant director of legal affairs in the Attorney General’s Office.

PAGE 4, Monday, December 17, 2018

THE TRIBUNE

Govt says: We’ve accepted 80-90% of non-profit needs FROM PAGE ONE enabled them to do so,” the attorney general added. “My information is that it is not accurate that there is any law in any jurisdiction that gives an exemption to the church.

“One jurisdiction drafted something along those lines, but it was not tabled in Parliament. There is no jurisdiction that has done that. I’ve asked for a copy of that legislation but can’t get it because it was only a draft

and never passed into law.”

Churches are arguably some of the wealthiest nonprofit organisations (NPOs) in The Bahamas, but the pressure on the Government to regulate all such groups threatens to create a collision between state and church.

That pressure is coming from the Financial Action Task Force (FATF), the organisation that sets the global standards for combating money laundering and terrorism financing. It

is understood to be particularly vexed by what it views as minimal to non-existent regulation of non-profits by The Bahamas.

An insight into the church’s opposition to the bill was given over the weekend by Bishop Walter S Hanchell, head of Great Commission Ministries and Citizens for Justice, who expressed fears that it “will allow the Government to control churches”.

Arguing that Bahamian sovereignty was again being

PRESS RELEASE The Central Bank of The Bahamas will issue into circulation on December 17, 2018, a newly designed fifteen cent coin. This coin represents the last denomination of Bahamas circulation coins to be redesigned, completing the family.

The coin remains square, measuring 21.59 mm in diameter, 2.06 mm in thickness across the flats with a plain edge, bearing on the obverse, the Coat of Arms of The Bahamas together with the words “Commonwealth of The Bahamas” which forms a crown around the Coat of Arms. Below the Coat of Arms is the date. The reverse of the coin boasts a more modern vignette of a hibiscus flower together with the words “15 CENTS”.

For more information on circulation coins, please visit Central Bank’s website at www.centralbankbahamas.com

undermined, he said in a statement: “Non-profit organisations exist not for the benefit of the organisations or their staff but entirely for the benefit of the community which they serve.

“After closely examining the Non-Profit Organisations (NPO) Bill 2018, we are convinced that the bill has numerous flaws and is not in the best interest of the Bahamian people or existing NPOs.” Bishop Hanchell added: “This bill will negatively affect all charitable organisations, foundations, sporting groups, civic groups, churches and NGOs (nongovernmental organisations) throughout the country.

“The bill in question will not only regulate NPOs, but will allow the Government to control churches and other non-profit entities while frustrating and demoralising their efforts. The bill in its present form may cause some organizations to close or wind up their affairs.

“We are still trying to determine the true purpose of this bill. Is the NPO bill a part of the United Nations’ agenda in establishing a one-world government? s this a plot to destabilise the sovereignty of The Bahamas?”

Questioning why political parties were not explicitly identified as entities that will be regulated by the bill, Bishop Hanchell listed several concerns with the bill, most of which centred on the powers of the Registrar of Non-Profits and the process for NPOs to register with it.

“Registration is too stringent,” Bishop Hanchell said.

“Fifteen different items are needed for a non-profit to register. Many current NPOs will not be able to comply with the registration process.

“There should be no registration fee. Organisations that offer a service to improve the life of citizens should not be taxed; rather, they should be given concessions and sufficient financial support from the Government in order to achieve their mission.

“The minister and the registrar have too much power, and penalties are far too severe. The Bahamian people never elected any government to legislate unfair burdensome laws that oppress the people. The electorate was promised transparency and accountability in governance. This cannot happen without consultation on national issues.”

Mr Bethel, though, said he planned to go beyond the issues discussed with nonprofit/civil society groups on Friday and further examine the bill over the weekend to find ways to improve the “ease of doing business” for them.

Promising that he was also “looking closely” at civil society’s calls for the

creation of a “council”, or technical committee, that would act as a point of coordination and collaboration between the sector and the Government, the attorney general said: “I am reviewing the bill to find other areas that were not covered by them to facilitate the ease of charities.

“I think we’ve accommodated 80-90 percent of their concerns, and possibly even more than that... At the end of the day, the Government does not wish to make life difficult for anybody. We don’t want to make it so difficult for non-profits to function that we drive them out of their causes.

