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WEDNESDAY, DECEMBER 20, 2017

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Bahamas ‘too eager to be led to slaughter’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Bahamas is “too eagerly being led to the slaughter” over the introduction of corporate income tax, a former finance minister blasted yesterday.

James Smith, also a former Central Bank governor, told Tribune Business that the Government was “kowtowing” to the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) without fully understanding the potential consequences.

The now-CFAL chairman warned that the Bahamas would be “shooting ourselves in the foot” by implementing a corporate income tax because this would undermine its foreign direct investment competitiveness.

He added that the EU and OECD pressure driving this nation to adopt a corporate

* Gov’t ‘kowtowing’ on corporate income tax * Ex-finance minister warns of FDI impact * Says: ‘Shooting ourselves in the foot’ income tax, and avoid the latter’s ‘blacklist’, was occurring at a time when most countries - including the US - were either moving away from - or reducing - this type of taxation.

Arguing that the duo were seeking to erode Bahamian sovereignty, and this nation’s ability to determine the tax structure that best suits its interest, Mr Smith said adopting a corporate income tax would effectively force this nation to ‘go back on its word’ to investors already here.

“The Bahamas is too eager, and not just the Bahamas but other countries, which were never at the table to begin with and never invited to provide their recommendations,” said the finance minister in the 2002-2007 Christie

JAMES SMITH

administration. “They’re simply going along with being led to the slaughter.... It’s extra-territorial imposition from the outside, and a modern form of colonialism. The Government is kowtowing to it without looking at it properly and fully understanding it.

“We shouldn’t implement a corporate income tax because others say it’s the thing to do. We started off without a corporate income tax, and did quite well. I’m bewildered at how eagerly we’re bending over. They’re [the OECD and EU] looking after their interests, but no one is looking after our own.”

The Government has hailed last week’s signing of three commitments towards meeting the OECD’s automatic tax

information exchange, tax transparency and anti-tax evasion/ avoidance drive, stating it “will no longer be playing catch up” in complying with international regulatory initiatives.

K P Turnquest, the Deputy Prime Minister, was even quoted by a government press release as saying the Bahamas planned to become the “standard setter” in this area among international financial centres (IFCs).

However, Mr Smith’s comments reflect the significant unease among many Bahamians about how this nation is being forced to adopt changes that not only threaten to erode its sovereignty but could result in the complete overhaul of its economic and taxation structure. This is because the Bahamas is now effectively ‘sandwiched’ between the crosshairs of the EU’s ‘blacklisting’ offensive coupled with the OECD’s Base Erosion and Profit Shifting (BEPS) initiative.

SEE PAGE 5

GB Power buy-out ‘must be Homeowners allege ‘unlawful interference’ from Schooner Bay consistent’ with prior approvals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A GROUP of Schooner Bay homeowners have joined a legal action alleging the developer has “unlawfully interfered” with their rights, with the trial due in March 2018.

Documents obtained by Tribune Business reveal that the group became embroiled in a dispute between Schooner Bay Ventures and their Bahamian property manager, which ultimately cost them the opportunity to market their properties via a magazine with a 4.5 million monthly readership. They are claiming

* CASE SET FOR TRIAL IN MARCH 2018 * CLAIM LOST PROMOTION TO 4.5M PEOPLE * DEVELOPER HIRES NEW MANAGER/SALES TEAM that the developer, headed

by US principals, Dr David Huber and Tina Gascoigne, caused Coastal Living magazine to withdraw from featuring their properties in its vacation rental programme with assertions that have no basis in law.

Schooner Bay Ventures, according to the papers seen by this newspaper, informed the magazine that the homeowners’ property manager, Destination Schooner Bay (DSB), was breaching the

220-acre project’s covenants by its activities within the development.

The ongoing lawsuit was referred to in a letter to Carl Bethel QC, the attorney general, by attorneys for DSB and its principal, Bahamian realtor James Malcolm.

Jason Maynard, of Peter Maynard & Company, described it as an action claiming that the developer “has unlawfully interfered with DSB’s

Private sector hails Gov’t tender reforms

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE absence of a transparent public procurement system has increased the Bahamas’ cost of doing business, the Chamber of Commerce’s chairman said yesterday, at the launch of the Government’s e-tendering system.

The system, which will also feature a supplier registry, is targeted to come online in February 2018 in a bid to enhance ‘value for money’ for taxpayers, improve tendering competitiveness and openness, and create an equitable

* E-PROCUREMENT, SUPPLIER REGISTRY IN FEBRUARY LAUNCH * AIMS TO REDUCE COSTS, SAVE TAXPAYERS MILLIONS playing field for all bidders.

Mike Maura, speaking at the launch, said government procurement - the bidding and awarding of public sector contracts - has been the subject of persistent mismanagement complaints for decades.

SEE PAGE 4

Papa John’s makes Bahamas comeback

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net PAPA John’s has unveiled a Bahamian comeback through a franchise agreement to open five stores in this nation within the next 36 months.

The pizza brand, which disappeared from the Bahamas’ market several years ago, will open its first Nassau outlet in mid2018, and seek to get to five stores by end-2020.

