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THURSDAY, MARCH 1, 2018
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Pensioners left with 30% in City Markets HQ sale By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
C
ity Markets pensioners have been “kept in the dark” over the $3 million sale of the plan’s main asset, with just 30 per cent of the proceeds seemingly left for their benefit. Court documents obtained by Tribune Business reveal that the long-running saga over the defunct supermarket chain’s employee pension plan is again heating up, this time over the sale of its former East-West Highway head office to BISX-listed AML Foods. Whanslaw Turnquest, the defunct supermarket chain’s former chief inventory control officer, who heads a ‘committee’ representing many City Markets former employees, is alleging that the pension plan’s trustees “did not act in the best interest of beneficiaries” over the deal.
* Claim trustees ‘not acting in our best interest’ * Trustees retain 27% of $3m sale to AML Foods * And lawyer paid almost one-third of proceeds The former City Markets’ head office, which is currently in a state of ruin and disrepair, was the employee pension fund’s main asset, and its sale was critical to maximising recovery for the hundreds of beneficiaries who have been waiting some six years to recover their long-term investments and life savings. Mr Turnquest, in a series of affidavits filed with the Supreme Court on February 2 and February 28, 2018, alleged that his group of beneficiaries and their legal advisers only become aware of the potential sale when one of the pension trustees, Dennis Williams, was cross-examined “under oath” in June 2017. This was nine months after Mr
SEE PAGE 6
INSURERS ‘NOT OBLIVIOUS’ TO BAHAMAS SANCTIONS THREAT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE insurance industry “is not oblivious” to the need for the Bahamas to comply with global antifinancial crime standards and avoid sanctions, its chairman said yesterday. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) head, told Tribune Business it “doesn’t take lightly the importance of the Bahamas meeting its international obligations”, but felt recent legal changes impacting the sector amounted to “overreach”.
He pointed out that the insurance industry would be impacted as badly as other financial sectors if the Bahamas was ‘grey-listed’ or subjected to financial sanctions, should its regulatory regime not meet anti-money laundering and counter-terror financing standards. Countering suggestions that insurers were too narrowly focused on their own interests over impending changes to the Financial Transactions Reporting Act, and not alive to those of the Bahamas generally, Mr Komolafe urged the
SEE PAGE 7
EMPLOYERS IDENTIFY DOZENS OF NEW HIRES By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Director of Labour yesterday hailed the success of his department’s latest job fair, with major New Providence employers having identified dozens of potential hires. Robert Farquharson told Tribune Business that roughly 1,100 persons attended the job fair at Golden Gates Park, and said: “The southwestern job fair was extremely successful. We were very pleased with the results. We saw almost 1,100 persons attend
the fair. We would have registered over 200 new applicants.” Mr Farquharson added: “Atlantis would have prescreened 332 persons, interviewed at least 150 on-site and already identified 77 of those persons for second interviews, with the view of hiring them in the food and beverage and house keeping departments. “Fidelity Bank also interviewed a number of persons, and identified 14 vacancies they hope to fill from those interviews. IMAX interviewed over 200 applicants. They are
SEE PAGE 3
TITLE QUESTIONS RAISED OVER $3M AML DEAL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CITY Markets pension fund trustees have no legal standing to sell the defunct supermarket chain’s former head office to AML Foods for $3 million, it was alleged yesterday. Whanslaw Turnquest, the company’s former chief inventory control officer, claimed in a February 28, 2018, affidavit that the former guardians for the employee pension plan - known as the Bahamas Supermarkets Ltd Profit
Sharing Retirement Plan had conveyed the property to another entity on May 1, 2014. That transaction occurred before the January 2015 appointment of Dennis Williams and Rosalie McKenzie, the current trustees, who signed the deal to sell the 6.195 acre East-West Highway site to BISX-listed AML Foods on behalf of the pension plan. However, Mr Turnquest is claiming that the duo have no right or ability to
SEE PAGE 11
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BPL pledges: You’ll have ‘soft landing’ on extra charge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) chairman yesterday pledged to make “the landing as soft as possible” for Bahamian consumers when it adds a debt servicing charge to their bills. Darnell Osborne told Tribune Business that the utility was working to make this extra fee “manageable and palatable for the Bahamian people” by extracting as much savings as possible from BPL’s existing operations prior to placing a Rate Reduction Bond (RRB), She added that BPL would “advise the Government in a few months” on the amount of the RRB servicing fee that will be added to all consumers’ monthly bills, its Board having recommended to the Government that the RRB was essential to restructuring the utility’s balance
OSBORNE
* TO MAKE BOND SERVICE COST ‘PALATABLE’ * PROCEEDS FROM $100M SHORT-TERM RAISE ‘WITHIN MONTH’ * WILL ‘CARVE OUT’ FUNDS FOR AUTOMATED METERS sheet for the long-term. Mrs Osborne said BPL would turn its attention to the
SEE PAGE 4
PAGE 2, Thursday, March 1, 2018
THE TRIBUNE
THE TRIBUNE
Thursday, March 1, 2018, PAGE 3
Chamber targets ‘meaningful’ partnerships on Haiti mission By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Chamber of Commerce will target “meaningful commercial partnerships” when it leads a trade mission to Haiti in May, its chief executive said yesterday. Edison Sumner told Tribune Business that the private sector body has already made arrangements
for the trade missions with government and private sector organisations. “We have already arranged for a trade mission to Haiti in May,” he added. “I will be leading a private sector delegation from May 16-19, which will be on the heels of the Government delegation that was there last week to attend the CARICOM meetings.” Mr Sumner continued: “We want to explore opportunities that are there.
We have already gotten quite a lot of interest from a number of businesses from a cross-section of the economy. We have already established an agenda and made contact with counterparts in Haiti, both in government and private sector organisations.” Renward Wells, minister of agriculture and marine resources, earlier this week moved to reassure Bahamian farmers that they will not be
“disenfranchised” as the Minnis administration seeks to act on the trade, agriculture and shipping agreement signed with Haiti by the Christie administration in 2014. This, though, will not materialise until certain standards have been met. “That is something the Chamber would support once the necessary standards and inspections are in place,” Mr Sumner said. “We know that a lot of
produce that we consume, which may have been grown in Haiti, is being shipped to the United States. “We are purchasing them through US suppliers. If we can get a direct link it would significantly reduce the time to market, and reduce the cost to importers and ultimately consumers.” “The question may arise as to what will happen with BAMSI, which is supposed to be producing products for local consumption,” he
added. “I think that can be a support to BAMSI and a contingency plan, because so far BAMSI has not demonstrated that it has the capacity to feed the country. They are working towards that goal but that is not the reality right now.” Mr Sumner said the Chamber will also be looking to establish and strengthen commerce and trade relationships with other countries in the Caribbean.