“It’s in light that the Government has taken on as many of their concerns as we possibly can, and is still trying to find other ways to make the bill more effective and serviceable. This week we’ll be preparing the bill, cutting it down and making it more user friendly.

It requires a bit of good thought. We’ll come up with something broadly acceptable, and I think they’ll be alright.”

Mr Bethel confirmed that plans to pass the Non-Profit Organisations Bill through the Senate this week had been shelved, as the changes needed to be discussed with the Minnis Cabinet tomorrow. And, with no further House of Assembly meetings until the New Year, there is no opportunity for MPs to consider and approve the amendments, and enact them into law.

“There’s every facility to have a meaningful discussion into the New Year and, before the end of January, have an Act that’s broadly agreed and acceptable for the proper regulation of non-profit organisations,” Mr Bethel said.

“We are carving out the load of paperwork, lessening the paperwork that has to be done, and creating a perception of regulation that allows people in existence to accomplish easily the registration and be incorporated on to the register.”

Mr Bethel said the Government has dropped the requirement for nonprofits to supply their financial statements and balance sheets before they can be registered, and will now only mandate that basic information such as the identity of principals and location of main office be supplied.

This was confirmed by Civil Society Bahamas, although its secretary, Mark Palmer, told Tribune Business last night that it “may be a little optimistic” to suggest that 80-90 percent of the sector’s concerns have been addressed.

“The meeting went better than expected,” he said.

“The attorney general made a lot of concessions. We have to see the language [in the

revised bill] to see for sure, but if we get what we done in the meeting I think we’ll have done very well.

“The important thing for us is to grow the sector. We know it has to be regulated.

It will be good for the sector, as it will give confidence to the donors and strengthen the corporate governance of the sector. We’ll have to see when the bill is being re-drafted and go through it with a fine tooth comb to make it as good a bill as we can get for our constituents.”

Civil Society Bahamas, in a statement, said the Government had agreed to raise the $50,000 threshold above which donors - and their donations/disbursements - must be reported, Mr Palmer said this would be “considerably higher”.

The fines levied for noncompliance by the Registrar will be reduced, and jail time limited to one year, while the regulator - not the non-profit - will now pay for compliance inspections. Individuals carrying out charitable work will also be exempted from the bill’s provisions.

Civil Society Bahamas, though, expressed concern over whether political parties will be regulated under the bill, while praising the Government for showing “good faith” over the planned changes.

Dr Anthony Hamilton, its president, added that he was disappointed over the bill’s lack of accountability for the registrar when it came to the timely registration of non-profits with completed applications.

“The BVI Act, which the Government apparently benchmarked, provides that within 30 working days of receiving a registration application from an NPO, the registrar must consider it and if satisfied that the applicant complies with the requirements for registration, approve the application,” Dr Hamilton said.

“This provides a level of accountability that currently does not exist within our registrar. It often takes two years or more to register as a new non-profit.

While we commend the Government’s commitment to significantly simplify the registration requirements within the Non-Profit Organisations Bill, without this important safeguard we fear non-profit registration will continue to be a daunting task.”

The bill, as drafted, will apply to all charities such as the Salvation Army and Bahamas Feeding Network; advocacy groups such as Save the Bays and the Organisation for Responsible Governance (ORG); and envrionmental activists such as reEarth.

THE TRIBUNE

Monday, December 17, 2018, PAGE 5

‘First positive financial sector news in decade’ FROM PAGE ONE to striking the right balance between creating a regulatory regime that would satisfy the Government’s and international concerns, and provide appropriate levels of oversight, without stifling the non-profit sector’s ability to function and grow to the benefit of Bahamian society.

Linking the controversial bill to the intense scrutiny facing The Bahamas, Mr Bethel said this nation’s efforts to enhance its legal and technical defences against money launderers, terror financiers and other financial criminals since the Minnis administration took office had now started to pay off.

“I assure you, and tried to get them [civil society/nonprofits] to see, that this is a major area of non-compliance for The Bahamas,” Mr Bethel told Tribune Business of his Friday meetings.

“On Monday, I’m going to be making a communication about our re-evaluation by the CFATF (Caribbean Financial Action Task Force). I got confirmation from them of our re-rating on technical compliance with the FATF’s 40 recommendations. It’s the first positive news we’ve had in financial services in the last decade.