John Wilson, chief executive for PPJ Bahamas, the Bahamian franchisee,

* FRANCHISE TO OPEN FIVE STORES

BY END 2020 * FIRST OUTLET TO OPEN IN NASSAU

BY MID-2018 said in a release: “We are delighted to have the opportunity to bring the Papa John’s brand and its ‘better ingredients, better pizza’ to the Bahamian market.

SEE PAGE 7

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday said to be on a “fact-finding mission” to determine whether approving the GB Power buy-out will be “consistent” with prior policy decisions.

Carl Bethel QC, the Attorney General, revealed that the Minnis administration is meeting with GB Power and its attorneys this morning to “go through certain things” and obtain information to assist its decision.

He explained that the Government wanted to ensure its final verdict on the buy-out of minority Bahamian

* GOV’T ON ‘FACT FINDING’ MISSION OVER DEAL * MEETING UTILITY, EMERA THIS MORNING * AG: ANY POLICY CHANGE MUST BE ‘JUSTIFIED’ shareholders was aligned with the decisions reached by previous administrations when they approved Emera’s acquisition of the electricity monopoly.

“The Government wants to be sure that whatever is done is consistent with previous policy decisions of other governments in the past and, if there is a change, that such change is justified in the circumstances,” Mr Bethel told Tribune Business.

“If there is a derogation from the previous policy, there has to be a

rationale for it..... We’re doing what we have to do to ensure that any decision of the Government on this matter is grounded in the facts, in terms of what were the initial investments by the Canadian company [Emera] in Freeport, and what were the policy considerations.”

Emera acquired its majority 80.37 per cent stake in two tranches, first acquiring Lady Henrietta St George’s 50 per cent interest in BISX-listed ICD

SEE PAGE 6

PAGE 2, Wednesday, December 20, 2017

THE TRIBUNE

THE BAHAMAS signs the Convention on Mutual Administrative Assistance in Tax Matters with Mr Symonette, the Deputy Prime Minister, and OECD secretary-general, Angel Gurria.

Bahamas ‘won’t be playing catch up’ THE Deputy Prime Minister has pledged that the Bahamas “will no longer play catch up and risk being blacklisted” as it signed a series of tax co-operation agreements with the OECD. K P Turnquest said this nation now intended “to be the standard setters for international financial centres (IFCs)” when it came to complying with legitimate international tax co-operation and antimoney laundering initiatives.

Mr Turnquest was speaking after the Bahamas

last week signed on to the Organisation for Economic Co-Operation and Development’s (OECD) Convention on Mutual Administrative Assistance in Tax Matters.

The Convention was signed at the OECD’s Paris headquarters by Mr Turnquest, who was accompanied by Brent Symonette, minister of financial services, trade &and industry and Immigration, and LaTonia Symonette-Tinker, a consultant in the Ministry of Financial Services.

The Bahamas is the 116th jurisdiction to sign the Convention, which will govern the automatic exchange of tax information on a multilateral basis, together with other corresponding instruments for treaties signed with other countries. The Bahamas will begin such exchanges in September 2018.

The Convention was one of three steps taken by the Bahamas last week to strengthen its international tax co-operation assistance, and to comply with international regulatory commitments and increase transparency.

The others included the signing of the Multilateral Competent Authority Agreement, which is the instrument that allows for the exchange of financial account information between the relevant authorities of partner countries under the Multilateral Convention. The Bahamas’ Competent Authority is the Ministry of Finance.

The Bahamas also made a formal commitment to join the OECD’s Base Erosion and Profit Shifting (BEPS) initiative by becoming a member of its inclusive framework. BEPS is designed to prevent multinational corporations exploiting legal gaps, loopholes and mismatches in tax rates to artificially shift profits to low or ‘no tax’ locations where they have little to no presence.

Mr Turnquest said: “Signing the Convention sends

a strong message to the international community that the Bahamas is committed to working with our international partners in adhering to international standards for tax co-operation. We will no longer play catch up and risk being blacklisted; we will be the standard setters for international financial centres.”

The Convention was first developed as an OECD-Council of Europe agreement in 1988. It was amended by protocol and opened to non-members in 2010. Designed to to tackle tax evasion and avoidance, it was amended to respond to the demands of the G-20 at its 2009 London Summit that it become the international standard on exchange of information on request.

Mr Symonette added: “This week of events in the financial services industry of the Bahamas further demonstrates the efforts of the Government to properly regulate, stabilise and stimulate the Bahamian economy.

“We cannot stop now; this is the beginning of many changes to come to improve not only our reputation as a financial centre, but also the quality and efficiency of services we provide.”

The Government statement added: “The Bahamas must now ready itself as new international regulatory standards begin to unfold. Financial Institutions can be assured that we will remain a compliant jurisdiction for legitimate business. We must be consistent in the fight against financial crime and other illicit activity in the enforcement of financial services regulation.