Employers identify dozens of new hires FROM PAGE 1 looking to hire between 200-300 persons in food and beverage and catering. They indicated to us that they had identified over 100 persons and, once background checks are complete, they would look to hire those persons. Super Value was out there and they would have identified 24 persons to be hired as cashiers immediately. The
Bahamian Delight Restaurant would have hired 12 persons on the spot.” Mr Farquharson said there were other businesses pleased with the turnout and quality of applications. He added that the Labour Department was still looking into how many persons would have secured employment through the job fair, given the need for employers to carry-out their background checks first.
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PAGE 4, Thursday, March 1, 2018
THE TRIBUNE
BPL pledges: You’ll have ‘soft landing’ on extra charge FROM PAGE 1 RRB, and long-term needs, once it completed a $100 million short-term capital raise that will fund its summer readiness programme and other customer service improvements. Revealing that BPL hoped to obtain some of that $100 million before this month ends from a lending syndicate, the utility’s chairman added that recommendations had also been forwarded to the Minnis Cabinet for its approval on the bidding process for its fuel supply and short-term generation contracts. Mrs Osborne said long-term generation was also addressed in the recommendation on the latter. The Minnis administration initially seemed reluctant to adopt the long-term financial restructuring tool left behind by its Christie predecessor, but BPL’s Board views the RRB’s placing as critical to raising the nine-figure sum required to restructure its legacy debt. Mrs Osborne said it was “not so much the exact plan left behind by the previous administration”, indicating that BPL would likely seek a lower amount than the $650 million touted by the former Christie administration to minimise the burden on Bahamian businesses and households. “The Board has made its recommendation to the Government in terms of needing that RRB done,” she told Tribune Business. “We’ve not given a specific figure... We have to really tie down this interim financing before we can talk about the details of that RRB.” Mrs Osborne added that “the intention is to go out for an RFP for the RRB”, meaning that BPL will solicit bids from the likes of banks, investment and finance houses, broker/
dealers and other capital markets players to act as its adviser/placement agent on the bonds. Recent changes to the Electricity Act and RRB Act will also facilitate the issue. She also explained that BPL had “held off” on the RRB “to effect some savings in operational costs” that would reduce the sum required, and therefore lessen the burden on consumers. Mrs Osborne said BPL had already been able to save around $10 million through improved controls and a new procurement system, and said the cash-strapped utility was taking a “one step at a time approach” to fixing its finances. “In a few months’ time, once we get past the interim financing and turn our attention to that, we will make a recommendation to the Cabinet and go from there,” she told Tribune Business of the RRB. “We’re almost there. Not far off. In a few months we will be able to advise the Government on how much we need in terms of the percentage on to the bills. We’re hopeful with the savings we’re able to effect that it will be manageable and palatable to the Bahamian people. We’re trying to make the landing as soft for Bahamians as possible.” The Government will likely be wary of potential political fall-out from any additional charge that makes light bills more expensive, especially with global oil prices starting to rise and the potential drag this will cause for the private sector, economy and household disposable income. Yet BPL’s dire financial position makes it imperative that a nine-figure restructuring of its balance sheet be implemented to refinance some $350 million in bank and bond debt; a near-$100 million pension plan deficit, and deal with
environmental damage and other legacy issues. The former Christie administration’s plan involved issuing the RRB bonds, via a special purpose vehicle (SPV), to Bahamian and international capital markets investors. The proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’’s and government’s balance sheets, enabling the former to raise new capital to invest in badlyneeded network upgrades. The RRB bonds debt would be serviced by an additional charge added to customer bills, which will likely be a small percentage of the overall amount. Mrs Osborne, meanwhile, said BPL was “in the final stages of negotiating the short-term financing” vital to enabling the utility to undertake much-needed pre-summer infrastructure enhancements in New Providence, Abaco, Bimini and Exuma. “I would like to see we’re a month out with the majority of it,” she told Tribune Business of the short-term raise. “We think we can get some more after that. We’re looking at $100 million thereabouts, and are hoping to get some this month, March. “We can then start summer readiness and look at beginning the Automated Meter Reading (AMR) system. We’re going to try and start with some of that so by the end of the year our customers will see some real improvements in customer service and billing. We want to have some of the money carved out to do that.” Mrs Osborne said that while some work on BPL’s summer readiness programme had already started, “the bulk of it requires money”. She added that the Board had made its recommendations to the Minnis Cabinet, and was now awaiting its approval, on the fuel and generation supply tenders.