“The CFATF reassessed us, and that then went to the FATF [the Paris-based parent] for them to check the consistency and quality of the analysis. They signed off without changing anything. The FATF accepted the re-evaluation of our legal system and technical compliance.”

The re-evaluation stemmed from the CFATF’s 2017 Mutual Evaluation Report (MER) on The Bahamas, which uncovered significant deficiencies showing this nation’s antimoney laundering and terror financing defences had actually weakened and regressed over the previous ten years.

The report found The Bahamas was only “partially

compliant” on 21 - more than 50 percent - of 40 “technical” standards. While it was deemed “non-compliant” with just one standard, and found “compliant” and “largely compliant” on eight and ten, respectively, the CFATF also rated this nation as in either “moderate” or “low” compliance with the 11 implementation “effectiveness” ratings.

Mr Bethel described nonprofits as “one critical area where we have an enormous black hole” on anti-financial crime regulation, and added: “We would have been technically compliant with at least two additional FATF recommendations had we been able to address effectively the area of non-profits.

“We were able to raise one area from non-compliant to partially compliant, but would have been fully compliant if we had passed the legislation. We managed to take it up from non-compliant to partially compliant based on our efforts over the past year in terms of enforcing the 2015 regulations and strengthening it.

Had we passed the law we would have been largely or fully compliant.”

The Government now plans to reduce the NonProfit Organisations Bill’s compliance burden while maintaining its regulatory intent, with Mr Bethel arguing that it cannot exempt from supervision any sector that receives potentially substantial injections of funding.

“In our case we cannot have an unregulated sector dealing with cash flows not knowing who gave them money, don’t know what they’re using that money for but, in the interests of a flexible system, we want to bring them [non-profits] to the point where they accept the need for scrutiny,” he told Tribune Business.

“What I tried to get them to understand was the urgency of some form of regulation, so we can be sure non-profits are selfregulating, are aware, and are prepared to make Suspicious Transactions Reports when they receive donations from people who don’t have the means, or do not appear to have the means, to make donations. It’s to have a framework in which to collaborate.”

Mr Bethel added that the Government planned

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to lessen the scrutiny nonprofits must apply to donors, and their source of funding, under the proposed legislation to ensure this “not the same burden imposed” on banks and other designated institutions/industries.

He described this as “Aware of Your Customer” as opposed to the banking industry’s Know Your Customer (KYC) rules, and told non-profits it was “just to be aware of the identified risks and whether any donor raises any suspicions.

“If their source of funding

arises from the proceeds of crime and identified risks, they’re able to make a report on that,” Mr Bethel said of the Government’s aims. “The idea is to create a culture of compliance, of adherence, and setting up and being part of a register, doing what has to be done.”

Mr Bethel confirmed previous Tribune Business revelations that the FATF, which recently placed The Bahamas on a monitoring or “watch” list because of “structural deficiencies” in its anti-financial crime

defences, was particularly vexed about this nation’s minimal to non-existent regulation of non-profit entities.

That “watch” list deals with The Bahamas’ “effectiveness” in implementing the FATF’s 40 recommendations, which are considered the global standard in combating money laundering and terror financing, as opposed to CFATF’s evaluation of whether this country’s legal and regulatory system is in compliance.

PAGE 8, Monday, December 17, 2018

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, AI C. SMITH of Karl Road and Dorothea L.Robins of West Bay Street the parents of Aaron Colin Robins, a minor, intend to change his name to AARON COLIN SMITH. 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 the publication of this Notice.

NOTICE Notice is hereby given that BRIANA LaFRANCE of #43 Bluebell Avenue, P.O.Box SB-52895, 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 17th December, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

THE TRIBUNE

‘Crazy’ Abaco property tax bill fears resurface FROM PAGE ONE “For many years, the taxes on the property have ranged between $400 and $500 a year, which was very reasonable. Last year, we received a tax bill for $1,838, more than a 300 percent increase.

I filed an objections form with the department of taxation, and despite numerous inquiries, never heard back from them.