“We are turning a new page in financial services and the way we do business in the Bahamas. We will ensure efficiency and affordability in the ease of doing business for domestic and international clients, as we do all that is necessary to sustain and grow the financial services sector and protect the economy of the Bahamas.

THE TRIBUNE

Wednesday, December 20, 2017, PAGE 3

GOV’T URGED: HELP SMES BID ON PUBLIC CONTRACTS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Government was yesterday urged to address the capital needs of small and mediumsized enterprises (SMEs) to help them participate in its e-tendering system, amid calls to “swiftly” bring this on stream.

Mike Maura, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, said “well over 50 per cent” of all licensed businesses in the Bahamas are SMEs. “The fact that SMEs

represent the largest share of businesses operating in the Bahamas highlights the untapped economic potential that SMEs offer,” he said. “If we unleash our SMEs, the economic impact would be profound and exponential.”

Speaking at a press conference on the revised Public Procurement Bill, and launch of the Government’s electronic system to purchase goods and services, Mr Maura added: “One to the greatest challenges facing SMEs is access to capital.

“If SMEs are to become active and valued participants in the Government’s

e-tendering system, then government must address SMEs’ capital needs. Any reputable supplier registration system will require the applicant to provide financial details and evidence of their capacity to deliver and perform. The government is therefore encouraged to support qualified, licensed and vetted SMEs by facilitating access to funding alternatives.”

Edison Sumner, the Chamber’s chief executive, added that the initiative will create increased opportunities for SMES as well as the whole private sector.

“Time is not oo our side. We have to move

BICA CHIEF: END ‘INTERPRETATION’ OF OUR PERFORMANCE

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Bahamas Institute of Charted Accountants (BICA) president yesterday said it was “critical” for the Bahamas to develop a series of benchmarks that the credit ratings agencies can use to measure its performance.

Gowon Bowe, commenting on Standard & Poor’s (S&P) latest assessment, argued that the absence of a formal growth/fiscal plan with key performance indicators would likely leave this nation’s performance open to interpretation.

He told Tribune Business: “One aspect that’s very clear is that they have heard a lot of our story before, and they are very much focused on seeing actual results of the various initiatives. I think while we have given them reason for optimism, their commentary is about having to see it materialise.

“Their stable outlook still says that they have to see several of the things materialise. I think that we, as professional bodies like BICA, the legal profession

and financials service providers, need to sit down with government and other industries and realise that it is critical that we articulate the plan.”

S&P in its latest Bahamas country assessment, expressed confidence that the Minnis administration’s fiscal reforms will “arrest the deterioration” in the Government’s deficit and the national debt.

It added that the “strong mandate” granted by the Government’s May 2017 general election victory had created a ‘window of opportunity’ in which to implement fundamental reforms, and set the Bahamas on a new economic and governance track.

However, S&P’s warning that the reforms will take time to pay off is likely to alarm the Minnis administration, given that increasingly fickle Bahamian electorates are demanding instant results and improvements in their daily lives. As a result, the ‘honeymoon period’ for incoming governments has shortened considerably. S&P also projected that the Bahamas will see only “slightly higher real GDP growth”

over the next three years, pegging this at an average of 1.4 per cent. The rating agency is forecasting that the Bahamian economy will expand by 1 per cent this year, and by 1.5 per cent in both 2018 and 2019. These estimates are lower than the International Monetary Fund’s (IMF), which in its October outlook predicted that the Bahamas will see GDP growth of 1.8 per cent and 2.5 per cent in 2017 and 2018, respectively.

Mr Bowe added: “Reading between the lines, their commentary was around elements that were communicated and not presented on a formal plan. We need to say that over this period of time these are the things we want to achieve.

“We have to be very careful about speaking about projects in the pipeline or initiatives in the pipeline without having key performance indicators articulated, so that we can actually say what it is we have achieved and we can present our success story in a concrete manner. I think this time we were given the benefit of the doubt.”

STANDARDS WATCHDOG EYES EXPANDED OUT ISLAND REACH

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Bahamas’ standards watchdog yesterday said it was seeking to extend its reach beyond New Providence, while forging ahead with the roll-out of its certification services.

Dr Renae Ferguson-Bufford, the Bahamas Bureau of Standards and Quality’s (BBSQ) director, spoke as it hosted a one-day training session on the importance of accreditation and internal auditing. The session was sponsored by its Jamaican counterpart, the Jamaica National Agency for Accreditation (JANAAC).

Dr Ferguson-Bufford said the Bureau’s offering extends not only to products but

services as well. “We are a country heavily involved in the services sector. When we talk about conformity assessment we have to look at it from a management systems perspective,” she said.

“We need to have checks and balances in all of our systems. We want to have more persons in the country qualified to do the checks and balances. We don’t always have to bring in international persons.”

Dr Bufford said the BBSQ aims to promote quality infrastructure in the Bahamas, a process which involves standards of metrology and conformity assessment. The latter involves testing, verification, certifications and accreditations.

Dr Bufford added: “We hope that by the new year

2018 we can bring in more inspectors, ensuring that we are not just verifying services in Nassau but the Family Islands as well. We want to make sure that we are building confidence and trust with all consumers.”