PUBLIC NOTICE To:
Mr. Peter Nygard Simms Point aka Nygard Cay Lyford Cay Nassau, New Providence The Bahamas
TAKE NOTICE that:1. Ruling No. 28 handed down by the Honourable Madam Justice Rhonda Bain on 8th February, 2018 in Judicial Review Proceedings No. 12 of 2013 (“Ruling 28”) at paragraph 97 thereof, the Court directed inter alia you, PETER NYGARD, the 5th Respondent therein, to be in attendance at the hearing of Originating Notice of Motion filed herein on 25th June, 2013 by the Applicant, the Coalition to Protect Clifton Bay (“the Coalition”). 2. Accordingly, both the Order emanating from Ruling 28 and the Notice of Trial of the aforementioned Originating Notice of Motion were filed on 22nd February, 2018 and 18th February, 2018 respectively (collectively referred to as “the Documents”). 3. The Coalition has attempted to personally serve the Documents upon you to no avail. 4. AND TAKE NOTICE THAT by Ex-Parte Order made on 26th February, 2018 and filed on 27th February, 2018 (“the Substituted Service Order”), it has been ordered that service of the Documents is to be effected on you by, inter alia, this Advertisement. 5. A copy of the Documents together with the Substituted Service Order may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street (Annex), Nassau, New Providence, The Bahamas OR from the Attorneys for the Coalition at their address below mentioned OR at their Nassau Office situate at One Millar’s Court, Nassau, New Providence, The Bahamas. DATED this 1st day of March, 2018
Callenders & Co. Island House The Mall Drive Freeport, Grand Bahama The Bahamas Attorneys for the Coalition
THE TRIBUNE
Thursday, March 1, 2018, PAGE 5
Why Wal-Mart’s big box does not fit the Bahamas EDITOR, The Tribune. Kindly allow me space to reply to Richard Coulson’s February 25 letter to the editor, and to the public at large, with further insight on why Wal-Mart or a similar company entering the Bahamian market is not a good thing for the country. Studies on the subject have been conducted over the last decade or more, with most research level institutions (Cornell University, University of Oxford, University of Illinois Chicago, Hunter College New York, etc.) leaning to the argument that Wal-Mart hurts more than it helps small economies/communities. I should note that Wal-Mart has also released its own study of how Wal-Mart stores help in small economies, stating only two, highly-contested benefits as the impetus for their argument. While Mr Coulson used the developing country, Mexico, as an example with which to compare the potential positive influence of Wal-Mart in the Bahamas, on the Bahamian economy, respectfully, this comparison is not a good one for numerous reasons including the following: 1. Mexico has a population of 120+ million people; the Bahamas has 350,000+ people 2. The Mexican economy is the 11th largest in the world and exceeds US$2.4 trillion in GDP using Purchasing Power Parity ‘PPP’ (Source: OECD & CIA Fact Book) 3. Mexico is a country of heavy industry, including many manufacturers, and benefits from two-way trade in goods and services with the US to the tune of over $550 billion (2016) 4. Mexico is a net exporter of crude oil
LETTER TO BUSINESS EDITOR 5. Walmex has millions of customers in Mexico, and more than 2,000 store locations to supply its customers 6. Walmex’s annual sales exceed $25 billion, and are backed by its parent Wal-Mart with annual revenues of over $480 billion 7. Notwithstanding Walmex’s impressive commercial dominance in Mexico, the Pew Research Centre report on Mexicans living under the national poverty line, describes no reduction in poverty for the 10 years following WalMart’s arrival in Mexico, with the World Bank’s 2016 estimate of persons living under the national poverty line at approximately 50 per cent. Wal-Mart entered Mexico in 1991,and entered into a few joint ventures to include Mexican retailers Cifra and Aurrera. Shortly thereafter the company became known as Walmex. By 2001 Walmex is reported to have gained 46 per cent of Mexican retail market share (source, University of Oxford). Since inception, Walmex expanded its product and service offerings to include Bodega Aurrera (lower end grocery chain); Superama (basic big box store, without food); Walmex Supercenters (big box store, plus grocery store); Sam’s Club (bulk version of Supercenter); VIPs (restaurants); Suburbia (clothing); Banco Walmart (Commercial Bank); Farmacia de Walmart (Pharmacy). A component of the accession to full World Trade Organisation (WTO) membership is the reduction of tariffs/Customs duties, so any local
company like a Kelly’s, which was referenced by Mr Coulson, can come closer to competing with prices offered by a foreigndomiciled company like Wal-Mart. Other significant aspects of WTO membership include recourse to unfair trade practices of other countries, supporting a more ‘level playing field’ for trade/ business. While there are definite advantages to WTO membership, I believe “every” WTO member country including the US, Canada, Germany and many others - negotiated various exceptions and/or concessions in an effort to protect areas of their economies. Provided WTO membership does not impose or invite the potential for economic and social deterioration, WTO membership can make sense to the Bahamas. A fundamental question as I see it is: “Are we prepared to replace the majority of our SMEs, which are the economic and employment engine of our economy, with a single mega-operator?” There may be a handful of case studies which show Wal-Mart as having positive effects on the economies it enters, but those effects are owed mostly to the nature and large size of the economies. What appears as a recurring theme in the majority of studies analysing WalMart’s impact on relatively small cities and townships - California, New York City, Chicago, North Carolina, Mexico, etc. - is that the smaller and more culturally unique the community or its economy is, the more negative the impact of the Wal-Mart store presence.
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The negative economic impact primarily, and repeatedly, includes mass local small business closures and reduced employment. Wal-Mart is very large by any measure, and in the Bahamas it would be one or two stores each employing a few hundred people, as opposed to many local smaller companies collectively employing a few thousand people. One such study, produced in part by Cornell University and published in the Journal of Urban Economics, titled ‘The effects of Wal-Mart on local labour markets’, noted the following: In the US markets reviewed: * “On average, Wal-Mart store openings reduced overall employment”. * “Gross retail earnings in the county declined because of the Wal-Mart entry”. * “In a review of a 43-year period, the study reported that employment levels in counties with a Wal-Mart were less than in those communities without a Wal-Mart”. * “The study noted that Wal-Mart will place pressure on wages and cost of goods, with wage declines negatively impacting low-income families and, in turn, increasing the taxpayer burden as Government programmes must support a greater share of the population”. * “The analysis revealed that Government tax receipts declined following Wal-Mart’s entry”. Also, the point has been raised about selling the beauty or characteristics of our islands as tourism exports, but what do we anticipate as the obvious outcome if our islands lose the bit of character that still remains to
transplanted, modular commercial programmes absent of our special and wonderful native idiosyncrasies? When visitors come to the Bahamas, they do not come here to shop at Wal-Mart or the ‘big box store’ from home; they come to shop at the quaint Bahamian stores, run and staffed by people whose passion and ownership is evident, and who can teach them about the culture and character of these islands. Wal-Mart, in more than just a few studies, has been shown to reduce that character and culture of a community by altering the composition of the economy to eliminate small, local businesses. And, by hiring as few as possible on minimum wage, Wal-Mart will very likely reduce the level of employment in a small community. Providing fertile soil to launch young businesses is paramount.
