Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
ALL ISSUES CITATION THUMBNAILS ZOOMABLE PAGE IMAGE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/00095
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau Bahamas
Publication Date: April 27, 2005
Copyright Date: 2005
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00095
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850

Full Text






"TRY OUR fo
AWESOME 1I
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Volume: 101 No.127


ChilI


The


Tribune


WEDNESDAY, APRIL 27, 2005



............
^^^^^^Tough


en hurp in i


Bus goes out of

control, ends

up on its side


* By NATARIO
McKENZIE
ELEVEN people, nine of
them children, were injured
yesterday when a jitney
veered out of control, struck
a utility pole; and ended up
on its de -, .....
Five ambulances dashed to
the scene in Bernard Road
where the bus came to rest
after swerving to avoid a car.
While the driver stood at
the scene shaken up from
the ordeal, nine students and
two adult passengers were
taken to hospital for treat-
ment. Most suffered minor
injuries.
The driver of the No 11 jit-
ney, 62-year-old Hiram Fer-
guson, said he had blacke-d-
out when the accident
occurred.
"I was travelling east on
Bernard Road and tried to
avoid a red car coming from
the other direction by going
to the side, but I couldn't
avoid the pole.
"I just blacked out before I
hit the pole. After we turned
over I asked if anyone was
hurt and some of the kids
said they had cuts on their
.legs," said Mr Ferguson.
"This is the first time this
has happened to me," he
added.


Police press liaison officer
Walter Evans said it was
shortly after 4pm when the
accident occurred involving a
red Hyundai Accent travel-
ling west on Bernard Road
and a Toyota Coaster bus
registered in the name of T
G Bus-Ser-ice.
The bus, he said, struck a
utility pole and overturned
at the Excellent Groceries
Store. Nine students and two
adults were taken to hospital.
Inspector Evans said a
thorough investigation was
underway.
Jason Dean, who lives
nearby, saw the bus hit the
pole and flip over on its side.
Director of Road Traffic
Brensil Rolle said: "We are
extriiiely concerned over
the condition of the passen-
gers and I have an officer at
the hospital presently to
determine what exactly is
going on.
"The police will be speak-
ing with the passengers to
find out what happened," he
said.
Officials at Princess Mar-
garet Hospital said most of
the passengers received only
minor injuries.
However, two passengers
might have to be admitted
to the regular ward, they
added.


* THE bus lies on its side next to the damaged utility pole.
(Photo: Felipi Major/Tribune staff)


Stubbs bankruptcy

ruling is annulled


* By RUPERT MISSICK Jr
Chief Reporter
MAN-MADE waterways,
jogging trails and boating
lakes will be features of the
new-look Cable Beach when
it is transformed into a spec-
tacular new casino resort.
Cyclists will also be catered
for as the familiar, strip, with
its popular median, is reborn
as a world-class attraction,
with the first phase due for
completion in 2009.
Details of Baha Mar's
ambitious plans were revealed
yesterday in an exclusive


interview with The Tribune.
Executive vice-president of
hotel operations Michael
Sansbury gave a full rundown
on the fate of various govern-
ment buildings, including the
prime minister's office and the
gaming board.
And he also described how
the Cable Beach area would
undergo landscaping and
SEE page two


* By CARA BRENNEN
Tribune Staff Reporter
HOLY Cross MP Sidney
Stubbs had his bankruptcy rul-
ing annulled by Chief Justice
Sir Burton Hall yesterday. The
judge said Mr Stubbs had satis-
factorily settled all his debts.
Yesterday's ruling marked
the end of more than a year of
legal battles and public outcry
as Mr Stubbs fought to have the
ruling annulled.
He had been forbidden to sit
in the House of Assembly while
the matter went through the
courts.
In his ruling, Sir Burton


accepted the findings of a pub-
lic examination held last Thurs-
day in which three of Mr
Stubbs' creditors told Mrs
Estelle Gray-Evans, the regis-
trar of the Supreme Court and
trustee of bankruptcy, that they
had no complaints against Mr
Stubbs.
Wayne Munroe, who repre-
sented Gina Gonzales, one of
the creditors, told Sir Burton
his client did not object to an
annulment, but would have
objected if there had been an
outstanding appeal.
Sir Burtoff thaf contrary
SEE pge eight


.1 a B In L i g Ne wspaper


#1 PAPER IN CIRCULATION


SBAHamiAS EDIraTIOl
BAHAMAS EDITION


ash


BhaMa^r revels

-Cale eac deais3


I







PAGE 2, WEDNESDAY, APRIL 27, 2005


Cable B Baha Mar on the Cable


Beach development


ANAMA


FROM page one

refurbishment work before the
project gets properly underway
in 2007.
West Bay Street will be relo-
cated three-quarters of a mile to
the south, looping around the
Cable Beach golf course.
Traffic going west to east will
divert from west of the Radis-
son Hotel and loop to the south
around the golf course before
running north to West Bay Street
near the gaming board, Mr Sans-
bury explained.
He said no homes would be
affected beyond the ones which
are already part of the completed
land acquisition.
He said there would be a "con-
nector road" a dual carriage-
way between the relocated
West Bay Street and John F
Kennedy Drive.
The median, popular with
walkers and joggers, will be rede-
veloped and heavily landscaped,
offering bicycle, jogging and hik-
ing trails as well as waterways.

Constructed
There are also plans to have
waterways constructed on the
property. "They are man-made
and will not be connected to the
ocean," he said.
While he could not describe
exactly how they will be con-
structed, Mr Sansbury said he
was sure reclaimed water will be
used.
"It will be for boating and not
for swimming. Golf courses
require quite of bit of irrigation
and I am sure that it will be tied
into some kind of irrigation sys-
tem," he added.
Because of these extensive
plans and the need for environ-
mental impact assessments and
engineering plans, he said, it
would be two years before con-
struction begins at Cable Beach.
"We have all the designing to
do, all of these engineering issues
to address, and all environmental
impact studies to complete," he
said.
Mr Sansbury explained that
between now and 2007, when
construction starts, Baha Mar
will make some improvements
to the existing hotels.
"Residents and visitors willsee
improved landscaping immedi-
ately, and improved lighting at
night," he said.
Phase One of the Baha Mar
project will then consist of three
hotels, a new casino and a new
village featuring dining facilities,
entertainment, retailers and time


TROPICALS


sharing units, Mr Sansbury
added.
Then in Phase Two, which will
not start until after 2009, addi-
tional condominium hotels, time-
sharing units, residential villas
and a second golf course will be
built.
The 500 acres of land acquired
by the Bah Mar investment con-
sortium will then be completed in
Phase Three.
At the moment there are no
plans to acquire the SuperClubs
Breezes Resort, Sbarro's Restau-
rant, Caf6 Johnny Canoe, Sul-
grave Manor or any of the other
surrounding properties.

Hopes
Mr Sansbury said he hopes
that Breezes and Sulgrave
Manor "will be our good neigh-
bours."
He added that there were no
plans to acquire the prime min-
ister's residence, which is also
close to the development.
"If you look at the renderings
for Baha Mar, there are some
existing buildings on Cable
Beach that are not there any-
more. The renderings do show
that portions of the existing
Radisson Hotel are retained,"
he said.
Mr Sansbury emphasised that
the agreement with the govern-
ment calls for co-operation
between Baha Mar and the
unions, to minimise the dis-
placement of employees.
"We have an economic incen-
tive to keep portions of the busi-
nesses open while we do the con-
struction. We have a very busy
casino that generates quite a bit
of income, so we want to work to
minimise the displacement of
employment," he said.
He added that Baha Mar
will also conduct training courses.
"Bahamians will be welcomed
with open arms. We want them
to use the restaurants and bars,"
he said.
"We want to put an entertain-
ment programme in the Rain
Forest Theatre, which will be
more appealing to Bahamians.
That is one of the reasons there
will be immediate short-term
improvements to make them
more attractive to locals and vis-
itors alike," he said.
After months of uncertainty,
the Baha Mar investment con-
sortium finally signed the heads
of agreement for the $1.2 billion


Bahamian pleads not guilty


to second-degree murder
N By CARA BRENNEN
Tribune Staff Reporter

A BAHAMIAN sanitation worker living in New York has
pleaded not guilty to second-degree murder after the body of his'
nine-month pregnant ex-girlfriend was discovered floating in the
Hudson River with a gun shot wound to the head.
The Manhattan District Attorney's office confirmed that
Roscoe Glinton II, 42, was arrested on Friday and charged
with the murder of 33-year-old Lisa D Eatmon, 33 who was
believed to be pregnant with Glinton's son. Her body was found
off a Chelsea pier on April 3.
Glinton pleaded not guilty on Monday and was remanded
until a bail hearing on May 24.
Reports in the US media said Glinton was arrested on Friday,
after allegedly attempting flee to the Bahamas with $20,000.
He is said to have attempted to elude officers by driving at
speeds up to 100 miles per hour on the Belt Parkway.
In 1984, Glinton married a woman who was later the victim of
a murder.
She disappeared on June 20, 1998, from their home in New-
burgh, NY, and her remains were discovered three years later.
Her death was ruled a homicide, however a cause of death was
never determined, and no one was charged.


nlt I Hit3UNE


GOODMAN'S
BAY will niot be a part
of the Baha Mar Cable
Beach revitalisation pro-
ject. "We recognise how
important it is to the
public and therefore it is
going to remain a public
park and beach forever,"o
Baha Mar's vice presi-
dent of hotel operations
Michael Sansbury said.
THE project's mas-
ter plan intends for all
government offices
presently located on the
land acquired by Baha
Mar to be relocated to
the western end of the
site. Some of the offices
will be located in a new
commercial centre.
CRYSTAL CAY
(the former Coral
World), which can only
be accessed from
Arawak Cay, is not part
of the Baha Mar transac-
tion. The owners of Crys-
tal Cay have decided
against selling. This may
change in the future, but
it is now not a part of the
project.
BAHA MAR will
not be assuming any
responsibility for the
debts or liabilities of the
former owners of the
Cable Beach hotels.


Cable Beach strip revitalisation
project earlier this month.
The development includes the
properties where the Radisson
Cable Beach Resort, the Nassau
Beach Hotel, the Wyndham Nas-
sau Resort and Crystal Palace
are now located.
The project is aimed at trans-
forming the Cable Beach strip
into a mega-resort, which will
offer visitors an ultimate vaca-
tion destination, and is estimated
to generate up to 9,000 jobs in
the first three years of operation.








THE RIBNE WDNEDAYAPRLO27A205,NPGES


Haitian problem



in Nassau 'worse



than on Abaco'


* THE shanty town on Abaco where thousands of Haitians live


NASSAU'S "Haitian prob-
lem" is far more acute than the
worsening situation on Abaco,
it was claimed yesterday.
A growing community of
Haitian shacks off Joe Farring-
ton Road is an "epidemic wait-
ing to happen", according to
alarmed residents.
Bahamians living in the area
have expressed disquiet follow-
ing The Tribune's troubling
INSIGHT disclosures about
Abaco's Haitian woes.
Over two successive weeks,
INSIGHT highlighted Abaco's
fears that Bahamian culture on
the island will become "cre-
olised" over the next few years.
Islanders also expressed dis-
may over the uncontrolled
spread of Haitian shacks and
the lack of proper sanitation.
Now Bahamians in Nassau
have expressed similar fears, cit-
ing the settlement off Joe Far-
ringt'ffiRoad as a riajor pbtenf-
tial health hazard.
One resident told The Tri-
bune: "You write about the
problem in Abaco well, it's
even worse here in Nassau. I
live near one of the largest
Haitians villages in Nassau.
"For years I have tried every
government office I could think
of to do something about the
stink, the burning, the lack of
sanitation, the noise, the shacks,
the loud all-night parties.
"Most government offices
gave me the same reply:
'There's nothing we can do
about it.' If the government
can't do anything, who can?"

Hygiene
The resident said a health
department inspector who vis-.
ited the site described it as "an
outbreak of disease waiting to
happen." He said the entire
area was in danger.
"This was told to me 10 years
ago," said the resident, "Noth-
ing has changed. The inspector
said he saw only two 'outhous-
es' for hundreds of Haitians.
"He saw toddlers with no
pampers on, animal waste all
over, garbage, dirty shacks...it
made him sick. He tried to find
out who owned the land but
never succeeded.
"Immigration told me if they
made them move, they'd just


pick up and go to another
location, so why bother?"
Concern about Haitian
immigration, and especially
the hygiene implications
behind their makeshift com-
munities, is now being openly
expressed by those most
affected ordinary Bahamian
people living near the shacks.

Treatment
The resident added: "I'm not
against migration. I am against
the unsanitary conditions I'm
made to live by. I'm also
against treating another fellow
human being the way these
people are treated. If we're
going to allow them to stay,
create a place for them to live."
As in Abaco, where
Haitians are accused of placing
their dead in. above-ground.
"tombs", there is concern.
about funeral practices.


The resident said: "The ques-
tion of what they do with their
dead has me upset. Many nights
they bum things that make us
nauseous, it smells so bad.
"The 'village' I speak of is
by Marigold Farms off Joe
Farrington Road. The public
need to see what they are
turning a blind eye to."
Last week, The Tribune
spotlighted Abaco's "lone cru-
sader" Jeffery Cooper, who
wants government to halt the
spread of Haitian settlements.
He claimed officials and
politicians were afraid of being
"fixed" by Haitian witchcraft,
but warned that failure to act
would bring disaster.
He added that a lack of san-
itation was poisoning the
island's water table. He said
the two big Haitian settle-
ments in Marsh Harbour
needed to be cleared before
they sparTkedwa-health crisis-


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THE TRIBUNE


WEDNESDAY, APRIL 27, 2005, PAGE 3


^N ;
d.^C"CL


3








PAGE 4, WEDNESAY, APRIL 27,O005ETHEDTRIBUN


ON SUNDAY it was a sad congregation
that heard the Abbot of St John's Abbey in
Minnesota, announce from the pulpit of St
Augustine's Monastery chapel that after 113
years the Minnesota Abbey was no longer able
to send Benedictine monks to the Bahamas
to continue the work of the Catholic Church
here.
This warning had been coming for a long
time. Sixty-one years ago Abbot Alcuin
Deutsch, of St John's Abbey, wrote to Bishop
Bernard Kevenhoerster, the Bahamas' first
Catholic bishop, who was then in failing health
and going blind, that "our Abbey can hardly be
expected to continue sending an increasing
number of men. I think it is up to the Vicar
Apostolic to secure the men elsewhere or to
train such right within the Vicariate."
Abbot Alcuin, a man of great vision, wanted
to Bahamianise the local church as soon as
possible so that "it could stand on its own two
feet and not be forever dependent on a floating
membership."
However, the priests continued to come
from the north in.increasing numbers, and the
mission, later the vicariate, then the diocese,
and now the archdiocese, flourished. Today
the Bahamas has its first native archbishop.
Sixty years ago St Augustine's Monastery
and college, designed by the famous architect
Monsignor John Hawes, the'"Hermit of Cat
Island", was built. Bishop Stephen Donahue,
Auxiliary Bishop of New York, laid the cor-
nerstone for the college, while Bishop Bernard
put down the cornerstone for the monastery on
July 11, 1946. Father Frederic Frey was the
first prior.
But Monsignor Hawes' magnificent plan
for the Fox Hill monastery was never com-
pleted.
The chapel, where weekly Sunday mass is
celebrated, was designed as the crypt to what
was to have been the monastery church with its
upper and lower sacristies. He also designed a
convent on the vast Fox Hill property owned
by the monks. But the finances were just not
there to complete the dream.
By 1967 a "sufficient number of priests and
brothers, both Bahamian and non-Bahamian,
indicated that they would cast their lot with the
community," wrote Fr Silvan Bromenshenkel,
who had been a member of the monastery for
47 years until ill health sent him to the Abbey's
infirmary in Minnesota, where he remains at
the age of 89.
"No one could have foreseen at that time
what we and the whole Catholic community of


the Bahamas were in for with the shattering
experience of seeing the departure of so many
priests and brothers, Bahamian and non-Bah-
mian, in the short space of four and a one half
years", said Fr Silvan.
This happened in the sixties during the
Bahamas', own political change.
In Sunday's announcement, Abbot John
Klassem obliquely referred to this period when
he said that although the monastery flourished,
there "came the changes, both in the Church
and in the country, and the monastery suf-
fered a loss of membership from which it has
tried to recover but ultimately didn't."
The Abbot said that this was a "part of a
much larger trend throughout both North
America and many other parts of the Church."
The fact is that the Abbey, which has edu-
cated so many Bahamians, Catholic and non-
Catholic, at its College in Minnesota and St
Augustine's College in Nassau which was
transferred to a local Board of Directors last
year as well as providing priests to build
and administer churches throughout our
islands, no longer has the manpower to con-
tinue the work here.
Only 165 monks remain at the Collegeville
monastery and they are needed to manage
their own American parishes and universities.
The Abbot acknowledged that in Collegeville
the "demographics are running against us...
the role of religious life in the Church is chang-
ing and will continue to change going forward."
If each of these men could tell their own
story, from the day 111 years ago when St
John's was warned that Father Chrysostom
Schreiner was on his way to the Abbey to get
a man to help him build a Catholic communi-
ty in the Bahamas "until he secures his man
there will be no peace in the wigwam" to the
present day, what a valuable social history
could be written of these islands.
From the days of bitter Protestant preju-
dice against the Church of Rome when it
could not buy land in Long Island and Frs
Arnold and Cornelius had to live in and say
mass from a vehicle converted for the purpose
- to the present when the Anglican Arch-
bishop Drexel Gomez flew to Rome last
week to represent his church at the installation
ceremony in St Peter's Square of Pope Bene-
dict XVI, the 265th leader of the Catholic
Church. The history of the Church in the
Bahamas has come full circle.
Much of that history has been told in Fr
Colman Barry's book, "Upon these Rocks". It
makes interesting reading.


The Tribune Limited
NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.
Publisher/Editor 1972-

Published Daily Monday to Saturday

Shirley Street, P.O. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348


St. Augustine's Monastery closing


EDITOR, The Tribune
The comments of Director
General of Tourism, Vincent
Vanderpool Wallace once again
when we continue the pretence
and wax over the inadequacies
of our tourism product, as the
various NGO organizations
seem intent to wash over, rather
then rolling up their sleeves and
getting the problem resolved.
I have advocated for years
that our tourism product
requires bi-annual independent
inspection and rating to inter-
nationally accepted standards,
not our standards where every-
thing is "world famous" and
"internationally renowned" the
day the facility opens.
We have heard it before; we
simply price our product where
it is hard to argue just why a
locally produced beer should
cost what some hotels and
restaurants charge, or a bread
sandwich is priced 200 per cent
over cost.
It is time that the 15 per cent
gratuity is clearly explained to
everyone it simply is not
required and is exclusively a
part of the union collective bar-
gaining agreement between that
establishment and either the
Bahamas Hotel Association or
directly with the union.
Today the majority of the
high volume restaurants in our
hotels, including Atlantis, are
self-service and buffet the
hotel employees do two ser-
vices, clear the table and serve a
beverage. I argue that by con-
tinuing to impose a gratuity
charge of 15 per cent on ser-
vices not received is a negative
practice and needs to stop. By
the way, there is no reason in
law that we are bound to pay
the imposed 15 per cent gratu-
ity. If dissatisfied/let's not pay
the 15 per cent.
Really, why doesn't The Nas-
sau Promotion and Develop-
ment Association get down and
tackle what needs to be cor-
rected now? Bay Street and the
side streets off Bay are a mess -
ugly is the word. How many of
the streets even have the basic
component of a street name
sign? BEC street lamp poles are
rusty and as for the inspection
hole to the base where all the
wires are, the majority in or
around downtown are wide
open for children to touch and
possibly be electrocuted they
have been like this for years.
Just look at the tourism
reception building behind' .me
Sir Milo Butler bust how
seemingly all the old building
codes governing Bay Street and
within the confines of the city


seem to have been torn-up do
we really need such large back-
lighted signage as we see on the
First Caribbean International
Bank building and other build-
ings? The Versace building sig-
nage is basically ugly and cer-
tainly, in my impression,
degrading to the standard that
we should be going for on Bay.
Can't even the retailers see
that parking, where there is
some limited private vehicle
parking, should be restricted to
60 minutes? Surely someone
sees that the restricted taxi spots
should be just that: "restricted".
There are far, far too many on
Bay Street. I suggest these
should be transferred to the side
streets and the wharf.
As it is, it is the shoppers on
Bay Street who pay for all
improvements, certainly not the
property owner for starters and
certainly not the retailer. We


the shoppers need a.voice
before we are totally excluded
and Bay Street becomes an offer
limits, $1 T shirt area for cruise
visitors. .
Vincent VanderpoolWallac4
has given this warning before
- public speakers need to
change their focus to quality
service and "real perceived val-
ue" rather than suggesting;thai
everything is "world famous or
internationally renowned', th
second the business premise
opens.
Editor, we travel the globe;
we know what others offer us
and what the global tourist
requires. Until The Nassau Pro-
motions Board and all other
NGOs awaken from their misL
conception of what is needed
and realise that they must get
on with the job instead of more
and more talking, I perceive vis-
itor perception will get worse
and worse. Tourism is global,
not insular.
N. RUSSELL
Nassau
April 15 2005


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Time to look




at the state of




our country


Cars the tip of the iceberg

EDITOR, The Tribune
WELL blow me down everywhere I look a new car with a
red licence plate passes by. It is blatantly clear.that a serious car-
buying spree has taken place since May 2 2002. It shocked me so
much that I had to do a little calling around to various govern-
ment ministries to see who was driving and what qualified them
for a government-sponsored vehicle.
Lo, and behold, I discovered that the messenger, the filing
clerk, switchboard operator, supervisors, gardeners, heads of
department, permanent secretaries, consultants, special political
advisers and PLP supporters who were hired since the elections
have been given anew car-The real joke is some youngfelwows
with'no specifal'pqi'ti6i'ate on aljoy ride too.
" Now;''stnd tbibe corected bit everyone with two biled fish
eyes can see'for themselves. There are more brand new gov-
ernment owned cars and trucks since May 2002 that at any time
in the history of the Bahamas.
A PLP supporter with their family is driving a new car every
day, including weekends. Many are seen dropping off their.
families at various places. Bahamians seem to stand idly by
while they get the biggest stick broken off in them real short. The
stick must not be hurting enough yet.
On another note, I am stunned at how the Prime Minister
boldly announces these grandiose plans to provide jobs to stim-
ulate the economy, but they will not begin till 2007 or 2008.
What, pray tell, should the jobless do between April 2005, and
whatever month in 2008?
Bahamians should not complain about being saddled with
an "uncaring" government because we as a people poured our
own poison. We must all find a way to regurgitate them before
they destroy our Bahamas.
The people who suck up, visiting PLP MPs and expecting
some relief, expecting to gain an advantage, will soon find out
that only a chosen few will sit around the table.
IVOINE INGRAHAM
Nassau
April 19 2005.