Sharonmae Shirley, JANAAC’s chief executive Officer (CEO, said accreditation was “absolutely” critical as it impacts trade, businesses and consumers.

“The accreditation-based conformity assessment system globally; that’s the way forward, and it is the way forward for the Bahamas,” she said.

She also underscored the importance of internal audits.

“The internal audit component of our management systems is a critical function.”

expeditiously to get things done and this is one of them,” said Mr Sumner.

Matt Albury, executive director of the Organisation for Responsible Governance (ORG), praised the Government for taking steps to improve the public procurement process, calling it a “concrete step forward”.

He added that there were a number of ‘complimentary initiatives’ that the Government also needs to look at, such as the

enactment of a Freedom of Information Act and an independent Integrity Commission. K Peter Turnquest, the Deputy Prime Minister, said enactment of the Public Procurement Bill 2018 is scheduled for early in the New Year, and will strengthen the regulatory framework around government tendering.

“Through these reforms the Government is also providing increased opportunity for small and medium-sized Bahamian

businesses to participate in national procurement initiatives, which is supportive for their growth and the invaluable role they play in job creation,” said Mr Turnquest.

He added that the Minnis administration was taking steps to address the capital needs of SMEs, pointing to the Fresh Start and Jump Start grant initiative on Grand Bahama, and the small business development centre that is expected to launch soon.

PAGE 4, Wednesday, December 20, 2017

THE TRIBUNE

Homeowners allege ‘unlawful interference’ from Schooner Bay FROM PAGE 1 legitimate business activities at Schooner Bay and, as a result, has suffered loss and damage”. Further details are provided in a May 13, 2016, letter sent by the homeowners’ attorney, Gail Lockhart-Charles, to Courtney Pearce at Callenders & Co, who handles all litigation matters for Schooner Bay Ventures.

“The homeowners all wish to have the properties advertises in the Coastal Living Vacations Rental programme, and other such rental programmes as DSB, in its capacity as property manager, may arrange,” Mrs Lockhart-Charles wrote.

“It has come to our clients’ attention that Schooner Bay Ventures has contacted Coastal Living and raised concerns that DSB’s management of the homeowners’ Schooner Bay home rentals is a violation of the Declaration of Covenants and Restrictions governing Schooner Bay.” Tribune Business reported on Tuesday how Ms Gascoigne, Schooner Bay’s general counsel, had cited the ‘covenants and restrictions’ in demanding that Mr Malcolm and DSB “cease and desist operations” at the development

and not suggest he could provide rental or property management services.

That April 17, 2015, letter had described Schooner Bay as being “the only entity with the exclusive authority to operate real estate sales, rental or management offices at Schooner Bay” - something that violates Bahamian real estate law, as developers cannot engage in such businesses.

Mrs Lockhart-Charles, responding to the citing of Schooner Bay’s covenants, wrote: “Our clients dispute the allegations made

by Schooner Bay Ventures that DSB’s management of the homeowners’ Schooner Bay home rentals is a violation of the Declaration of Covenants and Restrictions governing Schooner Bay. “The actions of Schooner Bay Ventures in contacting Coastal Living, as alleged, amount to an actionable infringement of our clients’ rights and have caused our clients loss and damage.”

She continued: “As a result of Schooner Bay Ventures’ actions, Coastal Living has informed our clients that they are not able to move forward with placing the homeowners’ properties in the Coastal Living vacation rental programme until the dispute between DSB and

Schooner Bay Ventures is resolved in a way that makes it clear to Coastal Living that they can proceed without any risk.”

Mrs Lockhart-Charles demanded on her clients’ behalf that Schooner Bay Ventures “immediately issue a written retraction” of its statements to Coastal Living, and confirm they had a right to place their properties in the rental programme and advertise them in the magazine and other publications.

She warned that legal action would follow if Schooner Bay Ventures did not comply, and has duly made good on this.

The homeowners group includes both Bahamians and foreigners, with one property, Bennet Holdings Ltd, believed to refer to Bahamian accountant, Bennet Atkinson.

Tribune Business sources have alleged that the various legal actions stem from the developer’s desire to control all real estate activity at Schooner Bay. However, this strategy appears to have backfired, with much of the south Abaco development’s sales and rental activity having dried up over the past four years.

Schooner Bay Ventures is now on its fourth foreign

real estate sales team in four years, having gone through Pordes Residential Sales and Marketing; Arizona-based Land Advisors Resort Solutions; and Carolina-located Burnett Partners.

A November 9, 2017, letter to Schooner Bay homeowners from Dr Huber announced the appointment of Construction Management and Development (CM&D) as the owner’s development and project representative, while Legacy Global Development has been hired to oversee real estate sales.

“We would like to thank you for your continued patience and support while we have been working to find the right path for Schooner Bay,” Dr Huber told homeowners.

“CM&D is an international real estate consulting firm with significant experience and technical proficiency in development, construction and operational management.

CM&D’s project experience includes numerous successful residential resort and hotel developments in the US and the Caribbean basin.