Our economic culture must serve to support small businesses. Small and Medium-Sized Enterprises (SMEs) are the lifeblood of our economy. SMEs presently provide the greatest employment in the private sector, and they are the engine of economic growth. Are we willing to compromise that very necessary feature of a flourishing economy? The Bahamas continues to benefit from large, world-class resort investments, and we are very fortunate to have such partners. This form of foreign direct investment (FDI) is very different from that of a global retail giant operating in the Bahamas. The resort giant leverages our natural beauty and wonderful people in its efforts to import guests and export services. The global retailer,
SEE PAGE 10
Notice to Creditors Biscayne Capital Ltd. (In Liquidation)
Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o Deloitte & Touche, Dehands House, 2nd Terrace West Centreville, P.O. Box N-7120, Nassau, The Bahamas on or before 30 March 2018. In default thereof they may be excluded from the benefit of any distribution made by the Liquidators. Dated the 27th day of February, 2018. Raymond L. Winder and Mark E. Munnings Joint Official Liquidators of Biscayne Capital Ltd. (In Liquidation)
PAGE 6, Thursday, March 1, 2018
PENSIONERS FROM PAGE 1
Williams and his fellow City Markets pension trustee, Rosalie McKenzie, signed the initial sales agreement with AML Foods on September 21, 2016, which resulted in the latter paying the due a $150,000 deposit. With no further information forthcoming, Mr Turnquest alleged he was then “shocked to learn” in January 2018 that the sale had been completed. And further disclosures show that City Markets pension beneficiaries may receive as little as $732,064, or just 30 per cent, of the $2.438 million net
purchase price for the supermarket chain’s former head office. A February 12, 2018, affidavit by Ms McKenzie, which was neither filed nor served on the pension beneficiaries, reveals that $1.706 million was disbursed to seven parties from the purchase price paid by AML Foods. It shows that the two trustees approved payment of some $665,585 to themselves, with Mr Williams receiving $461,253 and a $204,331 balance going to Ms McKenzie. The collective sum represents 27.3 per cent, or more than one-quarter, of the head office sales proceeds. Billings attached to Ms McKenzie’s affidavit show
THE TRIBUNE that the sums disbursed to the two trustees include payments - including fees and ‘bonuses’ - for two future years, namely 2018 and 2019. And the trustees’ compensation for 2017 appears to have been based on a 62-week year. A further $795,038, or 32.6 per cent of the AML Foods sales proceeds, were paid to the trustees’ attorney, Roger Minnis of Minnis & Company. Attached billings showed the sum represented three years’ worth of legal work, not just the sale, from 2015-2017, with Mr Minnis applying a 48 per cent discount to his fees. Basing his calculation on the $3 million ‘gross’
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price, Mr Turnquest alleged that the trustees and their attorney had paid themselves “about 60 per cent” of the sales proceeds “without reporting such sale and payments” to the pensioners, their attorneys or the Supreme Court until now. “They did not even have the courtesy to call a meeting with the beneficiaries and their attorney to inform them of the sale, and the fact they paid themselves and their attorney and others some $1.6 million,” he claimed. Calling for Supreme Court “intervention” over the payments, Mr Turnquest alleged: “The trustees have not acted in the best interest of the beneficiaries of the retirement plan.” He further claimed they had breached Supreme Court Orders, one signed by Mr Minnis as their attorney, which called for monies generated by the former head office’s sale to be paid to pension beneficiaries. The other Order called for an accounting of sums owed to the pension fund. Other payments from the AML Foods sale were shown as including $193,500 to Colonial Realty as its 6 per cent broker’s commission on the sale. There is nothing to suggest the realtor has done anything wrong in relation to the sale. Mr Williams, in an e-mailed reply to Tribune Business last night, did not directly answer any of this newspaper’s questions on the payments and sale to AML Foods, instead saying he would ‘stay above the fray’. Emphasising that he would not “wallow in the mud”, Mr Williams said he and Ms McKenzie would “press on” with their duties and had the necessary documents to support their actions in law. He suggested concerns over the AML Foods sale were being used as a distraction, and told Tribune Business: “With the greatest
of respect, as a trustee and attorney, I will not get into ‘wallowing in the mud’. My experience leads me to know that a picture is being painted to draw attention away from the $12 to $15 million claim.” Mr Williams did not explain what he meant by that, although the figures are understood to refer to the estimated total worth of City Markets pension plan assets - a value that has long been uncertain and disputed. “We have a strict duty to the beneficiaries in accordance with the Trustee Act and the deed of Trust,” he added. “We act on advice and have deeds to legally back up whatever we did, and we will continue to press on with our duties.” Mr Turnquest, though, expressed “concern” over the fact that Ms McKenzie’s affidavit, made in response to an Order from the Supreme Court’s deputy registrar, was neither filed nor served. She disclosed that the initial sales agreement with AML Foods was signed on September 21, 2016, for a price of $3 million “net”. However, that appears to have been a mistake, and the $3 million a ‘gross’ price, given that the affidavit subsequently revealed that just $2.438 million was paid to the trustees by AML Foods. “Upon execution of the said agreement for sale, the sum of $150,000, which represented 5 per cent of the purchase price, was deposited with our attorney,” Ms McKenzie alleged. “The matter was finally completed on the ninth day of August, 2017, when a cheque in the amount of $2.288 million was paid by C. F. Butler & Associates, which represented the balance of the purchase price on the amended vendor’s closing statement.” There are discrepancies, though, between Ms McKenzie’s affidavit and AML Foods’ latest accounts.
The BISX-listed food retail and franchise group, which operates the Solomon’s SuperCentre, Solomon’s Fresh Market, Cost Right and Domino’s Pizza brands, said the sale was “not yet finalised” as of August 31, 2017 - some 22 days after the trustee says it closed. “On September 21, 2016, the company signed an agreement to purchase a building located at Soldier Road Industrial Site for $3 million,” AML Foods’ financial statements stated. “At that time, the company paid a deposit of $150,000, which was included in property, plant and equipment at April 30, 2017. Subsequently, on July 28, 2017, the company placed into escrow $3 million, including taxes and fees, to complete the purchase. However, as of August 31, 2017, the sale was not yet finalised.” Mr Turnquest, in his February 2 affidavit, alleged that he was “shocked to learn that the sale had been completed” some five months’ later, “with $3 million going to the trustees who did not inform the beneficiaries, their attorney or the court since the completion of the sale on July 28, 2017”. Branding the alleged nondisclosure as “deceptive”, he claimed: “It was not until one of the trustees, Dennis Williams, was cross-examined under oath in June 2017 that the plaintiffs’ counsel, beneficiaries or myself knew of the potential sale. The trustees failed to say who was purchasing the property or to give details on the potential sale.” Mr Turnquest said the inability to access their life’s savings had produced devastating consequences for many City Markets pensioners, who were unable to afford medical care, pay mortgages, rent and other daily bills, and fund their children’s education. “The strife among the beneficiaries is real,” he added.