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PAGE 4, WEDNESDAY, APRIL 27, 2005


THE TRIBUNE








THETRBUE EDNSDYAPIL27,205,PAEI


Turnquest hits back at




questions on leadership


INGRAHAM
Tribune Staff Reporter
DEATH row inmate
Bradley Ferguson has won
the right to challenge his
murder conviction in the
Court of Appeal.
A seven-man, five-woman
jury unanimously found Fer-
guson guilty of the murders
of Rosemary Bennet-Wright
and her son Jakeel last year,
and Justice Anita Allen sen-
tenced him to death.
Justices Joan Sawyer,
Emmanuel Osadebay and
Lorris Gataspingh agreed
that the 37 year-old Fergu-
son, had the right to appeal
the decision.
As Ferguson walked out
of the court on October, 6
last year, he told the jury
members that they had just
"sentenced an innocent man
to death".
Jurors also found him
guilty of the attempted mur-
ders of Ms Bennet-Wright's
daughter, Devonna Brown
and granddaughter, Omega
Fox.
He maintains that he was
at the home of his mother
and sister asleep when the
crime was committed just
after midnight on March 6
2002.


* By NATARIO McKENZIE
A MAN has been charged
with manslaughter for the
death of Dwight Cash of
Ferguson Street, Bain Town.
Brenville Hanna, 24, of St
Margaret Road, was
remanded into custody yes-
terday until a bail hearing
on Friday.
The body of the 28-year-
old was discovered in Kemp
Road on the evening of
April 19 this year.
Police reports indicated
that shortly before 9pm, res-
idents of the area reported
hearing gunshots coming
from a yard just south of the
Virgo car rental lot.
A short time later, Mr
Cash's body was found in
the street lying face up with
gunshot wounds to the chest.













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12:03 Caribbean News Update
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* By KARIN HERIG
Tribune Staff Reporter
FNM leader Tommy Turn-
quest is convinced he will be
the country's next prime minis-
ter despite recent reports of a
leadership crisis.
Responding to allegations
that a committee formed to
determine the question party
leadership found that Mr Turn-
quest does not have a significant
support base, the party leader
yesterday said that he expects
to "successfully lead the FNM
into the next general election."
"In opposition, we have
always been open to hearing
the views of all and as the
leader I am not troubled by
opposition within or without
the party. Such is the nature of
politics," he said.
Mr Turnquest also said he is
satisfied that he has the support
of former prime minister
Hubert Ingraham.
Earlier this week a political
website and a daily newspaper
reported that a committee,
headed by former deputy prime
minister Frank Watson, had
been appointed by Mr Turn-
quest to determine the FNM's
future and chances of winning


* FNM leader Tommy Turnquest yesterday


in the next general election.
The Bahama Journal further
reported that the group had
found that the FNM required
new leadership in order to be
successful in their bid to win
back the government in 2007.
Speaking at a press confer-
ence at party headquarters yes-
terday afternoon, Mr Turnquest
agreed that he had commis-
sioned an advisory group com-
prised of experienced party
members and supporters, but


insisted that it's task had been
to ascertain the needs and con-
cerns of the Bahamian people.
The findings of the commit-
tee would then be used to pre-
pare the party for the 2007 gen-
eral election, he said.
Mr Turnquest said that the
committee has done as he
requested.
"It is unfortunate that some
people seem to have taken this
as a sign of crisis in leadership
in our party," he said.


$8.6 million set aside


for redundancy pay


* BY DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT Redundancy
payments totaling $8.5 million
may be available to the thou-
sands of former Royal Oasis
Resort employees by Friday.
Minister of Works Bradley
Roberts, who was originally in
charge a committee looking
into the needs of the displaced
workers, said the matter had
been passed on to the Ministry
of Finance.
A spokesman from the office
of Prime Minister and Minister
of Finance Perry Christie could
not confirm when the payments
would be made.
There have also been reports
that an agreement to sell the
900-room resort and casino to a
European company is very near
to completion.
"We have waited too long for
what is rightfully due to us,"
said one worker.


"If this matter is not con-
cluded soon there will be total
chaos because we are losing our
homes and cars."
Since the closure of the resort
last September, workers have
been struggling to pay their
rent, bills, mortgages and school
fees.

Hurricanes

The Driftwood Group, oper-
ators of The Crowne Plaza Golf
Resort and Casino at Royal
Oasis, laid off 1,200 workers
without pay following last year's
hurricanes.
The operators owe millions
of dollars in union dues and
National Insurance contribu-
tion payments deducted from
salaries of workers.
In an effort to ease the finan-
cial burden of employees, gov-
ernment promised in February
to pay them what the compa-


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WEDNESDAY, APRIL 27, 2005, PAGE 5


THE TRIBUNE















The CSME issue requires


A MASSIVE political
conspiracy has been
exposed!
Foreign Minister Fred
Mitchell has confirmed that the
plotters are engaged in a "co-
ordinated disinformation and
propaganda campaign" against


I











44







44


the Caribbean Single Market
and Economy.
And he was surprised that dis-
cussion on the CSME was still
ongoing, since the government
had already "answered all the
questions". So there must be a
deliberate attempt to create
political fissures where there are


none, he charged.
Well, exactly what issue
would qualify for a genuine
political battle in Mr Mitchell's
mind? Perhaps it would be the
mundane changes to gender and
inheritance rights that the PLP
leadership first agreed to and
then opposed in a referendum


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called by the former prime min-
ister? But apparently, member-
ship in a regional union with the
power to change our way of
doing business does not qualify
as a bone of contention.
One senses that Mr Mitchell is
fighting to contain himself in an
effort to appear ministerial. On
the one hand he calls for enlight-
ened discussion, but on the oth-
er he accuses those who disagree
of being liars and fools. But
enough about that; this is not
one of those personal attacks.
As we have previously noted,
both major parties have been
quietly going along with Cari-
com initiatives to create the
CSME since 1989, without real-
ly telling us. It was a sort of
creeping regionalisation.. .sign-
ing on to agreements that we
knew nothing about, but that
would have little immediate
impact. Just going with the flow.

n return, our politicos and
civil servants got to attend
lots of regional meetings and
enjoy international protocol and
VIP treatment. And, with the
support of our colleagues down
south, we could all feel. more
secure in our dealings with the
great white north.
But since the Foreign Min-
istry began its "public educa-
tion" campaign this year,
Bahamians have finally begun
to focus on what'the CSME
might actually mean for us. One
of the key imponderables of this
whole issue is our schizophre-
nia toward the outside world,
which the government has done
little to treat.
We want tourism and foreign
investment, but take every
Opportunity to blame foreign-
ers, particularly white ones, for
our own shortcomings.
We talk incessantly about
meeting competitive threats, but
can't be bothered to reconstruct
our failing education system.
We recoil from a firestorm
over relaxing immigration con-
trols in the financial sector, but
say there is no need to be con-
cerned about West Indians set-
ting up businesses-here: ', -
We consider Bahamianisation
to be our crowning achievement,
yet tell voters (who know bet-
ter) that work permits are now
freely available to anyone.
We enthuse over a shared
colonial experience with our
southern neighbours, but
despise the immigrants in our
midst.
We declare our grand geopo-
litical interests, but decline to
engage on the one issue that
means the most to us Haitian
instability because it is not
glamorous enough.
We pay lip service to globali-
sation, yet throw up every
bureaucratic, racial and politi-
cal barrier we can to the out-
side world.
And now, to cap it all off, we
are being told that there is noth-


ing to be concerned about with
opening up to the wider
Caribbean. There is no issue. It
is a trivial affair a dead letter.
So why are we so anxious to sign
on?
Well, since our prime minister
has nothing to say on this mat-
ter, here's what St Lucia Pre-
mier Dr Kenny Anthony told
his people about the CSME last
year:
Free Movement of Goods
Goods produced in the
CARICOM region will not be
subject to import duties, tariff
and quantitative restrictions in
any member state. That means
our producers and manufactur-
ers will now be able to sell their
products more easily in the
regional market. Greater pene-
tration of the regional market
by Saint Lucian entrepreneurs
will lead to greater., economic
activity here 'at home.
* Free Movement of Capital
Our people will now have the'
right to move capital from one
member state to another, to
invest in any member state, to
buy shares in companies in any
member state without having to
obtain permission or having to
be subject to restrictive require-
ments. A wider capital market
will now be available for our
businessmen to raise funds for
investment. In other words,
businessmen will be able to raise
loans in Barbados or Trinidad
and Tobago if better rates of
interest are offered in those
islands...Our nationals will now
have the right to acquire land,
and other property in any
CARICOM state without the
restrictions that currently exist.
Nationals of other Caricom
states will have similar rights in
Saint Lucia.
SFree Movement of People
This hiasafready involved tlie;
removal of work permits across
the region for university grad-
uates and media workers. It will
be extended to musicians,
sportspersons, artists, other
skilled service providers, busi-
nessmen, self-employed persons,
thereby allowing such persons
to be employed in any member
state. Procedures are already in
place to recognise degrees and
certificates. The free movement


^3fmnral CfIapl

Wulff Road & Pinedale
Tel: 323-3800 or 322-1431 Fax: 328-8852




ELIDEU JOSEPH
TELUSMA, 70

a resident of Palmetto Road, Sea
Breeze and formerly of Port Au
Prince Haiti, will be held at Our
Lady of The Holy Soul Catholic
Church Deveaux and Young
Streets, Thursday April 25th, 2005
at 11 a.m. Officating will be Father
David Cooper assisted by Rev.
Deacon Peter Rahming. Interment
follows in Woodlawn Gardens Solider Rd.
Left to cherish his memory, four children, Godfrey, Shantel,
Corporal 406 Glen T elusma and Elizabeth Armbrister; four
sisters-in-law, Dorcas Cox, Gelena Johnson, Goulie Moss and
Malcolm Cox; three brothers-in-law Rev. Kelson, Eleadon Cox
and Estimable Piervil; one son-in-law, Keith Armbrister; two
daughters-in-law, Ann and Tanya Telusma; eight grandchildren,
Aniquia, Tanishka, Jarvis, Tiahj, Glen jr., Creshanun, Keshanda
and Kevaughn; numerous nieces and nephews including Nazilia,
Lomene and Bemeise, Albert, Antoine and Alex, Wesley, Benita
Bradley, Maye, Malachi, Berry, Petidos, Ababaco, Mathiuew,
Dolce, Louis, Lavanette, Mildor, Remy and Eliana Jeaneus
,Rodger Cox, Eunice and Charles Johnson, Janice and Michael
Curry, Brenda Meadows, Lionel Cox, Sharmel and Allen
McDonald, Derek and Deborah Cox, Warren Cox, Garvin Cox,
Garnett Cox, Stanley and Rosenell Johnson, Marnie and Alex
Shephard, Trudy Johnson Christine and Walter Taylor, Sherryann
Henfield, Larry, Solomon, Lydia, Sonia, Keno, Nina, Donald,
Ashley, Reynold, Kemuel, Brenda and Kendrick Cox, Deborah
Cox-Garvey and Donna Cox-Sweeting and a host of other
relatives and friends including, Madline Ferguson and family,
Mytella Cox and family, the Mcphee family, Roland and Marry
Williams, Mr. and Mrs. Carl Bethel, Mr and Mrs Sargeant,
Neighbours of Palmetto Drive Community, the staff of
Valuation/Business License Unit and Fr. Kelly and parish
members of Our Lady's of The Holy Souls Catholic Church.
Friends may pay their last respects at the Rock of Ages Funeral
Chapel Wulff Road and Pinedale on Wednesday from 10:00
a.m. to 6:00 p.m. and on Thursday at the church from 10:00
a.m. until funeral time.


of persons will, in time, be facil-
itated by a common travel doc-
ument that will do away with
the current hassles that many
CARICOM nationals now
encounter when travelling
through the region. St Lucian
graduates who are unable to
find employment in Saint Lucia
can now move freely to another
Caricom country in search of
employment. Likewise, gradu-
ates from other islands will be
entitled to seek employment
here in St Lucia. We have to put
our dislikes and prejudices aside.
No Discrimination
Under the CSME, we cannot
discriminate in favour of our
local people. We have to treat
Caricom businessmen and com-
panies the same way we treat
our businessmen and compa-
nies. So, for example, we can-
not compel CARICOM com-
panies to obtain a trade licence
to do business in Saint Lucia if
we do not require Saint Lucian
businesses to obtain a trade
licence. Likewise, we cannot
exempt locally produced or
manufactured goods from taxes
and charge taxes on CARICOM
goods. All domestic and CARI-
COM products must be treated
identically. While these arrange-
ments will present a challenge to
our local entrepreneurs to be
competitive, opportunities will
also abound.

A Ithough our govern-
A ment says it will
exempt us temporarily from the
free movement of people provi-
sion, this is clearly one of the
key planks of the agreement and
will likely be implemented in
the future. The free movement
of goods is meaningless to us
since we are not producers and
don't trade with the Caribbean
Anyway. And we, cOuldfeffect
the free movement of capitall
overnight by administrative
measures alone.
Some spokesmen have criti-
cised the government for not
producing an impact study on
what CSME membershipwould
mean. All we have are glib
assurances that the matter is of
no consequence. And the more
glib these assurances become,
the more we should be inclined
to take a contrary view.


PAGE 6, WEDNESDAY, APRIL 27, 2005


THE TRIBUNE







THE TRIBUNE


WEDNESDAY, APRIL 27, 2005, PAGE 7


genuine national debate


One commentator has point-
ed out that neither the Cayman
Islands nor Bermuda intend to
join the CSME (although they
are currently associate members
of Caricom). And they are doing
quite well for themselves. What
we really need is a vision from
our government as to what our
future place in the world will be.
And it does not necessarily have
to lie with the CSME.
According to one Bermuda
parliamentarian:" When you join
a club, you are held accountable
for the actions of that club. The
most important foreign policy
is economic diplomacy, and we
can't afford to send ambiguous
messages to those partners
where we spend a lot of our
business, particularly the US,
the UK, and Europe. We cannot
afford to subordinate our eco-
nomic interests to Caricom's."
The position of the FNM in
all this is somewhat ambivalent.
They allowed the process to go
forward during their time in
office and still officially support
efforts to promote regional inte-
gration. However, the opposi-
tion's current policy calls for
more treaty reservations than
Mr Mitchell has proposed -
including the free movement of
people, services and capital.
Former economic affairs min-
ister Zhivargo Laing says the
government has already made
a secret decision to sign on to
the CSME at this summer's
Caricom Heads of Government
conference.
Minister Mitchell says a White
Paper will be prepared soon for
parliament to approve, and that
a referendum is unlikely to be
held.
Some argue that the bureau-.
cratic costs alone should be
enough to urge caution with
respect to the CSME. And the
prospect of political and ideo-
logical entanglements that we
neither want nor can afford
should be a further restraint.
Our view is that this issue is of
such importance and carries
such potential hazards that it
requires a genuine national
debate, followed by a referen-
dum in the same way that the
European Union countries are
voting -on' their new regional *-
constitution.


That would be the democrat-
ic way to handle things.
M THE EFFIE KNOWLES
LAND GRAB

Recently, we looked at
the life and legacy of
Effie Knowles, a Florida lawyer
of Bahamian descent who died
in 1984 at the age of 92.
Although renowned for set-
tling a celebrated land claim
against the US government on
behalf of the Seminole Indians,
Effie's claim to more than
15,000 acres on several Bahami-
an islands has generated enor-
mous controversy. Some
describe It as "the biggest land
fraud in our history".
The various properties on
Long Island, Eleuthera, Rum
Cay, Andros, and Cat Island, as
well as about a dozen prime lots
on New Providence have
become a subject of intense dis-
pute amongst attorneys, realtors
and developers...involving court
cases in both Florida and the
Bahamas.
All of this is rich with irony, in
view of Effie's efforts over many
years to reclaim land taken from
the Indians. According to local
lawyer Bill Holowesko (who has
spent years doing title research),
the origin of Effie's 'estate' dates
to the 1960s, when Holowesko
worked for arch realtor H.G.
Christie.
"Effie came into our office
one day with a list of properties
around the country that she
claimed to own," he told Tough
Call recently. "She had gone to
the registry and simply copied
all the Crown grants to people in
her family tree. This list keeps
reappearing."
Effie was born in Florida, but
her mother, Julia Dorsett, was
born in the Bahamas and went
to Key West as a child. There
she married an American
named William E. Knowles -
whose father (James Alexander


Knowles II) was born on Long
Island in 1839 and moved to
Key West.
Effie's father, William, died
in 1904 in Key West. But his
great great grandfather was
James Knowles Sr, a planter
who received Crown grants on
Long Island before he died in
1805.
Effie's maternal grandparents
were Laura Nairn and Joseph
B Dorsett, a salt raker on Rum
Cay. Joseph's grandfather was
George Dorsett, who was post-
ed to the Bahamas by the Roy-
al Navy from Charleston, South
Carolina, and died in 1783 after
receiving land grants in the
southern islands.
Complex chains of title have
been built up from this geneal-
ogy. But since neither Effie nor
her father were Bahamian,
experts say she may well have
forfeited any land claims by fail-
ing to pay property taxes.
"There is no doubt about the
Crown grants, but lots of things
could have happened along the
way," Holowesko said. "I told
HG that she didn't own a lot of
this land and he never agreed
to buy anything."
The fraud charges arise from
Effie's conveyance of all her
Bahamian properties shortly
before her death to two Ameri-
cans- Raymond and Merril
MacDonald. Effie never mar-
ried, and some say that towards
the end of her life, she rewarded
the MacDonald father and son
team for looking after her.
In 1987, soon after her will
was probated, the MacDonalds
sold Effie's property to a
Bahamian company called New-
port Harbour Limited set up by
Bill Davis, a former state sena-
tor from Arizona, and Nassau
lawyer Dawson Roberts. The
price was only $180,000 for over
15,000 acres on. several islands.
But meanwhile, the Mac-
Donalds began re-selling the
estate. Many of these transac-
tions started out with con-


veyances for large chunks of
land at nominal prices, which
the Public Treasury has accept-
ed although realtors say they
are gross under-valuations,
assuming good title.
For example, just two years


ago the MacDonalds conveyed
2,000 acres at Rum Cay for
$128,000 or $64 per acre. One-
acre lots on the water at Rum
Cay are selling for $100,000.
And this property together
with everything else that Effie


Knowles owned in the Bahamas
- has apparently already been
sold to Newport Harbour.
And the moral of this story?
All that glitters is not gold.
larry@tribunemedia.net


DIRECTOR OF OPERATIONS / TRAINER

This position requires the successful applicant to perform specified
tasks and have at least the following credentials:

Minimum of five years experience in quick service restaurants
where emphasis were on operations and management
,Minimum of five years experience in training front and back of the
~ house personnel, including managers in a restaurant environment
* Minimum of five years experience in culinary art techniques
An associate or bachelors degree in culinary art
e Proven ability to motivate and direct staff
Sound communication skills
A strong sense of "ownership" and exercise ownership traits
The flexibility to work long shifts and off days

COMPANY ADMINISTRATIVE MANAGER

This position requires the successful applicant to perform specified
tasks and have at least the following credentials:

To oversee and coordinate the daily administrative and financial
operations of three outlets
Oversee and maintain accurate financial and accounting data.
Set tasks and directives for all administrative staff, including self
Proficient in the standard computer programs and software with
particular proficiency in ACCPAC
Proficient in the compilation of cash flow, balance sheet and income
statements and the ability to read and comprehend them
The ability to compile annual budgets for the company
A minimum of three years experience in the restaurant business
The ability to motivate and direct staff
Excellent communication skill
The flexibility to work beyond the "standard work day"
Tertiary level education is essential

Salary and bonuses for all positions are contingent upon experience
and productivity. Please forward resumes to:
Managing Director email: cvk@sbarrobahamas.com
or fax no: 356-0333

NO TELPHONE INTER"IEWSACCPE


IMORT GAGE CAMPAIGN


Employment Opportunity


HIGH SCHOOL PRINCIPAL


Progressive Christian organization is seeking a dynamic, results
oriented go-getter to lead a high school administrative team and
inspire a growing student population.


Responsibilities include the overall administration, supervision and
organization of the high school.


Applicants must be committed to the goals of Christian education, have
the necessary vision to ensure the future development of the high
school, and be able to lead and work effectively in a team environment.


Qualification: Masters Degree in Education preferred but persons with
less qualification but a proven record of successful leadership
may be considered.


We offer an attractive compensation and benefits package to the
successful applicant. Detailed information and application forms may
be collected from Evangelistic Temple,
Collins Avenue at fourth terrace west, Centreville.


Application deadline May 6 2005.


I li H .J .. .


EMPLOYMENT, OPPORTUNITIES
I I I








PAGE 8, WEDNESDAY, APRIL 27, 2005 THE TRIBUNE


fOTIDeas of the Weekr
MONDAY APRIL 24,2005 fU MONDAY MAY 2, 2005


Brother Plain Paper Fax 575


#4 Patton & Rosetta Sts, Palmdale (Next to City Market) P.O. Box N-10620 Nassau, Bahamas Email: saIs@dlctpccom


-..Tel-: 242-328-0048


Fax: 242-328-0049


Stubbs bankruptcy


ruling is annulled

FROM page one


to some public perceptions and
media reports, he was satisfied
that there was no appeal pend-
ing in the Privy Council which
would prevent a ruling.
"As far as the court is con-
cerned there is no appeal,"
said Sir Burton. Therefore,
he said that since the court
was satisfied that steps were
being taken to resolve the
debt, he reproved the origi-
nal ruling handed down by
Justice Jeanne Thompson
and annulled the declara-
tion.
He also ordered Mr
Stubbs to pay $30,000 in
legal fees to Mr Munroe's
client.
Mr Stubbs, accompanied
by a number of supporters,
was visibly relieved at the
ruling. While he declined to
speak to the press, he did
smile when asked how he
felt.

Document
Mr Stubbs' lawyer Thomas
Evans said the annulment
order will take effect as soon
as the creditors sign the doc-
ument of compensation.
While Mr Stubbs still has
the option of having his
appeal heard before the
Privy Council on May 3, Mr
Evans did not confirm if
they will go ahead with the
option.
Mr Evans said they were
all relieved at the ruling and
added that while he did not
know when Mr Stubbs would
return to the House of
Assembly, there were no
constitutional obstacles to
prevent him from doing
so.
Keod Smith, who also rep-
resented Mr Stubbs, said
yesterday's ruling would
have no bearing on a Privy
Council appeal or vice versa.
He said the basis of the
Privy Council Appeal was to
determine whether the local
Court of Appeal had the


jurisdiction to hear Mr
Stubbs' initial appeal to have
the verdict overturned.
However, he said, the
most important thing that
stemmed from the Sidney
Stubbs bankruptcy case was


the fact that the country had
defective legislation in bank-
ruptcy issues which needed
to be addressed.
"This is a major case both
judiciously and legislative-
ly," he said.


The Assistant Vice-President for Patient Financial Services (PFS) will be directly
responsible for overseeing patient account services including patient access
(pre-registration, registration, insurance verification, and upfront cash collections),
billing an'd collection of revenue generated by the Hospital's clinical departments
from patients, insurance companies and other third party payers.
This leader will be responsible for collaborative development of action plans for
monitoring and evaluating all PFS functions. Current initiatives include: a
comprehensive revenue cycle review, implementation of new PFS fully integrated
software, and an extensive chargemaster (pricing) analysis and overhaul.
This leader should have a proven track record of providing innovative ideas and
approaches to achieving and maintaining best practices'at an operational and
financial level. The AVP position is a direct successor to the VP for Patient
Financial Services, and requires a highly refined management and supervisory
style and communication skills that will facilitate timely resolution of sensitive
customer service and collection issues within an environment of favourable public
relations.
This executive will be responsible for driving change with a high degree of
integrity and energy and, therefore, must be self-directed and able to translate
strategic objectives into operational goals. Consensus building among teams and
embracing DH's core values will be essential.
The ideal candidate will have a BS/BA degree in finance, business management or
accounting from a reputable educational institution and have at least seven years
progressive experience in customer service/accounting operations in a
management role. The successful candidate must have demonstrated knowledge
and ability to effectively lead and motilte a staff of professional and clerical
positions. The position requires very strong leadership, problem solving, customer
service, teamwork, quantitative, analytical, and computer skills. Healthcare
experience and familiarity with the MEDITECH patient billing and accounting
systems would be an asset.