“Going forward, CM&D’s scope of work will include management responsibility for the

operation of the in-place amenities and improvements at Schooner Bay, along with the strategic oversight and implementation of the master plan, design elements, sales and future construction within the resort.

“CM&D will also be responsible for the oversight of property management functions including the reconciliation of past maintenance fees as well as the implementation of utilities fees moving forward.”

As for real estate sales, Dr Huber added: “We have retained the services of Legacy Global Development to manage our sales operations at Schooner Bay. Legacy is an international sales, marketing and development company with experience in the Unites States, Latin America and the Caribbean basin.”

Legacy’s website shows its main regional experience lies in Belize and Costa Rica, with properties such as Orchid Bay, Hemingway Hotels and Resorts and Wyndham Grand.

Its website now features Schooner Bay, and a link to the property.

CM&D appears to have more experience in the Caribbean, the USheadquartered company

advertising its involvement in projects in the Cayman Islands, Virgin Islands and Turks & Caicos on its website.

Multiple Tribune Business sources have confirmed that Dr Huber has previously been seeking either a purchaser or joint venture partner for Schooner Bay. His investment in the project to-date is said to be around $80 million, and it is thought he had been seeking $90 million for an outright sale, although multiple realtors spoken to by this newspaper suggested it was worth $40-$50 million at most.

Replay Resorts, the Canadian-based developer of the former Ocean Place condo complex on Paradise Island, is understood to be one of the entities that looked at Schooner Bay. However, it and all others were said to have been deterred by the terms and level of control that Dr Huber was seeking to retain.

With the hiring of CM&D and Legacy, it appears any sale of joint venture partner search has been curtailed for now, and that Schooner Bay’s principals have decided to move in a new direction by engaging another sales/management team.

Private sector hails Gov’t tender reforms FROM PAGE 1 “The absence of a transparent procurement system increases the cost of doing business and the cost of building in the Bahamas. The consequences associated with poor procurement include higher taxes, higher public debt, widespread inefficiency and a higher total cost for all of us,” said the Chamber chairman.

K Peter Turnquest, the Deputy Prime

Minister, said enactment of the Public Procurement Bill 2018 was scheduled for early in the New Year. It is designed to strengthen the regulatory and enforcement framework around government procurement.

Through the bill, a Public Procurement Department and a Public Procurement Board will be established.

A Public Review Tribunal will also be established “to give recourse to persons who believe there have been an injustice rendered

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) Diamond International Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Diamond International Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 11th day of December, 2017.

Luciane Ribeiro Moreno Liquidator

NOTICE In the Estate of HENRY MORGAN SMITH late of Jupiter, Florida in the United States of America, deceased.

Notice is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 19th January, 2018 and notice is hereby also given that at the expiration of the time above mentioned the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice.

And notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned.

Roberts, Isaacs & Ward, Attorneys-at-Law, Unit 2, Cable Beach Court, 400 West Bay Street, Nassau, Bahamas.

to them during the tendering process”.

Mr Turnquest said the new system will offer transparency.

“There will be complete visibility,” he added. “All qualifying Bahamian businesses will be able to register to do business consistent with qualifications.

“Moreover, all persons visiting the portal will be able to view business opportunities, know all the offers available, monitor the process, see who is awarded contracts and at

what price, and the justification behind the award.”

Mr Turnquest added: “There is tracking of every decision along the procurement chain. All bid forms are item stamped, which prevents interference following the close of bids, and every action taken by government personnel within the system is tracked.”

He said $331,396 has been pegged as the cost for the project’s first phase, agreeing that it was expected to bring “significant savings” for the Government.

NOTICE

TIGER-HERON CORPORATION In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TIGER-HERON CORPORATION is in dissolution as of December 15th, 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

L I Q UI DAT O R ______________________

PUBLIC AUCTION HOUSE FOR SALE Single family dwelling house located at Number 49 Oxford Street, South Beach, New Providence.

The house has nine (9) rooms; Four (4) bedrooms, Two (2) full bathrooms, a kitchen, dining room, living room and a family room.

The Auction will be held on Friday the 19th day of January, A.D. 2018 at 12:00 p.m. Place: Bank Lane in front of the main Supreme Court Building.

The winning bidder must present half of the purchase price at the time of winning the auction. The balance is to be paid within twenty-one (21) days.

MANGRA & CO.

Other private sector executives were equally enthusiastic. Leonard Sands, the Bahamian Contractors Association’s (BCA) president, said the proposed e-tendering and supplier registry system was a “significant” undertaking that should provide greater transparency.

“I think it could provide a better and clearer understanding of government spending,” he told Tribune Business.

“I think transparency would help, and that is not to say that the public tender process when it works isn’t transparent, but what we recognise is that on too many occasions there has been an abuse of process by ministers directing decisions post the Tenders Board process.

“If this process, when implemented, removes the ministerial control in the awarding of contracts, and

the process is transparent allowing persons to see who the qualified bidder is based on cost, value and experience, then I think we will see positive results,” said Mr Sands.