THE TRIBUNE
Thursday, March 1, 2018, PAGE 7
INSURERS FROM PAGE 1
Government to quickly release the accompanying regulations. Without these, and regulatory guidelines from the Insurance Commission, the BIA chair warned that the sector - and all other financial services industry segments - would struggle to implement the necessary policies, procedures and system adjustments to effect the new legislation. “We don’t take lightly the importance of the Bahamas meeting its international obligations,” Mr Komolafe told Tribune Business. “We appreciate the importance of this initiative of complying with the Financial Action Task Force’s (FATF) 40 recommendations. That’s extremely important.” He was speaking after Carl Bethel QC, the Attorney General, said the insurance industry’s interests could not be placed ahead of the wider Bahamas as this nation seeks to escape the FATF’s
‘enhanced review process’ that was sparked after its Caribbean affiliate identified significant gaps in the country’s financial crime defenses. Tribune Business last year revealed that the Bahamas seemed to have regressed on its financial crime defences, with the CFATF’s 2017 Mutual Evaluation Report (MER) finding this nation only ‘partially compliant’ on 21 - more than 50 per cent - of 40 ‘technical’ standards. While the Bahamas was deemed ‘non-compliant’ with just one standard, and found ‘compliant’ and ‘largely compliant’ on eight and 10, respectively, the CFATF report also rated this nation as in either ‘moderate’ or ‘low’ compliance with its 11 ‘effectiveness’ ratings. Should the Bahamas remain in the ‘enhanced review process’ it could be subjected to financial sanctions, an outcome Mr Bethel said the Government wants to avoid at all costs. But the insurance industry expressed concern that the
specific reforms impacting its business went further than the global standards set by the FATF. In particular, it warned against including property and casualty insurers among the Financial Transactions Reporting Bill’s list of ‘financial institutions’ that have to apply risk-based customer due diligence (KYC) to their clients, pointing out that the sector was not defined as such by the FATF. And insurers also warned that applying the riskbased approach to life and investment-related insurance would remove the previous $2,500 annual aggregate premium threshold below which clients were not subjected to such KYC measures. With 75-80 per cent of existing policyholders set to be impacted, the sector asked for a year’s ‘grace period’ to bring current portfolios in line with the change. Both requests were ultimately granted by the Government, and Mr Komolafe said yesterday: “We have seen nothing in
that definition of ‘financial institutions’ to show that it includes general insurance. We don’t take it lightly, but we can only go on what’s happening now.” He emphasised that the Bahamian insurance industry’s position was based on facts, not his opinion or that of others, and added: “If it’s a requirement of international standards we do it, but if it’s not a requirement it’s overreach. “I don’t want this to be construed as an industry oblivious to the international standards. We have to maintain the Bahamas as a compliant jurisdiction so it does not appear on any ‘grey’ or
‘black’ list, or we lose our correspondent relationships. We are very much aware of these things. “We want the best for the Bahamas and have to deal with the issues at hand. If we lose our correspondent banks it impacts the insurance industry. If we’re blacklisted it impacts our ability to get new business,” Mr Komolafe continued. “We support conceptually what the Government is doing, meeting our obligations and complying with international standards, but it has to be in a way to make sure we’re not overreaching.” Mr Komolafe said the Insurance Commission had
informed the industry that health insurance would not be captured by the legislation, and added: “We understand the intent is to pass the legislation as soon as possible, but we don’t have the regulations. “The regulations provide the details on how we implement the legislation. Without regulations you can’t begin to address your policies and procedures. Following from that are the guidelines issued by the regulators. “We may have to do some internal or external adjustments with our policies, procedures, train line staff and agents and brokers.”
LEARN TO NAVIGATE
CLASS “B” CAPTAINS LICENSE COURSE
Notice: Sealed Bid auction
SHIP MATE LTD MARITIME TRAINING CENTER
The vessel shown below will be auctioned off on the 9th of March, 2018. Interested persons are invited to submit their bids to purchase before Thursday the 8th of March, 2018.
LEARN BASIC NAVIGATION THROUGH THIS 8 WEEK COURSE COVERING CHARTPLOTTING AND SEAMANSHIP. COURSE REGISTRATION GOING ON NOW! CLASS COMMENCES MONDAY MARCH 12TH, 2018 AT 6:00PM AT OUR TRAINING CENTER ON CLARIDGE ROAD.
Topics covered include: *BASIC CHART PLOTTING & BASIC SEAMANSHIP *TIDES *BASIC SHIP CONSTRUCTION *NAVIGATION BOUYS *RULES OF THE ROAD *MARINE WEATHER *BOAT REGISTRATION ACT
Bids will be selected from the best offer over $25,000. All bids are to be mailed to P.O.Box N-9871 postmarked before the 8th of March, 2018.
Specifications:
1989 40ft Hydra boat (Catamaran). (2) 450 Turbo Charged Yanmar Diesel Engines. Radar, GPS, Generator, Chart Plotter, VHF Radio, Stereo System, State Room, Full Bathroom, Full Kitchen.
THE COURSE IS $999 PLUS VAT AND INCLUDES ALL BOOKS, MATERIALS AND PLOTTING EQUIPMENT. PAYMENT PLANS AVAILABLE. FOR MORE
Starboard engine needs some work.
INFORMATION PLEASE EMAIL info@shipmateltd.com or call 698-6283.
Boat can be viewed at Bayshore Marina. Ship Mate Ltd
Fidelity Bank Apprentice Program
Across The Fidelity Group, we are driven by a clear purpose – making a positive difference in the lives of our colleagues so they can make a positive difference in the lives of customers and in the communities we serve! Therefore, in keeping with our guiding principles, and in support of our continued growth, we are seeking to attract PHDs to join our team. Job applicants who are Passionate, Highly Motivated & Driven to Succeed and wish to become Banking and Finance Apprentices should apply.
We hire for attitude and potential, then train for skills. So what skills and qualifications will participants need? Because our training is extensive, participants will not need any previous experience in Banking or Finance. However, to succeed in this program requires that you already possess the following attributes: •
Ability to persevere and commit to a three (3) year program
•
Ability to learn quickly in a fast paced environment
•
Ability to receive constructive feedback
•
Giving “EXTRA”, with a passion for providing exceptional customer service
We have a reputation for being a training bank. So naturally, we will be providing great personal and professional development with the opportunity to advance to supervisory and managerial positions in an accelerated program.
•
Professional in demeanor, deportment, and dress
•
High ethical standards in your work and personal life
•
A passion for sales and solicitation in a strong sales culture
We will help participants to develop an in-depth knowledge of our products, services and processes; enhancing their communication, leadership, and people skills.