“Today we received a tax bill for a total of $4,248, which includes the $1,838 arrears from last year, and an additional increase for this year to $2,408. That is about a 500 percent increase from what we paid just three years ago. I understand that you are not a lawyer, but we are really not sure what to do. Should we hire a lawyer, or have the property resurveyed? We are not sure what is happening, but do not have the resources to continue to pay this tax rate.”

Yet another investor, who said his two lots in Abaco’s Palm Shores had traditionally been valued at $12,000, revealed that he was suddenly hit with a $92,832 valuation and $1,387 tax bill for 2018.

“I did send, to the Commonwealth of the Bahamas, a Notice of Objection on February 28, 2018, proposing that the total property valuation for my two lots be decreased from $92,932 down to $30,000, and sent to

the Bahamas Department of Inland Revenue a cheque for what I had been paying to them for years: $175,” they added.

“I heard nothing back from them until I received the 2019 real property tax today: A notice of assessment and demand note for the year 2019. On the same valuation as last year, $92,832 for my two lots, the current tax amount for 2019 has gone up to a whopping $1,816.64; as I stated, an over a 10-fold increase from 2017!”

The realtor who received the complaint suggested the two lots were worth between $12,000-$14,000 “at most”, and replied: “I sincerely apologise on the behalf of the Bahamian people. The Government tax office is out of control with price valuations, and I am sure this will backfire in short order.”

Abaco-based attorneys and realtors backed this assessment when contacted

by Tribune Business. James Rees, broker/owner of Abaco Island Properties, confirmed to Tribune Business that he had received four such complaints thus far - and real property tax bills had only just been issued.

He added that the Department of Inland Revenue had failed to correct the problems identified last year, when numerous investors filed valuation/billing objections and provided independent assessments of their property’s worth, only

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES, ACT 2000

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES, ACT 2000

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:-

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:-

a) EDGEWARE ENTERPRISES LTD. is in dissolution under the provisions of the International Business Companies Act, 2000.

a) VIOLET ADMINISTRATION LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

b) The dissolution of the said Company commenced on 10th December 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited, whose address is: Bahamas Financial Centre. 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

AMICORP BAHAMAS MANAGEMENT LIMITED Bahamas Financial Centre, 3rd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas

for the promised corrections to never materialise.

“We’re going to see push back. There’s no doubt,” Mr Rees told Tribune Business.

“The people that went ahead last year and paid, they were promised changes but nothing happened. They’re stuck.

They’ve asked for a revaluation and decrease, and that’s not been given.

“I imagine that in a month it’s going to be blown up a lot more than it is now. The end of November is when I got my first complaint. They’ve not had a chance to properly react, but I’m sure it’s going to come and start spreading bad news for The Bahamas, with people complaining they’re being ripped off.

“I think the reputation thing is going to hurt us, and people overseas are not going to come in to buy a property worth $20,000, $30,000, $40,000 if they’re going to be faced with these bills.”

Neil Aberle, an Abacobased realtor with H. G. Christie, told Tribune Business he had one client who had bought a lot in Dolphin Beach Estates for $150,000 at the height of the pre2008 real estate boom who was now unable to sell it for $75,000. Yet the Department of Inland Revenue had valued the property at $230,000-$250,000.

While such cases were “not across the board”, he added that there were “numerous instances” sufficient to cause harm to Abaco’s real estate market and second home industry, and The Bahamas in general.

“Who comes up with these numbers they’re sending out?” Mr Aberle asked

of the property tax valuations. “I have no idea. There doesn’t seem to be any sufficient basis in fact... It makes no sense, they’re so out of touch with reality.

“It’s going to be very detrimental to the real estate market in The Bahamas on whatever island it happens.

If property tax is out of line with market value, if it’s going in the wrong direction, there’s no justification for those values and word is going to get out pretty damn quick about property taxes.

“It totally undermines investor confidence when it’s so unpredictable. Investors in anything hate volatility and uncertainty. They have no control over it.”

Christopher Roberts, another Abaco realtor, said: “The valuations they have on the land appear to be way out of whack on a lot of stuff.

It’s a mess; a total mess. It’s like going to a restaurant and having a bad meal. You tell all your friends. You tell them: Don’t buy property in The Bahamas because you don’t know what is going to happen.”

Marlon Johnson, the Ministry of Finance’s financial secretary, told Tribune Business he was unaware of any real property tax billing complaints relating to Abaco and said there was “nothing yet to suggest systemic risk because of valuation concerns”.