FIDELITY BANK (BAHAMAS) LIMITED

has a vacancy for the position of
CUSTOMER SERVICE REPRESENTATIVE




PROFILE:

* Associate degree
* Minimum of 5 (five) Bahamas General Certificate of
education (BGCSE) with grades "C" or higher, including
Math and English
* Computer Skills
* Priority will be given to mature & experienced applicants



PERSONAL
QUALITIES:

* Good interpersonal communications skills
* Excellent work attitude, punctuality and attendance records



Fidelity Bank (Bahamas) Limited offers an excellent remuneration
and benefits package including performance-based incentives,
medical insurance, life and long tern disability insurances and
pension plan.





Send resume no later than Friday 29th April 2005 to:

Human Resources Department
Re: Customer Service Representative
Head Office, Cable Beach
P.O. Box N-7502
Nassau
Fax 327.5175

e-mail: info@fidelitybahamas.com


I


PAGE 8, WEDNESDAY, APRIL 27, 2005


THE TRIBUNE






TH RBN ENSAARL2,20,PG


LOCALNW


More FUN to DRIVE &
More AFFORDABLE


You won't believe all it comes with, considering what it goes for.
The Hyundai Accent comes with a surprising number of
sophisticated standard features, including...


* 1.5 litre engine
* power steering
* central locking & alarm system
* keyless entry


ON-THE-SPOT FINANCING
with Commonwealth Bank


* automatic transmission
* air conditioning
* stereo radio/cassette
* digital clock


HYUIDFil


Price includes rustproofing, licensing and inspection to birthday,
full tank of fuel and 12,000-mile/1 2-month warranty.


Q LIMITED
EUALITYi0 S
#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET 322-3775 325-3079
Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don Mackay Blvd, 367-2916


SCHOLARSHIP
APPLICATIONS INVITED


The Bahamas Co-operative League is offering a partial
two-year scholarship to the College of The Bahamas
to pursue an Associate Degree in selected disciplines.

The scholarship is awarded annually to a Bahamian
student on the basis of academic achievement and
financial need.

Applications are available at The Bahamas Co-opera-
tive League office on Jerome Avenue, or from any
Credit Union or Producer/ Supplier Co-operative.
Deadline for applications is May 31, 2005.

The Bahamas Co-operative League is the Apex body
for 15 credit unions and 5 Producer/Supplier Co-
operatives throughout The Bahamas.


Preferred Courses of Study


Business Management
Computer Science
Accounting/Finance
Tourism


Agriculture
Marketing
Banking


#25 Jerome Avenue
Tel: 242-393-3691 Fax: 242-394-5834
P.O. Box SS-6314 Nassau, Bahamas


SOLOMON'S MINES

AVAILABLE AT
Flagship Store, Bay Street Royal & Coral Towers, Atlantis The Mall At Marathon


I,


- --- -I


I


THE TRIBUNE


WEDNESDAY, APRIL 27, 2005, PAGE 9







PAGE 10, WEDNESDAY, APRIL 27, 2005


WEDNESDAY EVENING APRIL 27, 2005

7:30 8:00 8:30 9:00 9:30 10:00 10:30
New Florida Cooking Under Cooking Under National Geographic's Strange Days on Planet Earth Predators; Trou-
S WPBT Fire Searching Fire First compe- bled Waters" The disappearance of predators affects an ecosystem. (N)
for contestants, tition. (N) A A (Par 2 of 2) (CC)
TheInsider (N) 60 Minutes Wednesday (N) CSI: Crime Scene Investigation CSI: NY "Supply and Demand" (N)
0 WFOR n (CC) (CC) "WhoShot Sherlock" ASherock n (CC)
Holmes enthusiast is murdered.
SAccess Holly- Dateline NBC l (CC) Revelations (N) f (Part 3 of 6) Law & Order "Fluency" Nine flu vic-
S VTVJ wood (N) (CC) (CC) tims suddenly die after being inocu-
lated with a fake vaccine.
Deco Drive That'70s Show Life on a Stick American Idol Stacked Gavin News (CC)
S WSVN Eric has to take a Fred wants to (Live) 1 (CC) regrets chiding
PE. class. (N) date Allison. (N) Skyler. (N) (CC)
Jeopardy! (N) Lost Flashbacks of the core charac- (:01) Alias "A Clean Conscience" (:02) Eyes "Shots" Haran steps in
3 WPLG (C) ters illustrating what they were doing Sydney and Nadia learn that care- on a case when Leslie's companion
before the crash. (N) (CC) giver Sophia was beaten. (N) (CC) is shot. (N) A (CC)
(:00) American American Justice "Murder in the The Secret Life of a Serial Killer Airline Airport Airline Drunk
A&E Justice "Fall Court" Shootins in an Atlanta court- (CC) maage propos- passenger; lost
From Grace" room. (N) (CC) al.(CC) paper ticket.
Hardtalk BBC World World Business BBC World Fast Track BBC World Asia Today
BBCW News Report News News
BET Music Special The Parkers i Girlfriends Coming to the Stage Club Comic View
BET (CC) (CC)
CBC Coronation The Queen's Castle "Four Sea- the fifth estate The link between The National (CC)
SStreet (CC) sons" (N) (CC) suicide and gambling. (CC)
Late Night With The Contender n (CC) Dennis Miller Tamar Jacoby. The Big Idea With Donny Deutsch
CNBC Conan O'Brien
CNN (:00)Anderson Paula Zahn Now (CC) Larry King Live (CC) NewsNight With Aaron Brown
CNN Cooper 360 (CC)
Mad TV TATU. ) (CC) Comedy Central Comedy Central South Park The South Park Con (CC)
COM Presents Retta. Presents "Rene boys have to "Preschool" (CC)
(CC) Hicks" save the Earth.
COURT Cops "Coast to The Investigators "Little Boy Lost" Forensic Files Psychic Detec- Dominick Dunne: Power, Privilege
COU RT Coast" (n (CC) (N) tives & Justice
That's So Raven ** AIR BUD: SEVENTH INNING FETCH (2002, Adventure) Kevin Sister, Sister Even Stevens
DISN Raven dyes a Zegers, Caitlin Wachs, Cynthia Stevenson. The sports-loving golden re- Ray's father vis- Louis and Twitty
dog. triever plays baseball.'G'(CC) its. n (CC) surf.(CC)
DI This Old House Weekend Re- Ed the Plumber Rock Solid (N) Home Transfor- Kitchen Renova Bathroom Reno-
DIr\. (CC) modeling mations tions (N) vations (N)
DW Euromaxx Journal: In In Focus Journal: Made in Ger- Journal: In Euromaxx
SDepth Tagestema many Depth
E The Michael Married... With Children: The E! True Hollywood: Story The story of the E! Hollywood Hold 'Em
E Jackson Trial intentionally outrageous TV show. C (CC)
(E :00) MLB Baseball Los Angeles Angels of Anaheim at New York Yankees. From Yankee Baseball Tonight (Live) (CC)
ESPN tadiumin the Bronx, N.Y. (Live) (CC)
ESPNI Spanish Primera Liga Soccer Teams to BeAn- UEFA Champions League Soccer Semifinal, Leg 1 -- Chelsea vs. Liver-
ESPNI nounced. _pool. .
EWTN Daily Mass: Our EWTN Live Religious Cata- The Holy Rosary Fr. Apostoli Swear to God
Lady ,Lady.logue
IT (:00) Cardio FitTV's Housecalls Quit smoking. Urban Fitness Urban Fitness The Extremists The Extremists
IT V Blast n n (CC) TV n (CC) TV FT (CC) n (CC) F (CC)
FOX-NC Fox Report- The O'Reilly Factor (Live) (CC) Hannity&Colmes (Live) (CC) On the Record With Greta Van
S_-N S hepard Smith .Susteren (Live) (CC)
:0L ) MLB Baseball Tampa Bay Devil Rays at Toronto Blue Jay .rom Rogers Centre in Best Damn Sports Show Period
oFSNFLt oronto. (Subject to Blackout) (Live) (Live) (CC)
OLF (:31) Compaq Classic New Or- (:37) 19th Hole (:13) Big:Bleak III: Ladies Only
GOLF_ leans Highlights Steve Flesch. (N)
:0) Weakest Who Wants to Be a Millionaire n Dog Eat Dog (CC) Dog Eat Dog n (CC)
GSN Link A (CC) (CC)
G4Tech (:00)Attack of X-Play Cheat "San An- Icons Judgment Day Cinematech (N) Cinematech (N)
the Show (N) dreas" I
(:00) Walker, Touched by an Angel A nihilistic Judging Amy "Tidal Wave" Maxine Judging Amy Amy has a rocky law
HALL Texas Ranger filmmaker is called upon to restore a collapses from exhaustion and lands school reunion with her old friends
"Faith" n (CC) student's faith. (CC) in a hospital. n (CC) and ex-husband. A (CC)
Real Renos "Fi- Designed to Sell House Hunters Buy Me"Terry Hot Property Selling Houses Ground Force
HGTV nal Check" Preparing a "Need More and Natalie: Minimalist urban "Sheffield" ) "Longney" n
(CC) home for sale. Space, Fast Forced Out!" property. (CC) (CC)
INSP MorrisCerullo Breakthrough Zola Levitt Pre- This Is Your Day Life Today (CC) Inspiration To- Old TimeGospel
IN __(CC) sents (CC) (CC) day Hour (CCO)
Yu-Gi-Ohl "Leg- Sabrina, the The Fresh Friends Rachel Will & Grace "Me Everybody Everybody
KTLA end of the Drag- Teenage Witch Prince of Bel-Air will do anything and Mr. Jones" Loves Raymond Loves Raymond
ons" (C)[I (CC) "IDone" to give birth. A n (CC) "No Roll" (CC) I (CC)
THE PERFECT NEIGHBOR (2005, Suspense) Perr STUDENT SEDUCTION (2003, Drama) Elizabeth Berkley, Corey Sevier,
LIFE King, Susan Blakely, Barbara Niven. A sexual predator Rick Roberts. A teacher is wrongly accused of improper conduct. (CC)
threatens a couple's marriage. (CC)
MSNBC Hardball Countdown With Keith Olber- To Be Announced Scarborough Country
MSNBC CC)Hrbl marm
NICK immy Neutron: SpongeBob Unfabuloust Full House t Full House n Fresh Prince of The Cosby
Boy Genius SquarePants (CC) (CC) (CC) Bel-Air Show f (CC)
NTV 00) Gilmore One Tree Hill "Lonesome Road" (N) Blue Murder "Boarders" A (CC) News (CC) News
NTV ,lrls (N) (CC) n (CC)
(LN :00) Killer In- Outdoor Out- Ultimate Play- Summer Revolution SAS Desert: Are You Tough
N stinct takes ground Enough? SAS regiment.
SPEED 00) NASCAR Build or Bust Female mechanic Unique Whips NASCAR Nation
Station (N) Alex is all passion and sass.
T:00) Billy Gra- Behind the Hal Lindsey Taking Authority Jack Van Impe Praise the Lord (CC)
TBN am Classic Scenes (CC) (CC) Presents (CC)
Crusades
Everybody Everybody Everybody Seinfeld Elaine Seinfeld The Sex and the City (:35) Sex and
TBS Loves Raymond Loves Raymond Loves Raymond takes on a new Summer of "Catch-38" the City "Out of
Ray's jitters. Debra's sister. ,F (CC) business. (CC) George" (CC) (CC) the Frying Pan"
(:00) In a Fix While You Were Out A soldier who When Surgical Tools Get Left Be- Mind Games: The Mysterious
TLC Newlyweds are served in Iraq thinks his wife is the hind Surgeons accidentally leave World of Alain Nu "Psychic Energy"
overbudget. real hero. (N) their tools inside a patient.
(:00) Law & Or- NBA Basketball Western Conference First Round Game 2 -- Denver Nuggets at San Anto- NBA Basketball:
TNT der "Virtue" i nio Spurs. From the SBC Center in San Antonio. (Live) (CC) First Round
(CC) (DVS)__
TOON Ed, Edd n Eddy zz&Drix Yu-Gi-Oh! (CC) Codename: KidsMuchaLucha Teen Titans DragonballGT
(O N CC.) Next Door n (CC) "Revolution"
TV5 00),Entre nous Envoy'special (:10) La Belle Arte reportage TV5 Le Journal
SVPartie2de 4)bleue. "
TWC 00PM Edi- Storm Stories Storm ories Evening Edition (CC)
TWC ion (CC) (CC) (CC) ____________________
(:00) Inocente de Apuesta por un Amor La Madrastra Don Francisco Presenta "El Gor-
UNIV Ti do" Raul de Molina; Maribel
_____ ____________ ____________ Guardia; Vico-C.
U 0 JAG Law & Order: Special Victims Unit Law & Order: Special Victims Unit Law & Order: Special Victims Unit
USA Shakedown" A teen brings molestation charges A troubled son is questioned about "Inheritance" A vicious assault is
(CC) against her father. (CC) his father's death. F (CC) blamed on gang rivalry.
VH Race to the Altar Strange Love *** THE ROCKY HORROR PICTURE SHOW (1975, Musical) Tim Where Are They
A (CC) Curry. A stranded couple fall prey to a flamboyant scientist. F Now? Ft
Home Improve- *x AGAINST THE LAW (1998, Action) Richard Grieco, Nick Mancuso, WGN News at Nine F (CC)
WG N ment "A Marked Nancy Allen. An officer with a death wish hunts a cop killer. F (CC)
Man"
Everybody Smaliville "Blank" When Clark loses Jack & Bobby Jack, Courtney, Mar- WB11 News at Ten With Kaity
WPIX Loves Raymond his memory, Chloe must teach him cus, Missy and Randy to go to an Tong, Jim Watkins, Sal Marchiano
F (CC) about his superpowers, after-dance party. (N) (CC) & Mr. G (CC)
Jeopardy! (N) America's Next Top Model "The Kevin Hill "The Monroe Doctrine" Dr. Phil
WSBK (cc) Girls the Lionesses Are Hunting" (N) George reaches the limits of his pa-
Ft (CC) tience with Kevin's behavior.

HBO-E Swayze,Demi Moore.A murder victim returns to save Rachel Weisz, A man becomes jealous of his wealthy reter: HBO
his beloved fiancee. n 'PG-13' (CC) Jfriend. 'PG-13' (CC) First Look (CC)
( 6:00) *E t *** BIG FISH (2003, Drama) Ewan McGregor, Albert Finnev, Billy (:15) *** THE DEVIL'S OWN
HBO-P BEAUTIFUL Crudup. A young man investigates his father's tall tales. F 'PG-13' (CC) 1997, Drama) Harrison Ford, Brad
GIRLS (1996) Pitt.r 'R' (CC)


(:45) The Inter- * WHO AM I? (1998, Action) Jackie Chan, (:45) * GHOST (1990, Fantasy) Patrick Swayze,
H BO-W preter: HBO Michelle Ferre. A special agent with amnesia flees his Demi Moore. A murder victim returns to save his
First Look (CC) former boss. F 'PG-13' (CC) beloved fiancee. t 'PG-13' (CC)
S (:15) **x TAKING LIVES (2004, Suspense) Angeli- I** PHONE BOOTH (2002, Suspense) Colin Far- Whoopi: Back to
H BO-S na olie, Ethan Hawke. An FBI profiler helps detectives rell, Kiefer Sutherland. A sniper traps an arrogant publi- Broadway 20th
search for a killer. Ft 'R' (CC) cist in a phone booth. F 'R' (CC) Anniv.
A (6:30)*** (:15) ** TANGO & CASH (1989, Drama) Sylvester Stallone, Kurt Rus- ** SECRET WINDOW (2004)
MAX-E FERRIS Isell, Jack Palance. Two rival cops go after the drug kingpin who framed Johnny Depp. A stranger accuses a
BUELLER'S DAY them. A 'R' (CC) troubled author of plagiarism.
@(6:35) *** X2: X-MEN UNITED (2003, Science Fic- *** THE LAST SAMURAI (2003, Adventure) Tom Cruise, Ken Watan-
MOMAX tion) Patrick Stewart, lan McKellen. A right-wing mili- abe, Timothy Spall. A Westerner learns the ways of the samurai in the
tarst pursues the mutants. F 'PG-13' (CC) 1870s. F 'R' (CC)
(6:30)* RU- * PREY FOR ROCK AND ROLL (2003, Drama) Gina Gershon, The L Word "Late, Later, Latent"
SHOW GRATS GO WILD Drea de Matteo, Lori Petty. iTV. Members of an all-gir band deal with (iTV) Jenny learns the truth about
(2003) 'PG' (CC) problems. F 'R' (CC) Burr. (CC)
(6:05) *** **x TERMINAL VELOCITY (1994, Adventure) Char- (:45) * OSAMA (2003, Drama) Marina Golba-
TM C HOPE AND lie Sheen. A sky diver investigates the mysterious hari, Arif Herati. An Afghan girl dresses like a boy to
GLORY (1987) death of a student. 'PG-13' (CC) earn money. (Subtitle -Eng ish) 'PG-13'


W, Y A OOD UNTRLE FO E.-


Daybeds


Tel: 9 6 6 3

325. WOOD

46 Madeira Street


Let kcaIlie tke
Bckcamiavx Puppet avid
his side-kick Denrek put
some- smiles O yOL4'
kids's faces. j


BInOg you4 children to the
McHcIppy Hou aCt McDonaJld's in
Oaks Field every Thursday
fpiom 3:30pm to 4:30pm diuing the
montk of April 2005.


Enjoy Great Food, Prizes and Lots of Fun.


i'm lovin' it"


THE TRIBUNE













Chance for students to learn



the appliance of science


A SCIENCE fun day will be
held for all Summit Academy
students at New Providence
Community Church (NPCC)
tomorrow.
The event, which runs from
9am to 3pm, will be the culmi-
nation of the ongoing SECME
programme at Summit and will
serve as both an opportunity for
students to display the skills
learned during the'school year
and as a series of competitions.
These will include poster and
essay competitions, as well as a
"math, bowl" and "brain bowl".
Egg'drop and boat building
contests;will.also take place.
SECME originally South-
eastern Consortium for Minori-
ties in Engineering is an organ-
isation with the stated mission
of increasing the pool of
"historically under-represent-
ed,'under-served, and differ-
ently abled students who will
be prepared to enter and com-
plete post-secondary studies in
science, mathematics, engi-


neering, and technology."
Parents are being encouraged
to take part by working with
their children to create a family
poster addressing the theme
"21st century pioneers: Dream-
ing today to discover tomor-
row", and by volunteering to
join teams for the math bowl.
Each team of four students
and one adult will be given
mathematical problems to solve
and their results judged based
on precision and technique.
The brain bowl is a young
version of Jeopardy, with teams
of four students answering gen-
eral knowledge questions.
Parents are also being recruit-
ed to help with the egg drop
contest, during which a team of
four students must construct a
shipping container which will
prevent an uncooked egg from
cracking when dropped from a
height of fifteen metres.
. The boat building competi-
tion asks students to build a
boat out of clay. The boat which


stays afloat for the longest
period, of time and holds the
most paperclips without sink-
ing wins. An awards ceremo-
ny rounds out the day.
SECME Co-ordinator Jill
Simpson said, "A lot of time


and effort has gone into the
planning of this day and we
have seen the students devel-
op hands-on, critical thinking
skills in the math and science
context over the course of this
year."


Top salesman honoured


* VICE president and general manager Winston Williamson Sr,
sales and marketing project director Camille Bain, sales
secretary Dellarese Miller, sales director Manley Wilson and
regional manager Paul Delaguadri
CLUB LAND'OR Resort Resort Condominium Interna-
congratulates sales director tional (RCI).
Manley Wilson Jr on being RCI has fnore than 3,800
named salesman of the year. affiliate resorts in 100 countries
Mr Wilson received the top and 4.5 million members world-
salesman award for 2004 from wide.


Every Woman, Every Occasion.


WEDNESDAY, APRIL 27, 2005, PAGE 11


THE TRIBUNE


Pmkmgaw"sl Arodiars .a- %" At l pSAlAVORn iFoa





THE TRIBUNE


PAGE 12, WEDNESDAY, APRIL 27, 2005


U


N


N,


I


N --Hwt I e'


4jjjV T/ L" R









WEDNESDAY, APRIL 27, 2005


SECTION


business@100jamz.com


Miami Herald Business, Stocks, Analysis, Wall Street


Great Guana Cay





injunction hearing





set for next week


* By NEIL HARTNELL
Tribune Business Editor
THE Supreme Court will
next Wednesday hear an appli-
cation for an injunction to pre-
vent the developers of the con-
troversial $175 million Great
Guana Cay project from pro-
ceeding with works permitted
by the Heads of Agreement.
At a hearing in the Supreme
Court in Freeport yesterday,
Justice Stephen Isaacs also
adjourned the hearing for a
Judicial Review of the Heads
of Agreement signed between
the Government and Discovery
Land Company until June- 13-
14, following applications from
both the Government's attor-
neys and those representing the
developers.

Respondents
Fred Smith, attorney for the
Save Guana Cay Reef Associa-
tion, which is applying for the
Judicial Review, said both the
Attorney General's Office,
which is representing the gov-
ernment officials named as
respondents, had "applied for
a0xd obtained an adjournment".
AMr Smith said the Attorney
General's Office had told the
Court it wanted more time to











E By YOLANDA
DELEVEAUX
Senior Business
Reporter
BAHAMIAN pharma-
cists yesterday criticised the
Government for failing to
provide the necessary infra-
structure to ensure the sec-
tor is appropriately quali-
fied, given that the draft Bill
to licence and regulate the
sector may negatively
impact up to 80 per cent of
industry participants.
Pharmacists also blamed
the Government for its lack
of industry consultation, say-
ing the Government had not
done enough to educate the
public on the Caribbean Sin-
gle Market & Economy
(CSME), believed to be the
driving force behind the
impending legislative
changes.
Speaking with The Tri-
bune on condition of
anonymity, a registered
pharmacist said that while
some pharmacists have a
Bachelors Degree in biolo-
gy, chemistry or other sci-
ence, the majority in the
Bahamas have gone through
an apprentice programme
and sat a Certificate of
Competency exam before
operating as registered phar-
macists.
This situation is also said
to be reflected in a number
of other Caribbean destina-
tions, but the cause for con-
cern among Bahamian pro-
fessionals is the draft Bill's
requirement that all "appli-
cants" must have a Bache-
lors of Science Degree in
Pharmacy or its equivalent
from a university or school
of pharmacy.
Pharmacists already oper-
ating in the industry will be
given a temporary licence
and a five-year window in
which to obtain the neces-
sary qualifications. But for
SEE page five


Supreme Court


adjourns Judicial


Review until


June 13-14


prepare and respond to the
application by the Save Guana
-Cay Reef Association.
He added: "The Attorney
General's Office said this was
a unique case and had tremen-
dous precedent setting value,
and could affect all future devel-
opment that took place in the
Bahamas."
Although the Judicial Review
hearing has now been set for
June 13-14, Mr Smith said the
Supreme Court had scheduled a
hearing on the Save Guana Cay
Reef Association's application
for an injunction for Wednes-
day next week. .
The Calfinders 1'Co attor-
ney added: "It's an injunction
we've applied for against the


Government so they can stop
the developers from doing any
more work under the Heads of
Agreement."
Mr Smith said he had yester-
day complained to.the Supreme
Court that Discovery Land
Company was already carrying
out work on Great Guana Cay.