Additionally participants will need to possess either of the following qualifications:
Our Apprenticeship Program is comprised as follows: • One year in Deposit Administration, Business Development, and Customer Service • One year in Loan Administration and Lending • One year in Operations, Compliance, and Special Projects
• • •
To service our customers while being trained, coached and mentored requires that participants in our Apprenticeship Program can work flexible hours in any of our branches in New Providence, Freeport or Marsh Harbour, and are available to work on Saturdays as required. Fidelity offers Saturday Banking at most of its branches.
Participants will be assessed on a quarterly basis and must meet all the requirements of the program to be retained in the Apprenticeship Program. Come Grow With Us! Because at Fidelity “We’re Good For You!”
What can Participants in our Apprenticeship Program expect and what will they be doing?
Bachelor’s Degree with a GPA of 3.0 or above or An Associate’s Degree with a GPA of 3.0 or above , and four (4) BGCSEs with a ‘C’ grade or above or A High School Diploma with a GPA of 2.8 or above , and four (4) BGCSEs with a ‘C’ grade or above and five (5) years working experience in any capacity
PLEASE SUBMIT RESUME AND TRANSCRIPT BEFORE: March 12th, 2018 HUMAN RESOURCES Re: Apprentice Program 51 Frederick Street | P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com
PAGE 10, Thursday, March 1, 2018
THE TRIBUNE
Why Wal-Mart’s big box does not fit the Bahamas FROM PAGE 5 conversely, will derive its revenues from the pockets of Bahamians, and its market share will come from Bahamian businesses. Furthermore, a consequence of a transfer of business and income from local firms to the likes of a Wal-Mart will be the repatriation of money which
would have historically remained in the Bahamas and been reinvested in the local economy. Going forward, any study on how appropriate a Wal-Mart store is for our country must include both the social and economic analysis, describing the effects on cultural elements of our society, which is really where the special
value of our country lies. The takeaway is that big box retailers and other imported, big retail businesses may not just harm the economy; they will change the character of our country, the hope of our youth and, by extension, the wonderful character of the tourism product presently available to the world.
By no means should we aim to encourage small Bahamian businesses to stay small - Wal-Mart was once a small business, too. But to grow a local business in the Bahamas from the ground up is inherently different than implanting a large one from the outside. We need to figure out what works best for us, and we must continue to address
our ease of doing business challenges. All businesses, all consumers in the Bahamas with a vested interest in economic survival must decide what we want our economic model to be, how we want our economy to grow and, perhaps most importantly, what we want to look like after all is said and done. Our collective approach to WTO
membership should seek to discover, through earnest research, discussion and modelling, what the Bahamas’ WTO membership profile must be. MIKE MAURA Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman Nassau, February28, 2018.
THE TRIBUNE
TITLE AML DEAL from PAGE 1
sell the former City Markets headquarters due to the 2014 deal, which conveyed the property to an entity called BSL Retirement Plan Ltd. “By a conveyance dated May 1, 2014, between former trustees of the retirement plan, Christine Turnquest-Knowles and Constance Rolle, and BSL Retirement Plan Ltd, the former trustees conveyed their right, title and interest in the said property to BSL Retirement Plan Ltd, in which a substantial number of beneficiaries held shares,” he claimed. “This conveyance was executed before the current trustees [Mr Williams and Ms McKenzie] were allegedly appointed on January 16, 2015. This meant that title passed (for whatever amount of land) to the company [BSL Retirement Plan Ltd] long before the trustees said they were appointed as per advice from our attorneys.” The resulting uncertainty is understood to have prompted the parties involved to turn to the Supreme Court. Tribune Business was told that a hearing is scheduled before Supreme Court Justice Ian Winder tomorrow morning in a bid to clear up the title/sale concerns identified by Mr Turnquest in his affidavit. Gavin Watchorn, AML Foods’ president and chief executive, did not respond to Tribune Business’s message seeking comment. Darren Bain, an attorney with Lignum Advisors, who is said to be acting for the BISX-listed food and franchise group on the matter, declined to comment. “I’m not at liberty to speak,” he
Thursday, March 1, 2018, PAGE 11 said. “I’ve nothing to say on that matter at the moment.” Tribune Business, though, was told that the 2014 transaction involving BSL Retirement Plan Ltd placed ownership of the former City Markets property in the hands of the supermarket chain’s pension beneficiaries since they own that entity. If that stands, the proceeds from the $3 million sale to AML Foods would go directly to the pensioners rather than the trustees. However, this newspaper understands that Mr Williams and Ms McKenzie are challenging that 2014 deal and, if successful, this would establish their right as trustees to sell the former head office and collect the proceeds - not the beneficiaries. AML Foods has been aggressively acquiring real estate throughout New Providence as part of its expansion plans, which focus on developing a presence in communities it does not yet serve through a more neighbourhoodstyle format. The group unveiled a five-year growth plan in its latest annual report, which includes the objectives of opening stores in south and south-west New Providence. It has already acquired a 4.506 acre site on Charles Saunders Highway, between Seabreeze Estates and Pinewood Gardens, for that purpose. And AML Foods is also seeking “a new, more modern facility” for its Cost Right format once its Town Centre Mall lease expires in early 2020. The former City Markets headquarters site, located centrally close to major population centres and roads, would potentially ‘tick the boxes’ for a
new Cost Right and corporate head office. Disputes over ownership and title to the former City Markets head office are nothing new, with the property once representing the pension fund’s most valuable asset. Years of being unoccupied, since the supermarket chain collapsed in 2012, mean the building has deteriorated massively, with much of its infrastructure either damaged of looted. Ms McKenzie was president of the Bahamas Commercial Stores and Warehouse Workers Union, the union that represented City Markets line staff, with Mr Williams the union’s attorney, prior to both taking over as pension plan trustees in early January 2015. Tribune Business reported in May 2016 that the duo had been seeking a Supreme Court Order that the East-West Highway building was still owned by the pension plan or, in the alternative, that other parties be blocked from selling it and/or remit the proceeds to themselves. This action was eventually dropped, but resulted from differences with Mark Finlayson, principal of Trans-Island Traders, City Markets’ last owner, over who owned the East-West Highway property. Mr Finlayson stuck to the position that the pension plan’s interest in the former company head office was exchanged for preference shares in Associated Bahamian Distillers and Brewers (ABDAB), a company majority controlled by his family. The deal effectively switched the security for the former supermarket chain’s pension beneficiaries from illiquid real estate
assets that had proven difficult to sell to a more liquid investment in ABDAB. With no buyers then emerging for the East-West Highway site, the pension beneficiaries - via the trade union that represented the majority of the former workers - were in theory given the opportunity to receive dividend payments on those $2.6 million worth preference shares and, potentially, a cash payout of everything owed to them. Mr Williams, though, argued that the
conveyances for the EastWest Highway property’s division, and sale, to two ABDAB companies were “invalid” and that the pension fund remained the true owner. He was especially concerned over the separate sale of the back parking lot and delivery area, which the new trustees were “only made aware of... in the last few weeks” - some seven to eight months after the deal took place. “The trustees are advised by [attorneys] that the
property is absolutely owned by the City Markets pension plan,” Mr Williams told Tribune Business via e-mail in 2016. “There are no concerns related to the transaction purportedly transferring the East-West Highway property, as the trustees were duly advised by two counsels that the transaction is null, void illegal and of no effect. “The properties will be placed in the market in very short order and sold for the benefit of the beneficiaries.”