Mr Turnquest said the e-tendering and supplier registry system will come on stream on February 5, 2018, and “fundamentally change the way we do business”, allowing the Bahamas to align its procurement activities and systems with international standards and best practices.

During the first phase of the project, potential suppliers will be able to register on the online portal; registered vendors will receive notifications when requests for tenders are uploaded to the system; and interested bidders will be able to prepare and submit bidding documents through the online portal before deadline.

BAHAMAS FIRST HOLDINGS LIMITED NOTICE TO SHAREHOLDERS Bahamas First Holdings Limited hereby notifies all its Shareholders that based on the Un-Audited Financial results of the Company for the Quarter ended 30th September, 2017 and projected earnings to 31st December, 2017, a Dividend of eight cents (B$0.08) per share is to be paid on the 22nd December, 2017 to holders of Common Shares on record as at 15th December, 2017.

NOTICE International Business Companies Act (No. 46 of 2000)

LILAH INVESTMENTS LTD. Registration Number: 154167 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) LILAH INVESTMENTS LTD., commenced voluntary liquidation on the 14th day of December, 2017.

Any person having any claim against LILAH INVESTMENTS LTD., is required on or before the 17th day of January, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of LILAH INVESTMENTS LTD.

GSO Corporate Services Ltd. Liquidator

THE TRIBUNE

Wednesday, December 20, 2017, PAGE 5

Bahamas ‘too eager to be led to slaughter’ FROM PAGE 1 The Bahamas last week signalled its commitment to meet the ‘minimum standards’ of the BEPS inclusive framework, which requires this nation to adopt four of 15 ‘actions’ designed to prevent multinational companies legally avoiding their tax obligations.

One of these ‘actions’ the Bahamas has agreed to comply with is the prevention of so-called ‘harmful tax practices’. However, the absence of a Bahamian corporate income tax regime presents a major obstacle to achieving this, as the OECD considers a rate of between 0-10 per cent a ‘harmful tax practice’.

Compliance with BEPS, and the adoption of ‘fair taxation’ methods, are two of the three criteria being employed by the EU in determining which nations to ‘blacklist’, meaning that the Bahamas is effectively caught between it and the OECD. The Prime Minister last week said the EU’s Code of Conduct group had already written to the Government expressing concern over the Bahamas’ lack of corporate income tax - a clear sign that this nation is being pushed to adopt such a levy.

Mr Smith yesterday argued that countries should be free to adopt the taxation structures that best meet their fiscal, social and welfare needs, not be bullied by the OECD into “a one-size fits all that doesn’t make sense”.

He added: “They gave us no choice to mitigate, to

adjust our taxation system to our circumstances. It seems to me that the whole idea of taxation coming from various sources is to pay for expenditures incurred by the state. You don’t start by telling me: ‘Use this form of imposed taxation on companies’.”

With financial services business already “going back to developed countries” as a result of the OECD and EU efforts, Mr Smith said the Bahamas would have been better advised to form a group with fellow IFCs and negotiate in their collective interest with the two bodies.

He argued that nations were moving away from taxing investment and income, as highlighted by the US Congress’s ongoing efforts to cut corporate income tax rates from 35 per cent to 21 per cent, just as the Bahamas was being forced to introduce such a levy.

Mr Smith also warned that introducing a corporate income tax would undermine the Bahamas’ attraction to foreign direct investment (FDI), and effectively betray a promise made to investors already here that they would be safe from such a levy under the protection of this nation’s laws.

“The Bahamas, like in other developing countries, doesn’t have a convertible currency and depends on foreign direct investment (FDI),” he told Tribune Business. “Now you’re telling me to tax such investment by having a corporate income tax.

“You’re shooting yourself in the foot. We’re competing for FDI with the rest of the world, and you’re asking us to introduce that on them and locals when so far we’ve avoided doing that. “We’re not doing this to bridge a deficit gap in the Bahamas; we’re being pushed to do this to comply with some external standard. We’re not really understanding the full implications of it. We can’t allow the whole fiscal structure to be rearranged from the outside without taking into account what is happening internally.”

Warning that the introduction of corporate income tax could effectively amount to a betrayal of existing investors, Mr Smith added: “The tragedy of it is that for many years we have invited foreign direct investment into the country with a certain expectation set in our laws.

“They have been here, and now we are turning around 180 degrees, and that in itself is something to beware. We have policies and programmes where we invite FDI, and have certain expectations that are put in our law, and you change the laws on them.

“In doing that, how can they trust we have a level playing field? They came here because they thought we were a sovereign country and that we could protect their rights under our laws.”

The prospect of a corporate income tax has divided many in the financial services, business and legal communities. Tanya

McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive and others, have argued that such a tax should be studied seriously for the Bahamas’ own sake, but only adopted if it made sense for the wider economy.

Some observers believe that many international clients will be prepared to pay a low rate corporate income tax. They see its introduction as paving the way for the Bahamas to enter into double tax and investment treaties, and attract more institutional business, while also helping to shed the ‘tax haven’ label.