He urged property owners with concerns over their tax bills and property valuations to report them to the Department of Inland Revenue, adding that action would be taken if their was “merit” to the complaint.

b) The dissolution of the said Company commenced on 10th December 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Ingmarus Johannes Maria Snijders, whose address is: Witelliker Strasse 8, 8702, Zollikon, Zurich, Switzerland.

AMICORP BAHAMAS MANAGEMENT LIMITED Bahamas Financial Centre, 3rd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

FFC Investments Fund Ltd. (the “Company”) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), FFC Investments Fund Ltd. (the “Company”) is in dissolution. The date of commencement of the Dissolution is the 13th day of December, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 12th day of January, 2019.

Luciane Ribeiro Moreno Liquidator

THE TRIBUNE

Monday, December 17, 2018, PAGE 9

No more NIB letters for business licence FROM PAGE ONE “Another positive development. NIB informed us, after standing in line, that they will notify the Ministry of Finance of the companies that are not up-to-date. No more NIB letter of compliance. Yay! “Don [Clarke] went to NIB and they said: ‘You don’t have to get a letter of good standing any more.

That’s a good thing. It saves a lot of time. It’s an aggravator. Last year Don had to make three trips there for it. It’s just cost savings and time savings - good news for a change.”

Bahamian businesses have grown increasingly frustrated in recent years with the Government’s inefficient, cumbersome approvals processes, many

of which remain paperbased amid the lack of electronic (Internet) connectivity between different agencies and departments and with the private sector.

A regular complaint has been the need to visit, and obtain, approvals from multiple agencies to gain key permits such as the business licence, all of which costs companies time and money, and undermines the “ease of doing business” in The Bahamas.

NIB “letters of good standing” have been among biggest issues, given the difficulties many companies experience in obtaining them - as illustrated by Mr Lowe. Mr Johnson, though, said eliminating the need for this document is just one of a wider package of reform measures the Government

plans to enact imminently.

“As the Government has promised, we have been taking some concrete steps to make it easier for businesses to go through the business licence process,” he told Tribune Business. “This [the NIB letter elimination] is one element of it.

“We’ll make some announcements on it in due course. That’s one of the steps we’re taking. We haven’t made the announcement yet, but intend to make businesses aware of that shortly. We’ve made a commitment to making it easier to do business, and since the beginning of the calendar year we’ve been exploring ways to make it easier for people to get into business, to get their business licence.”

Mr Johnson admitted that NIB “letters of good

standing” have been “one of the major issues of contention” when it comes to the ease of doing business, and added: “We believe we can do it much more efficiently administratively.

“Instead of having businesses do that on the front end, we will do that on the back end to determine if businesses are compliant.

That was one we realised we

could do very readily at the back end. “ However, he warned: “This does not get businesses off the hook to be compliant with NIB. We are working with NIB to get information on delinquent businesses upfront. We will check when businesses come in against the information we have and not extend business licences to persons

Christmas lights up for 15,000 BPL customers FROM PAGE ONE recent fires at its Clifton plant. “We are still waiting to hear back from the insurers with respect their final reports. I know we have been having discussions, the chief executive [Whitney Heastie], actively with the insurers and the insurance adjusters. From our perspective we just want to make sure everything is done in accordance with protocols.”

When asked about BPL’s fuel purchasing plans, given that the decline in global oil prices should eventually be reflected on the fuel charge

portion of BPL customer bills, Dr Moxey explained: “We typically buy the oil that we utilise 45 to 60 days in advance. With it trending down, because we have to utilise the inventory that was initially purchased, there is typically a 40 to 60-day lag in when the customers actually see that in their bill.

“Traditionally at BPL that cost has always been passed on to the customers, whether an increase or decrease, and that decrease will be passed on to consumers. Having sort of just-in-time available oil for our electricity production

is untenable because, if our supplies get cut off, we need to keep an inventory.

“We typically keep that 45-60 day inventory just in case something happens, given the fact that we are in a hurricane zone, ships can’t come in. Because we purchase that oil 45 to 60 days in advance those costs get passed through the system.”

When questioned on the progress of BPL’s power purchase agreement (PPA) talks with Shell over the latter’s proposed new power plant, Dr Moxey said: “It’s moving forward positively.