STCW BASIC SAFETY TRAINING COURSE REGISTRATION GOING ON NOW!
The STCW course commences Saturday March 3rd, 2018 at 9am at Ship Mate Training Center for persons working in or interested in the maritime and yacht industry. This 40 hour course runs for 5 consecutive Saturdays, at the end of which an internationally recognized, BMA endorsed certificate is issued.
COURSE COVERS: 1. Personal Survival Techniques 2. Personal Safety and Social Responsibility 3. Basic Firefighting and Fire Prevention 4. Elementary First Aid and CPR FOR MORE INFORMATION PLEASE EMAIL info@shipmateltd.com OR CALL 698-6283. Ship Mate Ltd
Sales Coordinator
Essential Job Functions: • Assist with the preparation of sales reports that will assist revenue man agement; groups, corporate and leisure clients. • Prepare all written correspondence and follow up with clients. • Prepare all creative correspondence to Corporate Clients. • Oversee all set up and break down of functions Position Requirements: • Three years experience at a major company or hotel in a similar position; • Proficiency in Microsoft Word and Excel spreadsheets; • The ability to assist with Sales Functions
OPERATIONS COORDINATOR
Comfort Suites Paradise Island invites qualified persons to apply for the position of Operations Coordinator. Job Summary Provides administrative support to the Assistant General Manager and Business Process Manager along with all departments that fall under the umbrella of the Operations Department. Duties and Responsibilities: • Assist with the day to day responsibilities of the Assistant General Manager’s office. • Assist with the day to day responsibilities of the Business Process Manager’s office. • Assist with clerical responsibilities with each department that falls under Operations • Assist with Medallia and Tripadvisor responses. • Assist with the coordination of Messenger service for all departments. Position Requirements: Three or more years experience in the administrative field required. Experience in the hotel industry will be a plus. Competitive salary and benefits package are commensurate with experience.
HUMAN RESOURCES COORDINATOR
We are currently seeking a passionate focused Human Resources professional who prides them self on their ability to deliver extraordinary levels of customer service and provide creative solutions to our employees. Job Summary As a Human Resources Coordinator you are responsible for coordinating the various functions including administrative procedures and recruitment, liaison with the various departments and outside contractors, maintaining and producing reports and records. The role needs to assist with the smooth functioning of the Human Resources Department. Duties and Responsibilities: • Process employment requisitions, develop and edit departmental job descriptions, vacancy announcements and position advertisements in consultation with the Human Resources Manager. • Develop and maintain confidential departmental employee files, documents and databases. • Coordinate the employee recruitment process, as appropriate, ensuring search documentation is accurate, consistent and complete. • Coordinate employee relation functions in consultation with the Human Resources Manager, monitor employee performance appraisal completions and track vacation and sick leave accruals. • Prepare and complete the monthly Human Resources report and other statistical reports as required by the Human Resources Manager. • Coordinate and conduct departmental training and Human Resources Orientation for new hires. • Maintain Filing System. Skills/Qualifications: • An associate degree in Human Resources or a related field preferred. • Two years of experience in Human Resources preferred. • Must be computer literate (Microsoft Office). • Verbal and Written Communication Skills required. • Self motivated with strong analytical and problem-solving skills. Knowledge & Competencies: The ideal candidate will be result oriented, self motivated and with a positive attitude. Must have the ability to think laterally and have strong social skills and a presence, enabling you to interact and deal with employees effectively; portray a fair leadership style and is easily approachable for employees at all levels.
Interested persons should apply in writing via e-mail address: jmcdonald@comfortsuitespi.com
PAGE 12, Thursday, March 1, 2018
THE TRIBUNE
GAMING OPERATORS NAME CHIEF EXECUTIVE THE Bahamas Gaming Operators Association (BGOA) has named Gershan Major as its new chief executive with effect from February 5, 2018. Mr Major will lead the Association, which represents the country’s licensed web shop operators, working alongside the Board of Directors and executive management team to set long-term goals, strategies and policies. He will have overall responsibility for the Association’s daily operations, which include strategy, government and regulatory relations, and management of the Bahamas Gaming Foundation. The latter is charged with promoting the industry’s responsible gaming and community-building initiatives.