Others, though, argue that such a tax would be problematic simply because Bahamian culture is not used to any form of income tax. While Business License fees could potentially be converted to an income tax, other concerns involve the impact on domestic Bahamian businesses and the fact it could drive away clients who came for the existing ‘no tax’ platform.

Mr Smith said forming alliances with other IFCs to resist the OECD/EU “would be the way to go rather than bend over and say: ‘Look how high I have jumped because you told me’”.

The Minnis administration, though, believes it has no choice but to comply given that a ‘blacklisting’ could cost the Bahamas further correspondent banking relationships and impact its ability to conduct international trade and commerce - the very foundation of its economic model.

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Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, ALTARIA GROUP LIMITED is in dissolution and that the date of commencement of the dissolution is the 07th day of December A. D. 2017

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

Enervo Administration Limited,LIQUIDATOR Montague Sterling Centre, East Bay Street Nassau, The Bahamas, P.O.Box N-3924 LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

ELO COMPANY LIMITED Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of ELO COMPANY LIMITED was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 29th November, 2017.

Amicorp Bahamas Management Limited Bahamas Financial Centre, 2nd Floor Shirley & Charlotte Streets P.O. Box N-4865 Nassau, Bahamas NOTICE

NOTICE OF DISSOLUTION

JETSTREAM INTERNATIONAL LTD.

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows: (a) JETSTREAM INTERNATIONAL LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 19th day of December, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 19th day of December A.D., 2017.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

a) b)

c) d)

JAYM Ocean Limited is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of said company commenced on the 13th of December 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of said company is Petaluma Limited, PO Box SP-63146, Nassau, Bahamas.

All persons having Claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before January 13th 2018.

Dated this 15th day of December 2017. ______________________ Petaluma Limited Liquidator

PAGE 6, Wednesday, December 20, 2017

THE TRIBUNE

GB Power buy-out ‘must be consistent’ with prior approvals FROM PAGE 1 Utilities in 2008. Given that ICD Utilities holds a 50 per cent equity stake in GB Power, that deal enabled Emera to ‘get its foot in the door’ with a minority 25 per cent interest. It subsequently became GB Power’s majority owner when it bought out Marubeni, with both purchases - that and Lady Henrietta’s - occurring under the last Ingraham administration.

Mr Bethel yesterday acknowledged that there were “two different transactions” for which Emera had received past approvals, with the Canadian utility subsequently “deciding to capitalise the company and obtain equity to defray the costs of acquisition”.

“This would have all required government approvals at every step of the way,” the Attorney General confirmed.

“We want to determine the nature of the approvals given in the past to

see whether we ought to approve, and whether such approval would be inconsistent with the approvals given at the different stages of initial investment. We’re determining what those are, and what the facts are.”

Mr Bethel’s comments will likely dash the hopes of Emera/ GB Power, and some of the latter’s Bahamian shareholders, that the government approvals required to complete the buy-out will be forthcoming imminently.

Emera informed ICD Utilities’ Bahamian shareholders on Monday that the “original timeline” for completing the $35 million buy-out had been altered by the wait for final government approvals.

“Emera Utilities Holdings advises shareholders of a delay in the completion of its acquisition of all outstanding shares of ICD Utilities that it does not own,” the Canadian utility said.

“We are working closely with the appropriate regulatory bodies, and

will advise shareholders when the transaction is completed..... We are committed to completing the transaction as soon as possible following finalisation of arrangements by the applicable regulatory bodies.”

Mr Bethel yesterday that every foreign investment in the Bahamas “has a certain policy element to it”, given the need for exchange control and National Economic Council (NEC) approval, and the existence of the National Investment Policy.

He added that, when it came to exchange control approval, the Central Bank required details on the level of foreign ownership in any ‘domestic’ entity.

“Any change in the foreign investment; if the foreign investor wants to change the shareholding structure, it has to go to the Central Bank for approval,” Mr Bethel added.

“We are still seeking certain background information,” the Attorney General said of the GB Power buy-out. “We have a meeting with the company

NOTICE

NOTICE is hereby given that ABRAHAM ST. PHAR of #23 Trianna Drive, Freeport, Grand Bahama, 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 20th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

and its attorneys some time tomorrow morning [today].

“We’re going to go through certain things, and there may be some information we require assistance from them on.

Once we have the facts, we’ll be able to advise the Government. Right now, we are engaged in determining the facts, and that will assist the Government in arriving at a rationale and defensible determination of the issue.”

K P Turnquest, the Deputy Prime Minister, told Tribune Business on Monday that the Government was “concerned” that the GB Power buy-out - if approved - is contrary to its ambition of creating wealth and investment opportunities for Bahamians.

“It’s fair to say we’re concerned about releasing the ownership to a foreign entity because it’s our stated intent to create opportunities for investments by Bahamians,” Mr Turnquest told Tribune Business.