Injunction
In the Notice of Motion for
an injunction filed with the
Supreme Court, the Save Great
Guana Cay Reef Association is
seeking a Court Order prevent-
ing the respondents Wendell
Major, as secretary to fhe
National Economic Council;
Prime Minister Perry Christie
as the Minister responsible for
Crown Lands; and the Treasur-
er of the Bahamas from acti-
vating the Heads of Agreement.
The injunction application
seeks a Court Order prevent-
ing the respondents from leas-
ing and sellin 106 acres of
Crown Land to the developers
for use as a marina and nature
preserve, plus the lease of 20
acres of Treasury Land.
The injunction, if granted,
SEE page three


THE developers behind the
$1.2 billion Cable Beach pro-
ject yesterday told The Tribune
that New Providence's ever-
improving tourism trends
showed there was "potential
for another mega resort in this
market", as they denied the
project's construction was
dependent on financing from
real estate sales.
Michael Sansbury, Baha
Mar Development Company's
executive vice-president of
operations, said the company
would make an immediate
investment in the three Cable
Beach hotels it was acquiring,
believing there was "upside
potential" to increase rcom
rates and occupancies imme-
diately.
Mr Sansbury said Baha Mar
hoped to close the $147.5 mil-
lion purchase of Philip Ruffin's
Nassau Wyndham Resort and
Crystal Palace Casino, and
Nassau Beach Hotel, plus the
$45 million deal for the Radis-
son Cable Beach Resort and
other government assets, a
week today on May 4.
While the "first shovel will
not go in the ground" on the
major reconstruction work at


Cable Beach until 2007, Mr.
Sansbury said Baha Mar
would rapidly invest in the
three resorts to upgrade them
and enhance operational effi-
ciency.
He added: "We want to get
the room rates up immediate-
ly. We plan to make an imme-
diate investment in the three
hotels as we think they have
upside potential on room rates
and occupancies. All three
hotels need capital invest-
ment."

Upgraded
Among the immediate
enhancements to the three.
properties will upgraded land-
scaping, night-time lighting,
repairs to all the properties'
lobby areas, freshening up of
carpets and bed spreads, elec-
trical and plumbing enhance-
ments, and the carrying out of
previously deferred repairs.
Mr Sansbury said: "We want
to guarantee to hotel guests
that they will get hot water in
the morning. At the moment,
they're not necessarily getting
it."
Responding to claims that
the two-year wait before major
reconstruction work began at
Cable Beach was because


* MICHAEL SANSBURY,
Baha Mar Development
Company's executive
vice-president of operations.

Baha Mar needed to obtain
cash flow from real estate
sales, Mr Sansbury said: "I can
categorically say that's not our
strategy."
-He added that the 2007 start
date was necessary because
"we've got that much design
work and engineering studies
to complete before we start
construction". The drawings
of Baha Mar that had been
seen so far, he added, were just
concepts.
On the subject of real estate
sales, Mr Sansbury added:
"We have our financing
arrangements [in place]. We
do not need to do real estate
sales to fund construction of

SEE page five


HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010


REPORTS that Kerzn-
er International, headed by
Sol and Butch Kerzner, is
interested in acquiring the
Hurricane Hole Marina
were denied yesterday.

Kerzner's

interest in

Hurricane

Hole denied
* By YOLANDA
DELEVEAUX
Senior Business
Reporter and
NEIL HARTNELL
Tribune Business
Editor
KERZNER Internation-
al was yesterday said by
multiple sources to be mov-
ing closer to acquiring Par-
.dise Island's Hurricane
Hole Marina for a sum
around $20 million, although
this was denied by an exec-
utive who also works for the
marina's owner and opera-
tor.
Stephen Kappeler, region-
al director of operations and
sales for the Holiday Inns
of the Bahamas and Hurri-
cane Hole Marina, yester-
day said he was unaware of
any money-backed offer for
the Hurricane Hole marina
from any party.
"There's no offer, no Let-
ter of Intent. I can't sub-
stantiate that. As early as
last week I sppke to the
SEE page three


----- --


sas~~ r I- -II









PAE BWENEDABUPIL27I205ESSI IUI~


REAL ESTATE SALES REPRESENTATIVE

The Abaco Club on Winding Bay, a spectacular 520 acre
International Members Golf & Sporting Estate on Abaco,
is seeking a senior-level REAL ESTATE SALES
REPRESENTATIVE. Candidates must have a minimum
of 2 years sales experience with a track record of success.
Real estate license is preferred. Successful candidate
must have exceptional communication skills, both verbal
and written. Must be personable, professional and willing
to commute or relocate to Abaco. The Abaco Club's
estate lots range from $875,00 to over $4 million. A
handsome package is available. Please email cover letter
and resume to info@theabacoclub.com or fax to 242-
367-2930, Attn.: Sales & Marketing.






ICD UTILITIES LIMITED

Notice To Shareholders
... .. m ..<. V um. m.. u.. .. .. ... m


The Board of Directors of

ICD Utilities Limited is

pleased to advise that a

dividend of 13.5 cents per

share has been declared to

all Shareholders of record

as at 5th May, 2005 and

payable on 19th May, 2005.


Iraq frauds provide




management lesson


The following articles are
taken from the case files of The
LUBRINCO Group
http://www.lubrinco.com and
Financ ial Examinations and
Evaluations Inc.
http://www.feeinc.com They
appeared in the March 2005
AGIS e-journal. Preventative
Measures represents these
organisations in the Bahamas.
When the mas-
sive amount
of fraud and
waste associ-
ated with
the Iraq Oil-For-Food pro-
gramme was uncovered there
was a predictable outcry, with a
number of people saying this
showed how useless and cor-
rupt the United Nations (UN)
had become. When the massive
amount of fraud and waste
associated with the Defense
Fund for Iraq was discovered,
there was a predictable outcry,
with a number of people say-
ing that this showed how use-
less and corrupt the United
States had become.
In fact, although there is a
lesson to be learned from both
the Oil-for-Food programme
and the Defense fund for Iraq
(and Enron and WorldCom),
the lesson has to do with fraud,
not with either the UN or the
US.
When we speak of fraud, we
generally need to look at the
fraud triangle, which consists
of Opportunity, Pressure and
Rationalisation. The only item
you as an employer or business
owner control is opportunity.
Pressure and rtionalisation are
internal to the perpetrator and
beyond your influence.
Opportunity is just that: the
opportunity to steal, in which
we carelessly or thoughtlessly
present a potential thief with
the active temptation to steal.
Opportunity is the easiest piece
to control, and large-scale fraud
is usually a response to little
thought having been given up-
front to its avoidance.
We know, from long and sad


experience, that when there is
an opportunity for fraud par-
ticularly fraud on the scale seen
in Iraq it should serve as a
reminder to make sure that
programmes contain adequate
management controls and over-
sight to reduce, as much as pos-
sible, the opportunity to steal.
It is, thus, a sad truth that
fraud is largely not a matter of
politics, but of lack of common
sense and prudence. It might
be said that fraud is a choice
on the part of management,
either through malfeasance or
misfeasance. Avoidance of
fraud should be a matter of
forethought and policy, both
publicly and privately, to pre-
vent ongoing victimisation and
waste.
The implications of Sarbanes-
Oxley for economic espionage
prosecutions
In the January issue, we dis-
cussed two unfortunate results
of not having an OPSEC pro-
grammes.
The first was that you will
have to deal with the conse-
quences of being in non-com-
pliance with the Sarbanes-
Oxley because you did not have
the appropriate internal con-
trols. These consequences can
be both civil and criminal in
nature.
The second was that in case
of a loss, you face a sharehold-
er negligent action suit because
you knew, or should have
known that, with annual losses
of $300 billion in the US alone,
there was a significant identifi-
able threat that you should
have addressed. Plus you were
non-compliant with Sarbanes-
Oxley, which was at least part-
ly designed to force you to pro-
tect shareholders from just this
type of loss, or acknowledge
that you are not protecting
yourself and your shareholders
from losses.
We have polled several large
insurance companies, and are
getting indications that these
lawsuits will not be covered


Safe and Secure


Gamral



under directors and officers'
insurance as they represent
deliberate indifference.
There is a third problem that
can arise if you end up in an
economic espionage lawsuit. In
order for a theft of information
to be covered under the Eco-
nomic Espionage Act 1996, the
information stolen needs to be
a trade secret. In order to be a
trade secret, there are two
things that have to be in place.
(a) The owner thereof has
taken reasonable measures to
keep such information secret.
(b) the information derives
independent economic value,
actual or potential, from not
being generally known to, and
not being readily ascertainable
through proper means by, the
public.
Before Sarbanes-Oxley, this
was fairly straightforward.
After Sarbanes-Oxley, the issue
became more complex once the
Securities and Exchange Com-
mission (SEC) said "the Sar-
banes-Oxley Act of 2002 and
the Commission's rules pro-
mulgated under the Act seek
to strengthen pre-existing stan-
dards for internal controls,
thereby potentially improving
the ability of companies to
track the costs and impact of
economic espionage and theft
of intellectual property". What
standards exist for this particu-
lar set of internal controls?
The standard government
program is OPSEC. The pro-
fessional society dealing with:
this, the OPSEC Professionals
Society, is the body granting
OPSEC Certified Professional
(OCP) certification;
So, now someone has stolen
your apparently-not-so-secret


information, and you have
caught them and turned the
matter over to the Feds. Now
you are in court being exam-
ined by the defence counsel
(DC).
DC: So Mr Smith, tell me
about your company's OP1SEC
programme?
YOU: Our what?
DC: Let me rephrase this.
Sarbanes-Oxley requires! you
to have internal controls to
track the costs and impact of
economic espionage and theft.
Which means you have to have
a programme for the id6ntifi-
cation, valuation and pr6tec-
tion of your critical informa-
tion. Could you describe these
internal controls?
YOU: Well, this is a trade
secret, and they stole it.
DC: Your honour, it appears
that the plaintiff is not in com-
pliance with Sarbanes-Oxley,
and therefore, through' delib-
erate indifference, has n6t tak-
en reasonable steps to keep his
information secret. The plaintiff
has therefore abandoned their
trade secret. It appears clear
that since the information was
not trade secret, it is not'cov-
ered by Title 18, Part II, Chap-
ter 90. Since this court thus has
no jurisdiction, we move that.
the case be dismissed with prej-
udice.
At which point you are back
to angry shareholders, and have
to explain why your coinpany
failed to identify, value and pro-
tect its property, and thus have
a loss not covered by any insur-
ance or laws.

NB: Gamal Newry is the
president of Preventative Mea-
sures, a law enforcement and
security consulting company.
Comments can be sent to PO
Box N-3154 Nassau, Bahamas,
e-mail preventit@hotmail.com,
or visit our website. wwwsun-
nyplace.net/pre'v:ent
vent>


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PAGE 2B, WEDNESDAY, APRIL 27, 2005


I tlt I hitbUNt


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-.HE TRIBUNE


WEDNESDAY, APRIL 2', 2005, PAUE= 3B


,FROM page one

,.puld also prevent the Gov-
ernment giving Discovery Land
Company and the entities it has
set up to develop the Baker's
ftay Golf & Ocean Club the
concessions, approvals, permits
,4d licences outlined in the
Heads of Agreement.
All land clearance, road con-
stfuction and dredging would have
.9 halted if the Supreme Court
.grants next Wednesday's injunction.
The Motion for the Injunction


Great Guana Cay

said it was seeking to "prevent the
developers from undertaking the
several works of development con-
templated by the Heads of Agree-
ment until the final determination of
this application for Judicial
Review".
Mr Smith told The Tribune that
the Supreme Court yesterday gave
directions to both himself and the
Attorney General's Office as to
when they should file evidence for


FROM page one

',owners and there is no letter of intent," Mr
Kappeler said.
Operated by Driftwood Hospitality, the marina,
.located on the southern side of Paradise Island
eIjust east of the south bound bridge, is not offi-
J!cially up for sale, Mr Kappeler said. If the right
U(offer came up, however, the company would like-
tly act on it, headded
., Mr Kaopeler said there had been a previous
offerr for the Hurricane Hole Marina about a
r-:nonth ago, but this fell through before making it
0&,to the funding stage. Currently, there is believed to
r.be some interest in purchasing the marina,
although Mr Kappeler declined to go into detail.
He added, however, that there was no hard
Soffer or anything in writing.
Mr Kappeler also admitted that Kerzner Inter-
!inational had made a move several years ago to
acquire the Hurricane Hole Marina. He added
that if the company was interested, the purchase
would make a good fit for it.
"It makes sense that Kerzner would be the next
purchasere. The marina can host the largest yachts
O'and those customers fit the profile of the Ocean


the June 13-14 Judicial Review
hearing.
He added that Michael Barnett,
head of litigation at Graham,
Thompson & Co, had been given
leave by the Supreme Court to
appear at the Judicial Review hear-
ing on behalf of the developers, who
were an "interested party" to the
hearing.
Mr Smith said some 30 Great
Guana Cay residents attended yes-
terday's Supreme Court hearing,
along with supporters from Grand
Bahama.
In submissions filed with the


Kerzner
Club. It makes sense that Kerzner should be one
of the future interested parties," Mr Kappeler
said.
The Hurricane Hole Marina would also allow
Kerzner International to provide marina and dock-
ing facilities at a slightly lower price point than its
Atlantis marina, in addition to giving it the ability
to target even larger yachts.
Any move to take a further grip on Paradise
Island would also give the company further nego-
tiating leverage when it talks to the Government
about a possible Phase IV expansion on Paradise
Island.
J Barrie Farrington, Kerzner International
(Bahamas) executive vice-president of adminis-
tration, was out of office yesterday when The Tri-
bune called for comment.
The Hurricane Hole Marina's financial backer
is Lehman Brothers' private equity. With Drift-
wood, the same financial/operator combination
also runs the Holiday Inn Sunspree and Nassau
Palm Resorts, plus the troubled Royal Oasis
Crowne Plaza & Golf Resort in Freeport.


Supreme Court on the Judicial
Review matter, Mr Smith is seeking
on behalf of the Save Guana Cay
Reef Association a court declara-
tion that the Heads of Agreement
for the development is "ultra vires
and therefore void and not bind-
ing", in addition to a declaration
that the National Economic Coun-
cil (NEC) or its members had the
"power or authority" to enter the
Heads of Agreement.
In addition, the application is
seeking an Order of Prohibition
from the Court preventing the
Prime Minister and Treasurer from
leasing the Crown and Treasury
Land. Another Order or Prohibi-
tion seeks to prevent Mr Major
frOm granting the "rights, conces-
sions, exemptions or grants" out-
lined in the Heads of Agreement.
Finally, the Save Great Guana
Cay Reef Association is also seek-
ing an "Order of Manadamus" that
the three respondents conduct a full
and proper public consultation pri-
or to the issuance of any leases or
approvals to the developers.
In his submission, Mr Smith said:
"In short, under the Heads of
Agreement, the Government pur-
ports to grant a number of very sig-
nificant approvals, permits, grants
and concessions to the developers in
relation to the development. It is
the purported grant of these
approvals, permits, grants and con-
cessions that is sought to be chal-
lenged by these proceedings."
Mr Smith alleged that Mr Major
had no authority to grant the vari-
ous permits, approvals and conces-
sions, as these powers were vested
in other ministries and bodies.


In addition, he allegedly had no
power to enter into the Heads of
Agreement and, even if he did, Mr
Smith argued that the contract with
the developers "in any event con-
stitutes an improper fettering of the
governments discretionary powers
to grant the various approvals and
permits".
Mr Smith alleged: "The first
respondent [Mr Major] had no pow-
er to enter into the Heads of Agree-
ment and confer the various benefits
purportedly conferred on the devel-
opers under the agreement as he
has purported to do.
"Neither the first respondent nor
the National Economic Council,
whose representative he purported
to be, has any statutory or other
standing. Further, the powers pur-
portedly exercised by the first
respondent in entering into the


Heads of Agreement were in fact
conferred on various other Minis-
ters and authorities by parliament
under various legislation as set out
above."
And Mr Smith further alleged:
"The entry into the Heads of
Agreement also constitutes and
improper fettering of discretion in
relation to the various benefits pur-
portedly conferred under it.
"Finally, the decision to enter
into the Heads of Agreement was
taken without any proper notice
being given to the applicant or any
of the other interested parties, and
thus without affording those par-
ties the opportunity of making rep-
resentations in relation to the pro-
posed development.
"This is plainly procedurally
unfair and renders the Heads of
Agreement unlawful."


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FIRSTCARIBBEAN LAUNCHES ITS

DEBUT INTERNATIONAL BOND ISSUE.




SFl RSTCARI BBEAN
IN RNA TIONAL BANK


FirstCaribbean Intern nal Bank (Cayman) Lmited

(incorporated in the Cayman Islands with limited liability)




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Guaranteed on a Subordinated basis by


FirstCaribbean ernational Bank Limited

(incorporated in Barbados with limited liability)

.- and .

FirstCaribbean Internjional Bank (Barbados) Limited
.-(incorporated in :bados with limited liability)

and

FirstCaribbean International Bank (Offshore) Limited

(incorporated in Barbados with limited liability)


This notice is for information only and is not a solicitation, as the issue has been fully subscribed. This issue

was not offered sold or delivered to investors in Canada, The United States or The Cayman Islands.


Barclays Capital
Citigroup


CIBC World Markets
; FirstCaribbean Capital Markets


POSITION AVAILABLE
LAKEVIEW MEMORIAL GARDENS & MAUSOLEUM

;Requires: Customer Care Representative

Qualifications:

S The successful candidate should have at
least three (3) years experience in customer
service and sales.
Must have good written and oral
communication skills
Must possess good leadership and
interpersonal skills
Must be self-motivated and energetic

Attractive benefits package.
'Please send resume to:

Lakeview Memorial Gardens & Mausoleum
P.O.Box CB 13773
Nassau, Bahamas
SFax. .. 323-7329
Fax: 323-7329


Junior Network Engineer


A local networking consulting firm seeks highly
energetic, motivated and qualified Junior Network
Engineer, with the right attitude towards customer
service.

The ideal candidate should have a minimum of two
years experience in the IT field.

Responsibilities/Skills:

* Working knowledge of Windows 2000
Professional & Server Environments
* Install new PCs including loading software and
configuring network settings
* Upgrade PCs hardware and operating systems
* Provide basic level support of personal computer
hardware, software and operating systems
* Must have good PC troubleshooting skills
* Previous PC support experience is required
* Excellent interpersonal skills
* Ability to work in a team environment
* Self-motivated
* Requires A+, MCP or better.

Customer service will be a key focus of the successful
candidate.

Interested applicants please e-mail resumes to
itbahamas@hotmail.com at latest by April 30th,
2005.


LEGAL NOTICE



NOTICE



CAP DRAGON HOLDINGS LIMITED


Pursuant to the provisions of Section 138 (8) of the International
Business Act, 2000 notice is hereby given that:

The dissolution of CAP DRAGON HOLDINGS
LIMITED has been completed.

A Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.



S. .... .... Cornell Rolle, ,. .,
Liquidator


-i USINES


''


-- - -- -


h,----------













NOTICE *


The following persons or their nearest relatives, are kindly
asked to visit the MEDICAL DEPARTMENT of the
National Insurance Board located in the Board's Jumbey
Village complex on Baillou Hill Road. For information,
you may contact the Department at telephone number
502-1745.

NAME ADDRESS


Jeffrey Bethel
Ernestine Colebrooke
Nellie Daxon
Luva Louis
Theresa Stuart


Pinewood Gardens
Pineyard Road, Sea Breeze
Flamingo Gardens
Wilton Street
Union Village


Institute to focus




on insurance's




'human element',


T he Insurance
Institute of the
Bahamas (IIB)
newly-appointed
Executive Coun-
cil for 2005 is focusing on cus-
tomer service and productivity
within the sector to help
achieve its goals.
The IIB Council will also be
examining the impact mergers
and acquisitions have had on
workers within the Bahamian
insurance industry, in addition
to addressing disaster relief
topics and organising a legal
seminar that focuses on the
Bahamas, the Caribbean and
further afield internationally.

Standards
The IIB Council said in a
statement that it will seek to
engage all insurance industry
parties in discussions about the
minimum standards for persons
seeking to enter the sector. The
process began last year with a
review of entry-level aptitude
tests.
Council members elected at
the IIB's recent annual general
meeting are:
President: Richard G.
Adderley (Family Guardian
Insurance)
Vice President: Bruce Fer-
guson (Professional Insurance
Consultants)
Secretary: Charles Sands
(Summit Insurance)
Treasurer: Stanford Charl-
ton (NUCA Insurance)
Council Member: Nadine
Bain (Colina Insurance)
Council-Member: Gilbert"
Williams .(British America fi
Insurance)
Council Member: Andre
Sheppard (J. S. Johnson)
Council Member: David
Klean (Insurance Consultant)


4 UBS
UBS is the leading global wealth manager. UBS (Bahamas) Ltd.
our subsidiary in Nassau, has an opening for the position of a

Manager
Information Technology Services
The IT Services Team provides smooth daily processing of all IT
and telecommunication systems to UBS in the Bahamas. Our main
technological environment consists of a W2K Network with about
130 users, Netscreen Firewalls, MS-Exchange, Meridian PBX,
Sybase, MS SQL and Oracle database systems, IBM WebSphere
and Veritas NetBackup.
In this challenging position you will be responsible for:
* Leading the local IT Team (five professionals);
* Ensuring an ongoing high quality of all Information Technology
services provided;
* Budgeting, planning and coordinating all changes to the existing
IT environment;
* Reporting to local and global Management on a regular basis;
* Coordinating with local, regional and global Providers all
planned changes;
* Participating in local Management and Risk Committees
The successful candidate meets the following requirements:
* Bachelor's degree in Computer Science or Information Technology;
* At least 5 years of work experience in a similar position and
environment (proven track record);
* Expert knowledge of most of the above mentioned technologies;
* Several years of experience in managing a team of IT professionals;
* Strong Project Management, Leadership and Communication
skills;
* Banking knowledge desirable.
Interested candidates who meet the above criteria are asked to
apply in writing, enclosing a full resume with cover letterto,
UBS (Bahamas) Ltd.
Human Resources
RO.Box N-7757
Nassau, Bahamas


FirstCaribbean.

Career Opportunity





FirstCaribbean International Bank is the combination of CIBC and Barclays Bank in the
Caribbean, Bahamas and Belize. We are the region's largest publicly traded bank, with
over 3,000 staff serving over 5.3 million people in 16 countries. We manage over 500,000
active accounts through more than 80 branches and centres.

RESPONSIBILITIES
Ensure effective management of risks for the business to achieve performance objectives, strategic goals,
continued stakeholder confidence and top-level ratings.
Build and manage the team and infrastructure essential for identifying, monitoring and mitigating risks
across the business
Advise the Board, Executive and Line Management on business risks, organisational impact and
mitigation actions
Lead teams in developing and executing Bank-wide Operational, Market and Credit Risk Management
programmes and demonstrate continued progress in the key metrics that measure risk management
proficiency

PREREQUISITES
Comprehensive understanding of Operational, Market and Credit Risk Management practices, and
Regulatory and Governance policies in financial institutions and industry.
Solid understanding of financial products/services, markets and operations
Exceptional communication and presentation skills
Ability to build effective networks and garner support of internal and external stakeholders, including
Board Members, Executives, Business Unit Managers, Rating Agencies and Regulatory Bodies
Executive-level leadership in major international financial institutions operating across several sovereign
states
Significant financial services products & market experience
Demonstrated results in building and evolving the value contribution and effectiveness of Risk
Management units
We offer an attractively structured compensation and reward package as well as performance bonuses.