Right now, everything is moving forward positively.”

December 17th, 2018.

who the data indicates are non-compliant.

“It’s incumbent, before businesses come to us for business licences, to ensure they’re compliant with NIB if they have reason to think they’re not.” The timely, and full, payment of due NIB contributions has been a regular compliance issue for The Bahamas’ national social security system.

PAGE 10, Monday, December 17, 2018

THE TRIBUNE

MARKET REPORT THURSDAY, 13 DECEMBER 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,074.77 | CHG 13.53 | %CHG 0.66 | YTD 11.20 | YTD% 0.54 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.35 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 0.18 2.25 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51

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

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 4.50 CBB 11.25 CWCB 2.42 DHS 1.78 EMAB 8.12 FAM 6.30 FBB 12.85 FIN 6.98 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

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 1.35 0.56 2.30 9.30 6.16 4.60 11.25 2.41 1.78 8.17 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.10 0.00 -0.01 0.00 0.05 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

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

VOLUME 8,000

1,000 3,500 17,375 600 112,765

1,000

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 29.9 17.9 23.6 8.5 N/M 9.4 18.3 12.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.61% 5.51% 2.49% 3.37% 1.03% 4.44% 3.89% 2.15% 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%

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

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 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

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

UK ministers seek to downplay chance of second Brexit vote LONDON Associated Press SUPPORTERS of British Prime Minister Theresa May dampened suggestions yesterday that the government is planning a second referendum on whether to leave the European Union, arguing that another Brexit vote would exacerbate divisions in the UK, not heal them.

International Trade Secretary Liam Fox told the BBC that holding another vote on Britain’s EU membership would settle little in a country that backed leaving the EU in 2016 by 51.9 percent with the highest turnout for a UK vote since 1992.

“Suppose we had another referendum. Supposing the ‘remain’ side won it by 52 to 48, but it was on a lower turnout - entirely possible,” Fox said. “If there is another referendum, which I don’t think there will be, people like me will be immediately demanding it’s best of three.

Where does that end up?”

The comments come as Britain struggles for a way forward after days of political drama because of unease with the terms of May’s deal to leave the 28-nation bloc.

The British Parliament was supposed to vote on May’s Brexit plan last week, but she postponed it after it became clear that lawmakers would decisively reject it.

Lawmakers were outraged at not having a chance to have their say. May’s own Conservative Party triggered a confidence vote in her party leadership, which she won, but a third of her party’s lawmakers revolted against her.

Unable to secure any concessions from the EU at a summit, May faced reports in the Sunday Times that said her de-facto deputy, Cabinet Office Minister David Lidington, held talks with Labour lawmakers aimed at holding another Brexit vote.

In response, Lidington

BRITISH Prime Minister Theresa May. tweeted a link to a record of parliamentary proceedings in which he explained how a second vote could be “divisive not decisive”.

May’s chief of staff, Gavin Barwell, tweeted “Happy to confirm I am (asterisk) not(asterisk) planning a 2nd referendum with political opponents (or anyone else to anticipate the next question)”.

With little time to resolve the impasse before Britain’s departure from the EU on March 29, fears are growing that Britain could leave the bloc with no deal at all — a situation with potentially devastating consequences for the UK economy.

Underscoring the acrimony in the nation over Brexit, May and former Prime Minister Tony Blair of the Labour Party traded jibes in the media.

May accused Blair of “undermining” her efforts to deliver Brexit by calling for a second referendum on whether or not to leave. May said his comments were “an insult to the office he once held”.

Blair shot back, saying he had a right to comment on “the most important decision our country has taken since the end of World War II”.

“What is irresponsible, however, is to try to steamroller MPs into accepting a deal they genuinely think is a bad one with the threat that if they do not fall into line, the government will have the country crash out without a deal,” Blair said.