“To the extent these opportunities arise, we’d prefer to have Bahamians

NOTICE

NOTICE is hereby given that KESNELL GEORGE DANIEL of Martin Town, Eight Mile Rock, Grand Bahama, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT MONDAY, 18 DECEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,059.58 | CHG -2.02 | %CHG -0.10 | YTD 121.37 | YTD% 6.26 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.22 17.43 8.19 3.32 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

1000.00 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

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 4.30 APD 17.43 BPF 9.09 BWL 3.68 BOB 0.95 BBL 0.16 CAB 3.70 CIB 8.60 CHL 6.10 CBL 4.90 CBB 9.00 CWCB 2.45 DHS 1.52 FAM 6.00 FBB 10.55 FIN 6.00 FCL 4.48 ICD 7.01 JSJ 12.51 PRE 10.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 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 2.10 4.12 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

CLOSE 4.27 17.43 9.09 3.34 0.95 0.16 3.70 8.60 6.10 4.90 9.00 2.53 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CHANGE -0.03 0.00 0.00 -0.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 -0.02 0.00 -0.10 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.04 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

109.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund 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

VOLUME 7,400 22,146 2,400 4,110 50,000 2,000 14,994

VOLUME

NAV 2.10 4.12 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.220 0.000 -1.462 0.611 0.583 0.196 0.631 0.102 0.392 1.217 0.729 0.484 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.6 18.7 N/M 6.2 N/M N/M -2.5 14.1 10.5 25.0 14.3 24.8 3.8 4.9 14.3 12.4 14.5 -10.5 23.0 0.0

YIELD 1.87% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.49% 3.61% 2.45% 6.33% 2.37% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 0.00%

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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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

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

YTD% 12 MTH% 3.64% 4.40% 5.32% 5.91% 1.94% 2.46% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Oct-2017 31-Oct-2017 27-Oct-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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

at least involved in the ownership on a widespread basis. Our wish is to see Bahamians involved in the ownership of a diverse portfolio of investments.”

Mr Bethel declined to be drawn on this issue yesterday, saying the final decision on whether to approve Emera’s buy-out of the Bahamian minority investors would be for the Cabinet to take collectively - not an individual minister.

If the buy-out proceeds, ICD Utilities will ultimately be de-listed from the Bahamas International Securities Exchange (BISX). It will, though, be replaced by Emera Bahamian Depository Receipts (BDRs) for those local shareholders who have elected to swap their ICD Utilities shares for an interest in the Canadian utility.

Emera and GB Power are likely to argue that this maintains indirect Bahamian ownership in GB Power, while giving local investors access to a much wider, diversified portfolio of assets representing the former’s various utility interests throughout Canada, the US and the Caribbean. The two companies have

also repeatedly touted that the Bahamas Investment Authority (BIA), which is effectively the Cabinet’s investment secretariat, approved the buy-out several months before it was formally announced. And the Central Bank, too, had given its ‘approval in principle’.

These approvals are being challenged

by Fred Smith QC and his company, SeSaChe, via a Judicial Review action in the Supreme Court.

They are alleging that the BIA and Central Bank approvals are “ultra vires, irrational and procedurally unfair”.

SeSaChe, which holds $300,000 worth of shares in ICD Utilities, is also seeking court Orders to block the Government from approving the buyout without first consulting Bahamian shareholders and other “stakeholders”, such as the Grand Bahama Port Authority (GBPA).

It is arguing that since the BIA is not created by law it has “no authority over the personal shares owned by Bahamian citizens”, and thus has “no power” to approve Emera’s purchase of SeSaChe’s shares.

NOTICE

NOTICE is hereby given that PATRICK SIMON of Hanna Hill, Eight Mile Rock, Grand Bahama, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that EDNEL JOSEPH of 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 20th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that DEVENIQUE DABRONYA THOMPSON of Shavanna Close, Millennium Gardens, 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 13th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KEITHLENE SACTEL of Culmersville off Mackey St. 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 20th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NELLINE SACTEL of Culmersville off Mackey St. 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 20th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that GINO AUGUSTIN of Rocky Pine Road, P.O.Box EE-17469, 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 13th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, December 20, 2017, PAGE 7

Papa John’s makes Bahamas comeback FROM PAGE 1 “We are assembling a fantastic team who are looking forward to delivering exceptional service to our guests and working together with our local community. We intend to share our success and give back to the wider Bahamian community we will be serving.”

“We are thrilled to be working with John Wilson and his team. John is a well-known entrepreneur in the Bahamas, and his expertise and strong track record for success will serve Papa John’s well,” said Tim O’Hern, the pizza chain’s senior vice-president and chief development officer.

“We remain enthusiastic about our growth

in the Caribbean, and look forward to introducing Bahamians to the ‘better ingredients, better pizza’ experience that Papa John’s offers around the world.”

Papa John’s will enjoy strong brand recognition and familiarity among Bahamian consumers in its bid to re-enter this market, where ‘fast food’ and pizza are especially popular.

However, it will face a tough fight to re-establish itself given the intense competition from the likes of Marco’s Pizza (Aetos Holdings and the Tsavoussis brothers); Domino’s Pizza (BISX-listed AML Foods); and Pizza Hut. While no locations have yet been announced, possible Papa John’s store sites could include the outlets recently vacated by Carl’s Jnr.