Applications with detailed r6sum6s should be submitted no later than 6th May 2005 to:
Rosemary Jones
Executive Administrative Assistant
FirstCaribbean International Bank
Head Office
Warrens
St. Michael
Email: rosemary.jones@firstcaribbeanbank.com
Only applicants who are short-listed will be contacted.


FIRSTCARIBBEAN
INTERNATIONAL BANK


Caribbean Pride. International Strength. Your Financial Partner.
FirstCaribbean International Bank is an Associated Company
of Barclays Bank PLC and CIBC.


Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act (No. 45 of
2000), SABINE SHIPPING LIMITED is in Dissolution.
The date of commencement of dissolution is 19th day of|.
November ,,004.. ,

David Jenner
9 Burrard Street,
St. Helier,
Jersey, JE4 SUE
Liquidator




ASSISTANT VICE PRESIDENT -
FINANCIAL CONTROL
The Hongkong and Shanghai Banking Corporation, Nassau Branch,
is seeking the services of an Assistant Vice President in its Financial
Control Department. The Successful candidate will carry out the
following duties:
Daily monitoring of Branch and Subsidiaries Balance
Sheets and reviewing daily exception reports.
Implement new accounting standards and regulatory .
requirements in the Financial Control Department. 4
Assist in the monitoring of large exposures, interest
rate, foreign exchange rate and various credit risk limits.
Assist in the Asset and Liability managemen ,process.
Assist in the documentation and testingocQn rpQ g ,
surrounding the financial reporting of certain'ai0cW&l
in accordance with the Sarbanes2Oxley requirenWei ',
Assist in the external,, internal, and Central Bank a
processes by ensuring thatfimaiacialecd k6i
statements are provided during the ex ercise.;
Complete regulatory and Group financial returns in
accordance with regulatory guidelines and Group
policies and standards. b
Assist in the preparation of annual financialplans 'andi
budgets.
Supervise daily bank and securities reconciliation ,
Qualifications/Experience:
A professional accounting qualification (CPA, CAA,
ACA, etc).
At least five (5) years of post qualification work
experience in an accounting firm or financial institution,
including 3 years in a supervisory or managerial role
building/leading small teams to achieve results within
tight deadlines.
Additional Skills:
A high level of interpersonal skills and the ability to
deal with management at all levels locally and
internationally.
Excellent communication skills (both verbal and written).
Ability to foster a positive team environment.
Ability to embrace change in a dynamic organization.
Proficient in Microsoft Windows based applications,
especially Excel and Word.
Applications should be addressed and submitted to:
Manager Human Resources
HSBC
P.O. Box N-4917
Nassau, Bahamas
Fax: 502-2566
Application Deadline: Wednesday, 11 May 2005


The IIB's primary goals for
2005 are based on three of its
main objectives: the promotion
of the professional status of the
Insurance Industry; to pro-
S te, egpourageq'Vd organise
training and education in all
.:aspects of insurance at all lev-
els; and to collect and dissemi-
nate educational news and
information that is of interest
to insurance practitioners and
students.


INTERNATIONAL BUSINESS COMPANIES ACT (NO. 45 OF 2000)


PAGE 4B, WEDNESDAY, APRIL 27, 2005


THE TRIBUNE


O







I IL. I 1I- L. I L


page one


,other. CSME nationals, many
'have local access to a degree
programme that will qualify
them to operate in the sector,
:but Bahamians will have to
travel road to upgrade them-
selve
Ch$ber of Commerce presi-
dent, inston Rolle, said previ-
,ously the Bill appeared to at least
be partly driven by the approach of
,the CSME and other free trade
:arrangements, which made it nec-


Draft Bill

essary for the Bahamas to har-
monise its regulations and bring
standards into line with those of
other countries.
The draft Bill on the Bahamian
pharmaceutical industry also
makes provision for licensing pro-
fessionals from other Caribbean
countries to set up and conduct
business as pharmacists in this
nation.
"The average persons doesn't


NOTICE
NOTICE is hereby given that ABDIAS JEAN BAPTISTE OF
WULF ROAD, P.O. BOX N-356, 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 fwenty-
eigh-,ays from the 27TH day of APRIL, 2005 to the Minister
responsible for Nationality and Citizenship, P.O.Box N- 7147,
Nassau, Bahamas.



PUBLIC NOTICE

Intent To Change Name By Deed Poll
Th ublic is hereby advised that I, GREGORY TRENT
EVANS,of #12 Majors Subdivision, intend to change my
name to TRENT EVANS. If there are any objections to this
change of name by deed poll, you may write such objections
to the Chief Passport Officer, RO. Box N-'742, Nassau,
Bahamas no later than thirty (30) days after the date of the
publication of this notice.


PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The.Public is hereby advised that I, JERMINE PREZILAN,
.of ,se Bud Road, Eden Street, Nassau, Bahamas, intend
to 'change my name to JERMAINE PREZILAN. If there are
-any objections to this change, of name by Deed Poll, you may
write such objections to the Chief Passport Officer, P.O.Box
N-72, Nassau, Bahamas no later than thirty (30) days after
th te of publication of this notice.



LEGAL NOTICE


S. NOTICE


BLUSHING BUBBLES INC.
(In Voluntary Liquidation)


&Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 14th day of
February, 2005. The Liquidator is Argosa Corp. Inc., of P.O.
Box N-757 Nassau, Bahamas.



,h ARGOSA CORP. INC.
(Liquidator)








IndiGO
N E T W 0 R K S





enior LAN/Windows

Technician
Indigo Networks has an exciting opportunity for an
*perienced LAN/Windows technician in its Technical
e. rvices department.

Applications are invited from motivated individuals who
possess a current Microsoft Certified Systems Engineer
qualification and have a minimum of 5 years in a technical
support role with experience in the following:

Installation, configuration and troubleshooting
of Wintel based networked PC server & client
hardware
Installation and configuration of Microsoft
Windows products including Windows NT

server, 2000, 2003, Active Directory, Exchange
server and MS Office suite
Installation and troubleshooting of local area
networks to include layer 2/3 switches and
Cisco routers

.Experience with Cisco networking equipment;
CONA would be an advantage


*. Good oral and written skills
A competitive salary commensurate with experience is
offered along with product training, medical, pension and
tr allowance after a qualifying period.
terested candidates should submit their resumes
in writing to Indigo Networks PO BOX N-3920 for
the attention of the Technical Services Manager by
April 30 2005.


I qmI


Know wnat LlviCE is, or even wnat
it stands for. [The Government]
should help everyone to under-
stand. They should let the public
know what's going on, even though
they are going to join it anyway.
They should still let them know
what's going on first. This will
affect everyone from the hospital,
Princess Margaret and Doctors,
right on down, every pharmacy.
This is not a small problem, it's a
big problem," an industry stake-
holder said.
David Key, head pharmacist at
the Prescription Centre Pharma-
cy, said he was not happy about
the proposed legislation.
He added that it looked like
something that was done in other
regional jurisdictions, with the
Government set to implement and
enforce the Bill without feedback
from Bahamian industry partici-
pants.
"It feels like it's being forced
upon us from the people in the
southern Caribbean. They can
come here and open up a business
and operate it, but it seems limiting
for us," Mr Key said.
A pharmacist for some 18 years,
Mr Key said that as little as 15 to
20 per cent of pharmacists oper-
ating today actually have a Bache-
lors of Science Degree in Pharma-
cy.
He said that while there was no
doubt the sector needed to have a
structure in place for continuing
education and upgrades, the legis-
lation as it read in the draft Bill
was unfair because the Govern-
ment had not provided any avenue
for current pharmacists to upgrade
themselves locally.
"You have people who have
been practising for the past 10,15,
20 years. That doesn't mean they
are not educated, that they don't
know what they are doing and now
you are telling them they have to
go back to school," said a Bahami-
an pharmacist, who wished to


remain anonymous. ne also raise
the issue of pharmacists operating
on Family Islands and what the
Government intended to do to
assist them.
As it stands, there are few
opportunities for continuing edu-
cation locally, the source said,
adding that not everyone is able
to travel or have access to all the
information available. He added
that in order for the legislation to
be effective, those persons who do
not hold a degree, but are current-
ly operating as registered pharma-
cists should be grandfathered into


tme system.
New entrants to the sector
should have to confirm their qual-
ifications, though.
The pharmacist said: "There are
people who are happy where they
are now. Where are they supposed
to get tuition for university fees?
We passed the Bahamas test, and
while improving education-is a
good idea, we should not be pun-
ished."
He criticised Leonard Archer,
the Bahamas ambassador to
CARICOM, for saying during a
meeting with pharmacists that his


FROM page one

Baha Mar."
The 500 acres that Baha Mar Development Com-
pany was acquiring as part of the agreement, Mr Sans-
bury said, came from multiple sellers and was not just
Crown or Treasury land from the Government. While
there was a real estate component to the develop-
ment, he was unable to say whether it would involve
government land.
The first part of construction work in 2007 would
involve re-locating West Bay Street south of its current
location, as the new road would have to be built before
the old one was shut down.
Mr Sansbury said traffic engineers were part of
Baha Mar Development Company's design team, and
would be tasked with minimising disruption to
motorists from Cable Beach and western New Provi-
dence.
Asked whether Kerzner International's fears that
Baha Mar would "split" the market with Atlantis if they
went 'head to head', Mr Sansbury said that while they
respected what the latter resort had achieved: "Obvi-
ously we would not be doing this if we did not feel
absolutely certain we could be successful."
He added that Atlantis's consistently high room
rates and occupancy numbers meant there was still
"unfulfilled" demand for the Bahamas as a high-end
tourism destination, and Baha Mar "not only wants to
capture that but grow it".
Mr Sansbury said that New Providence and Nassau
were attracting some "astonishing" tourism indica-
tors, with 11 different airlines now flying between this
island and Fort Lauderdale alone, and the number of


view was tnat everyone snoula
have a licence He suggested that
pharmacists tell officials at the Col-
lege of the Bahamas that a pro-
gramme was needed, something
the Pharmacy Association has
been trying to do for the past two
years.
The pharmacist said: "The main
issue is over 90 per cent of phar-
macists are not qualified. I have
two car payments, rent, bills and
where am I supposed to find
tuition from?
"I already have my job, I'm liv-
ing my life."


Baha Mar
cruise ship passengers visiting the island up 22 per
cent in 2004 over 2003.
All, this Mr Sansbury said, showed that Nassau had
the "potential for another mega resort".
On Baha Mar Development Company's efforts to
sign final agreements with its resort and casino oper-
ating partners by August 30,2005, and December 31,
2005, respectively, Mr Sansbury said: "Those are pro-
gressing better than we could have reasonably expect-
ed at this time."
The first Phase of construction would involve the
three hotels, casino and retail village, including dining
and entertainment facilities.
Mr Sansbury acknowledged that there were "some
good reasons to get rid of" the Nassau Wyndham's
tower blocks, as they had been placed too close to the
beach and caused beach erosion. In addition, they
often blocked out the sun.
Mr Sansbury said Baha Mar's entertainment offer-
ing would be pitched at a "more sophisticated" audi-
ence and "skewed to an older demographic" than
Atlantis was.
He added that the public beaches at Goodman's
Bay were "absolutely not" part of the deal with the
Government, and nor were Solgrave Manor and Super-
Clubs Breezes.
For Sbarros, Cafe Johnny Canoe and other eateries
along the Cable Beach strip, Mr Sansbury said it was
"business as usual for the foreseeable future", and
Baha Mar had agreed to meet with all those business-
es once the hotel purchases were completed to address
their concerns.


Pricing Information As Of:
r25 April 2005

52wk-HI 52wk-Low Symbol Previous Close Today's Close Change Daily Vol. EPS $ Div $ PIE Yield
1.20 0.95 Abaco Markets 0.95 0.95 0.00 -0.219 0.000 N/M 0.00%
8.40 8.00 Bahamas Property Fund 8.00 8.00 0.00 1.328 0.320 6.0 4.00%
6.26 5.55 Bank of Bahamas 6.26 6.26 0.00 0.152 0.330 11.5 5.27%
0.85 0.82 Benchmark 0.85 0.85 0.00 -0.057 0.000 N/M 0.00%
1.80 1.40 Bahamas Waste 1.45 1.45 0.00 500 0.101 0.000 14.4 0.00%
1.04 0.87 Fidelity Bank 1.04 1.04 0.00 0.007 0.040 14.1 3.85%
8.32 6.76 Cable Bahamas 8.32 8.32 0.00 0.556 0.240 15.0 2.88%
2.20 -1.52 Colina Holdings 2.20 2.20 0.00 0.259 0.060 8.5 2.73%
8.35 6.75 Commonwealth Bank 8.33 8.33 0.00 0.632 0.390 12.9 4.68%
1.64 0.36 Doctor's Hospital 1.64 1.64 0.00 0.258 0.000 6.4 0.00%
4.02 3.13 Famguard 4.02 4.02 0.00 1,650 0.406 0.230 9.9 5.72%
10.40 8.39 Finco 10.40 10.40 0.00 0.662 0.490 15.7 4.71%
8.01 6.54 FirstCaribbean 8.01 8.01 .0.00 0.591 0.330 13.6 4.12%
8.60 8.31 Focol 8.35 8.35 0.00 0.710 .0.500 11.7 5.99%
1.99 1.27 Freeport Concrete 1.27 1.27 0.00 0.082 0.000 15.5 0.00%
10.38 9.50 ICD Utilities 9.50 9.50 0.00 0.818 0.405 11.6 4.26%
8.25 8.10 J. S. Johnson 8.22 8.22 0.00 0.785 0.550 10.5 6.81%
6.69 4.36 Kerzner International BDRs 5.78 5.77 -0.01 0.201 0.000 28.8 0.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.979 0.350 5.1 3.50%
52wk-HI 52wk-Low Symbol BId $ Ask $ Last Price Weekly Vol. EPS $ Div $ PIE YIeld
13.00 12.50 Bahamas Supermarkets 12.25 13.25 11.00 1.488 0.960 9.1 7.25%
10.14 10.00 Caribbean Crossings (Pref) 10.00 10.35 10.00 0.000 0.800 NM 7.80%
0.60 0.40 RND Holdin a 0.29 0.4 0.00 -0.103 0.000 NM 0.00%
43.00 28.00 ABDAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
16.00 13.00 Bahamas Supermarkets 13.00 14.00 13.00 1.105 0.810 14.6 6.93%
0.60 0.35 RND Holdings .0.29 0.54 0.35 -0.103 0.000 N/M 0.00%
52wk-HI 52wk-Low Fund Name NAV YTD% Last 12 Months Div $ Yield %
1.2164 1.1609 Colina Money Market Fund 1.216402"
2.2268 1.9423 Fidelity Bahamas G & I Fund 2.2268 "*
10.3112 10.0000 Fidelity Prime Income Fund 10.3112*.**
2.2214 2.0941 Colina MSI Preferred Fund 2.221401"
1.0931 1.0320 Colina Bond Fund 1.093141**

BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price
52wk-HMI Highest closing price in last 52 weeks Bid $ Buying price of Colina and FIdelilt
52wk-Low Lowest closing price In last 52 weeks Ask $ Selling price of Colina and fidelity
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months NIM Not Meaningful
P/E Closing price divided by the last 12 month eamings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
- AS AT MAR. 31, 2005/8 AS AT FEB. 28, 2005
* AS AT MAR. 24, 2005/** AS AT MAR. 31, 20051/ .AS AT MAR. 31, 2005





THE CENTRAL-BANIK

OF

THE BAHAMAS


SintOd uces






( C o u.n .i. .rn e '.",

(CoUterResistant Integrated Security Product)






. w fa' ily of secur :e banknote






Details will be made available soon


i









PAGE 6B, WEDNESDAY, APRIL 27, 2005


THE TRIBUNE BUSINESS


Corner Bank (Overseas) Limited


I E-RNSTr& YOUNG


Chartered Accountants
One Montague Place
Thrdloor., .
EastBay Street
PO Box N-3231
Nassau, Bahamas


Phone:242-502-6000
Fax: 242-502-6090
www.ey.com


Cash and cash equivalents

Cash in banks and due from banks which are held to maturity are carried at cost.


Accrued interest income


Accrued interest income is recognized and carried at cost.

Fixed assets


INDEPENDENT AUDITORS' REPORT


To the Shareholder and Directors of
CORNER BANK (OVERSEAS) LIMITED


We have audited the accompahyipg balance sheet of Corn&r Bank (Overseas) Limited (the Bank)
as of December 31, 2004. This balance sheet is the responsibility of the Bank's management.
Our responsibility is to express an opinion on this balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those
Standards require that we plan and perform the audit, to obtain reasonable assurance about
whether the balance sheet is free o.'material inisstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures inithe balance sheet. An audit also
includes assessing the accounting :principles used and significant estimates made by
management. as well as evaluating the overall balance sheet presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
Corner Bank (Overseas) Limited as of December 31, 2004, in accordance with International
Financial Reporting Standards.






January 28, 2005




CORNER BANK (OVERSEAS) LIMITED


BALANCE SHEET


... December 31
2004 2003

ASSETS
Due from banks (note 6)
Due from banks sight. CHF 80,858,294 CHF 66,695,867
Due from banks time 326,578,490 291,799,812
Loans and advances, net (notes 3 to 5) 17,126,965 22,729,073
Securities purchased under agreements
to resell (note 4) 535,228 1,592,213
Accrued interest and other assets (note 6) 1 459,306 1,299,572
Total assets CHP 426,558,283 CHF 384,116,537

LIABILITIES AND SHAREHOLDER'S
EQUITY
LIABILITIES .
Due to banks (note 6) CHIF 6,408,713 CHF 9,758,720
Amounts due to customers (notes 4 and 5)
Sight deposit 62,054,201 56,605,734
Time deposit 291,424,190 256,997,572
Accrued interest and other liabilities (note 6) 1,610,731 1,654,139
Total liabilities 361,497,835 325,016,165

SHAREHOLDER'S EQUITY
Share capital
Authorized, issued and fully paid.
10,000 shares of CHP 1,000 par value 10,000,000 10,000,000
Retained earnings 55,060,448 49,100,372.
Total shareholder's equity 65,060,448 59,100,372
Total liabilities and shareholder's equity CIHF 426,558i283 CHF 384,116,537

COMMITMENTS AND CONTINGENCIES (note 9)


Approved By The Board:


Gianni Berto


Director Alberto Cameroni Director


1. CORPORATE INFORMATION

Corner Bank (Overseas) Limited (the Bank) was incorporated under the laws of the
Commonwealth of The Bahamas on December 13, 1995. It is a wholly owned subsidiary of
Corner Banca, Lugano, Switzerland (the Parent). The Bank is authorized to perform banking
activities under The Bahamas Banks and Trust Companies Regulation Act of 1965, as amended,
to provide offshore private banking and trust services. The address of its registered office is
Bayview House, East Bay Street, Nassau, Bahamas. The principal activities of the Bank consist
of providing banking and investment management services.

The balance sheet of the Banik for (he year ended December 31, 2004 were authorized for issue
by the Directors on January 28, 2005. The number of employees at December 31, 2004 was 9
(2003 9).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

This balance sheet is prepared in accordance with International Financial Reporting Standards
which comprise standards and interpretations approved by the International Accounting
Standards Board and Standing Interpretations Committee (IASC) interpretations approved by
IASC that remain in effect. The balance sheet is expressed in Swiss francs (CHF), which is the
reporting currency of the Parent. The preparation of thie balance sheet requires management to
make estimates and assumptions that affect the reported amounts and disclosures in the balance
sheet. Actual results could differ from those estimates.

The balance sheet has been prepared on a historical cost basis.

The accounting policies are cOnsistent with those used in the previous year.

Foreign currency translation

The Bank's reporting currency is CHF; however it transacts business in currencies other than
CHF, primarily the United States dollar. Assets and liabilities denominated in. foreign currencies
are translated toGCHE-at ye ni nfore xnchan rates.
" ": :L....at - "}q, " n i'f ..: : '" ': " -" ....


All fixed asset acquisitions are expensed when incurred.

Loans and advances

Loans and advances are stated at the principal amount outstanding, being the amount of the
consideration given less any amounts written off and provisions for impairment.

Securities purchased under agreements to resell

These securities are valued at cost, which also represents the amounts at which these securities
will be liquidated.

The Bank wholly-owns these companies but has transferred voting power to the customers who
are counterparties to the option agreements, as discussed in note 4. These wholly-owned
companies are not consolidated in this balance sheet.

Trade date accounting
All "regular way" purchases and sales of financial assets are recognized on the"trade date", i.e., the
date that the Bank conunits to purchase or sell the asset. Regular way purchases and sales are
purchases or sales of financial assets that require delivery of assets within the time frame generally
established by regulation or convention in the market place.

Amounts due to customers and due to banks

Amounts due to customers and due to banks are recognized at cost, being the amount of the
consideration received.

Interest, commission and expenses payable

Interest, commission and expenses payable, which are normally settled on 30-60 day terms, are
carried at cost which is the amount of the consideration to be paid in the future for goods and
services received.

Share capital

Ordinary share capital is recognized at par value.

Impairment and uncollectibillity of financial assets

An assessment is made at each balance sheet datep(to determine whether there is objective
evidence that a financial asset may be. impaired; If suchevidenceexists, the carrying amount of
the asset is reduced to its estimated recoveraMbleimount either directly or through the use of an
allowance account.

Taxation

There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Fiduciary activities

The Bank provides custody and administration of investments, investment management and
advisory services to third parties. Those assets that are held in a fiduciary capacity are not
included in this balance sheet.

Derivative financial instruments

The Bank uses derivative financial instruments such as foreign exchange contracts to.hedge the
risks associated with foreign currency fluctuations as a counterparty. performed on behalf of its
clients. It is the Bank's policy not to trade in derivative financial instruments.

Fair value of derivatives.

The fair value of forward exchange contracts is calculated by reference to current forward
exchange rates for contracts with similar maturity profiles.

3. LOANS AND ADVANCES

Loans and advances are stated net of total provisions of CHF 162,015 (2003-CHF 263,643) and
generally are repayable in less than a year. During the year ClHF 101,628 was recovered, no
additional provisions were made. Loans and advances represent fixed term loans, overdrafts on
current accounts, and withdrawn credit lines. Loans are collateralized primarily by cahf deApsits
and marketable securities. '

Included in loans and advances are loans to employees totaling CHF 161,269 (2003 CHF
221,270).

At December 31, 2004 there are no loans and advances where interest is suspended.

4. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
Securities purchased under agreements to resell represent purchases of securities which the Bank
has entered into option agreements to resell within a specified future date at a specified price.
These agreements are fully collateralized by deposits of CPHF 1,650,880 (2003 CHF
3,717,462). which are restricted until the earlier of the date when the options are exercised or the
expiration date of the options, at which time these deposits will be used to liquidate the option
agreement! These deposits are interest free and are included in amounts due to customers, sight
deposits.on the balance sheet. These options expire December 31, 2020.
5. CUSTOMERS BY DOMICILE
Due from customers, classified by domicile of the. borrower, are as follows (in thousands of
CHF):
2004 2003

Bahamas and the Caribbean CHIIF 6,294 CHF 11,152
Europe 1,515 2,942
Central and North America 9,318 8,635
CHF 17,127 CHF 22,729

Customers' deposits, classified by domicile of the depositors, are as follows (in thousands of


2004 2003
Bahamas and the Caribbean CHF 136,596 CHF 86,424
Europe 88,669 89,335
Central and North America 128,213 137,844
CHF 353,478 CHF 313,603

6. RELATED PARTY TRANSACTIONS
All transactions and balances with the parent and affiliated banks controlled by the parent are
shown in the balance sheet as affiliates. Balances (in thousands of CHF) with affiliates at the
balance sheet date are as follows:


Parent Bank:


Assets
Cash and due from parent -
demand and call deposits
Due from parent bank time deposits
Accrued interest and other assets


CHF 50,894
104,424
727


CHF 42,919
105,588
677


Total dae from parent C HFI156i045- -: CHF 149,184








WEDNESDAY, APRIL 27, 2005, PAGE 7B


CHF 1,700


Accrued interest and other liabilities 5 16
Total due to parent CHF 5 CHF 1,716

Affiliated Bank:

Assets
Cash and due from affiliated bank -
demand and call deposits CHF 29,818 CHF 23,588
Due from affiliated bank time deposits 222,154 186,211
Accrued interest and other assets 518 467
Total due front affiliates CIHF 252,490 CHF 210,266

Liabilities
Due to affiliated bank CHF 6,375 CHF 8,034
Accrued interest and other liabilities 126 134
Total due to affiliates CHF 6,501 CHF 8,168

7. EMPLOYEE PENSION PLAN

The Bank has a defined contribution pension plan managed and held by an external third-party
that covers the majority of its employees. Contributions to the plan amounted to CHF 39,344 in
2004 (2003 CHF 42,480). The pension liability is with an external third-party.

8. CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the statement of cash flows comprise the following
amounts (in thousands of CHF):

2004 2003

Due from banks sight CHF 80,858 CHF 66,696
Due from banks time 131,671 243,258
CHF 212,529 CHF 309,954


9. COMMITMENTS AND CONTINGENCIES
Derivative financial instruments

The Bank enters into forward currency contracts solely as part of its client-related trading
activities. Forward currency contracts are contracts to purchase and to sell foreign currencies at
specific rates of exchange on specific dates in the future. Risk arises from the potential inability
of counterparties to perform under the terms of the contracts (credit risk) and from fluctuations in
the foreign exchange rates (market risk). The Bank manages the market risk of client-related
positions by taking offsetting positions with affiliate banks, resulting in minimal market
exposure. The credit risk of client-related positions is managed by applying uniform credit
standard mainintained for all activities with credit risk.

The contract amounts of open forward currency contracts (in.thousands of CHF) were as follows:

2004 2003
Commitments under forward
currency contracts

Commitments to purchase CHF 144,363 CHF 72,171
Commitments to sell 144,356 72,166

The contract amounts of these instruments reflect the extent of the Bank's involvement in
forward currency contracts and do not represent the Bank's risk of loss due to counterparty non-
performance.

Guarantees

At December 31, 2004, the Bank was contingently liable for CHF 110,400,230 (2003 CHF
110,947,743) as a result of financial guarantees and letters of credit issued on behalf of its
customers. These guarantees are fully secured by clients' assets.

Lease agreement

The Bank is leasing its premises from Bayview House Limited under the terms of a five-year
operating lease that commenced on February 1, 2002 with the option to renew for an additional
six years. The future minimum annual rentals in U.S. dollars under this lease agreement are as.
follows:

>.;..,--. ** ; :. ". ri:-'. :;, ;:;) .. 2005 .' US$ 172,949 " :' : ""



10. FINANCIAL RISK MANAGEMENT

The Bank's financial instruments, comprise deposits, money market assets and liabilities, cash
and liquid resources, and various other items that arise directly from its operations. The main
risks arising from the Bank's financial instruments are credit, liquidity, interest rate and foreign
currency. The Board reviews and agrees policies for managing each of these risks.

Credit risk

Credit risk is the risk that a customer or counterparty will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages credit risk associated
with deposit assets by making placements primarily with financial institutions contained within
the confirmed aggregation as established by the group. Customer credit is monitored on a daily
basis by management.

Credit risk exposure

The Bank's maximum exposure to credit risk (not taking into account the value of any collateral
or other security held) in the event the counterparties fail to perform their obligations as of
December 31, 2004 in relation to each class of recognized financial assets other than derivatives,
is the carrying amount of those assets as indicated in the balance sheet.

With respect to derivative financial instruments credit risk arises from the potential failure of
counterparties to meet their obligations under the contract.

Liquidity risk

Liquidity risk, is the risk that the Bank will encounter difficulty in realizing assets or otherwise
rasing fiiunds to meet commitments. The Bank monitors expected cash outflow on a daily basis.
Its policy throughout the year has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflow.

The table below summarizes the maturity profile of the Bank assets, liabilities and shareholder's
equity.

The contractual maturities of assets, liabilities and shareholder's equity have been determined on
the remaining period at the balance sheet date to the contractual maturity date. The maturity
profile is monitored by management to ensure adequate liquidity is maintained.

The following is an analysis of assets, liabilities and shareholder's equity in order of maturity (in
thousands of CHIF):
2004
S "More Non-
: Due on Less than 3- 12 than 12 Maturity
Demnmnd 3 months months months Items Total
ASSETS
Due from banks sight 80,858 80,858
Due from banks time 203,199 7,379 116,000 326,578
Loans and advances 6,375 10,752 17,127
Securities purchased under
agreements to resell 535 535
Accrued interest income 1,384 )1,384
Other assets 76 76
Total assets 82,853 203,199 13,754 126,752 426,558

LIABILITIES AND
SHAREHOLDER'S
EQUITY
Due to banks
Sight deposits 6,397 6,397
Time deposits 12 12
Due to customers
Sight deposits 62,054 62,054
Time deposits 215,222 39,123 37,079 291,424
Accrued liabilities and


other 1,611 1,611
Shareholder's equity 65,060 65,060
Total liabilities and
shareholder's equity 70.062 215,222 39,123 37,091 65,060 426,558


2003
More Non-
Due on Less than 3 12 than 12 Maturity
SSIDemand 3 months months months Items Total
ASSETS
Due from banks sight 66,696 66,696
Due from banks time 243,258 41,217 7,325 291,800
Loans and advances 12,799 6,994 -2,936 22,729
Securities purchased under
agreements to resell 1,592 1,592
Accrued interest income 1,261 1,261
Other assets 39 39
Total assets 82,387 250,252 44.153 7.325 384.117


LIABILITIES AND
SHAREHOLDER'S
EQUITY
Due to banks
Sight deposits
Time deposits
Due to customers
Sight deposits
Time deposits
Accrued liabilities
hld l-lnf' o.,tv


56,606

1,654


i' 6,798 2,936


f208,456 41,217


25
9,734


7,325


56,606
256,998
1,654


3l1harell s equty 3,10 5IUU ,1UU
Total liabilities and
shareholder's equity 58,285 215,254 44,153 7,325 59,100 384,117

Interest rate risk

Exposure to interest rate risk is the risk that arises where there is an imbalance between rate and
non rate-sensitive assets and liabilities. The Bank's policy is to maintain the interest rate risk
within prescribed limits. Interest rate risk is monitored on a daily basis and reviewed by
management.

The Bank's exposure to interest rates for significant interest-bearing monetary assets and
liabilities by major currencies was as follows at December 31:

2004
USD CHF EURO OTHERS

ASSETS
Due from banks time 1.80% 2.31% 0.51% 3.81% 1.93% 7.88% 2.36% 6.40%
Loans and advances 2.44% 3.75%

LIABILITIES
Due to banks
Time deposits 1.80% 2.25%
Due to customers
Time deposits 1.36% 2.05% 0.39% 3.25% 1.43% 7.50% 1.86% 6.15%


2003
USD CCHF EURO OTHERS

ASSETS
Due from banks time 0.87% 0.96% 0.15% 3.81% 1.86%-7.88% 2.47%- 5.17%
Loans and advances 1.65% 4.25% 0.00% 4.50% 5.25% 3.00% 7.00%


LIABILITIES
Due to banks
Time deposits 1.30%- 1.70% 0.00% 0.30%
Due to customers
Time deposits 0.37% 0.68% 0.35% .25% 1.41% 7.50% 2.00% 4.85%

Foreign currency risk

Foreign currency risk is the risk that the value of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Bank's foreign exchange exposure arises from providing
services to customers. The Bank's policy is to hedge against foreign exchange risk by matching
currency liabilities with currency assets. Currency exposure is monitored on a daily basis and
reviewed by management.

The following is an analysis of assets, liabilities and shareholder's equity by currency (in
thousands of CHF'):




Due from banks sight 11,678 51,335 15,722 2,123 80,858
.Due from banks time 41,208 46,920 213,512 24,939 326,579
Loans and advances 10,305 1 5,83 5,180 459 17,127
Securities purchased under
agreements to resell 535 535
Accrued interest and other assets 1,459 1,459
Total assets 63,191 100,897 234,949 27,521 426,558

LIABILITIES AND
SHAREHOLDER'S EQUITY
Due to banks
Sight deposits 23 11 34
Time deposits 6,221 154 6,375
Due to customers
Sight deposits 15,847 22,507 21,320 2,380 62,054
Tine deposits 41,208 11,920 213,358 24,938 291,424
Accrued interest and other
liabilities 1,611 1,611
Shareholder's equity 65,060 65,060
Total liabilities and
shareholder's equity 63,299 101,109 234,832 27,318 426,558


2003
USD CHF EURO OTHERS TOTAL
ASSETS
Due from banks sight 7,425 45,624 12,786 861 66,696
Due from banks time 32,130 42,450 193,608 23,612 291,800
Loans and advances 13,511 4,055 4,655 508 22,729
Securities purchased under -
agreements to resell 1,051 541 1,592
Accrued interest income 1,261 1,261
Other assets 39 39
Total assets 53,066 94,480 211,590 24,981 384,117

LIABILITIES AND
SHAREHOLDER'S
EQUITY
Due to banks.
Sight deposits 25 25
Time deposits 8,034' 1,700 9,734
Due to customers
Sight deposits 12,549 25,578 17,400 1,079 56,606
Time deposits 32,328 7,450 193,608 23,612 256,998
Accrued liabilities 1,654 1,654
Shareholder's equity 59,100 59,100
Total liabilities and
shareholder's equity 52,911 95,507 211,008 24,691 384,117

11. CONCENTRATIONS

The distribution of assets and liabilities (in thousands of CHF) by geographic region was as
follows at December 31:


2004


2003


Assets Liabilities Assets Liabilities

Switzerland CHF 158,123 CHF 29,147 CHF 152,247 CHF 31,063
Western Europe 253,825 66,005 211,610 68,095
Bahamas & Caribbean 5,675 138,134 11,756 88,014
Other 8,935 128,211 8,503 137,844
CHF 426,558 CHF 361,497 CHF 384,117 CHF 325,016

* excluding Switzerland


12. FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank's financial instruments
are either short-term in nature or have interest rates that automatically reset to market on a
periodic basis. Accordingly, the estimated fair value is not significantly different from the
carrying value for each major category of Ihe Bank's recorded assets and liabilities.


13. COMPARATIVE FIGURES

Certain 2003 figures have been reclassified to conform with the balance sheet presentation
adopted for 2004.


I.U G A N 0 I... 0 C A R N 0 I A U S A N N EL U, X E M B O R. G N A S S A U M C0 N T E C A L.. 0 S A. P A. U P ..


THE TRIBUNE BU"'"JESS

[I-- --


LiLbilitoies
Due to parent bank


CHF


40 ir








-I - ,%aiI Ld,6jqj


KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs
East Bay Street
Nassau. Bahamas




Independent Auditors' Report to The Shareholder of
Latin American Investment Bank Bahamas Limited





We have audited the accompan ying balance sheets of Latin American Investment Bank Bahamas Limited
(the Bank) as of December 31; 2004 and 2003. These balance sheets are the responsibility of the Bank's
management. Our responsibility is to express an opinion on these balance sheets based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance as to
whether the balance sheets are free of material misstatement. An audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal
control over financial reporting. Accordingly, we express no such opinion. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the balance sheets. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall balance sheet presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the balance sheets present fairly, in all material respects, the financial position of the Bank
as of December 31, 2004 and 2003, in conformity with accounting principles generally accepted in the
United States of America.






Nassau, Bahamas
Anril 19. 2005


LATIN AMERICAN INVESTMENT BANK
BAHAMAS LIMITED
Balance Sheets
December 31, 2004 and 2003
(Expressed in United States dollars)


Assets
Cash and cash equivalents:
Demand deposits (including,$19,359,836 and $25,192,083
with group banks in 2004 and 2003, respectively)
Interest-bearing deposits with group banks
Total cash and cash equivalents
Interest-bearing deposits with maturities greater than 90 days
(including $366,634,357 and $278,345,275
with group banks in 2004 and 2003 respectively)
Trading account securities at fair value
Available-for-sale securities at fair value
Securities purchased under agreements to resell
Loans, (including $13,066,414 and $15,3.76,961 due from
group, banks in 2004 and 2003, respectively) net of allowance
for credit losses of $7,174,787 and $10,785,289 in 2004
and 2003, respectively
Accrued interest receivable (including $13,459,364 and $9,420,775
from group banks in 2004 and 2003, respectively)
Receivables for unrealized gains on derivative transactions
(including $264,341,960 and $325,931,664 with group banks in
2004 and 2003, respectively)
Other assets and receivables
Nonmarketable equity securities



Liabilities and Shareholder's Equity
Liabilities:
Interest-bearing deposits with group banks
Borrowings from group banks
Noninterest bearing borrowings due on demand
Accrued interest payable (including $72,062,219
and $56,246,939 with group banks in 2004 and 2003, respectively)
Payables for unrealized losses on derivative transactions
(including $277,864,892 and $331,299,939 with group banks
in 2004 and 2003, respectively)
Liabilities for hedge transactions with group banks
Other liabilities and accrued expenses
Total liabilities
Minority interest in subsidiary
Shareholder's equity:
Share capital:
Authorized, issued, and fully paid 1,000,000 shares of
$1.00 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Total shareholder's equity


2004 2003


$ 19,361,326
95,500,000
114,861,326


367,253,921
212,452,229
1,341,389,573
27,306,968


25,281,256
127,537,562
152,818,818


278,345,275
109,297,863
1,040,370,307
3,511,968


136,665,758 177,086,995


53,615,691


758,719,952
2,420,131
36,423,374
$ 3,051,108,923


39,600,587


469,796,564
5,278,063
75,593,948
2,351,700,388


2004 2003


$ 1,025,471,153
934,690,418


73,457,719


678,011,214
10,117,029
88,937,648
2,810,685,181


1,000,000
90,000,000
113,004,891
36,418,851
240,423,742
$ 3,051,108,923


738,189,311
799,010,475
4,810,072

56,246,939


432,443,025
36,830,944
18,508,336
2,086,039,102
949,484



1,000,000
90,000,000
117,943,479
55,768,323
264,711,802
2,351,700,388


Approved on behalf of the Board on April 19, 2005 by:

Ricardo Arroyo Director Margaret Butler Director
See accompanying notes to balance sheets.


Notes to Balance Sheets
December 31, 2004 and 20031



(1) General Information and Summary of Significant Accounting Policies
Latin American Investment Bank Bahamas Limited (LAIB or the Bank) is incorporated under the laws of
the Commonwealth of the Bahamas. The Bank is a wholly owned subsidiary of Yonder Investments Inc.,
which is a wholly owned subsidiary of Citibank Overseas Investment Corporation (COIC), and its ultimate
parent is Citigroup. A significant number of the Bank's transactions and funding originate with group
banks. These transactions are recorded at the direction of group banks, which primarily relate to the trading
and financing of Latin American sovereign risk debt and corporate securities, loans, providing risk
management products, underwriting of debt and equity securities for customers and other general banking
services. As such, the Bank is dependent on group banks for a significant number of its transactions and
financial support. Transactions and balances described as group banks relate to Citigroup and its
subsidiaries.

LAIB owned approximately 70% of Moponi N.V., a Netherlands Antilles company with limited liability
that mainly acts as a finance and holding company. In 2004, Moponi sold all of its assets. In connection
with the sale, Moponi received $29,508,180 in cash and 462,000 shares of nonmarketable equity securities,
with a fair value of $7,854,000. Shortly thereafter, Moponi dissolved and distributed the cash and shares
received to its shareholdeiirsicludiig EsLB based on each shareholders' respective share capital basis.

(a) Basis of Presentation
The balance sheets have been prepared in conformity with accounting principles generally accepted
in the United States of America.

(b) Cash anddCash-EquidvaleW .
Cash and cash equivalents include cash, due from banks and interest-bearing deposits with original
maturities of less than 90 days.

(c) Securities
Securities which are expected to be sold to customers in the near term are classified as trading.
Trading account securities are recorded on the trade-'date basis and carried at fair value, based on
quoted market prices for readily marketable securities. Trading account securities, which are not
readily marketable, are recorded at the lower of cost or last trade price or in several instances valued
in good faith by management. Unrealized holding gains and losses resulting from changes in fair
value are included in net gain or loss on trading account securities in the statements of operations.
Realized gains and losses are recognized using the specific-identification basis.

Trading account gains and losses also include the effects of derivative instruments, such as forward
contracts and commitments, credit derivatives, and swaps. Such contracts are valued at fair value,
with realized and unrealized gains and losses included in net gain or loss on trading account
activities. The unrealized gains and losses of derivative products are included in receivables for
unre-.lized gains on derivative transactions or payables for unrealized losses on derivative
transactions.
Nonmarketable equity securities consist of investments which are not expected to be resold to
customers in the near term and do not have a readily determinable fair value. Such securities are


accounted for at cost, less any impairment in value. The value of nonmarketable equiity securities is
determined by the Bank. Some of the factors considered in estimating the value for these securities
are: type of security; information contained in the financial statements; earnings and book value per
share; cost at date of acquisition; size of holdings; and other relevant matters.

All securities not included in trading or nonmarketable equity securities are classified as available for
sale and are carried at fair value.

A decline in the market value of any nonmarketable equity security or available-for-sale security
below cost that is deemed to be other than temporary results ina reduction in carrying amount to fair
value. The impairment is charged to earnings arid a new cost basis for the security established.
Premiums and discounts are amortized or accreted over the life of the related available-for-sale
security as an adjustment to yield using the effective interest method.

(d) Securities Purchased Under Agreements to Resell and eciurities Sold Under Agreements to
Repurchase


(e)


Securities purchased under agreements to resell and securities sold under agreements to IFurchase
are stated at contract value.

Loans Receivable, Recognition of Interest Income, anidAllowance for Credit Losses


Loans receivable are stated at the amount of unpaid principal, reduced by unearned income, an
allowance for loan losses and deferred lnan fees, net of costs.

Interest income is recorded on the accrual basis. Unearned income and loan origination fees, net of
related direct costs, are deferred and amortized as an adjustment to interest income on a level-yield
basis over the life of the loans.

Accrual of interest is discontinued on a loan when principal or interest is delinquent for more than
90 days, or when management believes that the borrower's financial condition is such that collection
of interest is unlikely. Collection of interest while, the loan is on nonaccrual status is generally
recognized on a cash basis unless collection of principal is doubtful, in which case, cash collections
are applied to unpaid principal.

The allowance for credit losses is established through provisions charged to expense. Loans are
charged off against the allowance for credit losses when management believes that the collectibility
of the principal is unlikely. The allowance represents an amount which, in the-judgment of
management, is adequate to absorb losses on existing loans based upon a continuing evaluation of
the losses foreseen in the portfolio. Managdaint's evaluations take into consideration such factors as
changes in the nature and volume of the loan portfolio, overall portfolio quality, : historic loss
experience, loan collateral, review of specific problem loans and current economic conditions. that
may affect the borrowers' ability to pay.

Management believes that the allowance for credit:losses is adequate. While management uses
available information to recognize losses, on loans, future additions to the allowance may be
necessary based on changes in economic conditions; In 'addition, various regulatory agencies, as an
integral part of their examination process, periodically review theBank's allowance for credit losses.
Such agencies may require the Bank to recognize additions to the allowances based on their
judgments about information available to them at the time of their examination.

Management, considering current information and events regarding the borrowers' ability to reiay .
their obligations, considers a loan to be impaired when it is probable that the Bank will be .inable to
collect all amounts due according to the contractual terms of the loan. When a loan is considered to
be impaired, the amount of the impairment is measured based on the'presient value of expected future.
cash flows discounted at the loan's effective interest rate oi, as a practical expedient, at the: loan's
observable market price or the fair.value. of the collateral, if the loan is collateral dependent...
Impairment losses are included in the allowanceTor loai losses through a charge to the provision.
Cash receipts on impaired loans are applied to educe the principal amountof such loans until the
principal has been recovered, and are,:thereafter 'recognized as interest income.

Loan fees, net of costs, are recognized in income using the 'interest method over the contractual life
of the loans, adjusted .'for actual prepayments.. Commitimentifedes whose likelihood !of exercise is
remote, are recognized over the commitment period on a straight-line basis. If the comit ment is'
subsequently exercised during the commitment period, the remaining unamortized commitment fee
at the time of exercise is recognized over the life of the loan as an adjustment of yield. Amortization
of deferred fees is discontinued when loans are placed on nonaccrual status.

(f) Accounting for Derivative Instruments and Hedging Acvtiies .
Derivative instruments entered .into by the Bankare currently used for hedge and risk'in nageient
purposes in order to avoid market price and interest rate fluctuations, arid also as a tool to block net
or offset reverse treasury positions taken by the Bank in order to meetits third-party clients' needs.
Such derivatives are also entered into for speculative purposes, to capitalize on perceived market
opportunities.

The Bank recognizes all derivatives as either assets or liabilities in the balance sheets and measures
those instruments at fair value..
The Bank formally documents all relationships between hedging instruments, and hedged iterns,..as
well as its risk-management objective and strategy for undertaking various hedge transactions. .This
process includes linking all derivatives that are designated tss hedges to specific assets ani liabilities
on the balance sheet or to specific firm commiitments or forecasted transactions. The Bank also
formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that
are used in hedging transactions are highly effective in offsetting'changes in fair values or cash flows
of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it
has ceased to be a highly effective hedge, t, Bank discontifiues hedge accounting prospectively.
Changes in the fair value of a derivative that is highly effective and that is designated arid qualifies
as a fair-value hedge, along with the loss or gain .on the hedged asset or liability or unrecognized firm
commitment of the hedged item that is attributable to the hedged risk are recorded in earnings.
Changes in the fair value of a derivative that is highly effective and that is designated arid qualifies
as a cash flow hedge are recorded in other comprehensive income, until earnings are affected by the
variability in cash flows of the designated hdged item.

The Bank's utilization of these instruments may be modified from time to time in response to
changes in market conditions, as well as changes: in the characteristics and mix of assets and
liabilities and perceived market conditions.

(g) Foreign Currency Translation
Assets and liabilities and income and expense amounts in currencies other than the United States
dollar are translated at rates of exchange approximating rates prevailing at the month-end reporting
date.

(h) Property, Plant, and Equipment
Property, plant, and equipment are stated at cost and included in other.assets on the balance sheets.
Depreciation on property, plant, and equipment is calculated on the straight-line method over the
estimated useful lives of the assets.