2018/CLE/Qui/433

Common Law and Equity Division N THE MATTER OF ALL THAT piece parcel or tract of land situate in the Settlement of Salt Pond in the Island of Long Island one of the islands of the Commonwealth of the Bahamas comprising 50.38 acres being a portion of the tract of land known as “Armstrong” now claimed by the Estate of Charles Alexander Fox which said Estate comprises a portion of original Crown Grant D-182 to Alice Thompson and also a portion of an original Crown Grant D-156 to Martin Jollie and bounded approximately Eight Hundred Feet (800) feet off the Eastern Side of The Queens Highway in the said settlement of Salt Pond in the island of Long Island which said piece parcel or tract of land has such position boundaries shape marks and dimensions as are on a survey plan and thereon coloured Pink.

AND IN THE MATTER OF the Quieting Titles Act, 1959 (Chapter 393) AND IN THE MATTER OF the Petition of MARK ANTHONY FOX NOTICE OF PETITION The Petition of MARK ANTHONY FOX of the Settlement of Salt Pond in the Island of Long Island one of the islands of the Commonwealth of the Bahamas, in respect of: ALL THAT piece parcel or tract of land situate in the Settlement of Salt Pond in the Island of Long Island one of the islands of the Commonwealth of the Bahamas comprising 50.38 acres being a portion of the tract of land known as “Armstrong” now claimed by the Estate of Charles Alexander Fox which said Estate comprises a portion of original Crown Grant D-182 to Alice Thompson and also a portion of an original Crown Grant D-156 to Martin Jollie and bounded approximately Eight Hundred Feet (800) feet off the Eastern Side of The Queens Highway in the said settlement of Salt Pond in the island of Long Island.

Mark Anthony Fox claims to be the owner in fee simple of the said piece parcel or tract of land free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Act 1959 (Chapter 393) to have his title to the said piece parcel or tract of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. NOTICE IS HEREBY GIVEN that any person having dower or right to dower or an adverse claim or a claim not recognized in the Petition shall no later than the 30th day after the final publication in the newspapers of this Notice file Notice in the Supreme Court in the City of Nassau in the Island of New Providence aforesaid and serve on the Petitioner or the undersigned a statement of his or her claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a statement of his or her claim within the time prescribed will operate as a bar to such claim.

Copies of the filed plan may be inspected during normal working hours at the Registry of the Supreme Court, The Office of the Administrator, Long Island Bahamas, The Office of Local Government, Grays Long Island Bahamas and at the Chambers of Messrs. Fox Law Chambers situated at #48 Village Road, Nassau Bahamas during normal business hours.

DATED this 30th day of November A.D, 2018

FOX LAW CHAMBERS Counsel & Attorneys #48 Village Road (North) Nassau, Bahamas Attorneys for the Petitioner

Julius Baer Group, the leading dedicated Wealth Manager is seeking candidates for the position of: ASSISTANT RELATIONSHIP MANAGER LATIN AMERICAN MARKET Main Responsibilities • Executing various client instructions (wire transfers, forex, stock exchange orders, fids, loans, etc.)

• Sending financial information to clients and RMs; handling and coordinating account documentation, correspondence etc.

• Answering clients requests • Actively supporting relationship managers in daily business with client administration and asset management • KYC Upgrade and maintenance of client files • Support designated Relationship Manager to perform KYC upgrades • Respond to ad-hoc requests and client issues raised by the Relationship Manager • Coordinate with KYC Upgrade Specialists from the Compliance Department • Assist the team with any other KYC upgrade related matters as assigned by the Team Head or Deputy Team Head Knowledge/Skills • Excellent verbal and written communication skills in Spanish • A commitment to service excellence and a team player • Proficient in Microsoft Office • Knowledge of Olympic Banking System Experience • Minimum 3 years’ experience in International Private Banking in related functions Education • Bachelor’s degree with concentration in Finance and/or Economics, and/or Business Administration or equivalent • Series 7 or equivalent • Claritas Investment Certificate or equivalent is valued Foreign Languages • Fluent Spanish is required • French will be an asset We offer a very competitive compensation and benefits package, a stimulating work environment and the opportunity to make a significant contribution to our business while expanding your career.

Interested persons meeting the above criteria should apply in writing, on or before December 19th, 2018 enclosing a full résumé with cover letter to:

BY MAIL: Personal & Confidential Human Resources P.O. Box N - 4890 Nassau, Bahamas

BY HAND Personal & Confidential Human Resources Julius Baer & Bank & Trust (Bahamas) Ltd. Ocean Centre, Montagu Foreshore, East Bay Street Nassau, Bahamas