Sebas Bastian, the Association’s chairman, said of Mr Major’s hiring: “We are pleased to welcome Mr Major to the industry, as he brings to the role an impressively diverse and expansive executive management career spanning over 20 years. “His experience and leadership will help reinforce and execute many of the industry’s planned nation-building programmes and initiatives. This move will now give the Association the resources to fully focus on the consistent delivery of our social and corporate responsibilities. “The public can expect the Association to be even more active than previous years, in addition to working more closely with the regulatory bodies, to help
continue to improve on the industry as a whole,” Mr Bastian continued. “Mr Major previously served at senior levels in the telecommunications, financial services and international business Industries. His civic and community contributions are equally as impressive, as he serves as president of the Bahamas-China Friendship Association and as an advisory council director for the International Culture Wine and Food Festival (ICWFF), and a former vice-chairman of the Chamber of Commerce.” Mr Major is a former Bahamas Telecommunications Company (BTC) executive, and was a principal of the Mail Boxes Etc franchise. He studied banking, finance and
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COM/com/00067
2017
COMMERCIAL DIVISION
IN THE MATTER of The Companies Act, 1992. AND IN THE MATTER of an Application under The Securities Industry Act, 2011. AND IN THE MATTER of Biscayne Capital Ltd., a Registered Securities Firm. NOTICE OF APPOINTMENT OF OFFICIAL LIQUIDATORS Biscayne Capital Ltd. (In liquidation) TAKE NOTICE that by order of the Supreme Court of the Commonwealth of The Bahamas (“the Supreme Court”) made on 5 February 2018, it was ordered that Biscayne Capital Ltd. (“the Company”), registration number 60997C, whose registered office was situated at Cave’s Village, West Bay Street, New Providence, The Bahamas, be wound up in accordance with the provisions of section 134(b) of The Securities Industry (Amendment) Act, 2016 and the Companies (Winding Up Amendment ) Act, 2011. The commencement date of the liquidation of the Company is 8 November 2017. AND FURTHER TAKE NOTICE that Messrs. Raymond L. Winder and Mark E. Munnings, Chartered Accountants and Partners in the Accounting firm of Deloitte & Touche, 2nd Terrace West, Centreville, P.O. Box N-7120, Nassau, The Bahamas, have been appointed as official liquidators of the Company. Dated this 27th day of February 2018
Raymond L. Winder and Mark E. Munnings
international business, and obtained a Master of Business Excellence (MBE) in International Business, Strategy and Franchise Development from MBE University in San Diego. The newly-formed Bahamas Gaming Operators Association (BGOA) is a non-profit organisation that represents the approved licensees of the web shop Industry. The sector directly employs
between 2,500 to 3,000 Bahamians, and contributes an average of $25 million - in taxes and fees - directly to the Government or its affiliated agencies. Its objectives are to promote awareness and education of the local gaming industry, and advocate for fair and equitable public policy, regulation and legislation, based on factual data and research.
GERSHAN MAJOR
PAGE 14, Thursday, March 1, 2018
THE TRIBUNE
Transport app now set to ride A BAHAMIAN app developer believes it will make a huge impact on the local transportation industry, having “worked out some bugs” since it launched in 2017. “Back in 2017 we had started the process, but found we had some bugs that we wanted to work out,
and assure agencies like Road Traffic and the Taxi Union that we would follow their rules and standards that were in place prior to the launch,” said Michael Broome, GetMe Ride’s chief technology officer. The company is contracting over 75 independent, licensed drivers throughout
the Bahamas, with plans to expand its services into Jamaica. “We operate much like Uber and Lyft, but our drivers are independent taxi drivers that are licensed by the local government and are subject to a background check prior to being certified,” Mr Broome
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Garlyn Davis, née Williams, intend to change my son’s name, CARDINAL STEPHEN MINNIS, III to ALVEREZ LERONE DAVIS. If there are any objections to this change of name by Deed Poll, such objections may besent in writing to the Chief Passport Officer, Passport Office, Thompson Boulevard, P. O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
said. “We want anyone who uses GetMe Ride to enjoy arriving to their destination safely. The GetMe Ride App is compatible with iphones and android phones, and free to download.” Bahamians can download GetMe Ride from an App Store, then create an
INTERNATIONAL BUSINESS COMPANIES ACT, CH, 309, SEC 138(4) AND THE INTERNATIONAL BUSINESS COMPANIES (WINDING UP AMENDMENT) ACT, 2011 Notice of Voluntary Winding Up
WDI Caribbean Ltd. (In Voluntary Liquidation) Registration No. 60677
TAKE NOTICE that the above-named Company was put into liquidation on 2 February 2018, by a Resolution of Members passed on the 2nd day of February 2018. AND FURTHER TAKE NOTICE THAT Edmund L. Rahming of Intelisys Ltd, Caves Village, Unit 15, Blake Road and West Bay Street, P. O. Box SP-6404, Nassau, Bahamas has been appointed Liquidator of the Company. Dated this 28th day of February 2018 Edmund L Rahming Liquidator
account along with their billing information. Once that is complete, they can tap on the GetMe Ride app, insert their pick-up location and destination, and select the type of vehicle they want based on group size. The cost ranges from per mile to a flat rate for luxury vehicle. Once the request goes out, a GetMe driver will be selected and the app then sends back a picture, the name of the driver, estimated time when they will arrive and the plate number, so customers know who is picking them up. Payment is also made through the app, so no money is exchanged. “We have met with the presidents of the Taxi Union in New Providence
and Grand Bahama, and they were very impressed with the app and with the fact that it caters to local taxi drivers”, Mr Broome said. He acknowledged that safety and privacy are major concerns for customers, and added: “GetMe Ride is the only legal transportation App that was approved which only contracts local taxi drivers, based on background check on its drivers. “Our drivers all have more than two years of experience. We want everyone—from families to the person needing a ride home after a night on the town—to feel safe when they use our service.” GetMe Ride is now available for free in the Android or Apple app stores.
NOTICE
NOTICE is hereby given that JEROME ANTHONY YOUNG of Anderson Street, P.O. Box GT-2325, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that LENLINE MICHEL of Spring City, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that NATASHA JOSEPH of Lower Bogue, Eleuthera, 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 22nd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE
MARKET REPORT MONDAY, 26 FEBRUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,050.92 | CHG 0.02 | %CHG 0.00 | YTD -12.65 | YTD% -0.61 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.87 2.59 1.56 9.70 6.10 10.55 10.90 4.50 12.51 11.00
52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 7.75 5.83 8.78 5.67 3.35 12.01 10.00
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 Premier Real Estate
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
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 2.12 4.14 1.98 178.69 153.40 1.54 1.70 1.62 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 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.59 1.50 8.09 6.10 10.10 6.30 4.47 12.51 10.00
CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.74 9.87 2.62 1.50 8.08 6.10 10.10 6.30 4.47 12.51 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.01 0.00 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
109.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.03 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
109.46 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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
400,100
1,125
VOLUME
NAV 2.12 4.14 1.98 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21
EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 0.668 1.129 0.729 0.484 0.298 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.141 0.300 0.500 0.150 0.120 0.570 0.000
P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 27.7 15.6 25.7 4.5 12.1 5.4 13.9 13.0 15.0 23.0 0.0
YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.53% 6.99% 2.29% 3.33% 1.75% 4.92% 4.95% 2.38% 2.68% 4.56% 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -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-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-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
NOTICE is hereby given that DIEULIPHETE DORLEAN of Ponciana Avenue, c/o P.O. Box CR-56310, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
BEAM TRADING LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). BEAM TRADING LIMITED, is in Dissolution.” The date of commencement of dissolution is the 23rd day of February, 2018. Lauren Ramsay, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator
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Thursday, March 1, 2018, PAGE 15
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