(i) Use of Estimates
Management of the Bank has made a number of estimates and assumptions relating to the reporting
of assets and liabilities, revenue, and expenses, and the disclosure of contingent assets and liabilities
to prepare these balance sheets in conformity with accounting principles generally aceped in the
United States of America. Significant estimates have been 'made by management in determining the
allowance for credit losses and the fair value of noinmarketable equity securities. Actual results could
differ from those estimates.

(2) Trading Account Securities
Trading account securities are primarily comprised of Latin American sovereign and private risk debt
securities. .-

(3) Available-for-Sale Securities
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of
available-for-sale and equity securities by major security type and class of security at December 31, 2004
and 2003, were as follows:


Amort
cos


At December 31, 2004:
Available-for-sale:
Bonds
Equity securities







At December 31, 2003:
Available-for-sale:
Bonds
Equity securities


Gross Gross
unrealized unrealized
tized holding holding
it.. .. gains losses .


$ 1,290,142,875 42,007,088
6,811,599 3,551,684,
$ 1,296,954,474 45,558,772.

S..ross
unrealized
Amortized holding
cost gains


$ 982,445,391 46,709,177
10,726,180 1,748,564
$ 993,171,571 48,457,741


(1,123,673)




Gross
unrealized
holding
losses


(1,027,365)
(231,640)
(1,259,005)


'air value


1,331,026,290
10,363,283
1,341,389,573





Fair value


1,028,127,203
12,243,104
1,040,370,307


Maturities of securities classified as available for sailere as follows at December 31, 2004:
Amortized
cost Fair value


Available-for-sale:
Due within one year
Due after one year through five years
Due after five years through ten years


$ 52,665,646
'1,171,651,535
72,637,293
$ 1,296,954,474


68,343,822
1,228,287,483
- 44.758,268
1,341,389,573


Gross unrealized losses on investment securities and fair value of the related securities, aggregated by
investment category and length of time that individual securities :havebeen in a continuous unrealized loss
position, at December 31, 2004, were as follows : '


:


I I n-- . '


r/mu-rc OD, vvc--uIII--.OU/I, M%-nrl-L I-I, ..vv)









THE TRIBUNE B' '!NESS


WEDNESDAY, APRIL 27, 2005, PAGE 9B


Less than 12 months 12 months or more Total
Unrealized Unrealized Unrealized
Fair value losses Fair value losses Fair value losses
Available ,r sale:
Bonds $ 445,346,787 (799,014) 36,354,039 (324.659) 481,700.826 (1,123,673)
$ 445.346,787 (799.014) 36.354.039 (324,659) 481.700,826 (1.123,673)

The unrealized losses on bonds were caused by interest rate changes. It is expected that the bonds would
not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is
attributable to changes in interest rates and not credit quality, and because the Bank has the ability and
intent to hold these investments until a market price recovery or maturity, these investments are not
considered other-than-temporarily impaired.

Loans Receivable, Net and Allowance for Loan Losses
Components of loans receivable as of December 31, 2004 and 2003 are as follows:


Foreign and commercial
Residential


2004
$ 143,667,545
173,000
143,840,545


2003
187,699,284
173,000
187,872,284


Less allowance for credit losses 7,174,787 10,785,289
$ 136,665,758 177,086,995

The Bank had loans outstanding to borrowers located in the following countries at December 31, 2004 and
2003:


2004

Brazil $ 70,000,000
Uruguay 35,101,931
El Salvador 24,667,015
Guatemala
Costa Rica 11,906,284
Argentina 2,165,315
$ 143,840,545
Changes in the allowance for credit losses are summarized as follows:
2004
Balance, beginning of year $ 10,785,289
(Recovery of ) provision for credit losses (546,784)
Charge-offs, net (3,063,718)
Balance, end of year $ 7,174,787


2003
70,000,000
47,899,580
39,120,898
13,564,033
13,837,812
3,449,961
187,872,284


2003
8,132,180
8,328,109
(5,675,000)
10,785,289


As of December 31, 2004, the Bank's investment in impaired loans was $8,019,361 with a related
allowance of $6,691,115. The average recorded investment in impaired loans during the year ended
December 31, 2004 amounted to approximately $9,816,514.

As of December 31, 2003, the Bank's investment in impaired loans was $12,523,696 with a related
allowance of $9,663,591. The average recorded investment in impaired loans during the year ended
ecember 31, 2003 amounted to approximately $7,800,000.

(5) Deposit Liabilities
Composition of deposit liabilities at December 31, 2004 and 2003 are as follows:


Time ($100,000 and over)
Other time deposits
Total deposits


2004
$ 1,009,970,658
15,500,495
$ 1,025,471,153


2003
724,950,562
13,238,749
738,189,311


Time deposits have interest rates ranging from .1.28% to 7.83% with an average rate of 2.38% at
December 31, 2004. At December 31, 2003, the interest rates ranged from 1.02% to 7.83%, with- an
average interest rate of 5.79%. Scheduled maturities of time deposits at December 31,2004, are as follows:

Year ending:
2005 $ 610,432,247
2006 338,766,568
2007 17,165,848
2008 10,156,518
2009 9,162,332
2010 21,511,463
2011 16,556,373
2012 835,835
2013 597,169
2014 286,600
S. .. ) f:. m.- :, $ 1,025,471, 153 .

(6) Borrowings from GoiupBaiil" : .. ; .. . .: ... ..


Borrowings from group banks at December 31, 2004 and 2003 insists of the fol
2004


4.39% note payable, due February 17, 2009, with interest and
principal to be paid at maturity
6.03% note payable, due March 12, 2008, with interest and
principal to be paid at maturity
4.14% note payable, due March 12, 2008, with interest and
principal to be paid at maturity
3.84% note payable, due March 12, 2008, with interest and
principal to be paid at maturity
3.34% note payable, due March 12, 2008, with interest and
principal to be paid at maturity
6.07% note payable, due March 12, 2008, with interest and
priticipal to be paid at maturity
6.07% note payable, due February 15, 2008, with interest and
principal to be paid at maturity
6.07% note payable, due February 15, 2008, with interest and
principal to be paid at maturity
6.07% note payable, due February 15, 2008, with interest and
principal to be paid at maturity
6.03% note payable, due February 15, 2008, with interest and
principal to be paid at maturity
3.74% note payable, due January 16, 2007, with interest and
principal to be paid at maturity
3.4% note payable, due January 16, 2007, with interest and
principal to be paid at maturity
3.50% note payable, due December 29, 2006, with interest and
principal to be paid at maturity
3.43% note payable, due December 18, 2006, with interest and
principal to be paid at maturity
3.36% note payable, due December 15, 2006, with interest and
principal to be paid at maturity
3.377%' note payable, due December 13, 2006, with interest and
principal to be paid at maturity
3.33% note payable, due December 8, 2006, with interest and
principal to be paid at maturity
3-.43% note payable, due November 30, 2006, with interest and
principal to be paid at maturity
2.90% note payable, due May 8, 2006, with interest and
principal to be paid at maturity
2.70% note payable, due May 8, 2006, with interest and
principal to be paid at maturity
6.25% note payable, due February 1, 2006, with interest and
principal to be paid at maturity
5.68% note payable, due January 26, 2006, with interest and
principal to be paid at maturity
5.52% note payable, due January 26, 2006, with interest and
principal to be paid at maturity
5.53% note payable, due January 26, 2006, with interest and
principal to be paid at maturity
5.68% note payable, due August 8, 2005, with interest and
principal to be paid at maturity
5.59% note payable, due August 8, 2005, with interest and
principal to be paid at maturity
5.53% note payable, due August 8, 2005, with interest and
principal to be paid at maturity
1.77% note payable, due June 6, 2005, with interest' and
principal to be paid at maturity
7.72% note payable, due April 14, 2005, with interest and
principal to be paid at maturity
3.22% note payable, due April 6, 2005, with interest and
principal to be paid at maturity
1.91% note payable, due April 6, 2005, with interest and
principal to be paid at maturity
1.83% note payable, due April 6, 2005, with interest and
principal due at maturity
4.38% note payable, due February 1, 2005, with interest and
principal due at maturity
2.25% note payable, due January 24, 2005, with interest and
principal to be paid at maturity
2.20% note payable, due January 11, 2005, with interest and
principal to be paid at maturity
2.15% note payable, due January 4, 2005, with interest and
principal to be paid at maturity
7.62% note payable, due September 30, 2004, witn interest
and principal to be paid at maturity
8.23% note payable, due April 30, 2004, with interest and
principal to be paid at maturity
7.62% note payable, due April 30, 2004, with interest and
principal to be paid at maturity
1.29% note payable, due April 29, 2004, with interest and
principal due at maturity
1.03% note payable, due February 19, 2004, with interest and
principal due at maturity
1.06% note payable, due January 26, 2004, with interest and
principal due at maturity


$ 24,000,1

10,677,:

78,000,1

7,000,1

20,510,8

2,119,9

4,918,'

34,562,

4,925,

4,934,

98,000,


lowing:
2003

000 24,000,000

396 10,677,396

300 78,000,000

000 7,000,000

833 20,510,833

958 2,119,958

750 4,918,750

500 34,562,500

000 4,925,000

861 4,934,861

000 98,000,000

- 10,000,600


14,000,000

27,000,000

12,000,000

95,000,000

50,000,000

28,000,000

22,000,000

16,000,000

38,161,000

15,269,138

2,534,865

1,526,125

4,095,458

3,076,813

514,021

47,000,000

10,380,709

11,494,792

66,000,000

60,000,000

3,988,199

15,000,000

100,000,000

2,000,000


38,161,000

15,269,138

2,534,865

1,526,125

4,095,458

3,076,813

514,021

47,000,000

10,380,709

11,494,792

66,000,000

60,000,000

3,988,200


3,742,880

-- 5,147,621

10,059,555

90.000,000

16,370,000

I 10,000,000
$ '934,690,418 799,010,475


Scheduled maturities of long-term debt from group banks for the year ended December 31, 2004, are as
follows:


Year ending:
2005
2006
2007
2008
2009


$ 323,549,993
321,491,127
98,000,000
167,649,298
24,000,000
$ 934,690,418


(7) Other Related-Party Transactions
Group banks provide management and administrative services and office space to the Bank at cost plus
10%.

(8) Taxes
The Bank's results are not subject to corporate income taxes in its country of origin. Through June 30,
2001, the Bank was considered an offshore entity for principally all the taxing jurisdictions in which it
transacts business. As a result, it is not subject to corporate income taxes in those jurisdictions other than
for withholding taxes. For U.S. tax purposes, effective July 1, 2001, the Bank is considered a disregarded
entity owned by a U.S. corporation.

(9) Derivative Instruments and Hedging Activities
The Bank enters into derivative instruments including foreign exchange futures, forwards, credit
derivatives, and swaps, which enables customers to transfer, modify, or reduce their interest rate, foreign
exchange and other market risks, and also trades these products for its own account. In addition, the Bank
uses derivative and other instruments as an end-user in connection with its risk management activities.
Derivatives are used to manage risk relating to specific groups of on-balance-sheet assets and liabilities.

Futures and forward contracts are commitments to buy or sell at a future date a financial instrument,
commodity or currency at a contracted price and may be settled in cash or through delivery. Swap
contracts rre commitments to settle in cash at a future date or dates which may range from a few days to a
number of years, based on differentials between specified financial indices, as applied to a notional
principal amount. Credit derivative contracts represent credit insurance purchased/sold from/to group
banks for speculative purposes.

Derivatives may expose the Bank to market risk or credit risk in excess of the amounts recorded on the
balance sheets. Market risk on derivative instruments including foreign exchange products is the exposure
created by potential fluctuations in interest rates, foreign exchange rates and other values, and is a function
of the type of product, the volume of transactions, the tenor and terms of the agreement, and the underlying
volatility. Credit risk is the exposure to loss in the event of nonperformance by the other party to t7e
transaction and if the value of collateral held, if any, was not adequate to cover such losses. The
recognition in earnings of unrealized gains on these transactions is subject to management's assessment as
to collectibility. Liquidity risk is the potential exposure that arises when the size of the derivative position
may not be able to be rapidly adjusted in times of high volatility and financial stress at a reasonable cost.

A summary of derivative instruments at December 31, 2004 follows:


Foreign currency contract receivable
Foreign currency contract payable
Cross currency swap receivable
Cross currency swap payable
Interest rate swap receivable
Interest rate swap payable
Credit derivative receivable
Credit derivative payable


Notional
amount
$ 6,530,744,466
6,189,977,999
1,327,855,392
943,643,345
8,827,154,313
5,944,704,555
1,221,500,000
1,169,250,000


Fair value
224,000,753
(223,292,666)
435,255,139
(349,066,753)
90,101,438
(93,691,655)
9,362,622
(11,960,140)


A derivative must be highly effective in accomplishing the hedge objective of offsetting either changes in
the fair value or cash flows of the hedged item for the risk being hedged to qualify for hedge accounting
treatment. Any ineffectiveness present in the hedge relationship is recognized in current earnings. The
assessment of effectiveness excludes the changes in the value of the hedged item which are unrelated to the
risk being hedged. Similarly, the assessment of effectiveness may exclude changes in the fair value of a
derivative related to time value which, if excluded, are recognized in current earnings.

The notional amount and fair value of the interest rate swap agreements at December 31, 2004 was
$692,955,000 and $(10,117,.129), respectively. Unrealized losses from the ineffectiveness of the interest
rate swap agreements amounted to $24,176 for the year ended December 31, 2004. The notional amount
and fair value of the interest rate swap agreements at December 31, 2003 was $446,459,000 and
$(36,830,944), respectively. Unrealized losses from the ineffectiveness of the interest rate swap
agreements amounted to $16,316,965 for the year ended December 31, 2003.



(101, Commitments, Contingencies, and Financial Instruments ~ith ff-B jiac h' .Ri.k
The Bank is a party to financial instruments with off-balance-sheet risk in thenormal courseof, business to
meet the financing needs of its customers, to generate profits through its trading activities and to manage
its exposure to market and interest rate risk. These financial instruments primarily include commitments to
extend credit. Transactions in financial instruments are subject to credit standards, financial controls, and
risk-limiting and monitoring procedures. Collateral requirements are made on a case-by-case evaluation of
each customer and product.

The Bank makes contractual commitments to extend credit, which are legally binding agreements to lend
money to customers at predetermined interest rates for a specified period of time, as long as the customer
continues to meet specified criteria. The same credit standards used in the lending process are applied
when issuing these commitments. Additional risks arise when these commitments are drawn upon.


(11) Regulatory Capital.
Guidelines issued by .the Central Bank of the Bahamas require a capital level where total shareholder's
equity must be maintained at the greater of 5% of total assets or 8% of risk-weighted assets. At
December 31, 2004 and 2003, management believes the Bank was in compliance with these capital
requirements.



(12) Fair Values of Financial Instruments
Fair value estimates are made at a specific point in time, based on relevant market information and
information about the financial instrument. These estimates do not reflect any premium or discount that
could result from offering for sale at one time the Bank's entire holdings of a particular financial
instrument. These estimates are subjective in nature and involve uncertainties and matters of significant
judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly
affect the estimates.

The carrying amounts of the following instruments approximate fair value because of the short maturity of
these instruments: cash and cash equivalents, interest-bearing deposits, trading account securities,
securities purchased under agreements to resell, accrued interest receivable, receivables and payables on
derivative and hedging transactions, short-term borrowings, and accrued interest payable.

Available-for-sale securities Securities available for sale are carried at fair value. Fair values for
securities are based on quoted market prices.

Loans The fair value of restructured loans is estimated by management. The carrying amounts .-for
floating-rate loans and fixed-rate loans due in six months from the balance sheet date do not present
unanticipated credit problems and approximate fair value due to their short-term nature, repricing
frequency and proximity to maturity. The fair value of trade-related loans is calculated based on estimated
maturities and estimated market discount rates that reflect the terms, conditions, and credit risk inherent in
the loans. Subsequently all loans are short-term loans and/or variable rate loans, therefore the carrying
amounts approximate the fair market value.

Nonmnarketable equity securities The fair value of nonmarketable equity securities is estimated by
management and approximates carrying value.

Deposits and long-term borrowings The fair value of deposits with stated or short-term maturity is equal
to the amount payable on demand. The fair value of long-term deposits and fixed debt is based on the
discounted value of contractual cash flows. The discount rates used are the rates offered for deposits with
similar remaining maturities.
The carrying value and fair value of interest-bearing deposit liabilities was $1,025,471,153 and
$1,079,938,385 respectively, at December 31, 2004 and $738,189,311' and $804,106,645, respectively, at
December 31, 2003.

The carrying value and fair value of long-term debt was $934,690,418 and $983,468,070, respectively, at
December 31, 2004 and $799,010,475 and $880,070,5.12, respectively, at December'31, 2003.

Derivative instruments The fair values of derivative instruments are disclosed in note 9 to these balance
sheets.





P !LISH





1 Yur alace hees &Legl.]ot-ces'i


-i woawmoY rIb IptIt~?


(4)


I


r__F_













A at sea ahead of the




52nd Exuma Regatta


E By. KELSIE JOHNSON
Junior Sports Reporter
SAILORS are hoping for
calm waters this coming week-
end as they get set to sail in
the 52nd Exuma Regatta.
The regatta, which is being
dedicated to local sailor Jack
Wright, will take place in Eliz-
abeth Harbour over a period
of four days. It has attracted
more than 11 boats in the A
class, 14 in B class and 38 in
total in the C, D and E classes.
More than 60 boats have
already signed up, although
this figure does not include
the boats in the junior sailing
championships.
The junior championships


Event dedicated to

local sailor Jack Wright


started yesterday and are set
to conclude today.
According to commodore
Danny Strachan said that the
junior sailing championships
increased the sport's chances
in the future.
He said: "The junior sailing
championships is something
we always try to include.
Regatta is one of the biggest
sports in Bahamian history,


and we can't have it fall along
the wayside because we
refused to nurture the youth.
"This gives them first-hand
experience when it comes to
sailing and operating the
boats. Many of us who are
involved in the sport got start-
ed at their age."
There are three races in the
junior championships, and due
to the increase in juniors the


races have to be held days
before the class races.
The juniors will sail their
last race midday today, with
the C through to E classes hit-
ting the waters shortly after.
Prize
Not only has the participa-
tion in the annual regatta
increased, but the prize mon-
ey has also been hiked up, in
hopes of inspiring more
sailors, next year. This year's
prize money totals $56,000
and will be shared between
the classes.
"It was our aim to build the
Regatta and make it the best
regatta ever," said Strachan.


"All of the hotels are booked,
there isn't any more cars this is
one is big and we haven't even
surpassed the record number
of boats participating.
"We've increased the prize
money and made several
improvements in areas we
really needed to. This is defi-
nitely going to be the biggest
regatta in terms of turnout and
support, our goal however is
to surpass the participants in
1954."
In 1954, the Regatta's incep-
tion year, more than 71 boats
participated. This year Strachan
says the number is more than
60, a figure which will be con-
firmed on Thursday morning.
The races for the cup will


"Copyrighted Material


Syndicated Content


Available.fr'o'CommercialNews Providers"


kick off on Thursday morn-
ing, with the Prime Minister
Cup leading the way.
Weather
Strachan is certain that the
weather will not play a factor
in the races, but said if it did
. the chances of the races mov-
ing forward is still good.
Nonetheless eight miles, in
better sailing conditions they
are expected to sail 12 to 15
miles.
Boats in the other classes
will not sail at all if the winds
are over 25 knots. B class
boats will sail 10 miles, while
the C to E classes eight to 10
miles.


Ope(ningK (u


I(n for Spaia n


(ario Mcna


TRIBUNE SPORTS


*PAGE 10B, WEDNESDAY, APRIL 27, 2005


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I I IIL-JLI 4B- S lI


SPORT


"A TOMMY THOMPSON CLASSIC"
ROTARY CLUB OF WEST NASSAU
7th ANNUAL GOLF TOURNAMENT
Saturday, April 30th 2005

(Charities include the Cancer Society)

At the CABLE BEACH GOLF CLUB,
Saturday, 30th April 2005, 7:30am shot-gun start


THE CONTEST: 4-PERSON SCRAMBLE
Prizes: Men & Women lowest net, longest drive
CLOSEST TO THE PIN ON PAR 3'5

GRAND PRIZE: Ford Explorer 4-door XLS
valued at $33,000.00
9th hole-in-one on 200 yard Par 3

CONTRIBUTION $100.00 (LUNCH INCLUDED)


Registration: Friday, 29th April 2005 at the Golf Club
or call William Wong at 327-4273


,,


0 :=










WEDNESDAY, APRIL 27, 2005


SECTION




Fax: (242) 328-2398
E-Mail: sports@100jamz.com







-----------







U By KELSIE
JOHNSON
Junior Sports
Reporter
BATTLING the top
junior boxers in the
region at the Giraldo
Cordova Cardin Box-
ing Tournament will
not be an easy task for
Bahamian boxer Tau-
reano Johnson.
Johnson, who is usu-
ally able to fight his
way to the top, was put
to the test late yester-
day evening, going up
against Cuba's runner-
up at the 2004 Olympic
games Yuddel Johnson.
The tournament,
which attracts some of .
the world top bo6xkrs,.
started late on Monday
and includes boxers
from Romania,. Kaza-
khstan, India,
Venezuela and the
Dominican Republic,
as well as two boxers
from Botswana and
Johnson.

Excel


For Johnson, fighting
Yuddel in the four
rounder will not be a
problem he is confi-
dent that his training
will help him excel and
score points.
Although Yuddel is
Cuba4, this will be the
first time Johnson will.
step into the ring with
him.
Attending the
Havana-based Interna-
tional School of Sports,
Johnson is usually giv-
en the opporjimnity-t--
sparWitliCuba's top
boxers but, never Solis.
He said: "I don't
know too much about
him,;my coach has told
me a little about his
fighting methods and
what I should expect
though.
"I have to go into the
fight with a clear mind,
feel him out in the first
round, not allowing
him to sneak any
punches in. By the sec-
ond round I will be
ready to bring on the
heat. Although I don't
know too much about
him I am planning on
going in there and giv-
ing t my all."

Injuries
Cuba's Odlanier Solis
and Yohanson Mar-
tinez, will not be fight-
ing in the tournament
due to injuries. But the
excitement is growing
with the possible fight
between 2004 Olympic
boxers Yurielkis-GamF ...
boa` and Luis Franco.
SAnother Olympic
gold medallists Yan
Bartelemi and Guiller-
mo Rigondeaux are the
main event.
'I know that there
are some big names
here but that won't
cause me to lose
focus," added Johnson.
"I have some big fights
lined up after the bouts
with Johnson. Our fight
is the sixth fight sched-
uled tonight, so I am at
home resting trying to
focus."
When Johnson steps
out of the ring tonight
with Yuddel he will
face the boxer from
Romania and on Thurs--
day the boxer from
India.


Cycling association






moves into top gear


* By KELSIE JOHNSON
Junior Sports Reporter
AFTER four months of
racing through the streets of
Nassau, the New Providence
Cycling Association (NPCA)
is happy with their develop-
mental programme.
Developing their youth
programme had been their
main focus, and now with it
off the ground, NPCA has
switched gears.
Dedicating the next five
months to the development
of cyclin gin the- Family
Islands, the NPCA has join
hands with the Ministry of
Youth Sports and Culture


and the sailing association to
ensure that the sport grows.
Local teams will take to
the streets during the Exu-
ma Regatta, with the cycling
race being adding as part of
the Regatta's activities.

Race
For Byron Musgrove, pres-
ident of the NPCA, the race
is a timely one, that goes
along with the association's
plan.
"We are very proud of the
de-veliopmnen-ts-.within- the
association," said Musgrove.
"The youth programme has
excelled, but there are still


some things we would like to
work on to ensure that it
continues to grow.
"Our junior and senior
programmes are still very
active, and we have accepted
the challenge of not having
any races in the Family
Islands.
"So joining hands with the
ministry and the sailing asso-
ciation was a great move on
our behalf, especially since
we want nothing more than
to develop the sport in the
islands."
The association is now tar-
geting other communities in
the hopes of one day creating
a community league.


He added: "We have
young cyclers coming into
the programme every Satur-
day, it is really catching on in
the area of the cycling track,
but we want to expand.

Develop
"Our goal is to try and
take it into at least three
communities every two
months, develop pro-
grammes there and eventu-
ally a league.
"Our senior cyclists are all
eager and awaiting the asso-
ciation's approval, this will
take place shortly and a
league will soon be created."


The association has put on
more than ten races so far
with three races set for the
month of May.
The races lined up has
inspired novice cyclers and
according to Musgrove the
numbers are increasing every
Saturday.
"There's been an increase
in numbers since we've start-
ed hosting cycling races
almost every Saturday,"
Musgrove added.
"We are up to like 100 kids
on Saturday and six teams in
the association, so we are

SEE page 10B


U ^W9^ Irfff









S* ENTERTAINMENT


'ATTACK of the Sandwich Men' (above) and (left) a piece
from Christopher Cozier's Original Injury series.
Below is Christopher Cozier himself.


Trinidadian





artist Cozier





is 'engaging





the global'


* By ERICA WELLS

THE words Caribbean art
may bring to mind images
of romantic landscapes and
seductive scenes of quiet
island life, but more and
more these labels are being
stripped away by artists
working in the islands but
"engaging the global".
Christopher Cozier of
Trinidad is one of those
artists.
Cozier, a leading contem-
porary multi-media artist
who lives and works in the
Caribbean, was in Nassau
last week to present his
work and visit in studio with
Bahamian artists in the first
of the National Art
Gallery's "Artist and Critic"
series.
On Thursday, in an
--..engaging-and-candid-pre-
sentation, he talked about
his own work mixed media
drawings and paintings,
video, film, printmaking,
installation and perfor-
mance which one
Caribbean curator says,
"Speaks of an alternative
vision of art and life in the
Caribbean".

Exchange
And on Friday he visited
with a number of local
artists in their workspaces
in an informal setting to dis-
cuss their work. The oppor-
tunity marked a welcome
exchange for many artists
who rarely get the chance
to talk about their work
outside of the context of
sales.
Cozier's drawings, instal-
lations and videos transcend
the regional boundaries of
the Caribbean. It touches
--issis that speak to-
many in this multi-cultural
world and "challenges the
notions of progress and
development in former


colonial nations".
He is not interested in re-
creating the typical images
expected of a "Caribbean
artist", but instead address-
es the sometimes-uncom-
fortable topics of "identity
and nationhood, power and
knowledge".
An example of a theme
that plays out repeatedly in
his work is the idea of inde-


matic to the point that I was
outside of myself watching
myself doing it. I was haunt-
ed by the image of sliced
bread wrapped in grease-
proof paper. To me it rep-
resented that time in my
childhood, just after inde-
pendence, the promise of
modernity and progress."
Andrea Fatona, who
curated the Sandwich Men


"Cozier utilises the white bread
sandwich to critically take up
the ways in which progress is
symbolised socially, politically and
culturally. Cozier subtly highlights
the economic, social and cultural
forces at work within Trinidad's
past and present history as well
as the continued tensions and
contradictions that exist around
asserting a national identity vis-A-vis
the cultural, political, and economic
forces of globalisation."

Andrea Fatona, who curated the
Sandwich Men installation at the
A Space Gallery in Canada


pendence in post-colonial
societies.
In his installation "The
Attack of the Sandwich
Men", Cozier uses 100 iden-
tical white bread sandwich-.
es carefully wrapped in
grease paper topped with
miniature flags of his home-
land, Trinidad and Tobago.
They are spread out across
the gallery floor, like a fleet
of miniature ships.
.Cozier explains: "One
morning, a few years ago, I
found myself wrapping a
sandwich for one of my chil-
dren to go to school. I did
the gesture as if on auto-


installation at the A Space
Gallery in Canada earlier
this year, says: "Cozier
utilises the white bread
sandwich to critically take
up the ways in which
progress is symbolised
socially, politically and cul-
turally. Cozier subtly high-
lights the economic, social
and cultural forces at work
within Trinidad's past and
present history as well as
the continued tensions and
contradictions that exist
around asserting a national
identity vis-a-vis the cultur-
al, political, and economic
forces of globalisation.


Cozier visually tells a story
of identity making that is
grounded in the particular
cultural and historical
framework of the
Caribbean."
While other Caribbean
artists have had to leave
their homes to succeed in
art that sits outside the com-
fortable norm, Cozier has
spent the last 10-plus years
working at home, in
Trinidad, despite the chal-
lenges that it presents.
And although his work
has attracted international
attention, he appears too
modest to wear the title of
"international artist".

Exhibited
Cozier's work has been
exhibited at the Havana
Biennale; the Bag Factory
in Johannesburg; TENT in
Rotterdam: CCA7 in
Trinidad; the Museum of
the Americas in Washing-
ton DC; the Art Foundry in
Barbados; and in spaces in
Toronto and Copenhagen.
It was also featured on the
cover of Art Journal (Spring
2003).
Cozier is also known as
curator and critic, and in
some circles he is better
known for his writing.
Among his publications is
"Searching For A Way Out"
in the Massachusetts Review
(Autumn-Winter, 1994) and
"Between Narrative and
Other Spaces" in Small
Axe (September, 1999).
Born in 1959, Cozier stud-
ied painting and graphics in
Trinidad before completing


his master's of fine arts
degree at Rutgers Univer-
sity. Cozier also studied art
criticism with Leon Golub, a
distinguished figurative and
political painter. After turn-
ing down a teaching posi-
tion at the State University
of New York in Stony
Brook, Cozier returned to
Trinidad, where he has been
a practising artist and art
critic ever since.
Cozier says that when he
returned to Trinidad in
1989, after completing his
studies in the US and
Europe, he was very inter-
ested in understanding his
work in the context of the
Caribbean.
He says his work is about
him, not where he was born
or where he comes from.
Obviously his environ-
ment influences what he
produces, but for Cozier,
there is no Caribbean art,
per se.
"My work is about me,"
he told the audience at the
National Art Gallery. "It's
not about Trinidad."
When it comes to cri-
tiquing "Caribbean art",
Cozier believes that
"Caribbean criticism" is not
a fixed thing and is shaped
by practice.
The traditional fixed body
of knowledge of criticism as
we know it is problematic
when it comes to looking at
work created in the
Caribbean, because experi-
ence is needed to frame the
system, he adds.
And while it is felt in the
Caribbean that there is a
need for criticism, "for peo-


ple to come in and tell us
that what we are doing is
important", Cozier believes
that "a kind of critical
enterprise is already embod-
ied in the work".
Part of the thinking
behind the national gallery's
"Artist and Critic" series,
explains NAGB curator Eri-
ca James, is to encourage a
much-needed critical
exchange between the guest
and local artists.

Realities
"After assessing the spe-
cial circumstances of the
Bahamian artistic commu-
nity, one of the realities that
surfaced was a lack of criti-
cal dialogue among artists
and between artists and
their audiences," says Ms
James.
The NAGB started to
address this situation in
2003 with the introduction
of Artist Talks, but this year
it has expanded its pro-
gramme with the "Artist
and Critic" series.
With Cozier's visit came
the-opportunity for local
artists to engage with a
Caribbean artist who is also
working and living in the
Caribbean, familiar with the
practices, history and forces
that shape the work.
"It was nice to have some-
one who really paid atten-
tion to the work," says John
Cox.
"I welcomed it and I
appreciated the insight. It's
something (critical discus-
sion) that I hadn't had in a
long time."


WEDNESDAY, APRIL 27, 2005


IONS


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PAGE 2C, WEDNESDAY, APRIL 27, 2005


THE TRIBUNE


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*- S


E Elephants for Africa and other new
paintings by watercolour artist Susan Sar-
gent @ Atlantis in the Apollo Room, Par-
adise Island. Show runs Saturday, April '
30 and Sunday, May 1, 10am-7pm. Sale of
paintings to raise funds for elephant
research in the Okavango Delta,
Botswana. Kate Evans, head of research
for the Elephants for Africa Foundation
will be a special guest. For more info call
364-6686.
Dis How We Livin' (pictured right),
the first solo exhibition by Freeport artist
Sheldon Saint @ the Central Bank Art
Gallery, May 2- 13. Opening reception
on Thursday, May 5, 5pm-8pm. Contact
Shelle Kelly at 422-4846 for more info.
* Alan Wilson Quartet (Quartet Bon-
jour) & Maria Klonaris @ Government
House, Friday, May 6, starting at 8pm.
Tickets $35 non-members; $25 members;
$5 students. Tickets available at the
offices of A D Hanna (322-8306), Star
Insurance (393-5529) and at the Nassau
Music Society (327-7668) or e-mail
pht@coralwave.com.
* Talking Canvases, a solo exhibition
by artist Marlon Hunt @ the Central Bank
Art Gallery through April 28.
* The National Collection @ the National
Art Gallery of the Bahamas, an exhibition
that takes the viewer on a journey through
the history of fine art in the Bahamas.
It features signature pieces from the nation-
al collection, including recent acquisitions by
Blue Curry, Antonius Roberts and Dionne
Benjamin-Smith. Gallery hours, Tuesday-Sat- :
urday, llam-4pm. Call 328-5800 to book
tours.
* Past, Present and Personal: The Dawn
Davies Collection @ the National Art
Gallery of the Bahamas, Villa Doyle, West
and West Hill Streets. The exhibition is part
of the NAGB's Collector's Series. Gallery
hours, Tuesday-Saturday, 11am-4pm. Call
328-5800 to book tours.


THE TRIBUNE


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IN AND AROUND


Parties, Nightclubs
& Restaurants


Exotic Saturdays @ Fridays Soon Come starts
with 3 for $10 drink specials. Admission: $10
before midnight and $15 after. Ladies free before
ll1pm.

Rave Saturdays @ Club Eclipse. DJ Scoobz
spinning the' best in Old Skool. Admission $35,
all inclusive food and drink.

Fever @ Bahama Boom, Elizabeth St, down-
town, every Friday night. Admission $10 before
midnight. First 50 women get free champagne.
First 50 men get a free Greycliff cigar. Dress to
impress. For VIP reservations call 356-4612.

Cool Runnings is back with a Conscious Party @
Hard Rock Cafe, Charlotte St North every Friday.
Classic reggae style music. Admission $10.

Mellow Moods every Sunday @ Fluid Lounge
and Nightclub, Bay St, featuring hits from yester-
day old school reggae and rockers downstairs,
and golden oldies upstairs. Admission: Free. Doors
open 9pm.

Karaoke Music Mondaze @ Topshotters Sports
Bar. Drink specials all night long, including
karaoke warm-up drink to get you started. Party
from 8pm-until.

Karaoke Nights @ Fluid Lounge and Nightclub.
Begins 10pm every Tuesday. Weekly winners
selected as Vocalist of the Week $250 cash prize.
Winner selected at end of month from finalists -
cash prize $1,000. Admission $10 with one free
drink.

Reggae Tuesdays @ Bahama Boom. Cover
charge includes a free Guinness and there should
be lots of prizes and surprises. Admission: Ladies
$10 and Men $15.

Hump Day Happy Hour @ Topshotters Sports
Bar every Wednesday 5pm-8pm. Free appetizers
and numerous drink specials.

Flash Nights @ Club Fluid every Thursday. The
ultimate Ladies Night. Join Nassau's and Miami
Beach's finest men. Ladies only before 11.30pm
with free champagne. Guys allowed after 11.30pm
with $20 cover.

The Pit @ Bahama Boom, every Thursday.
Doors open at 9pm, showtime 11.30pm. Cover
charge $15. $10 with flyer.

Fantasy Fridays @ Fluid Lounge, featuring late
180s music in the VIP Lounge, Top of the Charts in
the Main Lounge, neon lights and Go Go dancers.
Glow sticks for all in before midnight. Admission:
Ladies free before 11pm, $15 after; Guys $20 all
night.

Dicky Mo's Fridays @ Cable Beach. Happy
Hour 3 for $10 mixed drinks and $1 shots.

Twisted Boodah Lounge @ Cafe Segafredo,
Charlotte St kicks off early this Friday at 6pm
with deep house to hard house music, featuring
CraigBOO, Unkle Funky and Sworl'wide on the
decks.

Chill Out Sundays @ Coco Loco, Sandyport,
from 4pm-until, playing deep, funky chill moods
with world beats.

Sweet Sunday Chill Out Soiree Lounge, every
Sunday, 4pm-midnight @ Patio Grille, British
Colonial Hotel.

Wet Sundays, every Sunday, noon-midnight @
Crystal Cay Beach. Admission $10, ladies free.

Carib Scene @ Club Fluid every Sunday. A
night of Caribbean, Latin and Reggae flavours
for all audiences. Latin Flair in the VIP Lounge;
Old School Reggae and Soca in the Main Lounge.
Ladies in free before llpm. $10 after llpm. Men,
$15 cover charge.


Da S.P.O.T auditions

For several summers now, Da Spoken Performers of Thought, known best
as members of Da S.P.O.T have enjoyed tremendous popularity, attracting
hundreds of comedy-lovers. The variety show is made up of skits similar to
Saturday Night Live. But with a local twist, since all of the sketches are strict-
ly in a Bahamian-style.
And now, with Ra new season about to kick off, producers are in search of a few "fresh
faces" to share the stage with existing actors.
For three upcoming Saturdays, (April 30, May 7 and May 14) Da S.P.O.T auditions
will be held at St Andrew's Presbyterian Kirk on Princes Street, from 9am till 1pm.
"We are looking for a variety of actors to fill six main spots; three males and three
females anyone who is talented," says Garth Sekani Nash, the show's producer.
Da S.P.O.T opens on Sunday, June 5, and runs every Sunday night until August 21,
tentatively. Each night, the show will run from 8pm to 1pm.


TooLooSe @ Indigo Restaurant on West Bay St
and Skyline Drive. Singer/songwriter Steven Hold-
en performs solo with special guests on Thursday
from 9pm midnight.

The Graham Holden Deal @ The Green Par-
rot....David Graham, Steve Holden, Tim Deal and
Friends perform Sunday, 7pm 10pm @ Hurri-
cane Hole on Paradise Island.

Jay Mitchell and Hot KC @ Palm Court
Lounge, British Colonial Hilton, Wednesday-
Thursday 8pm-12am.

Sunday Night Interlude @ Briteley's Restau-
rant & Lounge, Eneas St off Poinciana Drive.
Featuring Frankie Victory at the key board in the
After Dark Room every Sunday, 8.30pm to mid-
night. Fine food and drinks.

Paul Hanna, Tabatha and Gernie, and the
Caribbean Express perform at Traveller's Rest,


Talking Canvases, a solo exhibition by
artist Marion Hunt at the Central Bank
Art Gallery, Market St. The show runs
through April 28.

The National Collection @ the National Art
Gallery of the Bahamas, an exhibition that takes
the viewer on a journey through the history of
fine art in the Bahamas. It features signature
pieces from the national collection, including
recent acquisitions by Blue Curry, Antonius
Roberts and Dionne Benjamin-Smith. Gallery
hours, Tuesday-Saturday, llam-4pm. Call 328-
5800 to book tours.

Past, Present and Personal: The Dawn Davies
Collection @ the National Art Gallery of the
Bahamas, Villa Doyle, West and West Hill Streets.
The exhibition is part of the NAGB's Collector's
Series. Gallery hours, Tuesday-Saturday, llam-
4pm. Call 328-5800 to book tours.


Tuesday-Saturday,
book tours.



The Cancer Soci
5.30pm on the seco
their Headquarters
Call 323-4482 for m

MS (Multiple Sc
third Monday every
pital conference ro<

The Bahamas Dia
third Saturday, 2
December) @ the
Close, Shirley Stree

Doctors Hospital
the American Heart
es certified by the A
warning signs of res
vention strategies to
and the most common
that can occur in adi
and First Aid classe
urday of the mont
Doctors Hospital C
sentative at 302-47:
learn to save a life t

REACH Res
Autism and related
- 9pm the second T
cafeteria of the BE


S.Toastmasters Clu
@ BEC Cafe, Tucke
7pm @ Bahamas Ba
A19, Jean St. Club:
@ British Colonial H
day, 8.30pm @ Sup
meets Tuesday, 6p
Building, Collins Av
ond, fourth and fifth
Pinder Building, Co
meets Monday 6pmr
Cable Beach. Club
day, 6pm-8pm in th
West Highway. All

Alpha Kappa Al
chapter meets every
Eleuthera Room in
Cable Beach.

Alpha Phi Alpha
Tuesday, 7pm (
Dowdeswell St. Ple
more info.

Kappa Alpha Psi
Tuesday, 6.30pm @
4th floor meeting r

The Nassau, Bab
(NPHC) meets eve
in the Board Room
Hotel, Bay St.

Nassau Council
meets the second a
month, 8pm @ St A

Nassau Bahamas
Friday of each mon
at St Augustine's M
325-1947 after 4pm

International As


West Bay St, every Sunday, 6.30pm-9.30pm. The Awakening Landscape: The Nassau Professionals, Bahi
Watercolours of Gaspard Le Marchand Tupper, Thursday of every r
MIl IBE The Arts from the collection of Orjan and Amanda Lin- Cable Beach, 6pm,
droth @ the National Art Gallery of the
Bond, an exhibition of recent works by Bahamas. The mid-nineteenth century paint- AMISTAD, a Sp
mother and son artists Sue Bennett- ings that make up the exhibition are part of day of the month at
Williams and Jason Bennett will run this one of the earliest suites of paintings of Nassau tre at 7pm in Room
month at Popostudios Gallery in Chipping- and its environs. The group promot
ham. The exhibition features paintings, Tupper was a British military officer stationed culture in the comn
mixed media and ceramics. at Fort Charlotte in the 1850s. The works show Send all your
a pre-modern Bahamas through the decidely Tribui
S British medium of watercolour. Gallery hours,


I I


NASSAU
















E D I A. N ET


llam-4pm. Call 328-5800 to


Health *Ij

ety of the Bahamas meets at
nd Tuesday of each month at
at East Terrace, Centreville.
lore info.

sclerosis) Bahamas meets the
y month, 6pm @ Doctors Hos-
om.

abetic Association meets every
.30pm (except August and
Nursing School, Grosvenor
at.

1, the official training centre of
t Association offers CPR class-
AHA. The course defines the
spiratory arrest and gives pre-
avoid sudden death syndrome
on serious injuries and choking
ults, infants and children. CPR
es are offered every third Sat-
h from 9am-lpm. Contact a
Community Training Repre-
32 for more information and
today.

sources & Education for
Challenges meets from 7pm
hursday of each month in the
-C building, Blue Hill Road.

Civic Clubs w 1

b l905 meets Tuesday, 7.30pm
r Rd. Club 9477 meets Friday,
iptist Community College Rm
3956 meets Thursday, 7.30pm
filton. Club 1600 meets Thurs-
)erClubs Breezes. Club 7178
im @ The J Whitney Pinder
ve. Club 2437 meets every sec-
h Wednesday at the J Whitney
llins Ave at 6pm. Club 612315
@ Wyndham Nassau Resort,
753494 meets every Wednes-
he Solomon's Building, East-
are welcome.

pha Sorority, Eta Psi Omega
second Tuesday, 6.30pm @ the
the Wyndham Nassau Resort,


a Fraternity meets every first
@ Gaylord's Restaurant,
ase call 502-4842/377-4589 for


Fraternity meets every second
Atlantic House, IBM Office,
oom.

hamas Pan-Hellenic Council
ry third Monday of the month
of the British Colonial Hilton


10415 Knights of Columbus
and fourth Wednesday of the
.ugustine's Monestary.

Koinonia meets every second
th, 7.30pm at Emmaus Centre
Monetary. For more info call


ssociation of Administrative
aunas Chapter meets the third
month @ Superclubs Breezes,


anish club meets the third Fri-
COB's Tourism Training Cen-
144 during the academic year.
es the Spanish language and
unity.
civic and social events to The
ne via fax: 328-2398 or e-mail:
outthere@tribunemedia.net


0 U T T H E R E.@ T R I B U N E M


EMAI L






i-'AU bU, VWNESAY, ARIL 2,N200TAHENRIBUN


Sizzla


Kalon i


'rises


to


the occasion'


The Ballroom of
the Wyndham
Nassau Resort &
Crystal Palace
Casino, Cable
Beach, was packed for Tuff
Gong International's concert,
"Rise to the Occasion: The
Return of Sizzla Kalonji".
A number of faithful Sizzla
fans showed up for the big


event, which was expected to
attract thousands of them, on
Saturday night.
"Sizzla Kalonji. It's the
prophecy of reggae music. He is
one of the prophets and has like
six hits on the radio now. Nas-
sau loves Sizzla ..." Ali, the head
promoter of Tuff Gong Inter-
national, told The Tribune prior
to the concert.


* ACCORDING to Ali, the head promoter of Tuff Gong International,
Sizzla Kalonji (pictured) "has like six hits on the radio now ... Nassau
loves Sizzla."


* THE Ballroom of the Wyndham Nassau Resort & Crystal Palace Casino, Cable Beach, was packed for
Tuff Gong International's concert, "Rise to the Occasion: The Return of Sizzla Kalonji".

*/


FAUL bU, VV-UNESDAY, AFRIL 27, 2005


THE TRIBUNE


Photos courtesy ofjaukaMobeat-com














Producers of Da S.P.O.T




in search of 'fresh faces'


* By PETURA BURROWS
Tribune Feature Writer


* THE variety show is made up of skits (pictured above and
top left) similar to Saturday Night Live. But with a local
twist, since all of the sketches are strictly in a Bahamian-
style.


Tml I llilxmir


"'Copyrighted Material
Syndicated Content
Available from Commercial News Providers"


* COMEDY lovers enjoy one of the shows last summer.


chartrundown


Hate It Or Love It


The Game


Candy Shop 50 Cent f/C
Some Cut Trillville f/C
U Don't Know Me T.l.
Wait (The Whisper Song) Y
Number One Spot Ludacris
Disco Inferno 50 Cent
Just A LiHus Bit 50 Centa
I'm A Hustla Cassidy


iHowWe, Do:


f/50 Cent
Olivia
.utty

'ing Yang T


The Game f/50 Cent


inierscope
Interscope.
Warner Bros
Atlantic
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6 Goodies Ciara Zomba
7 Free Yourself Fantasia RMG
8 Get Lifted John Legend Sony Music
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Lovers
And
Friends
Usher/Lu
dacris
Hail The
King
Fantan
Mojah
Lonely
Akon


My Help
You Raise Me Up
Be Strong
I Wanna Be
We Lift Our Hands
This Is Your House
I Wanna
Pass Word Jesus
I Need An Angel
Born To Serve


Hon Winans t/CeCe
Josh Croban
William Murphy Sr
J Moss
Adrian Edgecombe
Brooklyn Tabernacle
J Moss
Canton Jones
Rubin Studdard
Tracy Tracy


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-- I





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WEDNESDAY, APRIL 27, 2005, PAGE 7C


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